Skandinaviska Enskilda Banken AB (publ) ($SEBA)

Good morning. My name is Wilhelm Luning, and the Board of Directors for Skandinaviska Enskilda Banken AB, have given me the task of opening this AGM and chairing the proceedings until a Chair has been elected. I declare the AGM for 2026 open. Brings us to Item 2. The first question to resolve, that's the election of the Chair. And the Nomination Committee proposal is to elect me to chair today's AGM. Are there any further proposals? No, it does not seem to be the case. Can you elect me to chair this AGM today? Let me begin then by thanking you for having entrusted me with this task. Next to me on the stage, on my right from the auditorium, we have the Chairman of the Board, Marcus Wallenberg. And next to him, we have the CEO and President, Johan Torgeby. On my other side here, on the left of the auditorium, we have the Group General Counsel as well as the Secretary of the Board, we have [indiscernible], who has been given the task of being the Secretary at the AGM, taking the minutes here today. And in addition, it is duly that the Board of Directors of SEB are present as well as the lead audit partner. I also note that the Board of Directors has previously decided that shareholders be given the opportunity to participate at the AGM, not just through presence but also through postal voting. So let me see. The Board has also made the decision to enable shareholders who have decided not to participate, not able to participate in person at the AGM to give them access those interested, the possibility of following the proceedings via the digital live broadcast streaming on the corporate website. And the broadcast will only show the podium and the big screens behind us here. So no shareholders will be visible in the broadcast. Those who speak here will be heard in the broadcast though. In addition to those who may follow the proceedings via the broadcast, I will ask the AGM to also make its view known with regard to the presence of invited guests. Can we decide accordingly that they may be present here today? Yes. Thank you. Brings us to Item 3. Item 3 is the preparation and approval of the voting list. A list of all those shareholders who've notified the company and the rotation of taking part in the meeting has been distributed as part of the documents distributed here. You may partake either by being present in the room or by postal vote. In the list, every shareholders' shareholding and number of votes have been included. And those shareholders who have arrived here today were registered upon arrival. That list, which is proposed to constitute the voting list composed of all those who've registered to take part with the deletion of those who did not register upon arrival here today. Can -- is the meeting prepared to resolve to adopt this procedure and this voting list? Thank you. And I need to get some information. Thank you. At today's meeting, we have a number of votes. Large numbers indeed, 1,132,103,229 votes and number of shares represented, 1,933,530,716 shares corresponding to approximately 58.5% of the entire share capital. 1,554 shareholders are represented mainly via proxies. I would also like to inform everyone that there are a number of institutional shareholders who have submitted prior voting instructions for today's meeting, and I have received those instructions as well as the postal votes, which have been submitted. And I have a list, which we keep up here on the podium. And I have a few practical points of order. First of all, for all those of you who are present here today, I want you to be aware of where your closest emergency exit is located. There are a number of doors. If you find it difficult to move stairs, you can choose the middle doors over there. And if we need to evacuate, the assembly point is outside on Heroret Square outside Filmstaden cinemas. There is a doctor on site. And should you need medical attention, we ask you to make yourself known to one of the officials. Audio and video recordings other than those made by the bank themselves are not permitted. I also ask you to verify that your phones have been muted. I intend to open up for questions and statements following the CEO's address under Item 8 on the agenda. Any questions concerning a particular item on the agenda may, of course, also be raised as the item is dealt with. For safety reasons, shareholders will be asked to ask -- to make statements and ask questions from where they are seated, and I will provide further instructions when we get to that point. The addresses by the Chairman of the Board, the President and CEO, the bank's auditor and the Chair of the Nominations Committee will be made from the podium up here. There is simultaneous interpretation of this AGM from Swedish to English and you can listen to interpretation using the headphones distributed at the entrance -- if you wish to listen to interpret and you don't receive headphones, contact one of the officials to welcome English speaking participants to this year's Annual General Meeting with the shareholders in Skandinaviska Enskilda Banken AB as a service to shareholders, simultaneous interpretation from Swedish to English is provided. If you want to use this service and did not get a headset at the entrance, please call one of the staff members, and they will assist you. I will now turn back into Swedish. The minutes and the presentations will be available afterwards on the company's website. That brings us to Item 4 on the agenda. The approval of the agenda. This is part of the documents distributed, and I note that the numbering is in line with the convening notice. Does the meeting adopt the agenda? Thank you. Item 5. We are to elect 2 persons to verify the accuracy of the minutes. There's a proposal to elect Alexander Bertlsal- Fernande representing Folksam and Carina Sin representing Alfachaing. May I please ask those 2 individuals to stand up for a moment, so we see that you are present. Thank you. Are there any other nominees? No. Does the meeting elect Alexander Bertlson Fernander and Karina to verify the accuracy of the minutes, together with myself. Thank you. Item 6, the matter of whether the meeting has been duly convened. I have reviewed the procedures, and I find that the notice was issued in accordance with the Articles of Association provisions when it comes to issuing convening notice. Does the meeting consider that it has been duly convened? Thank you very much. The annual report for 2025 for the bank. A comment. The bank's annual report has been available since the 3rd of March 2026 at the bank head office as well as the statements by the auditor, the various proposals from the Board of Directors and Nomination Committee and all other documents, which need to be provided in accordance with the Swedish Companies Act and Swedish Code of Corporate Governance. All documents have been kept available as per the relevant provisions. And I therefore ask the meeting if it is prepared to resolve that all the documents have been duly presented. Thank you. Now I'm going to give the floor to the Chair of the Board of Directors, Marcus Wallenberg, for his address.

Thank you very much, Chair. So dear shareholders, I'd like to give you a warm welcome to the Concert Hall and SEB's AGM for the year 2026. It is a pleasure to once again be here together with you. The AGM -- it is a very important occasion when we can summarize the year that has just passed as well as to speak about what the future holds and the future that we can shape. As we all know, we are living in a world that is characterized by major changes, geopolitical tensions, a changed security landscape, climate change, technological advances that all have a fundamental impact on households, companies and societies. War and conflict is something that affects the world around us with immense human suffering as a consequence. The conflict in the Middle East is a reminder of how quickly the global situation can change as well as the importance of stable institutions. At the same time, uncertainty regarding the world order and the transatlantic relationship has grown. Last year was marked by trade conflicts and the global uncertainty has continued into 2026. All forms of protectionism entail changed trade patterns as well as an increase in costs for cross-border trade. Companies have had to adjust their supply chains as well as their investments. A whilst the uncertainty has an impact on a willingness to invest in the future. We do know that openness and trade and close cooperation have historically been essential for our prosperity as well as our stability. That is why we must continue to safeguard global cooperation as well as the global institutions. Against that backdrop, Europe is facing important choices. In order to safeguard our prosperity and long-term strength growth, Europe needs to strengthen its competitiveness. This is about more than remaining independent with a set of clear values, strong relations with the world -- strong relations with the world around us and a long-term strategy for our role in the global economy. It requires an industrial policy that strengthens our innovativeness and takes our societies forward as well as regulations that both safeguard stability and create room for growth. At the same time, Europe is facing a need to invest a need rarely seen before. This applies to both defense and security as well as infrastructure and new technology. These are investments that will shape our priorities, our competitiveness and our growth for a long time to come in Europe. For this, we need access to long-term capital on a large scale. Functioning capital markets play a decisive role here, something I also highlighted at last year's AGM. The European Commission's strategy for savings and investment union is an important step towards better channeling savings towards productive investments for the long term. Banks such as SEB also have a responsibility and an important role to play in meeting these major investment needs. As a bank, one of our fundamental tasks is to provide capital from those that save to investors in business and projects that drive development forward. In that light, it is important that the European Commission continues working with reinforcing the competitiveness of European banks. For the last 170 years, SEB has helped pave the way for major social shifts. It has supported companies through these major changes that we've been through. That is something that we continue to do in accordance with our purpose to shape a positive future by providing advice that is responsible and capital today and for future generations. I would now like to highlight a couple of shifts and changes in our times that also have an impact on how we develop the bank. Now a central part of this work has to do with sustainability. Climate change is one of the biggest challenges of our times. And the transition is a vital matter for the future for us and for future generations. At SEB, we maintain our support and support our high ambitions and targets. And we have a continued focus on increasing our sustainability activities such as green financing and the we also want to gradually decrease our credit exposure vis-a-vis fossil fuels in our energy portfolio. This is long-term work that we, at the bank, take very seriously indeed. At the same time, the preconditions in the world around us are changing rapidly. geopolitics, new regulations, political priorities and technological development, for example, within the area of renewable energy and green industry, these all have an impact on development within the area of sustainability. And here, we, as a bank, we need to be able to navigate through this increased complexity. Our greatest positive effect is something that we can achieve together with our customers through by providing advice and financing that make this very important transition possible. And that is even when the road is both complex and time-consuming. Another key factor that I wish to highlight is the rapid development of technology, in particular, within AI, artificial intelligence. This is one of the major shifts of our era and will have a fundamental impact on the financial sector. SEB has high ambitions in this area, and our work spans several dimensions. And we will continue to invest in AI, automation and data with a focus on enhancing the rate of implementation throughout our entire organization. So we wish to create scalable solutions, make internal processes more efficient and meet regulatory demands. Technology must naturally be used in a responsible way with a clear added value for our customers through better services and better customer offerings. It is also key that our customers seize the opportunities that AI provides as this can also further strengthen their competitiveness. Innovation and entrepreneurship have been a part of SEB's identity since the bank was founded. Today, we play an important role as a stable and international bank with a strong balance sheet and a diversified business model. This means that we are able to provide support to our customers in a situation of shifting markets and even when the world is changing rapidly. As a long-term partner, we wish to assist our customers as they navigate this complex world through the provision of sound advice and capital, of course. And SEB's strategy for 2030 as well as a longer perspective is about assuring our operations for the future, our customer relations, our growth of revenue and our technological platforms. In the last few years, we have taken important steps by making major investments in our customer relations, and our digital and technological capability, AI as well as strengthening the bank's resilience. In order to be able to meet our customers' high expectations, we need to continue to adapt. We need to continue reinforcing our work. And at times, we need to also increase the pace. Customer service is crucial, both personal service as well as during digital meetings. We need to continue to make constant improvements in this area. We also need to develop our euro capabilities as well within all our financial services such as payments in order to meet the needs of our customers in an increasingly international market. With a strong financial position and with a clear focus on ensuring the future of the bank, we will stand well equipped to support our customers and to deliver long-term value to you, our shareholders. SEB's results for 2025 were stable and that despite continued subdued global growth and the increasing uncertainty that has characterized the world around us. The bank largely has a strong capital position and solid liquidity, which enables us to support our customers and the wider economy through thick and thin. Banks that are stable and profitable in the long term, they are vital for both growth and financial stability in the economy. Dear shareholders, resilience. Resilience is a recurring theme for the Board's work. The risk landscape is today broader and more complex compared to previously. And apart from the financial risks, we as a bank, also need to address risks in areas such as cyber threats, climate and geopolitical uncertainty. Therefore, we are continuing to strengthen our capabilities in these areas. In recent years, laws and regulations in the financial sector have also increased in scope, and they have become even more stringent. SEB has robust processes in place to ensure regulatory compliance and maintains an ongoing dialogue with our supervisory authorities. In the last year, the work of the Board has been shaped by the present world situation. We have held a number of Board meetings in line with our rules of procedure. And we have focused on, for example, our business plan on risk management, capital, sustainability, customer satisfaction, employee involvement, data, AI and digitalization. It's a long list. And against the background of the growing importance of IT, technology, AI and resilience, the Board has also decided to establish a new committee, the Technology Committee. And that committee, the Technology Committee will support the Board on matters related to the bank's technology strategy, and it will help meet rising customer expectations modern and secure services as well as more efficient ways of working. The Board and the work of the Board is in line with established rules of procedure, regulating its role as well as the way it works. These rules also provide instructions to all our committees who prepare certain questions for discussion and decisions then made by the larger Board. In 2025, we have held 10 Board meetings. In addition, we have held a further 30 meetings in our committees. Issues concerning capital and dividends are central areas of responsibility for the Board and the proposal concerning dividends that we are managing -- discussing today does reflect the good results of the bank as well as its strong financial position. The Board has proposed an ordinary payment of dividends of SEK 8.50 per share and an extraordinary payment of SEK 2.50 per share, in total, SEK 11. A strong capital base, good access to financing, high creditworthiness and cost efficiency, these all allow SEB to create value for shareholders even in different market conditions. SEB's capital buffer at the end of 2025 stood at 3 percentage units higher than the regulatory requirement. And in 2025, SEB purchased own shares for a total of SEK 10 billion. Buyback, this is a complement to payment of dividends to return capital to the shareholders. It is a flexible way of -- for the bank to adapt its capital structure to customer needs as well as to developments in the financial markets and what is happening in the world at large. As previously announced, SEB has received an approval from the Swedish Financial Supervisory Authority to buy back shares to the tune of SEK 1.25 billion. This buyback program was commenced on the 30th of January and was completed as of yesterday. Dear shareholders, for over 25 years, SEB has offered members of the Group Executive Committee, senior executives and key employees as a part of the total remuneration structure made it possible for the participation in our long-term equity-based programs. And for many years, this has also included all employees at the bank. Now the aim of this type of remuneration is to attract and retain the competence required to assure the business of the bank for the future. The ownership of SEB shares means that employees, they share the shareholders' goals and also promotes long-term commitments to the bank. The Board has, based on surveys as well as discussions with the major shareholders, decided to submit a proposal for long-term equity-based programs with the same structure as last year's. I would also like to thank or to extend the Board's gratitude, and we would like to thank all you shareholders who have taken the time to come here today. Thank you for having confidence in our long-term work, aiming to create value for our customers and for the economy at large. We'd also like to thank the customers of the bank. SEB is with you through thick and thin. We wish to support your ambitions and your ideas. Together, we wish to drive progress forward. And a warm thank you to all the employees of the bank and management who with their knowledge and commitments drive every day to develop the bank and to create long-term value. Dear shareholders, today and here at the AGM, we'll be making a number of important decisions. We'll adopt the income statement for 2025 as well as the balance sheet. We will be making decisions concerning the payment of dividends, elect directors of the Board and the auditor and resolve on remuneration. Therefore, on behalf of the Board and the management of the bank, I would once again like to welcome you to the SEB AGM for 2026. Thank you very much.

That brings us to Item 7, which is the presentation of the annual report, the sustainability report, the auditor's report, et cetera. You will recall, however, that all those documents have been adopted as having been duly presented to the meeting. And I would like to give the floor to chartered public accountant Hamish Mabon from Ernst & Young, therefore.

Chair, esteemed shareholders. My name, as you will have heard and can see on the screen is Hemish Meborn. And I have, since 2019, been entrusted by Ernst & Young with the task of being lead auditor for the audit of SEB. I have a number of slides that I'm going to show, and I'm going to try and use them as the basis for explaining the work of the audit during the course of 1 year. I am the lead auditor. I'm chartered public accountant as of more than 30 years, I also have -- hold a special license in order to audit financial companies. Since I have just completed my seventh year as lead auditor after this AGM according to the current provisions, I am no longer permitted to take part in the audit. This will be dealt with a separate item on the agenda, EY as an audit firm and may be reelected, however, not myself. The main recipient of our audit work, our planning and the work that we do during the course of the year is the Bank Audit and Compliance Committee, usually abbreviated ACC, Audit and Compliance Committee. I take part in all of the meetings throughout the year. Mostly, we have a standing agenda item, whether it's an annual accounts meeting or anything else. We have excellent cooperation, and I also meet twice a year, the entire Board of Directors, and I present a summary of what has already been reported. This cooperation works very well, and I meet with ACC and the Board of Directors without the presence of the AC on occasions regularly. Myself or one of my key colleagues at least once a year, I confirm to the committee that neither myself nor any of my key employees are the object of any sanctions or investigation by the Swedish inspector of auditors or other government agencies. And if you turn to Page 342 in the annual report that I hope that you received upon arriving here today, you can read the auditor's report. We've submitted an unqualified auditor report. And on Page 344, we submit an unqualified auditor sustainability insurance report on the sustainability work of the bank. These are 2 quite tools in the sense that I hope to be able to give you a little bit more information of what came before the auditor's report as it were during the course of the year. And before I comment on the details of the auditor's report, it's important to understand the purpose of the audit. Every quarterly report sent to you and the market, we review the sustainability and annual report, the internal controls, and we report mainly to ACC, but also on occasions to the entire Board of Directors. The review follows, to a large extent, the structure and organization of SEP. And therefore, a large part of the work is performed in Sweden, but there are also a number of other countries in the Baltics with growing banks, and there's also Germany, Luxembourg, et cetera. We have a fairly sizable team. I submit instructions to the auditors in those foreign entities. They report back to me on a number of occasions during the year. And the cooperation is working very well. We have in excess of 200 people globally assisting me in the audit of the bank. There's a lot of text here, but I'm going to try and guide you through reading from the left over to the right. A well-implemented audit begins with very careful planning. We look at materiality. We cannot delve into every issue. We look at areas which are connected with significant risk. And that is a risk assessment, which is permanently developing, and we need to make changes as the bank develops. There are many control functions within the bank, internal audit, compliance and risk. We coordinate, but we also perform our task individually, even though we do have number of contacts. And the main recipient is ACC, the Audit and Compliance Committee, as I mentioned before. Moving to the middle column. As of a number of years in the audit report and in the audit work, there is a special focus on so-called key audit matters that are of particular significance. They have remained the same. We have 3 specific key audit matter areas, which we focus on in particular. The first one being provisions for expected credit loss, i.e., the risk that the bank has lent money, which they have not fully been able to recuperate. This is a complex issue. We have millions of credit commitments, anything from mortgages, many of us can relate to that to highly complex loans to companies at very different stages of a corporate cycle, a start-up, a well-established company, large corporates, et cetera, et cetera. And we need to review the procedures for the initial lending, the follow-up when there is a potential credit loss and to identify a suitable provision so that you have not registered it at the incorrect levels. It's complex with a lot of data, it's difficult to assess the future, but the bank has good controls, and we spend a great deal of time ensuring that the conclusions are such that we are comfortable with the values indicated. The second area is the valuation of financial instruments. A bank has many investments, of course. It can be positions not just assets. It could be an investment in a start-up or in a well-established company. To value financial instruments, we have a set of rules and recommendations. So there are instruments, but we've completed the audit review, and we have drawn our conclusions in that area as well. And finally, in a bank with such extensive activities abroad, there is a complex tax situation. So we put a great deal of emphasis on the assessment of tax positions. Looking at the rightmost column, in addition to the key audit matters, there are certain items we always need to review the sustainability report, for example, where the bank for the second time in a row last year as well, on a voluntary basis, they applied the CSRD directive. The bank felt that this would serve as a good exercise so that they could use that experience coming into this year where this is a requirement. And we submitted an unqualified report on Page 344, as I mentioned previously. The remuneration to senior executives mentioned by the Chairman of the Board is an important item. And in the material distributed here today, there is a statement confirming that the bank has complied with the guidelines adopted by you at previous AGMs. And so there are unqualified statements in that respect as well. A little bit later, I will sum up our view on the discharge from liability of the CEO and the Board and the proposed dividend. And I can assure you that it certainly looks promising. However, this -- I just want to mention that we perform the audit work throughout the year. There are 4 quarterly reports submitted by the bank. We review all of them during Q1. We review the report for the first quarter, and we submit the plan for the audit for the year to ACC. We have a dialogue continuously. We then review both Q2 and Q3. And in the autumn, the work is increasing in pace because the internal control functions of the company will report and we do something similar. This happens during the autumn. We look in particular at IT audit, which is a key issue, as you will understand, with a bank with such a global and complex type of operations. And then we get to Q4, where we, of course, review the Q4 report on the annual accounts, the sustainability report, we submit our statements and opinions to you. And then we present the auditor's report here at the Annual General Meeting of Shareholders. This is linked -- comes with a certain cost. Of course, an information is provided in the annual report on the costs incurred. You can see in detail that the total cost for EY amounts to SEK 62 million, SEK 48 million of which consists of the audit work performed. Having said that, some of the SEK 14 million, which are added to that amount also review -- concern various assessments and reviews when the bank is lending money, verifying the prospectus documents, various types of certificates required that we assess. So the bank is very clear in its stance that the task of the auditor is to audit. Any additional assignments above and beyond the audit task are permitted if confirmed, and this is a setup which works very well. Now that brings me to the conclusions. First of all, I'm going to remind you once again that we've submitted an unqualified sustainability assurance report. We have also in the special certificates and statements that you've received confirmed that the guidelines you've adopted for remuneration to senior executives have been complied with. We recommend to the Annual General Meeting to adopt the income statement and balance sheet for the parent company and the group. We recommend that the General Meeting of Shareholders appropriate the profit in accordance with the proposal from the Board of Directors and that the Board of Directors and the Managing Directors be discharged from liability for the financial year. Thank you for your attention.

Thank you very much. And any questions to the auditors can be put in during the Q&A session. That brings us to Item 8. And I'm going to give the floor to Johan Torgeby, President and CEO, for his address, and then we will have the question-and-answer session for questions and statements.

Esteemed shareholders, a warm welcome from me as well to this Annual General Meeting of Shareholders. Before I begin summing up the year -- the past year and some thoughts of the turbulent world around us, I would like to begin, as I often do, by showing you SEB in 8 key figures. 4 million private customers in the retail segment, approximately divided between Sweden and the Baltics, half and half. We have 400,000 small- and medium-sized businesses, 3,100 large corporate customers and financial institutions and SEK 3,700 billion in our balance sheet, money which is working on behalf of our customers. We also have SEK 2,900 billion in capital, which we manage on behalf of our customers and assets in custody equivalent to SEK 20,000 billion in various securities held by the bank, 19,000 employees, and it's been a long time since we were as many as 300,000 shareholders. That's a very rewarding fact to note. I would like to extend a particularly warm welcome to the 32,000 new shareholders who've joined this group over the past 5 years. The pressure to transition is a financial fear on how a company is to be operated and managed with a focus on the world around us, knowing that there are different events on the outside that you cannot control, but that you need to adapt to, to remain relevant in the longer term. There are 6 such pressures the bank is very much impacted by that I'd like to say a few words about. First, I'll mention artificial intelligence and its development. What is this really using slightly clearer language, plain language. In the 1990s, Internet developed. It's a way of revolutionizing the way in which information is moved from point A to point B. And here, 30, 40 years down the road, our societies, individuals and companies have more or less entirely transitioned as a result of the Internet. Think about how we consume entertainment, watch movies, how the studios were impacted in Hollywood. How about postal services? We now have e-mail. I can get a valuation forecast very easily or get information from any single part of the globe and with a marginal cost, which is very close to, if not already down at 0 and with just a touch of a button. This requires the bank to change significantly because artificial intelligence is not the submission, the sending of interim to do something with the information already available, i.e., to interpret this information, prioritize it, make decisions on the basis of it and take actions. The AI agents, artificial intelligence is taken to such a level that it can itself take action on the basis of the information it has compiled. It's completely new. It's only at the very early stages, but it's growing very, very rapidly indeed. The bank has 3 different strategies to deal with all this. One is that we need to make improvements to ourselves. We can use decision-making, which usually required analysis, experience, wisdom and in particular, time by a human being. It's something we can now do in an automated manner. It's a very rapid process, and it helps the bank to operate more efficiently. We see a faster process, but it also is a more correct process. And then customers. We want to develop improvements amongst our customers in how they consume SEB's financial services. And thirdly, there's now a new industry growing with start-ups, newly started companies, entrepreneurs, expanding as a sector very rapidly. And we want to support them as entrepreneurs on their journey to promote their companies and their business. And then security and politics to simplify matters, this changed very radically as the war broke out in Ukraine, focusing on resilience, infrastructure, the defense industry, food security, energy security, bank services, pharmaceutical products, medicines, everything is now in different light. And the reason why this is particularly relevant to the bank because the amounts mentioned and discussed in Europe of thousands of billions of euro to enhance autonomy, security and capabilities to be able to resist external shocks is something which needs to be funded, of course. In consultation between the public and the private sector. The bank wishes to and will play a major part in this procedure. Now sustainability 2.0, 2 or 3 points that I'd like to mention, which have changed during the course of 2025. Since the U.S. election in January, February, sometime last year or so, something has happened in the business community when it comes to the optics. We hear less talk of it. Some types of appeals we saw previously in the banking industry where we have been involved have either been reduced or disappeared entirely. This is a troubling circumstance that there is a change of situation where this is discussed less. And when we talk of force of transitioning, it's not what you want to do yourself in your operations. It's also something that you're impacted by when politicians discuss it, the general public, media, that impacts the pressure to transition. And unfortunately, we've seen a reduction here. And secondly, competition. We've had a competitive landscape. What should we focus on the war in Iran accentuated that conflict between different objectives. What should you prioritize over what else? But SEB hasn't made any changes. Our focus is unchanged, and I will get back to this when I talk about our performance in 2025, our sustainability strategy, a reduced fossil content, et cetera. The fourth point, this is a new word to many to me as well. tokenization. Tokenization, once again, just as artificial intelligence is a new technological ability, a capability that we have had for the past decade or so, but now things are happening. And to put it simply, it's about having an entirely digital version of money and/or a security. I often think about the infrastructure in the area of roads. We have roads in the banking system today, highly well-established infrastructure paths in the entire global system based on bank accounts. The bank accounts were then linked to Swish or Mastercard or Visa so that you can have a credit or debit card. They are linked to newly started fintechs -- and everything ends up in the old infrastructure, the banking systems road network based on banking -- bank accounts with plus gyros and other bank gyro services, et cetera. But tokenization are linked to blockchain technology solutions. There is now an embryo to an entirely different infrastructure. We've just invented the trains, you could say. We can go from A to said, we can send money or transfer people in a very different way to what we used to do from the 1940s and '50s. That's when the current infrastructure was being set up. Now this is very exciting news. It's a potential improvement, making things faster, cheaper, safer. And that's very interesting because we're a bank who's well established in the existing infrastructure, and we also need to consider new options very carefully when it comes to payments and securities. And I will get back to this in a few moments when I tell you more about what we've been doing in 2025. Now compliance is a very important point, of course. But let me emphasize that over the past 5 years, new introduction of regulatory packages have reduced in numbers, but supervision on the other hand, has increased. The compliance. This has been stepped up considerably. We also see a transfer continuously where interpretations are amended to the existing sets of regulations already in place. And the supervision, when government authorities verify that SEB is complying with the rules and regulations. This is like a living organism that is changing. And I mentioned this because our credit risk models is one of our major challenges. It's been mentioned before, and we need to ensure that all those regulations are complied with and implemented in full in the banks. And finally, of course, in the short term, a bank isn't impacted then by anything other than the macroeconomics in the short term, interest rates, currencies, share prices and raw material prices. And as I mentioned this as one of the major pressures because the uncertainties are extraordinarily high currently with geopolitical risks and security issues, which can reprice many of the assets compared to what we have learned to expect. Now a few highlights from 2025. First of all, we have an app that we've launched for children or young people, Neo, it's addressing the group of people under the age of 18. They are not yet of age to do their banking by themselves, but this is to a young child or youth with parental control available and the parents can still be involved. We've also launched a consortium with 6 friends, a large consortium. And it's important in AI in the future where you have access to considerable computational power, very, very forceful computers that are necessary in order to perform the different types of development steps required in the area of AI. This is a company created as a consortium, spherical AI in NVIDIA. And so NVIDIA is one of the leading companies within this area. Today, we also have SEB Asset Management that we have launched in Norway. So both -- we've made improvements with regard to offerings and et cetera, in Norway that we haven't had previously. And then as regards to the requirements in the private sector to assist when it comes to resilience and security, autonomy and working with the European level, we launched a European defense fund so that customers -- SEB customers as well as others could invest in this. so for the expanding defense capabilities in Europe by this asset management or by a fund -- defense fund. And then we've worked together with 11 different banks from Spain to Sweden, where we together have established a consortium called Civalis. And the ambition is to have a tokenized version of euro, the currency euro for the first 6 months of 2027 on the new infrastructure on the trains, railways, not roads. And then we also continue working with AirPlus as well. And those of you who had a gold card, corporate card, which used to be called Eurocard, have already seen this or will soon be seeing that this is going to be replaced by a green card called AirPlus, which is the new brand that we are using for this as corporate cards. In addition to that, we haven't celebrated this, but we have announced the fact that we are opening an office in Amsterdam. It's a very small -- I mean, this is sort of -- this is for our corporate business that we're opening up. This is for the Netherlands, Austria and Switzerland. So we have a small office in Switzerland, but we're opening an office here after having sort of seen things, how things panned out in Amsterdam for a couple of years, and now we have opened this officially. And then after a decade plus as it were, we've also upgraded our creditworthiness by one of the most respectable institutes, S&P, Standard and Poor. And so we were upgraded to AA- 1 of 12 banks in the world which have this level, the second highest credit level that you can have -- worthiness level that you can have, but the highest is AAA, that's sort of reserved to nations and not to private companies, but that's very pleasing indeed. And then unfortunately, our market value is not SEK 400 billion, but for SEB, but we -- just before the new year, we just crossed the value of SEK 400 billion. And I'll tell you a little bit more about what's happened in the last 12 weeks in a moment. But most importantly here is that we've changed the color from the old SEB to the new SEB, which was, in fact, the old SEB. So this is going back to the original color. And you can talk about colors and brands and it's a whole science, and this is not my area. But anyway, this is our new world or that was the old world, in fact. SEB was founded in 1856. And the green color goes back to the 1500s, in fact. In 1434, Jan van Eik then had his Al and Giovanni and the daughter of Markus and her dress, as you can see, there has a certain nuance of green. So this color was used by Al deelcambio. This is the new -- that was the new modern bank system, and they had this dark green material on their tables. And we made that dark green color ours. And then in 2002, we changed this to the lighter color. But now we're back to the old color. And that -- it feels like coming home, in fact. So back to the real world then. stable and long-term growth as well as profits. This is something that in this market environment, and this is something that we have to remind ourselves about because it's very -- we would like to look at the week, the sort of the month, the quarter, the year, no, but we have to actually look at the long term. We need to have a good perspective, and we need to try to combat short-term trends, negative trends. So therefore, I'd like to show you a graph here and show you the stable increase with regard to profits in the last 25 years, so 200 up to 2025. So this is Board, the senior management, this is always our perspective. And so we think about what's going on in the present, but also looking forward. And as you can see, it's very positive growth here, just except in 2009 was a very strong year in fact. So the bank did very well in 2009. And then the last 3 years after COVID, we've seen it similarly and after Ukraine has been unusually strong and very. But anyway, you can see that over time, it's very stable despite all the crisis that have occurred in these 25 years, we can see the average line, and that's the the dotted line, and then you have the dark green line there, which is the actual situation. And so we have accelerated speeding up from 6% to 7% to 9% increase annually and where these extra -- these super as it were increases are excluded from those figures. But it's also worth reflecting in the last 5 years, so from 2020 until today, what has happened and how the banking system, not least SEB are faring. Now we've had a year where -- I mean, there was a year where the whole world economy closed with an increase in unemployment as a consequence. That was when COVID hit us. And then after that, there was the war in Ukraine, which entailed a 10% inflation in Sweden, 20% in the Baltic states and 40% in the growth economies. And due to that, there was an erosion of purchasing power and increase in poverty and thereafter, increased interest rates from central banks, 4%, 5%, 6% increase in interest rates in a very short period of time, which then led to a recession for the -- across the globe and Sweden is still in a recession, even if we are leaving that behind us. But in that context, we can see that the bank really stands stable despite the world situation. And that is our assignment that bank must be with everybody through thick and thin. And I'd like to highlight that sometimes you have to be humble. It wasn't the bank that created this increase here. These were things outside our control. It was the fact that the interest rate increased very, very substantially due to the inflation that needed to be dampened. This means that because we are a bank that loans money, I mean there's interest on our money. And of course, if interest goes up, then that also has an impact on our profits, which then things become normal again. And when interest rates then go down, then, of course, then our profits decrease as well. And we can see this normalization that we've seen for the last 2 years. And it's good to bear that in mind when we look at the figures for 2025, which tell you here that we can see income from revenue fell by 6% from -- this is part of this normalization from '24 to '25. This is automatic. And then costs, just as we said, they were just what they would be that we are reinvesting in the bank. So that's up 5%. And the net result was, therefore, at a minus EUR 6 per share, then the net result that we -- shares that we all own, there was a slight or rather less -- slightly less lower reduction, minus 4%, and that's because there are a few of us sharing the profit since we've had a modest buyback program of our own shares. And so return on equity, 14%, very good cost efficiency, 0.42% and low credit losses net at 0.05%. Now this should be then placed in relation to others. I mean one thing is looking at the absolute development of the bank, but we also need to look at this in relation to other banks. And I have 4 measures. I'm not going to go through these in detail. If -- the first thing that we measure is capital efficiency. So return on capital on equity. And we have these Nordic banks, and that's the yellow. And then we have the average from the European banks in gray. And you can see here that SEB in green is doing very well. But however, we have to look at Europe and how it's improved because one thing is where you are. The second thing is how things have changed over the last 10 years. And if we look at Europe like gray, they were very, very low, poor levels. And in the last 10 years, you can see that they have recovered enormously. So what's happened in the last few years is that the European banks, which have very -- were in difficulties since the financial crisis have recovered substantially. We can see that there. And then if we look at cost efficiency, and costs divided by revenue, you want to have as low as possible. And even here, we are doing very well compared to others. And then also, we also have sufficient capital if anything bad happens as it were. So that's the loss absorption of loss so that you are able to cope with losses that weren't predicted as it were. So if you have a high capital and here, we are also Nordic banks, we are far above Europe here. And then finally, we have credit quality where we stand firm and there's a slight increase there. We still at a very, very low level. So a very strong position for SEB when we imagine 2026 is rather uncertain. And we're all shareholders. So we also need to look at the share price naturally. And here, we have the total here. This is the total return over time. So this is dividends and also is impacted also by buyback program. So we can see here increase here, almost SEK 300 million for the last 10 and then last 10 years, just over SEK 200 million. And in the last year, up 38%, which is one of the best years, including the dividends that we've had for a long time. And this needs also to be compared with others. And as you can see, over time, you compare with European banks up 240%, and we were EUR 650 plus. But if we look at the last year, then European banks have a substantial increase, much better, 78% in the last year compared to the Nordic banks here, which have increased by about 40%. And primarily, this has to do with the gray line, which has they are increasing -- there's a larger increase because they were lagging behind in the last decade. So we see still there's a substantial recovery for the European -- Continental European banks. Now if we then -- we've started 2026, may as well look at that because a lot has happened. Of course, we have the Iran war, which has caused problems. And yesterday, so we're down 8% with regard to the share price. That's up until that's this year. So it's a very shaky start to 2026. So what about our customers then? So we see that our customers -- we have surveys, et cetera. These are very important for us, what they say, what our customers. This is Prospera -- outside the bank, this is a third party measuring what corporate companies and major financial institutions and others say about SEB, our staff and products. So the first one figure here is Sweden. And so this is Sweden and the Nordics. And corporate and financial institutions looks very good and sustainability advice that we provide. So that's how we reach out to our customers and get them to adapt in accordance with a more sustainable environment. There, you can also see a very good result. Then we also do this on -- for the private side and small businesses as well. And this is done externally by SKI, Swedish Quality Index. It's not just customer satisfaction. It's me more the general public's view with regard to different banks. And we've been position # 3. This is not something that we're satisfied with, and we've had that position for a long time, but we really want to increase the position there. And we also measure the -- our customers' satisfaction. That is the NPS. That's the Net Promoter Score. That's how we do that. So if you're a customer that you can give a grade between 0 and 10, what will your experience, would you recommend the bank? So either 0 and or 10 if you get 10, then you get a plus. If you're between 0 and 6 that you wouldn't recommend the bank or that you're neutral, then there's a minus. So between 7 and 8, you're not counted, then you're neutral. And so if you have above 60 is world-class. So this is a very strong result with regard to the provision of advisory services in Sweden as well as on the business side as well. But this is just people who meet the bank, whereas the SKI is all people, whether they are customers of the bank or not. In addition to that, we also have our core activities run by people who are committed, involved and want to be at SEB. So we measure also satisfaction of our employees. And for 2025, it was 82. That's the highest. So that's -- the average is 79% in this -- in the financial sector. And so it's not just compared to the SEB group as a whole, but also your team. So that's 19,000 employees that participated there and they're 87% and the average is 84% -- then we also measure those that don't work in the bank because we also want them to come into the bank. So firstly, we look at talent, young talent. So we go to universities, for example. And so IT students, students of economics, for example, at key universities in Sweden and measure whether we are an attractive employer or not. And there, we fare very well compared to other banks. And then we also have our trainee program, which is highly ranked not just amongst banks, but also in Sweden as the most attractive trainee program in Sweden as a whole. And here, we can see we have over 10,000 applicants to the 17 places that we have. So I'm very pleased that I am not 21 now because then it would have been very difficult for me. We also measure those who are already in the labor market. They've worked more than 5 years. And out of those who are not employed by SEB, many answer that SEB is considered a very attractive employer. Now the business plan. We want everyone to gather around the campfire. You should have one simple PowerPoint slide for everyone. What is business really all about moving forward? And that's this slide. It's about growth and technology, business growth. We want to ensure that we continue on the journey we've embarked upon, making the most of the potential in wealth and capital management, including pensions, private savings and deposits and of course, entrepreneurs who have done well in a family office environment, setting up a company in addition to your private capital position and you deal with them in parallel in relation to your bank. We want to grow in corporates and financial institutions. covering all companies from the small to the very large ones. And we very much wish to future-proof our entire retail segment. It is a lot easier indeed to determine how the new technology we're witnessing developing right now will impact the retail sector, private customers. So you want to be future-proof so that you can continue to grow that line of business. Now in the area of technology, to put it simply, we have thousands of people employed working with technology. We have lots and lots of technology installed, hardware, the machines and devices and software installed. And we need to upgrade this infrastructure that we currently have, working with what's already there. However, we need another strategy to do the onboarding of new technology that we don't have yet, that we're being introduced with here and now and in the future in the best possible manner. So all in all, this is a way of summing up the strategic priorities for the business for the next 3-year plan. Sustainability as a strategy, we have 2 components here. One is that we want to reduce the content of the component of fossil operations in our portfolio, in our lending. We started 5, 6 years ago, and we're using a reference scenario, which is IEA, International Energy Agencies and another which consists of the Central Bank's ENGFS. And we chose the toughest, most demanding path offered in those to ensure that we are truly in line with the Paris Agreement. That's the black line, how the fossil content in the world globally should reduce in order for us to be on safe ground to reach the objectives. I'm sure you all know that we're nowhere near achieving this. But we're using that as a reference point because we can only control our operations. And if we want to see a drop, which is at least if as great, but hopefully greater. That's the gray shaded area. It's -- we've been able to move more rapidly than expected. We had an aim of getting to 60% by 2030. We're virtually there already as of 2025. We're not changing or amending anything. We're not resting on our laurels in any way. We continue with our ambition to reduce the fossil component in our operations in relation to customers. Now the second part is to increase the financial services, which are sustainability related. We set very high targets in 2020 and '21, increasing to -- by 6 to 8x. We're currently at 3.1, which is just below the scheduled target development. And the main reason for this is that the demand for loans hasn't been very significant as -- not quite as expected at least. So it's not that the sustainability-related business is doing poorly. It's not quite at the level we expected in 2020. But the entire growth has been lower due to the recession. It's still growing or actually, it's dropping a little bit less than we see in other types of lending as it were. We're not amending any of the targets and objectives. We continue with a clear cap that we have set. Now to conclude, just to mention that there is no amendments to our financial targets either. Approximately 50% is the ambition for the annual dividend of earnings per share, 1 to 3 percentage points of buffer in relation to minimum requirements set by the authorities for our capital and a competitive return on equity to the tune of 15% as a long-term ambition. This was already mentioned by the Chairman of the Board, but will require a resolution at a subsequent item for the dividend for 2025, ordinary dividend proposed of SEK 8.50 and an additional SEK 2.5 since we need to adjust the capital structure as a special dividend so that we are in line with the targets on the upper part of this slide. I would like to express our gratitude to all our shareholders for your continued trust and confidence in us. Thank you.

Right. We have arrived at the item, as I said, there's a Q&A session. And what we'll be doing is that anyone who wishes to speak, raise their hand and then an AGM official will come to you with a microphone, and I will then also tell you when you can speak and you speak from where you are sitting, in fact. And anyone who speaks, I'd like you to introduce yourself and say who you represent. And if you have more questions, then ask all your questions in one go and then I will distribute the answers between the people who go to answer. And I know that Folksam have, in fact, already notified in advance. Alexandra, where are you? You have already said that you wish to ask a question. So a microphone to you. That's microphone #1. So off you go. That's our technician's called Rob and he knows everything about how to handle the technical equipment. So the instruction is that there is a red button underneath that you need to press in order to switch the microphone on. Now here we go. Wonderful. Thank you.

Thank you very much. So as you heard, Alexander Falander is my name. I represent Folksam and KPA Pensions today at the AGM. We always ask a question. We'd like to do the same this year. And this year around, we'd like to focus on climate and the environment once again. We have read the annual report and you gave a good outline of how you work to influence and support customers' transitions in terms of their credit portfolio for corporate and real estate credits. During the course of 2025, you began to develop processes to assess the credibility of the transition plans provided by customers. This is to be rolled out and implemented this year. Could you give an explanation on how in real terms, this assessment is made and which measures you're prepared to take if a customer's plan is considered noncredible? Go ahead. Thank you.

The specific question, first of all. Over the past while, for a long time now, ever since we introduced the current sustainability plan, we included the point of transition plans. And to be perfectly crass about it, nobody is perfect. There are no companies, no customers who do not consume any oil or gas at all and only have 100% renewables. And so that is of course for discussion. Are we talking about significant emissions, significant damage or nonsignificant, focusing on what is determined to be significant, the car, the automotive industry, for example. There are very few car companies who will have electrical vehicles at 100% that are in accordance with the Paris Agreement, dramatically reducing the tail pipe emissions. So the emissions at the tail pipe needs to drop. You don't have to be at 0 for all of them, but that is the ambition, nevertheless. All of those automotive companies that have a mix of various hybrid vehicles, petrol and diesel cars and EVs need to have a transition plan in line with -- sufficiently in line with our strategy and as we can determine also well in line with the strategy as regards to Paris Agreement generally. We've been doing this consistently for years now. But what we're going to do this year is we're going to have a much more professional assessment of the likelihood of -- as to whether that transition plan will work. So the credibility in the plans provided by the company, this requires expert knowledge. It's not -- you need to know the subject matter. to make this assessment. We know of credit -- we know how to assess the credit ratings, but we still need to make an assessment so that we don't lend anyone too much nor too little. Those are the customers that we -- that's what we do for credit assessments. Now you can have this as a parallel for the assessment of the transition plan. So there will be a credibility assessment, in fact, if we've accepted the plan previously in particular, but because then it needs to be rolled out and implemented. Now if we don't agree, there are 3 things we can do. The most extreme is that you conclude the business with this customer effective immediately. Secondly, the other option would be to gradually phase out if things fail to improve or continue to deteriorate or thirdly, that you initiate a process to impact the customer in the positive direction. And -- this is always something that we look at when there's no consensus with the customer in question.

Thank you very much. We have more questions at microphone # 2. Go ahead.

My name is [indiscernible]. I was born in Stockholm. I usually ask questions under other -- that have been in for a number of years. A very good contact with [indiscernible], but I hear that he is moving on, so I need to have new relations. I've been a customer for almost 20 years, my business and private customer in retail segment. And I have to say that I agree with what was said. It's so important that SEB invests more in the environment. When you look at oil and gas and all this. I'm a speech therapist and preschool teacher, et cetera, et cetera. And I know that it's very, very important with the environment. I'm very grateful that you're focusing more on this. And just as the previous speaker who put a question about the environment, you wonder after all, Johan, that Russia, we shouldn't have business with them considering Ukraine and et cetera. We need to all chip in and help out. Teamwork is what matters most of all. And we, as adults, we need to take the responsibility -- shoulder the responsibility on behalf of future generations for the environment. And let me tell you, last year at the AGM, which could have been really great, turned into something terrible. It was a shocking experience. And I have a tip as with experience from my professional career. I try to look at opportunities in life and for life and equal value for all. You knew that there were protesters outside. They were wise. They purchased shares. You can bring 2 guests. But I was sitting somewhere around here. And it started with one person who came and chaos ensued. It was quite frightening. You had your guards. We have a doctor. Can I ask you as the Chairman of the meeting to put your question. What you could have done, you could have invited [indiscernible] and the Nature Conservation Society under any other business. You could have given them 2 minutes. They could have had a chance to present their points on the environment and Russia and shares, et cetera, et cetera. But then I have one more question as well, which is the third follow-up question as it were. The [ Tiggleave ] life assurance, I've had it for almost 20 years as a private individual and for my company, and it's deteriorated a lot. You have specialist doctors, et cetera, et cetera, and you would like to go to the same doctor because you could have different issues. They could be your [ bowels ] or personal aspects are not relevant, but you've added 3 years and then you need to transition to someone else. And the age factor I've addressed before, you offer a service up to 80, [ Scandi and Landfaing ] offered the full lifespan range.

I've addressed this 3 years in a row. I don't know what you intend to do about this. Well, Johan, it's up to you to determine whether this is a customer-specific question. Well, I'm happy to answer questions. But if it's a legal matter, let me just mention that there is no any other business item on an AGM. We only have the adopted agenda. Now Johan, I'm going to give you the floor.

As for Nature Conservation Society, they are perfectly free if they so wish to give a statement of 2 to 3 minutes. I think they read out their statements and Jakob made a summary of it. The floor is open, but I'll ask Sven, where is he? I'm looking for Sven. There he is. He will speak to you after the end of the AGM to discuss your personal experience.

Thank you very much. We're going to proceed, and we have a request at microphone #8.

My name is [indiscernible]. And I have my question now. Everything isn't -- all the glimmers is not gold. But how has the bank run worked as regards to insider crime and money laundering in 2025, which is discovered in 2025?

Well, as regards to money laundering, the core issue there is that we have criminal elements and crime is often about money and getting rich. And when criminals get money, they need to hide the money or rather the source of the money. And that's where the bank enters into the equation. So the key is to the trick the bank or the tax agency, et cetera, as regards to where the money comes from. Now in the last 10 years, we have worked very hard to try to stop money laundering and to, at an early stage, find customers that use the bank to hide the actual source of the money. It could also be tax fraud. For example, you don't want to show anybody that you have money, so they pay less taxes. So organized crime that is also that you want -- you can't use the profit unless you manage to trick the system in some shape or form. And we have invested a great deal in this area and fingers crossed. Things are getting better. It's still impossible to resolve in its entirety because crime will always be there. And as long as there's crime, there is a risk that a bank will be tricked when it comes to hiding the actual source of money. We've also employed hundreds, if not thousands of people who today work full time with this issue at the bank. And the regulations with regard to this have also become much, much more stringent and will become even more stringent going forward. So it's become much, much more difficult to launder money, which, of course, has a negative impact on our ordinary customers. There are a lot of questions to the bank, for example, when it comes to all these -- or the bank as our customers also question and different documents. With regards to insider trading, -- now this is very critical if you're on the stock exchange in this market, and there are 2 risks with insider trading here. One risk is that you have a company or private individual that they trade on information that they may not use to trade. So there's a leak or that they gain this information -- gain the information that is not known to the general public, and they use that for their own personal gain when they trade. shares, et cetera. And there, we have a task to try to identify these things and to find them. So that's the stock exchange, et cetera, that have the main responsibility through their supervisory efforts to monitor trade in all securities to see anomalies or irregularities. And in addition to there's also -- this is also a criminal offense so that there will be a sentence. And then the bank also holds a lot of sensitive information, and we may not leak that information, and we work with this type of information the whole time, and this is what we do really. And so therefore, it's very important that we have procedures in place and the right employees who don't use that information for their own personal gain.

Thank you. Microphone #5. -- rather microphone #1. S Linton from the Swedish Shareholders' Association.

Number one. Thank you very much. S Linton from the Swedish Shareholders' Association, if you didn't catch the chair stating my name. Board Chair and CEO mentioned resilience. It's crucial in a world like the one we're living in right now. And one of the areas mentioned was cyber threats or cybersecurity, something which is quite closely related is fraud using new technology and AI, which can grow in magnitude, but also in terms of how advanced it is in its setup. Banks are quite skillful in warning their customers using bank ID provisions on how it's used, et cetera. I'd like to hear a little bit more about how you work to try and keep up with this very rapid development to protect your customers. Thank you very much.

Two years ago, we identified a radical increase in the number of frauds in Sweden. We saw relatively speaking, compared to other European countries, which could be considered as having digitized that we were in a worse situation we determined. And the analysis back then was that the underlying criminality, which has grown more rapidly in Sweden because it's many received, together with a highly digitalized society meant a transfer from robbing ATMs or security transports to digital versions of crime. You might remember a program by the Otra Granssking documentary following along with a couple of individuals in Marbeea, who were entirely focused on tricking elderly Swedish pensioners out of their money. We have done a great deal since then to try and ensure that bank services are more stable in relation to this particular risk. There are 17 points where we've made changes. You can have your transactions validated if you so wish. If you have a concern and you worry about scam, you can reduce the pace at which a transaction is made. You can also delay payments because you might feel under pressure, someone sounds highly credible on the phone. It's almost never the bank. I would put it to you that it never is the bank. It's someone else who's instructing the individual to instruct the bank to perform a payment. And it's very difficult for us to not grant approval of a transaction requested by a customer in the bank, even in a situation where we feel that there's an element of uncertainty. So there's going to be a lot of focus on safety, security against fraud, and we have a clear turnaround. We're not at all in the same problematic situation as we were. But there are romantic -- the area of romantic fraud that's particularly troublesome. And the largest volume is financing or funding fraud. It's one thing taking 200 or 10,000 or 40,000 like when you try to trick older people, but investment fraud is much greater now there. You can suggest hundreds of thousands of kon or millions of kroner, expanding the volume and the amounts considerably. So just a friendly reminder to conclude to everyone in Sweden and all our customers do not make payments because somebody is telling you that you should make a payment.

Right. No further raised hand. Oh, no, there's one. There's a raise hand microphone. So we're sending microphone #2. Is it working? Yes. So a rather odd question. But who are you first, please?

Well, I am. That's what I'm doing, [indiscernible] a shareholder. Now I have tried to call the bank. It's impossible to get through the telephone exchange, and therefore, I'd like to bring up this issue today. Now this campaign advert looks like this. We see both parts of the Skandinaviska broad sheet. And I don't quite understand the background. There's a dark skinned man with the SEB jumper on. He looks like he's a poor pensioner who doesn't shave and it's cold at home. So he needs this very thick sweater makes me all sweaty just looking at this. And I don't know whether it's a man or a woman, is always wrong. I mean what was the idea behind these campaigns, the adverse? I mean, is it worth your while because I mean, these pages of advert -- I mean, they cost so much.

I don't think this is really an AGM matter, but I don't know the CEO. Well, I think that our tastes differ, quite frankly. I'll take that on board. And I do appreciate all types of feedback when it comes to advertising campaigns. So we will bring that with us and have that as input on. Okay.

Microphone # 4 next, please.

Bent Anderson. I heard resilience mentioned. Some of the resilience is required, of course. And the defense and the armed forces I'm thinking of there's both the traditional armed forces and cybersecurity, of course, -- it's been mentioned, and I understand completely that the criminals are ahead of the rest of us is a problem for our customers, especially when you consider that it's so difficult many times when you have to deal with your banks, you feel that you're suspected of something everyone is under suspicion, and it gets very strange indeed. But here's my question. It regards various areas of investment. Oil was mentioned. We rely on oil very much so, in fact. It's not just for driving our cars. It's for all sorts of other purposes, plowing with our tractors and producing the fertilizers that we need, heating, industrial processes, steel industry.

Can I please ask for your questions? You're presenting arguments now.

Here's my question. What's your approach to defense sector investments in a broader perspective? It didn't used to be politically correct to be involved in that sector.

And that's sort of still around a little bit. It's unfortunate as I see it. Thank you very much. So the question is the approach of the bank to investments in the defense industry.

Well, on the one hand, we have a possibility to assist our millions of customers to channel the capital they hold to put it to work to strengthen resilience, defense capability and security. We've changed some of our internal policies in 2025 to make it easier for this to be performed. And we've also launched one product on the share side. The bank, in addition, works with our role and the customers we have within those sectors because we are, of course, a corporate bank for these businesses. We assist private individuals who wish to invest in these companies, and we have a number of those companies as our own customers in the bank. And then in terms of cybersecurity, it has a special part in the bank's business. It's being prioritized. We've made many great investments, and there are 2 components really. We usually have a pyramid about fraud and organized crime when they try to get access to money, but there are also states who would like the banks to tag along geopolitical geopolitical approach. This is like a stick you can use to take action. We upgrade our protection. We don't have and touch wood. We have no major operational losses. Nobody has got in and have access and stolen things they shouldn't have access to. You can feel safe and secure, but we take it extremely seriously, nevertheless, to ensure that the bank is fully protected.

Thank you very much. Microphone #4.

I have a problem with that area, and that is the handling of cash, and this has been pointed out before to be resilient, you need to have a cash system in place as well. And I think that the banks have dismantled that system to a large extent. And I think that we need to take a step back. So there is a system, at least some sort of system in place. And the expansion of volume in a difficult situation, that's one thing. But I mean, we need to keep the system alive as it were. You used to have a cash office here on again before. But there's a problem if you close that down completely because then you don't have a plan, you don't have continuity for how to do. I mean the need has been stated at the level of the government and the Riksbank as well. And when we see what's happening in Ukraine as well, we see that, that is an issue.

So that's more of a statement rather than a question, I would say, as the Chair. Any further hands raised? No? No, I apologize. There's a strong line, so I can't see it. So microphone #1.

My name is Kristina Holm, and I'm fed up with waiting for short moments all the time when I do my bank transactions because that -- those moments can go into long passages.

I'm not sure I understood what the question was or your statement.

Waiting a moment, waiting on hold. When I'm trying to make transactions, I get told -- I get messages to say that there's no contact, try again later.

I'm not sure the CEO will be able -- I'm sure the CEO will transfer that information to those responsible to convey it. And let's see if I see any further requests for the floor. That does not appear to be the case. And so we will conclude the Q&A session. And then we have come as far as Item 9 on our agenda, which is the adoption of the profit and loss account and balance sheet as well as the consolidated accounts. You've heard previously that the auditor is in favor of adoption. Does the meeting resolve to adopt these documents for the parent company and the group for the financial year 2025. Meeting in favor? Thank you. That brings us to Item 10, which is the disposition of the bank's profit. As you heard previously from the Chair, the Board has proposed an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 2.50 per share, totaling SEK 11 per share and that remaining funds be carried forward. And we've heard that the auditors are in favor of this proposal. The Board furthermore proposes that the record date be set at the 26th of March. And should the meeting resolve in accordance with this proposal, the dividend is expected to be sent out from Euroclear in around the 31st of March 2026. that the meeting resolve in accordance with the Board's proposal on disposition of profit and record date. Thank you. Item 11, which concerns the matter of discharge from a liability for the Directors of the Board and the CEO. And I note that the members of the Board and the CEO are naturally not permitted to vote under this item. We've also heard the recommendation from the auditors to grant discharge. And I ask if the meeting is in favor of granting discharge for the Board of Directors and the CEO's administration of the company and the bank during the financial year 2025. Thank you. Can we add to the minutes that with the exception of those who've submitted prior voting instructions to vote against or submitted postal votes to vote against with those exceptions, all others voted in favor of this proposal. [Voting]

Thank you. Moving on to Item 12 in a few moments. So first, I'd like to give the floor to Petra Hedengran, Chair of the Nominations Committee, to present the committee's proposal under Items 12 through to 15. You have the floor.

Thank you very much, Chair and shareholders. And my name is Petra Hedengran, and I'm Chairman of the Nomination Committee for SEB. I also represent Investor AB here at today's AGM. Now the Nomination Committee consisted of not just myself, but also Peder Hasslev from Alecta, Thomas Floden from the AMF, Niklas Ekvall from the Fjarde AP-fonden as well as the Chair of the Board of Directors, Marcus Wallenberg. In addition, the Director and Vice Chair, Jacob Aarup-Andersen, has been co-opted to the Nomination Committee. I will now report on the Nomination Committee's proposals under items 12, 13 and 14 and 15 on the agenda since documents with our proposals and the reasons behind them have been published on the SEB website and also handed out here today. I will, therefore, only make a brief presentation. So we propose that the number of directors shall be 11. In addition, the Nomination Committee has discussed with regard to the auditor. And as previous years, we propose one auditor is elected. Now as regards to remuneration to those directors not employed by the -- by SEB were elected by the AGM, we then propose SEK 4,325,000 to the Chairman of the Board, SEK 1,420,000 to the Vice Chair and then SEK 1,110,000 to each of the other directors. In addition to that, we also propose remuneration for committee work in accordance with the following. So firstly, we have the Risk and Capital Committee, SEK 870,000 to the Chair and SEK 535,000 to the other members each. The Audit and Compliance Committee, SEK 570,000 to the Chair and SEK 360,000 to each of the other members of the committee. The Remuneration and Human Resource Committee, SEK 475,000 to the Chair and SEK 235,000 to each of the other members of the committee. And then the Technology Committee, SEK 500,000 to the Chair and SEK 250,000 each to the other members. We have also discussed the structure and the level of the remuneration for the directors. The point of departure for us has been that the remuneration must be sort of competitive and correspond to a reasonable remuneration for the scope, the complexity, the responsibility that goes with the assignment. And in our assessment, we have reviewed comparisons with other financial institutions, both in Sweden as well as outside Sweden. Now since the bank -- a lot of our operations are pursued outside Sweden and because we also want to attract competence and experience from other countries, this has been an important part of this, trying to assess the competitiveness of the level of remuneration. As you heard, the Board has decided to set up a new committee committee for IT technology and AI, which we call the Technology Committee. Now the reason for this is to be able to manage the increased importance of these areas and to work more efficiently by automating routine tasks, making data-driven decisions, deliver also ensure that we have better security in a digital environment. AI is expected to enhance risk management and customer interaction and also support innovation and operational stability. The Technology Committee will assist the Board to manage these issues, and it will thus also reduce the burden of some of the work of the other committees to an extent at least. Now with regard to the comparison that I mentioned with regard to remuneration and to ensure that we can still -- we can continue to attract the right type of directors with the right profile We, therefore, have proposed a structural increase of remuneration of just under 10%. And bearing in mind the sum of the Technology Committee and the work that it will entail and the fact that it will also, to an extent, reduce the burden of other committees, the proposal is for the other committees to not raise the remuneration for this year. As regards auditors' remuneration, just as previous years, it shall be paid according to approved invoice, bringing us to the proposal with regard to the election -- election of directors as well as the Chairman of the Board. So we have been informed that all the present directors with the exception of Winievok stand for reelection. And the Nomination Committee believes and it's our impression that the work on the Board is running smoothly. SEB has operations in practically every financial submarket and thus collected competence and experience competent experience of both banking and securities, asset management and insurance. These are all -- those different types of competence are all a necessity. It is also important within the Board to have sound collective knowledge from business and different markets, both within the geographical markets that we see as our domestic markets as well as other geographical markets that SEB deems to be of strategic interest. In addition, the Nomination Committee also believes that it is important that the Board has collected knowledge regarding, for example, risk management, regulations, governance and control and experience of strategic operational development, establishment of goals and the follow-up of goals as well. In addition, an insight into an understanding for the transition to a more sustainable society and SEB's role in this very important transition as well as an insight into an understanding for the digitalization of society and how SEB operations shall be developed in a digital environment. We have also discussed the size of the Board, its composition as regards to experience and competence with regard to different sectors and also driven to ensure an equal gender distribution and to take other diversity perspectives into account. So the Nomination Committee proposes the reelection of directors, Jacob Aarup-Andersen, Signhild Arnegard Hansen, Jan Erik Back, Anne-Catherine Berner, John Flint, Svein Tore Holsether, Eva Lindholm, Lars Ottersgard, Johan Torjby and Johan Torgeby and Martina Wallenberg. We also proposed the new election as a well of Marcus Wallenberg for the period up until the end of the AGM 2027. Now Marcus Wallenberg is a Swedish citizen born in 1989. She is currently employed at the bank and has held several positions at the bank over the last 11 years, including as manager in the area of strategy and digitalization. Martina Wallenberg will leave her employment at SEB if she is elected as director by the AGM. Martina Wallenberg holds a business degree from the University of Colorado Boulder. Nomination Committees believes that Martina Wallenberg is a suitable candidate to the SEB Board, and she will be part of the Board committee that we've all spoken about that is going to be set up to monitor the increased automation and digitalization in society. Martina Wallenberg and her background, her education and her work experience make her a particularly valuable addition to the Board in that area. And Martina Wallenberg, she represents the next generation of the Wallenberg family and her involvement in the Board will further reinforce the long-term owner involvement that the family has demonstrated over generations. Martina, could you please stand up, please? Thank you very much. Thank you. As Chair of the Board, we propose Marcus Wallenberg. More information regarding the proposed directors can be found in the material distributed here today. I'd also like to mention that our proposal fulfills the requirements regarding independence in the Swedish Code of Corporate Governance. May I also inform the AGM that the Nomination Committee has decided to issue the following recommendation for the directors elected by the AGM regarding their shares and their shareholding in SEB, which means that directors who not previously have this level of ownership are expected to, over a 5-year period, increase their own ownership of SEB shares to a market value that is expected to correspond to at least 1 year's remuneration before tax, and that's excluding remuneration for committee work. Item 15 next, which is the electing the auditor. So as regards to the auditor, the Nomination Committee proposes in accordance with the recommendation from the Audit Committee, we propose, as I said, the reelection of the authorized auditing firm Ernst & Young AB for the period up until the end of the AGM next year. So if the AGM resolves in accordance with the proposal, the authorized public accountant, Daniel Eriksson will be the lead auditor partner. So all these proposals have been included in the notice. They've been available on the SEB website and distributed here today. And on the website, since the notice was issued, there's also been the read -- we can also find a report on the reasons behind the Nomination Committee's proposal. And everything is available in the material that was distributed here this morning. And to end, I'd just like to thank all the other members of the Nomination Committee for good cooperation. Thank you very much. Thank you.

Thank you very much. And before you step down, let me just ask if there are any questions on the proposals from the Nomination Committee. That does not appear to be the case. So we will proceed and deal with the various proposals from the Nominations Committee. The first one being the determination of the number of members of the Board to be elected. The proposal is 11 for the period at the end of today's AGM to the next year's AGM. Is the meeting in favor of the Board of Directors' proposal under this item? Thank you very much. And you've also heard as regards to the number of auditors to be elected. We propose to elect 1 auditor, auditing firm. Any other proposals? No. Can the meeting resolve in accordance? Thank you, adopted. Now the determination of remuneration for the directors appointed by the AGM and for the auditors. You've heard the proposal. You should be able to see it behind me on the screen. Are there any other proposals? No. Thank you. Does the meeting resolve on the Board fees in accordance with the Nomination Committee's proposal? Thank you. And now the proposal for the fees for the auditor. The proposal is for this to be paid in according to approved invoices meeting in favor. Thank you. That's adopted. Which brings us to Item #14, which is the election of directors as well as -- and are there any other proposal nominees other than what was proposed by the Nomination Committee? No, it doesn't seem to be the case. So we have to elect 11 directors. There are 11 nominees, and it's the Chair of the AGM should tell the AGM about the assignments that they have in other companies. And let me hereby just referred to the material distributed here today as well as the information that has been available on the bank's website since the 9th of February. And even there are 11 nominees, so we will do this individually despite the fact that there are only 11 seats. And so I'll ask you the AGM if you elect each and every one. And then I will use my gavvel between each. So does the AGM elect Jacob Aarup-Andersen? Does you elect Signhild Arnegard Hansen? Do you elect Jan Erik Back, Anne-Catherine Berner. We must be very clear. It's going to be fair in the level. Thank you. That was better. John Flint, yes. Tore Holsether, yes. Eva Lindholm. Do you elect Lars Ottersgard? Do you elect Johan Torgeby and Marcus Wallenberg and do you elect Martina Wallenberg? I find that the proposed directors or people have been elected by the AGM in accordance with the Nomination Committee. Next then, we have to elect the Chairman of the Board. And as you heard, the Nomination Committee proposes Marcus Wallenberg to be elected as the Chair. No other nominees. So can we elect Marcus Wallenberg to be the Chair of the Board? Yes. Thank you. And for your information, let me just mention that we have employee representatives on the Board and Leona Schulman and Paula Berg have been elected and in addition, Sonia Landin and Thomas have elected as deputies, and they should be on the screen behind me. It brings me to Item 15. Item 15, the election of auditors, proposal from the Nomination Committee to reelect Ernst & Young, chartered auditing company until the end of the 2027 Annual General Meeting. Any other proposals? No, does the meeting elect Ernst & Young to be the auditor according to this proposal? Thank you. And as you heard previously, Ernst & Young have informed the company that the new chartered public accountant lead auditor will be Daniel Erickson, who will take up this position. He's chartered public accountant since 2006, and he has the required license from the Institute for the Accountancy Profession in Sweden FAR to audit financial companies. Perhaps we can ask him to stand up for a moment. And a warm hand indeed. Now the Board of Directors' remuneration report has been available and published just like all other documents, any questions on this report? That does not appear to be the case. Does the meeting approve the Board of Directors' remuneration report for 2025? That is carried, which brings us to Items 17 onwards and Item 17 has to do with 3 different sub proposal with regard to our long-term equity progress for 2026. So we have A, which is SEB -- all Employee program 2026 for all employees in most countries where SEB operates, SEB share deferral program for 2026 and SEB restricted share program for 2026. Any questions with regard to these proposals at all? No, it doesn't seem to be the case. So I suggest, therefore, because here, it's only simple majority is required, but let us deal with these together. So can the AGM then vote in accordance with the Board's proposal suggestion as regards 17A to C, yes, which brings us to Item 18. This is the Board's proposal on the acquisition and sale of SEB's own shares. a, the acquisition of SEB's own shares in its securities business. The B item, an authorization for the Board to resolve on the acquisition and the transfer of the bank's own shares for capital purposes on the one hand and in addition, also for long-term equity program transfer and then c, transfer of own shares to participants in the 2026 long-term equity program. First, I ask if there are any questions on these proposals. That does not appear to be the case. Now here are 3 subitems with different majority requirements. 18A and B has a requirement of 2/3 majority of votes and shares represented at the meeting for this to be adopted and 9/10 under 18C of both votes cast and shares represented. And for the purposes of simplification, I propose that we resolve on all 3 subitems with the -- while applying the highest majority requirement. Does the meeting resolve in accordance with the Board's proposal 18A, B and C meeting in favor? Thank you. Can we include in the minutes to confirm, in fact, that we've achieved the necessary majority requirement that with the exception of those who may have submitted a no vote in advance, all others have voted in favor of this proposal. Can we adopt this? Thank you. Which brings us to Item #19, which is an authorization to the Board of Directors to issue convertibles. Any questions with regard to this? No. Once again, here, we have a 2/3 majority required. And so can we adopt the proposal? And can we also note here that with the exception of shareholders who have notified no in advance or through their post that they would vote no. But do you say all participating shareholders here have voted in favor of Item 19 because Item 20. Item 20, a proposal from the Board of Directors on the reduction of the share capital redemption of shares and the bonus issue. It's technically quite complicated. Are there any questions on this proposal? These 2 also have a heightened majority requirement, and they are mutually conditioned upon each other. Can the meeting adopt the proposals under 20A and B? Thank you. And can we, with the exception of those who have submitted a no vote prior to the meeting, all others have voted in favor. Thank you. The requisite majority has been achieved. Item #21, which is the appointment of auditors. So the AGM has appointed a number of auditors for a number of foundations with linked administrations as it called. This is in the notice and the material which has been distributed about who these people are. Are there any questions with regard to those proposals at all? No, it doesn't seem to be the case. So can we vote in accordance with the proposal at hand. Thank you carried. Item 22. We have a proposal from the Swedish Society for Nature Conservation, a shareholder, to entrust the bank that by no later than 2026 revise its strategy to ensure a responsible capital allocation and reducing environmental, climate-related and financial risks by no longer providing any lending issuance guarantees and other funding or types of services to fossil fuel companies who are involved in new oil and gas projects with a long lead time north of the Arctic and in the Arctic Circle. I understand that the Nature Conservation Society would like to take the floor. Anna Lindberg is present, I believe. Can we have a microphone? Microphone # 2 in this case. No. #1, it appears. -- thank you very much. Yes, Anna Lindberg from the Nature Conservation Society. I represent a group of organizations, the finance guide, which we heard mentioned earlier today, working to ensure that banks shoulder more of the responsibility for our climate. And SEB, as we can see, have taken steps forward in their climate efforts. We welcome this. But we are here today because we've tabled a proposal to try and cover a serious gap in the environmental work of the bank, the fact that the bank still chooses to lend money to expanding oil companies operating in the Arctic region, the Arctic being one of the most rapidly changing areas due to climate change. And the UN Climate Panel shows that there is simply no equivalent in research. No new oil or gas fields must be opened if we should achieve the target for the environmental. In spite of this, the SEB have given support for expanding operations to oil and gas companies operating ever further north in the Arctic region. In excess of EUR 6 billion in loans and other funding have been granted by SEB to such companies over the past year. The bank has justified this. We've heard today by saying that oil and gas will be needed during a transition phase as part of a controlled transition. We agree with that assessment. However, companies expanding are not transitioning. They are moving in the wrong direction. A transition phase has to do with the reduction of the fossil dependency, not increasing the production of fossil fuels. Fossil expansion has led to emissions across decades, making it more difficult to have a just transition. In today's turbulent world, it's clearer than ever before that we need to get out of our fossil dependency, not just for the sake of the climate, but also to reduce our risk of ending up in geopolitical stability and price shocks. You say that the Arctic expansion is necessary to resolve the energy crisis in the EU and to replace our dependency of Russian oil and gas. However, it takes on average 13 years to get underway with new oil and gas production in the Arctic region. So when these products reach the market, the EU must already have reduced its emissions by 90% and the use of fossil fuels should be down by around 80%. The Arctic policy for the EU also states that the EU should work to not open up for new fossil extraction in the Arctic region and phase out any imports from that region. So neither in the short term nor in the long term, are there any grounds to support such a continued expansion? Rather, there are major financial risk for the companies, for their owners and their funding partners since the projects in the Arctic region are expensive, technically highly complicated and with considerable risk of accidents. Many other players have taken action, Handelsbanken and Swedbank and Danske Bank over the past few years have put a halt to expanding oil and gas companies in that region. It's led to very positive reactions amongst our customers and is a competitive edge in a market where climate and the environment are important issues to customers. So there are strong climate, financial and strategic reasons to vote in favor of our proposal, and we encourage the owners of SEB to support this proposal and take one further step towards making the bank a clearer part of the solution to the climate crisis. Thank you. I'm going to give the floor to you, Anto. Go ahead. Well, I addressed this matter with Jakob. So suffice it to say that it is a complicating circumstance that there are only a few companies in this context. We're not defending the extraction of oil and gas in the Arctic region, but there are companies we do not wish to move away from. We cannot leave them to their fate right now. And when we are part of the bank group, we can have an influence. We've stepped out of a very large number of oil and gas companies in the last few years and nothing positive has happened. We -- to be perfectly honest, we feel that we're one of the players on the inside trying to work to promote this very target that was mentioned. We -- as a Norwegian major bank, the Norwegian state, of course, has -- holds the reins and controls the matters in that context. But we have -- you have made a good point. It's a very difficult issue with a small number of companies, but let me just be clear. Part of this issue is the fact that we are -- that it is not correct to describe the situation whereas we are in favor of this extraction and would like to continue promote such activities, but we remain in contact and have operations dealing with some of those companies. Thank you very much. Daniel Kistonrom from Alecta. Can we have a microphone, please?

Microphone #1. Thank you, Chair. My name is Daniel Kistonrom, and I represent Alecta, which is a major shareholder. Now this proposal is important actually because it -- we are very appreciative of the people set forward the motion because the AGM should be a situation, an occasion where we can have an exchange of views and take the bank forward, which we do. And this includes a proposal with regard to new extraction of oil in the Arctic. And it's important for the climate as well as for the interested parties of the bank. Now we share the society submitting the motion and their views, but we've reviewed the work carried out by the bank over the last 10 years, and we've decided not to support this motion. Why? Well, because we share that this transition is necessary. And we also share with -- share the view of the motion that this is specifically especially important in areas like the Arctic. And how the bank pursues its business and depends on the economy that we live in and the society that we live in. The banks need an insight that the banks need an insight and that they shape their strategies, looking at risks and possibilities and opportunities with regard to sustainability are important in their long-term responsible business. Alecta has a debate, a discussion with the bank with regard to the climate, and we've been able to follow the developments of the bank where the bank has set very ambitious goals, increased transparency, made very difficult corporate decisions with regard to customer relations and also taken out certain customers from their portfolio. So -- and a lot of profits have been made and markets have followed suit with what the bank has done. We think that there's a huge challenge ahead, not just due to the uncertain world that we live in today, but also because of technologically and as regards to resources, it's going to become increasingly complex. technology shifts, infrastructure, we need for those need to be in place. As major shareholders with 63 million shares to a value of SEK 12 billion for a number of years, we've been members of the Nomination Committee proposing directors to the Board. It is that Board which has supported and said that the climate is an important part of the bank's work, and this is something that we're going to continue reviewing and monitoring. And we believe that the current Board will continue to drive the bank in the right direction. Thank you. Thank you very much for that, which means we needed to make a decision with regard to the Nature Conservation Society's motion. Now Anna Lieber has also given me a statement with regard to the the minutes that things need to be noted in the minutes, the decision. And we can already see go through the postal votes that there is a majority voting against this proposal. But I suggest that those participants that are here today above and beyond the Nature Conservation Society, which we're voting in favor of its motion and proposal, if you -- those who voted in favor of it that you come up to the podium afterwards, and we will note who you are, your name and the number of shares and votes that you represent.

Can we work accordingly? Thank you. So decision then. So the AGM, do you support the Nature Conservation Society's proposal under Item 22? That was a rather weak no, but together with the postal votes, it is a no. And so we have not adopted the proposal, which brings us to Item 23. And before we conclude this, I'd like to hand the floor to Markus Wallenberg, please. Thank you, Chair. Before we conclude this AGM, I would like to extend my thanks to a couple of people who have played a very important role for SEB in the last few years.

Wini Fok who has after more than 10 years on the Board, has chosen to decline reelection. Winnie, you have served with distinction since 2013 and since 2015 in -- you've been a central part of the Audit and the Compliance Committee. Over these years, Winnie has contributed both with very high professionalism and strong dedication to the bank, always well prepared, knowledgeable and fully engaged. In addition, Winnie has also contributed very important insights into our operations in Asia, which has been of great importance for us as a bank with this international presence and which is a very important part of our international presence. She has also been greatly appreciated for her Board work, for her wars, her integrity and for our ability to build trust and long-term relationships. Winnie? -- a warm thank to you for your many years of service and for your great contribution to the bank. Can I give you a little flower maybe? Yes. We need doesn't like when you speak well over her, anyway.

I'd like to now continue by thanking our 2 outgoing employee representatives. That's Marika Ottander and Anna Kojlimenstrom. Marika is here today. Unfortunately, Anna Kojlimenstrom is not able to attend today's AGM. And I'd like to extend my thanks to both of you for your contributions to our Board work. And we'll be following Anna Kojlimenstrom as the President or the Chair of the Financial Trade Unit at SEB. It's very important to have the employee representatives on the Board. It gives us new perspectives. It's very valuable to us in our work. And I'd also like to welcome then our new members, Thomas Floden as well to our Board work. I'd now like to turn to Hamish, who is now leaving the bank as our lead auditor after 7 years. And this isn't because Hamish has done anything wrong, but because the regulations are as they are, which means that he needs to be rotated as it were. Now during his tenure with us, he has combined his deep knowledge with a broad perspective. And both these aspects are very important for the bank. And for our audit, his analysis, his assessments have always been well balanced, well founded due to his deep understanding of our operations. We're grateful for that. And Hamish has also had a unique ability to imagine many different possible scenarios and outcomes. That's also very important when you work with the bank. and characterized by quality and the sense of security in our work and your work as well. He has always shown great integrity. He holds very clear values and Hamish his compass and judgment have been a very valuable support for us. And when it comes to very difficult matters sometimes, always available, always very clear. But what also helps is your good humor and you laugh quite easily, which is nice, and that is very helpful. So a warm thank you to you for your crucial work over the last few years. And we do look forward to continue our cooperation with you, Daniel Eriksson, who has just been elected to be the new lead auditor partner for SEB from Ernst & Young. And with those, I don't know, do I have more flowers? I'd like to ask the Secretary to note in the minutes -- to note the gratitude that the bank would like to extend to the 3 leaving directors and also the lead auditor. I hereby declare the AGM for SEB closed. Thank you.