Making it possible is our mission

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2 Contents Nordea Page 3 Initiatives and market trends Page 17 Key figures and trends Page 25 Business areas Page 42 Balance sheet Page 81 Asset quality Page 89 Economic capital Page 16 Appendix Page 11 2

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4 Making it possible is our mission By providing a broad set of seamless and easily accessible financial solutions and competitive advisory services, Nordea helps customers where we operate to reach their objectives. 4

5 Our vision We will be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. We will be number one or number two or show superior profitable growth in every market and product area in which we choose to compete. We will have the leading multichannel distribution with a top world ranking in e-based financial solutions. 5

6 Strategic choices Universal banking with bancassurance Customer orientation Multichannel distribution Nordic and local Electronic and personal 6

7 Strategic direction Deliver total shareholder value in line with the top five of our peer group Establish a stable and broadly based growth of revenue by proactive offering financial solutions that creates superior value Ensure operational excellence in all processes by using benchmarking and best practice Work actively to optimise the use of capital and risk taking thereby lowering cost of capital Attract, develop and retain highly motivated, competent and empowered employees 7

8 Growth of revenue Increase sales in all business areas Growth by share of wallet of existing customers in our home markets and significantly enhance position in Sweden Growth by market share in our emerging markets Increase cross-selling Implement Nordic business model for personal and corporate customers Customer service concepts and segmentation in a Nordic scale Integration of distribution channels Maintain and reinforce the retail savings and investment proposition via Long Term Savings & Life and Nordic Private Banking units Expand the usage of e-banking services among existing and new customers 8

9 Excellence in operations Increase focus on cost efficiency throughout the Group Start second wave of integration process to further increase benefits from scale and size Continue development of innovative e-service facilities for personal as well as corporate and institutional customers Integrate Postgirot Bank Corporate & Institutional Banking and Investment Banking activities Asset Management and Life Insurance & Pensions activities 9

10 Second wave of integration Group wide integration program Harvesting the full benefit of working cross border as an integrated group Creating additional synergies in line with merger synergies within 3 years Investments will be expensed on a running basis Expenses related to three projects initiated in Q1 was EUR 1m and those projects are expected to create annual synergies of approximately EUR 43m within three years 1

11 Optimal use of capital and balanced risk taking Roll out of economic capital framework throughout the Group Implement Group legal structure Further develop credit scoring models Reduce ownership in General Insurance 11

12 Financial targets Key performance indicator Q1/2 21 Target Total shareholder return,% In the top five of our peer group Dividend pay-out ratio,% 44 1) > 4 % of net profit Return on equity,% 8.9 2) 13.8 > Euro risk free interest rate +8% Assets under management growth,% 2% 2 % p.a. Cost/income ratio, banking,% < 5 % (24) Combined ratio, general insurance,% < 1 % (24) Merger synergies,eurm EURm (23) Average loan losses,% <.4% of loans and guarantees 1) Proposed dividend for 21 EUR.23 per share 2) Return on equity(excluding goodwill), 13.% 12

13 Top 25 European banks by market cap HSBC RBOS UBS LLOYDS TSB BARCLAYS BNP PARIBAS CREDIT SUISSE HBOS SANTANDER DEUTSCHE BANK BBVA ABN AMRO SOCIETE GENERALE UNICREDITO INTESA BCI HYPO VEREINSBANK DEXIA NORDEA SAN PAOLO IMI DANSKE BANK BANK OF IRELAND KBC ALLIED IRISH BANKS SHB BCP Source: Nordea Securities, April EUR bn 13

14 Strong distribution network throughout the Nordic and Baltic Sea region Finland Branch offices Personnel ,6 Sweden Branch offices Personnel Norway Branch offices Personnel Denmark Branch offices Personnel Baltic and Poland Branch offices Personnel Total locations Total personnel 27 9, , ,5 32 1,2 1,37 39,7 Bergen Oslo Copenhagen Luxembourg Hamburg Stockholm Frankfurt Helsinki St Petersburg Tallinn Tartu Gdynia Riga Gdansk Vilnius Moscow Radom Countrywide network Branch office or subsidiary Office of an associated bank 14

15 Large customer base with high penetration in net banking DK FI NO SE Baltic Sea Region Total Retail banking customers (1,) Personal customers 1,7 3, 5 4,2 1) 6 9,5 Corporate customers Large Nordic corporate customers 2) Insurance customers (1,) General insurance ,47 Life ,64 Net banking customers (1,) 385 1, , , 1) incl. Postgirot Bank 2) Shipping, Offshore and Oil Services customers (375) are not included 15

16 Strong positions in most Nordic markets Retail Banking Corporate and Institutional Banking Asset Management & Life General Insurance Customer lending, customer deposit and mortgage volumes Corporate Banking Equity dealing Investment funds Life and pensions premiums Premiums Denmark 2 Tight Finland Started 21 Norway Sweden

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18 Stable underlying development Total income up 3% compared to fourth quarter, total expenses were unchanged Excluding Postgirot Bank expenses decreased by 4% Underlying loan losses considerably reduced Profit excluding investment earnings up 4% to EUR 49m Investment earnings down to EUR 4m due to weak markets Operating profit of EUR 371m compared to EUR 468m 18

19 Synergies on track Accumulated merger synergies of EUR 29m Integration of Postgirot Bank ahead of plan A number of second wave projects initiated 19

20 Progress in strategic areas Divestment of General Insurance continues according to plan Almost 3 million e-banking customers at the end of March 22, target for year-end raised to 3.3 million Strong inflow, 13% (annualised), AuM increased to EUR 18bn 2

21 Market development stock market indexes % Q4/1 Q1/2 Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones 21

22 Market development stock market volumes EURbn Average 21 Q4/1 Q1/2 Copenhagen Helsinki Oslo Stockholm 22

23 Market development interest rates % Dec-1 Mar-2 Change Q1/2 Short, EUR (3 months) Long, EUR (5 years) Short, DK Long, DK Short, NO Long, NO Short, SE Long, SE

24 Market development - GDP % e 23e Denmark Finland Norway Sweden Source: Nordea Economic Research 24

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26 Core earnings EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Profit excluding investment earnings Investment earnings Operating profit 371 Stable underlying development Total income up 3% Expenses unchanged Reduced investment earnings Higher interest rates Mixed development in equity markets 26

27 Key figures EUR,2 Earnings per share % 3 Return on equity (excl. goodwill),16, , ,4 5, Q4/1 Q1/2 Q4/1 Q1/2 Positive tax effect and considerable investment earnings in Q4/1 27

28 Income statement summary EURm Q1/2 Q4/1 Change, % Change excl PG, % Income 1,494 1,452 3 Expenses -1,37-1,38-4 Loan losses Equity method Profit excl. Investment earnings Investment earnings Goodwill Operating profit

29 Income statement summary EURm Jan-Mar 22 Jan-Mar 21 Change, % Income 1,494 1,55-4 Expenses -1, Loan losses Equity method Profit excl. investment earnings Investment earnings Goodwill Operating profit

30 Income EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Net interest income Non-interest income 3

31 Net interest income EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Lower average short-term interest rates Pressure on deposit margins expected to ease as short-term interest rates increase Lending margins largely unchanged Margins on new corporate loans stable at higher level Increased lending and deposit volumes 31

32 Commission income EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Asset management Payments & deposits Brokerage Lending Other Expenses Higher commissions from payments following acquisition of Postgirot Mixed development on equity markets AuM up 2% to EUR 18bn Distribution of investment funds in Europe continued to grow strongly Weak income within Investment Banking 32

33 Trading EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Income from trading stable at high level High quality earnings Customer driven revenue stream 33

34 Income from insurance EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Q4 affected by rebuilding of financial buffers Premiums in Life decreased compared to Q4 Gross premiums in General Insurance, stable at high level Higher claims Takeover of portfolio in Estonia 34

35 Expenses EURm Expenses unchanged despite consolidation of Postgirot Development according to plan Adjusted for Postgirot, total expenses decreased by 4% 4 2 Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Personnel Other 35

36 Expenses - breakdown EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Personnel 1) Information technology 2) Marketing Postage, telephone and office expenses Rents, premises and real estate expenses Other Expenses 1,47 1, of which investment activities Expenses 1,37 1, ) Profit related personnel expenses including profit-sharing systems were EUR 17m in Q1/22 (21: EUR 115m). 2) Refers to computer operations, service expenses and consulting fees. Total IT-related costs in Q1 22, including personnel etc were EUR 25m (21: EUR 85m). 36

37 Key figures % C/I ratio, banking % C/I ratio, banking excl. inv.earnings Q4/1 Q1/2 Q4/1 Q1/2 Adjusted for Postgirot in Q1/2: C/I ratio, banking, 63 %, C/I ratio, banking excl.inv.earnings 64% 37

38 Total IT-related expenses* EURm 25 As % of total expenses Q1/2 19.8% Q4/1 Q3/1 2.2% 21.3% 15 Q2/1 2.9% 1 Q1/1 2.4% 5 Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 *Computer operations, service expenses, consultants and personnel 38

39 Loan losses EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Underlying loan losses considerably reduced EUR 64m of general provision used in Q4 No major single provision No change in general provisions Annualised loan loss level in Q1,.18% General provision 39

40 Investment earnings EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Treasury Life insurance General insurance Other Investment earnings

41 Taxes EURm Q1/2 Q4/1 Change, % Operating profit Taxes Net profit Earnings per share, EUR.9.18 RoE excl. goodwill, %

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43 Results by business area EURm Retail CIB Asset Mgmt* *Product result Life* General Treasury Q4/1 Q1/2 43

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45 Retail Banking operating profit EURm 5 Operating profit up 15% Integration of Postgirot Bank ahead of plan Firm development in sales of products and services Profitability on a high level Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 45

46 Retail Banking operating profit by markets EURm Retail Banking DK FI NO SE Operating profit C/I ratio % 6* ** RoE % * C/I ratio 58% excluding Postgirot **C/I ratio 59% excluding Postgirot 46

47 Retail Banking operating profit by markets Retail DK FI NO SE P&B EURm Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Net interest income Non-interest income Total income 1,79 1, Total expenses Profit bef. loan loss Loan losses Operating profit C/I ratio % RoE %

48 Retail Banking lending EURbn. End of period Denmark Finland Norway Sweden Q4/1 Q1/2 48

49 Retail Banking deposits EURbn. End of period * 5 Denmark Finland Norway Sweden Q4/1 Q1/2 *Postgirot, EUR 4m 49

50 Retail Banking deposits EURbn End of March Denmark Finland Norway Sweden Corporate Household - saving accounts Household - current accounts 5

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52 CIB operating profit EURm 16 Stable corporate banking business Uncertain equity markets affected investment banking Expenses down EUR 13m from Q4 of which EUR 9m was nonrecurring -5-2 Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 52

53 Stock market development Denmark Finland Norway Sweden Q1 22, EURbn Market Volume Change Q1 vs Q4, % Market index Q1 22, % Source: Nordea securities 53

54 CIB operating profit by main area EURm CIB Corporate Division Shipping & Offshore International Inv. Banking Other Markets Profit before loan losses Loan losses Transfer risk Equity method Operating profit C/I ratio % 53 54

55 CIB operating profit by main area CIB Corporate Division Shipping & Offshore International Inv. Banking Other Markets EURm Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Total income Total expenses Profit bef. loan loss Loan losses Transfer risk Equity method Operating profit C/I ratio %

56 CIB net loan losses EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Corporate division Shipping division International division Acquisition finance Total General provision Transfer risk Total

57 CIB lending volume EURbn. End of period Corporate Division Shipping and offshore International Total Q4/1 Q1/2 57

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59 Asset Management, product result EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 AuM up 2% to EUR 18bn Strong inflows Distribution of investment funds in Europe continued to grow strongly Awarded Best Equity Group of the Year from Lipper (pan- European award) 59

60 Assets under management, volumes EURbn End of period Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Investment management Private banking Investment funds Real estate within Life 6

61 Asset structure Investment Management* Dec 21 March 22 EUR 72bn EUR 74bn Nordic equities 23% Int'l. fixed income 1% Nordic fixed income 38% Nordic equities 21% Int'l. fixed income 9% Nordic fixed income 4% Int'l. equities 29% Int'l. equities 3% *Including mgmt of own investment funds 61

62 Asset structure Investment Funds Dec 21 March 22 Balanced funds 16% EUR 35.7bn Balanced funds 15% EUR 37.8bn Fixed income funds 33% Equity funds 51% Fixed income funds 33% Equity funds 52% 62

63 Investment Funds volumes and margins 2 Volumes, end of period % 1,6 Margins , , , , , , , , DK FI NO SE DK* FI NO SE Q4/1 Q1/2 * Net margin Q4/1 Q1/2 63

64 European Fund distribution EURm Operations built organically last 18 months Leverages Nordea s international expertise in Investment Management 75 active distribution agreements 35% of sales in Germany, the rest in Switzerland, Austria and Luxembourg Q3/ Q4/ Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Inflow AUM 64

65 Excellent investment performance March 22: Best Equity Group of the Year - Europe March 2: Best Fund in Category Germany March 14: Best Fund in Category UK February 21: Best Fund in Category Austria February 6: Best Equity Group Switzerland January 1: Star Manager of the Year - Sweden 65

66 Major intermediaries offering Nordea funds 66

67 Life, product result EURm Q4 affected by rebuilding of financial buffers Premiums in Life decreased compared to Q Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Technical result Investment earnings 67

68 Life EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 - Premiums written, net Technical result Investment earnings Product result

69 Life EURm Denmark Finland Norway Sweden Other Total Premiums written net Of which traditional life insurance unit link Investment return Benefits Expenses Technical result Investment earnings Product result

70 Life - investments EURbn. End of period Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Equities Predominantly listed equities 5/5 Nordic/international Bonds ¾ Nordic issuers Primarily govmn t & mortgage inst. Total portfolio Some bias to Danish securities Equities Real estate Bonds Unit linked 7

71 71

72 General Insurance, operating profit EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Stable development in gross premiums at high level Higher claims Takeover of portfolio in Estonia Technical result EUR 24m Technical result Investment earnings 72

73 Combined ratio by main markets % Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Denmark Norway 73

74 General insurance EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Premiums gross Premiums net Technical interest Claims Expenses Technical result Investment earnings Operating profit

75 General Insurance EURm Denmark Norway TBi Poland Other Total Premiums gross Premiums, net Technical interest Claims Expenses Technical result Investment earnings Operating profit

76 General Insurance - investments EURbn. End of period 3 Equities: 2,5 2 1, Predominantly listed equities 5/5 Nordic/international Bonds 1 2/3 Nordic issuers, Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Primarily govmn t & mortgage inst. Total portfolio Some bias to Danish securities Equities Bonds Real estate 76

77 77

78 Group Treasury operating profit EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Issuance of EUR 5m subordinated debt Good result from funding activities, Reduced market risk exposure Losses on bond portfolio Positive income from equities Reclassification effect Q1/1 78

79 Group Tresury operating profit by main areas Q1/2 Total Q4/1 Investment & Risk Trading Fixed income portfolios Q1/2 Q4/1 Equity portfolios Q1/2 Q4/1 Group Funding Q1/2 Q4/1 Income Expenses Profit excl. Investment earnings Investment earnings Operating profit

80 Group Treasury investment portfolio EURbn. End of period 2 Equities Listed, unlisted & private equity funds Bonds 5 ¾ Nordic issuers Primarily govmn t & mortgage inst. Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Fixed income Equities 8

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82 Balance sheet - key items EURbn, end of period Mar 2 Dec 1 Change,% Lending Deposits Shareholders equity Total assets Risk-weighted assets

83 Balance sheet structure - assets EURbn. End of period Lending Interest bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other

84 Real estate holdings Book value, end of period, EURbn Q1/ Owner occupied properties Shares in real estate holding companies Other property investments Investments of the insurance companies Total

85 Balance sheet structure liabilities and equity EURbn. End of period Deposits Debt securities in issue 3 35 Deposits by credit inst Other liabilities, banking 24 Liabilities, insurance Shareholder s equity Other

86 Lending and deposits Lending EURbn. End of period Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Deposits EURbn. End of period Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 86

87 Capital adequacy % Tier 1 ratio % Total capital ratio Q4/1 Q1/2 Q4/1 Q1/2 87

88 Capital base EURm Shareholder s equity Profit Q1 excluded Companies not included in the financial group Shareholder s equity in the capital base Hybrid capital Minority interests Group goodwill Other deductions TIER 1 CAPITAL TIER 2 CAPITAL (subordinated debt) Deductions for investments in insurance companies Deductions for other investments CAPITAL BASE End of Mar 2 11, , , ,48 5,98-2, ,848 88

89 89

90 Loan portfolio by customer group (End of March) EUR 142bn Public sector 2% Consumer 37% Companies 61% 9

91 Lending to companies by industry (End of March) Other companies 1% Agriculture & fishing 4% EUR 87 bn Shipping & offshore 6% Real estate 24% Renting, consulting and other services 1% Finance 8% Manufacturing 18% Construction 4% Transport, communication 5% Commerce and services 1% 91

92 Loan portfolio End of period EUR bn Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Households Real estate Construction Transport, communication Commerce and services Manufacturing Finance Business service Other companies/public sector Agriculture & Fishing Shipping Total

93 Lending by geographical area (End of December 1)* Nordic countries 88% EUR 138bn Other 12% USA 3% Asia 1% Latin America 1% Non-OECD 1% Other OECD 1% The Baltic states Poland.3% Nordic countries, EURbn Other EU countries 5% Denmark 31 Finland 27 Norway 21 Sweden 42 *Only updated twice a year 93

94 Transfer risk exposure, EURm (End of March) Asia 77 Latin America 593 -of which China 164 -of which Brazil 327 South Korea 99 Panama 77 Indonesia 58 Chile 7 Mexico 64 Middle East 439 Argentina 5 -of which Iran 142 Turkey

95 Lending to households (End of March) Other loans 19% EUR 52bn Other loans comprise: Consumer credits Car financing Overdraft facilities Credit cards Housing loans 81% 95

96 Nordea telecom financing portfolio Divided by operators and manufacturers (End of March) Total exposure approx EUR 6.9 bn Manufacturers 41% Vast majority of exposure related to major Nordic equipment manufacturers major Nordic telecom operators Operators 59% 96

97 Provisioning policy Corporate customers classified according to internal rating Quarterly review of loan portfolio Provisions and action plans reviewed for risk classified customers New legislation in Sweden introducing general provisions Nordea s general provisions deemed adequate 97

98 Defaulted loans EURm End of period March 2 Dec 1 Sep 1 June 1 March 1 Defaulted loans, gross 3,132 3,114 3,12 3,4 3,59 Provisions -2,291-2,259-2,267-2,122-2,218 Of which: Specific provisions Appraised by category General provisions Defaulted loans, net -1, , * Transfer risk reserve Provisions/defaulted loans, gross (%) Defaulted loans,net/lending (%) *According to new FSA rules loans with interest deferments are classified as defaulted. The figures for Dec 21 are restated inlcuding EUR 28m of such loans (previously reported as problem loans. 98

99 Defaulted loans by industry (End of Dec 1) EUR 855 m Agriculture and fishing 1% Construction 2% Manufacturing 6% Transport 6% Other companies 13% Households 26% Trade & services 6% Financial operations 7% Real estate management 11% Renting, consulting and other company servicies 1% Shipping 12% 99

100 Loan losses EURm Underlying loan losses considerably reduced No major single provision No change in general provisions Annualised loan loss level in Q1,.18% Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Gross Reversals Net 1

101 Comments on certain industries Real estate Vacancy rates still low but increasing Rent levels down from peak but still much higher than original levels 3-5 years ago Low interest rates help secure cash flow and secondary market values New construction volumes adjusting to decreased demand 11

102 Comments on certain industries Telecom Operators profitability declining due to increased competition and nonproductive assets Slower than expected demand for enhanced services (WAP, GPRS, 3G, Broadband) Delayed investments in 3G affect equipment suppliers and manufacturers Consolidation in the industry continues 12

103 Comments on certain industries Aircraft Finance Stabilising after last years chock effect US and cross-atlantic operators still suffering Nordic operators show ability to adjust to new market conditions No new needs for provisions identified 13

104 Comments on certain industries Shipping Slower economic growth generally affects the industry negatively Container ships worst hit, tanker rates decreased significantly but from exceptionally high levels Reefers and product tankers doing reasonably well Cruising picking up after first shock wave Nordea s exposure well diversified and exposure mainly with globally competitive companies High oil prices good for off-shore but affects operating costs negatively 14

105 Comments on certain industries Other industries Automobile industry and particularly subcontractors under pressure All media companies suffer from reduced advertising income Capital goods sector under intense competitive pressure as volumes drop Nordic traditional industries (forestry, pulp & paper, agro, metal, oil and pharmaceuticals) performing satisfactorily Fish farming recovering with increasing salmon prices 15

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107 Economic capital 7 different risk categories are incorporated The measurement period is one year The confidence level is 99.97% The economic capital may change over time due to: the composition of risk exposures changes in parameters Economic capital is used for risk management performance measurement capital allocation 17

108 Economic capital per business area End of March EUR 1.7bn General Insurance 9% Treasury 6% Other 8% Retail 45% Economic capital reduced by EUR.4bn in Q1 Asset Mgmt & Life 1% CIB 22% 18

109 Distribution of economic capital - by risk category End of March Business risk General Insurance 9% Life Insurance 3% 1% Operational 9% Real Estate 8% Credit 56% Market 14% 19

110 Appendix Market shares Page 113 Financials Page 128 Nordea share Page 138 E-banking Page 146 Other Page 152 Macro statistics Page

111 Appendix Market shares *Statistics from Sweden delayed due to technical problems in the Swedish central bank 111

112 Market shares, household deposits % Denmark Finland Norway Sweden Dec 1 Feb 2 112

113 nov-1 feb-2 Household deposits - market volume & share % 26% 24% 22% 2% 18% % 38% 36% 34% 32% 3% aug-1 nov-1 DKKbn Denmark EURbn Finland 113 aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 -Jun -Sep -Dec 1-mar 1-june 1-sep 1-dec NOKbn Norway % 13% 11% 9% 7% SEKbn Sweden % 25% 23% 21% 19% 17% 15% aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 nov-1 feb-2 Market volume Market share

114 Market shares, corporate deposits % Denmark Finland Norway Sweden Dec 1 Feb 2 114

115 maj-1 aug-1 nov-1 feb-2 Corporate deposits - market volume & share % 52% 49% 46% 43% 4% maj-1 aug-1 nov-1 DKKbn Denmark 28% 26% 24% 22% 2% 18% 16% 14% 115 aug-99 nov-99 feb- maj- aug- nov- feb-1 jun- sep- dec- mar-1 jun-1 sep-1 dec-1 NOKbn Norway % 18% 16% 14% 12% EURbn Finland SEKbn Sweden % 2% 18% 16% 14% 12% 1% nov-99 feb- maj- aug- nov- feb-1 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 nov-1 feb-2 Market volume Market share

116 Market shares, household lending % Denmark Finland Norway Sweden Dec 1 Feb-2 116

117 nov-1 feb-2 Household lending - market volume & share EURbn Finland 22% % 35% 33% 31% 29% 27% aug-1 nov-1 DKKbn Denmark % 18% 16% 14% 117 aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 NOKbn Norway % 11% 1% 9% 8% 7% 6% 1 SEKbn Sweden % 18% 16% 14% 12% 1% jun- sep- dec- mar-1 jun-1 sep-1 dec-1 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 nov-1 feb-2 aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 Market volume Market share

118 Market shares, corporate lending % , Denmark Finland Norway Sweden Dec 1 Feb 2 118

119 Corporate lending - market volume & share % 48% 46% 44% 42% 4% nov-1 feb-2 aug-1 nov-1 DKKbn Denmark aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 aug-1 NOKbn Norway % 3% 28% 26% 24% 22% 2% 18% 16% 14% 12% 1% EURbn Finland 2% 18% 16% 14% 12% 1% jun- sep- dec- mar-1 jun-1 sep-1 dec-1 SEKbn Sweden jul-99 oct-99 jan- apr- jul- oct- jan-1 apr-1 jul-1 1-oct jan-2 aug-99 nov-99 feb- maj- aug- nov- feb-1 maj-1 Market volume Market share

120 Investment funds - market volume & share DKKbn dec-98 sep-99 Denmark jun- mar-1 dec-1 32% 3% 28% 26% 24% 22% 2% EURbn dec-98 sep-99 Finland jun- mar-1 dec-1 34% 32% 3% 28% 26% 24% NOKbn Norway 14% 12% 1% 8% 6% 4% SEKbn Sweden 24% 22% 2% 18% 16% 14% dec-98 sep-99 jun- mar-1 dec-1 mar-2 Market volume dec-98 sep-99 jun- Nordea market share mar-1 dec-1 12

121 dec sep-1 Investment funds, Nordic region Market volume and Nordea's market share 25% 23% 21% 19% 17% 15% dec-98 mar-99 jun-99 sep-99 dec-99 mar- jun- sep- dec- mar-1 jun-1 Market volume Market share, Nordea

122 Investment funds, net inflow, Norway Market volume, Nordea volume, and accumulated market share ytd NOKm % jan- mar- maj- jul- sep- nov- jan-1 mar-1 maj-1 jul-1 sep-1 nov-1 jan-2 mar-2 Market net inflow Nordea net inflow Nordea % 122

123 Investment funds, net inflow, Finland Market volume, Nordea volume, and accumulated market share ytd EURm % jan- mar- maj- jul- sep- nov- jan-1 mar-1 maj-1 jul-1 sep-1 nov-1 jan-2 Market net inflow Nordea net inflow Nordea % 123

124 Investment funds, net inflow, Sweden Market volume, Nordea volume, and accumulated market share ytd SEKm 29bn 18bn % jan- mar- maj- jul- sep- nov- jan-1 mar-1 maj-1 jul-1 sep-1 nov-1 Market net inflow Nordea net inflow Nordea % 124

125 Market share, equity dealing - Nordea Securities % Equity market turnover Q1/2 Denmark Finland Norway Sweden EURbn Copenhagen Helsinki Oslo 21 Q4/1 Q1/2 Stockholm 125

126 Appendix Financials 126

127 Operational income statement EURm Net interest income Commission income Trading Net income from insurance Other Income Personnel expenses Other expenses Expenses Profit before loan losses Loan losses Equity method Profit excl. investment earnings Treasury Life insurance General insurance Other Investment earnings Goodwill depreciation Operating profit Q1/ , , Q4/ , , Q3/ , Q2/ , Q1/ ,

128 Commission income EURm Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Mixed development on equity markets Higher commissions from payments following acquisition of Postgirot AuM up 2% to EUR 18bn Distribution of investment funds in Europe continued to grow strongly 128

129 Statutory income statement EURm Interest income Interest expenses Net interest income Dividends received Net commission income Net result from financial operations Other income Total income General administrative expenses Personnel expenses Other expenses Depreciation according to plan Total expenses Profit before Loan losses Loan losses, net Change in value of property taken over for protection of claims Profit from companies accounted for under the equity method Operating profit, banking Operating profit, insurance Total operating profit Pension adjustments Taxes Minority interest Net profit Jan-Mar 22 2,59-1, , Jan-Mar 21 3,57-2, ,

130 Reconciliation of operational and statutory accounts EURm Operational Jan.-Mar 22 Trading income Investment activities Insurance total to own line Other adjusment Statutory Jan-Mar 22 Net interest income Dividends received Net commission income Trading Net income, insurance Net result from financial operations Other income Total income Personnel expenses Other expenses Depreciation according to plan Total expenses Profit before Loan losses Loan losses, net Change in value property taken over Profit from companies equity method Operating profit before goodwill and investment earnings Treasury Life insurance General insurance Other Investment activities Depreciation on goodwill Operating profit, banking Operating profit, insurance Total operating profit Write-downs on real estate holdings Pension adjustments Taxes Minority interests Net profit , , ) 11) 17) 2) 2) ) 2) 5) 3) 4) ) 9) 12) 7) 8) 1) 1) ) 13) 14) 14) ) 16) 16,17) 19) 19) 17) 18) 15) , ) 2)

131 Reconciliation of operational and statutory acounts 1) Net interest income from trading transactions in Nordea Markets (for example interest related to swaps etc.), reclassified as trading income in the operational accounts. Mainly customer trading. 2) Commission income in Nordea Markets, reclassified as Trading income in the operational accounts. 3) Net result from financial operations from trading transactions in Nordea Markets (foreign exchange and derivatives trading) reclassified to trading income in the operational accounts. Mainly customer trading. 4) Other income in Nordea Markets, reclassified to trading income in the operational accounts. 5) Trading income in the operational accounts, equals income in Nordea Markets (incl. income allocated to Business Areas), reclassified from the statutory accounts as described in 1) through 4) above. 6) Net interest income from Treasury s portfolio of certificates and bonds, reclassified as investment earnings in the operational accounts. 7) Securities gains/losses on Treasury s investment portfolios (certificates, bonds and equities), reclassified from Net result form financial operations in the statutory accounts, to investment earnings in the operational accounts. 8) Real estate gains/losses. Reclassified from Other income in the statutory accounts to Investment earnings in the operational accounts. 9) Dividends received on equities (non-insurance portfolio), reclassified as Investment earnings in the operational accounts. 1) Costs related to investment earnings (Treasury, Life & General insurance), reclassified from relevant category of cost in the statutory accounts, to being reported on a net basis as part of investment income in the operational accounts. 11) Net income, insurance (Life & General), excluding investment activities as well as related costs, reclassified from being part of the one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, to Net income, insurance, in the operational accounts. 12) Net income from insurance (Life & General), investment activities only (including relevant costs), reclassified from being part of the one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, to Investment earnings insurance (Life & General) in the operational accounts. 13) Net income insurance (Life & General), including investment activities (and relevant costs), i.e. the sum of footnote 11) and 12), which forms the starting point for the one-line consolidation of the insurance activities (Operating profit, insurance) in the statutory accounts. Sale commissions reviewed by retail has been eliminated in operational income statement against line income from insurance (see note 14) but taken as commission income in statutory income statement. 14) Costs related to insurance (Life & General), including costs related to investment activities within insurance, reclassified from being part of the one-line consolidation of insurance activities in the statutory accounts (Operating profit, insurance) to the relevant category of cost in the operational accounts. In operational income statement sales commissions to brokers have been deducted from income from insurance. 15) Pension adjustments accounted for according to Swedish regulations in the statutory accounts. Reclassified to Personnel expenses in the Operational accounts. 16) Depreciation according to plan, including goodwill within banking is separate line in the statutory accounts. Depreciation excluding goodwill is reclassified as Other expenses in the operational accounts. 17) Depreciation of goodwill, see footnote 16) (Banking) and 18) (Insurance), shown as part of Depreciation according to plan in the statutory accounts, as opposed to separate line item in the operational accounts. 18) Depreciation of goodwill related to insurance included in one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, reclassified to Depreciation of goodwill in the operational accounts. 19) Change in value of property taken over in the statutory accounts, reclassified as Loan losses, net, in the operational accounts. 2) The difference between statutory accounts and operational accounts at the Total operating profit level is related to Pension adjustments (Sweden), only. There is no difference between the two at the Net profit level. 131

132 Investment earnings - non-recurring items EURm Q1/2 Q4/1 Q3/1 Q2/1 Q1/1 Aleksia/Ilmarinen (Other) 4 Atle (Treasury) 57 Reclassification of securities (Treasury) 68 Total

133 Restructuring reserve EURm Originally, Unidanmark 2 EUR 15m utilised in Q1/2 Utilised 2 Originally, CBK Merger integration activities Remaining reserve Jan 21 Utilised Q1/ continued at a high level Q2/1-24 Q3/1-7 Q4/1-11 Originally, Postgirot 43 Remaining reserve Jan Utilised Q1/2-15 Remaning reserve end of Mar

134 Synergies under delivery EURm Realised 2 Realised Realised Target Q1 22* Cost Revenue Total CIB Retail banking Other business areas IT Treasury Other group functions Total *Annualised 134

135 Nordea shipping portfolio Distribution by type of vessel (End of Dec 21)* Total exposure approx EUR 5.6bn Pure car carries 3% Reefers 4% Chemical tankers 6% Gas tankers 6% Other dry cargo 4% Combined vessels 2% Crude tankers 15% Misc.loans 18% Well diversified portfolio by type of vessel Focus on large industrial players Exposure split approx 55% / 45% Nordic / Int l. Cruise 6% Liners 7% Product tankers 11% Bulkers 9% Ferries 1% *Only updated twice a year 135

136 Bank ratings Moody s S&P Fitch BFSR Short Long Short Long Short Long Individ. Nordea Bank F B P-1 Aa3 A-1 A+ F1+ AA- B Nordea Bank S B P-1 Aa3 A-1 A+ F1+ AA- B Nordea Bank D B P-1 Aa3 A-1 A+ F1+ AA- B Nordea Bank N B- P-1 Aa3 A-1 A+ F1+ AA- B Nordea Hypotek P-1 Aa3 A-1 Nordea Kredit Aa1 Norgeskreditt P-1 A1 136

137 Insurance ratings Moody s S&P A.M.Best Dansk Kautionsforsikrings-Aktieselskab BBB+ 1) Tryg-Baltica Forsikring, internationalt Forsikringsselskab A/S BBB+ 1) A- (excellent) Tryg-Baltica International (UK) Ltd BBB+ 1) A- (excellent) Tryg Forsikring A/S A1 2) 1) On CreditWatch with negative implications 2) On review for possible downgrade 137

138 Appendix Nordea share 138

139 Dividend proposal Per share, EUR % increase, based on exchange ratio at time of payment (2) Total, EURm 686 Pay-out ratio (Of the net profit, target >4%) 44% Dividend yield (Calculated on share price Dec 28, 21) 3.9% Record date 29 April Payment date 7 May 139

140 Nordea vs DJ Stoxx European banks 6 March 2* - 16 April Mar- Jun Sep Dec Mar-1 Jun Sep Dec Mar-2 Nordea DJ Stoxx European Banks * Date of announcement of MNB/Unidanmark merger 14

141 Nordic bank shares, liquidity April 21 March 22 EURm April May June July Aug Sept Oct Nov Dec Jan Feb March Danske Bank SEB FSPA Handelsbanken Nordea 141

142 Shareholder structure, End of March 22 6.% 3.9% 1.9% 22.6% 12.1% 8.1% 18.3% 27.1% International investors Swedish institutions Swedish government Danish institutions Finnish institutions Finnish public Danish public Swedish public Number of shareholders 512, 142

143 Largest registered shareholders End of March 22 Shareholder Swedish Government Tryg i Danmark smba Nordea Danmark fonden Alecta Robur fonder Nordea fonder AMF Pension SHB fonder Fjärde AP-fonden SEB fonder Första AP-fonden Tredje AP-fonden Skandia Andra AP-fonden Nordea Sverige vinstandelsstiftelse Länsförsäkringar Wasa SPP Livförsäkring AB T Rowe Price Funds Solidium Oy (Finnish state) PFA Number of shares 542,15,12 185,69,81 12,529,423 98,68,679 78,489,33 52,358,562 41,62, 4,929,849 38,889,9 29,12,296 27,782,22 27,612,865 27,236,853 26,181,72 18,586,3 18,6,936 17,84,445 13,897,343 12,474,666 1,841,792 Percent % 6.26 % 3.46 % 3.33 % 2.65 % 1.77 % 1.4 % 1.38 % 1.31 %.98 %.94 %.93 %.92 %.88 %.63 %.61 %.58 %.47 %.42 %.36 % 143

144 Number of shares Date Type of transaction Subject Number of shares issued Outstanding shares Jan, 2 New issue Merita 815,8,287 2,91,67,728 April, 2 New issue Unidanmark 869,776,488 2,96,844,216 June, 2 New issue Unidanmark 18,348,51 2,979,192, New issue Conversions* 3,473,373 2,982,666,9 April, 21 Market Buyback 17,, 2,965,666,9 Other holdings of own shares 5,772 2,965,165,368 *Convertible bond conversions Aug 29, 2 Dec 31, 21 Fully diluted average number of shares Jan-Mar 22 2,984,924,

145 Data per share Q1/ ) 1998 Dividend 1) - EUR.23 SEK 2. SEK 1.75 SEK 1.64 Shareholders equity per share, EUR Earnings per share, EUR P/E ratio ) Proposed for 21 2) Pro forma incl. Unidanmark 145

146 Appendix E-banking 146

147 Mar-2 Penetration on the net Solo equity trading penetration rate Executed trades 147 Mar- May- July- Sept- Nov- Jan-1 Mar-1 May-1 July-1 Sept-1 Nov-1 Jan-2 Jan- % Solo mutual funds penetration rate % Jan-1 Feb-1 Mar-1 April-1 May-1 June-1 July-1 Aug-1 Sept-1 Oct-1 Nov-1 Dec-1 Jan-2 Feb-2 Mar-2

148 E-banking customers Solo equity trading customers 148 July- Oct- Jan-1 April-1 July-1 Oct-1 Jan-2 Jan- April- Mill. Solo e-banking customers 3,5 3 2,5 Jan- Mar- May- July- Sept- Nov- Jan-1 Mar-1 May-1 July-1 Sept-1 Nov-1 Jan-2 Mar ,5 1 Thousands

149 Payments and log-ons E-banking payments Q1/ Q2/ Q3/ Q4/ Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Denmark Finland Norway Sweden Mill E-banking log-ons Q2/ Q3/ Q4/ Q1/1 Q2/1 Q3/1 Q4/1 Q1/2 Denmark Finland Norway Sweden Q1/ Mill.

150 Payments, private customers Mill Jan-1 Feb-1 Mar-1 April-1 May-1 June-1 July-1 Aug-1 Sept-1 Oct-1 Nov-1 Dec-1 Jan-2 Feb-2 Mar-2 Net Direct debit Envelope (Giro) Manual Others (ATMs etc.)

151 Appendix Other 151

152 Corporate Statement Mission Making it possible. By providing a broad set of seamless and easily accessible financial solutions and competitive advisory services, Nordea helps customers where we operate to reach their objectives. Vision We will be valued as the leading financial services group in the Nordic and Baltic markets with substantial growth potential. We will be number one or number two or show superior and profitable growth in every market and product area in which we choose to compete. We will have the leading multichannel distribution platform with a top world ranking in e-based financial solutions. Values We create value. We thoroughly understand our customers and anticipate their financial needs and we always try to generate added value for each customer. We learn from our colleagues and share Nordic ideas. We are innovative. We explore our competencies and try out new ideas to improve existing services, create new solutions or meet new needs. We embrace new technology and are committed to excel through continuous improvement. We are empowering. We respect our customers and proactively offer financial solutions and services making their lives and business activities easier. We make decisions close to our customers and exercise leadership through clear guidelines, objectives and follow-up and transparent information. In our operations, we are committed to a Nordic heritage of freedom, equal opportunities, care for the environment and good citizenship including ethics, honesty and sincerity. Performance We will create value for our shareholders measured by total shareholder return in the top five of our peer group of European listed financial services companies. We will enhance value through concentration on core business, stable and broadly based growth of revenue, operational excellence and an optimal use of capital combined with balanced risk-taking. We will rank among the best financial services companies in measurements of customer satisfaction and brand loyalty. We will attract, develop and retain highly motivated, competent and empowered employees. Measurements of Nordea employee expertise and motivation are to show continuous high levels of employee satisfaction. We are committed to always improve but never claim to be perfect. 152

153 Business structure 1 January 22 Board of Directors Group Audit Group CEO Group Corporate Centre Group Staffs Retail Banking Corporate and Institutional Banking Asset Management & Life General Insurance Regional banks Corporate Division Investment Management Denmark Corporate Household & General Insurance Long Term Savings & Life Electronic Banking Shipping, Offshore & Oil Services International Division Markets Investment Funds Long Term Savings & Life Nordic Private Banking Finland Norway Poland Planning & Control Global Operations Services European Private Banking International Market Support Production & Productivity Trade, Export & Structured Finance Life & Pensions Product companies Investment Banking / Nordea Securities 153

154 Legal structure January 1, 22 Nordea AB (publ) Sweden Nordea Bank Finland Plc Finland Nordea Securities AB Sweden Nordea Asset Management AB Sweden Nordea INS Holding A/S Denmark Various subsidiaries Nordea Bank Sweden AB (publ) Sweden Nordea Bank Norge ASA Norway Nordea Bank Danmark A/S Denmark Various subsidiaries Tryg A/S Denmark Various subsidiaries Various subsidiaries Various subsidiaries Tryg Forsikring A/S Denmark Vesta Forsikring AS Norway Various subsidiaries Various subsidiaries Various subsidiaries 154

155 Group Executive Management Thorleif Krarup Lars G Nordström Markku Pohjola Christian Clausen Tom Ruud Arne Liljedahl Carl-Johan Granvik Group CEO Head of Retail Banking Head of Corporate and Institutional Banking Head of Asset Management and Life Head of Group Staffs (Group IT, Group Human Resources, Group Identity and Communications, Group Legal, Group Compliance) Group CFO and Head of Group Corporate Centre (Group Corporate Development, Group Treasury, Group Credit and Risk Control, Group Planning and Control, Group Finance, Investor Relations) Head of Group Credit and Risk Control 155

156 Appendix Macro statistics and estimates Source: Nordea Economic Research 156

157 Macro data 21 22e 23e Gross domestic product DK FI NO SE Inflation DK FI NO SE Private consumption DK FI NO SE Unemployment DK FI NO SE

158 Gross domestic product Change in % YoY Q1/9 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/ Q1/1 Q1/ Denmark Finland Norway Sweden 158

159 Inflation % Denmark Finland Norway Sweden 159

160 Private consumption Change in % YoY Q1/9 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/ Q1/ Denmark Finland Norway Sweden 16