SAB-QSr 4/2004 Form (quarter/year)

NORDEA BP SABQSr 4/2004 w tys zł. SABQSr 4/2004 Form (quarter/year) (for banks) Pursuant to 57, Item 2 and 58, Item 1Regulation of the Council of Ministers of 16 October 2001 (J. of Laws No. 139, Item 1569, J. of Laws of 2002, No. 31, Item 280) Executive Board of NORDEA BANK POLSKA S.A. announces the consolidated quarterly report for the 4th Quarter of 2004: Dated 28 February 2005 (submission date) SELECTED FINANCIAL DATA (current year) period from 1 Jan 2004 to 31 Dec 2004 in PLN 000 in EUR 000 4Q 2004, 4Q 2003, 4Q 2004, 4Q 2003, period from 1 period from 1 period from 1 Jan 2003 to 31 Jan 2004 to 31 Jan 2003 to 31 Dec 2003 Dec 2004 Dec 2003 I. Income on interest 244 434 137 084 54 100 30 824 II. Income on commission 38 579 26 393 8 539 5 935 III. Result on banking activities 187 363 108 230 41 469 24 336 IV. Result on operating activities 14 916 2 581 3 301 580 V. Gross profit (loss) 14 913 2 582 3 301 581 VI. Net profit (loss) 3 693 11 425 817 2 569 VII. Net cash flow on operating activities 346 333 37 433 76 653 8 417 VIII. Net cash flow on investment activities 53 402 91 964 11 819 20 678 IX. Net cash flow on financial activities 103 063 34 061 22 811 7 659 X. Total net cash flow 189 868 20 470 42 023 4 603 XI. Total assets 5 111 747 4 048 694 1 253 186 858 320 XII. Liabilities due to Central Bank 0 0 XIII. Liabilities due to financial sector 1 704 065 573 542 417 765 121 590 XIV. Liabilities due to nonfinancial and state budget sector 2 720 693 2 737 312 667 000 580 308 XV. Equity 503 229 498 914 123 371 105 769 XVI. Share capital 168 090 168 090 41 209 35 635 XVII. Number of shares 33 617 833 33 617 833 XVIII. Book value per share (PLN / EUR) 14,97 14,84 3,67 3,15 XIX. Diluted book value per share (PLN / EUR) XX. Solvency ratio 11,59 14,48 XXI. Profit (loss) per one ordinary share (PLN / EUR) 0,11 0,43 0,02 0,10 XXII. Diluted profit (loss) per one ordinary share (PLN / EUR) XXIII. Declared or paid dividend per one ordinary share (PLN / EUR) Komisja Papierów Wartościowych i Giełd 1

NORDEA BP SABQSr 4/2004 w tys zł. CONSOLIDATED BALANCE SHEET (PLN 000) 31 Dec 2004 end of Quarter / 2004 as at as at as at as at 30 Sep 2004 31 Dec 2003 end of prev. end of Quarter Quarter / 2003 / 2004 30 Sep 2003 end of prev. Quarter / 2003 A s s e t s I. Cash / operations with the Central Bank 199 725 91 563 108 256 300 393 II. Debt securities admitted to refinancing in the Central Bank III. Liabilities due from the financial sector 655 594 229 081 43 401 111 417 1. Shortterm liabilities 168 051 151 147 39 191 96 804 a) current accounts 128 519 96 658 30 122 68 566 b) other shortterm liabilities 39 532 54 489 9 069 28 238 2. Longterm liabilities 487 543 77 934 4 210 14 613 IV. Liabilities due from the nonfinancial sector 2 699 681 2 789 708 2 752 925 2 715 997 1. Shortterm liabilities 799 565 812 816 645 556 671 787 a) current accounts 231 686 260 625 235 121 244 398 b) other shortterm liabilities 567 879 552 191 410 435 427 389 2. Longterm liabilities 1 900 116 1 976 892 2 107 369 2 044 210 V. Liabilities due from the budget sector 868 041 664 816 489 878 320 265 1. Shortterm liabilities 95 910 74 035 82 259 209 934 a) current accounts 1 498 1 495 19 718 12 523 b) other shortterm liabilities 94 412 72 540 62 541 197 411 2. Longterm liabilities 772 131 590 781 407 619 110 331 VI. Securities bought with the promise of repurchase VII. Debt securities 483 934 561 212 304 640 314 436 VIII. Liabilities due from subsidiary units, valued by ownership rights method 69 998 46 049 1. Liabilities from subsidiaries 4 416 2. Liabilities from associates 3. Liabilities from affiliates 69 998 41 633 IX. Shares in subsidiaries, valued by ownership rights method 1 690 X. Shares in associates, valued by ownership rights method XI. Shares in affiliates, valued by ownership rights method 2 168 3 841 110 XII. Shares in other units 4 358 13 228 11 154 13 041 XIII. Other securities / financial assets 8 198 7 741 3 842 4 153 XIV. Intangible assets, including: 64 710 68 116 74 859 83 694 goodwill 30 859 31 304 32 639 38 701 XV. Goodwill of subsidiary units XVI. Tangible fixed assets 69 680 74 282 84 544 88 163 XVII. Other assets 15 899 25 654 51 943 75 883 1. Acquired for sale 1 011 1 019 660 227 2. Inventories 3. Other 14 888 24 635 51 283 75 656 XVIII. Accruals / prepayments 39 759 42 190 49 413 62 804 1. Deferred taxation 35 705 37 522 43 987 57 256 2. Other 4 054 4 668 5 426 5 548 T o t a l a s s e t s 5 111 747 4 567 591 4 048 694 4 134 495 L i a b i l i t i e s I. Due to the Central Bank II. Due to the financial sector 1 704 065 765 907 573 218 528 214 1. Shortterm liabilities 367 005 190 737 287 337 304 166 a) current accounts 28 012 25 499 36 085 26 968 b) other shortterm liabilities 338 993 165 238 251 252 277 198 2. Longterm liabilities 1 337 060 575 170 285 881 224 048 III. Due to the nonfinancial sector 2 605 894 2 793 788 2 677 576 2 765 384 1. Shortterm liabilities 2 446 291 2 587 627 2 547 555 2 544 601 a) customer accounts, including: 694 386 668 268 459 371 344 146 term deposits Komisja Papierów Wartościowych i Giełd 2

NORDEA BP SABQSr 4/2004 w tys zł. b) other shortterm liabilities, including: 1 751 905 1919 359 2 088 184 2 200 455 term deposits 2. Longterm liabilities, including: 159 603 206 161 130 021 220 783 term deposits IV. Due to the budget sector 114 799 312 473 59 736 81 205 1. Shortterm liabilities 113 998 311 684 58 898 80 914 a) current accounts 63 383 64 985 49 741 49 580 b) other shortterm liabilities 50 615 246 699 9 157 31 334 2. Longterm liabilities 801 789 838 291 V. Securities sold with a promise of repurchase VI. Debt securities issued to the public 5 152 5 076 1. Shortterm 2 384 2 384 2. Longterm 2 768 2 692 VII. Other financial instruments 339 206 11 251 34 209 VIII. Liabilities due to subsidiary units, valued by ownership rights method 324 58 1. Liabilities to subsidiaries 2. Liabilities to associates 3. Liabilities to affiliates 324 58 IX. Specialpurpose funds and other liabilities 14 505 30 358 73 653 115 035 X. Deferred and restricted costs / income 132 579 133 475 118 066 116 565 1. Deferred costs 4 015 3 732 5 102 3 574 2. Negative goodwill 3. Other deferred / restricted income 128 564 129 743 112 964 112 991 XI. Negative goodwill of subsidiary units XII. Provisions 31 185 34 984 35 956 18 811 1. Provision on deferred taxation 7 393 7 549 4 374 9 434 2. Other provisions 23 792 27 435 31 582 9 377 a) shortterm 23 791 27 434 31 575 9 377 b) longterm 1 1 7 XIII. Subordinated liabilities XIV. Minority capital XV. Share capital 168 090 168 090 168 090 168 090 XVI. Unpaid contributions to share capital (negative value) XVII. Own shares (negative value) XVIII. Standby capital 302 760 302 760 314 185 315 418 XIX. Capital from revaluation 491 613 131 12 XX. Other reserve capital 28 195 28 195 28 152 28 152 XXI. Exchange rate differences resulting from revaluation of subsidiary units 1. Positive exchange rate differences 2. Negative exchange rate differences XXII. Profit (loss) from previous years 43 1 140 XXIII. Net profit (loss) 3 693 7 108 11 425 35 518 T o t a l l i a b i l i t i e s 5 111 747 4 567 591 4 048 694 4 134 495 Solvency ratio 11,59 13,12 14,48 14,37 Book value 503 229 491 324 498 914 475 014 Number of shares 33 617 833 33 617 833 33 617 833 33 617 833 Book value per one share (PLN) 14,97 14,61 14,84 14,13 Diluted number of shares Diluted book value of one share (PLN) CONSOLIDATED OFFBALANCE SHEET ITEMS 31 Dec 2004 end of Quarter / 2004 as at as at as at as at 30 Sep 2004 31 Dec 2003 end of prev. end of Quarter Quarter / 2003 / 2004 30 Sep 2003 end of prev. Quarter / 2003 I. Contingent liabilities granted and received 4 007 467 2 122 756 1 775 049 1 788 550 1. Liabilities granted: 1 629 403 1 282 097 809 643 849 197 Komisja Papierów Wartościowych i Giełd 3

NORDEA BP SABQSr 4/2004 w tys zł. a) financial 876 734 974 628 550 455 613 820 b) guarantees 752 669 307 469 259 188 235 377 2. Liabilities received: 2 378 064 840 659 965 406 939 353 a) financial 1 900 211 313 664 142 288 177 288 b) guarantees 477 853 526 995 823 118 762 065 II. Liabilities arising from purchase / sales transactions 454 838 405 763 774 035 953 456 III. Other liabilities: 2 200 3 700 5 800 securities issue underwriting 2 200 3 700 5 800 T o t a l o f f B a l a n c e S h e e t i t e m s 4 464 505 2 532 219 2 554 884 2 742 006 4Q 2004 4Q 2004, 4Q 2003 4Q 2003, CONSOLIDATED INCOME STATEMENT period from 1 period from 1 period from 1 period from 1 Oct 2004 to 31 Jan 2004 to 31 Oct 2003 to 31 Jan 2003 to 31 Dec 2004 Dec 2004 Dec 2003 Dec 2003 I. Income on interest 72 831 244 434 51 139 137 084 II. Interest expenses 40 544 134 325 27 034 78 776 III. Result on interest (III) 32 287 110 109 24 105 58 308 IV. Income on commission 10 798 38 579 10 026 26 393 V. Commission expenses 1 506 4 693 1 536 3 327 VI. Result on commission (IVV) 9 292 33 886 8 490 23 066 VII. Net income on sales of products, commodities and materials 33 44 2 VIII. Cost of products, commodities and materials sold IX. Cost of sales X. Result on sales (VIIVIIIIX) 33 44 2 XI. Income on shares and other variable interest securities 1. From subsidiaries 2. From associates 3. From affiliates 4. From other units XII. Result on financial operations 1 225 1 541 145 405 XIII. Result on foreign exchange dealing 9 209 41 783 9 720 27 261 XIV. Result on banking activities 52 046 187 363 42 168 108 230 XV. Other operating income 6 448 12 254 1 121 2 614 XVI. Other operating expenses 4 685 10 000 13 305 15 663 XVII. Costs of banking activities 36 061 142 350 42 062 114 371 XVIII. Depreciation of fixed assets and intangible assets 8 631 31 038 7 695 26 785 XIX. Depreciation of provisions and revaluation 11 639 61 595 51 076 124 314 1. Depreciation of target provisions and general risk provisions 11 639 61 309 51 076 124 314 2. Revaluation of financial assets 0 286 XX. Release of target provisions and revaluation 15 116 60 282 106 431 172 870 1. Release of target provisions and general risk provisions 13 601 58 746 106 431 172 870 2. Revaluation of financial assets 1 515 1 536 XXI. Difference in value of provisions and revaluation (XIX XX) 3 477 1 313 55 355 48 556 XXII. Result on operating activities 12 594 14 916 35 582 2 581 XXIII. Result on extraordinary operations 2 3 0 1 1. Extraordinary profit 0 5 0 1 2. Extraordinary loss 2 8 XXIV. Depreciation of goodwill of subsidiary units XXV. Depreciation of negative goodwill of subsidiary units XXVI. Gross profit (loss) 12 592 14 913 35 582 2 582 XXVII. Income tax 1 791 11 220 7 565 9 890 1. Current 2 325 2. Deferred 1 791 11 220 9 890 9 890 XXVIII. Other obligatory decrease of profit (increase of loss) Komisja Papierów Wartościowych i Giełd 4

NORDEA BP SABQSr 4/2004 w tys zł. XXIX. Share in net profits (losses) of subsidiaries, valued by ownership rights method 0 3 924 4 117 XXX. Minority (profit) loss XXVII. Net profit (loss) 10 801 3 693 24 093 11 425 Net profit (loss) for the year (annualised) 3 693 11 425 Weighted average number of ordinary shares 33 617 833 26 662 625 Profit (loss) per ordinary share (PLN) 0,11 0,43 Diluted weighted average number of ordinary shares Diluted profit (loss) per ordinary share (PLN) Methodology of calculating weighted average number of ordinary shares: for the 4rd quarter of 2003: (5/12*16.925.333 + 7/12*33.617.833 = 26.662.625) for the 4th quarter of 2004: (12/12*33.617.833 = 33.617.833) 4Q 2004 4Q 2004, 4Q 2003 4Q 2003, STATEMENT OF CHANGES IN CONSOLIDATED EQUITY period from 1 period from 1 period from 1 period from 1 Oct 2004 to 31 Jan 2004 to 31 Oct 2003 to 31 Jan 2003 to 31 Dec 2004 Dec 2004 Dec 2003 Dec 2003 I. Balance at the beginning of the period 491 324 498 914 475 014 268 653 a) amendment of accounting rules adopted b) adjustment of errors I.a. Balance at the beginning of the period, after adjusting against comparable data 491 324 498 914 475 014 268 653 1. Share capital at the beginning of the period 168 090 168 090 168 090 84 627 1.1. Changes in the share capital 83 463 a) increase 83 463 due to share issue appraisal of the acquired company s capital 83 463 b) decrease due to redemption of shares 1.2. Share capital at the end of the period 168 090 168 090 168 090 168 090 2. Unpaid contribution to share capital at the beginning of the period 2.1. Changes in the unpaid contributions to the share capital a) increase b) decrease 2.2. Unpaid contribution to the share capital at the end of the period 3. Own shares at the beginning of the period a) increase b) decrease 3.1.Own shares at the end of the period 4. Standby capital at the beginning of the period 302 760 314 185 315 418 208 048 4.1. Changes in the standby capital 11 425 1 233 106 137 a) increase 1 233 159 917 issue of shares above the nominal value dividend (statutory) dividend (above the statutory requirement) appraisals of the acquired company s supplementary capital 159 914 liquidation of fixed assets subject to valuation update 3 subsidiaries company's supplementary capital 1 233 b) decrease 11 425 53 780 coverage of loss 11 425 52 609 costs of issue 1 171 other Komisja Papierów Wartościowych i Giełd 5

NORDEA BP SABQSr 4/2004 w tys zł. 4.2. Standby capital at the end of the period 302 760 302 760 314 185 314 185 5. Capital from revaluation at the beginning of the period 613 131 12 397 5.1. Changes in the capital from revaluation 1 104 622 143 528 a) increase 3 954 10 038 1 606 0 valuation of financial assets available for sale 3 835 9 565 1 606 valuation of tangible fixed assets 0 157 deduction of deferred taxation 119 316 b) decrease 2 850 9 416 1 463 528 sales of fixed assets liquidation of fixed assets subject to valuation update 1 2 valuation of financial assets available for sale 2 771 9 019 1 462 526 deduction of deferred taxation 79 397 5.2. Capital from revaluation at the end of the period 491 491 131 131 6. General risk fund at the beginning of the period 300 300 300 338 6.1. Changes in the general risk fund 38 a) increase b) decrease 38 adjustments of the presentation method of provisions for general risk 38 6.2. General risk fund at the end of the period 300 300 300 300 7. Other reserve capital at the beginning of the period 27 895 27 852 27 852 27 852 7.1. Changes in other reserve capital 43 a) increase 43 due to division of profit from previous years 43 b) decrease 7.2. Other reserve capital at the end of the period 27 895 27 895 27 852 27 852 8. Exchange rate differences resulting from revaluation of subsidiary units 9. Profit (loss) from previous years at the beginning of the 0 11 382 1 140 18 272 period 9.1. Profit from previous years at the beginning of the 0 43 43 period a) amendment of accounting rules adopted b) adjustment of errors 9.2. Profit from previous years at the beginning of the period, after adjustment against the comparable data 43 43 9.3. Change of profit from previous years 43 43 a) increase 43 due to division of profit from previous years return from the Internal Revenue 43 b) decrease 43 due to division of profit from previous years 43 9.4. Profit from previous years at the end of the period 0 0 43 43 9.5. Loss from previous years at the beginning of the period 0 11 425 1 183 18 272 a) amendment of accounting rules adopted b) adjustment of errors 9.6. Loss from previous years at the beginning of the period, after adjustment against the comparable data 0 11 425 1 183 18 272 9.7. Change of loss from previous years 7 108 11 425 34 335 18 272 Komisja Papierów Wartościowych i Giełd 6

NORDEA BP SABQSr 4/2004 w tys zł. a) increase 7 108 34 335 34 337 loss from previous years carried over for distribution 34 337 loss brought forward from previous quarter 7 108 35 518 loss from previous years subsidiaries company 1 183 b) decrease 0 11 425 52 609 coverage of previous years losses from supplementary 11 425 52 609 9.8. Loss from previous years at the end of the period 7 108 0 35 518 0 9.9. Profit (loss) from previous years at the end of the 7 108 period 35 475 43 10. Net result 10 801 3 693 24 093 11 425 a) Net profit 10 801 3 693 24 093 b) Net loss 11 425 II. Balance at the end of the period 503 229 503 229 498 914 498 914 III. Equity after proposed dividend (coverage of loss) 503 229 503 229 498 914 498 914 4Q 2004 4Q 2004, STATEMENT period from 1 period from 1 Oct 2004 to 31 Jan 2004 to 31 Dec 2004 Dec 2004 CONSOLIDATED CASH FLOW 4Q 2003 4Q 2003, period from 1 period from 1 Oct 2003 to 31 Jan 2003 to 31 Dec 2003 Dec 2003 146 522 346 333 223 712 37 433 A. Cash retained from / utilised in operating activities I. Net profit (loss) 10 801 3 693 24 093 11 425 II. Total adjustments: 135 721 342 640 247 805 26 008 1. Minority profit (loss) 2. Share in net (profits) losses of subsidiaries, valued by 205 1 596 ownership rights method 3. Depreciation, including: 8 631 31 038 7 677 26 784 depreciation of goodwill of subsidiary units and negative goodwill of subsidiary units 4. Profit (loss) on exchange 99 5. Interest and shares in profits (dividends) 8 793 29 683 4 685 13 179 6. (Profit) loss on investment activities 334 1 327 7. Change in the provisions 3 799 6 774 17 165 23 260 8. Changes in the inventories 9. Changes in the debt securities 79 270 148 680 17 029 40 713 6 605 22 313 10. Changes in the liabilities due from the financial sector 394 650 439 352 11. Changes in the liabilities due from the nonfinancial sector and budget sector 113 199 325 247 187 393 252 967 12. Securities bought with the promise of repurchase 13. Changes in the shares, securities and other financial 8 413 2 436 8 786 1 452 assets 14. Changes in liabilities due to the financial sector 936 431 1 238 824 51 168 104 280 15. Changes in the liabilities due to the nonfinancial sector and budget sector 385 567 16 173 109 373 88 424 16. Securities sold with the promise of repurchase 17. Changes in the liabilities due on securities 18. Changes in other liabilities 15 718 69 577 64 818 50 055 19. Changes in accruals / prepayments 896 283 2 219 3 990 20. Changes in deferred / restricted income 1 179 15 851 187 20 523 21. Other adjustments 7 733 31 655 16 310 85 280 III. Net cash retained from / utilised in operating activities (I +/ II) 146 522 346 333 223 712 37 433 B. Cash utilised in investment activities 8 301 53 402 9 342 91 964 Komisja Papierów Wartościowych i Giełd 7

NORDEA BP SABQSr 4/2004 w tys zł. I. Proceeds 259 4 046 282 835 456 506 1. Proceeds from disposal of shares in subsidiaries 2. Proceeds from disposal of shares in associates 3. Proceeds from disposal of shares in affiliates 1 445 4. Proceeds from disposal of shares in other units, other 215 1 336 75 101 101 377 securities or financial assets 5. Proceeds from disposal of intangible assets and fixed 1 401 2 710 1 573 1 577 assets 6. Proceeds from disposal of investments in real properties and tangible assets 7. Other investment proceeds 206 161 353 552 II. Expenses 8 042 57 448 292 177 364 542 1. Acquisition of shares in subsidiaries 2. Acquisition of shares in associates 3. Acquisition of shares in affiliates 723 723 4. Acquisition of shares in other units, other securities or 1 780 31 952 291 858 355 684 financial assets 5. Acquisition of intangible assets and fixed assets 5 539 24 773 319 8 858 6. Acquisition of investments in real properties and tangible assets 7. Other investment expenses III. Net cash utilised in investment activities (I II) 8 301 53 402 9 342 91 964 C. Cash effects of financial activities 1 802 103 063 25 180 34 061 I. Proceeds 756 11 374 1 720 1 720 1. Longterm loans from other banks 2. Longterm loans from financial entities, other than banks 3. Issue of debt securities 4. Increase in the subordinated liabilities 5. Net proceeds from share issue and contributions to capital 6. Other financial proceeds 756 11 374 1 720 1 720 II. Expenses 1 046 114 437 26 900 35 781 1. Repayment of longterm loans due to other banks 1 046 114 437 7 498 14 213 2. Repayment of longterm loans due to financial entities, other than banks 3. Repurchase of debt securities 4. Other financial liabilities 5. Finance lease charges 6. Decrease in the subordinated liabilities 7. Dividends and earnings attributable to shareholders 8. Minority dividends and other minority shares in profit 9. Dividend expenses, other than attributable to shareholders 10. Acquisition of own shares 11. Other financial expenses 19 402 21 568 III. Net cash effects of financial activities (I II) 1 802 103 063 25 180 34 061 D. Total net cash flow (A.III +/ B.III +/ C.III) 140 023 189 868 258 234 20 470 E. Balance Sheet adjustment of cash, including: 140 023 189 868 258 234 20 470 change in the cash due to exchange differences F. Cash at the beginning of the period 188 221 138 376 396 610 117 906 G. Cash at the end of the period (F+/ D), including: 328 244 328 244 138 376 138 376 of limited availability Komisja Papierów Wartościowych i Giełd 8

NORDEA BP SABQSr 4/2004 w tys zł. ABRIDGED QUARTERLY FINANCIAL REPORT OF THE PARENT COMPANY BALANCE SHEET (PLN 000) 31 Dec 2004 end of Quarter / 2004 as at as at as at as at 30 Sep 2004 31 Dec 2003 end of prev. end of Quarter Quarter / 2003 / 2004 30 Sep 2003 end of prev. Quarter / 2003 A s s e t s I. Cash / operations with the Central Bank 199 725 91 563 108 256 300 393 II. Debt securities admitted to refinancing in the Central Bank III. Liabilities due from the financial sector 655 594 229 085 117 844 189 119 1. Current accounts 128 519 96 662 30 083 69 791 2. Term deposits 527 075 132 423 87 761 119 328 IV. Liabilities due from the nonfinancial sector 2 699 661 2 789 688 2 752 597 2 681 563 1. Current accounts 231 686 260 625 230 145 244 399 2. Term deposits 2 467 975 2 529 063 2 522 452 2 437 164 V. Liabilities due from the budget sector 868 041 664 816 489 878 320 265 1. Current accounts 1 498 1 495 19 718 12 523 2. Term deposits 866 543 663 321 470 160 307 742 VI. Securities bought with the promise of repurchase VII. Debt securities 483 934 561 212 304 640 314 436 VIII. Shares in subsidiaries 2 826 1 290 4 543 IX. Shares in associates X. Shares in affiliates 1 445 110 XI. Shares in other units 4 358 11 060 11 150 11 205 XII. Other securities / financial assets 8 198 7 741 3 842 4 153 XIII. Intangible assets, including: 64 710 68 116 74 847 83 916 goodwill 30 859 31 304 32 639 38 929 XIV. Tangible fixed assets 69 680 74 282 84 535 88 112 XV. Other assets 15 846 25 601 50 989 75 883 1. Acquired for sale 1 011 1 019 660 227 2. Other 14 835 24 582 50 329 75 656 XVI. Accruals / prepayments 39 740 42 174 49 411 62 703 1. Deferred taxation 35 705 37 522 43 987 57 171 2. Other 4 035 4 652 5 424 5 532 T o t a l a s s e t s 5 112 313 4 566 628 4 049 434 4 136 181 L i a b i l i t i e s I. Due to the Central Bank II. Due to the financial sector 1 704 065 764 821 573 455 529 837 1. Current accounts 28 012 25 499 36 409 28 591 2. Term deposits 1 676 053 739 322 537 046 501 246 III. Due to the nonfinancial sector 2 606 573 2 794 092 2 677 131 2 765 035 1. Customer accounts, including: a) current accounts b) term deposits 2. Other, including: 2 606 573 2 794 092 2 677 131 2 765 035 a) current accounts 694 395 668 323 459 351 344 146 b) term deposits 1 912 178 2 125 769 2 217 780 2 420 889 IV. Due to the budget sector 114 799 312 473 59 736 81 205 1. Current accounts 63 383 64 985 49 741 49 580 2. Term deposits 51 416 247 488 9 995 31 625 V. Securities sold with a promise of repurchase VI. Debt securities issued to the public 5 152 5 076 1. Shortterm 2 384 2 384 2. Longterm 2 768 2 692 VII. Other financial instruments 339 206 11 251 34 209 VIII. Specialpurpose funds and other liabilities 14 485 30 290 73 174 115 034 Komisja Papierów Wartościowych i Giełd 9

NORDEA BP SABQSr 4/2004 w tys zł. IX. Deferred and restricted costs / income 132 579 133 475 117 815 116 160 1. Deferred costs 4 015 3 732 5 102 3 260 2. Negative goodwill 3. Other deferred / restricted income 128 564 129 743 112 713 112 900 X. Provisions 31 092 34 892 37 958 18 671 1. Provision on deferred taxation 7 393 7 458 4 374 9 294 2. Other provisions 23 699 27 434 33 584 9 377 a) shortterm 23 699 27 434 31 461 1 653 b) longterm 2 123 XI. Subordinated liabilities XII. Share capital 168 090 168 090 168 090 168 090 XIII. Unpaid contributions to share capital (negative value) XIV. Own shares (negative value) XV. Standby capital 302 760 302 760 314 185 314 185 XVI. Capital from revaluation 491 613 131 12 XVII. Other reserve capital 28 195 28 195 28 152 28 152 XVIII. Profit (loss) from previous years 43 43 XVII. Net profit (loss) 3 693 7 129 11 425 34 452 T o t a l l i a b i l i t i e s 5 112 313 4 566 628 4 049 434 4 136 181 Solvency ratio 11,60 13,09 14,48 14,16 Book value 503 229 491 303 498 914 476 030 Number of shares 33 617 833 33 617 833 33 617 833 33 617 833 Book value per one share ( PLN) 14,97 14,61 14,84 14,16 Diluted number of shares Diluted book value of one share ( PLN) OFFBALANCE SHEET ITEMS 31 Dec 2004 end of Quarter / 2004 as at as at as at as at 30 Sep 2004 31 Dec 2003 end of prev. end of Quarter Quarter / 2003 / 2004 30 Sep 2003 end of prev. Quarter / 2003 I. Contingent liabilities granted and received 4 007 467 2 122 756 1 775 049 1 805 079 1. Liabilities granted: 1 629 403 1 282 097 809 643 865 726 a) financial 876 734 974 628 550 455 630 349 b) guarantees 752 669 307 469 259 188 235 377 2. Liabilities received: 2 378 064 840 659 965 406 939 353 a) financial 1 900 211 313 664 142 288 177 288 b) guarantees 477 853 526 995 823 118 762 065 II. Liabilities arising from purchase / sales transactions 454 838 405 763 774 035 953 456 III. Other liabilities: 2 200 3 700 5 800 securities issue underwriting 2 200 3 700 5 800 T o t a l o f f B a l a n c e S h e e t i t e m s 4 464 505 2 532 219 2 554 884 2 758 535 Komisja Papierów Wartościowych i Giełd 10

NORDEA BP SABQSr 4/2004 w tys zł. INCOME STATEMENT 4Q 2004 4Q 2004, period from 1 Oct 2004 to 31 Dec 2004 period from 1 Jan 2004 to 31 Dec 2004 4Q 2003 4Q 2003, period from 1 Oct 2003 to 31 Dec 2003 period from 1 Jan 2003 to 31 Dec 2003 I. Income on interest 72 832 244 435 53 406 137 084 II. Interest expenses 40 544 134 325 27 790 78 776 III. Result on interest (III) 32 288 110 110 25 616 58 308 IV. Income on commission 10 798 38 579 10 042 26 393 V. Commission expenses 1 506 4 693 1 542 3 327 VI. Result on commission (IVV) 9 292 33 886 8 500 23 066 VII. Income on shares and other variable interest securities 395 1. From subsidiaries 395 2. From associates 3. From affiliates 4. From other units VIII. Result on financial operations 1 225 1 541 145 405 IX. Result on foreign exchange dealing 9 209 41 783 9 616 27 261 X. Result on banking activities 52 014 187 320 43 192 108 230 XI. Other operating income 6 481 12 298 1 165 2 614 XII. Other operating expenses 4 685 10 000 13 596 15 663 XIII. Costs of banking activities 36 061 142 350 42 330 114 371 XIV. Depreciation of fixed assets and intangible assets 8 631 31 038 7 702 26 785 XV. Depreciation of provisions and revaluation 11 641 61 597 52 707 124 314 1. Depreciation of target provisions and general risk provisions 11 641 61 311 52 707 124 314 2. Revaluation of financial assets 0 286 XVI. Release of target provisions and revaluation 13 602 58 747 106 631 172 870 1. Release of target provisions and general risk provisions 13 602 58 747 106 631 172 870 2. Revaluation of financial assets 0 0 XVII. Difference in value of provisions and revaluation (XV 1 961 2 850 53 924 48 556 XVIII. Result on operating activities 11 079 13 380 34 653 2 581 XIX. Result on extraordinary operations 2 3 0 1 1. Extraordinary profit 0 5 0 1 2. Extraordinary loss 2 8 XX. Gross profit (loss) 11 077 13 377 34 653 2 582 XXI. Income tax 1 791 11 220 7 702 9 890 1. Current 2 188 2. deferred 1 791 11 220 9 890 9 890 XXII. Other obligatory decrease of profit (increase of loss) XXIII. Share in net profits (losses) of subsidiaries, valued by ownership rights method 1 536 1 536 3 924 4 117 XXIV. Net profit (loss) 10 822 3 693 23 027 11 425 Net profit (loss) for the year 3 693 11 425 Weighted average number of ordinary shares 33 617 833 26 662 625 Profit (loss) per ordinary share (PLN) 0,11 0,43 Diluted weighted average number of ordinary shares Diluted profit (loss) per ordinary share (PLN) Methodology of calculating weighted average number of ordinary shares: for the 4th quarter of 2003: (5/12*16.925.333 + 7/12*33.617.833 = 26.662.625) for the 4th quarter of 2004: (12/12*33.617.833 = 33.617.833) Komisja Papierów Wartościowych i Giełd 11

NORDEA BP SABQSr 4/2004 w tys zł. 4Q 2004 4Q 2004, 4Q 2003 4Q 2003, STATEMENT OF CHANGES IN EQUITY period from 1 period from 1 period from 1 period from 1 Oct 2004 to 31 Jan 2004 to 31 Oct 2003 to 31 Jan 2003 to 31 Dec 2004 Dec 2004 Dec 2003 Dec 2003 I. Balance at the beginning of the period 491 303 498 914 476 030 268 653 a) amendment of accounting rules adopted b) adjustment of errors I.a. Balance at the beginning of the period, after adjusting against comparable data 491 303 498 914 476 030 268 653 1. Share capital at the beginning of the period 168 090 168 090 168 090 84 627 1.1. Changes in the share capital 83 463 a) increase 83 463 due to share issue appraisal of the acquired company s capital 83 463 b) decrease due to redemption of shares 1.2. Share capital at the end of the period 168 090 168 090 168 090 168 090 2. Unpaid contribution to share capital at the beginning of the period 2.1. Changes in the unpaid contributions to the share capital a) increase b) decrease 2.2. Unpaid contribution to the share capital at the end of the period 3. Own shares at the beginning of the period a) increase b) decrease 3.1.Own shares at the end of the period 4. Standby capital at the beginning of the period 302 760 314 185 314 185 208 048 4.1. Changes in the standby capital 11 425 106 137 a) increase 159 917 issue of shares above the nominal value dividend (statutory) dividend (above the statutory requirement) appraisals of the acquired company s supplementary capital 159 914 liquidation of fixed assets subject to valuation update 3 b) decrease 11 425 53 780 coverage of loss 11 425 52 609 costs of issue 1 171 other 4.2. Standby capital at the end of the period 302 760 302 760 314 185 314 185 5. Capital from revaluation at the beginning of the period 613 131 12 397 5.1. Changes in the capital from revaluation 1 104 622 143 528 a) increase 3 954 10 038 1 606 valuation of financial assets available for sale 3 835 9 565 1 606 valuation of tangible fixed assets 0 157 deduction of deferred taxation 119 316 b) decrease 2 850 9 416 1 463 528 sales of fixed assets liquidation of fixed assets subject to valuation update 1 2 valuation of financial assets available for sale 2 771 9 019 1 462 526 deduction of deferred taxation 79 397 Komisja Papierów Wartościowych i Giełd 12

NORDEA BP SABQSr 4/2004 w tys zł. 5.2. Capital from revaluation at the end of the period 491 491 131 131 6. General risk fund at the beginning of the period 300 300 300 338 6.1. Changes in the general risk fund 38 a) increase b) decrease 38 adjustments of the presentation method of provisions for general risk 38 6.2. General risk fund at the end of the period 300 300 300 300 7. Other reserve capital at the beginning of the period 27 895 27 852 27 852 27 852 7.1. Changes in other reserve capital 43 a) increase 43 due to division of profit from previous years 43 b) decrease 7.2. Other reserve capital at the end of the period 27 895 27 895 27 852 27 852 8. Profit (loss) from previous years at the beginning of the period 0 11 382 43 19 128 8.1. Profit from previous years at the beginning of the period 0 43 43 a) amendment of accounting rules adopted b) adjustment of errors 8.2. Profit from previous years at the beginning of the period, after adjustment against the comparable data 43 43 8.3. Change of profit from previous years 43 43 a) increase 43 due to division of profit from previous years return from the Internal Revenue 43 b) decrease 43 due to division of profit from previous years 43 8.4. Profit from previous years at the end of the period 0 0 43 43 8.5. Loss from previous years at the beginning of the period 0 11 425 19 128 a) amendment of accounting rules adopted b) adjustment of errors 8.6. Loss from previous years at the beginning of the period, after adjustment against the comparable data 0 11 425 19 128 8.7. Change of loss from previous years 7 129 11 425 34 452 19 128 a) increase 7 129 0 34 452 33 481 loss from previous years carried over for distribution 33 481 loss brought forward from previous quarter 7 129 34 452 b) decrease 11 425 52 609 coverage of previous years losses from supplementary capital. 11 425 52 609 8.8. Loss from previous years at the end of the period 7 129 0 34 452 0 8.9. Profit (loss) from previous years at the end of the period 7 129 0 34 409 43 9. Net result 10 822 3 693 23 027 11 425 a) Net profit 10 822 3 693 23 027 b) Net loss 11 425 II. Balance at the end of the period 503 229 503 229 498 914 498 914 III. Equity after proposed dividend (coverage of loss) 503 229 503 229 498 914 498 914 Komisja Papierów Wartościowych i Giełd 13

NORDEA BP SABQSr 4/2004 w tys zł. 4Q 2004 4Q 2004, STATEMENT period from 1 period from 1 Oct 2004 to 31 Jan 2004 to 31 Dec 2004 Dec 2004 CASH FLOW 4Q 2003 4Q 2003, period from 1 period from 1 Oct 2003 to 31 Jan 2003 to 31 Dec 2003 Dec 2003 144 350 343 371 229 642 37 433 A. Cash retained from / utilised in operating activities I. Net profit (loss) 10 822 3 693 23 027 11 425 II. Total adjustments: 133 528 339 678 252 669 26 008 1. Share in net (profits) losses of subsidiaries, valued by 1 536 5 744 205 1 596 ownership rights method 2. Depreciation 8 631 31 038 7 699 26 784 3. Profit/loss on exchange 4. Interest and shares in profits (dividends) 8 793 29 683 4 685 13 179 5. (Profit) loss on investment activities 334 1 327 6. Change in the provisions 3 800 4 743 17 165 23 260 7. Changes in the debt securities 79 270 148 680 16 990 40 713 8. Changes in the liabilities due from the financial sector 394 650 439 352 6 605 22 313 9. Changes in the liabilities due from the nonfinancial 113 199 325 227 187 393 252 967 sector and budget sector 10. Securities bought with the promise of repurchase 11. Changes in the shares, securities and other financial 6 245 2 436 433 1 452 assets 12. Changes in the liabilities due to the financial sector 937 517 1 238 824 51 169 104 280 13. Changes in the liabilities due to the nonfinancial 385 192 15 494 109 373 88 424 sector and budget sector 14. Securities sold with the promise of repurchase 15. Changes in the liabilities due on securities 16. Changes in other liabilities 15 671 69 598 64 818 50 055 17. Changes in accruals / prepayments 900 303 1 950 3 990 18. Changes in deferred / restricted income 1 179 15 851 187 20 523 19. Other adjustments 7 733 31 708 3 477 85 280 III. Net cash retained from / utilised in operating activities (I +/ II) 144 350 343 371 229 642 37 433 B. Cash utilised in investment activities 6 133 50 440 3 091 91 964 I. Proceeds 1 186 6 285 282 891 456 506 1. Proceeds from disposal of shares in subsidiaries 2. Proceeds from disposal of shares in associates 3. Proceeds from disposal of shares in affiliates 0 2 239 4. Proceeds from disposal of shares in other units, other 215 1 336 75 101 101 377 securities or financial assets 5. Proceeds from disposal of intangible assets and fixed 1 401 2 710 1 573 1 577 assets 6. Proceeds from disposal of investments in real properties and tangible assets 7. Other investment proceeds 206 217 353 552 II. Expenses 7 319 56 725 285 982 364 542 1. Acquisition of shares in subsidiaries 2. Acquisition of shares in associates 3. Acquisition of shares in affiliates 4. Acquisition of shares in other units, other securities or 1 780 31 952 285 625 355 684 financial assets 5. Acquisition of intangible assets and fixed assets 5 539 24 773 357 8 858 6. Acquisition of investments in real properties and tangible assets 7. Other investment expenses III. Net cash utilised in investment activities (I II) 6 133 50 440 3 091 91 964 C. Cash effects of financial activities 1 802 103 063 23 936 34 061 I. Proceeds 756 11 374 1 720 1 720 Komisja Papierów Wartościowych i Giełd 14

NORDEA BP SABQSr 4/2004 w tys zł. 1. Longterm loans from other banks 2. Longterm loans from financial entities, other than banks 3. Issue of debt securities 4. Increase in the subordinated liabilities 5. Net proceeds from share issue and contributions to 6. Other financial proceeds 756 11 374 1 720 1 720 II. Expenses 1 046 114 437 25 656 35 781 1. Repayment of longterm loans due to other banks 1 046 114 437 7 498 14 213 2. Repayment of longterm loans due to financial entities, other than banks 3. Repurchase of debt securities 4. Other financial liabilities 5. Finance lease charges 6. Decrease in the subordinated liabilities 7. Dividends and earnings attributable to shareholders 8. Dividend expenses, other than attributable to shareholders 9. Acquisition of own shares 10. Other financial expenses 18 158 21 568 III. Net cash effects of financial activities (I II) 1 802 103 063 23 936 34 061 D. Total net cash flow (A.III +/ B.III +/ C.III) 140 019 189 868 256 669 20 470 E. Balance Sheet adjustment of cash, including: 140 019 189 868 256 669 20 470 change in the cash due to exchange differences F. Cash at the beginning of the period 188 225 138 376 395 045 117 906 G. Cash at the end of the period (F+/ D), including: 328 244 328 244 138 376 138 376 of limited availability The consolidated quarterly report should include the information specified in 61 Item 3 and 4, Regulation of the Council of Ministers of 16 October 2001 (J. of Laws. No 139, Item. 1569). Signature of the Company s Signature of the representative Chief Accountant Date: 050228 Date: 050228 Komisja Papierów Wartościowych i Giełd 15

Nordea BP SABQSr 4/2004 Additional information to the consolidated report for the 4 th Quarter of 2004 Pursuant to 61, Item 3 and 4 and 58, Item 1 of the Regulation of the Council of Ministers of 16 October 2001 (Journal of Laws No. 139, Item 1569, and No. 31 of 2002, Item 280), the Management Board of the Bank hereby presents the following information: I. Comments to extended report for the 4 th Quarter of 2004: 1. Factors and events influencing the result. 2004 was a time of stabilization and improvement of financial situation for Nordea Bank Polska S.A. The changes resulting from the merger with LG Petro Bank S.A. such as restructurization of the branch network, optimization of employment structure, and harmonization of bank products and services started to bring expected results. After four quarters of 2004, Nordea Bank Polska S.A. achieved a positive net result of 3,7 mio. The first quarter result showed a small profit reversing the negative trend. The following quarters improved the financial result gradually and the last quarter brought a net profit of 10,8 mio. Nordea Bank Polska S.A. performance in 2004 can be summarized in the following way: The Gross Profit achieved 14,9 mio compared to 2,5 mio in 2003. Net Profit improved from 11,4 mio in 2003 to 3,7 mio in 2004. Gross Customer Loans grew by 11% from 3,364 mio to 3,723 mio and Customer Deposits by 7% to 2,963 mio, improving the Bank s market shares for Loans and Deposits. Total assets grew by almost 25% to 5,1 billion. Costs from banking activities fell after realizing merger synergies (LG Petro Bank) by the restructuring of the Branch Network and downsizing the workforce. Costs from banking activities in the fourth quarter fell to 36,1 mio from 42,1 mio in Q4 2003 (15%). The quality of the loan portfolio improved. The ratio of irregular loans to total loans improved from 26% to 15% in 2004. The Bank recovered a major part of its overdue receivables as a result of its debtcollection activities in the total amount of PLN 61,4 million (interest and principal). The customer base continued to grow. Number of Private Individuals amounted to 263 000 (+14%) and Corporate customers 32 000 (+28%). 2. Description of the Capital Group of Nordea Bank Polska S.A.: At the end of Quarter 4 2004, the Capital Group consists of a parent (Nordea Bank Polska S.A. with its seat in Gdynia) and the following subsidiaries: 1) Inwestycje Kapitałowe S.A. with its seat in Gdańsk (subsidiary). The composition of the Capital Group of Nordea Bank Polska S.A. did not change in relation to the previous quarter and the Bank s percent share in its subsidiary s share capital as at 31 December 2004, is as follows: Inwestycje Kapitałowe S.A. 100% (189,440 shares); 100% votes at the General Shareholders Meeting. 3. The extended consolidated quarterly report includes: consolidated Balance Sheet, consolidated Profit and Loss Account, consolidated OffBalance Sheet Report, Statement of Changes in the Consolidated Equity and consolidated Cash Flow Statement of Nordea Bank Polska S.A. Capital Group as at 31 December 2004, as well as abridged quarterly financial report of the parent entity including: Balance Sheet, Profit and Loss Account, OffBalance Sheet Report, Statement of Changes in the Equity and Cash Flow Statement of Nordea Bank Polska S.A. as at 31 December 2004 (consolidated as well as standalone figures for the previous period as at 31 December 2003). 4. The extended consolidated financial reports were made pursuant to the following regulations: Accounting Law of 29 September 1994 (J. of Laws of 2002, No. 76, Item 694 as amended). Ordinance of the Minster of Finance of 10 December 2001 on detailed rules of bank accounting (J. of Laws No. 149, Item 1673 as amended), Ordinance of the Minster of Finance of 10 December 2003 on rules of creating provisions for banking risk (J. of Laws No. 218, Item 2147), Ordinance of the Minster of Finance of 12 December 2001 on detailed rules of recognising financial instruments, as well as the principles of valuating, scope of disclosing and methods of presenting thereof (J. of Laws No. 149, Item 1674 as amended), Ordinance of the Minster of Finance of 12 December 2001 on rules of preparing consolidated financial reports by banks as well as financial holdings (J. of Laws No. 152, Item 1728), Securities and Exchange Commission 16

Nordea BP SABQSr 4/2004 Ordinance of the Council of Ministers of 11 August 2004 on detailed principles applicable to issue prospectus and abridged prospectus (J. of Laws No. 186, Item 1921), Ordinance of the Council of Ministers of 16 October 2001 on the type of current and periodical information reported by issuers of securities (J. of Laws No. 139, Item 1569 as amended), Banking Law of 29 August 1997 (J. of Laws No. 72, 2002, Item 665 as amended). The accounting principles and the methodology of valuating assets and liabilities, as well as the measurement of the financial result, were described in the Introduction to the extended consolidated semiannual financial report for 2004 (SABPSr 2004). The data presented as at 31 December 2004 (both consolidated and standalone) have not been verified by an auditor yet. The comparable data presented as at 31 December 2003 at the end of previous year (both consolidated and standalone) were taken from the consolidated and stand alone year financial reports for 2003 (SABRS 2003; SABR 2003) verified by the auditor, taking changes presented in extended consolidated halfyear financial report for the 1 st half of 2004 (SABPSr 2004) verified by the auditor. The financial statements of Nordea Bank Polska SA as on 31 December 2004 make allowances for the results of the operations of the Brokerage Office an organizational unit of the Bank in the amount of PLN (158,000). In the consolidated financial report of the Capital Group of Nordea Bank Polska S.A. as at 31 December 2004 as well as at 30 September 2004 and as at 31 December 2003, the subsidiary entity Inwestycje Kapitałowe S.A. was consolidated according to the full method. Compared to the period in 2003 (as at 30 September 2003), the subsidiaries were consolidated according to the ownership rights method. As the contribution of the subsidiaries to the Bank's balance sheet is immaterial, no changes were made in the presentation of the data for the three quarters of 2003. 5. Costs related to the Bank Guarantee Fund are shown under Item XVII of the consolidated Profit and Loss Account (Cost of banking activities and general management) and amount to 1,169 kpln. 6. Under Item A II. 10 of the consolidated Cash Flow Statement (A II. 8 of the standalone Cash Flow Statement): Changes in liabilities due from the financial sector, the changes in the provisions for receivables in the following amounts were taken into account: (80) kpln (four quarters progressively / 2004). 1,207 kpln (four quarters progressively / 2003). 7. Under Item A II. 11 of the consolidated Cash Flow Statement (Item A II. 9 of the standalone Cash Flow Statement): Changes in liabilities due from the nonfinancial and budget sector, the changes in the provisions for receivables in the following amounts were taken into account: (9,116) kpln (four quarters progressively / 2004). 665 kpln (four quarters progressively / 2003). 8. Under Item A II. 21 of the consolidated Cash Flow Statement (Other adjustments), the following provisions were taken into account: (863) kpln (four quarters progressively / 2004) 2,732 kpln (four quarters progressively / 2003) 9. Under the consolidated as well as standalone Cash Flow Statement, the cash balance refers to: cash in hand, funds on the account with the National Bank of Poland, Bills of Exchange, funds in Nostro accounts, deposits and interest with maturity terms up to 3 months. 10. Items shown under the Selected Financial Data were converted into EUR (000) pursuant to 60 Item 2 of the Ordinance of the Council of Ministers of 16 October 2001, based on: Average exchange rate of the National Bank of Poland as at 31 December 2004, i.e.: 1 EUR = 4.0790 PLN (Balance Sheet items: four quarters progressively / 2004) Exchange rate applied as an arithmetic average of the average rates of the National Bank of Poland as at the last day of each finished month of financial year 2004, i.e.: 1 EUR = 4.5182 PLN (Items: Profit and Loss Account, Cash Flow Statement: four quarters progressively / 2004) which was calculated as an arithmetic average of the following rates: Date Rate Securities and Exchange Commission 17

Nordea BP SABQSr 4/2004 31.01.2004 4.7614 29.02.2004 4.8746 31.03.2004 4.7455 30.04.2004 4.8122 31.05.2004 4.6509 30.06.2004 4.5422 31.07.2004 4.3759 31.08.2004 4.4465 30.09.2004 4.3832 31.10.2004 4.3316 30.11.2004 4.2150 31.12.2004 4.0790 Average exchange rate of the National Bank of Poland as at 31 December 2003, i.e.: 1 EUR = 4.7170 PLN (Balance Sheet items: four quarters progressively / 2003) The rate which is the arithmetic average of the average rates applied by NBP at the last day of each finished month of the financial year 2003, i.e.: 1 EUR = 4.4474 PLN (Items: Profit and Loss Account, Cash Flow Statement: four quarters progressively / 2003) which was calculated as an arithmetic average of the following rates: Date Rate 31.01.2003 4.1286 28.02.2003 4.2083 31.03.2003 4.4052 30.04.2003 4.2755 31.05.2003 4.3915 30.06.2003 4.4570 31.07.2003 4.3879 31.08.2003 4.3588 30.09.2003 4.6435 31.10.2003 4.6826 30.11.2003 4.7127 31.12.2003 4.7170 II. Major achievements or nonperformances of the Issuer and its Capital Group during the reported period, including the most important events. 1. Introducing bonds, series O2, to trading Pursuant to the resolution No. 129/04 of 10 November 2004, the Management Board of Centralna Tabela Ofert S.A. introduced under a standard procedure to trading on the CeTO market 23,838 (twentythree thousand eight hundred and thirtyeight) bearer shares, series O2, with a par value of PLN 100.00 (one hundred zloties) each, issued by Nordea Bank Polska S.A. cleared for trading pursuant to the Resolution of the Management Board of CeTO S.A. No. 46/04 of 10 March 2004 and designated with the code PLBKMNL00174 pursuant to the resolution No. 436/04 of the Management Board of KDPW S.A. (National Depository for Securities) of 27 September 2004. For the aforementioned bonds, the resolution sets out: 1) date of trading launch 15 November 2004, 2) date of trading close 14 June 2005, 3) trading unit 1 pc., 4) obligatory batch 50 pcs., 5) symbol NOBPO2, 6) quotation market bonds retail market. 2. Early redemption of the series O2 bonds and their writeoff On 20 December 2004, in accordance with point 9.3.5 of the Issue Prospectus for the bonds of Nordea Bank Polska S.A. of series O2, a transaction was executed by the Bank consisting in the redemption of the series O2 bonds, in order to write them off. The transaction was executed on the regulated market run by MTS CeTO S.A. The transaction involved 60 bonds. The unit purchase price was 102,24 zł. The settlement of the transaction at the National Depository of Securities took place on 22.12.2004. Securities and Exchange Commission 18

Nordea BP SABQSr 4/2004 On 17 January 2005, the Bank received Resolution No19/05, dated 14 January 2005 of the Management Board of the National Depository of Securities with information that due to the fact that on 20.12.2004, Nordea Bank Polska S.A. redeemed 60 of its own bonds in order to write them off, the National Depository of securities is holding 23.778 bonds which bear the code PLBKMNL00174. 3. Early redemption of the series O1 bonds and their writeoff On 4 February 2005, in accordance with point 9.3.5 of the Issue Prospectus for the bonds of Nordea Bank Polska S.A. of series O1, a transaction was executed by the Bank consisting in the redemption of the series O1 bonds, in order to write them off. The transaction was executed on the regulated market run by MTSCeTO S.A. The transaction involved 4,434 bonds. The unit purchase price was 102,66 zł. The settlement of the transaction at the National Depository of Securities took place on 08.02.2005. 4. The third interest period for the Series O1 Bonds The Management Board of Nordea Bank Polska S.A. has announced that the amount of interest owing to the holders of Series O1 Bonds of Nordea Bank Polska S.A. for the third interest period, lasting from 17 February 2005 to 17 August 2005, accrued in accordance with chapter 8.3 of the Issue Prospectus of the Series O1 Bonds of Nordea Bank Polska S.A., is PLN 2.97 (two zlotys and ninety seven groszy) per bond (the coupon in the third interest period). The interest rate applicable on the Series O1 Bonds in the third interest period amounts to 5.95% per annum. The interest table for the third interest period (from the first to the last day of the interest period) was attached to the Current Report No. 5/2005 dated 14.02.2005. 5. Significant agreements and issued guarantees On 27.10.2004, Nordea Bank Polska S.A. entered into a factoring agreement with a customer for the period from 27.10.2004 to 02.11.2004. The total amount of the transactions amounted to PLN 109,321k. At the same time, the Bank entered into another contract for financing with another customer, concerning the same amount, with the option of postponement of the maturity date till 31.12.2004. The agreement has been concluded on terms no worse than prevailing on the market. A criterion for recognising the agreement as significant exceeding the 10% threshold of the Bank's equity (regarding the total exposure to the Customer). Nordea Bank Polska S.A. as of 23.11.2004 joined a banking syndicate for the purpose of granting a loan to a Customer. On 7.10.2004, the syndicated banks granted a loan in the total amount of EUR 550.000 thousand. Participation of Nordea Bank Polska S.A. up to EUR 20.000 thousand. This agreement was concluded on market terms. The period of validity until 7 October 2009. On 21.12.2004, Nordea Bank Polska S.A. signed with a Customer a Risk sharing agreement in connection with a loan agreement effective from 21.12.2004 to 30.10.2006. The value of the transaction as at the date of signing this agreement is PLN 410.930 thousand. The agreement was concluded on market terms. On 2 February 2005, Nordea Bank Polska S.A. issued a guarantee for a Customer for the amount of PLN 3.200 thousand, valid until 04 June 2005. The total value of the Bank s exposure arising from the guarantees issued for the Customer is PLN 47.234 thousand (the guarantees issued in foreign currency were converted at the exchange rate prevailing on the day when the current report was delivered that is 03.02.2005). The total value of the Bank s exposure to this Customer Group is PLN 49.401 thousand. The guarantee was issued on market terms. The biggest value of a guarantee issued for this Customer is EUR 2.941 thousand EUR valid until 30.03.2007. 6. Conversion and assimilation of shares On 02.12.2004 and 16.12.2004, the Management Board of the National Depository of Securities S.A. (acting under Resolution No 575/04 dated 26.11.2004 and Resolution No 618/04 dated 13.12.2004) made an assimilation of 162.356 ordinary bearer shares of Nordea Bank Polska S.A., created after the exchange of 5.800 registered shares designated with code PLBKMNL00034, 1.600 registered shares designated with code PLBKMNL00042, 14.103 registered shares designated with code PLBKMNL00059 and 140.853 registered shares designated with code PLBKMNL00091, carried out on 01.12.2004, for 33.455.477 ordinary bearer shares of Nordea Bank Polska S.A. designated with code PLBKMNL00018. After the assimilation, on 16 December 2004, 33.617.833 shares of Nordea Bank Polska S.A. based in Gdynia were admitted to stock exchange trading on the primary market (under resolutions of the Management Board of Securities and Exchange Commission 19