Contents Nordea Page 3 Integration Page 16 Highlights and market - PowerPoint PPT Presentation

Market development - GDP 2000 % 2001 2002e 2003e 3.0 Denmark 0.9 1.6 2.3 5.6 Finland 0.7 2.8 4.2 2.3 Norway 1.0 1.7 2.2 Sweden 3.6 1.2 1.6 3.1 Source: Nordea Economic Research, May 2002 31

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Core earnings EURm 700 � Stable profit excluding investment earnings 600 604 500 � Strong commission income 400 � Growth in loans and deposits 409 409 393 356 300 � Reduced loan losses 200 100 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Profit excluding investment earnings 33

Income statement summary EURm Q2/02 Q1/02 Change, % Income 1,513 1,494 1 Expenses -1,065 -1,037 3 Loan losses -56 -63 -11 Equity method 17 15 13 Profit excl. Investment earnings 409 409 0 Investment earnings -50 4 Goodwill -44 -42 5 Operating profit 315 371 -15 34

Income statement summary Jan-Jun Jan-Jun Change %, adj Change, % 2002 2001 Postgirot EURm Income 3,007 3,159 -5 -10 Expenses -2,102 -1,912 10 1 Loan losses -119 -104 14 Equity method 32 31 3 Profit excl. investment earnings 818 1,174 -30 -32 Investment earnings -46 131 Goodwill -86 -73 18 Operating profit 686 1,232 -44 35

Income EURm 1800 1,609 1600 1,513 1,452 1,494 1,479 1400 724 1200 658 623 657 600 1000 800 600 885 856 852 855 837 400 200 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Net interest income Non-interest income 36

Net interest income EURm 1000 � Growth in net interest income � Higher lending and deposit 885 800 856 855 852 837 volumes � Largely unchanged margins 600 400 200 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 37

Commission income EURm 391 500 363 376 � Good growth in payment 359 45 34 314 34 commissions 44 400 91 22 87 84 acquisition of Postgirot - 91 84 46 55 growth in electronic payment 300 - 76 60 183 services 56 157 139 127 � Weak equity markets 130 200 � AuM decreased by 7% 100 126 116 115 115 104 � Somewhat improved income from Nordea Securities 0 -73 -77 -79 -77 -83 -100 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Asset management Payments & deposits Brokerage Lending 38 Other Expenses

Trading EURm 160 � Income from trading stable at 140 high level 137 136 131 120 128 128 � High quality earnings 100 – Customer driven revenue 80 stream 60 40 20 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 39

Income from insurance EURm 200 � High claims in General 180 185 Insurance 160 140 142 � Weak equity markets affected 120 income from Life 116 100 93 80 60 72 40 20 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 40

Expenses EURm 1200 � Higher level of activity in Q2 � Investments relating to the 467 1000 476 451 second wave EUR 25m (EUR 410 410 10m in Q1) 800 � Adjusted for Postgirot costs 600 were 1% higher year on year 598 586 562 556 529 400 200 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Personnel Other 41

Expenses - breakdown EURm Q2/02 Q1/02 Q4/01 Q3/01 Q2/01 Personnel 1) 603 589 567 535 560 Information technology 2) 128 114 119 104 104 Marketing 40 27 39 25 25 Postage, telephone and office expenses 63 74 68 56 63 Rents, premises and real estate expenses 82 82 90 82 91 Other 156 161 166 149 132 Expenses 1,072 1,047 1,049 951 975 of which investment activities -7 -10 -11 -12 -9 Expenses 1,065 1,037 1,038 939 966 1) Profit related personnel expenses including profit-sharing systems were EUR 18m in Q2/2002 (Q1 2002: EUR 17m). 2) Refers to computer operations, service expenses and consulting fees. Total IT-related costs in Q2 2002, including personnel etc were EUR 220m (Q1 2002: EUR 205m). 42

Key figures C/I ratio, banking C/I ratio, banking excl. inv.earnings % % 70 70 66 65 60 64 60 63 50 50 40 40 30 30 20 20 10 10 0 0 Q1/02 Q2/02 Q1/02 Q2/02 43

Total IT-related expenses * EURm As % of total expenses 250 Q2/02 20.7% 220 Q1/02 19.8% 200 210 205 202 200 Q4/01 20.2% 150 Q3/01 21.3% Q2/01 20.9% 100 50 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 *Computer operations, service expenses, consultants and personnel 44

Loan losses EURm � Loan losses down to EUR 56m 225 (EUR 63m) 200 100 � 0.16% of total loans in Q2, 175 annualised 150 125 � No single major provision 100 113 � Unchanged general provision 75 � Satisfactory credit quality 50 63 59 56 56 maintained 25 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 General provision 45

Investment earnings EURm Q2/02 Q1/02 Q4/01 Q3/01 Q2/01 Treasury -4 11 30 1 25 Life insurance -12 0 45 -54 19 General insurance -29 -7 43 -35 11 Other -5 0 -4 -5 55 Investment earnings -50 4 114 -93 110 46

Investment earnings - non-recurring items EURm Q2/02 Q2/01 Sale of General Insurance -40 Divestment of Danish mortgage institution DLR 30 Aleksia/Ilmarinen (Other) 40 Atle (Treasury) 57 Total -10 97 47

Pension commitments � Contribution to Swedish pension fund in Q2 of EUR 152m � Pre-tax profit in Q2 consequently reduced by EUR 152m � Aggregate assets in the Group’s pension foundations exceeded pension commitments by EUR 91m at the end of June � As per 20 August the aggregate assets in the Group’s pension foundations exceeded pension commitments by EUR 12m, whereas there was a deficit in the Swedish pension fund of EUR 44m 48

Net profit EURm Q2/02 Q1/02 Operating profit 315 371 Allocation to pension foundation -152 - Taxes -72 -102 Net profit 91 269 49

Key figures Earnings per share Return on equity (excl. goodwill) EUR % 14 0,10 12 0,08 10 0,06 8 6 0,04 4 0,02 2 0 0,00 Q1/02 Q2/02 Q1/02 Q2/02 50

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Results by business area EURm 500 440 400 420 300 200 100 132 127 35 56 49 4 21 0 -50 -31 -47 -100 -200 Retail CIB Asset Life* General Treasury Mgmt* Q1/02 Q2/02 * Product result 52

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Retail Banking operating profit EURm 500 � Stable operating profit 450 463 � Return on equity 25% 440 425 400 420 � Firm development in sales 350 366 � Bid for LG Petro Bank 300 250 � Profit of EUR 30m relating to divestment of Danish mortgage 200 institution DLR 150 100 50 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 54

Retail Banking operating profit by markets Retail EURm Banking DK FI NO SE Operating profit 440 113 142 43 116 C/I ratio % 59 58 51 67 67 RoE % 25 23 35 14 22 55

Retail Banking operating profit by markets Retail DK FI NO SE P&B EURm Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Net interest income 774 758 211 207 222 217 107 105 228 223 6 6 Non-interest income 362 321 88 76 76 81 41 36 125 125 5 4 Total income 1,136 1,079 299 283 298 298 148 141 353 348 11 10 Total expenses -675 -644 -174 -168 -153 -151 -100 -95 -237 -220 -9 -10 Profit bef. loan loss 461 435 125 115 145 147 48 46 116 128 2 0 Loan losses -21 -15 -12 -14 -3 -1 -5 1 0 0 -1 -1 Operating profit 440 420 113 101 142 146 43 47 116 128 1 -1 C/I ratio % 59 60 58 59 51 51 67 68 67 63 86 100 RoE % 25 24 23 21 35 37 14 15 22 25 7 -6 56

Retail Banking lending EURbn. End of period 40 35 34.0 33.9 30 28.1 27.6 25 20 22.4 22.5 18.2 17.7 15 10 5 0 Denmark Finland Norway Sweden Q1/02 Q2/02 57

Retail Banking deposits EURbn. End of period 25 20 20.5 19.9 18.3 18.3 15 14.1 13.9 10 9.5 9.4 5 0 Denmark Finland Norway Sweden Q1/02 Q2/02 58

Retail Banking deposits EURbn End of June 25 20 8.4 4.1 15 2.5 5.7 10 5.9 1.2 6.2 3.2 5 8.5 6.2 5.4 5.2 0 Denmark Finland Norway Sweden Corporate Personal customer - saving accounts Personal customer - current accounts 59

Retail Banking, volumes and margins Volumes Margins EURbn Q2/02 Q1/02 Q2/02 Q1/02 Lending to corporates 51.1 50.5 1.2% 1.2% Lending to personal customers 49.7 48.8 1.7% 1.7% Total lending 100.8 99.0 1.5% 1.5% Deposits from corporates 22.0 22.0 1.3% 1.3% Deposits from personal customers 36.3 35.7 2.1% 2.1% Total deposits 58.3 57.7 1.8% 1.8% Volumes and margins are excluding Postgirot Bank and Poland & Baltic countries. 60

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E-banking customers E-banking customers Equity trading customers Mill. Thousands 3,5 300 250 3 200 2,5 150 2 100 1,5 50 1 0 Jan-00 Mar-00 May-00 July-00 Sept-00 Nov-00 Jan-01 Mar-01 May-01 July-01 Sept-01 Nov-01 Jan-02 Mar-02 May-02 July-00 July-01 Jan-02 Jan-00 April-00 Oct-00 Jan-01 April-01 Oct-01 Apr-02 62

Payments and log-ons E-banking payments E-banking log-ons Mill. Mill. 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Denmark Finland Norway Sweden Denmark Finland Norway Sweden 63

Penetration on the net Mutual funds penetration rate Equity trading penetration rate % % Executed trades 25 70 60 20 50 15 40 30 10 20 5 10 0 0 Nov-00 Nov-01 May-02 Jan-00 Mar-00 May-00 Sept-00 Jan-01 Mar-01 May-01 Sept-01 Jan-02 Mar-02 July-00 July-01 July-01 Mar-01 May-01 June-01 Oct-01 Nov-01 Mar-02 June-02 Jan-01 Feb-01 April-01 Aug-01 Sept-01 Dec-01 Jan-02 Feb-02 Apr-02 May-02 64

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CIB operating profit EURm 160 � Operating profit stable 140 142 � Reduced balanced sheet lending 132 120 127 100 � Income down by 5% 94 80 � Positive loan losses 60 40 20 -5 0 -20 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 66

Stock market development Market Volume Market index Q2 2002, Change Q2 Q2 2002, % EURbn vs Q1, % Denmark 16.9 15.8 -11.7 Finland 47.4 -10.6 -25.7 Norway 13.2 -15.9 -17.1 Sweden 72.1 -23.0 -21.2 Nordic average -15.0 -18.9 Source: Nordea securities 67

CIB operating profit by main area Corporate Shipping & Inter- Inv. EURm CIB Division Offshore national Banking Other Markets* Profit before loan losses 114 85 28 16 -9 -7 61 Loan losses 8 -12 9 2 - 9 - Transfer risk 7 - - 7 - 0 - Equity method -2 - - -3 - 1 - Operating profit 127 73 37 22 -9 3 61 C/I ratio % 60 ROE % 15 * Markets has product responsibility for trading products such as FX, fixed income and related derivatives and is evaluated by monitoring the 68 product result. The product result includes all income and expenses related to the respective products, which is allocated to the customer responsible unit within CIB .

CIB operating profit by main area Corporate Shipping & Inter- Inv. Banking Other CIB Division Offshore national Markets* EURm Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Total income 284 299 162 166 37 40 38 44 26 16 20 33 112 120 Total expenses -170 -158 -77 -63 -9 -7 -22 -24 -35 -23 -27 -41 -51 -52 Profit bef. loan loss 114 141 85 103 28 33 16 20 -9 -7 -7 -8 61 68 Loan losses 8 -16 -12 -16 9 -6 2 4 - - 9 2 - - Transfer risk 7 -2 - - - - 7 -2 - - 0 0 - - Equity method -2 9 - - - - -3 7 - - 1 2 - - Operating profit 127 132 73 87 37 27 22 29 -9 -7 3 -4 61 68 C/I ratio % 60 53 * Markets has product responsibility for trading products such as FX, fixed income and related derivatives and is evaluated by monitoring the product result. The product result includes all income and expenses related to the respective products, which is allocated to the customer responsible unit within CIB . 69

CIB net loan losses Q2/02 Q1/02 Q4/01 Q3/01 Q2/01 EURm Corporate division 13 16 33 33 2 Shipping division -9 6 9 9 12 International division -2 -4 4 6 11 Acquisition finance 0 -2 21 41 25 Total 2 16 67 89 50 General provision -10 - -39 75 0 Transfer risk -7 2 -17 -11 10 Total -15 18 11 153 60 70

CIB lending volume EURbn. End of period 30 25 27.2 26.3 20 15 16.6 16.2 10 5 6.4 5.8 4.1 3.6 0 Corporate Division Shipping and International Total offshore Q1/02 Q2/02 71

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Asset Management, product result EURm 70 � Weak equity markets 65 60 � AuM down 7% to EUR 100bn 56 55 50 50 49 � Net inflow to investment funds ytd 40 17% � Nordea funds “Best Equity Group 30 of the Year” in Germany 20 � Stable margins despite shift in 10 asset allocation 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 73

Assets under management, volumes EURbn End of period 120 1.8 1.7 1.9 100 37.8 35.7 36.0 34.2 80 30.6 60 28.6 22.3 28.7 26.6 19.5 40 42.2 20 39.1 39.5 37.1 36.9 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Investment management Private banking Investment funds Real estate within Life 74

Asset structure – Investment Management* March 2002 June 2002 EUR 74bn EUR 68bn Int'l. fixed Int'l. fixed income income 9% 14% Nordic Nordic Nordic fixed Nordic equities fixed income equities 21% income 40% 16% 43% Int'l. Int'l. equities equities 27% 30% *Including mgmt of own investment funds 75

Asset structure – Investment Funds June 2002 March 2002 EUR 34.2bn EUR 37.8bn Balanced Balanced funds funds 14% 15% Equity funds 47% Equity funds Fixed Fixed 52% income income funds funds 33% 39% 76

Investment Funds volumes and margins Volumes, end of period Margins % 20 1,6 18 1,4 1.46 18.0 1.45 16 1,2 15.3 14 1.18 1.14 1,0 12 1.03 1.00 11.0 10 0,8 10.6 8 0,6 0.65 0.62 6 0,4 4 4.2 0,2 2 3.8 1.4 1.5 0 0,0 DK FI NO SE DK* FI NO SE Q1/02 Q2/02 Q1/02 Q2/02 * Net margin 77

European Fund distribution EURm � Nordea ranked as the 4th-largest 1800 European cross-border fund manager 1600 by the Financial Times 1400 � 1000 active distribution agreements 1200 1000 � Assets by country of source: 800 – 32% from Germany 600 – 21% from Switzerland 400 – 16% from Austria 200 – 14% from Luxembourg 0 – 6% from France 0 0 1 1 1 1 2 2 0 0 0 0 0 0 0 0 / / / / / / / / 3 4 1 2 3 4 1 2 – 3% from the UK Q Q Q Q Q Q Q Q Inflow AUM 78

Breakdown of Life operating profit EURm 100 � Weak equity markets 51 0 influenced result negatively = -50 +2 +453 -100 � Financial buffers reduced -200 � Solvency at adequate level -300 � 20% cushion for further fall in -400 equity markets as of 1 August -500 -11 -540 -600 Normalised Fluctutations Allocation to Allocation from Operating Total operating operating compared to policy-holders financial profit Unit profit margin normalised buffers Linked investment business return 79

Life EURm Q2/02 Q1/02 Q4/01 Q3/01 Q2/02 TRADITIONAL LIFE Premiums written net 486 559 589 367 589 Normalised investment. return 239 239 288 279 285 Benefits paid and change in provision -643 -704 -859 -586 -789 Insurance operating expenses -31 -31 -29 -26 -29 Normalised operating margin 51 63 -11 34 56 Short term fluctuations in investment return -540 -158 267 -776 56 Actual operating margin -489 -95 256 -742 112 Allocated to policyholders -11 -11 -5 -1 -22 Change in financial buffers 453 108 -246 690 -50 Net profit from Health & Pers. Accident insurance -5 0 - - - Operating profit -52 2 5 -53 40 UNIT LINKED BUSINESS Premiums written, net of reinsurance 125 134 189 91 157 Operating profit 2 2 -1 4 2 TOTAL LIFE & PENSIONS Premiums written, net of reinsurance 611 693 778 458 746 Total operating profit -50 4 4 -49 42 Of which allocated profit to Retail 16 12 22 11 22 80

Life EURm Denmark Finland Norway Sweden Other Total TRADITIONAL LIFE Premiums written net 150 235 68 30 3 486 Normalised investment. return 119 53 39 26 1 239 Benefits paid and change in provision -248 -262 -91 -38 -2 -643 Insurance operating expenses -13 -3 -9 -2 -4 -31 Normalised operating margin 8 23 6 17 -2 51 Short term fluctuations in investment return -285 -24 -104 -128 1 -540 Actual operating margin -277 -2 -98 -111 0 -489 Allocated to policyholders 0 -11 1 0 0 -11 Change in financial buffers 267 5 68 113 0 453 Net profit from Health & Pers. Accident insurance -5 0 0 0 0 -5 Operating profit -13 -9 -30 -1 0 -52 Unit Linked Business Premiums written, net of reinsurance 21 33 19 47 6 125 Operating profit -1 2 -1 1 1 2 Total Life & Pensions Premiums written, net of reinsurance 171 268 87 77 9 611 Total operating profit -14 -7 -31 0 1 -50 Hereof allocated profit to Retail 2 14 0 0 0 16 81

Life - investments EURbn. End of period 25 � Equities 3.5 20 3.1 3.4 3.4 – Predominantly listed equities 3.0 1.8 1.9 1.7 1.5 1.7 15 – 50/50 Nordic/international 11.5 � Bonds 10.6 11.7 11.2 10 10.8 – ¾ Nordic issuers 5 – Primarily govmn’t & mortgage inst. 5.5 5.3 5.0 4.9 4.4 � Total portfolio 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 – Some bias to Danish securities Equities Bonds Real estate Unit linked 82

Life - financial buffers* End of June 2002 % of guaranteed EURm liabilities Denmark 972 11.5 Finland 131 3.4 Norway 35 1.3 Sweden 100 6.9 Total 1,238 7.5 * Financial buffers are defined in accordance with local regulations and practices. 83

Life - solvency situation End of June 2002 Required Solvency Solvency in % of Actual solvency solvency buffer requirement EURm Denmark 79 95 16 121% Finland 185 367 182 198% Norway 133 275 141 206% Sweden 62 132 70 214% 84

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General Insurance, operating profit EURm 50 � All General Insurance activities sold 40 43 – All activities transferred to Tryg I Danmark as 30 of 1 July 2002 20 25 – expected closing of deal in Q3 10 11 11 � Weak result following high claims 0 -7 -10 -18 -20 -24 -29 -30 -35 -42 -40 -50 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Technical result Investment earnings 86

Combined ratio by main markets % 140 120 122 118 112 110 100 106 105 102 101 100 96 80 60 40 20 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 87 Denmark Norway

General insurance EURm Q2/02 Q1/02 Q4/01 Q3/01 Q2/01 Premiums gross 548 505 494 470 453 Premiums net 430 409 409 378 375 Technical interest 34 31 25 28 32 Claims -356 -341 -367 -302 -286 Expenses -126 -123 -109 -93 -96 Technical result -18 -24 -42 11 25 Investment earnings -29 -7 43 -35 11 Operating profit -47 -31 1 -24 36 88

General Insurance EURm Total Denmark Norway TBi Poland Other Premiums gross 548 230 228 72 17 1 Premiums, net 199 168 52 11 1 431 Technical interest 12 19 3 0 0 34 Claims -160 -143 -44 -8 -1 -356 Expenses -49 -51 -18 -4 -4 -126 Technical result 1 -7 -7 -1 -4 -18 Investment earnings -13 -19 1 2 -1 -29 Operating profit -11 -26 -6 1 -5 -47 89

General Insurance - investments EURbn. End of period 3 Equities: � 0.4 0.4 2,5 0.4 – Predominantly listed equities 2.0 0.4 0.4 1.9 1.8 2 – 55/45 Nordic/international 1.6 1.5 1,5 Bonds � – 2/3 Nordic issuers 1 – Primarily govmn’t & mortgage inst. 0,5 0.5 0.4 0.3 0.4 0.4 Total portfolio � 0 – Some bias to Danish securities Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Equities Bonds Real estate 90

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Group Treasury operating profit EURm 40 � Gains from bond portfolio 38 35 35 35 � Losses on equity investments 30 25 � Issuance of subordinated debt 20 21 21 15 10 5 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 92

Group Treasury operating profit by main areas Investment & Risk Trading Group Funding Total Fixed income Equity portfolios portfolios Q2/02 Q1/02 Q2/02 Q1/02 Q2/02 Q1/02 Q2/02 Q1/02 Income - - 31 -5 -31 18 32 30 Expenses - - -3 -1 -1 -1 -7 -6 25 24 - - - - 25 24 Profit excl. Investment earnings Investment earnings -4 11 28 -6 -32 17 - - 21 35 Operating profit 93

Group Treasury investment portfolio EURbn. End of period 20 � Equities 0.7 – Listed, unlisted & private equity 15 0.6 0.6 15.1 funds 0.6 0.7 13.5 13.4 11.9 11.7 10 � Bonds – ¾ Nordic issuers 5 – Primarily govmn´t & mortgage inst. 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Fixed income Equities 94

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Balance sheet - key items EURbn, end of period Jun 02 Dec 01 Change,% Lending 143 138 4 Deposits 90 83 8 Shareholders’ equity 12 12 0 Total assets 251 242 4 Risk-weighted assets 136 136 0 96

Balance sheet structure - assets EURbn. End of period 150 143 138 120 90 60 30 33 29 26 24 24 24 22 16 7 7 0 Lending Interest Loans and Assets, Other assets, Other bearing advances to insurance banking securities credit inst. 31-12-2001 30-06-2002 97

Real estate holdings Book value, end of period, EURbn H1/02 2001 2000 1999 Owner occupied properties 1.4 1.5 1.4 1.4 Non owner occupied properties 0.3 0.3 0.6 2.1 Shares in real estate holding 0.3 0.3 0.4 0.4 companies Investments of the insurance 2.1 2.0 1.6 1.6 companies Total 4.1 4.1 4.0 5.5 98

Balance sheet structure – liabilities and equity EURbn. End of period 100 90 90 80 83 70 60 61 60 50 40 30 30 30 28 20 23 23 22 10 12 12 11 8 0 Deposits Debt Deposits by Other Liabilities, Shareholder´s Other securities in credit inst. liabilities, insurance equity issue banking 31-12-2001 30-06-2002 99

Lending and deposits Lending Deposits EURbn. End of period EURbn. End of period 160 100 140 143 90 142 138 80 86 135 134 83 120 81 81 100 60 80 40 60 40 20 20 0 0 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 100