Investor Presentation 25 October 2007 CEO Presentation Strong - PDF document

Improved market position within consumer lending and cards YoY Retail consumer lending Consumer lending up 15% � Lending Margin EURbn % Non-collateralised up 17% � 18 4,6 1.9 million credit cards outstanding � 17 17,5 16,9 4,0 Of which 1.1 with revolving credit � 16 16,4 350,000 issued during period – up 50% � 15,6 3,4 15 15,4 Stockmann agreement will increase � 14 2,8 the stock of outstanding cards with 13 2,2 600.000 12 Q3oQ2 1,6 11 Up 3% � 10 1,0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Stable margins in Q3, across markets � Volume Margin 20

Growth plan in Sweden well on track Gold customers Regional banks in Sweden (‘000) Number of Gold customers up 6% in Q3, � annualised – accelerating growth rate since 800 757 746 launch of Growth plan 735 725 719 714 706 Growth Plan Sweden focuses on advisory � 600 services and product segments with growth potential 340 advisors recruited and trained since 2005, mainly � 400 advisors and specialists serving high end- segments As part of Growth Plan Sweden Nordea will � establish 70 new branches at locations where 200 Svensk Kassaservice has operations Approx. 350 employees from Svensk Kassaservice will � 0 be offered employment and further training with Nordea Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 21

Strong growth in New European Markets YoY Total income New European Markets* Total lending up 76%, excl. Orgresbank � EURm 80 � Mortgage lending up 86% Number of gold customers doubled 70 � 68 Selective growth ambitions in Poland and � 60 63 Baltics 50 � Approx. 40 new branches to be opened in Poland 40 this year and 10-15 in Baltics 39 36 Focus on domestic and Nordic corporate � 30 31 customers, household customers in high- 20 end segment 10 Growth with strict cost and risk � management 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 * Orgresbank consolidated from Q2 22

Focused resource management a prerequisite for growth 70 C/I ratio (%) Cost culture firmly established � 60 64 63 60 Future branch project and Nordea 56 � 50 53 52 Transformation Program to free up time 40 for sales 30 20 Strategic investments to support growth � 10 0 2002 2003 2004 2005 2006 Jan-Sep 07 Banking & Group Nordic People & Capital Market Services & Segment Household & Banking Identity Products Technology Next phase of efficiency improvements � Corporate Account Products goes across units Group Corporate Cash Management & Payments Centre New operating model to support growth � and streamline processes Capital Market Products Group Credit & Private Risk Banking Control Savings Products & Asset Management Institutional & Group Legal International Savings & Life & Banking Products Compliance 23

Unchanged outlook for 2007 � Capital markets have gradually normalised, even though further market disturbances cannot be ruled out � Despite remaining market uncertainty Nordea confirms its financial outlook for the full year 2007 � The cost increase for the full year is expected to be approx. 6% � Nordea expects a gap between revenue and cost growth, including banking operations in Russia, in the area of 2-3%-points � The quality of the credit portfolio remains strong 24

CFO Presentation

Income statement summary EURm Jan-Sept 07 Jan-Sept 06* Chg % Net interest income 3,139 2,863 10 Net fee and commission income 1,614 1,525 6 Net gains/losses on items at fair value 873 726 20 Equity method 29 61 -52 Other income* 89 93 -4 Total operating income 5,744 5,268 9 Staff costs -1,773 -1,645 8 Other expenses -1,146 -1,094 5 Depreciation -74 -67 10 Total operating expenses -2,993 2,806 7 Profit before loan losses 2,751 2,462 12 Loan losses 54 175 Operating profit 2,805 2,643 6 Net profit 2,278 2,078 10 26 * For comparison reasons the capital gain from the sale of IMB of EUR 199m in Q3 2006 has been excluded (Other income)

Income statement summary EURm Q3/07 Q2/07 Chg % Q3/06* Net interest income 1,092 1,043 5 979 Net fee and commission income 531 548 -3 497 Net gains/losses on items at fair value 264 318 -17 224 Equity method 10 9 11 16 Other income* 17 39 -56 18 Total operating income 1,914 1,957 -2 1,734 Staff costs -596 -592 1 -550 Other expenses -372 -391 -5 -355 Depreciation -25 -25 0 -23 Total operating expenses -993 -1,008 -1 -928 Profit before loan losses 921 949 -3 806 Loan losses 13 28 55 Operating profit 932 978 -5 863 Net profit 761 816 -7 673 27 * For comparison reasons the capital gain from the sale of IMB of EUR 199m in Q3 2006 has been excluded (Other income)

Net interest income YoY EURm Up 10% � 1 092 1 100 1 043 1 006 1 004 Double digit lending growth compensated � 979 1 000 for margin pressure 900 Lending to the public up 19% � 800 Underlying margins stabilising � Deposit volumes up 13% 700 � Continued improvement of margins 600 � Contribution from New European Markets � 500 400 Q3oQ2 300 Up 5% � 200 Solid volume growth in all segments � 100 Margins on consumer loans unchanged � 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Household mortgage margins largely � unchanged Temporarily affected by lag effect in Norway � 28

Robust volume growth continues in Customer Areas % YoY Q3oQ2 Lending, total* 19 4 – Mortgage lending 12 3 – Nordic consumer lending 15 3 – of which non-collateralised lending 17 3 – Nordic Corporate lending 16 3 Deposits, total** 13 2 – Household deposits 10 3 – Nordic Corporate deposits 15 4 * Lending incl. repos ** Deposits incl. reversed repos 29

Change in net interest income EURm YoY Q3oQ2 Volume driven 264 20 -Lending volumes 195 12 -Deposit volumes 69 8 Margin driven -69 -5 -Lending margins -161 -21 -Deposit margins 92 16 Day effect 0 12 Orgresbank 30 3 Other, net 51 19 Total 276 49 30

Structural Interest Income Risk (SIIR) EURm, annualised effect on NII* Q3/07 Q2/07 Q1/07 Increasing market rates, 100bp 246 249 220 Decreasing market rates, 100bp -277 -279 -249 � SIIR kept stable despite higher business volumes - changed balance sheet structure *Approx. end of period SIIR is defined as the effect on net interest income (NII) in the next 12 months if market rates change by one percentage point. Figures are asymmetrical as interest rates on deposits from customers cannot be reduced below 0%. Figures are based on maturity and repricing structure, and the effect going forward will be subject to management decisions and the competitive situation in the market. 31

Net commission income YoY Up 6% � EURm Lending-related commissions up 19% � 600 reflecting high business activity 549 548 Savings-related commissions up 10% 535 531 � 500 497 AM commissions up 5% following growth in AuM � Life commissions up 25% � 400 Brokerage up 16% � Card commissions up 17% � 300 Commission expenses up 23% � 200 Mainly related to the launch of free credit cards to gold � customers and increased brokerage expenses Q3oQ2 100 Higher payment commissions � 0 Lending commissions stable � Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Lower in Asset Management � commissions Substitution effect between savings accounts and fixed � income funds 32

Net commission income – business trends EURm YoY 1200 Total commissions up 6% � 1000 1054 The strong growth in savings � 961 accounts drives a substitution effect 800 from savings commissions to net interest income 600 Strongest growth in lending � 576 541 commissions – up 19% 400 Payment commissions up 6% � 311 200 261 123 116 0 Jan-Sep 06 Jan-Sep 07 Savings related Payments related Lending related Other Asset Mgmt Cards 33

Net gains/losses – focus on customer business EURm YoY 288 300 Up 20% 273 274 � Up 13% in Customer Areas 250 � 211 Increased penetration of Nordea’s corporate � 200 186 customer base Revaluation of OMX shares approx. � 150 EUR 90m (EUR 25m) 100 78 Q3oQ2 37 50 30 Down 17% � 17 13 Seasonal slowdown in customer activity 0 � Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Valuation losses in market making portfolios � Customer areas Other Appreciation of OMX shares EUR 45m (EUR 34m) � Strong investment performance in Group Treasury � 34

Increased revenues from net gains/losses in Customers Areas Q3/Q3 Net gains/losses, Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 � Strong sales to customers EURm within Nordic Banking and Nordic Banking 102 120 103 109 86 Inst. & Int. Banking Institutional & 38 59 42 37 33 � Revenues up 18% International Banking Q3/Q2 Other customer 46 109 129 127 92 operations � Sales held up within Nordic Customer areas 186 288 274 273 211 Banking and Inst. & Int. Banking Other 78 30 17 37 13 � Negative effects form market Total 264 318 291 310 224 turmoil partly compensated by strong result in Group Treasury 35

Operating income YoY EURm Up 9% � 1 957 2 000 1 914 1 898 1 873 10% growth Q3/07 over Q3/06 � 1 734 1 800 Net interest income up 10% � 1 600 Strong volume growth and increased deposit � margins 1 400 Net commissions up 6% 1 200 � 1 000 Net gains/losses up 20% � 800 Continued successful penetration of the SME � segment 600 400 Q3oQ2 200 Revenues down 2% � 0 Seasonal effects � * Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Net gains/losses affected by market turmoil � Moderately lower commission income in Asset � management Net interest income up 5% � * Excl. capital gain from sale of IMB shares 36

Revenue growth in Nordea 5,744 EURm +51 +132 +81 +75 476 +103 +34 5,268 Lending, Savings: Markets Transaction Other Income Income New volumes Jan-Sep AM, Life accounts Jan-Sep European and and 2007 2006 Markets margins savings accounts 37

Expenses YoY EURm Up 7% � 1,016 1,008 993 992 1 000 Staff costs up 8% 928 � 19 25 24 25 900 23 Wage inflation and increased number of employees � 800 391 391 372 Variable salaries 383 � 355 700 Investments in growth areas, eg Poland & Baltics � 600 Orgresbank consolidated from Q2 2007 � 606 596 592 585 500 550 Other expenses up 5% � 400 Investments in growht areas � 300 Higher business activity � 200 IT investments, eg. Basel II � 100 0 Q3oQ2 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Down 1% � Staff costs Other expenses Seasonal effect � Depreciation 38

Expense growth in Nordea 6.7% 0.8% EURm 2.0% +23 +xx +55 0.9% +187 +25 1.0% +27 2.0% +57 2,993 2,806 Wage Higher variable Total Total Orgresbank Growth Other salaries and areas expenses expenses increases profit sharing Jan-Sep Jan-Sep 2006 2007 39

Growth in Staff Costs 7.8% 0.4% EURm +6 0.9% +15 1.4% 1.6% +23 +128 +27 3.5% +57 No. of recruited FTEs: approx. 2,400* 1,773 1,645 No. of FTEs that has left: approx. 1.900* Higher variable Increased Staff costs Staff costs Wage Orgresbank Training salaries and number of Jan-Sep Jan-Sep and other increases profit sharing FTEs mainly 2007 2006 in growth areas * Excl. Orgresbank 40

Number of FTEs YoY 32 500 Increased number of sales related � 3 115 employees and falling number of 2 887 30 000 employees in processing and staff units 2 125 1 710 1 664 New European Markets up 1,450 FTE’s � 27 500 � Excl. New European Markets, number of employees up approx. 1 % 25 000 27 973 27 801 27 592 27 568 27 489 22 500 20 000 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Nordea excl. New European Markets New European Markets 41

Loan losses , net EURm Jan-Sep 07 20 Positive at EUR 54m reflecting � continued recoveries and limited new 0 provisions -13 -13 Strong credit quality in all markets -20 � -28 -40 -55 -60 -82 -80 -100 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 42

Net profit YoY EURm Up 10% � 876 900 816 Continued strong gap between revenues and � 761 cost growth 800 701 Further loan loss recoveries – however lower � 673 700 than last year Tax rate 19% � 600 500 Q3oQ2 Down 7% 400 � Revenues effected by seasonal slowdown and 300 � market turmoil 200 Slightly lower loan losses � 100 recoveries 0 Somewhat higher tax cost � * Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 * Excl. capital gain from sale of IMB shares 43

Gap in line with target Income growth, incl. Orgresbank Gap 2.4%-points Ytd – in line with full � % year outlook 12 10,4 9,9 9,0 10 Gap 3.1%-points excluding Orgresbank � 8 6,8 � Jan-Sep 07: Orgresbank revenues EUR 37m, 6 expenses EUR 22m 4 � Jan-Sep 06: IMB revenues under equity method EUR 22m 2 0 Q1 Q2 Q3 Jan-Sept 07 Expense growth, incl. Orgresbank GAP, %-points incl. Orgresbank % % 8 4 7,0 6,7 6,7 3,4 6,3 3,2 6 3 2,4 4 2 2 1 0,5 0 0 Q1 Q2 Q3 Jan-Sep Q1 Q2 Q3 Jan-Sep 07 07 44

Profitability maintained at high level % Jan-Sep 07 25 23,8 22,7 Risk-adjusted profitability maintained 21,5 � 20,6 at high level 19,5 20 18,0 Lower return on equity mainly � explained by lower loan loss 15 recoveries and higher equity in 2007 10 5 0 * 2005 2006 Jan-Sep 07 ** RoE RaRoCar * Excl. gain from sale of IMB shares ** Risk-adjusted return on capital at risk 45

Strong increase in risk-adjusted EPS 1 0,87 0,9 0,80 0,8 0,69 0,7 0,59 0,6 0,5 0,4 0,3 0,2 0,1 0 EPS, EUR* EPS, risk adjusted, EUR Jan-Sep 06 Jan-Sep 07 * 2006 excl. capital gain from sale of IMB shares 46

Limited increase in RWA – Basel II rules impacting EURbn � Basel II RWA excl. transition rules up 220 206 200 1% to EUR 177bn compared to Q2, 194 193 200 189 185 185 177 176 despite volume growth 180 160 � Lower risk weights following improved collateral sourcing 140 120 � Basel II reduces RWA with 14% to 100 EUR 177bn (Basel I EUR 206bn) 80 � Basel II RWA incl. transition rules is 60 EUR 194bn – a reduction of 6% 40 20 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 RWA Basel I RWA Basel II excl transition rules RWA Basel II 47

Improved capital position % 7,9 � 7.2% Tier I-ratio according to Basel II 8 7,7 7,2 7,1 7,1 incl. transition rules 6,9 6,8 6,8 6,8 7 � Step one in Basel II implementation 6 � Capital base EUR 18.5bn 5 � Tier I excl. transition rules 7.9% 4 � Tier I according to Basel I 6.8% 3 2 1 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Tier I Basel I Tier I Basel II excl. transition rules Tier I Basel II 48

Business trends

Total lending EURbn 239 240 230 222 214 220 201 199 191 200 189 182 175 180 170 161 155 156 160 148 140 120 100 80 60 40 20 0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Corporate Housing loans Other loans Public sector 50

Household mortgages, volumes and margins EURbn % 90 1,6 85 1,5 80 1,4 81,1 79,0 75 1,3 76,3 74,9 70 71,8 1,2 69,4 65 66,9 1,1 65,2 60 63,0 60,1 1,0 55 57,8 56,6 54,7 0,9 50 52,9 49,6 45 0,8 40 0,7 35 0,6 30 0,5 25 0,4 20 0,3 15 0,2 10 0,1 5 0 0,0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 51

Nordic consumer lending, volumes and margins EURbn % 18 4,5 17,5 16,9 16 16,4 4,0 15,6 15,4 14,9 14 14,2 13,9 3,5 13,8 13,5 13,2 12,9 12 12,7 12,5 12,2 3,0 10 2,5 8 2,0 6 1,5 4 1,0 2 0,5 0 0,0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 52

Nordic Banking corporate lending, volumes and margins EURbn % 100 1,4 97,5 1,3 94,7 90 92,1 1,2 88,0 80 84,1 83,5 1,1 80,4 79,7 77,4 76,5 1,0 70 74,0 70,0 68,5 0,9 68,1 65,7 60 0,8 50 0,7 0,6 40 0,5 30 0,4 0,3 20 0,2 10 0,1 0 0,0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 53

Shipping and Oil Services lending, volumes and margins EURbn % 8 1,5 1,4 7,7 7,4 1,3 7,2 7,1 7,0 6,9 1,2 6 6,2 6,2 1,1 6,1 5,8 1,0 0,9 5,0 4,6 4,6 0,8 4,6 4,4 4 0,7 0,6 0,5 0,4 2 0,3 0,2 0,1 0 0,0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 54

New European Markets lending, volumes and margins* EURbn % 8 1,6 7 1,4 7,1 6 1,2 6,2 5 1,0 5,2 4,6 4 0,8 4,0 3,7 3,4 3 0,6 3,3 2,8 2,5 2,4 2 0,4 1 0,2 0 0,0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 * Excl. Russia 55

Total deposits EURbn 140 135 133 126 126 130 119 119 120 116 113 108 106 105 110 105 97 98 100 92 90 80 70 60 50 40 30 20 10 0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Of which household deposits 56

Nordic Banking household deposits, volumes and margins EURbn % 60 59,8 2,4 55 2,2 54,1 50 51,4 50,7 2,0 50,1 49,6 45 47,0 47,1 46,9 45,7 1,8 44,1 43,8 42,9 40 42,3 41,7 41,3 1,6 40,7 40,2 40,4 35 1,4 30 1,2 25 1,0 20 0,8 15 0,6 10 0,4 5 0,2 0 0,0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 57

Nordic Banking corporate deposits, volumes and margins EURbn % 50 1,6 45 46,8 1,4 45,0 44,7 44,1 40 41,4 40,6 40,0 39,8 1,2 39,1 38,5 38,1 37,9 37,9 37,2 37,2 35 1,0 30 25 0,8 20 0,6 15 0,4 10 0,2 5 0 0,0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 58

New European Markets deposits, volumes and margins* EURbn % 3,0 1,5 1,4 2,8 1,3 2,7 2,5 1,2 2,4 2,3 1,1 2,0 1,0 2,1 1,9 0,9 1,8 1,8 0,8 1,5 0,7 1,5 1,4 1,3 0,6 1,0 0,5 0,4 0,3 0,5 0,2 0,1 0,0 0,0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 * Excl. Russia 59

New segment reporting structure As a consequence of the new operating model and Nordea’s changed � organisation the financial reporting has been adjusted accordingly Financial result in two dimensions: � 1. Customer dimension; two main Customer Areas; Nordic Banking and Institutional & International Banking 2. Product dimension will be developed from 2008. In the meantime product result for Markets and Asset Management and Life according to previous reporting structure Banking & Capital Group Segment Household & People & Nordic Market Products Services & Identity Technology Banking Account Products Corporate Group Corporate Cash Management & Payments Centre Capital Market Products Group Credit & Private Banking Risk Control Savings Products & Asset Management Institutional Group Legal & & Savings & Life Compliance International Products Banking 60

Nordic Banking, profit before loan losses Q3/Q3 EURm Up 17%, driven by top-line growth � 800 750 Revenue growth 11% 761 760 � 700 688 650 686 � All geographical markets contributing, in particular 651 600 Finland 550 Net interest income up 11% � 500 450 � Strong increase in business volumes 400 Commissions up 6% � 350 300 � Mainly related to lending and savings commissions 250 Modest cost increase in Sweden 200 � 150 100 Key ratios Q3/07 Q3/06 50 0 C/I ratio, % 49 52 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 RaRoCar, % 27 25 61

11% growth excl. Nordic Banking effect from Retail deposit hedge Denmark Finland Norway Sweden EURm Q3/07 Chg Q3/07 Chg Q3/07 Chg Q3/07 Chg 428 9% 422 17% 202 13% 425 7% Total income -199 6% -180 7% -111 8% -222 2% Total expenses Profit before loan losses 229 12% 242 26% 91 20% 203 13% Operating profit 235 -1% 247 29% 97 5% 192 9% Q3/07 Q3/06 Q3/07 Q3/06 Q3/07 Q3/06 Q3/07 Q3/06 RaRoCar, % 27 26 38 33 18 17 24 23 C/I ratio, % 46 48 43 47 55 58 52 55 Lending, bn 60 51 46 41 36 29 59 53 Deposits, bn 31 27 28 26 19 16 28 25 62

Institutional & International Banking, profit before loan losses Q3/Q3 EURm Up 21% - excl. Russia 140 � High customer activity in Financial Institution 132 � 120 Division 115 Increased profit contribution from New European � Markets 100 105 100 Negative FX effect (USD) in Shipping � 91 80 Revenues up 17% - excl. Russia � Net interest income up 27% - excl. � 60 Russia 40 Strong growth in volumes in all segments, in � particular within New European Markets 20 Key ratios Q3/07 Q3/06 0 * C/I ratio, % 47 21 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 RaRoCar, % 37 122 * Excl. capital gain from sale of IMB shares 63

Institutional & International Banking Shipping, Oil services New European Financial Institutions & International Markets EURm Q3/07 Chg Q3/07 Chg Q3/07 Chg 119% Total income 85 16% 59 7% 68 -43 0% -12 20% -39 95% Total expenses 42 47 29 Profit before loan losses 40% 4% 163% Operating profit 42 40% 48 7% 30 172% Q3/07 Q3/06 Q3/07 Q3/06 Q3/07 Q3/06 RaRoCar, % 63 45 39 43 23 18 C/I ratio, % 51 59 20 19 57 64 2.9 1.3 10.1 9.1 8.0 4.0 Lending, bn Deposits, bn 15.7 11.3 5.6 4.1 3.2 2.1 64

Asset Management product result Q3/Q3 Up 6% � EURm Commission income up 12% � 120 110 Unchanged income- and result 113 � 100 margin 103 100 90 80 Q3oQ2 83 78 70 Lower trading activity due to market � 60 turmoil 50 Substitution effect between fixed � 40 income funds and savings accounts 30 20 10 Key ratios Q3/07 Q3/06 0 C/I ratio, % 53 53 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 AuM, EURbn 163 149 65

Assets under management YoY EURbn Up 9% � 180 165 163 163 158 Nordic Private Banking assets 160 � 149 up 18% 140 120 Q3oQ2 100 Moderate decline following net � 80 outflow and market turmoil 60 40 20 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension 66

Net flows savings Net flow AuM (EURbn) 2.6 Net outflow in Q3 of EUR 2.0bn � 1.8 4 2.0 -1.3 3 Customers reducing their market exposure and moving � 2 -2.0 assets from funds into savings accounts 1 Net outflow of EUR 0.2bn in Nordic Private Banking � -1 mainly due to one customer – will have effect also in Q4 -2 -3 -4 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension Net flow savings accounts (EURbn) Household savings accounts up 8% in � 2.3 2,5 Q3 2,0 Net inflow of EUR 4.8bn Jan - Sep 07 � 1.3 1,5 1.2 1,0 0.6 0.6 0,5 0,0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 67 HH Savings accounts

Life insurance, product result YoY Up 8% � EURm Improved investment return, 3.1% � 90 Q3/Q2 80 Gross written premiums up 11% � 70 74 Strong sales in Denmark and Poland � 67 60 61 Sweden still effected by the regulatory � 58 58 50 changes 40 Product result stable despite market � 30 turmoil 20 Key ratios Q3/07 Q3/06 10 Inv return, % 1.3 2.7 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Financial 10.9 11.3 buffers, % 68

CRO Presentation

Focus in risk management Capital management – implementation of the Basel II program and � efficient use of capital Tier 1 capital EUR 13.9bn � Tier 1 ratio 7.2% � Well diversified funding base � Liquidity management – net balance of stable funding � Prudent credit policies � Well diversified credit portfolio � Keep the good reception of the Nordea name among investors – key in � funding operations 70

Stable funding base in Nordea Balance sheet Strong and well diversified EURbn Jan - Sep 2007 � Treasury bills 7.4 funding base Loans and receivables to institutions 33.6 Loans to deposits (excl. Loans and receivables to the public 238.7 � Interest bearing securities 23.4 mortgage lending) 117% - of which banks and credit institutions 7.8 Swedish and Danish covered - of which instruments held by Nordea Life 15.6 � Shares (mainly held by Nordea Life) 18.5 bond markets fully operational Other assets 65.1 also during turbulent period Total assets 386.7 Deposits by credit institutions 36.2 Good reception of the Nordea � Deposits and borrowing from the public 135.0 name in the market Liabilities to policyholders 32.4 Focus on local investors in wholesale funding � Debt securities in issue 95.6 - of which covered bonds 54.0 Other liabilities 71.2 Total liablilities 370.4 Shareholders equity 16.3 Liabilities and Equity 386.7 71

Liquidity management a key focus area Structural liquidity risk of Nordea is measured by the net balance of stable � funding – difference between stable liabilities and stable assets Target to have a positive net balance of stable funding, ie stable assets must � be funded by stable liabilities Stable liabilities Stable assets Retail deposits Other deposits Other loans > 6 months ≤ Retail loans Bonds > 6 months Shareholder equity 72

Well diversified lending portfolio Share of total lending, end of Q3 2007 Household � Well-diversified lending mix 44% measured by customer segments Corporate and industry 56% � Stable over time Lending to companies by industry, end of Q3 2007 Other EUR 128.7bn Renting, 9% Consulting and other services Real estate 11% 27% Construction 3% Finance Agriculture & 11% Fishing 5% Transp. & Communication Manufacturing 5% Shipping & 14% Offshore Commerce and 5% services 73 10%

Well diversified revenues streams Well diversified revenue streams*, Q3 2007 � Four equally sized home markets � Increased revenue proportion from New European Markets New European Markets 3.8% in Q3 4% � Different business cycles in the four Norway Nordic countries 13% Denmark 29% Finland 27% Sweden 27% * Revenues from Customer Areas excl. Financial Institutions Division, Shipping, Offshore and International Division and Other customer operations 74

Strong growth in the Baltic countries…. Growth total lending Growth mortgage lending % % 70 65 83 82 81 77 80 60 50 49 50 60 41 48 40 30 36 40 30 25 20 16 20 9 10 0 0 2005 2006 Jan Sep 07 Q307 2005 2006 Jan - Sep 07 Total market Nordea Total market Nordea YoY Growth total deposits Selected growth strategy for the % � 43 Baltics 40 36 33 31 Customer areas in focus - affluent � 30 25 household segment and corporate 20 Less than 2% of Nordea’s loan 13 � 10 portfolio 0 2005 2006 Jan - Sep 07 Total market Nordea 75

…with limited risk exposure Growth total lending Growth mortgage lending EURbn EURbn 11,6 12 10,7 6 10 5,2 8,6 4,3 8 4 6 3 4,0 4 2 1,5 2 0,9 0,6 0,5 0,6 0,6 0,3 0 0 2005 2006 Jan - Sep 07 Q3 2005 2006 Jan - Sep 07 Total market Nordea Total market Nordea YoY Growth total deposits Nordea’s market share of new lending EURbn � 8 Jan – Sep 13% and 15% in Q3 5,7 Nordea’s market share of deposits 5,6 6 � Jan – Sep 8% 4 3,6 2 0,3 0,3 0,2 0 2005 2006 Jan - Sep 07 Total market Nordea 76

Impaired loans and total allowances EURm Q3 2007 Q4 2006 Q3 2006 Impaired loans, gross, individually assessed 1,344 1,616 1,499 Allowances for individually assessed loans 632 764 832 Impaired loans, net, individually assessed 712 852 667 Impaired loans, net / lending (%) 0.30 0.40 0.33 Allowances, individually assessed / Impaired loans, gross, (%) 47 47 56 Allowances for collectively assessed loans 293 354 349 Total allowances / Impaired loans, gross individually assessed 69 69 79 (%) Total allowances 925 1,118 1,181 Provisions for off balance sheet items 125 40 47 Total allowances and provisions 1,050 1,158 1,228 77

Impaired loans EURm. End of Q3/07 Gross Provisions Net 360 130 230 Household customers Manufacturing 350 175 175 Trade and services 187 87 100 Other companies 48 52 -4 Real estate 98 42 56 Renting, Consulting and other services 121 72 49 Agriculture & Fishing 29 13 16 Construction 40 16 24 Transport, communication 64 23 41 Public sector 3 1 2 Shipping 2 3 -1 Financial operations 33 8 25 Credit institutions 7 7 0 Total 1,344 632 712 78

Loan losses YoY EURm Recoveries maintained at high level � 299 and limited new provisions 330 Nordea is confident in the overall � 180 quality of its credit portfolio 126,4 101 98,1 86 30 -13 -13 -27,8 -54 -82,4 -120 -111 -129 -140 -139,9 -270 -420 -381 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Gross Reversals Net 79

Possible effects on lending margins from market turmoil Risk awareness – increasing default rates � Increased interest rates and volatility – increased cost of capital � Improved risk adjusted prices expected � Pricing power in lending is contra cyclical � 30.000 25.000 Exposure (EUR mill.) 20.000 15.000 10.000 5.000 - S 6+ 6 6- 5+ 5 5- 4+ 4 4- 3+ 3 3- 2+ 2 2- 1+ 1 1- 0+ 0- 0 2007 2006 80

Summary – Jan - Sep 2007 � Organic growth strategy continues to pay off � Strong result � Revenues up 9% � Risk-adjusted profit up 17% � Strong growth in number of Gold and Private Banking customers � Limited impact from market turmoil � Outlook for 2007 unchanged 81

Facts & figures

Facts & Figures, content � Credit quality Page 85 � Economic Capital Page 90 � Customer areas Page 93 � Balance sheet Page 121 � Market position Page 124 � Appendix Page 126 83

Credit quality

Loan portfolio by customer category* EURbn 129 130 123 119 120 113 105 105 110 101 100 97 100 93 91 90 84 83 80 79 80 82 80 70 76 74 71 68 60 66 65 63 60 58 50 56 55 53 50 40 30 20 24 23 23 22 21 21 20 20 19 19 18 17 17 17 10 16 0 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Corporate lending Housing loans Other loans * Excluding public sector 85

Lending to household customers End of Q3/07 EUR 106.0bn Other loans comprise � Other loans Consumer credits � 22,3% Investment credits � Car financing � Overdraft facilities � Credit cards � Home equity credits � Housing loans 77,7% 86

Loan portfolio in figures EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Household customers 106.0 102.6 98.7 96.4 91.9 Real estate 34.5 32.5 31.6 30.7 28.6 Construction 4.1 3.9 3.6 3.4 3.3 Transport, communication 6.0 6.3 6.7 5.9 5.9 Trade and services 12.5 11.8 12.6 11.1 10.8 Manufacturing 18.6 19.4 17.5 15.0 14.6 Finance 14.0 13.2 12.7 12.7 8.4 Renting, Consulting and other services 14.6 13.9 12.4 12.5 12.5 Other companies/public sector 15.4 13.1 13.9 14.2 13.7 Agriculture & Fishing 7.0 6.7 6.6 6.4 6.1 Shipping & Offshore 6.0 6.1 5.9 5.7 5.3 Total 238.7 229.6 222.2 214.0 201.1 87

Lending by geographical area End of Q3/07 EUR 238.7bn Latin America 0,6% Asien USA 0,7% 1,0% Nordic countries and Poland, Baltics and Other OECD Russia 0,4% 93,3% Övriga 6,7% Other non OECD 0,4% EU countries 3,6% Nordic countries and Poland, Baltics and Russia, EUR 222,7bn Denmark 61.3 � � Sweden 65.1 � Finland 45.8 � Norway 42.1 � Poland 2.2 Baltics 5.3 � � Russia 0.9 88

Economic capital

Economic capital (EC) EURbn EC per business area 11 (EURm) Q3/07 10 10,5 10,3 Nordic Banking 7,317 9,9 9,6 9 9,3 IIB 875 8 Savings & Life Products 1121 7 6 Banking & Capital 471 Market Products 5 4 Treasury 450 3 Private Banking 112 2 GST 117 1 Other 0 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Total 10,464 90

Economic capital – distribution End of Q3/07 Group Private Group Services & Banking Life risk Savings & Life Treasury Technology Operational risk 1% 1% Products 4% 1% 9% 11% Business risk 10% Institutional & International Banking 8% Market risk 15% Credit risk Banking & Nordic 65% Capital Market Banking Products 70% 5% 91

Nordic Banking

Nordic Banking lending and deposit volumes Lending, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Denmark 59.4 57.6 56.5 54.5 51.1 50.8 47.2 Finland 45.7 45.0 43.5 42.4 41.4 40.4 39.5 Norway 36.3 34.8 32.0 31.3 30.2 28.7 26.7 Sweden 58.1 55.6 56.2 52.8 52.3 51.4 51.3 Deposits, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Denmark 31.0 29.8 29.3 28.1 27.4 28.1 25.9 Finland 28.4 27.2 26.4 26.4 25.6 25.6 24.8 Norway 19.3 18.4 17.5 17.1 16.6 16.1 15.0 Sweden 27.9 27.5 27.1 27.1 25.3 24.8 23.6 93

Nordic Banking breakdown of lending Denmark, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 26.1 25.8 25.1 23.9 21.4 21.6 19.8 Household mortgages 24.3 23.7 23.1 22.5 21.8 20.8 20.3 Consumer lending 7.2 6.9 6.7 6.5 6.3 6.0 5.8 Finland, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 22.2 22.1 21.4 21.2 20.4 20.2 19.9 Households mortgages 18.7 18.2 17.6 17.2 16.5 16.0 15.5 Consumer lending 4.8 4.7 4.6 4.4 4.1 4.5 4.0 94

Nordic Banking breakdown of lending Norway, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 18.6 17.6 15.9 15.3 14.8 13.9 13.0 Household mortgages 16.8 16.1 15.2 15.2 14.6 13.9 12.9 Consumer lending 1.1 1.1 1.1 1.0 1.0 1.0 0.9 Sweden, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 30.6 29.2 29.7 27.6 27.5 27.8 27.6 Household mortgages 21.4 20.5 20.7 19.7 19.4 18.7 18.9 Consumer lending 4.3 4.1 4.1 3.9 3.7 3.5 3.5 95

Nordic Banking breakdown of deposits Denmark, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 12.3 11.1 11.3 10.5 10.1 10.8 9.2 Households, current 3.4 3.5 3.2 3.4 3.3 3.4 3.1 accounts Households, savings 15.4 15.3 14.8 14.2 14.0 13.9 13.5 accounts Finland, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 9.4 8.9 8.6 8.5 8.0 8.1 7.7 Households, current 9.5 9.9 9.7 10.0 9.9 10.1 9.9 accounts Households, savings 9.4 8.3 8.2 7.9 7.7 7.5 7.2 accounts 96

Nordic Banking breakdown of deposits Norway, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 12.6 12.1 11.6 11.0 10.4 10.2 9.4 Households, current 2.2 2.2 1.9 2.1 2.1 2.3 2.0 accounts Households, savings 4.6 4.1 4.0 4.0 4.0 3.7 3.6 accounts Sweden, EURbn Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Corporate 12.5 12.9 13.2 14.1 12.1 12.3 11.6 Households, current 5.4 5.6 5.5 5.6 5.5 5.4 5.1 accounts Households, savings 10.0 8.9 8.5 7.5 7.7 7.1 6.9 accounts 97

Payments & transactions

99 E-banking customers, all customers Mill. 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 Feb-00 June- Oct-00 Feb-01 June- Oct-01 E-banking customers Feb-02 June- Oct-02 feb-03 jun-03 okt-03 feb-04 jun-04 okt-04 feb-05 jun-05 okt-06 feb-06 jun-06 okt-06 feb-07 jun-07 Mill. 10 15 20 25 30 35 40 45 50 55 60 0 5 Q1/00 Q3/00 Q1/01 Denmark Q3/01 Q1/02 E-banking payments Q3/02 Finland Q1/03 Q3/03 Q1/04 Norway Q3/04 Q1/05 Q3/05 Sweden Q1/06 Q3/06 Q1/07 Q3/07

100 0,0 1,0 2,0 3,0 4,0 5,0 Mill. Cards, all customers Jan-01 May-01 Sept-01 Jan-02 Issued debit and credit cards May-02 Debit cards Sept-02 jan-03 maj-03 sep-03 jan-04 maj-04 sep-04 Credit cards jan-05 maj-05 sep-05 jan-06 maj-06 sep-06 jan-07 maj-07 sep-07 100 120 140 160 180 200 220 Mill. 20 40 60 80 0 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Card payments Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07