Income statement summary 2002 Jan-Dec Jan-Dec Change, Change %,adj 2002 2001 % Postgirot Bank EURm Net interest income 3,451 3,465 0 Commission income 1,535 1,432 7 Other income 684 708 -3 Total income 5,670 5,605 1 -4 Expenses -3,745 -3,389 11 2 Loan losses -261 -373 -30 Profit before investment earnings and 1,716 1,938 -11 -13 insurance 29
Underlying expenses* – development 2002 2001 Change, % EURm Reported expenses 3,745 3,389 Postgirot Bank included from 1 Dec 2001 -27 Postgirot Bank reported stand alone costs 2001 300 Expenses adjusted for Postgirot Bank 3,745 3,662 2 Employee profit sharing - 30 Increased pension cost 2002 50 Currency fluctuation 60 Underlying expenses 3,635 3,632 0 *Approximately 30
Income statement summary Jan-Dec Jan-Dec Change, Change %,adj 2002 2001 % Postgirot Bank EURm Profit before investment earnings and 1,716 1,938 -12 -13 insurance Investment earnings, banking 122 172 Operating profit, life insurance 2 -17 Operating profit, general insurance -122 -18 Goodwill depreciation -171 -147 Operating profit 1,547 1,928 -20 -21 Allocation to pension foundation -255 - Taxes -405 -360 -2 Net profit 887 1,568 -43 31
Revised financial targets � Revised financial targets Nov 2002 � Nordea aims to achieve a sustainable return on equity, excluding goodwill, of more than 15% by the latest from 2004 � Nordea aims to have the same cost level through 2003 and 2004 as in 2002 � Supporting these targets, the cost income ratio should not exceed 55% from the beginning of 2005 (assuming present business mix) 32
Benchmark costbase – same cost level � Reported costs 2002 � Allow for future costs relating to improved performance triggering: -profit sharing all employees -management incentive scheme � Assume stable structure and business mix 33
Capital markets exposure – reduced volatility � Disposal of general insurance has reduced Nordea’s capital markets exposure � Main remaining capital markets exposure relate to: – Life insurance business – Group Treasury – Certain pension schemes � In general, equity exposure in those operations has been reduced in Q3 and Q4 34
Life - investments EURbn. End of period 25 � Equity holdings further reduced 22.1 in Q4 20 � Equities 15 – Predominantly listed equities – 50/50 Nordic/international 10 � Bonds – ¾ Nordic issuers 5 – Primarily govmn’t & mortgage inst. 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Equities Bonds Real estate Unit linked 35
Life - asset allocation Total, EURbn Equities, % Q4/02 Q3/02 Q4/02 Q3/02 End of period Denmark 10.4 10.0 15* 23 Finland 5.5 5.2 13 15 Norway 3.2 3.2 6 12 Sweden 2.5 2.4 0 6 Total 21.6 20.8 11 17 *Major part hedged 36
Life – risk management � Equity holdings reduced to 11% of total investments at the end of 2002 � Asset allocation and various hedging techniques are continuosly considered/used � Equity exposure reduced through derivatives to 5% of total investments – Major part of the Danish equity exposure is hedged by means of collars to the end of the first quarter – Hedging technique reduces downside risk and limits upside potential 37
Life - solvency situation End of 2002 Required Actual Solvency Solvency in % of EURm solvency solvency buffer requirement Denmark 424 556 131 131 Finland 196 446 250 228 Norway* 130 218 88 168 Sweden* 62 104 42 168 *Excluding unit linked companies 38
Life – financial buffers* EURm % of guaranteed liabilities Q4/02 Q3/02 Q4/02 Q3/02 Denmark 368 335 3.9 3.7 Finland 137 136 3.3 3.4 Norway 5 5 0.2 0.2 Sweden 41 32 2.7 2.2 Total 551 508 3.1 2.9 * Financial buffers are defined in accordance with local regulations and practices. 39
Life – solvency sensitivity, January 2003 Denmark Finland Norway Sweden % Solvency in % of requirement 122 233 167 173 Equities drop 12% 122 208 159 173 Interest rates down 50bp 112 272 169 208 Interest rates up 50bp 128 176 166 138 40
Life – P/L effect sensitivity, January 2003 Denmark Finland Norway Sweden EURm Financial buffers* 367 136 5 41 Equities drop 12% -18 -44 -10 0 Interest rates down 50bp 48 75 2 22 Interest rates up 50bp -7 -75 -2 -22 * Financial buffers are defined in accordance with local regulations and practices. 41
Group Treasury - investments EURbn. End of period 20 � Equities – Listed, unlisted & private equity 15 12.5 funds 10 � Bonds – ¾ Nordic issuers 5 – Primarily government and mortgage inst. 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Fixed income Equities 42
Treasury – risk management End of 2002 � Price risk – Price risk in interest-rate positions, calculated as a parallel shift assuming a change in market interest rates of 100bp � Equity risk (VaR) – Risk related to equities, calculated as VaR, comprise all equities including listed, unlisted and private equity. EURm, end of period 2002 Q3/02 2001 Interest rate risk 99 118 157 Equity risk (VaR) 46 51 72 43
Pension commitments � Defined benefit plans in Sweden, Finland and Norway covered by pension funds under local regulation � Sweden and Finland are/have to be fully funded � Norway can be under-funded in line with IAS 19 rules � 2002 volatility in results related to Swedish pension fund � Swedish fund made regular refunds of surplus in previous years 44
Pension commitments – financial structure in Finland, Sweden and Norway Finland Sweden Norway Total End of period, EURm Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Assets 583 569 723 686 28 8 269 1,59 4 1,524 Pension obligations 537 537 723 686 4 93 469 1,7 5 3 1,692 Surplus/deficits 46 32 0 0 - 205 * -200 -1 59 -168 Equity exposure 32% 30% 19% 25% 10% 10% 22% 24% *Of which EUR 1 22 m reflected in balance sheet Nordea Bank Norway. In accordance with IAS-19 remaining amount, EUR 83 m, amortised over average remaining time to retirement 45
Capital efficiency – improved � Risk weighted assets reduced despite 6% increase in lending � Economic capital reduced by EUR 0.9bn in 2002 to EUR 10.2bn – Some increase in Q4 mainly due to changed calculations in Life � Focus on use of economic capital will be further strenghened � Clear prioritisation of performance and profitability before growth � Initiatives in 2002 included sale of general insurance business and other non- core assets � Future initiatives may include reduction of non-core assests such as real estate 46
Balance sheet - key items EURm. End of period 2002 2001 Change,% Lending 145.7 137.6 6 Deposits 91.7 86.4 6 Shareholders’ equity 11.9 11.8 1 Total assets 249.6 241.5 3 Risk-weighted assets 134.7 136.0 -1 47
Unchanged dividend per share proposed � Per share, EUR 0.23 � Total, EURm 673 � Pay-out ratio (of the net profit, target >40%) 76% � Dividend yield (calculated on share price Dec 30, 2002) 5.5% � Ex dividend date 25 April � Record date 29 April � Payment date 7 May 48
Capital adequacy Total capital ratio Tier 1 ratio % % 10 10 9.9 9 9 9.0 8 8 7 7 7.1 7.0 6 6 5 5 4 4 3 3 2 2 1 1 0 0 Q3/02 Q4/02 Q3/02 Q4/02 49
Repurchase of own shares � Total holding of own shares 57 million – of which 40 million repurchased under the repurchase programme – of which 17 million acquired as hedge regarding the incentive programme � No further repurchases before AGM � Board of Directors proposes to AGM to reduce share capital and number of shares by the retirement of the same number of shares � Board of Directors proposes to AGM to renew the authorisation to purchase up to 10% of the total number of shares – focus on maintaining financial flexibility 50
Outlook 2003 outlook � For 2003, growth in the four Nordic economies is expected to be low � Potential for increased revenues considered limited � Increase in short-term interest rates not expected until late 2003 at the earliest � Sharp attention on cost control � Uncertainty in the global economy may lead to credit quality deterioration medium term – target of maximum, over a business cycle, 0.40% remains unchanged � Nordea has no reason to believe that loan losses will exceed this average level in 2003 51
Nordea 52
Mission: ‘Making it possible’ By providing a broad set of easily accessible and competitive financial services and solutions, Nordea helps customers where we operate to reach their objectives . Vision We will be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. We will be in the top league or show superior profitable growth in every market and product area in which we choose to compete. We will have the leading multichannel distribution with a top world ranking in e-based financial services and solutions. 53
Strategic direction and top priorities Sustainable growth of economic profit Top priorities Reduce volatility and � ensure growth of income Ensure Establish a Speed-up integration and operational � stable and Optimise risk excellence and unification broadly based taking and use cost efficiency growth of of capital Improve cost efficiency � in all income processes Ensure capital efficiency � Maintain credit portfolio � quality Attract, develop and retain highly motivated, competent and empowered employees 54
Top priorities firmly anchored throughout the Group Retail Banking Corporate and Asset Management Other / Group & Life Institutional Banking Top priorities Reduce volatility and • Increase share of wallet for • Enhance position among large • Capture share of expected ensure growth of income personal customers in a multi- corporates in Sweden growth in the Long-Term channel strategy Savings and Life area • Focus on fin. institutions • Add value for small and • Reduce volatility in Life • Gain market share in debt medium sized corporates capital markets • Reduce IT-development costs Speed-up integration • Benchmark processes and • Streamline international • Centralise equity and fixed and projects and unification and structures activities income processes • Emphasise Nordic projects • Standardise service concepts • Support and procurement at improve cost efficiency • Re-focus Nordea Securities and solutions • Streamline support functions Group level • Reduce portfolio of • Shared service centres • Drive e-banking development projects • Implement new business • Limit use of balance sheet model in Life & Pensions • Further reduce economic Ensure capital efficiency • Implement economic profit on • Price according to risk business unit level capital and non-core assets and maintain credit • Increase proactivity and more • Roll-out economic profit- • Refine credit granting and portfolio quality strict monitoring of credit driven management system to controls portfolio push profitability • Refine credit scoring models 55
Financial targets Key performance indicator 2002 2001 Target Total shareholder return, peer group ranking 15 16 In the top five of the peer group Return on equity excluding goodwill, % 11.3 19.2 Sustainable RoE>15% from 2004 Costs, EURm 3,745 3,389 Same cost level through 2004 as in 2002 Cost/income ratio, % 64 58 < 55 % from 2005 and with present business mix Loan losses ratio, % 0.19 0.29 < 0.40% of loans and guarantees on average over a business cycle Dividend pay-out ratio,% 76 44 > 40 % of net profit Tier 1 capital ratio, % 7.1 7.3 > 6.5% Note: Proposed dividend for 2002 EUR 0.23 per share. Dividend for 2001 was EUR 0.23 per share 56
European banks by market cap HSBC RBOS UBS BARCLAYS LLOYDS TSB HBOS BNP PARIBAS SANTANDER BBVA DEUTSCHE BANK CREDIT SUISSE ABN AMRO SOCIETE GENERALE UNICREDITO NORDEA DEXIA BANCA INTESA ALLIED IRISH BANKS DANSKE BANK BANK OF IRELAND SAN PAOLO IMI KBC SHB HYPOVEREINSBANK MEDIOBANCA 0 10 20 30 40 50 60 70 80 90 100 Source: Nordea Securities, January 2003 EUR bn 57
Strong distribution network throughout the Nordic and Baltic Sea region Finland Branch offices 415 Personnel 10,500 Sweden Helsinki Branch offices 265 Stockholm Personnel 8,600 Bergen St Petersburg Oslo Norway Tartu Tallinn Branch offices 146 Copenhagen Gdynia Riga Personnel 4,400 Moscow Vilnius Hamburg Gdansk Denmark Warzawa Branch offices 348 Radom Personnel 9,400 Luxembourg Frankfurt Baltic and Poland Branch offices 66 Personnel 1,700 Countrywide network Total locations 1,240 Branch office or subsidiary Total personnel* 34,600 Office of an associated bank *Full time equivalents 58
Large customer base with high penetration in e-banking Baltic Total Sea DK FI NO SE Region Banking customers (1,000) Personal customers 1,600 3,000 600 4,260 240 9,700 Corporate customers 80 330 65 460 30 965 Life insurance customers (1,000) 660 290 215 450 35 1,650 Net banking customers (1,000) 430 1,200 250 1,370 30 3,270 59
Business areas 60
Results by business area EURm 500 400 418 345 300 200 137 100 120 61 2 31 27 0 -100 -200 Retail CIB Asset Mgmt & Life Group Treasury Q3/02 Q4/02 61
Retail Banking 62
Retail Banking operating profit EURm 450 � Strong sales 427 400 417 408 � Unchanged profit before loan 350 losses 351 345 300 � Loan losses in Retail Banking 250 Norway 200 150 100 50 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 63
Retail Banking operating profit by markets Retail DK FI NO SE P&B EURm Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Net interest income 783 774 207 203 222 223 114 107 229 231 9 6 Non-interest income 343 321 79 74 79 93 60 47 113 99 9 4 Total income 1,126 1,095 286 277 301 316 174 154 342 330 18 10 Total expenses -648 -623 -167 -154 -145 -151 -104 -102 -206 -199 -18 -10 Profit bef. loan loss 478 472 119 123 156 165 70 52 136 131 0 0 Loan losses -126 -49 -10 -10 1 1 -109 -33 -3 -7 -4 0 Operating profit 345 417 109 113 157 166 -39 19 129 120 -6 -1 C/I ratio % 58 57 58 56 48 48 60 66 60 60 102 98 RoE % 18 23 24 24 38 40 -11 6 23 22 -20 -4 64
Retail Banking lending EURbn. End of period 40 35 30 25 20 15 10 5 0 Denmark Finland Norway Sweden Q3/02 Q4/02 65
Retail Banking deposits EURbn. End of period 25 20 15 10 5 0 Denmark Finland Norway Sweden Q3/02 Q4/02 66
Retail Banking deposits EURbn. End of 2002 25 9.1 20 4.3 15 2.3 5.9 6.5 6.4 10 1.1 3.3 8.6 5 6.3 6.0 5.7 0 Denmark Finland Norway Sweden Corporate Personal customer - saving accounts Personal customer - current accounts 67
Retail Banking, volumes and margins Volumes Margins EURbn Q4/02 Q3/02 Q4/02 Q3/02 Lending to corporates 51.5 51.0 1.2% 1.2% Lending to personal customers 52.5 51.2 1.6% 1.6% Total lending 104.0 102.1 1.4% 1.4% Deposits from corporates 23.4 22.7 1.2% 1.3% Deposits from personal customers 37.6 37.2 2.0% 2.1% Total deposits 61.0 59.9 1.7% 1.8% Volumes and margins are excluding Postgirot Bank and Poland and Baltic, volume figures are quarterly averages 68
E-banking & Cards 69
E-banking customers E-banking customers Equity trading customers Mill. Thousands 350 3.5 300 3 250 2.5 200 150 2 100 1.5 50 0 1 July-00 July-01 Jan-02 July-02 April-00 July-00 April-01 July-01 Apr-02 July-02 Jan-00 April-00 Oct-00 Jan-01 April-01 Oct-01 Apr-02 Oct-02 Jan-00 Oct-00 Jan-01 Oct-01 Jan-02 Oct-02 70
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 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Denmark Finland Norway Sweden Denmark Finland Norway Sweden 71
Penetration on the net Equity trading penetration rate Mutual funds penetration rate % % Executed trades 25 80 70 20 60 50 15 40 10 30 20 5 10 0 0 1 Jan-00 April-00 Jan-01 April-01 Jan-02 Apr-02 July-02 July-00 July-01 Oct-02 1 1 2 2 2 Oct-00 Oct-01 1 2 0 0 0 0 0 0 0 0 - - - - - - - - y n t n y t l r i l c p c l a r u a u O O p A J J J J A 72
73 Jan-01 10 15 20 25 30 35 40 0 5 Mill. Cards April-01 July-01 Oct-01 Card payments Jan-02 Apr-02 July-02 Oct-02 Jan-01 Mill. 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 April-01 July-01 Debit and credit cards Oct-01 Jan-02 Apr-02 July-02 Dec-02
Corporate and Institutional Banking (CIB) 74
CIB operating profit EURm 150 � Higer income 137 135 � Strong deal flow from Shipping and 120 125 121 120 Markets � Further streamlining of activities 90 � Credit quality stable 60 30 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 75
Stock market development Market Volume Market index Chg Q4 vs Q3, % Q4 2002, Q4 2002, % EURbn Denmark 11.3 -11.8 3.9 Finland 49.3 26.4 11.2 Norway 13.6 11.4 4.2 Sweden 66.6 17.3 11.1 Nordic average 16.6 7.6 Source: Nordea securities 76
CIB operating profit by main area International Corporate CIB & Shipping Inv. Banking Other Markets* Division Division EURm Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Total income 321 280 256 198 48 51 24 27 -7 4 135 113 Total expenses -174 -150 -119 -84 -24 -14 -30 -33 -1 -19 -58 -52 Profit bef. loan loss 147 130 137 114 24 37 -6 -6 -8 -15 77 61 Loan losses -13 -11 3 -28 -16 -8 25 Transfer risk 3 1 3 1 Equity method 2 2 2 2 Operating profit 137 120 142 86 8 29 -6 -6 -7 11 77 61 C/I ratio % 54 54 * 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 Corporate and Institutional Banking and 77 Retail Banking.
CIB lending volume EURbn. End of period 30 25 20 15 10 5 0 Corporate Division International & Shipping Total Division Q3/02 Q4/02 78
Asset Management & Life 79
Asset Management, product result EURm 60 � AuM up 3% 56 55 50 � Continued shift towards fixed 49 income 40 � Increased focus and efficiency in 38 35 Investment Mgmt 30 20 10 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 80
Assets under management, volumes EURbn. End of 2002 120 96 100 80 60 40 20 0 Q3/01 Q1/02 Q2/02 Q3/02 Q4/02 Investment management Private banking Investment funds Real estate within Life 81
Asset structure – Investment Management* September 2002 December 2002 EUR 62.6bn EUR 63.8bn Int'l. fixed Int'l. fixed income income 12% 12% Nordic Nordic equities equities 13% 14% Nordic Nordic fixed fixed income income 53% Int'l. 55% Int'l. equities equities 20% 21% *Including mgmt of own investment funds 82
Asset structure – Investment Funds December 2002 September 2002 EUR 31.9bn EUR 30.4bn Balanced Balanced funds funds 13% 13% Fixed Equity income funds funds 47% 47% Fixed Equity income funds funds 40% 40% 83
Investment Funds volumes and margins EURbn Margins Volumes. End of period % 16 1.6 14 1.4 12 1.2 10 1.0 8 0.8 6 0.6 4 0.4 2 0.2 0 0.0 DK FI NO SE DK* FI NO SE Q3/02 Q4/02 Q3/02 Q4/02 * Net margin 84
European Fund distribution EURm � More than 1000 active distribution 2000 agreements 1800 1600 � Assets by country of source: 1400 – 33% from Germany 1200 1000 – 30% from Switzerland 800 – 15% from Austria 600 – 8% from Luxembourg 400 200 – 8% from France 0 – 1% from the UK Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 – 5% from Other Inflow AUM 85
Operating profit, Life Insurance EURm 50 � Investment return 2.7% 44 40 (-0.8% in Q3) 30 � Net written premiums increased by EUR 257m 20 � Financial buffers 10 strengthened 4 0 -3 � Increased liabilities due to -13 -10 lowerered discount rates -20 -26 -30 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 86
Life - breakdown of operating profit Q4/02 Q3/02 EURm Normalised operating margin 74 126 Fluctutations compared to normalised investment return 117 -435 Chg in discount rate for life provisions -83 -277 Allocation to policy-holders 0 -6 Allocation from financial buffers -51 579 Operating profit Unit Linked business -9 1 Total operating profit 44 -13 87
Life EURm Q4/02 Q3/02 Q2/02 Q1/02 Q4/01 TRADITIONAL LIFE Premiums written net 595 381 486 559 589 Normalised investment. Return 284 285 239 239 288 Benefits paid and change in provision -771 -511 -642 -704 -889 Insurance operating expenses -34 -29 -31 -31 -29 Normalised operating margin 74 126 52 63 -41 Fluctuations compared to normalised investment return 117 -435 -540 -158 267 Change in discount rate for life provisions -83 -277 -94 211 -228 Actual operating margin 108 -586 -582 116 -2 Allocated to policyholders 0 -6 -11 -11 -5 Change in financial buffers -51 579 570 -110 12 Net profit from Health & Pers. Accident insurance -4 -1 -5 0 - Operating profit 53 -14 -28 -5 5 UNIT LINKED BUSINESS Premiums written, net of reinsurance 127 84 125 134 189 Operating profit -9 1 2 2 -1 TOTAL LIFE & PENSIONS Premiums written, net of reinsurance 722 465 611 693 778 Total operating profit 44 -13 -26 -3 4 Of which allocated profit to Retail 38 14 16 12 22 88
Life EURm Denmark Finland Norway Sweden Other Total TRADITIONAL LIFE Premiums written net 211 241 102 37 2 595 Normalised investment. Return 139 64 51 24 6 284 Benefits paid and change in provision -331 -271 -126 -41 -2 -771 Insurance operating expenses -20 0 -11 -3 0 -34 Normalised operating margin -1 35 16 18 7 74 Fluctuation compared to normalised investment return 140 -16 -5 -5 1 117 Change in financial buffers -83 0 0 0 0 -83 Actual operating margin 56 19 11 13 8 108 Allocated to policyholders 0 0 0 0 0 0 Change in financial buffers -39 0 0 -12 0 -51 Net profit from Health & Pers. Accident insurance -4 0 0 0 0 -4 Operating profit 13 19 12 1 8 53 UNIT LINKED BUSINESS Premiums written, net of reinsurance 30 44 27 23 3 127 Operating profit -9 2 -2 0 0 -9 TOTAL LIFE & PENSIONS Premiums written, net of reinsurance 241 285 129 60 5 722 Total operating profit 3 21 10 1 8 44 89
Life - investments EURbn. End of period 25 � Equity holdings further reduced 22.1 in Q4 20 � Equities 15 – Predominantly listed equities – 50/50 Nordic/international 10 � Bonds – ¾ Nordic issuers 5 – Primarily govmn’t & mortgage inst. 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Equities Bonds Real estate Unit linked 90
Life - solvency situation End of 2002 Required Actual Solvency Solvency in % of EURm solvency solvency buffer requirement Denmark 424 556 131 131 Finland 196 446 250 228 Norway* 130 218 88 168 Sweden* 62 104 42 168 *Excluding unit linked companies 91
Life – financial buffers* EURm % of guaranteed liabilities Q4/02 Q3/02 Q4/02 Q3/02 Denmark 368 335 3.9 3.7 Finland 137 136 3.3 3.4 Norway 5 5 0.2 0.2 Sweden 41 32 2.7 2.2 Total 551 508 3.1 2.9 * Financial buffers are defined in accordance with local regulations and practices. 92
Group Treasury 93
Group Treasury operating profit EURm 40 � Gains on bond portfolio 38 35 35 � Losses on equity holdings following 30 31 consolidation of portfolios 25 27 20 21 15 10 5 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 94
Group Tre a sury operating profit by main areas Investment & Risk Trading Group Funding Total Fixed income Equity portfolios portfolios Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 EURm Income 25 64 -4 -46 18 26 Expenses -2 -3 -2 -1 -8 -9 10 17 10 17 Profit excl. Investment earnings Investment earnings 17 14 23 61 -6 -47 Operating profit 27 31 95
Group Treasury - investments EURbn. End of period 20 � Equities – Listed, unlisted & private equity 15 12.5 funds 10 � Bonds – ¾ Nordic issuers 5 – Primarily government and mortgage inst. 0 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Fixed income Equities 96
Balance Sheet 97
Balance sheet - key items EURm. End of period 2002 2001 Change,% Lending 145,740 137,570 6 Deposits 91,663 86,396 6 Shareholders’ equity 11,897 11,819 1 Total assets 249,619 241,549 3 Risk-weighted assets 134,660 136,021 -1 98
Balance sheet structure - assets EURbn. End of period 150 145.7 137.6 120 90 60 30 33.3 28.2 25.2 23.5 23.6 21.4 21.5 19.8 5.8 5.4 0 Lending Interest Loans and Assets, Other assets, Other bearing advances to insurance banking securities credit inst. 2001 2002 99
Real estate holdings Book value. End of period, EURbn 2002 2001 2000 1999 Owner occupied properties 1.2 1.5 1.4 1.4 Non owner occupied properties 0.2 0.3 0.6 2.1 Shares in real estate holding 0.4 0.3 0.4 0.4 companies Investments of the insurance 1.9 2.0 1.6 1.6 companies Total 3.7 4.1 4.0 5.5 100
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