Contents Nordea Key figures and trends Group P&L Business - - PowerPoint PPT Presentation

Contents

Nordea Key figures and trends Group P&L Business areas Balance sheet Asset quality Appendix

Nordea statement - vision

We shall be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential

Nordea statement - ambition

We shall be number one or number two or show superior and profitable growth in every market and product area in which we choose to compete. We shall have the leading multichannel distribution with a top world ranking in e-based financial solutions

Strategic focus

Nordea is dedicated to deliver financial solutions in partnership with customers. The broader the product portfolio, the competence and the investment base are, the better products and services we can develop.

Nordea shall create value for shareholders in line with the best among European listed financial services companies

Profitability Cost control Realising synergies Risk control Optimal capital structure AuM Value drivers 19.4 % 21.6 % Return on equity excl. goodwill………………………. Targets Realised 20 % p.a. 18 %

• 3.8 %

AuM growth…………………. >6.5% 6.8 % 7.0 % Tier 1 ratio………….............. <100% 110 % 103 % Combined ratio, general insurance……………………. <0.4% 0.08 % 0.16 % Average loan losses………... <50% 55 % 55 % Cost/Income ratio, banking.. >40% 40 %

• Dividend payout ratio……….

>Euro rfr+8% 16.1 % 15.6 % Return on equity……………. 46.5 % Total shareholder return…… 2003 2000 H1/01 Performance indicators

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Tartu Gdansk Gdynia Frankfurt Berlin Hamburg Radom

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow Bergen

Copenhagen

37,630 Total personnel 1,481 Total locations 1,200 Personnel 110 I-service centres 21 Branch offices Baltic and Poland 12,884 Personnel 65 I-service centres 353 Branch offices Denmark 5,500 Personnel 40 I-service centres 155 Branch offices Norway 6,707 Personnel 273 Branch offices Sweden 11,339 Personnel 464 Branch offices Finland

Large customer base with high penetration in net banking

2,385 6 861 165 1,048 305 Net banking customers (1,000) 1,564 68 440 200 256 600 Life Insurance and Pensions 1,587 242

• 400
• 945

General Insurance Insurance customers (1,000) 593

• 102

202 149 140 Large Nordic corporate customers² 590 10 130 60 330 60 Corporate customers 8,900 40 3,600 500 3,000 1,700 Household customers Retail banking customers (1,000) Total Baltic Sea Region SE NO FI DK

Note 1: Figures as per June 30 2001 Note 2: Shipping, Offshore and Oil Services customers (375) are not included.

Group Staffs

Nordea

Corporate and Institutional Banking Investment Banking Asset Management Retail Banking Life Insurance and Pensions

Business structure

General Insurance Group Corporate Centre

The merger process to date - establishing the pan-Nordic platform

Norway

CHRISTIANIA BANK OG KREDITKASSE

Denmark Finland Sweden 1995-1996 1997 1998 1999 2000

10 20 30 40 50 60 70 80 90 100 110 120 130

Std Chartered Dexia Bank of Scotland Nordea San-Paulo-IMI Banca Intesa Unicredito Dresdner Soc Gen Abbey HypoV Halifax ABN Fortis BNP Paribas BBVA BSCH Deutsche CS Barclays Lloyds UBS RBS ING HSBC

Top 25 European banks by market cap

Source: Nordea Securities, August 2001

EUR bn

Profit and volume growth

Highest profit ever excluding investment earnings, EUR 604m Operating profit EUR 677m, up 22% compared to the first quarter

2001

Return on equity excluding goodwill 23.4% Net interest income continued to show stable progress Net loan losses 0.18% (0.14% in the first quarter), annualised Deposits increased by 5% and lending by 3% Earnings per share EUR 0.16, up from EUR 0.13 in the first quarter

Strategic progress

Acquisition of Postgirot strengthens market position E-banking shows all time high in number off log-ons (18.4m) and

payments (21.0m)

Ratings – several upgradings All banks in the Group to be branded Nordea from December

Operating profit

630 603 677 555 473

100 200 300 400 500 600 700 800 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 An increase of 22 %

compared with first quarter

Operating profit for the

first 6 months totalled EUR 1,232m

EURm

Strong core earnings

495 524 454 570 604 162 100 42 21 110 630 603 473 555 677

100 200 300 400 500 600 700 800 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Profit excluding investment earnings Investment earnings Operating profit

Strong financial

growth

Maintained customer

focus

Realisation of merger

synergies

EURm

Loan losses net

20 20 22 45 59

10 20 30 40 50 60 70 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Loan losses 18 bp in Q2 Mainly related to previously

troubled commitments

Overall credit quality in essence

unchanged

EURm

55 55

10 20 30 40 50 60 70 Q1/01 Q2/01

Key figures

Combined ratio, general insurance** C/I Ratio, banking* % %

106 100

20 40 60 80 100 120 Q1/01 Q2/01

* Operating expenses excluding goodwill as a percentage of operating income and share of P/L from companies accounted for under the equity method ** Claims and expenses as a percentage of net premium income. Change in equalisation provision is not included in claims

0.16 0.13

0,05 0,1 0,15 0,2 Q1/01 Q2/01

Key figures

Return on Equity Earnings per share EUR %

17.0 14.1 23.4 19.7

5 10 15 20 25 Q1/01 Q2/01

Return on equity

• Excl. goodwill

Strengthened competitiveness in domestic payments in Sweden -

better and more efficient solutions for the customers

Increased business volumes through cross-selling to the large

customer base of Postgirot Bank

Strengthened competitiveness in international payments through the

network of Postgirot Bank

Acquisition of Postgirot Bank

Nordea agreement with the Swedish Post to acquire 100 percent of

Postgirot Bank AB (31 August 2001)

The purchase price is SEK 4.1bn (EUR 440m) in cash, plus accrued profits

from 1 January 2001 up until completion

The acquisition is conditional upon approval by

• Swedish Financial Supervisory Authority
• EU Commission

Closing is expected within 6 months, depending on necessary approvals Net synergies EUR 20m after three years

The transaction

Postgirot Bank has a large customer base

• 425,000 corporate customers
• 850,000 personal customers
• Includes all major corporate and public sector customers
• About 70% of the customers is not currently Nordea customers

Significant opportunities for cross-selling of the wide range of

Nordea products and services

Cross-selling opportunities

Integration progress - branding

All retail banking operations will change branding to Nordea in

December

• Decision is based on careful commercial analyses
• Integration is progressing ahead of schedule

Asset Management and Corporate and Institutional Banking adopted

the Nordea brand early this year

Investment Banking changed its name to Nordea Securities in May

Integration progress – synergies

Announced total synergies 360 Expected by the end of 2001 145 Achieved by Q2 2001 75

Income statement summary

36 37 Goodwill 82 11 20 Equity method 22 555 677 Operating profit 21 110 Investment earnings 6 570 604 Profit excl. investment earnings 31 45 59 Loan losses 2 955 977 Expenses 4 1,559 1,620 Income Change, % Q1/01 Q2/01 EURm

Income statement summary

49 73 Goodwill 32 31 Equity method

• 9

20 181 19 22 Change, %

• 10

1,359 1,232 Operating profit 431 131 Investment earnings 14 977 1,174 Profit excl. investment earnings 37 104 Loan losses 3 1,628 1,932 Expenses 9 2,610 3,179 Income

• Adj. for

CBK, % H1/00 H1/01 EURm

Income

707 733 757 872 885 625 565 627 687 735

200 400 600 800 1000 1200 1400 1600 1800 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Net interest income Non-interest income

EURm

Net interest income

707 733 885 872 757

100 200 300 400 500 600 700 800 900 1000 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Stable progress Growth in lending and

deposits

Overall stable margins EURm

Commission income

386 320 368 361 370

50 100 150 200 250 300 350 400 450 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Maintained

commissions despite turbulent markets

Sustained

commissions from Asset Management

Increased payment

and lending commissions

EURm

Commission income

128 122 130 113 116 111 103 117 129 127 87

• 66
• 64
• 74
• 73
• 73

55 68 79 60 81 91 75 73 68 55 56 48 42 44

• 100

100 200 300 400 500 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Asset management Payments & deposits Brokerage Lending Other Expenses

EURm

Trading

72 108 94 156 128

20 40 60 80 100 120 140 160 180 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Good income level High quality earnings

• customer driven

revenue stream

Extraordinary strong

Q1/01

EURm

Income, insurance

138 102 129 134 185

20 40 60 80 100 120 140 160 180 200 Q2/00* Q3/00* Q4/00 Q1/01 Q2/01 EURm Up almost 40% Premium growth Lower claims Increased efficiency

*Negative hurricane impact Q2/00 EUR 13m and Q3/00 EUR 10m

460 459 482 545 560 380 326 425 410 417

200 400 600 800 1000 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Personnel Other

EURm

Expenses

High activity in Q2

• customer-related
• integration process

H1/01 up 3% on H1/00

adjusted for CBK

Profit-related

personnel expenses in the first half EUR 70m

Total IT-related expenses*

395 670

100 200 300 400 500 600 700 800 2000 H1/01

EURm

*Computer operations, service expenses, consultants and personnel

20.4% H1/01 22.7% 2000 As % of total expenses

Loan losses

145 135 303 183 193

• 125
• 115
• 281
• 138
• 134

20 20 22 45 59

• 300
• 200
• 100

100 200 300 400 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Gross Reversals Net

EURm

Loan losses 18 bp in

Q2

Mainly related to

previously troubled commitments

Increase in country

risk reserve

Overall credit quality

in essence unchanged

Investment earnings

105 30 34 68 25 Treasury 162 100 42 21 110 Investment earnings 71 17 20 2 55 Other

• 17

38

• 10
• 32

11 General insurance 3 15

• 2
• 17

19 Life insurance Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 EURm

458 140 5 479 93 1 36 35 80

• 31

75

• 14

65 42

• 100

100 200 300 400 500

Retail CIB Asset Mgmt* IB Life* General Treasury

Q1/01 Q2/01

Results by business area

EURm

*Product result for Asset Management and Life

Retail Banking operating profit

351 423 345 458 479

50 100 150 200 250 300 350 400 450 500 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

EURm

Operating profit up 5% C/I-ratio improved to 54% ROE 26% Volume increase for lending

and deposits

Retail Banking operating profit by market Q2

6 23 16 39 24 26 Return on equity % 69 57 59 48 56 54

Cost/income ratio %

1 132 52 158 136 479

Operating profit

• 2
• 2
• 4
• 9
• 5
• 23

Loan losses

3 134 56 167 141 502

Profit before loan losses

• 7
• 180
• 77
• 157
• 178
• 599

Total expenses

10 314 133 324 319 1,101

Total income

4 102 39 74 84 303

Non-interest income

6 212 94 250 235 798 Net interest income Retail P&B Retail SE Retail NO Retail FI Retail DK Retail Banking

EURm

33.9 14.8 25.7 20.4 34.4 15.5 20.9 26.2

5 10 15 20 25 30 35 Denmark Finland Norway Sweden 31-03-01 30-06-01

Retail Banking lending

EURbn

16.0 19.1 8.4 12.8 13.5 15.7 8.6 20.0

5 10 15 20 25 Denmark Finland Norway Sweden 31-03-01 30-06-01

Retail Banking deposits

EURbn

114 119 74 140 93

20 40 60 80 100 120 140 160 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

CIB operating profit

EURm Stable underlying development Income from Markets lower

compared with exceptional Q1

Increased provisions for

certain previously recognised troubled commitments

ROE 12% C/I-ratio 46%

CIB, Q2 2001

4 4 Equity method

• 10
• 10

Country risk 28

• 12

40

• 7

47 Shipping and Offshore 89

• 2

91

• 55

146 Corporate Division 12 Return on equity % 46 Cost/income ratio % 49 13 93 Operating profit

• 11
• 50

Loan losses 49 30 149 Profit before loan losses

• 47
• 22
• 126

Total expenses 96 52 275 Total income Markets* Inter- national CIB EURm

*Product result: revenues and expenses allocated to customer responsible units

CIB lending volume

30.2 5.1 7.5 17.5 31.6 4.5 7.3 18.8

5 10 15 20 25 30 35 Corporate Division Shipping and

• ffshore

International Total 31-03-01 30-06-01 EURbn

CIB net loan losses

6 10 Country risk 30 60 Total 24 50 48 25 Acquisition finance 11 International division

• 16

12 Shipping division

• 8

2 Corporate division Q1/01 Q2/01 EURm

Asset Management, product result

69 75 68 75 65 29 25 27 28 20 10 20 30 40 50 60 70 80 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

• of which operating profit

EURm

Continued voltility in financial

markets affected AuM and result

AuM up 4% to EUR 101bn in

Q2

• Net inflow limited and

dominated by fixed income

Assets under management, volumes

36 33.2 36 26.8 22.3 21.7 42,2 41.6 42

20 40 60 80 100 120 Q4/00 Q1/01 Q2/01 Mutual funds Private banking Investment management

EURbn

Asset structure – mutual funds*

Fixed income funds 46% Balanced funds 18% Equity funds 36% Fixed income funds 47% Balanced funds 17% Equity funds 36%

EUR 33.9bn June 2001 EUR 31.7bn March 2001

* Excl. EUR 2.1bn and EUR 1.5bn outside Nordic countries

Mutual funds volumes and margins

18.2 1.7 9.8 4.2

2 4 6 8 10 12 14 16 18 20 DK FI NO SE

1.14 1.08 1.33 0.40

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 DK FI NO SE

Volumes, EURbn Margins Q2, % 30-06-01

* * Net margin

Investment Banking operating profit

22 2 12 5 1

5 10 15 20 25 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

EURm

Equities commission income

reduced

High level of activity in Nordic

M&A business

Leading positions by market

shares on the Helsinki and Copenhagen stock exchanges

Nordea Securities

5 1 Operating profit

• 34
• 41

Total expenses 39 42 Total revenues

• 1

2 Other 9 21 Corporate Finance 31 19 Equities Q1/01 Q2/01 EURm

5 23 3 15

• 2

19 3

• 17
• 20
• 15
• 10
• 5

5 10 15 20 25 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Technical result Investment earnings

EURm

Life Insurance and Pensions, product result

Product result improved to

EUR 42m

Increase in premium income in

Denmark

Favourable development in profit

• n investment activities

Life insurance and Pensions Q2

27 2 25

• 5
• 236

61 30 175 205 Finland 3 5

• 2
• 11
• 131

59 25 56 81 Norway 42 12 Product result 19 1 11 Investment earnings 23

• 1

1 Technical result

• 43
• 2
• 10
• 15

Expenses

• 1,100
• 3
• 175
• 555

Benefits 420

• 4

78 226 Investment return 146 4 65 22 unit link 600 4 42 323 traditional life insurance Of which 746 8 107 345 Premiums gross Total Other Sweden Denmark EURm

Life and Pensions - investments

6 6,4 5,9 5 5,5 8,4 9 8,8 10,5 10,6 1,2 1,2 1,2 1,5 1,5 2,4 2,6 3,1 3,1 3,4

5 10 15 20 25 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Shares Bonds Property Unit linked

EURbn

7

• 13
• 17
• 10

11 25 22 1

• 32

38

• 40
• 30
• 20
• 10

10 20 30 40 50

Q2/00* Q3/00* Q4/00 Q1/01 Q2/01

Technical result Investment earnings

General Insurance, operating profit

EURm

Growth in gross premiums Lower claims Increased efficiency Combined ratio improved to

100%

* Negative hurricane impact Q2/00 EUR 13m and Q3/00 EUR 10m

92 101 106 100 101 103 107 107 115 96

20 40 60 80 100 120 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Denmark Norway

Combined ratio by market

%

General insurance

• 31

36 Operating profit

• 32

11 Investment earnings 1 25 Technical result

• 97
• 96

Expenses

• 287
• 285

Claims 27 31 Technical interest 358 375 Premiums net 428 453 Premiums gross Q1/01 Q2/01 EURm

General Insurance Q2

Premiums, net Technical interest Claims Investment earnings EURm Expenses Premiums gross 197 14

• 152

14

• 50

Denmark 125 14

• 99
• 1
• 23

Norway 219 165 53 3

• 34
• 2
• 23

Other 375 31

• 285

11

• 96

Total 69 453 Operating profit 23 16

• 3

36 Technical result 9 17

• 1

25

0.444 0.412 0.427 0.498 0.514 1.518 1.438 1.754 1.711 1.713 0.407 0.412 0.409 0.407 0.404

0,5 1 1,5 2 2,5 3 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Shares Bonds Property

General Insurance - investments

EURbn

Treasury operating profit

Volatile financial markets Fixed income earnings negative

• partly balanced by equity

gains

Gain on Atle shares EUR 57m Reduced risk exposure

99 34 34 12 35 68

20 40 60 80 100 120 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Reclassification effect Q1/01

EURm

11.7 12.9 12.9 12.4 12.6 0.4 0.4 0.4 0.4 0.4

10,5 11 11,5 12 12,5 13 13,5 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Fixed income Equities

Treasury investment portfolio

EURbn

Balance sheet - key items

132 136 135 Risk-weighted assets 224 233 233 Total assets 11 11 11 Shareholders’ equity 79 77 81 Deposits 129 131 135 Lending Dec 00 March 01 June 01 EURbn, end of period

129 28 23 22 15 7 135 28 21 23 21 5

20 40 60 80 100 120 140 Lending Interest bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other 31-12-00 30-06-01

Balance sheet structure - assets

EURbn

Real estate holdings

4.0 4.1 4.1 Total 1.6 1.8 1.8 Investments of the insurance companies 0.6 0.5 0.5 Other property investments 0.4 0.4 0.4 Shares in real estate holding companies 1.4 1.4 1.4 Owner occupied properties* 31-12-00 31-03-01 30-06-01 Book value, EURbn

*30.06.01: Finnish companies 0.42, CBK 0.17, Vesta 0.03, Unibank & Tryg-Baltica 0.42, Norbanken 0.33

79 56 29 19 21 11 9 81 56 34 20 22 11 9

10 20 30 40 50 60 70 80 90

Deposits Debt securities in issue Deposits by credit inst. Other liabilities, banking Liabilities, insurance Shareholder´s equity Other

31-12-00 30-06-01

Balance sheet structure – liabilities and equity

EURbn

65 67 79 77 81

20 40 60 80 100

3

• 6
• 3
• 9
• 3

1

• 1

2

• 3

1

• 3
• 1

3

• 6
• 1

Lending and deposits

Lending

109 110 129 131 135

20 40 60 80 100 120 140

30-06-00 30-09-00 31-12-00 31-03-01 30-06-01

Deposits

EURbn EURbn

Total capital ratio

9.6 9.2

1 2 3 4 5 6 7 8 9 10 31-03-01 30-06-01 Tier1 ratio

7.0 6.6

1 2 3 4 5 6 7 8 9 10 31-03-01 30-06-01

Capital adequacy

% %

Capital base

EURm Calculated dividend (40% of net profit) Group goodwill 30-06 -01 Companies not included in the financial group Shareholder´s equity in the capital base Shareholder´s equity Minority interests Hybrid capital TIER 1 CAPITAL 11,136

• 352
• 23

10,761 9,446 811 311

• 2,065

Other deductions

• 92

Deductions for other investments

• 177

TIER 2 CAPITAL (subordinated debt) 5,177 CAPITAL BASE Deductions for investments in insurance companies 12,973

• 1,473

Companies 61% Public sector 2% Households 37%

Loan portfolio by customer group

(30-06-01) EUR 135bn

Real estate 22% Finance 11% Business service 6% Shipping 8% Manufacturing 19% Agriculture 4% Other companies 10% Construction 4% Transport, communication 5% Commerce and services 11%

Lending to companies by industry

(30-06-01) EUR 83bn

Mortgages 75% Other loans 25%

Lending to households

(30-06-01) EUR 50bn

Loan portfolio

5 129 131 135 Total 7 8 7 Shipping 3 3 3 Agriculture

• 17

12 10 10 Other companies 25 4 5 5 Business service 80 5 6 9 Finance 7 15 15 16 Manufacturing 13 8 9 9 Commerce and services 4 4 4 Transport, communication 3 3 3 Construction 19 19 19 Real estate 2 49 49 50 Households Chg Y/Y, % 31-12-00 31-03-01 30-06-01 EUR bn

Problem loans

74 73 70 Provisions/doubtful loans, gross (%) 826 876 953 Problem loans, total 0.6 0.6 0.7 Doubtful loans,net/lending (%) 29 35 35 Loans with interest deferments 797 841 918 Doubtful loans, net

• 2,256
• 2,218
• 2,122

Provisions 3,053 3,059 3,040 Doubtful loans, gross 31-12-00 31-03-01 30-06-01 EURm

Market shares Financials Nordea share Netbanking Other Macro statistics

Market shares

Market shares, household deposits

21 34 34.9 23.4 9.0 20.5 8.9 23.0

5 10 15 20 25 30 35 40 Denmark Finland Norway Sweden

Dec 2000 June 2001

%

Household deposits - market volume & share

10 20 30 40 50 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 30% 32% 34% 36% 38% 40% 100 200 300 400 jun-00 sep-00 dec-00 mar-01 01-june 18% 20% 22% 24% 26% 28% 100 200 300 400 500 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 15% 17% 19% 21% 23% 25% 100 200 300 400 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 5% 7% 9% 11% 13% 15% EURb Finland DKKb Denmark SEKb Sweden NOKb Norway Market volume Market share

Market shares, corporate deposits

50 14.5 48.1 17.8 23.7 14.7 16.9 25.4

10 20 30 40 50 60 Denmark Finland Norway Sweden

Dec 2000 June 2001

%

Corporate deposits - market volume & share

5 10 15 20 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 40% 43% 46% 49% 52% 55% 100 200 300 jun-00 sep-00 dec-00 mar-01 01-june 19% 21% 23% 25% 27% 29% 100 200 300 400 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 10% 12% 14% 16% 18% 20% 100 200 300 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 4% 6% 8% 10% 12% 14% EURbn Finland DKKbn Denmark SEKbn Sweden NOKbn Norway Market volume Market share

Market shares, household lending

32 14.6 9.8 18.4 31.6 14.3 9.9 18.1 5 10 15 20 25 30 35 Denmark Finland Norway Sweden

Dec 2000 June 2001

%

Finland

10 20 30 40 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 27% 29% 31% 33% 35% 37% Market volume Market share

Norway

100 200 300 400 500 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 6% 7% 8% 9% 10% 11% Market volume Market share

NOKbn EURbn SEKbn Sweden

250 500 750 1 000 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 10% 12% 14% 16% 18% 20% Market volume Market share

Household lending - market volume & share

Denmark

180 200 220 240 1-6-00 1-7-00 1-8-00 1-9-00 1-10-00 1-11-00 1-12-00 1-1-01 1-2-01 1-3-01 1-4-01 1-5-01 1-6-01 15% 17% 19% 21% Market volume Market share

DKKbn

Market shares, corporate lending

28,2 45.3 16.5 16.5 26.8 42.9 17.2 17.2 5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden

Dec 2000 June 2001

%

Finland

10 20 30 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 40% 42% 44% 46% 48% 50% 52%

Market volume Market share

Norway

100 200 300 400 500 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 12% 14% 16% 18% 20% Market volume Market share

NOKbn EURbn SEKbn Sweden

250 500 750 1 000 1 250 1 500 1 750 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 1-6-01 10% 12% 14% 16% 18% 20% Market volume Market share

Corporate lending - market volume & share

Denmark

50 100 150 200 250 300 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 22% 24% 26% 28% 30% 32%

Market volume Market share

DKKbn

Mutual funds - market volume & Nordea´s market share

Finland

2 4 6 8 10 12 14 16 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 24% 26% 28% 30% 32% 34% Market volume Market share

Norway

20 40 60 80 100 120 140 160 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 4% 6% 8% 10% 12% 14% Market volume Market share

NOKbn EURbn DKKbn SEKbn

Sweden

200 400 600 800 1000 1

• 1

2

• 9

8 1

• 3
• 9

9 1

• 6
• 9

9 1

• 9
• 9

9 1

• 1

2

• 9

9 1

• 3
• 1
• 6
• 1
• 9
• 1
• 1

2

• 1
• 3
• 1

1

• 6
• 1

14% 16% 18% 20% 22% 24% Market volume Market share

Denmark

50 100 150 200 250 300 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 20% 22% 24% 26% 28% 30% Market volume Market share

20 40 60 80 100 120 140 160 180 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 15% 17% 19% 21% 23% 25%

Market volume Market share, Nordea

Mutual funds, Nordic region

Market volume and Nordea's market share

Mutual funds, net inflow, Norway

Market volume, Nordea volume, and accumulated market share ytd

• 1500
• 1000
• 500

500 1000 1500 2000 2500 3000 3500 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 1-6-01

• 30
• 20
• 10

10 20 30 40 50 60 70 Market net inflow Nordea net inflow Nordea %

% NOKm

Mutual funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 1

• 6
• 9

9 1

• 8
• 9

9 1

• 1
• 9

9 1

• 1

2

• 9

9 1

• 2
• 1
• 4
• 1
• 6
• 1
• 8
• 1
• 1
• 1
• 1

2

• 1
• 2
• 1

1

• 4
• 1

1

• 6
• 1
• 16
• 8

8 16 24 32 40

Market net inflow Nordea net inflow Nordea %

% EURm

Mutual funds, net inflow, Sweden

Market volume, Nordea volume, and accumulated market share ytd

• 2 000

2 000 4 000 6 000 8 000 10 000 12 000 14 000 1

• 6
• 9

9 1

• 8
• 9

9

• c

t

• 9

9 1

• 1

2

• 9

9 1

• 2
• 1
• 4
• 1
• 6
• 1
• 8
• 1
• 1
• 1
• 1

2

• 1
• 2
• 1

1

• 4
• 1

1

• 6
• 1
• 4

4 8 12 16 20 24 28

Market net inflow Nordea net inflow Nordea %

% SEKm

18bn 29bn

8.1 4.4 15.7 17.0 3.3 5.7 13.1 17.1 2 4 6 8 10 12 14 16 18 Copenhagen Helsinki Oslo Stockholm

Jan-Dec 2000 Jan-June 2001

%

Market share equity trading - Nordea Securities

Equity market, volume Q2/01 EURbn

Denmark 23 Norway 20 Finland 51 Sweden 116

Financials

Operational income statement

29 35 36 36 52 Other 3 15

• 2
• 17

19 Life insurance 105 30 34 68 25 Treasury 495 524 454 570 604 Operating profit excl. investment earnings 23 31

• 1

11 20 Equity method

• 20
• 20
• 22
• 45
• 59

Loan losses 492 513 477 604 643 Profit before loan losses 630 603 473 555 677 Operating profit

• 27
• 21
• 23
• 36
• 37

Goodwill depreciation 162 100 42 21 110 Investment earnings 71 17 20 2 55 Other

• 17

38

• 10
• 32

11 General insurance

• 840
• 785
• 907
• 955
• 977

Expenses 382 331 429 414 421 Other expenses 458 454 478 541 556 Personnel expenses 1,332 1,298 1,384 1,559 1,620 Income 138 102 129 134 185 Net income from insurance 72 108 94 156 128 Trading 386 320 368 361 370 Commission income 707 733 757 872 885 Net interest income Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 EURm

Investment earnings - non-recurring items

60 Svensk Exportkredit (Other) 106

• 68

97 Total 46 Radiolinja (Treasury) 68 Reclassification of securities (Treasury) 57 Atle (Treasury) 40 Aleksia/Ilmarinen (Other) Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 EURm

Synergies under delivery

+ 50 310 120 190 145 23 Total 75 Realised end Q2 13

• 13

1

• Other group functions

21 21

• 21
• Group treasury

55

• 55

12

• IT

57 37 20 15 3 Other business areas + 50 40 30 10 5

• Retail banking

124 32 92 91 20 CIB Total Revenue Cost Target Actual EURm Target 2003 2001 2000

Bank ratings

Individ. Long Short Long Short Long Short BFSR A1 P-1 Norgeskreditt Aa1 Unikreditt A-1 Aa3 P-1 NB Hypotek B AA- F1+ A+ A-1 Aa3 P-1 B- Christiania B AA- F1+ A+ A-1 Aa3 P-1 B Unibank B AA- F1+ A+ A-1 Aa3 P-1 B Nordbanken B AA- F1+ A+ A-1 Aa3 P-1 B Merita Bank Fitch IBCA S&P Moody’s

Insurance ratings

A1 Tryg-Baltica Forsikring A/S A- (excellent) A- Tryg-Baltica Forsikring, internationalt Forsikringsselskab A/S A- (excellent) A* Dansk Kautionsforsikrings-Aktieselskab A.M.Best S&P Moody’s

*positive outlook

Nordea share

Nordea vs DJ Stoxx European banks

6 March 2000* - 20 August 2001

60 80 100 120 140 160 180

Nordea DJ Stoxx European Banks Jun-01 Mar-01 Jun-00 Mar-00 Dec-00 Sep-00 * MNB/Unidanmark merger

500 1000 1500 2000 2500 January February March April May June Danske Bank SEB FSPB Handelsbanken Nordea

Nordic bank shares, liquidity H1 2001

EURm

Ownership structure, June 30, 2001

20.0% 13.2% 9.5% 6.0% 4.0% 27.3% 1.8% 18.2% International investors Swedish institutions Swedish government Danish institutions Finnish institutions Finnish public Danish public Swedish public

Total number of shareholders 515,000

Largest registered shareholders

June 30, 2001

18.29 % 542,015,102 Swedish state 6.26 % 185,609,801 Tryg Baltica smba 3.46 % 102,529,423 Unidanmark Trust 2.75 % 81,507,579 Alecta 1.94 % 57,467,100 Robur fonder 1.42 % 41,949,114 Nordea fonder 1.04 % 30,802,560 SHB fonder 0.83 % 24,545,128 SEB fonder 0.80 % 23,738,900 AFA Försäkring 0.74 % 21,881,590 Första AP-fonden 0.43 % 12,686,663 Länsförsäkringar Wasa 0.47 % 13,867,343 T Rowe Price funds 0.50 % 14,835,069 PFA 0.54 % 16,151,708 SPP Livförsäkring AB 0.58 % 17,244,221 Tredje AP-fonden 0.61 % 17,998,075 Skandia 0.63 % 18,586,300 Nordbankens vinstandelsstiftelse 0.64 % 19,000,000 AMF Pension 0.71 % 21,065,322 Andra AP-fonden 0.73 % 21,591,590 Fjärde AP-fonden Percent Number of shares Shareholder

Number of shares

2,965,269,649 17,000,000 Buyback Market April, 2001 2.963.775.154 1.494.495 Other holdings of own shares 2,982,269,649 3,076,932 Conversion* New issues 2000 -2001 2,979,192,717 18,348,501 Unidanmark New issue June, 2000 2,960,844,216 869,776,488 Unidanmark New issue April, 2000 2,091,067,728 815,800,287 Merita New issue Jan, 2000 Outstanding shares Number of shares issued Subject Type of transaction Date *Convertible bond conversions Aug 29, 2000 – June 30, 2001

Fully diluted average number of shares Jan- June 2001 2,994,766,002

Data per share

H1/01 2000 1999* 1998 Dividend, SEK

• 2.00

1.75 1.64 Shareholders equity per share, EUR 3.76 3.74 3.43 2.68 Earnings per share, EUR 0.29 0.58 0.55 0.53 P/E ratio 11.6 14.0 10.6 11.0 * Pro forma incl. Unidanmark

Netbanking

Netbanking

Netbank log-ons 1 2 3 4 5 6 7 12-98 03-99 06-99 09-99 12-99 03-00 06-00 09-00 12-00 03-01 06-01

Netbank customers

0,5 1 1,5 2 2,5 3 1 2

• 9

8 3

• 9

9 6

• 9

9 9

• 9

9 1 2

• 9

9 3

• 6
• 9
• 1

2

• 3
• 1

6

• 1

Denmark Finland Norway Sweden Baltic and Poland

Mill. Mill.

1 2 3 4 5 6 7 8

12-98 03-99 06-99 09-99 12-99 03-00 06-00 09-00 12-00 03-01 06-01

Denmark Finland Norway Sweden

Netbanking, bill-payments

Mill.

Solo penetration in payments H1 2001

Private customers

Internet 28% Other electronic (ATM's etc) 13% Direct debit 24% Giro (envelope) 32% Manual 3%

58.2 58.6 55.0 55.3 50.2

46 48 50 52 54 56 58 60 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Net equity trading penetration rate

Solo penetration in equity trading,

executed trades

%

Other

Strategic choices

Universal multi-channel bank with bancassurance Nordic and local

• The Nordic countries are Nordeas home market
• Growth by share of wallet
• The Baltic countries and Poland are Nordeas

emerging home market

• Growth by share of market

Electronic and personal Partnership Exchange of Nordic Ideas

Retail Banking

• Nordic household customer strategy
• Streamlining corporate customer concepts
• Establishing long-term savings and life and private banking organisations
• Implementing best practice e-banking capabilities in all countries, 2.3 million e-customers
• Optimising multi-channel distribution

Denmark Finland Norway Sweden Market position today # 2 # 1 # 2 # 3 Leading retail bank in the Nordic and Baltic financial markets with substantial growth potential Vision Strategic initiatives

Corporate and Institutional Banking

• Integrated Nordic financial product offering produced with high cost-

efficiency through common IT-solutions

• Superior customer relationship management process
• Active credit portfolio management
• Continued efforts to add to the e-banking offer; B2B e-Commerce

Market position today Vision Leading bank for large corporate customers and financial institutions in Nordic and Baltic markets - with improved profitability Denmark Finland Norway Sweden Tight # 1 # 1 # 2 # 3 Strategic initiatives

Asset Management

• Close co-operation (joint unit) with Retail Banking
• Continued build-up of Nordic private banking operations
• Leverage leading position of Private Banking in Luxembourg
• Multi-channel distribution including Institutional sales, Retail, private banking,

intermediaries and the Internet

• Increased distribution of mutual funds and institutional management services in

selected markets outside the Nordic region Market position today Vision Leading Nordic asset manager with the strongest non-acquisitive growth Denmark Finland Norway Sweden # 1-2 # 1 # 3 # 3-4 Strategic initiatives

Investment Banking

• Independent pan Nordic investment bank concept
• Consolidating and further building an integrated Nordic business operation
• Implementing UK and US operations with strong Nordic business focus
• Focus on pan-Nordic transactions and integrated Nordic business
• perations

Market position today Vision Leading advisory investment bank Denmark Finland Norway # 2 # 1 # 5 # 8 Sweden Strategic initiatives

Life Insurance and Pensions

• Sales of unit-linked life and pensions products
• Development and sales of defined contribution pensions products in Sweden,

Norway and Finland

• Starting up of life and pensions operations in Poland
• Integration of business operations in Norway
• Pan-Nordic e-insurance

Market position today Vision Major supplier of life insurance, pension plans and unit-linked in the Nordic region Denmark Finland Norway # 2 # 1 # 5 # 8 Sweden Strategic initiatives

General Insurance

• Bancassurance in Finland
• Bancassurance in Norway
• Combined ratio target 100 for all activities by use of TB’s experience from

Danish market

• Continue strict underwriting control

Strategic initiatives Market position today Vision Major supplier of general insurance in the Nordic region - aiming at profit before volumes Denmark Finland Norway # 1

Start in spring 2001

# 3

Legal structure

Merita Bank Finland Nordbanken Sweden CBK Norway Nordea Companies Finland (NCF) Vesta Forsikring Norway Tryg-Baltica Denmark Unibank Denmark Nordea Companies Denmark (NCD) Nordea Plc

Nordea

Christiania Bank

• g Kreditkasse

Asset Management Life Insurance Investment Banking General Insurance Insurance Holding

Future legal structure

Unibank Merita Bank Nordbanken

Macro statistics

Gross domestic product

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/93 Q1/96 Q1/99 Q1/02

Denmark Finland Norway Sweden

Change in % YoY

Inflation

• 2

2 4 6 8 10 12 14 1990 1993 1996 1999 2002 Denmark Finland Norway Sweden

%

Private consumption

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/93 Q1/96 Q1/99 Q1/02 Denmark Finland Norway Sweden

Change in % YoY

Household savings ratio

2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 Denmark Finland Norway Sweden

%

Unemployment

2 4 6 8 10 12 14 16 18 20 Q1/90 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01 Q1/02 Q1/03 Denmark Finland Norway Sweden

% of labour force

Bankruptcies

200 400 600 800 1000 1200 1400 1600 1800 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01

Denmark Finland Norway Sweden

Number of bankruptcies per month

Exchange rate, Euro/USD

0,8 0,85 0,9 0,95 1 1,05 1,1 1,15 1,2

2-1 -98 2-3 -98 2-5 -98 2-7 -98 2-9 -98 2-11 -98 2-1 -99 2-3 -99 2-5 -99 2-7 -99 2-9 -99 2-11 -99 2-1 -00 2-3 -00 2-5 -00 2-7 -00 2-9 -00 2-11 -00 2-1 -01 2-3 -01 2-5 -01 2-7 -01

Euro/USD

Exchange rate, Euro/SEK

8 8,4 8,8 9,2 9,6 10

1-1 -98 1-3 -98 1-5 -98 1-7 -98 1-9 -98 1-11 -98 1-1 -99 1-3 -99 1-5 -99 1-7 -99 1-9 -99 1-11 -99 1-1 -00 1-3 -00 1-5 -00 1-7 -00 1-9 -00 1-11 -00 1-1 -01 1-3 -01 1-5 -01 1-7 -01

EUR/SEK SEK

Exchange rate, Euro/NOK

7 7,5 8 8,5 9 9,5 10

2-1 -98 2-3 -98 2-5 -98 2-7 -98 2-9 -98 2-11 -98 2-1 -99 2-3 -99 2-5 -99 2-7 -99 2-9 -99 2-11 -99 2-1 -00 2-3 -00 2-5 -00 2-7 -00 2-9 -00 2-11 -00 2-1 -01 2-3 -01 2-5 -01 2-7 -01

Euro/NOK SEK

Stock exchange indices

500 1000 1500 2000 2500

31-1 -97 30-4 -97 31-7 -97 31-10 -97 31-1 -98 30-4 -98 31-7 -98 31-10 -98 31-1 -99 30-4 -99 31-7 -99 31-10 -99 31-1 -00 30-4 -00 31-7 -00 31-10 -00 31-1 -01 30-4 -01

HEX Index Affärsvärldens General Index Oslo Total Index KFX Index

970131 = 100

Government bond, 10 year

3 3,5 4 4,5 5 5,5 6 6,5 7

1-1 -98 1-3 -98 1-5 -98 1-7 -98 1-9 -98 1-11 -98 1-1 -99 1-3 -99 1-5 -99 1-7 -99 1-9 -99 1-11 -99 1-1 -00 1-3 -00 1-5 -00 1-7 -00 1-9 -00 1-11 -00 1-1 -01 1-3 -01 1-5 -01 1-7 -01

Denmark Finland Norway Sweden

Money market, 3 months rates

2 3 4 5 6 7 8 9 10 11

1-1 -98 1-3 -98 1-5 -98 1-7 -98 1-9 -98 1-11 -98 1-1 -99 1-3 -99 1-5 -99 1-7 -99 1-9 -99 1-11 -99 1-1 -00 1-3 -00 1-5 -00 1-7 -00 1-9 -00 1-11 -00 1-1 -01 1-3 -01 1-5 -01 1-7 -01

Denmark Finland Norway Sweden