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

2

Contents

Nordea

Page 3

Integration

Page 16

Highlights and market development

Page 24

Key figures and trends

Page 32

Business areas

Page 51

Balance sheet

Page 95

Credit quality

Page 103

Economic capital

Page 120

Appendix

Page 124

3

4

’Making it possible’ is our mission

By providing a broad set of seamless and easily accessible financial solutions and competitive advisory services, Nordea helps customers where we operate to reach their

• bjectives.

5

Our 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 number one or number two 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 solutions.

6

Strategic choices

Universal banking with bancassurance Customer orientation Multichannel distribution Nordic and local Electronic and personal

7

Strategic direction

Attract, develop and retain highly motivated, competent and empowered employees Establish a stable and broadly based growth of revenue by proactive

• ffering financial solutions

that creates superior value Ensure

• perational excellence

in all processes by using benchmarking and best practice Work actively to optimise the use of capital and risk taking thereby lowering cost

• f capital

Deliver total shareholder value in line with the top five of our peer group

8

Growth of revenue

Increase sales in all business areas

– Growth by share of wallet of existing customers in our home markets and

significantly enhance position in Sweden

–Growth by market share in our emerging markets

Increase cross-selling Implement Nordic business model for personal and corporate customers

– Customer service concepts and segmentation in a Nordic scale – Integration of distribution channels

Maintain and reinforce the retail savings and investment proposition via

Long Term Savings & Life and Nordic Private Banking units

Expand the usage of e-banking services among existing and new

customers

9

Excellence in operations

Increase focus on cost efficiency throughout the Group Second wave of integration process to further increase benefits from

scale and size

Continue development of innovative e-service facilities for personal as

well as corporate and institutional customers

Integration of Postgirot Bank

10

Optimal use of capital and balanced risk taking

Roll out of economic capital framework throughout the Group Implement Group legal structure Further develop credit scoring models General Insurance sold

11

Financial targets

1) Dividend for 2001 EUR 0.23 per share 2) Return on equity(excluding goodwill) In the top five of our peer group

• 19.8
• 6.5

Total shareholder return,% < 0.40% of loans and guarantees 0.29 0.17 Average loan losses,% 360 EURm (2003) 168 227 Merger synergies,EURm < 100 % (2004) 106 112 Combined ratio, general insurance,% < 50 % (2004) 58 64 Cost/income ratio, banking,% 20 % p.a.

• 4.8

Assets under management growth,% > Euro risk free interest rate +8% 13.8 9.5 2) Return on equity,% > 40 % of net profit 44 1) Dividend pay-out ratio,%

Target 2001 H1/02 Key performance indicator

12

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

SHB KBC HYPO VEREINSBANK SAN PAOLO IMI ALLIED IRISH BANKS BANK OF IRELAND DANSKE BANK NORDEA INTESA BCI DEXIA UNICREDITO ABN AMRO SOCIETE GENERALE CREDIT SUISSE SANTANDER BBVA DEUTSCHE BANK HBOS BNP PARIBAS BARCLAYS LLOYDS TSB UBS RBOS HSBC

Top European banks by market cap

Source: Nordea Securities, August 2002

EUR bn

13

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Tartu Gdansk Gdynia Frankfurt Hamburg Radom

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow Bergen

Copenhagen

8,800 Personnel 10,800 Personnel 39,000 Total personnel 1,246 Total locations 1,800 Personnel 36 Branch offices Baltic and Poland 11,900 Personnel 348 Branch offices Denmark 5,700 Personnel 148 Branch offices Norway 270 Branch offices Sweden 444 Branch offices Finland

Warzawa

14

Large customer base with high penetration in net banking

1,280

430

• 460

4,200

SE 14

70 250 10 60

Baltic Sea Region 200

230 420 65 500

NO 3,070

1,640 1,470 950 9,500

Total

260 650 Life

1,180 400 Net banking customers (1,000)

• 800

General insurance

Insurance customers (1,000)

330 80 Corporate customers 3,000 1,700 Personal customers

Banking customers (1,000) FI DK

15

• 8

2 8 2-3 2-3 Sweden 3 5 5 6 1-2 2 Norway Started 2001 1 1 1 1 1 Finland 1 2 2 2 1 2 Denmark

Premiums Life and pensions premiums Investment funds Equity dealing Corporate Banking Customer lending, customer deposit and mortgage volumes

General Insurance Asset Management & Life Corporate and Institutional Banking Retail Banking

Strong positions in most Nordic markets

16

Integration

17

Initial merger synergies

Total synergies of EUR 360m annually Split between costs and revenues: 60/40 Time period: 2001 - 2003 Restructuring reserve of EUR 290m Full effect from 2004 onwards Required investments* of EUR 0

* Beyond restructuring reserve

18

Second Wave

Total synergies of EUR 300 - 350m Split between costs and revenues: 100/0 Time period: 2002 - 2004 Restructuring reserve of EUR 0 Full effect from 2005 onwards Required investments(E) of EUR 350-400m

19

Postgirot Bank synergies

Total synergies of EUR 65m Split between costs and revenues: 80/20 Time period: 2002 - 2004 Restructuring reserve of EUR 43m Full effect from 2005 onwards Required investments* of EUR 0

* Beyond restructuring reserve

20

First and second wave of integration

2000 2001 2002 2004 2005

First wave of integration

• The customer and the customer relation
• Nordic products and services
• Business structure
• Legal structure alignment
• Group policies and control

2003 Annual synergies Merger synergies EUR 360m Estimated synergies of the same magnitude as the merger synergies Degree of integration

Second wave of integration

• Common group infrastructure in

middle office, back office and

• ther support functions
• Common planning and performance

management model

• Common values and culture

21

Second wave of integration

Consolidated into 15 main projects of which 7 are under execution Creating total investments of EUR 350-400m, 25% in 2002, 50% in 2003 and

25% in 2004

Approximately half will be on top of ordinary investments in an average

• perating year

Investments in Q2 was EUR 25m (EUR 10m in Q1)

22

Realised Synergies

Initial merger synergies 168

• 21

29

• 20

98 2001 Realised 360 145 215 227 23 Total initial merger synergies 13

• 13
• Other group functions

15 15

• 18
• Treasury

55

• 55

37

• IT

71 51 20 29 3 Other business areas 82 47 35 26

• Retail banking

124 32 92 117 20 CIB Total Revenue Cost 2002* 2000 EURm Target Realised Realised *Annualised and accumulated

23

Restructuring reserve

• 15

Utilised Q1/02 73 Remaining reserve end of June 2002

• 15

Utilised Q2/02 103 Remaining reserve Jan 2002 43 Originally, Postgirot

• 110

Q4/01

• 7

Q3/01

• 24

Q2/01

• 18

Utilised Q1/01 219 Remaining reserve Jan 2001 90 Originally, CBK

• 71

Utilised 2000 200 Originally, Unidanmark EURm

24

25

Stable profit excluding investment earnings

Operating profit before investment earnings EUR 409m, unchanged

compared to first quarter

Total income EUR 1,513, up 1% on first quarter, supported by growth in

loans and deposits, net interest income up 2%, and strong commission income , up 4%

Total expenses EUR 1,065m, up 3% on first quarter reflecting investments in

the second wave of integration

Satisfactory credit quality maintained Loan losses down to EUR 56m (EUR 63m) corresponding to 0.16% of loans,

annualised

Operating profit of EUR 315m

26

Weak equity market

Investment earnings EUR –50m Financial buffers in Life operations satisfactory Pension fund allocation of EUR 152m, which reduced pre-tax profit

correspondingly

27

Integration and focus on core areas

Sale of General Insurance expected to be completed in the third quarter LG Petro Bank bid: all approvals in place, tender offer to be launched Second wave programme consolidated into 15 main projects

28

• 35
• 30
• 25
• 20
• 15
• 10
• 5

5 10 2001 Q1/02 Q2/02

Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones

Market development – stock market indexes

%

29

20 40 60 80 100 120 Average 2001 Q1/02 Q2/02 Copenhagen Helsinki Oslo Stockholm

Market development – stock market volumes

Eur bn

30

5.47 4.30 6.57 6.59 5.19 3.67 5.01 3.45 31-03-02 0.15 4.45 Short, SE

• 0.29

5.18 Long, SE 0.52 7.11 Short, NO 0.13 6.70 Long, NO

• 0.23

4.96 Long, DK 0.12 3.79 Short, DK

• 0.34

4.67 Long, EUR (5 years) 0.02 3.47 Short, EUR (3 months) Change 30-06-02 %

Market development – interest rates

31

Market development - GDP

3.1 2.2 4.2 2.3 2003e 1.6 1.2 Sweden 1.7 1.0 Norway 2.8 0.7 Finland 1.6 0.9 Denmark 2001 %

Source: Nordea Economic Research, May 2002

2002e 2000 3.6 2.3 5.6 3.0

32

33

Core earnings

604 356 393 409 409

100 200 300 400 500 600 700 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Profit excluding investment earnings

Stable profit excluding investment

earnings

Strong commission income Growth in loans and deposits Reduced loan losses EURm

34

Income statement summary

371

• 42

4 409 15

• 63
• 1,037

1,494 Q1/02

• 15

5 13

• 11

3 1 Change, % 315 Operating profit

• 44

Goodwill

• 50

Investment earnings 409 Profit excl. Investment earnings 17 Equity method

• 56

Loan losses

• 1,065

Expenses 1,513 Income Q2/02 EURm

35

Income statement summary

• 44

18

• 30

3 14 10

• 5

Change, %

• 32

1

• 10

Change %, adj Postgirot

• 73
• 86

Goodwill 31 32 Equity method 1,232 686 Operating profit 131

• 46

Investment earnings 1,174 818 Profit excl. investment earnings

• 104
• 119

Loan losses

• 1,912
• 2,102

Expenses 3,159 3,007 Income Jan-Jun 2001 Jan-Jun 2002 EURm

36

Income

885 856 852 837 855 724 623 600 657 658

200 400 600 800 1000 1200 1400 1600 1800 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Net interest income Non-interest income

EURm

1,609 1,479 1,452 1,494 1,513

37

Net interest income

885 856 852 837 855

200 400 600 800 1000 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Growth in net interest income Higher lending and deposit

volumes

Largely unchanged margins EURm

38

116 104 115 126 115 127 130 139 157 183 60 56 76 55 46 91 84 84 87 91 44 22 34 34 45

• 73
• 77
• 79
• 77
• 83
• 100

100 200 300 400 500 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Asset management Payments & deposits Brokerage Lending Other Expenses

EURm

Commission income

Good growth in payment

commissions

• acquisition of Postgirot
• growth in electronic payment

services

Weak equity markets AuM decreased by 7% Somewhat improved income

from Nordea Securities

359 391 314 363 376

39

Trading

128 131 128 136 137

20 40 60 80 100 120 140 160 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Income from trading stable at

high level

High quality earnings

– Customer driven revenue

stream

EURm

40

Income from insurance

185 142 72 116 93

20 40 60 80 100 120 140 160 180 200 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 EURm High claims in General

Insurance

Weak equity markets affected

income from Life

41

556 529 562 586 598 410 410 476 451 467 200 400 600 800 1000 1200 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Personnel Other

EURm

Expenses

Higher level of activity in Q2 Investments relating to the

second wave EUR 25m (EUR 10m in Q1)

Adjusted for Postgirot costs

were 1% higher year on year

42

Expenses - breakdown

1,065

• 7

1,072 156 82 63 40 128 603 Q2/02 104 104 119 114 Information technology 2) 966

• 9

975 132 91 63 25 560 Q2/01 149 166 161 Other 951 1,049 1,047 Expenses

• 12
• 11
• 10
• f which investment activities

1,037 82 74 27 589 Q1/02 1,038 90 68 39 567 Q4/01 939 Expenses 82 Rents, premises and real estate expenses 56 Postage, telephone and office expenses 25 Marketing 535 Personnel 1) Q3/01 EURm

1) Profit related personnel expenses including profit-sharing systems were EUR 18m in Q2/2002 (Q1 2002: EUR 17m). 2) Refers to computer operations, service expenses and consulting fees. Total IT-related costs in Q2 2002, including personnel etc were EUR 220m (Q1 2002: EUR 205m).

43

64 63

10 20 30 40 50 60 70 Q1/02 Q2/02

Key figures

C/I ratio, banking %

66 65

10 20 30 40 50 60 70 Q1/02 Q2/02 C/I ratio, banking excl. inv.earnings %

44

Total IT-related expenses*

202 200 210 205 220

50 100 150 200 250 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

EURm

*Computer operations, service expenses, consultants and personnel

20.7% Q2/02 20.9% Q2/01 21.3% Q3/01 20.2% Q4/01 19.8% Q1/02 As % of total expenses

45

Loan losses

59 113 56 63 56 100 25 50 75 100 125 150 175 200 225 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 General provision

EURm Loan losses down to EUR 56m

(EUR 63m)

0.16% of total loans in Q2,

annualised

No single major provision Unchanged general provision Satisfactory credit quality

maintained

46

Investment earnings

• 50
• 5
• 29
• 12
• 4

Q2/02 110

55 11 19 25

Q2/01

• 93
• 5
• 35
• 54

1

Q3/01

• 4

Other

114 4 Investment earnings

43

• 7

General insurance 45 Life insurance 30 11 Treasury

Q4/01 Q1/02 EURm

47

• 40

Sale of General Insurance 30 Divestment of Danish mortgage institution DLR 97 57 40 Q2/01

• 10

Total Atle (Treasury) Aleksia/Ilmarinen (Other) Q2/02 EURm

Investment earnings - non-recurring items

48

Pension commitments

Contribution to Swedish pension fund in Q2 of EUR 152m Pre-tax profit in Q2 consequently reduced by EUR 152m Aggregate assets in the Group’s pension foundations exceeded pension

commitments by EUR 91m at the end of June

As per 20 August the aggregate assets in the Group’s pension foundations

exceeded pension commitments by EUR 12m, whereas there was a deficit in the Swedish pension fund of EUR 44m

49

Net profit

269

• 102
• 371

Q1/02 91 Net profit

• 72

Taxes

• 152

Allocation to pension foundation 315 Operating profit Q2/02 EURm

50

2 4 6 8 10 12 14 Q1/02 Q2/02 0,00 0,02 0,04 0,06 0,08 0,10 Q1/02 Q2/02

Key figures

Return on equity (excl. goodwill) % Earnings per share EUR

51

52

420 132 56 4 440 127 49

• 50

21 35

• 31 -47
• 200
• 100

100 200 300 400 500 Retail CIB Asset Mgmt* Life* General Treasury Q1/02 Q2/02

Results by business area

*Product result EURm

53

54

Retail Banking operating profit

463 425 366 420 440

50 100 150 200 250 300 350 400 450 500 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 EURm Stable operating profit Return on equity 25% Firm development in sales Bid for LG Petro Bank Profit of EUR 30m relating to

divestment of Danish mortgage institution DLR

55

Retail Banking operating profit by markets

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

56

Retail Banking operating profit by markets

100 86 63 67 68 67 51 51 59 58 60 59 C/I ratio %

• 6

7 25 22 15 14 37 35 21 23 24 25 RoE % 6 6 223 228 105 107 217 222 207 211 758 774 Net interest income 4 5 125 125 36 41 81 76 76 88 321 362 Non-interest income Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 EURm 1

• 1

2

• 9

11 116 116

• 237

353 43

• 5

48

• 100

148 142

• 3

145

• 153

298 113

• 12

125

• 174

299 440

• 21

461

• 675

1,136 10 348 141 298 283 1,079 Total income

• 10
• 220
• 95
• 151
• 168
• 644

Total expenses

• 1

128 47 146 101 420 Operating profit

• 1

1

• 1
• 14
• 15

Loan losses 128 SE 46 147 115 435 Profit bef. loan loss P&B NO FI DK Retail

57

34.0 17.7 22.4 27.6 33.9 18.2 22.5 28.1 5 10 15 20 25 30 35 40 Denmark Finland Norway Sweden Q1/02 Q2/02

Retail Banking lending

• EURbn. End of period

58

18.3 9.4 19.9 13.9 18.3 9.5 20.5 14.1 5 10 15 20 25 Denmark Finland Norway Sweden Q1/02 Q2/02

Retail Banking deposits

• EURbn. End of period

59

Retail Banking deposits

5.4 6.2 5.2 8.5 6.2 5.9 3.2 5.7 2.5 8.4 1.2 4.1 5 10 15 20 25 Denmark Finland Norway Sweden Corporate Personal customer - saving accounts Personal customer - current accounts

EURbn End of June

60

Retail Banking, volumes and margins

1.8% 2.1% 1.3% 1.5% 1.7% 1.2% Q2/02 1.8% 2.1% 1.3% 1.5% 1.7% 1.2% Q1/02 Margins 35.7 36.3 Deposits from personal customers 99.0 100.8 Total lending 57.7 58.3 Total deposits 22.0 22.0 Deposits from corporates 48.8 49.7 Lending to personal customers 50.5 51.1 Lending to corporates Q1/02 Q2/02 EURbn Volumes

Volumes and margins are excluding Postgirot Bank and Poland & Baltic countries.

61

62

E-banking customers

Equity trading customers

50 100 150 200 250 300 Jan-00 April-00 July-00 Oct-00 Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02

E-banking customers

1 1,5 2 2,5 3 3,5 Jan-00 Mar-00 May-00 July-00 Sept-00 Nov-00 Jan-01 Mar-01 May-01 July-01 Sept-01 Nov-01 Jan-02 Mar-02 May-02 Thousands Mill.

63

Payments and log-ons

E-banking payments 5 10 15 20 25 30 35 Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Denmark Finland Norway Sweden

Mill.

E-banking log-ons 5 10 15 20 25 30 Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Denmark Finland Norway Sweden

Mill.

64

Penetration on the net

Equity trading penetration rate

Executed trades

10 20 30 40 50 60 70 Jan-00 Mar-00 May-00 July-00 Sept-00 Nov-00 Jan-01 Mar-01 May-01 July-01 Sept-01 Nov-01 Jan-02 Mar-02 May-02

Mutual funds penetration rate

5 10 15 20 25 Jan-01 Feb-01 Mar-01 April-01 May-01 June-01 July-01 Aug-01 Sept-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 June-02

% %

65

66

94

• 5

142 132 127

• 20

20 40 60 80 100 120 140 160 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

CIB operating profit

EURm

Operating profit stable Reduced balanced sheet lending Income down by 5% Positive loan losses

67

Stock market development

Source: Nordea securities

• 21.2
• 23.0

72.1 Sweden

• 18.9
• 15.0

Nordic average

• 17.1
• 15.9

13.2 Norway

• 25.7
• 10.6

47.4 Finland

• 11.7

15.8 16.9 Denmark Q2 2002, % Change Q2 vs Q1, % Q2 2002, EURbn Market index Market Volume

68

CIB operating profit by main area

60 C/I ratio % 22

• 3

7 2 16 Inter- national

• 7

Transfer risk

• 1
• 2

Equity method 61 3

• 9

37 73 127 Operating profit

• 9
• 9
• 12

8 Loan losses

• 7

Other 15 ROE % 61

• 9

28 85 114 Profit before loan losses Markets* Inv. Banking Shipping & Offshore Corporate Division CIB EURm

* Markets has product responsibility for trading products such as FX, fixed income and related derivatives and is evaluated by monitoring the

product result. The product result includes all income and expenses related to the respective products, which is allocated to the customer responsible unit within CIB.

69

CIB operating profit by main area

3 1 9

• 7
• 27

20 Q2 Other

• 4

2 2

• 8
• 41

33 Q1 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 EURm 61

• 61
• 51

112

• 9
• 9
• 35

26 22

• 3

7 2 16

• 22

38 37

• 9

28

• 9

37 73

• 12

85

• 77

162 60 127

• 2

7 8 114

• 170

284 120 16 44 40 166 299 Total income

• 52
• 23
• 24
• 7
• 63
• 158

Total expenses 53 C/I ratio %

• 2
• 2

Transfer risk

• 7
• 9

Equity method 68

• 7

29 27 87 132 Operating profit

• 4
• 6
• 16
• 16

Loan losses

• 7
• Inv. Banking

68 20 33 103 141 Profit bef. loan loss Markets* Inter- national Shipping & Offshore Corporate Division CIB * Markets has product responsibility for trading products such as FX, fixed income and related derivatives and is evaluated by monitoring the

product result. The product result includes all income and expenses related to the respective products, which is allocated to the customer responsible unit within CIB.

70

CIB net loan losses

• 15
• 7
• 10

2

• 2
• 9

13

Q2/02 60 10 50

25 11 12 2

Q2/01 153 11 18 Total

• 11
• 17

2 Transfer risk 75

• 39
• General provision

89

41 6 9 33

Q3/01

21

• 2

Acquisition finance 67 16 Total

4

• 4

International division

9 6

Shipping division

33 16

Corporate division Q4/01 Q1/02

EURm

71

CIB lending volume

27.2 4.1 6.4 16.2 26.3 3.6 5.8 16.6

5 10 15 20 25 30 Corporate Division Shipping and

• ffshore

International Total Q1/02 Q2/02

• EURbn. End of period

72

73

Asset Management, product result

65 50 55 56 49

10 20 30 40 50 60 70 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

EURm

Weak equity markets AuM down 7% to EUR 100bn Net inflow to investment funds ytd

17%

Nordea funds “Best Equity Group

• f the Year” in Germany

Stable margins despite shift in

asset allocation

74

Assets under management, volumes

42.2 37.1 39.1 39.5 36.9 26.6 28.6 28.7 19.5 22.3 34.2 37.8 35.7 30.6 36.0 1.7 1.8 1.9

20 40 60 80 100 120 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Investment management Private banking Investment funds Real estate within Life

EURbn End of period

75

Nordic fixed income 40% Int'l. equities 30% Nordic equities 21% Int'l. fixed income 9%

Asset structure – Investment Management*

*Including mgmt of own investment funds

March 2002 EUR 74bn

Nordic fixed income 43% Int'l. equities 27% Nordic equities 16% Int'l. fixed income 14%

June 2002 EUR 68bn

76

Asset structure – Investment Funds

Equity funds 52% Fixed income funds 33% Balanced funds 15%

March 2002 EUR 37.8bn

Equity funds 47% Fixed income funds 39% Balanced funds 14%

June 2002 EUR 34.2bn

77

Investment Funds volumes and margins

18.0 1.5 4.2 11.0 10.6 3.8 1.4 15.3 2 4 6 8 10 12 14 16 18 20 DK FI NO SE Q1/02 Q2/02 1.18 1.03 1.46 0.65 1.14 1.00 1.45 0.62 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 DK* FI NO SE Q1/02 Q2/02

Volumes, end of period Margins * Net margin %

78

European Fund distribution

200 400 600 800 1000 1200 1400 1600 1800 Q 3 / Q 4 / Q 1 / 1 Q 2 / 1 Q 3 / 1 Q 4 / 1 Q 1 / 2 Q 2 / 2 Inflow AUM

Nordea ranked as the 4th-largest

European cross-border fund manager by the Financial Times

1000 active distribution agreements Assets by country of source:

– 32% from Germany – 21% from Switzerland – 16% from Austria – 14% from Luxembourg – 6% from France – 3% from the UK

EURm

79

51

• 11
• 540

+2 = -50 +453

• 600
• 500
• 400
• 300
• 200
• 100

100

Normalised

• perating

margin Fluctutations compared to normalised investment return Allocation to policy-holders Allocation from financial buffers Operating profit Unit Linked business Total operating profit

EURm

Breakdown of Life operating profit

Weak equity markets

influenced result negatively

Financial buffers reduced Solvency at adequate level 20% cushion for further fall in

equity markets as of 1 August

80

Life

746 458 778 693 611 Premiums written, net of reinsurance 22 11 22 12 16 Of which allocated profit to Retail 42

• 49

4 4

• 50

Total operating profit TOTAL LIFE & PENSIONS 2 4

• 1

2 2 Operating profit 157 91 189 134 125 Premiums written, net of reinsurance UNIT LINKED BUSINESS 40

• 53

5 2

• 52

Operating profit TRADITIONAL LIFE 56 34

• 11

63 51 Normalised operating margin

• 22
• 1
• 5
• 11
• 11

Allocated to policyholders

• 50

690

• 246

108 453 Change in financial buffers

• 29
• 26
• 29
• 31
• 31

Insurance operating expenses 56

• 776

267

• 158
• 540

Short term fluctuations in investment return 112

• 742

256

• 95
• 489

Actual operating margin

• 586

279 367 Q3/01

• 859

288 589 Q4/01

• 789

285 589 Q2/02

• 704

239 559 Q1/02

• 5

Net profit from Health & Pers. Accident insurance

• 643

Benefits paid and change in provision 239 Normalised investment. return 486 Premiums written net Q2/02 EURm

81

Life

611 9 77 87 268 171 Premiums written, net of reinsurance 1 1 6 1

• 2
• 4
• 2

1 3 Other 16 14 2 Hereof allocated profit to Retail

• 50
• 31
• 7
• 14

Total operating profit Total Life & Pensions 2 1

• 1

2

• 1

Operating profit 125 47 19 33 21 Premiums written, net of reinsurance Unit Linked Business

• 52
• 1
• 30
• 9
• 13

Operating profit TRADITIONAL LIFE 51 17 6 23 8 Normalised operating margin

• 11

1

• 11

Allocated to policyholders 453 113 68 5 267 Change in financial buffers

• 31
• 2
• 9
• 3
• 13

Insurance operating expenses

• 540
• 128
• 104
• 24
• 285

Short term fluctuations in investment return

• 489
• 111
• 98
• 2
• 277

Actual operating margin

• 38

26 30 Sweden

• 91

39 68 Norway

• 5
• 643

239 486 Total

• 262

53 235 Finland

• 5

Net profit from Health & Pers. Accident insurance

• 248

Benefits paid and change in provision 119 Normalised investment. return 150 Premiums written net Denmark EURm

82

Life - investments

4.9 5.3 5.0 4.4 5.5 11.7 11.5 11.2 10.8 10.6 1.9 1.8 1.7 1.7 1.5 3.1 3.5 3.4 3.0 3.4 5 10 15 20 25 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Equities Bonds Real estate Unit linked Equities

– Predominantly listed equities – 50/50 Nordic/international

Bonds

– ¾ Nordic issuers – Primarily govmn’t & mortgage inst.

Total portfolio

– Some bias to Danish securities

• EURbn. End of period

83

6.9 100 Sweden 7.5 1,238 Total 1.3 35 Norway 3.4 131 Finland 11.5 972 Denmark % of guaranteed liabilities EURm

Life - financial buffers*

End of June 2002

* Financial buffers are defined in accordance with local regulations and practices.

84

Life - solvency situation

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

EURm

85

86

11

• 42

11 43

• 29
• 18

25

• 24
• 7
• 35
• 50
• 40
• 30
• 20
• 10

10 20 30 40 50

Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Technical result Investment earnings

General Insurance, operating profit

EURm

All General Insurance activities sold

– All activities transferred to Tryg I Danmark as

• f 1 July 2002

– expected closing of deal in Q3

Weak result following high claims

87

101 105 122 110 106 96 100 102 118 112

20 40 60 80 100 120 140 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Denmark Norway

Combined ratio by main markets

%

88

General insurance

• 24
• 35

11

• 93
• 302

28 378 470 Q3/01

• 286
• 367
• 341
• 356

Claims

• 96
• 109
• 123
• 126

Expenses 25

• 42
• 24
• 18

Technical result 11 43

• 7
• 29

Investment earnings 36 32 375 453 Q2/01 1 25 409 494 Q4/01

• 31
• 47

Operating profit 31 34 Technical interest 409 430 Premiums net 505 548 Premiums gross Q1/02 Q2/02 EURm

89

General Insurance

34

3 19 12

Technical interest

• 18
• 4
• 1
• 7
• 7

1

Technical result

• 29
• 1

2 1

• 19
• 13

Investment earnings

• 356
• 1
• 8
• 44
• 143
• 160

Claims

• 126
• 4
• 4
• 18
• 51
• 49

Expenses

• 5

1 1 Other 1 11 17 Poland

• 47

431 548 Total

• 6

52 72 TBi

• 26
• 11

Operating profit

168 199

Premiums, net

228 230

Premiums gross

Norway Denmark

EURm

90

General Insurance - investments

0.3 0.5 0.4 0.4 0.4 2.0 1.5 1.6 1.8 1.9 0.4 0.4 0.4 0.4 0.4

0,5 1 1,5 2 2,5 3 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Equities Bonds Real estate

• Equities:

– Predominantly listed equities – 55/45 Nordic/international

• Bonds

– 2/3 Nordic issuers – Primarily govmn’t & mortgage inst.

• Total portfolio

– Some bias to Danish securities

• EURbn. End of period

91

92

Group Treasury operating profit

Gains from bond portfolio Losses on equity investments Issuance of subordinated debt

35 21 38 35 21 5 10 15 20 25 30 35 40 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 EURm

93

Group Treasury operating profit by main areas

Q1/02 Q2/02 Q1/02 Q2/02 Q1/02 Q2/02 Q1/02 Q2/02

Group Funding Investment & Risk Trading

Equity portfolios Fixed income portfolios

Total

35 21

Operating profit

• 17
• 32
• 6

28 11

• 4

Investment earnings

24 25

• 24

25

Profit excl. Investment earnings

• 6
• 7
• 1
• 1
• 1
• 3
• Expenses

30 32 18

• 31
• 5

31

• Income

94

Group Treasury investment portfolio

13.5 15.1 13.4 11.9 11.7 0.7 0.7 0.6 0.6 0.6

5 10 15 20 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Fixed income Equities Equities

– Listed, unlisted & private equity

funds

Bonds

– ¾ Nordic issuers – Primarily govmn´t & mortgage inst.

• EURbn. End of period

95

96

Balance sheet - key items

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

97

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

Balance sheet structure - assets

• EURbn. End of period

98

Real estate holdings

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

99

83 61 30 23 22 12 11 90 60 30 28 23 12 8

10 20 30 40 50 60 70 80 90 100

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

31-12-2001 30-06-2002

Balance sheet structure – liabilities and equity

• EURbn. End of period

100

Lending

135 134 138 142 143 20 40 60 80 100 120 140 160 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

Lending and deposits

Deposits

81 81 83 86 90 20 40 60 80 100 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02

• EURbn. End of period
• EURbn. End of period

101

Total capital ratio 8.9 9.2 1 2 3 4 5 6 7 8 9 10 Q1/02 Q2/02 Tier 1 ratio 7.4 7.2 1 2 3 4 5 6 7 8 9 10 Q1/02 Q2/02

Capital adequacy

% %

102

Capital base

12,101

• 269
• 2,079

4,374 10,075

• 60
• 2,063

19 695 11,484 312

• 360

11,532 June 2002 Deductions for other investments Group goodwill Other deductions TIER 1 CAPITAL TIER 2 CAPITAL (subordinated debt) Deductions for investments in insurance companies Companies not included in the financial group Hybrid capital Minority interests Shareholder´s equity in the capital base CAPITAL BASE Profit H1 Shareholder´s equity EURm

103

104

Personal customers 38% Public sector 2% Companies 60%

Loan portfolio by customer group

End of June 2002

EUR 143bn

105

Housing loans 77% Other loans 23%

Lending to personal customers

End of June 2002

EUR 55bn

Other loans comprise:

Consumer credits Investment credits Car financing Overdraft facilities Credit cards

106

Real estate 25% Transport, communication 5% Commerce and services 10% Manufacturing 17% Finance 9% Renting, consulting and

• ther services

10% Other companies 9% Shipping &

• ffshore

6% Agriculture & fishing 5% Construction 4%

Lending to companies by industry

End of June 2002

EUR 85 bn

107

143 5 4 10 8 8 15 9 4 3 22 55 Q2/02 138 6 3 10 9 7 16 9 4 3 20 51 Q4/01 134 6 3 9 8 7 16 8 4 3 19 50 Q3/01 135 142 Total 7 5 Shipping 3 4 Agriculture & Fishing 10 12 Other companies/public sector 5 9 Business service 9 7 Finance 16 16 Manufacturing 9 8 Commerce and services 4 4 Transport, communication 3 3 Construction 19 22 Real estate 50 52 Personal customers Q2/01 Q1/02 EUR bn

Loan portfolio

End of period

108

Asia 0.7% Other OECD 0.5% Other 9.6% The Baltic states and Poland 0.3% Other EU countries 4.9% Latin America 0.7% USA 1.6% Non-OECD 0.9% Nordic countries 90.4%

Lending by geographical area

End of June 2002

EUR 143bn

Nordic countries, EURbn Denmark 34 Finland 29 Norway 24 Sweden 43

109

Transfer risk exposure, EURm

End of June 2002 85 Turkey 116 Iran

• of which

4 Argentina

372 Middle East

45 113 282

754

• of which

Latin America

Mexico Chile Panama Brazil 52 Indonesia South Korea China 43 59 262

• of which

457 Asia

110

Nordea telecom financing portfolio

Divided by operators and manufacturers

End of June 2002

Operators 61% Manu- facturers 39%

Total outstanding EUR 4.1bn Majority of exposure related to

– major Nordic equipment manufacturers – major Nordic telecom operators

Total exposure approx EUR 6.2 bn

111

Nordea shipping portfolio

Distribution by type of vessel

End of June 2002

Crude tankers 15% Misc.loans 18% Product tankers 11% Ferries 11% Bulkers 11% Liners 7% Cruise 6% Gas tankers 7% Chemical tankers 5% Reefers 5% Combined vessels 1% Other dry cargo 4% Pure car carries 3%

Outstanding, EUR 5.1bn Well diversified portfolio by

type of vessel

Focus on large industrial

players

Exposure split approx 55% /

45% Nordic / Int’l. Total exposure approx EUR 6.0bn

112

0.6 72 138 875

• 390
• 79

1,836

• 2,305

3,180

June 02

.. .. 155 159 Transfer risk reserve Of which: .. ..

• 364
• 370

General provisions

• 92
• 82

Appraised by category .. ..

• 1,803
• 1,839

Specific provisions

• 2,122
• 2,267
• 2,259
• 2,291

Provisions 0.6 73 855* 3,114

Dec 01

0.6 73 853 3,120

Sep 01

70 73 Provisions/impaired loans, gross (%) 0.7 0.6 Impaired loans,net/lending (%) 918 841 Impaired loans, net 3,040 3,132 Impaired loans, gross

June 01 March 02

EURm End of period

Impaired loans

*According to new FSA rules loans with interest deferments are classified as

• impaired. The figures for Dec 2001 are restated compared to the year-end

report 2001 inlcuding EUR 28m of such loans (previously reported as problem loans).

113

Other companies 22% Construction 2% Agriculture and fishing 2% Manufacturing 11% Transport 2% Trade & services 10% Financial operations 3% Shipping 5% Households customers 25% Real estate management 13% Renting, consulting and other company servicies 5%

Impaired loans, net

End of June 2002

EUR 875m

114

Loan losses

193 361 321 168 184

• 134
• 148
• 264
• 105
• 128

59 213 56 63 56

• 300
• 200
• 100

100 200 300 400 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Gross Reversals Net

EURm Loan losses down to EUR 56m

(EUR 63m)

0.16% of total loans in Q2,

annualised

No single major provision Unchanged general provision Satisfactory credit quality

maintained

115

Comments on certain industries

Real estate

Vacancy rates still low but increasing Rent levels down from peak but still much higher than original levels 3-5

years ago

Low interest rates help secure cash flow and secondary market values New construction volumes adjusting to decreased demand

116

Comments on certain industries

Telecom

Operators’ profitability declining due to increased competition and non-

productive assets

Slower than expected demand for enhanced services (WAP, GPRS, 3G,

Broadband)

Delayed investments in 3G affect equipment suppliers and manufacturers Consolidation in the industry continues

117

Comments on certain industries

Aircraft Finance

Stabilising after last years shock effect US and cross-atlantic operators still suffering Nordic operators show ability to adjust to new market conditions No new needs for provisions identified

118

Comments on certain industries

Shipping

Slower economic growth generally affects the industry negatively Container ships worst hit, tanker rates decreased significantly but from

exceptionally high levels

Industrial shipping doing reasonably well Cruising picking up after last autumn Nordea´s exposure well diversified with modern ships and globally

competitive companies

119

Comments on certain industries

Other industries

Automobile industry and particularly subcontractors under pressure All media companies suffer from reduced advertising income Capital goods sector under intense competitive pressure as volumes drop Nordic traditional industries (forestry, pulp & paper, agro, metal, oil and

pharmaceuticals) performing satisfactorily

Fish farming recovering with increasing salmon prices

120

121

Economic capital

7 different risk categories are incorporated The measurement period is one year The confidence level is 99.97% The economic capital may change over time due to:

– the composition of risk exposures – changes in parameters

Economic capital is used for

– risk management – performance measurement – capital allocation

122

Economic capital per business area

End of June 2002

CIB 21% Treasury 5% Other 7% General Insurance 9% Asset Mgmt & Life 10% Retail 48%

EUR 10.4bn

Reduced overall risk Economic capital reduced by EUR

0.7bn in 2002

123

Distribution of economic capital - by risk category

End of June 2002

Credit 55% Market 14% Real Estate 8% Life Insurance 1% Operational 9% General Insurance 3% Business risk 10%

124

Appendix

Market shares

Page 125

Financials

Page 140

Nordea share

Page 147

Other

Page 154

Macro statistics

Page 159

125

Appendix

Market shares

*Statistics from Sweden delayed due to technical problems

in the Swedish central bank (March instead of May)

126

Market shares, personal customer deposits

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

Feb 02 May 02

%

127

Personal customer deposits - market volume & share

10 20 30 40 50 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 02-may 30% 32% 34% 36% 38% 40%

100 200 300 400 00-Jun 00-Sep 00-Dec 01-mar 01-june 01-sep 01-dec 02-mar 02-jun 18% 20% 22% 24% 26% 28% 100 200 300 400 500 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 15% 17% 19% 21% 23% 25% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 n

• v
• 9

9 f e b

• m

a j

• a

u g

• n
• v
• f

e b

• 1

m a j

• 1

a u g

• 1

n

• v
• 1

f e b

• 2

2

• m

a y 5% 7% 9% 11% 13% 15%

128

Market shares, corporate deposits

5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden Feb 02 May 02

%

129

Corporate deposits - market volume & share

5 10 15 20 a u g

• 9

9 n

• v
• 9

9 f e b

• m

a j

• a

u g

• n
• v
• f

e b

• 1

m a j

• 1

a u g

• 1

n

• v
• 1

f e b

• 2

2

• m

a y 40% 43% 46% 49% 52% 55% 100 200 300 jun-00 sep-00 dec-00 mar-01 jun-01 sep-01 dec-01 mar-02 jun-02 14% 16% 18% 20% 22% 24% 26% 28% 100 200 300 400 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 10% 12% 14% 16% 18% 20% 22% 24% 26% 100 200 300 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 02-may 10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

130

Market shares, personal customer lending

5 10 15 20 25 30 35 Denmark Finland Norway Sweden

Feb-02 May 02

%

131

Personal customer lending - market volume & share

10 20 30 40 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 02-may 27% 29% 31% 33% 35% 37% 250 500 750 1000 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 02-may 6% 7% 8% 9% 10% 11%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 j u n

• s

e p

• d

e c

• m

a r

• 1

j u n

• 1

s e p

• 1

d e c

• 1

m a r

• 2

j u n

• 2

12% 14% 16% 18% 20% 22%

132

Market shares, corporate lending

5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden

Feb 02 May 02

%

133

Corporate lending - market volume & share

10 20 30 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 02-may 40% 42% 44% 46% 48% 50% 250 500 750 1 000 1 250 1 500 1 750 aug-99 nov-99 feb-00 maj-00 aug-00 nov-00 feb-01 maj-01 aug-01 nov-01 feb-02 10% 12% 14% 16% 18% 20% 100 200 300 400 500 jul-99

• ct-99

jan-00 apr-00 jul-00

• ct-00

jan-01 apr-01 jul-01 01-oct jan-02 apr-02 10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 350 j u n

• s

e p

• d

e c

• m

a r

• 1

j u n

• 1

s e p

• 1

d e c

• 1

m a r

• 2

22% 24% 26% 28% 30% 32%

134

Investment funds - market volume & share

2 4 6 8 10 12 14 16 dec-98 sep-99 jun-00 mar-01 dec-01 24% 26% 28% 30% 32% 34% 200 400 600 800 1000 dec-98 sep-99 jun-00 mar-01 dec-01 14% 16% 18% 20% 22% 24% 20 40 60 80 100 120 140 160 dec-98 sep-99 jun-00 mar-01 dec-01 mar-02 4% 6% 8% 10% 12% 14%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Nordea market share

50 100 150 200 250 300 d e c

• 9

8 s e p

• 9

9 j u n

• m

a r

• 1

d e c

• 1

20% 22% 24% 26% 28% 30% 32%

135

20 40 60 80 100 120 140 160 180 dec-98 mar-99 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 sep-01 dec-01 mar-02 jun-02 15% 17% 19% 21% 23% 25% Market volume Market share, Nordea

Investment funds, Nordic region

Market volume and Nordea's market share

136

Investment funds, net inflow, Norway

Market volume, Nordea volume, and accumulated market share ytd

• 2 000
• 1 500
• 1 000
• 500

500 1 000 1 500 2 000 2 500 3 000 3 500 jan-00 mar-00 maj-00 jul-00 sep-00 nov-00 jan-01 mar-01 maj-01 jul-01 sep-01 nov-01 jan-02 mar-02 02-may

• 40
• 30
• 20
• 10

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

% NOKm

137

Investment funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 j a n

• m

a r

• m

a j

• j

u l

• s

e p

• n
• v
• j

a n

• 1

m a r

• 1

m a j

• 1

j u l

• 1

s e p

• 1

n

• v
• 1

j a n

• 2

m a r

• 2

2

• m

a y

• 16
• 8

8 16 24 32 40 Market net inflow Nordea net inflow Nordea % % EURm

138

Investment 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 jan-00 mar-00 maj-00 jul-00 sep-00 nov-00 jan-01 mar-01 maj-01 jul-01 sep-01 nov-01 jan-02 mar-02 maj-02 jul-02

• 4

4 8 12 16 20 24 28 Market net inflow Nordea net inflow Nordea %

% SEKm

18bn 29bn 18bn

139

2 4 6 8 10 12 14 16 18 Copenhagen Helsinki Oslo Stockholm 2001 H1/02 %

Market share, equity dealing - Nordea Securities

72.1 13.2 47.4 16.9

Q2/02

93.6 15.7 53.0 14.6

Q1/02

116 Sweden 20 Norway 51 Finland 23 Denmark

Q2/01 EURbn Equity market turnover

140

Appendix

Financials

141

315

• 44
• 50
• 5
• 29
• 12
• 4

409 17

• 56

448

• 1,065
• 467
• 598

1,513 37 93 137 391 855 Q2/02 371

• 42

4

• 7

11 409 15

• 63

457

• 1,037
• 451
• 586

1,494 29 116 136 376 837 Q1/02 228

• 35
• 93
• 5
• 35
• 54

1 356 29

• 213

540

• 939
• 410
• 529

1,479 36 142 131 314 852 Q4/01 856 Q3/01 677

• 37

110 55 11 19 25 604 20

• 59

643

• 966
• 410
• 556

1,609 52 185 128 359 885 Q2/01 37 Other 45 Life insurance 20 Treasury 393 Profit excl. investment earnings 35 Equity method

• 56

Loan losses 414 Profit before loan losses 468 Operating profit

• 39

Goodwill depreciation 114 Investment earnings 6 Other 43 General insurance

• 1,038

Expenses

• 476

Other expenses

• 562

Personnel expenses 1,452 Income 72 Net income from insurance 128 Trading 363 Commission income Net interest income EURm

Operational income statement

142

Statutory income statement

• 1,744
• 1,894

Total expenses

• 2

Minority interest

1,215 694 Total operating profit

17

• 160

Pension adjustments

• 350
• 174

Taxes 106

• 118

Loan losses, net 2

• 1

Change in value of property taken over for protection of claims 31 32 Profit from companies accounted for under the equity method 1,198 873

Operating profit, banking

17

• 179

Operating profit, insurance 360

960

• 157
• 723
• 1,013

2,854 69 142 791 27 1,825

• 3,282

5,107 Jan-Jun 2002 1,271

Profit before Loan losses

3,015

Total income

General administrative expenses

• 948

Personnel expenses

• 663

Other expenses

• 133

Depreciation according to plan 1,873 Net interest income 176 Net result from financial operations 181 Other income 44 Dividends received 741 Net commission income

880 Net profit

• 4,093

Interest expenses 5,966 Interest income Jan-Jun 2001 EURm

143

Reconciliation of operational and statutory accounts

360

• 174
• 160

694

• 179

873 873 32

• 1
• 118

960

• 1,894
• 157
• 724
• 1,013

2,854 69 142 791 27 1,825 Statutory Jan-Jun 2002

• 8

8

• 16

24 86 1

• 1
• 62
• 62
• 157

87 8 Other adjustment

• 163

163 163 163 163 160 169

• 166
• 175

9 Insurance total to

• wn line

46 5 36 12

• 7
• 46
• 46
• 46
• 53
• 6

13

• 6
• 24
• 34

27 50 Investment activities 9 166

• 273

15 83 Trading income 360

• 174
• 152

686 686

• 86
• 46
• 5
• 36
• 12

7 818 32

• 119

905

• 2,102
• 918
• 1,184

3,007 66 209 273 767 1,692 Operational Jan.-Jun 2002 4) 3) 5) 2) 1) 10) 10) 8) 7) 12) 9) 6) 14) 14) 13) 13) 15) 18) 17) 19) 19) 16,17) 16) 15) 20) 20) Operating profit, insurance 20) Total operating profit Write-downs on real estate holdings Pension adjustments Taxes Minority interests Total expenses 17) Depreciation on goodwill Operating profit, banking Life insurance General insurance Other Investment activities Loan losses, net Change in value property taken over Profit from companies – equity method Operating profit before goodwill and investment earnings Treasury 20) 11) 5) Profit before Loan losses Total income Personnel expenses Other expenses Depreciation according to plan Net commission income Net result from financial operations Other income Trading Net income, insurance Net profit Dividends received Net interest income EURm

144

Reconciliation of operational and statutory acounts

1. Net interest income from trading transactions in Nordea Markets (for example interest related to swaps etc.), reclassified as trading income in the operational accounts. Mainly customer trading. 2. Commission income in Nordea Markets, reclassified as Trading income in the operational accounts. 3. Net result from financial operations from trading transactions in Nordea Markets (foreign exchange and derivatives trading) reclassified to trading income in the operational accounts. Mainly customer trading. 4. Other income in Nordea Markets, reclassified to trading income in the

• perational accounts.

5. Trading income in the operational accounts, equals income in Nordea Markets (incl. income allocated to Business Areas), reclassified from the statutory accounts as described in 1) through 4) above. 6. Net interest income from Treasury’s portfolio of certificates and bonds, reclassified as investment earnings in the operational accounts. 7. Securities gains/losses on Treasury’s investment portfolios (certificates, bonds and equities), reclassified from Net result form financial operations in the statutory accounts, to investment earnings in the operational accounts. 8. Real estate gains/losses. Reclassified from Other income in the statutory accounts to Investment earnings in the operational accounts. 9. Dividends received on equities (non-insurance portfolio), reclassified as Investment earnings in the operational accounts. 10. Costs related to investment earnings (Treasury, Life & General insurance), reclassified from relevant category of cost in the statutory accounts, to being reported on a net basis as part of investment income in the operational accounts. 11. Net income, insurance (Life & General), excluding investment activities as well as related costs, reclassified from being part of the one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, to Net income, insurance, in the operational accounts. 12. Net income from insurance (Life & General), investment activities only (including relevant costs), reclassified from being part of the one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, to Investment earnings insurance (Life & General) in the operational accounts. 13. Net income insurance (Life & General), including investment activities (and relevant costs), i.e. the sum of footnote 11) and 12), which forms the starting point for the one-line consolidation of the insurance activities (Operating profit, insurance) in the statutory accounts. Sale commissions reviewed by retail has been eliminated in operational income statement against line income from insurance (see note 14) but taken as commission income in statutory income statement. 14. Costs related to insurance (Life & General), including costs related to investment activities within insurance, reclassified from being part of the one- line consolidation of insurance activities in the statutory accounts (Operating profit, insurance) to the relevant category of cost in the operational accounts. In operational income statement sales commissions to brokers have been deducted from income from insurance. 15. Pension adjustments accounted for according to Swedish regulations in the statutory accounts. Reclassified to Personnel expenses in the Operational accounts. 16. Depreciation according to plan, including goodwill within banking is separate line in the statutory accounts. Depreciation excluding goodwill is reclassified as Other expenses in the operational accounts. 17. Depreciation of goodwill, see footnote 16) (Banking) and 18) (Insurance), shown as part of Depreciation according to plan in the statutory accounts, as

• pposed to separate line item in the operational accounts.

18. Depreciation of goodwill related to insurance included in one-line consolidation of insurance activities (Operating profit, insurance) in the statutory accounts, reclassified to Depreciation of goodwill in the operational accounts. 19. Change in value of property taken over in the statutory accounts, reclassified as Loan losses, net, in the operational accounts. 20. The difference between statutory accounts and operational accounts at the Total operating profit level is related to Pension adjustments (Sweden), only. There is no difference between the two at the Net profit level.

145

Bank ratings

Individ. Long Short Long Short Long Short BFSR A1 P-1 Norgeskreditt Aa1 Nordea Kredit A-1 Aa3 P-1 Nordea Hypotek B AA- F1+ A+ A-1 Aa3 P-1 B- Nordea Bank N B AA- F1+ A+ A-1 Aa3 P-1 B Nordea Bank D B AA- F1+ A+ A-1 Aa3 P-1 B Nordea Bank S B AA- F1+ A+ A-1 Aa3 P-1 B Nordea Bank F Fitch S&P Moody’s

146

Insurance ratings

A- (excellent)** BBB* Tryg-Baltica Forsikring, internationalt Forsikringsselskab A/S A3 Tryg Forsikring A/S A- (excellent)** BBB* Tryg-Baltica International (UK) Ltd BBB+* Dansk Kautionsforsikrings-Aktieselskab A.M.Best S&P Moody’s

* On CreditWatch with developing implications ** On CreditWatch with negative implications

147

Appendix

Nordea share

148

60 80 100 120 140 160 180 Nordea DJ Stoxx European Banks

Nordea vs DJ Stoxx European banks

6 March 2000* - 5 August 2002

* Date of announcement of MNB/Unidanmark merger June-02 June-00 June-01

149

500 1000 1500 2000 2500 Jan Feb March April May June July Danske Bank SEB FSPA Handelsbanken Nordea

Nordic bank shares, liquidity 2002

EURm

150

Shareholder structure, End of June 2002

18.3% 9.1% 8.4% 6.0% 3.9% 24.0% 1.9% 28.4% International investors Swedish institutions Swedish government Danish institutions Finnish institutions Finnish public Danish public Swedish public

Number of shareholders approx 512,000

151

Largest registered shareholders

End of June 2002

3.45 % 102,529,423 Nordea Danmark fonden 3.12 % 92,609,801 Tryg i Danmark smba 18.26 % 542,015,102 Swedish Government 3.86 % 114,614,179 Alecta 3.03 % 89,926,155 Robur fonder 1.98 % 58,832,814 Nordea fonder 1.59 % 47,061,015 SEB fonder 1.51 % 44,819,993 SHB fonder 1.47 % 43,582,090 Fjärde AP-fonden 1.06 % 31,357,406 Tredje AP-fonden 0.35 % 10,422,008 PFA 0.38 % 11,258,114 Länsförsäkringar fonder 0.47 % 13,897,343 T Rowe Price Funds 0.61 % 18,104,300 Nordea Bank Sverige vinstandelsstiftelse 0.62 % 18,469,465 SPP Livförsäkring AB 0.65 % 19,269,833 Länsförsäkringar 0.96 % 28,403,550 Andra AP-fonden 1.01 % 29,836,853 Skandia 1.01 % 30,000,000 AMF Pension 1.02 % 30,317,577 Första AP-fonden Percent Number of shares Shareholder

152

Number of shares

2,965,666,090 17,000,000 Buyback Market April, 2001 2,968,071,177 2,405,087 Conversions** New issue June, 2002 2,962,510,651 5,560,526 Other holdings of own shares 2,982,666,090 3,473,373 Conversions* New issue 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 – Dec 31, 2001 ** Convertible bond conversions 2002 Fully diluted average number of shares Jan-June 2002 2,985,424,874

153

52 50 71.5 55.5 50 Share price, end of period, SEK

• 0.12

3.90

• H1/02

1) Pro forma incl. Unidanmark

14.0 0.58 3.74

SEK

2.00 2000 11.0 10.6 11.3 P/E ratio 0.53 0.55 0.53 Earnings per share, EUR 2.68 3.43 4.00 Shareholders equity per share, EUR

SEK 1.64 SEK

1.75

EUR

0.23 Dividend 1998 19991) 2001

Data per share

154

Appendix

Other

155

Provisioning policy

Corporate customers classified according to internal rating Quarterly review of loan portfolio Provisions and action plans reviewed for risk classified customers New legislation in Sweden introducing general provisions Nordea´s general provisions are unchanged

156

Group CEO Board of Directors Group Audit Group Corporate Centre Group Staffs Retail Banking

Investment Management Investment Funds Long Term Savings & Life Nordic Private Banking European Private Banking Life & Pensions Corporate Division Shipping, Offshore & Oil Services International Division Markets Global Operations Services Trade, Export & Structured Finance Investment Banking / Nordea Securities Denmark Finland Norway Poland International Regional banks Corporate Personal & General Insurance Long Term Savings & Life Electronic Banking Planning & Control Market Support Production & Productivity Product companies

Corporate and Institutional Banking Asset Management & Life General Insurance

Business structure

157

Tryg A/S* Denmark

Legal structure Juli 1, 2002

Nordea AB (Publ) Sweden Nordea Securities AB Sweden Nordea INS Holding A/S Denmark Nordea Asset Management AB Sweden Nordea Bank Finland Plc Finland

Nordea Liv AS Norway Nordea Life Assurance I Sweden AB (publ) Sweden Nordea Pension Danmark, Livsfor- sikringsselskab A/S Denmark Vesta Forsikring AS* Norway

Various subsidiaries Various subsidiaries

Various subsidiaries Various subsidiaries Tryg Forsikring A/S* Denmark Nordea Life Assurance II Sweden AB (publ) Sweden Various subsidiaries Various subsidiaries Vesta Liv Holding AS Norway Various subsidiaries Various subsidiaries Various subsidiaries Various subsidiaries

Nordea Bank Sweden AB (publ) Sweden Nordea Bank Norge ASA Norway Nordea Bank Danmark A/S Denmark

*Currently subject to sale as announced on 19 June 2002

158

Group Executive Management

Thorleif Krarup Group CEO Lars G Nordström Head of Retail Banking Markku Pohjola Head of Corporate and Institutional Banking Christian Clausen Head of Asset Management and Life Tom Ruud Head of Group Staffs

(Group IT, Group Human Resources, Group Identity and Communications, Group Legal, Group Compliance)

Arne Liljedahl Group CFO and Head of Group Corporate Centre

(Group Corporate Development, Group Treasury, Group Credit and Risk Control, Group Planning and Control, Group Finance, Investor Relations)

Carl-Johan Granvik Head of Group Credit and Risk Control

159

Appendix

Macro statistics and estimates

Source: Nordea Economic Research Estimates from May 2002

160

Macro data

% 2001 2002e 2003e Gross domestic product DK 0.9 1.6 2.3 FI 0.7 2.8 4.2 NO 1.0 1.7 2.2 SE 1.2 1.6 3.1 Inflation DK 2.4 2.4 2.3 FI 2.7 2.2 1.9 NO 3.0 1.5 2.5 SE 2.6 2.3 1.9 Private consumption DK 0.6 1.8 2.1 FI 1.4 2.8 3.5 NO 2.2 3.5 2.6 SE 0.2 2.4 2.8 Unemployment DK 5.1 5.1 4.9 FI 9.1 9.1 8.8 NO 3.6 3.6 3.5 SE 4.0 4.1 3.8

161

Gross domestic product

• 8
• 6
• 4
• 2

2 4 6 8 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 Denmark Finland Norway Sweden

Change in % YoY

162

Inflation

• 2

2 4 6 8 10 12 14 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Denmark Finland Norway Sweden

%

163

Private consumption

• 8
• 6
• 4
• 2

2 4 6 8 10 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 Denmark Finland Norway Sweden Change in % YoY

164

Household savings ratio

2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 2001 Denmark Finland Norway Sweden

%

165

Unemployment

5 10 15 20 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Denmark Finland Norway Sweden

% of labour force

166

Credit growth total lending to non-bank sector

• 10
• 5

5 10 15 96 March 96 Sept 97 March 97 Sept 98 March 98 Sept 99 March 99 Sept 00 March 00 Sept 01 March 01-sep 02-mar Denmark Finland Norway Sweden

Change in % YoY

167

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 Q1/02 Denmark Finland Norway Sweden

Number of bankruptcies per month

168

Exchange rate, USD/Euro

0,8 0,85 0,9 0,95 1 1,05 1,1 1,15 1,2 1-1 -98 1-4 -98 1-7 -98 1-10 -98 1-1 -99 1-4 -99 1-7 -99 1-10 -99 1-1 -00 1-4 -00 1-7 -00 1-10 -00 1-1 -01 1-4 -01 1-7 -01 1-10 -01 1-1 -02 1-4 -02 1-7 -02

USD

169

Exchange rate, Euro/SEK

8 8,4 8,8 9,2 9,6 10 1-1 -98 1-4 -98 1-7 -98 1-10 -98 1-1 -99 1-4 -99 1-7 -99 1-10 -99 1-1 -00 1-4 -00 1-7 -00 1-10 -00 1-1 -01 1-4 -01 1-7 -01 1-10 -01 1-1 -02 1-4 -02 1-7 -02

SEK

170

Exchange rate, Euro/NOK

7 7,5 8 8,5 9 9,5 10 1-1 -98 1-4 -98 1-7 -98 1-10 -98 1-1 -99 1-4 -99 1-7 -99 1-10 -99 1-1 -00 1-4 -00 1-7 -00 1-10 -00 1-1 -01 1-4 -01 1-7 -01 1-10 -01 1-1 -02 1-4 -02 1-7 -02

NOK

171

Oilprice development, Brent, USD/Barrel

5 10 15 20 25 30 35 40 45 50 1-1 -90 1-1 -91 1-1 -92 1-1 -93 1-1 -94 1-1 -95 1-1 -96 1-1 -97 1-1 -98 1-1 -99 1-1 -00 1-1 -01 1-1 -02

Dollar

172

Stock exchange indices

200 400 600 800 1000 1200 1400 31-1 -97 31-5 -97 30-9 -97 31-1 -98 31-5 -98 30-9 -98 31-1 -99 31-5 -99 30-9 -99 31-1 -00 31-5 -00 30-9 -00 31-1 -01 31-5 -01 30-9 -01 31-1 -02 31-5 -02 HEX Index Affärsvärldens General Index Oslo Total Index KFX Index

Index 100 = 1990

173

Money market, 3 months rates

2 3 4 5 6 7 8 9 1-1 -98 1-5 -98 1-9 -98 1-1 -99 1-5 -99 1-9 -99 1-1 -00 1-5 -00 1-9 -00 1-1 -01 1-5 -01 1-9 -01 1-1 -02 1-5 -02 Denmark Finland Norway Sweden

%

174

Government bond, 10 year

3 3,5 4 4,5 5 5,5 6 6,5 7 7,5 1

• 1
• 9

8 1

• 4
• 9

8 1

• 7
• 9

8 1

• 1
• 9

8 1

• 1
• 9

9 1

• 4
• 9

9 1

• 7
• 9

9 1

• 1
• 9

9 1

• 1
• 1
• 4
• 1
• 7
• 1
• 1
• 1
• 1
• 1

1

• 4
• 1

1

• 7
• 1

1

• 1
• 1

1

• 1
• 2

1

• 4
• 2

1

• 7
• 2

Denmark Finland Norway Sweden

%

175

Investor Relations

investor.relations@nordea.com

176

Financial calendar

Capital Markets Day will be arranged on 23 September in London Interim report for the third quarter 2002 will be published on 22 October