Contents Press slides Page 3 Financial highlights Q3/03 Page 17 - - PowerPoint PPT Presentation

2

Contents

Press slides

Page 3

Financial highlights Q3/03

Page 17

Credit quality

Page 56

Economic capital

Page 72

Nordea

Page 77

Business areas

Page 85

Balance sheet

Page 128

Market shares

Page 135

Appendix

Page 149

Interim Report Third Quarter 2003 Press conference

29 October 2003 Lars G Nordström

4

Stable underlying development in Q3

Operating profit EUR 470m (EUR 579m in Q2) Net profit up 55% to EUR 628m (EUR 405m in Q2 and EUR 193m in

Q3/02)

Total income EUR 1,403m (EUR 1,463m in Q2 and EUR 1,406m in

Q3/02)

Total expenses down 2% to EUR 881m (EUR 902m in Q2) Earnings per share EUR 0.21 (EUR 0.14 in Q2 and EUR 0.07 in Q3/02) Return on equity, excl. goodwill, 26.6%, 14.0% when using standard tax

rate (18.1% in Q2)

5

Significantly improved performance in the first nine months of 2003

Operating profit up 30% to EUR 1,429m (EUR 1,101m in Jan-Sep 02) Total income EUR 4,240m (EUR 4,213m) Total expenses down 2% to EUR 2,700m (EUR 2,752m) Earnings per share, rolling 12 months, EUR 0.55 Return on equity, excl. goodwill, 19.0%, 14.8% when using standard

tax rate

6

Continued focus

Partnership agreement with IBM for IT production services Sale of Norwegian debt collection company Inkassosentralen Change process of legal structure on track Repurchase of own shares

7

Top priorities

Reduce volatility and ensure growth of income Improve cost management Ensure capital efficiency Maintain credit portfolio quality Reduce complexity - from “too many” to “just one”

8

Reduced earnings volatility from capital markets exposure

• Investment earnings down in

Q3 2003 from exceptionally high Q2 level

–

Higher medium and long-term interest rates in Q3

• Operating profit in Life &

Pensions down in Q3 2003, although at a satisfactory level

–

Lower investment returns

–

Gradual implementation of changed business model

• Earnings volatility significantly

down in Q1-Q3 2003

–

Operating losses in General Insurance and Life & Pensions

–

Divestment loss from General Insurance

11 31 39 41 29 81 27

• 34
• 17

44 19 50 40

• 113
• 125
• 100
• 75
• 50
• 25

25 50 75 100 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Investment earnings, banking Operating profit, Life and General

EURm

Investment earnings and insurance

• perating profit Q1/02-Q3/03

9

• Total income in Q3 2003 down

4%

• adjusted for non-recurring

items largely unchanged

–

Deposit and lending margins unchanged

–

Commission income increased

–

Lower trading income

–

Increased volumes

• Total income in Q1-Q3 2003 up

1%

–

Net interest income and commission income slightly down

–

Trading income significantly up

–

Several minor non-recurring items

–

Increased volumes

Total income level maintained

Income Q1/02-Q3/031

1 Insurance reported according to the one-line principle

1,382 1,425 1,406 1,457 1,374 1,463 1,403 400 800 1200 1600 2000 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURm

10

Cost development under control

• Total costs down 2% in Q3 as

well as Q1-Q3 2003

• Underlying costs in Q1-Q3 2003

down by 5%

–

LG Petro Bank consolidated

–

Higher restructuring costs

–

Higher variable salaries

–

Release of previous restructuring reserve

–

F/X effects

• Well within target of flat costs

compared to 2002

925 993 917 881 902 922 905 61 66 65 63 64 58 64 200 400 600 800 1000 1200 EURm 20 40 60 80 100 Costs C/I ratio

Costs and C/I ratio Q1/02-Q2/03

% Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

11

• Number of employees (FTE)

down by 2,050 or 6% since beginning of year

–

Huoneistokeskus employees account for 1.5 percentage point

• External recruitment reduced

and the process for recirculation to vacant positions improved

Number of employees falling

Full time equivalents (FTEs) Q1/02-Q3/03 (end of period)

32,227 5000 10000 15000 20000 25000 30000 35000 40000 45000 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Nordea Group excl. GI General Insurance (GI)

Number

• f FTEs

LG Petro Bank included as from December 2002

12

Capital efficiency - strong capital position

10.2 10.4 9.9 10.2 9.5 9.1 9,0 2 4 6 8 10 12 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Economic capital 01/02-Q3/03

EURbn

• Economic capital reduced by

EUR 1.2bn since end of 2002

• Further real estate divestment

will reduce economic capital going forward

• RWA stable since end of 2002
• Regulatory capital ratios

maintained well above targets

• Repurchase of own shares

Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Tier 1 7.2 7.4 7.0 7.1 7.2 7.5 7.5 Total 9.2 8.9 9.0 9.9 9.7 9.8 9.8 RWA 140 136 137 135 137 135 135

13

Credit quality maintained

• Loan loss level (annualised)

stabilised at 0.25% of loans and guarantees, well below target of max. 0.40%

• Majority of loan losses stems

from the Norwegian lending portfolio - especially fish farming

• Impaired loans, net, in Q3 2003

unchanged at 0.6% of total lending

• Continued slight shift towards

mortgages

66 76 89 63 56 92 98 25 50 75 100 125 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 Loan losses Loan losses ratio (acc. and annualised)

EURm

%

Loan losses Q1/02-Q3/03

14

Developing Nordea

2001 2002 2000 2003

Customer organisation, customer strategy and customer relation Planning and performance management Business organisation and management Name, brand and values Reduction of complexity Changes of business models Divestment of non-core assets Focus, speed and performance The complex point of departure

Embarking

• n the Nordic

vision Shaping the new reality Adjusting to changed market conditions Benefiting from the Nordic vision

One bank

15

In summary

Our performance has been significantly improved We have increased focus on core business and activities As complexity in operations is being reduced our efficiency will improve …….We are on the right track

Interim Report Third Quarter 2003 Press conference

29 October 2003 Lars G Nordström

17

Financial highlights Q3/03

18

Stable underlying development in Q3

Operating profit EUR 470m (EUR 579m in Q2) Net profit up 55% to EUR 628m (EUR 405m in Q2 and EUR 193m in

Q3/02)

Total income EUR 1,403m (EUR 1,463m in Q2 and EUR 1,406m in

Q3/02)

Total expenses down 2% to EUR 881m (EUR 902m in Q2) Earnings per share EUR 0.21 (EUR 0.14 in Q2 and EUR 0.07 in Q3/02) Return on equity, excl. goodwill, 26.6%, 14.0% when using standard tax

rate (18.1% in Q2)

19

Significantly improved performance in the first nine months of 2003

Operating profit up 30% to EUR 1,429m (EUR 1,101m in Jan-Sep 02) Total income EUR 4,240m (EUR 4,213m) Total expenses down 2% to EUR 2,700m (EUR 2,752m) Earnings per share, rolling 12 months, EUR 0.55 Return on equity, excl. goodwill, 19.0%, 14.8% when using standard

tax rate

20

Continued focus

Partnership agreement with IBM for IT production services Sale of Norwegian debt collection company Inkassosentralen Change process of legal structure on track Repurchase of own shares

21

5 10 15 20 25 30 Q2/03 Q3/03 Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones

Market development – stock market indexes

%

22

3.61 3.08 4.06 4.05 3.18 2.05 2.97 2.13 30-06-03

• 0.26

2.82 Short, SE +0.16 3.77 Long, SE

• 1.29

2.76 Short, NO

• 0.02

4.04 Long, NO +0.16 3.34 Long, DK +0.05 2.10 Short, DK +0.13 3.10 Long, EUR (5 years)

• 0.06

2.07 Short, EUR (one week) Change 30-09-03 %

Market development – interest rates

23

1 2 3 4 5 6 7 EUR DKK SEK NOK Q1/03 Q2/03 Q3/03

Short interest rates - average (one week)

%

24

Net interest income

874 885 835 843 838

200 400 600 800 1000 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 QoQ:

Short interest rates reduced Continued pressure on interest

income

Compensated by increased volumes

and hedges against falling short-term rates YoY:

Volumes increased Pressure on deposit margins Corporate lending margins improved

EURm

25

Structural Interest Income Risk (SIIR)

• 240

220

Q3/03

Decreasing market rates, 100bp Increasing market rates, 100bp EURm, annualised effect on Nii*

• Increased SIIR in Q3

–

interest rates expected to have bottomed out

–

maturity of current hedges shorter than 12 months

*Approximately, end of period

SIIR is defined as the effect on net interest income (Nii) in the next 12 months if market rates change by one percentage point. Figures are asymmetrical as interest rates on deposits from customers cannot be reduced below 0%. Figures are based on maturity and repricing structure, and the effect going forward will be subject to management decisions and the competitive situation in the market.

26

101 108 104 114 120 189 195 179 191 194 38 35 24 20 28 86 95 88 87 88 50 61 44 40 47

• 85
• 88
• 76
• 80
• 84
• 100

100 200 300 400 500 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Asset management Payments & deposits Brokerage Lending Other Expenses

EURm

Net commission income

QoQ:

Net commissions up 4% AuM up 5% to EUR 107bn

–

strong sales

–

strengthening of equity markets

Payment commissions

improved slightly

Brokerage increased EUR 8m

YoY:

Down 4%

–

reflecting lower brokerage income following lower market volumes

371 388 353 366 379

27

Trading

127 130 157 155 130

20 40 60 80 100 120 140 160 180 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Decreased somewhat reflecting

lower market activity

– still at a high level

Leading Nordic provider of

derivatives and debt capital market services

High quality earnings

– customer driven revenue

stream EURm

28

Total income

1,403 1,463

300 600 900 1200 1500 Q2/03 Q3/03

Maintained income level Q3 non-recurring items:

– Hex shares, EUR 27m – Inkassosentralen, EUR 8m

Q2 non-recurring items:

– Huoneistokeskus, EUR 43m – Nordisk renting, EUR 32m

EURm

29

Income statement summary

579

• 40
• 50

81 488 19

• 92
• 902

1,463 Q2/03

• 19
• 9
• 2
• 4

Change % 40 Operating profit, life insurance 27 Investment earnings, banking 470 Operating profit

• 40

Goodwill depreciation

• Operating profit, general insurance

443 Profit before inv. earnings and insurance 10 Equity method

• 89

Loan losses

• 881

Expenses

1,403 Income Q3/03 EURm

30

521 545 520 539 531 404 448 397 363 350 200 400 600 800 1000 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Personnel Other

EURm

Expenses

QoQ:

Continued strict cost

management

–

cost reduction quarter by quarter

Total costs down 2% Seasonally lower activity

917 925 993 902 881

31

Income statement summary

1,101

• 128
• 122
• 42

81 1,312 36

• 185
• 2,752

4,213 Jan-Sep 2002 30

• 1
• 2

1 Change % 1,547

• 171
• 122

2 122 1,716 52

• 261
• 3,745

5,670 Full year 2002 109 Operating profit, life insurance 137 Investment earnings, banking 1,429 Operating profit

• 121

Goodwill depreciation

• Operating profit, general insurance

1,304 Profit before inv. earnings and insurance 43 Equity method

• 279

Loan losses

• 2,700

Expenses

4,240 Income Jan-Sep 2003 EURm

32

Expenses – underlying development

2,586 2,715

500 1000 1500 2000 2500 3000 Jan-Sep 2002 Jan-Sep 2003

YoY:

Ongoing initiatives showing

effect

Reported expenses down EUR

52m, or 2%

Underlying expenses approx.

EUR 130m, or 4.8% lower

– new business, Poland – higher restructuring costs – higher variable salaries – release of previous restructuring

reserve

– f/x effects

Also absorbed inflation and

• rganic growth

EURm 2,752 2,700

33

Development of FTEs

32,227 34,271 33,879 32,949

5000 10000 15000 20000 25000 30000 35000 40000 Q4/02 Q1/03 Q2/03 Q3/03

34,271 32,227 Total

• 6%

1,729 7,737 1,818 2,172 18,771 Q3/03 1,951 7,710 1,866 2,444 20,300* Q4/02 Other CIB Change GPT** AM & Life Retail FTEs

*Of which approx. 500 in Huoneistokeskus **Increased in 2003 by 480 FTEs from Retail and CIB due to organisational changes

End of period

34

Loan losses

181 219 236 246 221

• 115
• 143
• 138
• 154
• 132

66 76 98 92 89

• 200
• 100

100 200 300 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Gross Reversals Net

EURm

Loan losses at manageable

level

– 0.24% of total loans and

guarantees annualised in Q3

Concentrated to Norwegian

retail portfolio

Vast majority within fish

farming

Exposure to fisheries industry

EUR 2.2bn

– approx. 44% related to fish

farming

Pan Fish shares valued at

zero

35

Investment earnings, banking

39 41 29 81 27

10 20 30 40 50 60 70 80 90 100 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

QoQ:

Interest rates rose globally Loss on fixed-income portfolio Gain on equities

YoY:

Increased EUR 56m Position taking benefited from

reduced interest rates particularly in Q2

EURm

36

19 50 40

• 13

44

• 20
• 10

10 20 30 40 50 60 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

Operating profit, Life Insurance

Lower volatility Gradual implementation of

changed business model

Investment return decreased

in Q3

37

Income statement summary

1,101

• 128
• 122
• 42

81 1,312 36

• 185
• 2,752

4,213 Jan-Sep 2002

30

• 1
• 2

1 Change %

1,547

• 171
• 122

2 122 1,716 52

• 261
• 3,745

5,670 Full year 2002 109 Operating profit, life insurance 137 Investment earnings, banking

1,429 Operating profit

• 121

Goodwill depreciation

• Operating profit, general insurance

1,304 Profit before inv. earnings and insurance 43 Equity method

• 279

Loan losses

• 2,700

Expenses 4,240 Income Jan-Sep 2003 EURm

38

Net profit

564 1,288

300 600 900 1200 1500 Jan-Sep 2002 Jan-Sep 2003

YoY:

Increased by 128% Deferred tax asset of EUR

300m included in Q3/03

Allocation to pension fund in

2002 (EUR 272m)

EURm

39

5 10 15 20 25 30 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 0.00 0.05 0.10 0.15 0.20 0.25 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Key figures

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

14.8% 14.0% RoE adjusted to standard tax, ytd RoE adjusted to standard tax, Q3 EUR 0.33 EUR 0.11 EPS adjusted to standard tax, ytd EPS adjusted to standard tax, Q3

40

0.1 0.2 0.3 0.4 0.5 0.6 0.7 Q 1 / 2 Q 2 / 2 Q 3 / 2 Q 4 / 2 Q 1 / 2 1 Q 2 / 2 1 Q 3 / 2 1 Q 4 / 2 1 Q 1 / 2 2 Q 2 / 2 2 Q 3 / 2 2 Q 4 / 2 2 Q 1 / 2 3 Q 2 / 2 3 Q 3 / 2 3

EUR

Earnings per share – 12 months rolling

41

Balance sheet - key items

135 261 13 93 149 Q3/03 137 252 12 93 147 Q3/02 135 250 12 94 146 Q4/02

• 1

Risk-weighted assets 4 Total assets 9 Shareholders’ equity Deposits 1 Lending Change, 12 months %

EURbn

End of period

42

Lending

147 146 147 147 149 20 40 60 80 100 120 140 160 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Lending and deposits

Deposits

93 94 95 91 93 20 40 60 80 100 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURbn EURbn

End of period

43

Real estate holdings reduced

Sales process progressing according to plan Book value of approx. EUR 1.0bn to be divested Properties in Denmark with a book value of approx. EUR 0.4

sold in H1 2003

Nordisk Renting sold in Q2

44

Tier 1 ratio 7.1 7.5 1 2 3 4 5 6 7 8 9 10 Q4/02 Q3/03

Capital position – strong

%

End of period

AGM authorisation to repurchase

10% of outstanding shares

Board decision to buy back shares

up to 5% of outstanding shares

Nordea will implement IAS19

(pensions) from 2004

– non-recurring reduction of equity of

• approx. EUR 250m

New Basel Capital Accord (Basel II)

– positive effect expected on required

regulatory capital

45

381 135 42 52 91

• 85

403 94 48 43 35

• 128
• 150
• 100
• 50

50 100 150 200 250 300 350 400 450 Retail CIB Asset Mgmt* Life* Group Treasury Other

Q2/03 Q3/03

Results by business area

EURm

*Product result for Asset Management and Life

46

Retail Banking operating profit

415 341 347 381 403 50 100 150 200 250 300 350 400 450 500 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

Strong sales Continued growth in household

mortgages

Sale of Inkassosentralen Loan losses in Retail Banking

Norway

24 56 Q3/03 23 RoE, % 57 C/I ratio, % Q2/03 Key ratios

47

Retail Banking, lending and deposit margins

Quarterly averages 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 2.5 Q 1 / 2 Q 2 / 2 Q 3 / 2 Q 4 / 2 Q 1 / 3 Q 2 / 3 Q 3 / 3 Lending to corporates Lending to personal customers Deposits from corporates Deposits from personal customers Stable lending margins Overall deposit margins

relatively stable

Falling short-term rates

– compensated by hedges

%

48

123 138 109 135 94 30 60 90 120 150 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

CIB operating profit

EURm

Markets income reduced but still

at good level

– reflected in FID income

Custody Services

– pressure on prices

Seasonal decline in customer

demand

Nii down following lower volumes

13 56 Q3/03 19 RoE, % 52 C/I ratio, % Q2/03 Key ratios

49

Asset Management product result

35 38 31 42 48 5 10 15 20 25 30 35 40 45 50 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURm

Product result up 14% Net inflow of EUR 2.4bn

– 9% inflow annualised – ytd inflow EUR 6.7bn

AuM up 5% to EUR 107bn

107 60 Q3/03 102 AuM, EURbn 63 C/I ratio, % Q2/03 Key ratios

50

22 52 43

• 11

48

• 20
• 10

10 20 30 40 50 60 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

Life Insurance, product result

Product result down 17%, still

high level

Lower volatility Implementation of changed

business model

Investment return decreased in

Q3

3.3 0.4 Inv return, % 4.6 Q3/03 4.8 Financial buffers*, % Q2/03 Key ratios

* Financial buffers in % of provisions

51

Life - solvency situation

End of Q3/03

178 52 119 67 Sweden 237 293 506 213 Finland 119 82 509 427 Denmark 164 76 196 120 Norway Solvency in %

• f requirement

Solvency buffer Actual solvency Required solvency EURm

52

Life – financial buffers*

4.6 3.4 1.5 3.4 6.2 Q3/03 842 54 39 153 595 Q3/03 4.3 65 Sweden % of total provisions EURm 4.8 869 Total 3.9 175 Finland 6.2 588 Denmark 1.6 41 Norway Q2/03 Q2/03

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

53

Group Treasury operating profit

QoQ:

Financial markets focused on

economic recovery

Increased medium- and long-term

interest rates

– loss on bond portfolio

Gain on equities

31 27 58 91 35 10 20 30 40 50 60 70 80 90 100 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

54

Other column

QoQ:

OM/HEX shares EUR 27m in Q3 Nordisk Renting EUR 32m in Q2

General:

Funding cost for acquisition of

Nordea Bank Norway

Results from real estate holdings

(non-owner occupied)

Expenses in Group functions not

defined as service offered to business areas

Depreciation of goodwill related

to the creation of Nordea

13 Operating profit, Life 6 Investment earnings

• 16
• 24

Income

• 31
• 31

Goodwill 9 10 Equity method

• 85
• 128

Operating profit 5 Loan losses

• 71
• 83

Expenses Q2/03 Q3/03

55

Outlook 2003

General economic outlook slightly improved Scope for revenue growth in 2004

– expectations of growth globally as well as in the Nordic economies

Sharp attention on cost control will be maintained Expenses expected to be well within 2003 cost target Target for average loan losses over a business cycle, maximum

0.40%

– still some caution regarding the fish farming portfolio

Loan losses in Q4 not expected to exceed average quarterly level

in 2003

56

57

Companies 55% Public sector 2% Personal customers 43%

Loan portfolio by customer group

End of Q3/03

EUR 148.7bn

58

Housing loans 76% Other loans 24%

Lending to personal customers

End of Q3/03

EUR 63.5bn

Continued strong growth in

mortgage lending

Other loans comprise

–

consumer credits

–

investment credits

–

car financing

–

• verdraft facilities

–

credit cards

59

Construction 3% Real estate 27% Manufacturing 16% Finance 14% Commerce and services 11% Agriculture & Fishing 5% Shipping & Offshore 5% Transport, communication 5% Other companies 6% Renting, consulting and

• ther services

8%

Lending to companies by industry

End of Q3/03

EUR 82.1 bn

60

147.0 4.5 4.3 8.6 7.0 12.2 12.5 9.1 3.8 2.8 22.0 60.2 Q2/03 147.0 4.7 4.3 8.5 8.7 10.7 13.5 8.9 3.5 2.9 22.6 58.6 Q1/03 148.7 3.9 4.3 8.3 6.1 11.2 13.2 9.1 4.6 2.5 22.0 63.5 Q3/03 145.7 4.6 4.3 10.3 8.2 9.1 13.9 8.3 3.5 3.1 22.4 57.9 Q4/02 147 5 4 11 9 9 15 9 3 3 23 56 Q3/02 Total Shipping & Offshore Agriculture & Fishing Other companies/public sector Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Personal customers EURbn

Loan portfolio

End of period

61

Asia 0.5% Other OECD 0.5% Other 8.9% The Baltic states and Poland 0.9% Other EU countries 4.5% Latin America 0.6% USA 1.2% Non-OECD 0.7% Nordic countries 91.1%

Lending by geographical area

End of Q3/03

EUR 148.7bn

Nordic countries, EUR 135.4bn Denmark 37.5 Finland 30.9 Norway 22.7 Sweden 44.3

62

Transfer risk exposure

• EURm. End of Q3/03

69 Turkey 112 Iran

• of which

3 Argentina

326 Middle East

26 110 262

627

• of which

Latin America

Panama Chile Mexico Brazil 35 Indonesia South Korea China 19 48 144

• of which

270 Asia

63

Nordea fisheries financing

End of Q3/03

Fish processing/ export 21% Fish farming 44% Fishing vessels 35%

Total outstanding EUR 1.9bn Mainly Norwegian exposure Fish farming the troubled area Increased salmon prices in Q3

Total exposure approx. EUR 2.2 bn

64

Nordea shipping portfolio

Distribution by type of vessel

End of Q3/03

Combined vessels 1% Misc.loans 12% Crude tankers 12% Bulkers 10% Liners 10% Product tankers 9% Feries 8% Chemical tankers 8% Cruise 8% Pure car carries 7% Gas tankers 7% Other dry cargo 4% Reefers 4%

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 5.9bn

65

Nordea real estate financing portfolio

End of Q3/03

Denmark 8.1% Norway 19.4% Sweden 50.2% Finland 22.3%

Largest industry exposure Relatively large and financially

strong companies

High level of collateral coverage Lending to residential real estate

companies approx 50%

Total exposure approx. EUR 22.0bn

66

Nordea telecom financing portfolio

End of Q3/03

Operators 72%

Manufactures 28%

Total outstanding EUR 2.8bn Majority of exposure related to

– major Nordic equipment manufacturers – major Nordic telecom operators

ECA or cash cover for 9% of exposure

Total exposure approx. EUR 4.8 bn

67

0.57 71 109 836

• 379
• 65
• 1,571
• 2,015

2,851

Q2/03

0.55 72 124 805

• 393
• 64
• 1,630
• 2,087

2,892

Q1/03

0.57 71 105 844

• 384
• 64
• 1,624
• 2,072

2,916

Q3/03

0.76 66 130 1,107

• 391
• 64
• 1,698
• 2,153

3,260

Q4/02

0.57 73 138 846

• 377
• 79
• 1,834
• 2,290

3,136

Q3/02

Transfer risk reserve Of which: General provisions Appraised by category Specific provisions Provisions Provisions/impaired loans, gross (%) Impaired loans,net/lending (%) Impaired loans, net Impaired loans, gross

• EURm. End of period

Impaired loans

68

2,072 76 194 1 282 178 142 227 191 179 76 153 373 Provisons 4 5 Public sector 2,916 101 239 515 214 173 295 257 233 88 213 583 Gross 844 25 45 233 36 31 68 66 54 12 60 210 Net Total Shipping & Offshore Agriculture & Fishing Other companies Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Personal customers

• EURm. End of Q3/03

Impaired loans

69

Loan losses

181 219 236 246 221

• 115
• 143
• 138
• 154
• 132

66 76 98 92 89

• 200
• 100

100 200 300 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Gross Reversals Net

EURm

Loan losses at manageable

level

– 0.24% of total loans and

guarantees annualised in Q3

Loan losses concentrated to

Norwegian retail portfolio

Vast majority within fish

farming

Fish farming represents 0.6%

• f loan book

Pan Fish shares valued at

zero

70

Comments on certain industries

Real estate

Vacancy rates increasing from very low levels in commercial real

estate

Rent levels down from peak but still higher than original levels 3-5

years ago

Low interest rates help secure cash flow and secondary market

values

New construction volumes adjusted to decreased demand Large foreign interest in Nordic property market Residential part of portfolio performing strongly

71

Comments on certain industries

Shipping and Offshore industry

Pick up in economy leading to increased rates Bulk market particularly strong Tanker market strong but volatile Crusing market recovering from global uncertainties Offshore industry suffering from uncertainty of oil prices Nordea´s exposure well diversified with modern ships and globally

competitive companies

Restructuring and consolidation of industry continue

72

73

Economic capital (EC)

EC is the capital required by Nordea to cover unexpected losses 6 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

74

Economic capital

9.9 10.2 9.5 9.1 9.0

1 2 3 4 5 6 7 8 9 10 11 12 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURbn

No major changes in EC

since last quarter

Ongoing sale of real estate

holdings

EC reduced by EUR 1.2bn

since Q4/02

75

Economic capital per business area

End of Q3/03

CIB 22% Other 10% Treasury 6% Asset Mgmt & Life 11% Retail 51%

EUR 9.0bn

76

Distribution of economic capital - by risk category

End of Q3/03

Credit risk 60% Business risk 10% Market risk 16% Real estate risk 5% Operational risk 8% Life risk 1%

77

78

Vision

We will be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. We will be in the top league or show superior profitable growth in every market and product area in which we choose to compete. We will have the leading multichannel distribution with a top world ranking in e-based financial services and solutions.

Mission: ‘Making it possible’

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

79

Strategic themes

Attract, develop and retain highly motivated, competent and performance oriented employees Ensure stable and profitable growth of income Ensure operational excellence, strict cost management and reduced complexity Ensure capital efficiency and high credit portfolio quality Sustainable growth of economic profit

80

Top priorities firmly anchored throughout the Group

Other / Group

• Reduce IT-development

costs and projects

• Support and procurement

at Group level

• Shared service centres
• Further reduce economic

capital and non-core assets

• Roll-out economic profit-

driven management system to push profitability

Retail Banking

• Increase share of wallet for

personal customers in a multi-channel strategy

• Add value for small and

medium sized corporates

• Benchmark processes and

structures

• Emphasise Nordic projects

and solutions

• Drive e-banking
• Implement economic profit
• n business unit level
• Refine credit granting and

controls

• Refine credit scoring

models Reduce volatility and ensure growth of income

Corporate and Institutional Banking

• Enhance position among

large corporates in Sweden

• Focus on fin. institutions
• Gain market share in debt

capital markets

• Streamline international

activities

• Re-focus Nordea

Securities

• Reduce portfolio of

development projects

• Limit use of balance sheet
• Price according to risk
• Increase proactivity and

more strict monitoring of credit portfolio

Asset Management & Life

• Capture share of expected

growth in the Long-Term Savings and Life area

• Reduce volatility in Life
• Centralise equity and fixed

income processes

• Standardise service

concepts

• Streamline support

functions

• Implement new business

model in Life & Pensions Ensure capital efficiency and maintain credit portfolio quality Speed-up integration and unification and improve cost efficiency Top priorities

81

Financial targets

Note: Dividend for 2002 EUR 0.23 per share. Dividend for 2001 was EUR 0.23 per share

7.1 76 0.19 64 3,745 11.3 # 15 Actual 2002 > 40 % of net profit n.a Dividend pay-out ratio,% > 6.5% 7.5 Tier 1 capital ratio, % In the top five of the peer group # 5 YTD Total shareholder return, peer group ranking < 0.40% of loans and guarantees

• n average over a business cycle

0.25 Loan losses ratio, % < 55 % from 2005 and with present business mix 61 Cost/income ratio, % Same cost level through 2004 as in 2002 2,700 Costs, EURm Sustainable RoE>15% from 2004 18.9 Return on equity excluding goodwill, % Target Jan-Sep 2003 Key performance indicator

82

10 20 30 40 50 60 70 DnB SAMPO SEB SWEDBANK HYPOVEREINSBANK COMMERZBANK BANK OF IRELAND KBC SHB ALLIED IRISH DANSKE BANK ABBEY NATIONAL NORDEA ABN AMRO SOCIETE GENERALE LLOYDS TSB HBoS BNP BARCLAYS RBoS

Peer group* by market cap, EURbn

15 October 2003

*As defined by Nordea

83

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Frankfurt Hamburg

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow

Copenhagen

8,041 Personnel 9,430 Personnel 32,227 Total personnel* 1,240 Total locations 1,542 Personnel 71 Branches/salepoints Poland and Baltic 9,173 Personnel 345 Branch offices Denmark 4,041 Personnel 146 Branch offices Norway 262 Branch offices Sweden 416 Branch offices Finland

Warzaw

*Full time equivalents

84

Large customer base with high penetration in e-banking

1,540 465 460 4,200 SE 40 60 30 260 Baltic Sea Region 270 220 65 600 NO 3,560 1,660 965 9,700 Total 305 610 Life insurance customers (1,000) 1,200 510 Net banking customers (1,000) 330 80 Corporate customers 3,000 1,600 Personal customers Banking customers (1,000) FI DK

85

86

381 135 42 52 91

• 85

403 94 48 43 35

• 128
• 150
• 100
• 50

50 100 150 200 250 300 350 400 450 Retail CIB Asset Mgmt* Life* Group Treasury Other

Q2/03 Q3/03

Results by business area

EURm

*Product result for Asset Management and Life

87

88

Retail Banking operating profit

415 341 347 381 403 50 100 150 200 250 300 350 400 450 500 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

Strong sales Continued growth in household

mortgages

Sale of Inkassosentralen Loan losses in Retail Banking

Norway

24 56 Q3/03 23 RoE, % 57 C/I ratio, % Q2/03 Key ratios

89

Retail Banking operating profit by markets

91 84 61 57 66 57 50 55 54 52 57 56 C/I ratio % 6

• 1

27 31

• 9

2 45 32 27 28 23 24 RoE % 10 10 231 228 120 133 193 191 202 202 758 768 Net interest income 8 7 108 119 39 50 122 84 89 96 368 357 Non-interest income Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3

EURm

• 1
• 1

3

• 14

17 149 2 151

• 196

347 5

• 74

79

• 104

183 121

• 3

124

• 151

275 130

• 13

143

• 155

298 403

• 89

499

• 626

1,125 18 339 159 315 291 1,126 Total income

• 17
• 205
• 105
• 156
• 156
• 644

Total expenses 2 126

• 27

160 123 381 Operating profit 3

• 3
• 81

1

• 12
• 94

Loan losses 134 SE 1 54 159 135 482 Profit bef. loan loss P&B NO FI DK Retail

90

5 10 15 20 25 30 35 40 Denmark Finland Norway Sweden Q2/03 Q3/03

Retail Banking lending

EURbn End of period

91

5 10 15 20 25 Denmark Finland Norway Sweden Q2/03 Q3/03

Retail Banking deposits

EURbn End of period

92

Retail Banking deposits

6.0 6.1 6.1 9.4 6.8 6.1 3.9 7.1 2.7 9.7 1.2 4.3

5 10 15 20 25 Denmark Finland Norway Sweden

Corporate Personal customer - saving accounts Personal customer - current accounts

• EURbn. End of Q3/03

93

Retail Banking, volumes and margins

1.3% 1.6% 0.9% 1.5% 1.7% 1.2% Q3/03 1.3% 1.6% 1.0% 1.4% 1.6% 1.2% Q2/03 Margins 41.3 41.8 Deposits from personal customers 118.2 119.8 Total lending 69.8 70.4 Total deposits 28.5 28.6 Deposits from corporates 59.2 61.5 Lending to personal customers 59.0 58.3 Lending to corporates Q2/03 Q3/03

EURbn

Volumes

Margins are quarterly averages and exclude Poland and Baltic, volumes end of period

94

Retail Banking, lending and deposit margins

Quarterly averages 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 2.5 Q 1 / 2 Q 2 / 2 Q 3 / 2 Q 4 / 2 Q 1 / 3 Q 2 / 3 Q 3 / 3 Lending to corporates Lending to personal customers Deposits from corporates Deposits from personal customers Stable lending margins Overall deposit margins

relatively stable

Falling short-term rates

– compensated by hedges

%

95

96

E-banking customers

Equity trading customers

50 100 150 200 250 300 350 Jan-00 June-00 Nov-00 April-01 Sept-01 Feb-02 July-02 Dec-02 May-03

E-banking customers

1 1.5 2 2.5 3 3.5 4 Jan-00 June-00 Nov-00 April-01 Sept-01 Feb-02 July-02 Dec-02 May-03

(1,000) Mill.

97

Payments and log-ons

E-banking payments 5 10 15 20 25 30 35 40 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Denmark Finland Norway Sweden Mill. E-banking log-ons 5 10 15 20 25 30 35 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Denmark Finland Norway Sweden Mill.

98

Penetration on the net

Equity trading penetration rate

Executed trades

10 20 30 40 50 60 70 80 Jan-00 May-00 Sept-00 Jan-01 May-01 Sept-01 Jan-02 May-02 02-Sep Jan-03 May-03 Sep-03

Mutual funds penetration rate

5 10 15 20 25 30 Jan-01 May-01 Sept-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03

% %

99

Cards

Issued debit and credit cards

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

J a n

• 1

M a y

• 1

S e p t

• 1

J a n

• 2

M a y

• 2

S e p t

• 2

M a r

• 3

J u l

• 3

Card payments

5 10 15 20 25 30 35 40

J a n

• 1

M a y

• 1

S e p t

• 1

J a n

• 2

M a y

• 2

S e p t

• 2

J a n

• 3

M a y

• 3

S e p

• 3

Mill. Mill.

100

Payment transactions, households

Payment transactions

150 160 170 180 190 200 210 220 230 240 250

Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Mill. Payment transactions up 2%

in Q3

Card payments up 5% in Q3 Continued migration from

transactions in branches to e-banking

101

102

123 138 109 135 94 30 60 90 120 150 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

CIB operating profit

EURm

Markets income reduced but still

at good level

– reflected in FID income

Custody Services

– pressure on prices

Seasonal decline in customer

demand

Nii down following lower volumes

13 56 Q3/03 19 RoE, % 52 C/I ratio, % Q2/03 Key ratios

103

Stock market development

Source: Nordea Securities

7.3 24.5 75.2 Sweden 24.0 Nordic average 6.3 14.3 19.5 Norway 0.9 25.4 38.8 Finland 10.8 31.6 17.6 Denmark Q3 2003, % Chg Q3 vs Q2, % Q3 2003, EURbn Market index Market Volume

104

CIB operating profit by main area

• 33

10

• 43
• 40
• 3

Q2 52 52

• 55

107 Q3 Markets

• 49

1

• 1
• 48
• 37
• 11

Q3 Other 75 75

• 57

132 Q2 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 EURm 2 2

• 12

14 33

• 2

35

• 12

47 20 21

• 26

47 88 2 86

• 35

121 56 94 3

• 3

96

• 122

218 17 50 74 135 273 Total income

• 30
• 13
• 21
• 39
• 143

Total expenses 52 C/I ratio % 10 10 Transfer risk

• 1

10 Equity method

• 14

38 52 92 135 Operating profit 1

• 14
• 13

Loan losses

• 13

Investment Banking 37 53 96 130 Profit bef. loan loss International and Shipping Division Financial Instititutions Division Corporate Banking 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 Corporate and Institutional Banking and Retail Banking.

105

CIB lending volume

5 10 15 20 25 30 Corporate Banking Division Financial Institutions Division International and Shipping Division Total Q2/03 Q3/03

EURbn

End of period

106

107

Asset Management product result

35 38 31 42 48 5 10 15 20 25 30 35 40 45 50 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURm

Product result up 14% Net inflow of EUR 2.4bn

– 9% inflow annualised – ytd inflow EUR 6.7bn

AuM up 5% to EUR 107bn

107 60 Q3/03 102 AuM, EURbn 63 C/I ratio, % Q2/03 Key ratios

108

Assets under management

20 40 60 80 100 120 Q1/03 Q2/03 Q3/03 Life & pensions Institutional clients European private banking & fund distribution Nordic private banking Nordic retail funds

EURbn

107

109

Asset structure – Investment Management*

*Including mgmt of own investment funds

Nordic fixed income 56% Int'l. equities 20% Nordic equities 13% Int'l. fixed income 11%

Q3/03 EUR 70.4bn

Nordic fixed income 54% Int'l. equities 20% Nordic equities 13% Int'l. fixed income 13%

Q2/03 EUR 67.4bn

110

Asset structure – Investment Funds

Fixed income funds 50% Equity funds 39% Balanced funds 11%

Q3/03 EUR 38.4bn

Fixed income funds 48% Equity funds 41% Balanced funds 11%

Q2/03 EUR 35.6bn

111

Investment Funds, volumes and margins

2 4 6 8 10 12 14 16 18 DK FI NO SE Q2/03 Q3/03 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 DK* FI NO SE Q2/03 Q3/03

Margins * Net margin

% EURbn End of period

112

European Fund distribution

500 1000 1500 2000 2500 3000 3500 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Inflow AUM

More than 1000 active distribution

agreements

Assets by country of source:

– 25% from Germany – 25% from Switzerland – 18% from Spain – 10% from Austria – 8% from France – 7% from Luxembourg – 7% from Other

Adding volume of EUR 1.2bn in

European Private Banking the non- Nordic AuM of Nordea is EUR 4.5bn

EURm

113

22 52 43

• 11

48

• 20
• 10

10 20 30 40 50 60 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

Life Insurance, product result

Product result down 17%, still

high level

Lower volatility Implementation of changed

business model

Investment return decreased in

Q3

3.3 0.4 Inv return, % 4.6 Q3/03 4.8 Financial buffers*, % Q2/03 Key ratios

* Financial buffers in % of provisions

114

Life - breakdown of product result

52

• 3

55 4

• 165
• 13
• 126

297 54 Q2/03 46 Product result before distribution expenses 7 Operating profit Unit Linked business 43

• 3

28

• 13

126

• 151

50 Q3/03 Change in discount rate for life provisions Total product result Distribution expenses Retail Allocation to/from financial buffers Fluctuations compared to normalised investment return Normalised operating margin Allocation to policy-holders

EURm

115

Life

15 52

• 3

55 548 4 87 51 4

• 165
• 13

225

• 126

297 54

• 28
• 626

247 461

Q2/03

• 11

48 22 43 Product result

• 2
• 3
• 3
• 3

Distribution expenses Retail 9 25 598

• 1

100 26

• 1

11

• 8

24

• 48
• 14

86

• 27
• 636

250 499

Q1/03

3 46 457 7 87 39

• 1

28

• 13

25 126

• 151

50

• 24
• 532

236 370

Q3/03

41 51 722

• 7

127 58

• 4
• 51

113

• 83

117 79

• 30
• 770

284 595

Q4/02

• 277

Change in discount rate for life provisions 16

• 9

465 2 84

• 11
• 1

579

• 6
• 583
• 435

129

• 26
• 511

285 381

Q3/02

Premiums written, net of reinsurance Of which profit within Retail Banking Product result before distribution expenses TOTAL LIFE & PENSIONS Operating profit Premiums written, net of reinsurance UNIT LINKED BUSINESS Operating profit TRADITIONAL LIFE Normalised operating margin Allocated to policyholders Change in financial buffers Insurance operating expenses Fluctuations compared to normalised investment return Actual operating margin Net profit from Health & Pers. accident insurance Benefits paid and change in provision Normalised investment. return Premiums written net

EURm

116

Life

46 1 3 2 26 13 Product result before distribution expenses

• 3
• 1
• 1
• 1

Distribution expenses Retail

• 151
• 15

1

• 14
• 123

Fluctuation compared to normalised investment return 1 12 1 9

• 2
• 2

3 2 Other 13 171 1 10 12

• 1
• 6

19 126 16

• 10
• 258

123 161 Denmark 457 41 63 171 Premiums written, net of reinsurance 43 3 1 25 Total product result TOTAL LIFE & PENSIONS 7 2

• 1

3 Operating profit 87 16 11 41 Premiums written, net of reinsurance UNIT LINKED BUSINESS 39 1 3 23 Operating profit TRADITIONAL LIFE 50 7 4 22 Normalised operating margin

• 13
• 6
• 7

Allocated to policyholders 28 9 3 21 Change in financial buffers

• 24
• 1
• 9
• 1

Insurance operating expenses 126 Change in discount rate for life provisions 25

• 8

6 9 Actual operating margin

• 1
• 532

236 370 Total

• 33

17 25 Sweden

• 72

33 52 Norway Net profit from other business

• 166

Benefits paid and change in provision 60 Normalised investment return 130 Premiums written net Finland EURm

117

Life - investments

5 10 15 20 25 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Equities Bonds Real estate Unit linked Equities

–

predominantly listed equities

–

50/50 Nordic/international

Bonds

–

¾ Nordic issuers

–

primarily govmn’t & mortgage inst. EURbn

23.4

End of period

118

Life - asset allocation

10 Total equity exposure including hedge, % 15 15 22.6 22.9 Total 4 10 17 17* Q3/03 Equities, % 4 7 19 17 Q2/03 2.6 3.0 6.0 11.0 Q2/03 Q3/03 2.7 Sweden 3.1 Norway 6.1 Finland 11.0 Denmark Total, EURbn

*Hedged

119

Life - solvency situation

End of Q3/03

178 52 119 67 Sweden 237 293 506 213 Finland 119 82 509 427 Denmark 164 76 196 120 Norway Solvency in %

• f requirement

Solvency buffer Actual solvency Required solvency EURm

120

Life – financial buffers*

4.6 3.4 1.5 3.4 6.2 Q3/03 842 54 39 153 595 Q3/03 4.3 65 Sweden % of total provisions EURm 4.8 869 Total 3.9 175 Finland 6.2 588 Denmark 1.6 41 Norway Q2/03 Q2/03

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

121

Life – solvency sensitivity, end of Q3/03

178 164 237 119 Solvency in % of requirement 165 147 213 118 Equities drop 12% 221 166 263 117 Interest rates down 50bp 162 Norway 141 Sweden 120 Denmark Finland 209 Interest rates up 50bp

%

122

Life – buffer sensitivity, end of Q3/03

54 39 153 595 Financial buffers*

• 9
• 21
• 50
• 51

Equities drop 12% 95 3 56 116 Interest rates down 50bp

• 3

Norway

• 39

Sweden

• 54

Denmark Finland

• 59

Interest rates up 50bp EURm

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

123

124

Group Treasury operating profit

QoQ:

Financial markets focused on

economic recovery

Increased medium and long-term

interest rates

– loss on bond portfolio

Gain on equities

31 27 58 91 35 10 20 30 40 50 60 70 80 90 100 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

125

Group Treasury operating profit by main areas

Q2/03 Q3/03 Q2/03 Q3/03 Q2/03 Q3/03 Q2/03 Q3/03

EURm Group Funding Investment & Risk Trading

Equity portfolios Fixed income portfolios

Total

91 35

Operating profit

18 33 57

• 6

75 27

Investment earnings

16 8 16 8

Profit excl. Investment earnings

• 8
• 9
• 1
• 3
• 3

Expenses

24 17 19 33 60

• 3

Income

126

Group Treasury - investments

5 10 15 20 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Fixed income Equities

Equities

–

listed, unlisted & private equity funds

Bonds

–

¾ Nordic issuers

–

primarily government and mortgage inst. EURbn

15.9

End of period

127

Treasury – risk management

End of Q3/03

Price risk

– price risk in interest-rate positions, calculated as a parallel shift assuming a

change in market interest rates of 100bp

Equity risk (VaR)

– risk related to equities, calculated as VaR, comprise all equities including listed,

unlisted and private equity

43 96 Q2/03 46 99 2002 55 122 Q3/03 Equity risk (VaR) Interest rate risk EURm, end of period

128

129

Balance sheet - key items

135,113 260,680 12,539 92,928 148,688 Q3/03 136,910 251,776 11,545 92,556 147,252 Q3/02 134,660 249,619 11,897 94,177 145,740 Q4/02

• 1

Risk-weighted assets 4 Total assets 9 Shareholders’ equity Deposits 1 Lending Change, 12 months %

EURm End of period

130

146 28 23 22 25 5 149 30 25 23 30 5 30 60 90 120 150 Lending Bonds and

• ther interest

bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other Q4/02 Q3/03

Balance sheet structure - assets

EURbn End of period

131

Real estate holdings

3.2 1.9 0.3 0.2 0.8 Q3/03 2.1 0.6 0.3 0.2 Non owner occupied properties 3.7 1.9 0.4 1.2 2002 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. EURbn

End of period

132

94 62 26 29 20 12 6 93 67 25 36 22 13 5

10 20 30 40 50 60 70 80 90 100

Deposits and

• ther

borrowings from the public Debt securities in issue Liabilities to credit inst. Provisions and

• ther liabilities,

banking Liabilities, insurance Shareholder´s equity Other

Q4/02 Q3/03

Balance sheet structure – liabilities and equity

EURbn End of period

133

Lending 147 146 147 147 149 20 40 60 80 100 120 140 160 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

Lending and deposits

Deposits 93 94 95 91 93 20 40 60 80 100 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 EURbn EURbn

End of period

134

Capital base

13,244

• 258
• 1,441

4,745 10,198

• 54
• 1,832

9 341 11,734

• 805

12,539 End of Q3/03 Deductions for other investments Group goodwill Other deductions TIER 1 Capital TIER 2 Capital (subordinated debt) Deductions for investments in insurance companies Deductions insurance companies and other Hybrid capital Minority interests Shareholders’ equity in the capital base Capital base Shareholders’ equity

EURm

135 * Statistics as of August 2003

136

Market shares, personal customer deposits

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

Aug 02 Aug 03 %

137

Personal customer deposits - market volume & share

10 20 30 40 50 J u n

• S

e p

• D

e c

• M

a r

• 1

J u n

• 1

S e p

• 1

D e c

• 2

M a r

• 2

J u n

• 2

S e p

• 3

D e c

• 3

M a r

• 3

J u n

• 3

30% 32% 34% 36% 38% 40%

100 200 300 400 500 00-Aug 00-Nov 01-Feb 01-may 01-Aug 01-Nov 02-Feb 02-may 02-Aug 02-Nov 03-Feb 03-May 03-Aug 18% 20% 22% 24% 26% 28% 100 200 300 400 500 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 feb-02 may-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 15% 17% 19% 21% 23% 25%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 5% 7% 9% 11% 13% 15%

138

Market shares, corporate deposits

5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden Aug 02 Aug 03

%

139

Corporate deposits - market volume & share

5 10 15 20 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 dec-01 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 40% 43% 46% 49% 52% 55% 100 200 300 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 14% 16% 18% 20% 22% 24% 26% 28% 100 200 300 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 10% 12% 14% 16% 18% 20% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 feb-02 May-02 Aug-02 Nov-03 Feb-03 May-03 Aug-03 10% 15% 20% 25%

140

Market shares, personal customer lending

5 10 15 20 25 30 35 Denmark Finland Norway Sweden Aug 02 Aug 03

%

141

Personal customer lending - market volume & share

10 20 30 40 50 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-02 Mar-02 Jun-02 Sep-03 Dec-03 Mar-03 Jun-03 27% 29% 31% 33% 35% 37% 200 400 600 800 1000 1200 A u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 3

F e b

• 3

M a y

• 3

A u g

• 3

10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 700 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 6% 7% 8% 9% 10% 11% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 12% 14% 16% 18% 20% 22%

142

Market shares, corporate lending

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

Aug 02 Aug 03

%

143

Corporate lending - market volume & share

10 20 30 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-02 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 40% 42% 44% 46% 48% 50% 250 500 750 1,000 1,250 1,500 1,750 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 10% 12% 14% 16% 18% 20% 100 200 300 400 500 Aug-00 Nov-00 Feb-01 May-01 Aug-02 Nov-02 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 10% 12% 14% 16% 18% 20% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 350 400 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 22% 24% 26% 28% 30% 32%

144

Investment funds - market volume & share

5 10 15 20 25 Sep-99 Jun-00 Mar-01 Dec-01 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 20% 22% 24% 26% 28% 30% 32% 34% 200 400 600 800 1000 Jun-99 Mar-00 Dec-00 Sep-01 Jun-02 Mar-03 14% 16% 18% 20% 22% 24% 20 40 60 80 100 120 140 160 Mar-99 Dec-99 Sep-00 Jun-01 Jan-02 Jun-02 Sep-03 Dec-02 Mar-03 Jun-03 Sep-03 4% 6% 8% 10% 12% 14% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Nordea market share

50 100 150 200 250 300 350 J u n

• 9

9 M a r

• D

e c

• S

e p

• 1

J u n

• 2

S e p

• 2

D e c

• 2

M a r

• 3

J u n

• 3

S e p

• 3

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

145

Investment funds, net inflow, Norway

Market volume, Nordea volume, and accumulated market share ytd

• 3,000
• 2,000
• 1,000

1,000 2,000 3,000 S e p

• 1

N

• v
• 1

J a n

• 2

M a r

• 2

2

• m

a y J u l

• 2

S e p

• 2

N

• v
• 2

J a n

• 3

M a r

• 3

M a y

• 3

J u l

• 3

S e p

• 3
• 60
• 50
• 40
• 30
• 20
• 10

10 20 30 40 50 60

Market net inflow Nordea net inflow Nordea %

% NOKm

146

Investment funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 1200 Sep-01 Nov-01 Jan-02 Mar-02 02-may Jul-02 Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03

• 16
• 8

8 16 24 32 40

Market net inflow Nordea net inflow Nordea %

% EURm

147

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 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03

• 4

4 8 12 16 20 24 28

Market net inflow Nordea net inflow Nordea %

% SEKm

18bn 19bn

148

2 4 6 8 10 12 C

• p

e n h a g e n H e l s i n k i O s l

• S

t

• c

k h

• l

m Q2/03 Q3/03

%

Market share, equity dealing - Nordea Securities

60.4 17.0 31.0 13.4

Q2/03

75.2 19.5 38.8 17.6

Q3/03

Sweden Norway Finland Denmark

EURbn Equity market turnover

149

Appendix

Financials

Page 150

Nordea share

Page 162

Other

Page 168

Macro statistics

Page 173

150

Appendix

Financials

151

Deferred tax asset

Taxes showed a positive contribution of EUR 159m in Q3 A result of the change in the Group’s legal structure A loss has materalised in the taxation of NBF in connection with the sale of NBD,

NBN, and NBS to Nordea AB

– deferred tax asset of approx. EUR 300m

152

Pension commitments

Defined benefit plans in Sweden, Norway and partly Finland and

Denmark, mainly covered by pension funds under local regulation

Aggregated deficit of EUR 12m not recognised in balance sheet

– reflecting surpluses in Finland (EUR 41m), Sweden (EUR 6m) and Denmark

(EUR 5m)

– deficit of EUR 64m in Norway, which according to existing accounting rules will

be amortised over average remaining time to retirement Nordea will implement RR29/IAS19 of from 2004 IAS leads to valuation adjustment

– will be recognised as a non-recurring reduction of equity of approx. EUR 250m

153 27% 9 3 (6) 87 80 Q2/03 27% 9 5 (4) 85 81 Q3/03

Denmark Finland Sweden Norway Total

14% 111 (65) (176) 454 278 Q2/03 23% 240 (25) (265) 1,949 1,683 Q2/03 (12) (64) 6 6 32 41 Funded status not recognised in balance sheet – surplus/(deficit)

1

257 120 121 128

• Net liability in accountings 2

(269) (184) (115) (122) 32 41 Funded status

• surplus/(deficit)1

25% 1,998 1,729 Q3/03 19% 863 748 Q2/03 32% 545 577 Q2/03 15% 21% 34% Equity exposure 287 772 589 Assets Q3/03 Q3/03 Q3/03

EURm

471 894 548 Pension commitments

1) The deficit not recognised in balance sheet for Norway is amortised over average remaining time to retirement

2) The liability in Sweden is related to former employees in Postgirot Bank

Pension commitments

End of period

154

579

• 40
• 50

81 488 19

• 92

561

• 902
• 363
• 539

1,463 99 155 366 843 Q2/03 380

• 41
• 19

29 373 14

• 98

457

• 917
• 397
• 520

1,374 29 157 353 835 Q1/03 470

• 40
• 40

27 443 10

• 89

522

• 881
• 350
• 531

1,403 56 130 379 838 Q3/03 446

• 43
• 44

41 404 16

• 76

464

• 993
• 448
• 545

1,457 54 130 388 885 Q4/02 39 Investment earnings, banking

• 13

Operating profit, Life Insurance 399

• 42
• 4

419 4

• 66

481

• 925
• 404
• 521

1,406 34 127 371 874 Q3/02 Other Profit before inv. earnings and insurance Equity method Loan losses Profit before loan losses Operating profit Goodwill depreciation Operating profit, General Insurance Expenses Other expenses Personnel expenses Income Trading Commission income Net interest income EURm

Operational income statement

155

Statutory income statement

193

• 86
• 123

402

• 22

424 4

• 12
• 54

486

• 962
• 83
• 358
• 521

1,448 58 34 379 6 971

• 1,703

2,674 Q3/02

• 907

Total expenses

• 1

Minority interest

481 Total operating profit

• 11

Pension adjustments 159 Taxes

• 101

Loan losses, net 12 Change in value of property taken over for protection of claims 10 Profit from companies accounted for under the equity method 446

Operating profit, banking

35

Operating profit, insurance 628

525

• 68
• 319
• 520

1,432 33 101 393 6 899

• 1,462

2,361 Q3/03

Profit before Loan losses Total income

General administrative expenses Personnel expenses Other expenses Depreciation according to plan Net interest income Net result from financial operations Other income Dividends received Net commission income

Net profit

Interest expenses Interest income

EURm

156

Reconciliation of operational and statutory accounts

• 30

16)

• 30

Change in value of property taken over 1,288

• 2
• 139
• 16

1,445 92 1,353 43

• 249

1,589

• 2,799
• 215
• 1,007
• 1,577

4,388 160 283 1,128 42 2,775 Statutory Jan-Sep 2003

• 16

16 104

• 88

30

• 88
• 88
• 215

111 16

• 27

27 Other adjustment 17

• 109

92 Insurance

• 137

137 137

• 11
• 8
• 3

148 26 31 91 Investment activities 3 230

• 442

30 11 168 Trading income 1,288

• 2
• 139

1,429

• 121

109 137 1,304 43

• 279

1,540

• 2,700
• 1,110
• 1,590

4,240 184 442 1,098 2,516 Operational Jan-Sep 2003 4) 3) 5) 2) 4) 1) 10) 10) 8) 7) 9) 6) 12) 11) 13) 15) 16) 14,15) 14) 13) 18) 18) 17) 17) Allocation to Pension foundation Taxes Minority interests Total expenses Operating insurance Operating profit, life insurance Goodwill depreciation Operating profit Loan losses, net Profit from companies – equity method Profit excluding investment earnings Investment earnings, banking Profit before Loan losses Total income Personnel expenses Other expenses Depreciation according to plan Commission income Net result from financial operations Other income Trading Net profit Dividends received Net interest income

EURm

157

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

• perational accounts. Mainly customer trading.

4. Other income and dividends received in Nordea Markets, reclassified to trading income in the operational 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, banking 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, banking in the operational accounts. 8. Real estate gains/losses. Reclassified from Other income in the statutory accounts to Investment earnings, banking 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 activities, reclassified from relevant category of cost in the statutory accounts, to being reported on a net basis as part of investment earnings, banking in the operational accounts. 11. Operating profit for insurance, in separate lines for general and life in the operational accounts. 12. Depreciation of goodwill related to insurance included in

• ne-line consolidation of insurance activities (Operating

profit, insurance) in the statutory accounts, reclassified to Depreciation of goodwill in the operational accounts. 13. Pension adjustments accounted for according to Swedish regulations in the statutory accounts. Reclassified to Personnel expenses in the Operational accounts. 14. 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. 15. Depreciation of goodwill, see footnote 14) (Banking) and 12) (Insurance), shown as part of Depreciation according to plan in the statutory accounts, as opposed to separate line item in the operational accounts. 16. Change in value of property taken over in the statutory accounts, reclassified as Loan losses, net, in the

• perational accounts.

17. 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. 18. Reclassification of net result from sale of shares in OM Hex from Net result from financial operations to Other income

158

Expenses - breakdown

902

• 5

907 128 81 49 23 85 541 Q2/03 917

• 3

920 142 82 58 18 99 521 Q1/03 881

• 3

884 123 74 53 14 88 532 Q3/03 993

• 5

998 130 89 62 34 136 547 Q4/02 925

• 5

930 146 79 50 21 111 523 Q3/02 Information technology 2) Other Expenses

• f which investment activities 3)

Expenses Rents, premises and real estate expenses Postage, telephone and office expenses Marketing Personnel 1)

EURm

1) Variable salaries were EUR 22m in Q3 2003 (Q2 2003: EUR 27m). 2) Refers to IT operations, service expenses and consulting fees. Total IT-related costs in Q3 2003, including personnel etc were EUR 166m (Q2 2003: EUR 174m). 3) Including personnel expenses (Q3 EUR 1m)

159

Total IT-related expenses*

177 216 184 174 166

50 100 150 200 250 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

EURm

*Total IT-related costs, including computer operations, service expenses, consultants and

personnel personnel etc (excluding IT expenses in insurance operations)

160

64 66 65 58 61

10 20 30 40 50 60 70 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03

C/I ratio

C/I ratio, banking %

58 64

10 20 30 40 50 60 70 2001 2002 C/I ratio, banking %

161

Retail Inv e 24 Europay Q4/02 Other Eq m

• 16

Real Invest

• 10

+30

• 40

Q2/02 2

• 4

22

• 4

Q3/02 Eq m GI Inv e Other Other Other Other P&L Other GI Retail Other Retail Retail Other BA 27 OM/HEX shares 8 Inkassosentralen General Ins Danish Morg. Inst 75 32 43 Q2/03 Huoneistokeskus Nordisk Renting Q1/03 35 Q3/03 Total Contant Oy EURm

Gains and losses on various disposals etc

162

Appendix

Nordea share

163

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

Nordea share price vs DJ STOXX European banks

6 March 2000* - 15 October 2003

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

%

June-03

164

Shareholder structure, end of Sep 2003

18.5% 7.0% 6.9% 6.1% 3.9% 31.6% 2.1% 23.8% Swedish institutions International institutions Swedish state Danish institutions Finnish institutions Finnish public Danish public Swedish public

Number of shareholders approx. 505,000

165

Largest registered shareholders, end of Sep 2003

0.38 11,013,811 Länsförsäkringar fonder 0.37 10,753,549 Xact fonder 0.59 17,268,300 Nordea Bank Sverige vinstandelsstiftelse 47.6 1,393,636,079 Total for the 20 largest shareholders 3.50 102,529,423 Nordea Danmark fonden 2.66 77,972,802 Robur fonder 18.51 542,015,102 Swedish state 3.78 110,587,426 Alecta 2.46 72,154,933 Nordea fonder 2.32 68,000,000 AMF Pension 2.13 62,379,204 SEB fonder 2.03 59,510,512 Tryg i Danmark smba 1.80 52,621,590 Fjärde AP-fonden 1.34 39,133,353 Skandia 0.38 11,097,394 Skandia fonder 0.43 12,474,666 Solidium Oy (Finnish state) 0.52 15,340,000 AMF Pension fonder 1.01 29,456,780 SHB/SPP fonder 1.09 31,947,534 Tredje AP-fonden 1.14 33,316,277 Andra AP-fonden 1.16 34,063,423 Första AP-fonden % Number of shares Shareholder

166

Number of shares

2,928,108,227 45,050 Conversions* New issue Sep, 2002 2,928,108,227

• 57,008,000**

Buyback Cancellation Oct, 2003 2,928,063,177 40,008,000** Buyback Market Aug-Sep 2002 2,968,071,177 2,405,087 Conversions* New issue June, 2002 2,965,666,090 17,000,000** Buyback Market April, 2001 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 ** Shares bought back in April 2001 and Aug-Sep 2002 cancelled in Oct 2003 Fully diluted average number of shares Jan-Sepember 2003 2,928,108,227

167

8.9* 44.1 0.21 4.28

n.a

Q3/03 52 50 71.5 55.5 38.4 Share price, end of period, SEK 14.0 0.30 4.06

EUR 0.23

2002

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

*Share price converted to euro devided by 12 months rolling EPS

168

Appendix

Other

169

Ratings

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

170

Business structure

*) Customer relations parts of these units will be transferred to business areas.

Corporate Nordic Wealth Management Household Planning and Control Investment Management Investment Funds Nordic Wealth Management European Private Banking Group IT Electronic Banking* Global Operations Services* Group Credit and Risk Control Carl-Johan Granvik Group Treasury Group Planning and Control Group Legal CEO Lars G Nordström Corporate Banking Division Financial Institituitions Division Investment Banking Nordea Securities International and Shipping Division Group Support and Procurement Group Human Resources Group Identity and Communications Group Management Secretariat Production and Productivity Market Support Product Companies Group Finance Investor Relations Group Corporate Development Group Compliance Life & Pensions Board of Directors Internal Audit Activity Regional Banks Denmark Regional Banks Finland Regional Banks Norway Regional Banks Sweden Regional Banks Poland and Baltic Retail Banking Kari Jordan Asset Management & Life Christian Clausen Group Processing and Technology Markku Pohjola Group Corporate Centre Arne Liljedahl Group Staffs Peter Schütze Corporate and Institutional Banking Tom Ruud Markets

171

Legal structure, 28 Oct 2003

Nordea Life Holding A/S Denmark Nordea AB (Publ) Sweden Nordea Securities AB Sweden Nordea Asset Management AB Sweden Nordea Bank Norge ASA Norway

Nordea Liv Holding AS Norway Nordea Life Assurance I Sweden AB (publ) Sweden Nordea Pension Danmark, Livsfor- sikringsselskab A/S Denmark Various subsidiaries Nordea Life Assurance II Sweden AB (publ) Sweden Various subsidiaries Various subsidiaries

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

Various subsidiaries Various subsidiaries Various subsidiaries Various subsidiaries

Nordea Bank Finland Plc Finland

Various subsidiaries

172

Group Executive Management

Lars G Nordström Group CEO Christian Clausen Head of Asset Management & Life Carl-Johan Granvik Head of Group Credit and Risk Control Kari Jordan Head of Retail Banking Arne Liljedahl Head of Group Corporate Centre, Group CFO Markku Pohjola Head of Group Processing and Technology, Deputy Group CEO Tom Ruud Head of Corporate and Institutional Banking Peter Schütze Head of Group Staffs

173

Appendix

Macro statistics and estimates

Source: Nordea Markets Economic Research Estimates from September 2003

174

Macro data

% 2003e 2004e 2005e Gross domestic product DK 0.7 2.2 2.5 FI 1.7 3.0 3.5 NO 0.9 2.9 2.8 SE 1.6 2.5 2.9 Inflation DK 2.2 1.8 2.0 FI 0.9 0.6 1.8 NO 2.2 1.0 2.3 SE 2.1 1.5 1.9 Private consumption DK 0.8 2.5 2.3 FI 3.1 3.0 2.6 NO 3.2 4.3 3.5 SE 2.2 2.5 2.7 Unemployment DK 6.0 5.8 5.1 FI 9.2 9.1 8.7 NO 4.6 4.5 4.0 SE 4.8 4.6 4.4

In Norway, forecasts are for mainland GDP

175

Market development - GDP

2.9 2.8 3.5 2.5 2005e 2.5 1.6 Sweden 2.9 0.9 Norway 3.0 1.7 Finland 2.2 0.7 Denmark 2003e

%

Source: Nordea Economic Research, September 2003 In Norway, forecasts are for mainland GDP

2004e 2002 1.9 1.3 2.2 2.1

176

Gross domestic product

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/95 Q1/00 Denmark Finland Norway Sweden

Change in % YoY

177

Inflation

• 2

2 4 6 8 10 12 14 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Denmark Finland Norway Sweden

%

178

Private consumption

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/95 Q1/00 Denmark Finland Norway Sweden Change in % YoY

179

Household savings ratio

2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Denmark Finland Norway Sweden

%

180

Unemployment

5 10 15 20 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Denmark Finland Norway Sweden

% of labour force

181

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 02-Sep Mar-03 Denmark Finland Norway Sweden

Change in % YoY

182

Bankruptcies

200 400 600 800 1000 1200 1400 1600 1800 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Denmark Finland Norway Sweden

Number of bankruptcies per month

183

Exchange rate, EUR/USD

0.8 0.85 0.9 0.95 1 1.05 1.1 1.15 1.2 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 1/9 /02 1/1 /03 1/5 /03 1/9 /03 USD

184

Exchange rate, EUR/SEK

8 8.4 8.8 9.2 9.6 10 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 1/9 /02 1/1 /03 1/5 /03 1/9 /03 SEK

185

Exchange rate, EUR/NOK

7 7.5 8 8.5 9 9.5 10 1 / 1 / 9 8 1 / 5 / 9 8 1 / 9 / 9 8 1 / 1 / 9 9 1 / 5 / 9 9 1 / 9 / 9 9 1 / 1 / 1 / 5 / 1 / 9 / 1 / 1 / 1 1 / 5 / 1 1 / 9 / 1 1 / 1 / 2 1 / 5 / 2 1 / 9 / 2 1 / 1 / 3 1 / 5 / 3 1 / 9 / 3 NOK

186

Oilprice development, Brent, USD/Barrel

5 10 15 20 25 30 35 40 45 50 1 / 1 / 9 1 / 1 / 9 1 1 / 1 / 9 2 1 / 1 / 9 3 1 / 1 / 9 4 1 / 1 / 9 5 1 / 1 / 9 6 1 / 1 / 9 7 1 / 1 / 9 8 1 / 1 / 9 9 1 / 1 / 1 / 1 / 1 1 / 1 / 2 1 / 1 / 3 Dollar

187

Stock exchange indices

100 200 300 400 500 600 700 800 2/1 /97 2/7 /97 2/1 /98 2/7 /98 2/1 /99 2/7 /99 2/1 /00 2/7 /00 2/1 /01 2/7 /01 2/1 /02 2/7 /02 2/1 /03 2/7 /03 HEX Index Affärsvärldens General Index Oslo Total Index KFX Index

Index 100 = 1990

188

Money market, 3 months rates

2 3 4 5 6 7 8 9 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 1/10 /02 1/1 /03 1/4 /03 1/7 /03 1/10 /03

Denmark Finland Norway Sweden

%

189

Government bond, 10 year

3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 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 1/9 /02 1/1 /03 1/5 /03 1/9 /03 Denmark Finland Norway Sweden %

190

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 30/9 /02 31/1 /03 31/5 /03 HEX Index Affärsvärldens General Index Oslo Total Index KFX Index

Index 100 = 1990

191

Financial calendar 2004

Q4 report 2003 will be published on 18 February 2004 AGM will be held on 31 March 2004 Q1 report 2004 will be published on 28 April 2004 Q2 report 2004 will be published on 18 August 2004 Q3 report 2004 will be published on 27 October 2004

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