Contents Press slides Page 3 Financial highlights Q2/04 Page 19 - - PowerPoint PPT Presentation

2

Contents

Press slides

Page 3

Financial highlights Q2/04

Page 19

Credit quality

Page 54

Economic capital

Page 70

Nordea

Page 75

Business areas

Page 84

Balance sheet

Page 127

Market shares

Page 132

Appendix

Page 146

Interim Report Second Quarter 2004 Press conference

18 August 2004 Lars G Nordström President and Group CEO

4

Strong results in first half of 2004

Operating profit up 15% to EUR 1,100m (EUR 959m in first half-year

2003)

Net profit up 64% to EUR 1,082m (EUR 660m), including gain related to

the completed real estate divestment process

Total income maintained at EUR 2,825m (EUR 2,837m). Net interest

and commission income up

Total expenses down 5% to EUR 1,722m (EUR 1,819m) Loan losses down 79% to EUR 39m (EUR 190m) Earnings per share EUR 0.39 (EUR 0.23) Return on equity (excl. goodwill) 23.1% (15.2%)

5

Solid underlying development in Q2

Operating profit EUR 516m (EUR 584m in first quarter 2004) Net profit up 59% to EUR 664m (EUR 418m) Total income maintained and costs down 3%. Net interest and

commission income up

Trading income and investment earnings influenced by difficult market

conditions

Life insurance result further improved Positive net loan losses

6

Growth in business volumes and increased focus

Continued growth in lending to personal customers, up 15% Lending to small and medium-sized corporate customers up 1% Deposits up 7% Assets under Management increased by 21% to EUR 123bn Number of netbank customers up 9% to more than 3.8 million Number of netbank payments up 17% to 42.4 million per quarter Pioneering new model for equity research

7

Net interest income up

843 838 850 846 868

200 400 600 800 1000 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Quarter-on-quarter (QoQ):

Up 3% Growth in volumes

– total lending up 5% – total deposits up 7%

Corporate lending increased Lending margins

– households and large corporate

margins slightly down

– SME margins stable

H1oH1:

Up 2% Strong growth in mortgage

lending

Pressure on deposit margins

EURm

8

191 194 200 192 199 114 120 129 127 124 87 88 88 90 90 20 28 35 44 40 40 47 47 49 60

• 80
• 84
• 94
• 95
• 91
• 100

100 200 300 400 500 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Payments & deposits Asset mgmt Lending Brokerage Other Expenses

EURm

Net commission income up

366 379 388 397

QoQ:

Up 2% Strong payment commissions

–

total transactions up 5%

Asset Mgmt commissions

–

mgmt fees stable

–

transaction fees slightly down

Brokerage maintained despite

lower volumes H1oH1:

Up 12%

–

strong growth in all key areas

405

9 EURbn

Strong growth in mortgage lending to personal customers

15.8% 10.5% 32.7% 13.1% 2003 32.5% FI 10.9% NO 16.1% 14.0% Q2/04 SE DK

Market shares, %

45.7 48.2 48.9 50.0 52.6

10 20 30 40 50 60 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

10

Trading income affected by difficult market conditions especially in Q2

155 130 125 156 104

20 40 60 80 100 120 140 160 180 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Reduced to EUR 104m due to:

– challenging market conditions – jower customer activity

H1oH1:

Down 17% on high level last

year

EURm

11

539 531 511 488 456 363 350 416 370 378 46 15 15

200 400 600 800 1000 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Staff costs Other Profit sharing

EURm

Expenses continue down

QoQ:

Reported expenses down 3% Underlying expenses down 2% Staff costs down 7%

–

continued reduction of FTEs

–

lower variable salaries

Other expenses up 2%

–

higher marketing

H1oH1:

Reported expenses down 5% Underlying expenses down 6%

902 881 973 873 849

12

Loan loss level reflects healthy credit portfolio

92 89 84 42

• 3
• 10

10 20 30 40 50 60 70 80 90 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

QoQ:

Positive net provisions

– reversals exceeded new

provisions

– no major problem areas

H1oH1:

Loan loss ratio down to 5bp

from 26bp annualised

No new losses in fish farming

13

Investment earnings negative in Q2

81 27 33 62

• 61
• 80
• 60
• 40
• 20

20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Loss of EUR 61m resulting

from

– difficult market conditions – loss on holding in OMHEX AB

H1oH1:

Reduced to EUR 1m

– very high level last year – mixed market conditions this

year EURm

14

Strong and stable result within Life & Pensions

50 40 40 47 51

10 20 30 40 50 60 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Up 9% Stabilisation at high level Investment return decreased Decreased financial buffers

H1oH1:

Improved profit reflecting the

changed business model

EURm

15

Real estate divestment process completed

A gain of EUR 300m is reflected in Q2 accounts Properties and real estate shares divested represent a book

value of approx. EUR 1.6bn

Net financial effect of real estate disposals is a gain of EUR

185m (write-off of EUR 115m in Q4/03)

Nordea no longer owns any major properties Going forward the financial effect of the divestments will be

positive

16

Assets under management continue to grow

20 40 60 80 100 120 140 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Nordic retail funds Nordic private banking International wealth mgmt & funds Institutional clients Life & pensions

EURbn

121.9 Strong distribution capacity Nordea market leader within

retail funds in the Nordic region

Strong sales through

European fund distribution

113 107 102 123.3

17

Pioneering new model for equity research

Nordea’s customers will gain access to Standard & Poor’s (S&P) independent

equity research on 1,500 international and 200 Nordic stocks

Nordea will close existing Nordic company research department within

Markets, and establish a new, integrated research unit, Alpha Research Team, with in-house sector specialists, quantitative analysts and strategists

S&P will establish an equity research team in Stockholm with 20 analysts,

covering Nordic companies.

Response to market trends - including the changing needs of investors and

regulatory developments

– significantly improved equity research offering – ensure independency and credibility – without increasing the cost base

The agreement is the first of its kind worldwide

18

In summary

Strong results in the first half of 2004

– operating profit up 15% – total income maintained, Net interest and commission income up – costs down 5%

Solid underlying development in Q2

– efforts to improve performance increasingly visible in financials – total income maintained, Net interest and commission income up – costs down 3% – positive net loan losses

Continued focus on income development and on strict cost and risk

management going forward

19

20

0.4 1.9 0.7 1.6 2.5 3.0 3.8 2.7 2.4 3.5 2.8 3.0

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Denmark Finland Norway Sweden 2003 2004(e) 2005(e)

Market development - GDP

% Source: Nordea Markets. In Norway, forecasts are for mainland GDP

Outlook for economic growth somewhat improved

21

3.37 2.37 3.50 1.88 3.34 2.13 3.06 2.00 31-03-04 +0.62

• 0.27

+0.53

• 0.17

+0.53 +0.04 +0.51 +0.05 Change Q2/04 2.10 Short, SE 3.99 Long, SE 1.71 Short, NO 4.03 Long, NO 3.87 Long, DK 2.17 Short, DK 3.57 Long, EUR (5 years) 2.05 Short, EUR (one week) 30-06-04 %

Market development – interest rates

Sweden cut reference rate by 50bp on 7 April Long-term Nordic interest rates up approx. 50bp in Q2

22

2.44 2.51 3.41 5.05 2.09 2.10 2.86 3.42 2.07 2.11 2.81 2.52 2.03 2.15 2.57 1.99 2.04 2.16 2.07 1.75

0.0 1.0 2.0 3.0 4.0 5.0 6.0 EUR DKK SEK NOK Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Short interest rates - average (one week)

%

Short interest rates likely to have bottomed out

23 3

• 13

6 1 6 1

• 15
• 10
• 5

5 10 15 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 N a s d a q D

• w

J

• n

e s

Market development Q2 – stock market

Mixed index development

%

Reduced turnover volumes

%

• 14
• 21
• 27
• 23
• 30
• 20
• 10

10 20 30 Copenhagen Helsinki Oslo Stockholm

24

Net interest income

843 838 850 846 868

200 400 600 800 1000 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Up 3% Growth in volumes

– total lending up 5% – total deposits up 7%

Corporate lending increased Lending margins

– household and large corporate

margins slightly down

– SME margins stable

H1oH1:

Up 2% Strong growth in mortgage

lending

Pressure on deposit margins

EURm

25

Structural Interest Income Risk (SIIR)

• 263

298

Q1/04

• 248

294

Q2/04

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

• Previous hedge arrangements expired
• Active mgmt of non-trading interest rate risk

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

26

191 194 200 192 199 114 120 129 127 124 87 88 88 90 90 20 28 35 44 40 40 47 47 49 60

• 80
• 84
• 94
• 95
• 91
• 100

100 200 300 400 500 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Payments & deposits Asset mgmt Lending Brokerage Other Expenses

EURm

Net commission income

366 379 388 397

QoQ:

Up 2% Strong payment commissions

–

total transactions up 5%

Asset Mgmt commissions

–

mgmt fees stable

–

transaction fees slightly down

Brokerage maintained despite

lower volumes

H1oH1:

Up 12%

–

strong growth in all key areas

405

27

Trading

155 130 125 156 104

20 40 60 80 100 120 140 160 180 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Reduced to EUR 104m due to:

– lower customer activity – challenging market conditions

H1oH1:

Down 17% on high level last

year

EURm

28 539 531 511 488 456 363 350 416 370 378 46 15 15 200 400 600 800 1000 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Staff costs Other Profit sharing

EURm

Expenses

QoQ:

Down 3% Staff costs down 7%

–

continued reduction of FTEs

–

lower variable salaries

Other expenses up 2%

–

higher marketing H1oH1:

Down 5% Number of FTE’s down 11%

902 881 973 873 849

29

Expenses - development

• 6%
• 5%
• 2%
• 3%

Total expenses

• 6%
• 2%

+1% +2% Other expenses

• 5%

Underlying

• 6%
• 11%
• 7%

Staff costs Reported Q2/04 vs. Q1/04 Underlying Reported H1/04 vs. H1/03

Underlying expenses are adjusted for:

– restructuring expenses – variable salaries – profit sharing – F/X effects

30

Development of FTEs

32,862 32,140 30,674 29,880 29,289

5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

30,674 29,880 29,289 Total

• 2.6%
• 2,0%

Change 1,679 6,235 1,796 1,941 17,638 Q2/04 1,673 6,554 1,797 1,974 17,882 Q1/04 1,684 6,772 1,796 2,102 18,320 2003 Other CIB GPT AM & Life Retail FTEs

End of period YoY down approx. 3,600 FTEs

• f which 1,100 outsourced

– Q2 reduction 600 of which 170

• utsourced

31

Loan losses

92 89 84 42

• 3
• 10

10 20 30 40 50 60 70 80 90 100

Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm QoQ:

Positive net provisions

– reversals exceeded new

provisions

No major problem areas

H1oH1:

Loan loss ratio down to 5bp

from 26bp annualised

No new losses in fish farming

32

Investment earnings, banking

81 27 33 62

• 61
• 80
• 60
• 40
• 20

20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Loss of EUR 61m resulting

from

– difficult market conditions – loss on holding in OMHEX AB

H1oH1:

Reduced to EUR 1m

– very high level last year – mixed market conditions this

year EURm

33

Operating profit, life insurance

50 40 40 47 51

10 20 30 40 50 60 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

QoQ:

Up 9% Stabilisation at high level Investment return decreased Decreased financial buffers

H1oH1:

Improved profit reflecting the

changed business model

EURm

34

Income statement summary

• 12

2 9

• 198

10

• 107
• 3
• 1

Chg %

584

• 40

47 62 515 9

• 42
• 873

1,421 Q1/04 51 Operating profit, life insurance

• 61

Investment earnings, banking

516 Operating profit

• 41

Goodwill amortisation and write-downs 567 Profit before inv. earnings and insurance 9 Equity method 3 Loan losses, net

• 849

Total expenses 1,404 Total income Q2/04 EURm,

35

Income statement summary

15

42

• 99

26

• 45
• 79
• 5

Chg %

959

• 81

69 110 861 33

• 190
• 1,819

2,837 Jan-June 2003 98 Operating profit, life insurance 1 Investment earnings, banking

1,100 Operating profit

• 81

Goodwill amortisation and write-downs 1,082 Profit before inv. earnings and insurance 18 Equity method

• 39

Loan losses, net

• 1,722

Total expenses 2,825 Total income Jan-June 2004 EURm

36

Real estate divestment process completed

A gain of EUR 300m is reflected in Q2 accounts below

• perating profit

– write-down of EUR 115m in Q4 2003

Reduced EC by EUR 260m and improved capital effiency Lower RWA’s and improved Tier 1 capital Nordea owns no major properties Going forward the recurring financial effect of the

divestments will be positive

37

Net profit

405 628 202 418 664

100 200 300 400 500 600 700 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm QoQ:

Up 59% Gain of EUR 300m increased

profit

H1oH1:

Up 64%

38

18.1 26.5 9.7 18.2 28.1

5 10 15 20 25 30 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

0.14 0.21 0.07 0.15 0.24

0.00 0.05 0.10 0.15 0.20 0.25 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Key figures

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

EUR 0.28 EPS H1 2004 adjusted for real estate gain EUR 0.39 EPS H1 2004 23.1% RoE H1 2004 17.3% RoE H1 2004 adjusted for real estate gain

39 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 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 Q 4 / 2 3 Q 1 / 2 4 Q 2 / 2 4

EUR

Earnings per share – 12 months rolling

40

Balance sheet - key items

134 262 12 96 146 2003 140 262 12 98 156 Q2/04 135 270 12 91 147 Q2/03 4 Risk-weighted assets

• 3

Total assets 2 Shareholders’ equity 7 Deposits 6 Lending Change, 12 months %

EURbn

End of period

41

Lending

147 149 146 148 156 20 40 60 80 100 120 140 160 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Lending and deposits

Deposits

91 93 96 92 98 20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 EURbn EURbn

End of period

42

Tier 1 ratio 6.7 7.0 7.3 7.5 7.5 1 2 3 4 5 6 7 8 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Capital position

%

End of period

RWA’s increased

– higher business volumes

Tier 1 capital increased

– half-year profit included

Total capital ratio 9.3%

43

433 154 60 53 55

• 131

456 89 58 57

• 27
• 73
• 200
• 100

100 200 300 400 500 Retail CIB Asset Mgmt* Life* Group Treasury Group Functions and Eliminations

Q1/04 Q2/04

Result by business area

EURm

*Product result for Asset Management and Life

44

Retail Banking operating profit

376 395 428 433 456 50 100 150 200 250 300 350 400 450 500 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

Increased lending volumes SME loan growth continued Strong increase in non-interest

income

Positive net loan losses

26 58 Q1/04 27 58 Q2/04 RoE, % C/I ratio, % Key ratios

45 EURbn

Lending to households - mortgages

15.8 10.5 32.7 13.1 2003 n.a 32.5 FI 10.0 10.9 NO 15.6 12.1 2002 16.1 14.0 Q2/04 SE DK

Market shares, %

45.7 48.2 48.9 50.0 52.6

10 20 30 40 50 60 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

46

Retail Banking, lending and deposit margins

Quarterly averages 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Lending to corporates Lending to households Morgage lending to households Deposits from corporates Deposits from households Overall stable lending

margins

– household margins slightly

down

– SME margins stable

Declining deposit margins

%

47

131 92 100 154 85 30 60 90 120 150 180 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

CIB operating profit

EURm

Increased lending volumes Markets income down

– lower customer activity – challenging market conditions

Stable development in other areas Positive net loan losses

25 48 Q1/04 14 64 Q2/04 RoE, % C/I ratio, % Key ratios

48

Asset Management product result

41 48 60 60 58 10 20 30 40 50 60 70 80 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 EURm

AuM up EUR 1.4bn to EUR

123.3bn

– net inflow of EUR 1.4bn in Q1

Asset appreciation flat Asset Mgmt commissions

– mgmt fees stable – transaction fees slightly down

122 56 Q1/04 123 57 Q2/04 AuM, EURbn C/I ratio, % Key ratios

49

Assets under management

20 40 60 80 100 120 140 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Nordic retail funds Nordic private banking International wealth mgmt & funds Institutional clients Life & pensions

EURbn

121.9 Strong distribution capacity Nordea market leader within

retail funds in the Nordic region

– holds 19% of all Nordic

investment fund assets

Strong sales through

European fund distribution

113 107 102 123.3

50

44 53 57 52 43 10 20 30 40 50 60 70 80 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

Life Insurance, product result

Stabilisation at high level Decreased financial buffers Effect of changed business

model increasingly visible

5.6 3.2 Q1/04

• 0.4

Inv return, % 4.9 Q2/04 Financial buffers*, % Key ratios

* Financial buffers in % of provisions

51

Group Treasury operating profit

Investment earnings down

– Influenced by difficult market

conditions

– loss on holding in OMHEX AB

Improved result in Group Funding

91 35 62 55

• 27
• 40
• 20

20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

52

Group Functions and Eliminations

QoQ:

Unallocated expenses from

GPT reduced

General:

Expenses in Group functions

not defined as service offered to business areas

Loan losses are central

provisions

Depreciation of goodwill

related to the creation of Nordea

• 131
• 31

7

• 1
• 35
• 66
• 5

Q1/04 11 Operating profit, Life

• 16

Income

• 32

Goodwill 2 Equity method

• 73

Operating profit

• 8

Loan losses

• 26

Expenses Q2/04

53

Outlook 2004

Outlook for economic growth improved Short-term interest rates lowered in Q2

– likely to have bottomed out

Total income 2004 expected to exceed 2003

– despite high non-recurring revenues 2003

Increased business volumes expected

– primarily household sector – potential for increased activity in SME sector

Costs in 2004 expected to remain clearly below 2003 Loan loss ratio expected to be substantially lower than 2003

54

55

77 80 83 82 84 87 85 88 85 85 84 82 78 79 83 35 36 37 37 39 42 41 42 44 44 46 48 49 50 53 13 13 12 12 12 10 14 14 14 14 15 15 16 16 17

20 40 60 80 100 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Corparate lending Housing loans Consumer loans

Loan portfolio by customer category*

EURbn End of period *Excluding public sector

56

Companies 53% Public sector 2% Household customers 45%

Q2/04, EUR 155.5bn

Public sector 2% Companies 57% Household customers 41%

Q2/03, EUR 147.0bn

Loan portfolio by customer group

57 Housing loans 76% Other loans 24%

Lending to household customers

End of Q2/04

EUR 69.5bn

Continued strong growth in

mortgage lending

Other loans comprise

–

consumer credits

–

investment credits

–

car financing

–

• verdraft facilities

–

credit cards

58

Construction 3% Real estate 27% Manufacturing 16% Finance 12% Commerce and services 11% Transport and communication 5% Shipping & Offshore 5% Agriculture & Fishing 6% Renting, consulting and other services 7% Other companies 8%

Lending to companies by industry

End of Q2/04

EUR 82.9 bn

59

155.5 4.2 4.9 9.4 6.2 9.6 12.9 9.3 4.3 2.8 22.4 69.5 Q2/04 145.6 3.7 4.3 9.5 5.7 8.3 12.5 8.7 4.4 2.6 21.2 64.7 Q4/03 148.0 4.1 5.0 9.4 5.9 8.7 11.9 8.8 4.3 2.7 20.9 66.3 Q1/04 147.0 4.5 4.3 8.6 7.0 12.2 12.5 9.1 3.8 2.8 22.0 60.2 Q2/03 148.7 3.9 4.3 8.3 6.1 11.2 13.2 9.1 4.6 2.5 22.0 63.5 Q3/03 Total Shipping & Offshore Agriculture & Fishing Other companies/public sector Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Household customers EURbn

Loan portfolio in figures

End of period

60 Nordic countries and P&B 92.7% Other OECD 0.5% USA 1.1% Other non OECD 0.6% Other EU countries 3.9% Other 7.3% Asia 0.5% Latin America 0.7%

Lending by geographical area

End of Q2/04

EUR 155.5bn

Nordic countries and P&B

• Denmark

41.0

• Finland

33.4

• Norway

23.5

• Sweden

44.5

• P&B

1.8

61

Transfer risk exposure

• EURm. End of Q2/04

62 Turkey 173 Iran

• of which

1 Argentina

367 Middle East

21 130 200

527

• of which

Latin America

Panama Chile Mexico Brazil 13 Indonesia South Korea China 5 39 192

• of which

288 Asia

62

Nordea fisheries financing

End of Q2/04

Fish processing/ export 22% Fish farming 40% Fishing vessels 38%

Total outstanding EUR 1.7bn Mainly Norwegian exposure Fish farming

– represents approx. 0.5% of total

loan book

– increases in salmon prices in

2004

– no provisions in 2004

Total exposure approx. EUR 2.0 bn

63

Nordea shipping portfolio

Distribution by type of vessel

End of Q2/04

Combined vessels 1% Bulkers 15%

• Misc. loans

13% Crude tankers 11% Product tankers 11% Gas tankers 9% Liners 8% Chemical tankers 7% Cruise 7% Ferries 5% Pure car carries 5% Other dry cargo 4% Reefers 4%

Outstanding, EUR 5.4bn Well diversified portfolio by

type of vessel

Focus on large industrial

players

Exposure split approx

55% / 45% Nordic / Int’l.

Total exposure approx. EUR 6.1bn

64

Nordea real estate financing portfolio

End of Q2/04

Denmark 8.7% Norway 19.6% Sweden 49.2% Finland 22.5%

Largest industry exposure Relatively large and financially

strong companies

High level of collateral coverage Lending to residential real estate

companies approx 50%

Dominantly Swedish exposure

Total exposure approx. EUR 22.4bn

65

0.43 74 97 665

• 436
• 55
• 1,406

1,898 2,563

Q2/04

0.49 73 99 713

• 406
• 62
• 1,468
• 1,936

2,649

Q4/03

0.46 74 100 686

• 420
• 60
• 1,449

1,929 2,615

Q1/04

0.57 71 109 836

• 379
• 65
• 1,571
• 2,015

2,851

Q2/03

0.57 71 105 844

• 384
• 64
• 1,624
• 2,072

2,916

Q3/03

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

66

1,898 57 157 1 307 178 58 228 177 190 62 141 342 Provisons 1 Public sector 2,563 65 178 444 265 73 282 217 246 72 189 531 Gross 665 8 21 137 87 15 54 40 56 10 48 189 Net Total Shipping & Offshore Agriculture & Fishing Other companies Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Household customers

• EURm. End of Q2/04

Impaired loans

67

Loan losses

246 221 229 128 129

• 154
• 132
• 145
• 86
• 132

92 89 84 42

• 3
• 200
• 100

100 200 300 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Gross Reversals Net

EURm QoQ:

Positive net provisions

– reversals exceeded new

provisions

No major problem areas

H1oH1:

Loan loss ratio down to 5bp

from 26bp annualised

No new losses in fish farming

68

Comments on certain industries

Real estate

Vacancy rates for office buildings high particularly in the Stockholm

region

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

69

Comments on certain industries

Shipping and Offshore industry

China the driving force for shipping boom Bulk market particularly strong Tanker market strong but volatile Crusing market recovering from global uncertainties Nordea´s exposure well diversified with modern ships and globally

competitive companies

Restructuring and consolidation of industry continue

70

71

Economic capital (EC)

EC is the capital required by Nordea to cover unexpected losses 5 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:

– composition of risk exposures – changes in parameters

Economic capital is used for

– risk management – performance measurement – capital allocation

72

Economic capital

9.1 9.0 8.9 8.7 8.4

1 2 3 4 5 6 7 8 9 10 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 EURbn

Reduced EC due to

divestment of real estate portfolio

Market risk reduced within

Life and Treasury

Increased lending

73

Economic capital per business area

End of Q2/04

Treasury 5% CIB 21% Other 5% Asset Mgmt & Life 11% Retail 58%

0.8 Life 1.7 CIB 0.1 Asset Mgmt 0.4 Treasury 0.5 Other 4.9 Retail Banking

8.4

Q2/04

Total

EC per business area, EURbn

74

Distribution of economic capital - by risk category

End of Q2/04

Credit risk 63% Business risk 11% Market risk 16% Life risk 1% Operational risk 9%

75

76

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 Resuming top-line growth Focus, speed and performance Changes of business models Divestment of non-core assets Reduction of complexity 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

77

Vision

We will be valued as the leading financial services group in the Nordic and Baltic 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 solutions and a high level of use of our e-services We will be a good corporate citizen ensuring confidence and trust

Mission

Making it possible

Corporate values and key words

• Focus. We concentrate on creating value for our customers and shareholders.

We contrentrate on our strengths and core activities, and we discontinue activities when needed

• Speed. We provide a broad set of easily accessible and competitive financial services and

We are quick, adjust to market conditions and do not hesitate to execute decisions made.

• Performance. We aim to deliver better solutions and results than our competitors

We continuosly improve in everything we do, and we deliver on our promises

78

Strategic themes 2004

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

79

Strategic themes firmly anchored throughout the Group

Group / Group functions

• Centralisation and

consolidation of production processes

• Centralisation and

consolidation of administrative processes

• Selective use of sourcing

alternatives

• Complete divestment of real

estate

• Roll-out of economic

capital/economic profit framework

Retail Banking

• Increase sales to all existing

customers

• Acquire new profitable

customers

• Sell more through all

channels: Branches, Netbank and Contact Centres

• Sell products in bundles
• Implement common

solutions

• Encourage the customers to

use Netbank and Contact Centres

• Handle customers according

to segment-based strategy

• Enforce strict cost

management

• Use economic profit to

determine individual corporate customer strategy

• Secure the right procedure

for credit-granting

• Monitor credit risks and take

rapid action

• Use credit-scoring models

Ensure stable and profitable growth of income

• Corp. and Inst. Banking
• Increase share of wallet
• Further enhance position

among large corporate customers in Sweden

• Increase focus on Financial

Institutions

• Realise full potential of the

existing cost saving initiatives and harvest full benefits

• Increase organisational

efficiency

• Limited use of balance

sheet

• Price according to risk
• Proactive handling of credit

risk

Asset Management & Life

• Capture share of growth in

the long-term savings and life area

• Grow economic profit in Life

& Pensions at low volatility

• Standardise service

concepts

• Streamline support functions
• Ensure continuous product

range management

• Leverage on existing

products/processes

• Proactively manage

compliance and operational risk

• Realise full potential of the

changed business model in Life & Pensions Ensure capital efficiency and high credit portfolio quality Ensure operational excellence, strict cost management and reduced complexity

1

Group financial targets

Key performance indicator Target 2003 3,673 Costs, EURm Same cost level as in 2003 0.25 Loan losses ratio, % < 0.40% of loans and guarantees

• n average over a business cycle

48 Dividend pay-out ratio, % > 40% 7.3 Tier 1 capital ratio, % > 6.5% In the top five of the peer group of 20 banks # 3 Total shareholder return, % 2002 # 15 3,745 0.18 76 7.1 16.7 RoE, excluding goodwill, % > 15% 11.3 63 Cost/income ratio, % < 55% from 2005 64 Supporting performance indicator

1) 14.5% using standard tax rate and adjusted for the negative impact of the real estate write-down at year-end 2) 17.3% adjusted for real estate gain in Q2 1)

H1/04 1,722 0.05 n.a 7.0 # 8 23.1 61

2)

81

10 20 30 40 50 60 70 80 SAMPO DnBNOR SWEDBANK SEB COMMERZBANK HYPOVEREINSBANK BANK OF IRELAND ALLIED IRISH BANK SHB ABBEY NATIONAL DANSKE BANK KBC NORDEA ABN AMRO SOCIETE GENERALE LLOYDS TSB HBOS BNP BARCLAYS RBOS

Peer group* by market cap, EURbn

3 August 2004

*As defined by Nordea

82

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Frankfurt

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow

Copenhagen

7,203 Personnel 8,683 Personnel 29,289 Total personnel 1,202 Total locations 1,450 Personnel 57 Branches/salepoints Poland and Baltic 8,465 Personnel 344 Branch offices Denmark 3,488 Personnel 130 Branch offices Norway 255 Branch offices Sweden 416 Branch offices Finland

Warzaw

83

Large customer base with high penetration in e-banking

1,605 517 440 4,100 SE 56 59 40 300 Baltic Sea Region 294 237 60 630 NO 3,778 1,751 940 9,610 Total 321 617 Life insurance customers (1,000) 1,246 577 E-banking customers (1,000) 320 80 Corporate customers 2,970 1,610 Personal customers Banking customers (1,000) FI DK

84

85

86

Retail Banking operating profit

376 395 428 433 456 50 100 150 200 250 300 350 400 450 500 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

Increased lending volumes SME loan growth continued Strong increase in non-interest

income

Positive net loan losses

26 58 Q1/04 27 58 Q2/04 RoE, % C/I ratio, % Key ratios

87

Retail Banking operating profit by markets

5 5 30 30 21 23 31 32 25 25 26 27 RoE % 76 76 57 59 57 60 57 56 56 55 58 58 C/I ratio % 0.1 0.1 1.4 1.3 0.8 0.8 1.1 1.2 1.4 1.5 4.8 4.9 Economic capital, EURbn 12 16 211 196 113 112 187 188 200 205 727 721 Net interest income 8 9 120 134 36 35 91 103 88 90 345 374 Non-interest income Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2

EURm

2

• 2

6

• 19

25 138 5 137

• 193

330 65 7 58

• 89

147 125

• 3

128

• 163

291 128

• 5

129

• 166

295 456 1 458

• 637

1,095 20 331 149 278 288 1,072 Total income

• 15
• 189
• 85
• 159
• 163
• 621

Total expenses 2 139 60 117 121 433 Operating profit

• 1

1

• 4
• 2
• 9
• 16

Loan losses 142 SE 5 64 119 125 451 Profit bef. loan loss P&B NO FI DK Retail

88

32.0 25.8 20.8 38.0 33.1 26.9 18.9 38.3 35.0 28.9 20.2 39.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 Denmark Finland Norway Sweden Q2/03 Q4/03 Q2/04

Retail Banking lending

EURbn End of period

89 15.6 21.9 11.0 20.2 15.3 22.6 10.0 21.2 16.1 22.7 10.4 20.1 5 10 15 20 25 Denmark Finland Norway Sweden Q2/03 Q4/03 Q2/04

Retail Banking deposits

EURbn End of period

90

Retail Banking deposits

9.2 5.5 6.8 6.6 6.7 3.6 6.3 6.9 4.2 1.4 9.6 2.6

5 10 15 20 25 Denmark Finland Norway Sweden

Corporate Household customer - saving accounts Household customer - current accounts

• EURbn. End of Q2/04

91

Retail Banking, volumes and margins

1.0% 0.9% 50.0 52.6 Household mortgages 1.2% 1.4% 0.9% 1.4% 1.5% 1.2% Q2/04 1.3% 1.6% 1.0% 1.4% 1.6% 1.2% Q1/04 Margins 40.9 41.8 Deposits from household customers 121.1 125.6 Total lending 69.6 70.6 Total deposits 28.6 28.8 Deposits from corporates 64.3 67.5 Lending to household customers 56.8 58.1 Lending to corporates Q1/04 Q2/04

EURbn

Volumes

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

92

Retail Banking, lending and deposit margins

Quarterly averages 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Lending to corporates Lending to households Morgage lending to households Deposits from corporates Deposits from households Overall stable lending

margins

– household margins slightly

down

– SME margins stable

Declining deposit margins

%

93

94

E-banking customers

Equity trading customers

50 100 150 200 250 300 350 400 Jan-00 June-00 Nov-00 April-01 Sept-01 Feb-02 July-02 Dec-02 May-03 Oct-03 Mar-04

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 Oct-03 Mar-04

(1,000) Mill.

95

Payments and log-ons

E-banking payments 5 10 15 20 25 30 35 40 45 50 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Denmark Finland Norway Sweden Mill. E-banking log-ons 5 10 15 20 25 30 35 40 45 50 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Denmark Finland Norway Sweden Mill.

96

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 Jan-04 May-04

Mutual funds penetration rate

5 10 15 20 25 30 35 Jan-01 May-01 Sept-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04

% %

97

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

J a n

• 3

M a y

• 3

S e p

• 3

J a n

• 4

M a y

• 4

Card payments

10 20 30 40 50 60

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

J a n

• 4

M a y

• 4

Mill. Mill.

98

Payment transactions, households

Payments transactions, households 150 175 200 225 250 275 300

Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Mill. Breakdown of transactions

20 40 60 80 100 120 140

Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Solo payments

Mill.

99

100

131 92 100 154 85 30 60 90 120 150 180 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

CIB operating profit

EURm

Increased lending volumes Markets income down

– lower customer activity – challenging market conditions

Stable development in other areas Positive net loan losses

25 48 Q1/04 14 64 Q2/04 RoE, % C/I ratio, % Key ratios

101

Stock market development

Source: Nordea Markets

1

• 23

88.6 Sweden 6

• 27

19.9 Norway

• 13
• 21

44.7 Finland 3

• 14

20.1 Denmark Q2 2004, % Chg Q2 vs Q1, % Q2 2004, EURbn Market index Market Volume

102

CIB operating profit by main area

0.6 0.5 0.3 0.2 0.3 0.3 0.2 0.2 1.0 1.0 1.7 1.7 Economic capital

• 34

5

• 39
• 57

18 Q1 51 51

• 73

124 Q2 Markets

• 26
• 29
• 52

23 Q2 Other 105 105

• 75

180 Q1 Q1 Q2 Q1 Q2 Q2 Q2 Q1 Q2 EURm 30 2 28

• 12

40 8 9

• 31

40 72 4 4 65

• 39

104 64 85 3 4 6 74

• 134

208 43 88 127 276 Total income

• 10
• 28
• 39
• 134

Total expenses 48 C/I ratio % Transfer risk 5 Equity method 37 59 92 154 Operating profit 4 5 9 Loan losses 33 60 88 142 Profit bef. loan losses 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.

1

CIB lending volume*

15.8 6.8 25.3 11.9 1.7 6.4 20.0 13.3 6.6 21.8 2.7 1.9

5 10 15 20 25 30 Corporate Banking Division Financial Institutions Division International and Shipping Division Total Q2/03 Q4/03 Q2/04

EURbn

End of period *Excluding volumes within Markets

104

105

Asset Management product result

41 48 60 60 58 10 20 30 40 50 60 70 80 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 EURm

AuM up EUR 1.4bn to EUR

123.3bn

– net inflow of EUR 1.4bn in Q1

Asset appreciation flat Asset Mgmt commissions

– mgmt fees stable – transaction fees slightly down

122 56 Q1/04 123 57 Q2/04 AuM, EURbn C/I ratio, % Key ratios

106

Assets under management

20 40 60 80 100 120 140 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Nordic retail funds Nordic private banking International wealth mgmt & funds Institutional clients Life & pensions

EURbn

121.9 Strong distribution capacity Nordea market leader within

retail funds in the Nordic region

– holds 19% of all Nordic

investment fund assets

Strong sales through

European fund distribution

113 107 102 123.3

107

Net inflows

• 1

1 2 3 4 5 6 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Life & pensions Institutional clients International wealth mgmt & funds Nordic private banking Nordic retail funds EURbn 4.2 5.7 2.4 2.4 1.4

108

Asset structure – Investment Management*

*Including mgmt of own investment funds

Nordic fixed income 53% Int'l. equities 22% Nordic equities 14% Int'l. fixed income 11%

Q2/04 EUR 78.1bn

Nordic fixed income 52% Int'l. equities 22% Nordic equities 14% Int'l. fixed income 12%

Q1/04 EUR 77.7bn

109

Asset structure – Investment Funds

Fixed income funds 45% Equity funds 45% Balanced funds 10%

Q2/04 EUR 46.9bn

Fixed income funds 45% Equity funds 45% Balanced funds 10%

Q1/04 EUR 45.5bn

110

Investment Funds, volumes and margins

14.5 6.2 1.6 16.6 14.4 6.9 1.8 16.8

2 4 6 8 10 12 14 16 18 20 DK FI NO SE Q1/04 Q2/04

0.53 1.22 0.87 1.07 0.48 1.15 0.82 1.08

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 DK* FI NO SE Q1/04 Q2/04

Margins * Net margin

% EURbn End of period

111

European Fund distribution

1000 2000 3000 4000 5000 6000 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Inflow AUM

Net inflow of EUR 0.5bn in Q2 More than 1000 active distribution

agreements

Assets by country of source:

– 25% from Switzerland – 25% from Germany – 15% from Spain – 9% from Austria – 7% from UK – 6% from France – 4% from Luxembourg – 8% from Other

EURm

112

44 53 57 52 43 10 20 30 40 50 60 70 80 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

Life Insurance, product result

Stabilisation at high level Decreased financial buffers Effect of changed business

model increasingly visible

5.6 3.2 Q1/04

• 0.4

Inv return, % 4.9 Q2/04 Financial buffers*, % Key ratios

* Financial buffers in % of provisions

113

Life - breakdown of product result

53

• 3

56 7 3

• 218
• 30
• 98

347 45 Q1/04 3 Net profit from other business 60 Product result before distribution expenses 8 Operating profit Unit Linked business 57

• 3

124

• 26

159

• 280

72 Q2/04 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

114

Life

17 57

• 3

60 612 8 190 52 3 124

• 26
• 49

159

• 280

72

• 26
• 560

236 422

Q2/04

18 44

• 3

47 701 6 168 41

• 2
• 10
• 6

59 111

• 114

62

• 28
• 687

244 533

Q4/03

10 43

• 3

46 457 7 87 39

• 1

28

• 13

25 126

• 151

50

• 24
• 532

236 370

Q3/03

10 52

• 3

55 548 4 87 51 4

• 165
• 13

225

• 126

297 54

• 28
• 626

247 461

Q2/03

53 Product result

• 3

Distribution expenses Retail 13 56 643 7 152 49 3

• 218
• 30

294

• 98

347 45

• 25
• 655

234 491

Q1/04

Change in discount rate for life provisions Premiums written, net of reinsurance Of which profit within Retail Banking Product result before distribution expenses TOTAL LIFE & PENSIONS Product result before distribution expenses Premiums written, net of reinsurance UNIT LINKED BUSINESS Product result before distribution expenses TRADITIONAL LIFE Normalised operating margin Of which allocated to policyholders Of which to/from financial buffers Insurance operating expenses Fluctuations compared to normalised investment return Actual operating margin Net profit from other business Benefits paid and change in provision Normalised investment. return Premiums written net

EURm

115

Life

60 8 3 13 23 13 Product result before distribution expenses

• 3
• 2

Distribution expenses Retail

• 280
• 4
• 29
• 13
• 46
• 190

Fluctuation compared to normalised investment return 8 39 36 7 4 3 7

• 3

2 3 4 Other 13 190 14 13

• 2

30

• 15

159 16

• 11
• 266

117 175 Denmark 612 49 92 243 Premiums written, net of reinsurance 57 3 12 21 Product result TOTAL LIFE & PENSIONS 8 3 5 Product result before distribution expenses 190 22 19 100 Premiums written, net of reinsurance UNIT LINKED BUSINESS 52 1 12 18 Product result before distribution expenses TRADITIONAL LIFE 72 7 19 24 Normalised operating margin

• 26
• 20
• 6

Of which allocated to policyholders 124 23 26 46 Of which to/from financial buffers

• 26
• 2
• 8
• 2

Insurance operating expenses 159 Change in discount rate for life provisions

• 49
• 22

7

• 21

Actual operating margin 3

• 560

236 422 Total

• 35

16 27 Sweden

• 84

38 73 Norway Net profit from other business

• 178

Benefits paid and change in provision 61 Normalised investment return 143 Premiums written net Finland EURm

116

Life - investments

5 10 15 20 25 30 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Equities Bonds Real estate Unit linked Equities

–

predominantly listed equities

–

1/3 Nordic, 2/3 international

Bonds

–

¾ Nordic issuers

–

primarily govmn’t & mortgage inst. EURbn

24.8

End of period

23.9 23.4 23.1 24.8

117

Life - asset allocation

15 15 24.3 24.2 Total 4 12 15 19 Q2/04 Equities, % 4 12 18 18 Q1/04 2.8 3.3 6.6 11.6 Q1/04 Q2/04 2.8 Sweden 3.2 Norway 6.6 Finland 11.6 Denmark Total, EURbn

118

Life - solvency situation

End of Q2/04

177 52 120 68 Sweden 218 247 456 209 Finland* 117 75 519 444 Denmark 165 81 206 125 Norway Solvency in %

• f requirement

Solvency buffer Actual solvency Required solvency EURm

*Solvency buffer in Finland has decreased due to a change in Finnish solvency rules as from 1/6 2004

119

Life – financial buffers*

4.9 3.5 1.1 3.3 7.1 Q2/04 933 57 30 158 688 Q2/04 5.2 83 Sweden % of total provisions EURm 5.6 1,058 Total 4.3 204 Finland 7.3 717 Denmark 2.0 55 Norway Q1/04 Q1/04

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

120

Life – solvency sensitivity, end of Q2/04

177 165 218 117 Solvency in % of requirement 162 137 184 117 Equities drop 12% 211 141 245 115 Interest rates down 50bp 134 Norway 157 Sweden 117 Denmark Finland 190 Interest rates up 50bp

%

121

Life – buffer sensitivity, end of Q2/04

57 30 158 688 Financial buffers*

• 10
• 4
• 71
• 180

Equities drop 12% 22 34 57

• 39

Interest rates down 50bp 25 Norway

• 14

Sweden 26 Denmark Finland

• 56

Interest rates up 50bp EURm

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

122

123

Group Treasury operating profit

Investment earnings down

– Influenced by difficult market

conditions

– loss on holding in OMHEX AB

Improved result in Group Funding

91 35 62 55

• 27
• 40
• 20

20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

124

Group Treasury operating profit by main areas

Q1/04 Q2/04 Q1/04 Q2/04 Q1/04 Q2/04 Q1/04 Q2/04

EURm Group Funding Group Investment

Equity portfolios Fixed income portfolios

Total

55

• 27

Operating profit

17

• 15

45

• 46

62

• 61

Investment earnings

• 7

34

• 7

34

Profit excl. Investment earnings

• 8
• 8
• 1
• 3
• 3

Expenses

1 42 18

• 15

48

• 43

Income

125

Group Treasury - investments

5 10 15 20 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Fixed income Equities

Equities

–

listed, unlisted & private equity funds

Bonds

–

¾ Nordic issuers

–

primarily government and mortgage inst. EURbn

16.2

End of period

14.8 15.9 16.0 16.0

126

Treasury – risk management

End of Q2/04

Interest rate risk (VaR)

– risk related to interest rate positions, calculated as VaR

Equity risk (VaR)

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

unlisted and private equity

53 46 Q1/04 45 28 Q2/04 Equity risk (VaR) Interest rate risk (VaR) EURm, end of period

127

128 147 32 28 22 36 5 156 30 23 23 26 4 40 80 120 160 Lending Bonds and

• ther interest

bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other 30/06/03 30/06/04

Balance sheet structure - assets

EURbn End of period

129 89 64 38 38 21 12 7 98 64 31 29 23 12 6 20 40 60 80 100 120

Deposits and

• ther

borrowings from the public Debt securities in issue Deposits by credit institutions Provisions and

• ther liabilities,

banking Liabilities, insurance Shareholder´s equity Other

30/06/03 30/06/04

Balance sheet structure – liabilities and equity

EURbn End of period

130

Lending

147 149 146 148 156 20 40 60 80 100 120 140 160 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Lending and deposits

Deposits

91 93 96 92 98 20 40 60 80 100 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 EURbn EURbn

End of period

131

Capital base

13,047

• 257
• 1,441

4,838 9,907

• 56
• 1,711

3 287 11,384

• 657

12,041 End of Q2/04 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

132

* Statistics as of June 2004

133

Market shares, personal customer deposits

22.0 34.6 8.5 19.5 21.9 34.1 8.6 19.0

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

June 03 June 04 %

134

Personal customer deposits - market volume & share

10 20 30 40 50 J a n

• 3

M a r

• 3

M a y

• 3

J u l

• 3

S e p

• 3

N

• v
• 3

J a n

• 4

M a r

• 4

M a y

• 4

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

100 200 300 400 500 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 02-Dec 03-Mar 03-Jun 03-Sep 03-Dec 04-Mar 04-Jun 18% 20% 22% 24% 26% 28% 100 200 300 400 500 600 Jun-01 Sep-01 dec-01 mar-02 june-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 15% 17% 19% 21% 23% 25%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 500 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 5% 7% 9% 11% 13% 15%

135

Market shares, corporate deposits

22.8 40.8 15.8 24.6 22.7 39.0 15.8 22.6 5 10 15 20 25 30 35 40 45 Denmark Finland Norway Sweden June 03 June 04

%

136

Corporate deposits - market volume & share

5 10 15 20 25 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 35% 37% 39% 41% 43% 45% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 14% 16% 18% 20% 22% 24% 26% 28% 100 200 300 400 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 10% 12% 14% 16% 18% 20% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 Jun-01 Sep-01 dec-01 mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 10% 15% 20% 25%

137

Market shares, personal customer lending

18.5 32.1 10.6 14.0 16.8 32.0 11.1 14.2

5 10 15 20 25 30 35 Denmark Finland Norway Sweden Jun-03 Jun-04

%

138

Personal customer lending - market volume & share

10 20 30 40 50 60 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 29% 30% 31% 32% 33% 34% 35% 200 400 600 800 1000 1200 J u n

• 1

S e p

• 1

D e c

• 2

M a r

• 2

J u n

• 2

S e p

• 2

D e c

• 3

M a r

• 3

J u n

• 3

S e p

• 3

D e c

• 3

M a r

• 4

J u n

• 4

10% 12% 14% 16% 18% 20% 200 400 600 800 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 8% 9% 10% 11% 12% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 12% 14% 16% 18% 20% 22%

139

Morgage lending households - market volume & share

200 400 600 800 1000 J u n

• 1

D e c

• 1

J u n

• 2

D e c

• 2

J u n

• 3

D e c

• 3

J u n

• 4

10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 700 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 8% 9% 10% 11% 12% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

200 400 600 800 1000 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 0% 4% 8% 12% 16% 20% 5 10 15 20 25 30 35 40 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 30% 31% 32% 33% 34% 35%

140

Corporate lending - market volume & share

10 20 30 40 50 J a n

• 3

M a r

• 3

M a y

• 3

J u l

• 3

S e p

• 3

N

• v
• 3

J a n

• 4

M a r

• 4

M a y

• 4

32% 33% 34% 35% 36% 37% 38%

250 500 750 1,000 1,250 1,500 1,750 Jun-01 Sep-01 Dec-02 Mar-02 Jun-03 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 10% 12% 14% 16% 18% 20% 100 200 300 400 500 May-01 Aug-02 Nov-02 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 10% 12% 14% 16% 18% 20% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 350 400 450 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 20% 22% 24% 26% 28% 30% 32%

141

Investment funds - market volume & share

5 10 15 20 25 30 Jun-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 20% 22% 24% 26% 28% 30% 32% 34% 200 400 600 800 1000 Jun-00 Mar-01 Dec-01 Sep-02 Jun-03 Mar-04 14% 16% 18% 20% 22% 24% 20 40 60 80 100 120 140 160 Jun-01 Jan-02 Jun-02 Sep-03 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 4% 6% 8% 10% 12% 14% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Nordea market share

100 200 300 400 500 M a r

• 2

A u g

• 2

N

• v
• 2

F e b

• 3

M a y

• 3

A u g

• 3

N

• v
• 3

F e b

• 4

M a y

• 4

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

142

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 J u n

• 2

A u g

• 2

O c t

• 2

D e c

• 2

F e b

• 3

A p r

• 3

J u n

• 3

A u g

• 3

O c t

• 3

D e c

• 3

F e b

• 4

A p r

• 4

J u n

• 4
• 60
• 50
• 40
• 30
• 20
• 10

10 20 30 40 50 60

Market net inflow Nordea net inflow Nordea %

% NOKm

143

Investment funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 1200 1400 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04

• 16
• 8

8 16 24 32 40

Market net inflow Nordea net inflow Nordea %

% EURm

144

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 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04

• 4

4 8 12 16 20 24 28

Market net inflow Nordea net inflow Nordea %

% SEKm

19bn 19bn

145

10.1 5.8 6.1 3.9 7.2 6.1 4.9 3.6

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 Q1/04 Q2/04

%

Market share, equity dealing - Nordea Securities

115.6 27.1 56.5 23.4

Q1/04

88.6 19.9 44.7 20.1

Q2/04

Sweden Norway Finland Denmark

EURbn Equity market turnover

146

Appendix

Financials

Page 147

Nordea share

Page 157

Other

Page 163

Macro statistics

Page 168

147

Appendix

Financials

148

Pension obligations

No material pension obligations off balance sheet Pension costs going forward largely unchanged EUR 554m Net liability 1 January 2004 EUR 256m* Effect of implementation of RR29/IAS19 EUR 298m Pension Obligation, national GAAP, net liability *EUR 183m adjustment of equity (after tax) RR29/IAS19 implemented 1 January 2004

– defined benefit plans reflected on balance sheet

149 516

• 41

51

• 61

567 9 3 555

• 849
• 378
• 15
• 456

1,404 27 104 405 868 Q2/04 383

• 46

40 33 356 14

• 84

426

• 973
• 416
• 46
• 511

1,399 36 125 388 850 Q4/03

• 15

Profit sharing 470

• 40

40 27 443 10

• 89

522

• 881
• 350
• 531

1,403 56 130 379 838 Q3/03 579

• 40

50 81 488 19

• 92

561

• 902
• 363
• 539

1,463 99 155 366 843 Q2/03 584

• 40

47 62 515 9

• 42

548

• 873
• 370
• 488

1,421 22 156 397 846 Q1/04 Investment earnings, banking Operating profit, life Insurance Other income Profit before inv. earnings and insurance Equity method Loan losses, net Profit before loan losses Operating profit Goodwill depreciation Total expenses Other expenses Personnel expenses Total income Trading income Net commission income Net interest income EURm

Operational income statement

150

Statutory income statement

• Write-downs on securities held as financial fixed assets
• 72
• 76

Depreciation, amortisation and write-down of tangible and intangible fixed assets

405

• 174
• 2

581

44 537 19

• 46
• 46

610

• 940
• 329
• 539

1,550

98 97 372 26 957

• 1,395

2,352

Q2/03

• 908

Total operating expenses

Minority interest

816 Total operating profit

• Pension adjustments
• 152

Taxes 3 Loan losses, net Change in value of property taken over for protection of claims 16 Profit from companies accounted for under the equity method 771 Operating profit, banking 45 Operating profit, insurance

664 752

• 360
• 472

1,660

328 41 421 11 859

• 1,136

1,995

Q2/04 Profit before loan losses Total income

General administrative expenses Personnel expenses Other administrative expenses Net interest income Net result from financial operations Other income Dividends received Net commission income

Net profit

Interest expenses Interest income

EURm

151

Reconciliation of operational and statutory accounts

17)

• 300

300 Real estate sales and write-downs, net 16) 30

• 30

Profit sharing Change in value of property taken over 1,082

• 1
• 317

1,400 86 1,314 25

• 39

1,328

• 1,819
• 154
• 689
• 976

3,147 345 236 828 15 1,723 Statutory H1/04 300 69 231 231

• 90
• 154

64

• 30

321 300 21 Other adjustment 12

• 12

Insurance

• 1

1 7

• 6
• 7
• 5
• 2

1 15

• 1

6

• 19

Investment activities

• 4

221

• 260

27 9 7 Trading income 1,082

• 1
• 317

1,100

• 81

98 1 1,082 18

• 39

1,103

• 1,722
• 748
• 944

2,825 49 260 802 1,714 Operational H1/04 4) 3) 5) 2) 4) 1) 9) 9) 7) 8) 6) 10) 10) 13) 12,13) 11,16) 17) 18) 15) 15) Allocation to Pension foundation Taxes Minority interests Total expenses 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

152

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 Dividend income 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. Dividend income on equities (non-insurance portfolio), reclassified as Investment earnings in the operational accounts. 9. 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. 10. Amortisation of goodwill related to insurance included in

• ne-line consolidation of insurance activities (Operating

profit, life insurance) in the statutory accounts, reclassified to Amortisation of goodwill in the operational accounts. 11. Pension adjustments accounted for according to Swedish regulations in the statutory accounts. Reclassified to Staff costs in the Operational accounts. 12. 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. 13. Depreciation of goodwill, see footnote 12) (Banking) and 10) (Insurance), shown as part of Depreciation according to plan in the statutory accounts, as opposed to separate line item in the operational accounts. 14. Change in value of property taken over in the statutory accounts, reclassified as Loan losses, net, in the

• perational accounts.

15. 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. 16. Profit sharing included in Staff costs in the statutory income statement 17. Real estate gains included in the operating profit in the statutory income statement 18. Leasing depreciation is reported as expenses in the statutory income statement, but is reported as a reduction

• f net interest income in the operational statement

153

Expenses - breakdown

849

• 3

852 110 89 50 23 108 15 457 Q1/04 973

• 3

976 112 87 56 27 136 46 512 Q4/03

• 15

Profit sharing 881

• 3

884 123 74 53 14 88 532 Q3/03 902

• 5

907 128 81 49 23 85 541 Q2/03 873

• 4

877 120 75 52 14 112 489 Q1/04 Information technology 2) Other Expenses

• f which investment activities 3)

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

1) Variable salaries were EUR 28m in Q2 2004 (Q1 2004: EUR 37m) 2) Refers to IT operations, service expenses and consulting fees. Total IT-related costs in Q2 2004, including personnel etc were EUR 166m (Q1 2004: EUR 165m). 3) Including personnel expenses (Q2 2004 EUR 1m)

154

Total IT-related expenses*

174 166 208 165 166

50 100 150 200 250 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

EURm

*Refers to IT operations, service expenses and consultant fees including personnel etc, but

excluding IT expenses in insurance operations

• Approx. 20% of total

costs

155 58 61 67 59 63

10 20 30 40 50 60 70 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04

Cost/income ratio

C/I ratio, banking %

58 64 63

10 20 30 40 50 60 70 2001 2002 2003 C/I ratio, banking %

156 Other Other Own line 300 Real estate sales and write downs Other Other Other Other Other Own line P&L

Operational

Q2/04

• 105

10

• 115

Q4/03 Other Own line Real estate sales and write downs Retail Other Retail Finland Q1/04 Other Other Other Net result fin trans P&L

Statutory

Other Retail Retail Other BA 27 OM/HEX shares 8 Inkassosentralen

75

32 43 Q2/03 Huoneistokeskus Nordisk Renting

35

Q3/03

Total

EURm

Gains and losses on various disposals etc

157

Appendix

Nordea share

158

• 20
• 10

10 20 30 40

HYPOVEREINSBANK COMMERZBANK RBOS BARCLAYS ABN AMRO LLOYDS TSB HBOS SHB SOCIETE GENERALE SWEDBANK SEB BNP NORDEA BANK OF IRELAND ALLIED IRISH BANK DANSKE BANK SAMPO ABBEY NATIONAL DnB NOR KBC

Total shareholder return (TSR) Ytd 2004

Nordea peer group*

Source: Bloomberg 4/8-2004

%

*As defined by Nordea

159

Shareholder structure, end of Q2/04

19.5% 7.3% 6.0% 6.4% 3.9% 27.5% 2.4% 26.9% International institutions Swedish institutions Swedish state Finnish institutions Danish institutions Finnish public Danish public Swedish public

Number of shareholders approx. 498,000

160

Largest registered shareholders, end of Q2/04

1.5 41.3 Fjärde AP-fonden 1.2 34.4 SHB/SPP fonder 1.2 34.1 Skandia 1.1 30.5 Första AP-fonden 1.1 30.5 Andra AP-fonden 1.0 28.2 Tredje AP-fonden 0.3 8.3 Xact fonder 0.3 8.2 Folksam fonder 0.5 13.2 Nordea Bank Sverige vinstandelsstiftelse 45.2 1,257.6 Total for the 20 largest shareholders 3.7 102.5 Nordea Danmark fonden 2.7 75.4 Robur fonder 19.5 542.0 Swedish state 3.7 103.6 Alecta 2.3 62.5 Nordea fonder 2.2 61.0 SEB fonder 0.9 26.2 AMF Pension 0.9 25.8 Tryg i Danmark smba 0.3 8.5 Länsförsäkringar fonder 0.3 8.7 Pensionsförsäkringsbolaget Varma-Sampo 0.5 12.5 Solidium Oy (Finnish state) % Number of shares Shareholder

161

Number of shares

2,928,108,227

• 57,008,000**

Buyback Cancellation Oct, 2003 2,783,108,227 145,000,000 Buyback Market Nov 03-Mar 04 2,928,108,227 45,050 Conversions* New issue Sep, 2002 2,928,063,177 40,008,000** Buyback Market Aug-Sep 2002 2,968,071,177 2,405,087 Conversions* New issue May, 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 Average number of outstanding shares Jan-June 2004 was 2.806 million (Jan-Dec 2003 2.921m, Jan-June 2003 2.928m). Dilution not applicable.

162

71.5 55.5 38.4 54.0 54.25 Share price, end of period, SEK 8.9 0.24 4.33

n.a

Q2/04

1)) Share price converted to euro devided by 12 months rolling EPS

14.0 0.30 4.06

EUR 0.23

2002 14.0 11.3 11.7 P/E ratio1) 0.58 0.53 0.51 Earnings per share, EUR 3.74 4.00 4.28 Shareholders’ equity per share, EUR

SEK

2.00

EUR

0.23

EUR 0.25

Dividend 2000 2001 2003

Data per share

163

Appendix

Other

164

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

165

Business structure

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 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 Markets Corporate and Institutional Banking Tom Ruud

166

Legal structure

Nordea Life Holding Finland Nordea Bank AB (Publ) Sweden Nordea Life Holding A/S Denmark Nordea Asset Management AB Sweden Nordea Bank Polska SA Poland

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

Nordea Bank Finland Plc Finland Nordea Bank Danmark A/S Denmark

Various subsidiaries Various subsidiaries Various subsidiaries Various subsidiaries

Nordea Bank Norge ASA Norway

Various subsidiaries Nordea Zycie SA Poland Various subsidiaries Various subsidiaries Nordea Livförsäkring Finland AB

167

Group Executive Management

Lars G Nordström President and Group CEO Christian Clausen Head of Asset Management & Life Carl-Johan Granvik Head of Group Credit and Risk Control, Group CRO Kari Jordan Head of Retail Banking (to leave Nordea later 2004) 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

168

Appendix

Macro statistics and estimates

Source: Nordea Markets Economic Research Estimates mainly from May 2004

169

Macro data

% 2003e 2004e 2005e Gross domestic product DK 0.4 2.5 2.4 FI 1.9 3.0 3.5 NO 0.7 3.8 2.8 SE 1.6 2.7 3.0 Inflation DK 2.1 1.3 1.9 FI 1.3 0.6 1.8 NO 2.5 0.4 1.9 SE 2.1 0.4 1.5 Private consumption DK 1.1 3.2 2.5 FI 3.6 3.3 2.7 NO 3.7 4.9 3.3 SE 2.0 2.6 2.9 Unemployment DK 5.9 6.1 5.6 FI 9.0 8.9 8.6 NO 4.5 4.2 3.8 SE 4.9 5.4 5.1

In Norway, forecasts are for mainland GDP

170

Market development - GDP

3.0 2.8 3.5 2.4 2005e 2.7 1.6 Sweden 3.8 0.7 Norway 3.0 1.9 Finland 2.5 0.4 Denmark 2003e

%

In Norway, forecasts are for mainland GDP

2004e 2002 2.1 1.7 2.2 1.0

171

Gross domestic product

• 10
• 8
• 6
• 4
• 2

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

Change in % YoY

172

Inflation

• 2

2 4 6 8 10 12 14 1990 1992 1994 1996 1998 2000 2002 2004

Denmark Finland Norway Sweden

%

173

Private consumption

• 8
• 6
• 4
• 2

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

Denmark Finland Norway Sweden

Change in % YoY

174

Household saving rates

• 4
• 2

2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Denmark Finland Norway Sweden %

175

Unemployment

5 10 15 20 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Denmark Finland Norway Sweden % of labour force

176

Credit growth total lending to non-bank sector

• 10
• 5

5 10 15 96 March 96 Dec 97 Sept 98 June 99 March 99 Dec 00 Sept 01 June 02-Mar 02-Dec 03-Sep 04-Jun

Denmark Finland Norway Sweden

Change in % YoY

177

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 Jan-04

Denmark Finland Norway Sweden Number of bankruptcies per month

178

Exchange rate, EUR/USD

0.8 0.85 0.9 0.95 1 1.05 1.1 1.15 1.2 1.25 1.3 2/1 /98 2/4 /98 2/7 /98 2/10 /98 2/1 /99 2/4 /99 2/7 /99 2/10 /99 2/1 /00 2/4 /00 2/7 /00 2/10 /00 2/1 /01 2/4 /01 2/7 /01 2/10 /01 2/1 /02 2/4 /02 2/7 /02 2/10 /02 2/1 /03 2/4 /03 2/7 /03 2/10 /03 2/1 /04 2/4 /04 2/7 /04

USD

179

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 1/1 /04 1/5 /04 SEK

180

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 1 / 1 / 4 1 / 5 / 4 NOK

181

Oil price 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 1 / 1 / 4 Dollar

182

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 2/1 /04 2/7 /04

KAX Index HEX Index Oslo Total Index AFGX Index Index 100 = 1997

183

Money market, 3 month rates

1 2 3 4 5 6 7 8 9 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 1/10 /02 1/1 /03 1/4 /03 1/7 /03 1/10 /03 1/1 /04 1/4 /04 1/7 /04

Denmark Finland Norway Sweden

%

184

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 1/1 /04 1/5 /04

Denmark Finland Norway Sweden

%

185

Financial calendar 2004

Q3 report 2004 will be published on 27 October 2004

www.nordea.com/ir