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Debt Investor Presentation Q2 2015

This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been

• correct. Accordingly, results could differ materially from those set out in the forward-looking

statements as a result of various factors. Important factors that may cause such a difference for Nordea include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. This presentation does not imply that Nordea has undertaken to revise these forward- looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.

Disclaimer

2 •

Nordea in brief

14

Nordea is the largest financial services group in the Nordics

11 million customers

• Approx. 10 million personal customers
• 590 000 corporate customers,
• incl. Nordic Top 500

Distribution power

• Approx. 650 branch office locations
• Approx. 7 million Netbank customers

Financial strength

• EUR 10.2bn in full year income (2014)
• EUR 682.7bn of assets (Q2 2015)
• EUR 29.8bn in equity capital (Q2 2015)
• AA credit rating
• Common equity tier 1 capital ratio
• f 16.0% (Q2 2015)

EUR ~45bn in market cap

• One of the largest Nordic corporations
• A top-10 European retail bank

Nordea = Nordic ideas

4 •

Nordea is the most diversified bank in the Nordics…

Denmark 26% Finland 21% Norway 18% Sweden 31% Baltics 3% Russia 1% Household 44% Real estate 12% Other financial institutions 4% Industrial commercial services 4% Consumer staples 4% Shipping and

• ffshore

3% Retail trade 3% Other 12% Repos 13% Public Sector 1%

Credit portfolio by country EUR 311bn* Credit portfolio by sector EUR 358bn Q2 2015

Lending: 55% Corporate and 44% Household A Nordic centric portfolio (96 %)

* Excluding repos

5 •

Q1 2015 financial results highlights

14

Highlights of first half year 2015

 Revenues are up 7%  Negative interest rates put pressure on NII  Continued strong trend in savings and investment operations  Costs are down 1%**, delivering according to plan  C/I ratio improved more than 4 %-points to 45.3%**  Loan losses are down 22% to 13 bps  Operating profit is up 21%**  RoE improved 2.1%-points to 13.7%**  Improved common equity tier 1 ratio 80 bps to 16.0%

7 •

First half year 2015 vs first half year 2014*

*All P&L items in local currencies **Excluding restructuring cost of EUR 190m in Q2/14

EURm Q2/15 Q1/15 Chg %

Local currencies Chg %

H1/15 H1/14 Chg %

Local currencies Chg %

Net interest income 1 309 1 288 2 2 597 2 730

• 5
• 3

Net fee & commission income 783 757 3 3 1 540 1 412 9 10 Net fair value result 401 644

• 38
• 37

1 045 767 36 37 Total income* 2 523 2 719

• 7
• 8

5 242 4 964 6 7 Total expenses**

• 1 185
• 1 188
• 1
• 2 373
• 2 457
• 3
• 1

Net loan losses

• 103
• 122
• 16
• 16
• 225
• 293
• 23
• 22

Operating profit** 1 235 1 409

• 12
• 13

2 644 2 214 19 21 Net profit from cont. op 952 1 082

• 12
• 13

2 034 1 542 32 33 Return on equity** (%) 13.1 14.3

• 120 bps
• 13.7

11.6 210 bps

• CET1 capital ratio (%)

16.0 15.6 40 bps

• 16.0

15.2 80 bps

• Cost/income ratio** (%)

47.0 43.7 330 bps

• 45.3

49.5

• 420 bps
• Financial results

*Includes other income **Excluding restructuring cost of EUR 190m in Q2/14 8 •

1 368 1 396 1 356 1 288 1 309 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15

Net interest income

NET INTEREST INCOME DEVELOPMENT, EURm COMMENTS

9 •

• NII holds up despite pressure on

margins

• Negative interest rates in

Denmark, Finland and Sweden

• Strong result in Treasury due to

positioning for lower rates

• One additional interest day adds

EUR 15m

• Positive impact from currencies

109 109 108 103 100

Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 302 305 308 312 311 173 172 176 172 176 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Lending volumes Deposit volumes

Net interest margin and volumes

• Blended margin down 3 bps to

100 bps

• Lending margins are slightly

down driven by Norwegian mortgages

• Pressure on deposit margins
• Lending volumes are up 3% y-o-y*

COMMENTS

* Excluding repos and FX

LENDING AND DEPOSIT VOLUMES*, EURbn

10 •

BLENDED NET INTEREST MARGIN DEVELOPMENT, BPS

430 370 443 477 510 148 160 142 144 148 162 171 210 171 160

• 32
• 34
• 32
• 35
• 35

708 667 763 757 783

Net fee and commission income

NET FEE AND COMMISSION DEVELOPMENT, EURm

• Fee and commission income up on a

strong previous quarter

• Main driver Savings and

Investment operations

• Somewhat slower corporate advisory

activities

Savings & investments Payments & cards Lending commissions State guarantee fees

COMMENTS Q2/14 Q3/14 Q4/14 Q1/15

11 •

Q2/15

4.8 3.2 6.8 7.2 3.1 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Life & Pensions

• Inst. sales

Private Banking Nordic Retail funds

• Slight decrease in AuM caused by

negative market development

• Net inflow of EUR 3.1bn in the quarter
• All segments contributed

positively

• Continued good net inflow in

Global Fund Distribution, EUR 1.1bn

• Market turmoil caused reduced net

inflow in asset management funds and stronger growth in deposits

• Retail Banking Household

deposits up 3%*

• Private Banking deposits up

13%*

Strong demand for our savings and investment offering

AUM DEVELOPMENT, EURbn COMMENTS 248.3 254.5 262.2 290.0 286.1 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 NET INFLOW SPLIT BY SEGMENT, EURbn

12 • * In local currencies and compared to previous quarter

Net fair value

NET FAIR VALUE DEVELOPMENT, EURm

• Lower customer activity from a high

level in Q1/15

• Negative one-off effect of EUR 31m

in Denmark

COMMENTS

13 •

94 75 134 146 89 90 60 83 105 84 78 89 117 91 87 116 78 37 207 149

• 22
• 11
• 4

95

• 8

356 291 367 644 401

Retail Banking Wholesale Banking Wealth Management Wholesale Banking Other Other

Q2/14 Q3/14 Q4/14 Q1/15 Q2/15

• Costs are down 1% in local

currencies from previous quarter

• Costs are down 2% in local

currencies and excluding performance related salaries y-o-y

• Cost target full year 2015 of EUR

4.7bn reiterated

• Increased costs from simplification

initiatives

• Solid improvement of C/I ratio
• Improved 3.6%-points since

beginning of 2013

• C/I ratio at 45.3% H1/15

Long term improvement in cost efficiency

TOTAL EXPENSES*, EURm COMMENTS

* Excluding non-recurring items **Rolling four quarters 14 •

752 731 760 779 772 403 380 418 364 363 58 66 54 45 50 1 213 1 177 1 232 1 188 1 185 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15

Staff costs Depreciations Other expenses

C/I RATIO DEVELOPMENT**, % Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15

50.8% 47.2%

162 160 155 159 152 153 145 152 150 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15

Risk exposure amount

RISK EXPOSURE AMOUNT, EURbn*

• REA down EUR 2bn in the quarter

* Basel 2.5 excluding Basel I transition rules until Q4/13. Basel 3 from Q1/14 **REA reservation incl. in Other, EUR 4.6bn

COMMENTS

15 •

RISK EXPOSURE AMOUNT DEVELOPMENT, EURbn

151.5

0.5 2.9

149.8

1.7 2.5 1.1 Q2/15 Credit quality FX Q1/15

• Stand. &

Other** Trading book Growth

186 171 180 158 135 112 129 122 103 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 4 115 3 827 3 600 2 310 2 339 2 211 6 425 6 166 5 811 Q4/14 Q1/15 Q2/15 Performing Non-performing

Strong asset quality

TOTAL NET LOAN LOSSES, EURm IMPAIRED LOANS, EURm

• Loan losses down to 12 bps – the

lowest level since Q3/08

• Stable or improved credit quality in

all units

• Collective provisions in Russia,

EUR 10m, and for Danish agriculture, EUR 11m

• Impaired loans ratio down from

159bps to 152bps

• Provisioning ratio increased to 46%

(45%)

• Largely unchanged credit quality in

the coming quarters expected

COMMENTS

16 •

(80) (60) (40) (20) 20 40 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

…generating low credit losses over a business cycle

• Since 2002, Nordea’s loan losses

have averaged 16 bps of total lending

• Historically low credit losses are the

result of a well diversified credit portfolio, a rigid risk management process as well as low risk appetite

• Loan loss ratio Q2/15 amounted to

12 bps, below ten year average

LOAN LOSSES, BPS COMMENTS

16 bps

17 •

ROCAR DEVELOPMENT YTD, GROUP AND BUSINESS AREAS

GROUP

1.8% 0.5%

INCOME COSTS RETAIL BANKING

• 0.3%

1.4%

INCOME COSTS WHOLESALE BANKING

0.8%

• 0.4%

INCOME COSTS WEALTH MANAGEMENT

10.8%

• 0.4%

INCOME COSTS ECONOMIC CAPITAL ECONOMIC CAPITAL ECONOMIC CAPITAL ECONOMIC CAPITAL

• 0.5%
• 0.7%
• 1.7%

0.7%

18 •

OTHER OTHER OTHER OTHER

+0.2%

• 0.1%
• 0.1%

0.0%

IMPACT FROM IMPACT FROM IMPACT FROM IMPACT FROM

H1 14 H1 15 14.2% 16.6% H1 14 H1 15 13.0% 14.3% H1 14 H1 15 14.8% 15.8% H1 14 H1 15 30.4% 39.0%

Higher return across the board

LOAN LOSSES LOAN LOSSES LOAN LOSSES LOAN LOSSES

+0.4% +1.0% 0.0%

• 0.1%

On track towards the Future Relationship Bank

• Simplification Programme on track
• Progressing in designing our

future data and technology architecture

• First products on the new

Payment platform launched in coming quarters

• Simplified legal structure
• Dialogue with authorities

initiated with the purpose to simplify by changing subsidiaries to branches

• No change for customers or

employees

COMMENTS

19 •

BENEFITS FROM SIMPLIFICATION PROGRAMME

Simplification programme

Increased scale, efficiency and agility, serving all customers from one common platform An end-to-end digital response and execution of the customer vision Stable and resilient operation, compliant and in control

Dec 2014 June 2015

3% 13%

Increased usage of online services and advisory

• 1 of 8 advisory meetings were online

meetings in June – up 40% in Q2

• 9 of 10 would prefer to meet online

again

• Online meetings for corporate

customers increased by 70% in Q2

• Transactions continue to go mobile
• More than 1,000 new mobile

banking users every day in Q2

• Mobile transactions +40% (YoY)
• Manual transactions down 28%

(YoY)

COMMENTS ONLINE ADVISORY MEETINGS, %

20 •

8 3 20 Mobile Branches

TRANSACTIONS DEVELOPMENT, millions

Capital

14

8.5% 10.3% 10.3% 11.2% 13.1% 14.9% 15.7% 16,0%

2008 2009 2010 2011 2012 2013 2014 Q2/15

1,9 3,7 5,9 7,2 8,7 10,3 12,0 13,4 14,2 1,3 2,6 3,1 4,1 5,3 6,3 7,7 9,4 11,9 3,2 6,3 9,0 11,3 13,9 16,6 19,7 22,8 26,1

2006 2007 2008 2009 2010 2011 2012 2013 2014

Strong capitalisation and strong capability to generate capital

CAPITAL GENERATION1, EURbn COMMENTS

• Acc. retained equity
• Acc. Dividend

1 Dividend included in the year profit was generated. Excluding rights issue

(EUR 2 495m in 2009)

2 CET1 capital ratio excluding Basel 1 transition rules 2008-2013. From 2014,

CET1 capital is calculated in accordance with Basel 3 (CRR/CRDIV) framework

3 Estimated Basel 3 CET1 ratio 13.9% Q4 2013

22 •

• Strong Group CET1 ratio - 16.0% in

Q2 2015

• CET 1 capital ratio up 210bps since

Q4 20133

GROUP CET1 CAPITAL RATIO2, %

CET 1 ratio up 40 bps

COMMON EQUITY TIER 1 RATIO DEVELOPMENT, %

23 • *REA reservation incl. in Other, 50bps

15.6% 0.2% 0.2% 0.1% 0.4% 16.0% 0.4% 0.1%

Q1/15 FX Credit Quality Growth Trading book,

• Stand. and

Other* Profit & Eligible reserves CET1 deductions Q2/15

Common Equity Tier 1 capital requirements1

24 •

4,5 4,5 4,5 16,0 2,5 2,5 2,5 1 3 0,2 4,6 Basel III Basel III GSIB Basel III Swedish requirement

• Nordea

Nordea CET1 ratio Q2 2015 8.0 7.0 CET 1 minimum requirement

COMMON EQUITY TIER 1 CAPITAL REQUIREMENTS, % OF REA

Local CET1 P2 requirements Countercyclical buffer 14.7 Capital conservation buffer Systemic Risk / GSIB buffer

• The Swedish FSA quarterly communicates Swedish banks’ capital requirements
• Swedish banks are subject to individualised Pillar 2 capital requirements
• For example, a pillar 2 add-on is required due to risk weight floor for Swedish

mortgages of 25%

• i.e. adds 0.8% Pillar 2 CET1 requirement for Nordea

1As disclosed in the Swedish FSA Memorandum on Capital Requirements for Swedish Banks (May 22, 2015)

Management buffer reflects Nordea’s diversified business

10.0 Pillar 1 Swe & Nor Mortgage Risk Weight floors 1.1 Counter- cyclical Buffer1

(0-2.5%)

0.2 14.7 0.5-1.5 CET1 level as per Swedish FSA1 Management buffer Pillar 2

(IRRBB, pension,

• conc. risk)2

0.7 Pillar 2 Systemic Risk Buffer

1) Countercyclical buffer only applied for Sweden in accordance with Swedish FSA Memorandum on Capital Requirement for Swedish banks (Feb 17, 2015) 2) In the Swedish FSA Memorandum on May 11, 2015 (adjusted requirement on the assessment of capital requirements from three significant risk types), the Swedish FSA published the final methods for assessing requirements for three different risk types. The CET1 requirement for Nordea based on these methods is estimated to 0.7%. Note that individual Pillar 2 CET1 requirements for other risks are estimated and agreed bilaterally with the Swedish FSA in the SREP and can vary over time. In the Swedish FSA Memorandum on Capital Requirements for Swedish Banks (Feb 17, 2015) a standardised CET1 value of 1.5% was used for other Pillar 2 risks

2.0 0.8 Pillar 2

(other)2

1.5

CET1 RATIO BUILD-UP, %

urs

Q1 2015 Macro

14

urs

Resilient Nordic economies

• Growth in the Nordic countries has been held back by

modest global demand, but they are still more resilient than

• thers. All countries apart from Finland are currently in an

expansionary phase.

• The Nordics benefit from their strong public finances and

structural advantages. They also benefit from the global recovery, especially from the upturn in the US and Germany.

• The Nordic economies continue to have robust public

finances despite slowing growth. Norway is in a class of its

• wn due to oil revenues.
• Nordic sovereigns are all rated Aaa/AAA/AAA.

Source: Nordea Markets, European Commission, Spring 2015 forecast

27

urs

House price development in the Nordics

• In Sweden and Norway house prices carry on upwards.

Fundamentals, such as population growth, and low mortgage rates suggest that the trends will continue. For both countries, however, a more moderate growth pace should be expected over the coming years.

• House prices in Finland has stabilized on the back of the

poor overall economic performance. In Denmark, house prices have started to recover after years of sluggish development.

28

urs

Q1 2015 Funding

14

urs

Securing funding while maintaining a prudent risk level

Internal risk appetite Stable and acknowledged behaviour Strong presence in domestic markets Diversification of funding

 Nurture and develop strong home markets  Utilize covered bond platforms in all Nordic countries  Consistent, stable issuance strategy  Know our investors  Predictable and proactive - stay in charge  Diversify funding sources  Instruments, programs and currency, maturity  Investor base  Active in deep liquid markets  Appropriate balance sheet matching; Maturity, Currency and Interest rate  Prudent short and structural liquidity position  Avoidance of concentration risks  Appropriate capital level

Key principles

30 •

urs

117 114 140 133 149 135 131 127 127 159 113 169 192 165 140 159 134 204 307 157 133

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Combined USD EUR

LCR DEVELOPMENTS, %

• Long term issuance of EUR 6.4bn

during Q2

• Conservative liquidity management
• LCR compliant to Swedish rules
• Liquidity buffer EUR 59bn
• 74%*** of issuance is long-term
• Funding costs trending down

COMMENTS LONG TERM FUNDING VOLUMES AND COST DISTRIBUTION OF SHORT VS LONG FUNDING,

*Senior unsecured and covered bonds (excluding Nordea Kreditt, seasonal effects in volumes due to redemptions ** Spread to Xibor ‘’’Adjusted for internal holdings

Solid funding operations

• Avg. total volumes, EURbn*

Funding cost, bps**

31 •

urs

Stable funding with strong market access – Q2 2015

17%

Long- and short term funding, EUR 219bn** (gross) Long term funding - 2015 composition Long term funding issuance by instrument Total funding base, EUR 474bn* (balance sheet)

Domestic covered bonds 41% International covered bonds 11% Domestic senior unsecured 3% International senior unsecured 18% Sub debt 3% Short term funding 23% Domestic covered bonds 52% Internationa l covered bonds 14% Domestic senior unsecured 4% Internationa l senior unsecured 23% Sub debt 4%

*Adjusted for internal holdings **Gross volumes 32 •

5 561 712 95 2 045 1 359 153 2 684 552 1 596

1 000 2 000 3 000 4 000 5 000 6 000 EURm Long term issuance YTD excl. N Kredit 2015

urs

Source: Nordea – Q2 2015 figures, end of 2014 FX rates

DKK 404.2bn (EUR 54.3bn eq.) CHF 2.8bn (EUR 2.3bn eq.)

Covered bond Senior unsecured Capital CD>18 months

Nordea’s global issuance platform

18% 82%

CHF

EUR 46.7bn

91% 9%

JPY

JPY 462.2bn (EUR 3.1bn eq.)

49% 45% 6%

EUR

USD 21.4bn (EUR 17.3bn eq.) NOK 74.0bn (EUR 8.6bn eq.)

88% 10%

NOK

SEK 314.8bn (EUR 34.0bn eq.) GBP 2.6bn (EUR 3.3bn eq.)

Nordea’s wholesale funding source is globally well diversified

81% 18%

SEK

98% 2%

DKK

5% 55% 21% 19%

USD

22% 78%

GBP

33 •

urs

Short term issuance, diversification and duration – Q2 2015

Diversification of Short-term funding programs EUR 46.1bn Short-term funding programs - outstanding by geographical area

Comments Nordea actively manages its short term funding mix  Balance between programs & currencies  Daily active issuance  Weighted average original maturity remain around 6 months in 2015  Active investor work – keeping up with the changing market (MM Reform etc)

34 •

35 •

Long term issuance per June 2015 – EUR 14.8bn (excl. Nordea Kredit and AT1)

1 000 2 000 3 000 4 000 5 000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EURm

N Hypotek SEK covered NBF EMTN covered N Eiendomskr. NOK covered Nordea MTN Structured Nordea EMTN Nordea GMTN Nordea Subordinated Nordea USD CD >18m N Eiendomskr. EMTN covered NBF Reg covered Nordea Samurai Nordea stand alone MONTHLY LTF ISSUANCE 20151 COMMENTS

• Benchmark transactions 2015
• EUR 1bn 1,125% 10yr senior (Feb)
• EUR 1bn NBF Covered 5.25yr (Mar)
• EUR 1bn NBF Covered 12yr (Mar)
• GBP 300m NBAB Senior 7Y (June)
• JPY 82bn NBAB Senior 5&10Y (June)
• EUR 750m NBAB Senior 5Y (June)
• CHF 200m NBAB Senior 10Y (June)
• Major EMTN placements 2015
• EUR 50m 5yr senior (Jan)
• SEK 1bn 5yr senior (Feb)
• GBP 75m NEK Covered 5yr (Mar)
• Domestic covered bond issuance 2015
• SEK 51.6bn Nordea Hypotek
• NOK 6.2bn Nordea Eiendomskreditt

ACCUMULATED LONG TERM FUNDING1

10 000 20 000 30 000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EURm

2009 2010 2011 2012 2013 2014 2015

• 1. Excl. Nordea Kredit and Subordinated debt

urs

• Nordic domestic covered bond markets represent over half of Nordea

long term funding

• Three distinct local investor bases in three local currencies
• Markets have remained open throughout the financial crisis
• Tap issuance format via contracted market-makers reduce

execution risk

• International covered bond markets complement Nordea’s domestic

funding

• Regular benchmark issuance in EUR
• Complementary issuance in GBP and USD
• Nordea covered bonds carry ECBC Covered Bond Label

Nordea covered bonds – four platforms for domestic and international issuance

Denmark EUR 395bn* Nordea Kredit EUR 53bn Sweden EUR 162bn Nordea Hypotek EUR 31bn

Norway EUR 43bn*

Nordea Eiendoms- kreditt, EUR 8bn

Nordic domestic covered bond market sizes*

Q2 2015 Nordea Bank Finland Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Legislation Finnish Norwegian Swedish Danish/SDRO Cover pool size EUR 19.5bn EUR 11.0bn eq EUR 50.0bn eq. Balance principle Cover pool assets Finnish residential mortgages primarily Norwegian residential mortgages Swedish residential mortgages primarily Danish residential and commercial mortgages Covered bonds outstanding EUR 17.7bn EUR 8.8 bn (Eq.) EUR 30.7bn (Eq.) EUR 55.8 bn (Eq.) OC 9.8% 27.7% 60.2% CC1: 10.6% /CC2: 11.3% Issuance markets International (EUR) Domestic (NOK) International (GBP, USD, CHF) Domestic (SEK) Domestic (DKK, EUR) Rating (Moody’s/S&P) Aaa/- Aaa/- Aaa/AAA Aaa/AAA

* As of Q4 2014 for No and June 2015 for DK, local FX only * All amounts EUR equivalent

36 •

urs

Template A - Assets Assets of the reporting institution Equity instruments Debt securities Other assets Template B - Collateral received Collateral received by the reporting institution Equity instruments Debt securities Other collateral received Own debt securities issued other than own covered bonds or ABSs Encumberance according to sources Covered bonds Repos Derivatives Other Total encumbered assets and re-used collateral received 101,637 53,946 26,731 3,479 Cash 425 20,589 668 Net encumbered loans 101,637 Own covered bonds encumbered 1,420 584 Own covered bonds received and re-used 1,852 23 Securities encumbered 15,547 2,166 2,811 Securities received and re-used 34,703 3,370

ASSET ENCUMBRANCE RATIO 26.4 % Unencumbered assets net of other assets/ Unsecured debt securities in issue* 409%

Carrying amount of encumbered assets Carrying amount of unencumbered assets 145,847 485,930 1,509 20,583 6,119 57,893 98,016 Unencumbered collateral received or own debt securities issued Encumbered collateral received or own debt securities issued 19,015 155 9,838 11,530 1,834 33,210 39,947 39,947

Encumbered and unencumbered assets

Q2 2015 Asset Encumbrance Asset Encumbrance stable over time

37 • Asset encumbrance methodology aligned with EBA Asset Encumbrance definitions from Q4 2014 *Q2 2015: EUR 94.8bn

38 •

Comments

Maturity profile

• The balance sheet maturity profile has during

the last couple of years become more balanced by

• Lengthening of issuance
• Focusing on asset maturities
• Resulting in well balanced structure in assets

and liabilities in general, as well as by currency

• The structural liquidity risk is similar across

all currencies

• Balance sheet considered to be well

balanced even in foreign currencies

Maturity profile by product

Assets Liabilities

* Includes Group Treasury’s liquidity portfolio Not specified: items with no fixed maturity, incl. stable deposits, equity etc.

Maturity gap by currency

urs

Liquidity Coverage Ratio

 LCR limit in place as of Jan 2013  LCR of 131% (Swedish rules)  LCR compliant in USD and EUR  Compliance is reached by high quality liquidity buffer and management of short- term cash flows  Long-term liquidity risk is managed through own metrics, Net Balance of Stable Funding (NBSF

NBSF is an internal metric, which measures the excess of stable liabilities against stable assets. The stability period was changed into 12 month (from 6 months) from the beginning of 2012

Q4 2013 numbers calculated according to the new Swedish LCR rules

*Corresponds to Chapter 4, Articles 10-13 in Swedish LCR regulation, containing e.g. portion of corporate deposits, market funding, repos and other secured funding **Corresponds to Chapter 4, Articles 14-25, containing e.g. unutilised credit and liquidity facilities, collateral need for derivatives, derivative outflows

Liquidity Coverage Ratio LCR subcomponents, EURbn Net Balance of Stable Funding, EURbn

39 • Combined USD EUR EURbn

After factors Before factors After factors Before factors After factors Before factors

Liquid assets level 1 70 70 38 38 18 18 Liquid assets level 2 26 31 1 1 6 7 Cap on level 2

• A. Liquid assets total

96 100 39 39 24 25 Customer deposits 40 169 9 17 10 50 Market borrowing * 75 76 23 23 30 30 Other cash outflows ** 25 64 1 8 2 13

• B. Cash outflows total

139 309 33 48 42 93 Lending to non-financial customer 7 13 1 3 6 Other cash inflows 59 65 9 10 21 25 Limit on inflows

• C. Total inflows

66 78 10 11 24 31 LCR Ratio [A/(B-C)] 131% 165% 133%

urs

Diversified Liquidity Buffer Composition

By instrument and currency - Q2 2015

 High level Liquidity buffer, which is also diversified by  instrument  currency  Nordea Liquidity Buffer definition does not include Cash and Central banks  By including those the size of the buffer reaches EUR 112bn

* 0-20 % Risk w eight ** All other eligible and unencumbered securities held by Treasury

Time series- Liquidity buffer, EURbn Liquidity Buffer composition

40 •

Market value EURm SEK EUR USD Other Total Cash and balances with central banks 800 12 043 30 330 10 844 54 017 Balances with other banks 66 1 6 20 93 Securities issued by sovereigns etc* 3 924 7 873 8 382 1 449 21 628 Covered bonds by other financial inst* 6 997 6 797 736 12 883 27 413 Covered bonds by own bank or related unit 739 4 814 5 553 All other securites** 253 304 2 563 28 3 148 Total (according to Swedish Swedish Bankers’ Association definition) 12 040 27 756 42 017 30 039 111 851 Adjustments to Nordeas official buffer: cash and balances with other banks/central banks (-), central banks haircuts (-)

• 1 307
• 12 329
• 30 729
• 8 400
• 52 765

Total Liquidity buffer (Nordea definition) 10 733 15 427 11 287 21 640 59 086

urs

Contacts

Investor Relations

Rodney Alfvén Head of Investor Relations Nordea Bank AB Tel: +46 8 614 78 80 Mobile: +46 722 35 05 15 rodney.alfven@nordea.com Andreas Larsson Senior IR Officer Nordea Bank AB Tel: +46 8 614 97 22 Mobile: +46 709 70 75 55 andreas.larsson@nordea.com Carolina Brikho IR Officer Nordea Bank AB Tel: +46 8 614 92 77 Mobile: +46 761 34 75 30 carolina.brikho@nordea.com Emma Nilsson IR Officer Nordea Bank AB Tel: +46 8 614 91 46 Mobile: +46 761 09 47 30 emma.nilsson@nordea.com

Group Treasury

Niklas Ekvall Head of Group Treasury Tel: +46 8 579 42 060 Mobile: +46 733 57 70 60 niklas.ekvall@nordea.com

Group ALM

Maria Härdling Head of Capital Structuring Tel: +46 8 614 8977 Mobile: +46 705 594 843 maria.hardling@nordea.com Mattias Persson Head of Group Funding Tel:+ 46 8 614 7105 Mobile: +46 70 3296680 mattias.persson@nordea.com Kari Venäläinen Head of Group Liquidity risk Management Tel:+ 358 9 5300 6922 Mobile: +358 40 779 8045 kari.venalainen@nordea.com Jaana Sulin Deputy Head of Group Funding Tel: +358 9 369 50510 Mobile: +358 50 68503 jaana.sulin@nordea.com Ola Littorin Head of Long Term Funding Tel: +46 8 614 9185 Mobile: +46 708 400 149

• la.littorin@nordea.com