[PPT] - Investor Presentation 21 February 2007 CEO Presentation Record PowerPoint Presentation

SLIDE 1

Investor Presentation 21 February 2007

SLIDE 2

CEO Presentation

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3

Record results following reinforced organic growth strategy – RoE at all time high 22.9%

Operating profit up 25% to EUR 3,820m (EUR 3,048m)
Net profit up 39% to EUR 3,153m (EUR 2,269m)
Earnings per share EUR 1.21 (EUR 0.86) up 41%
Total dividend per share EUR 0.49, up 40% corresponding to total dividend payment
f EUR 1,271m.
Income up 12% to EUR 7,377m (EUR 6,573m in 2005)
Costs up 4% - reflecting higher business activity
Gap between revenue and cost growth 5.4%-points, excl. full impact of IMB sale
Cost/income ratio continued down to 52%
Positive net loan losses of EUR 257m (EUR 137m) – 11th consecutive quarter with

net recoveries

Return on equity 22.9% (18.0%)

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Strong momentum in all business areas

Total lending up 14%
Mortgage lending up 15%
SME lending up 12%
Consumer lending up 12% - non collateralised up 17%
Number of credit cards increased by 25%
Strong growth in Private Banking
Increased cross-selling of Markets’ products to SMEs
Strong increase in capital markets transactions with large corporates
Net written premiums in Life up 22%

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Continued growth in operating income

EURm

6,127 6,573 7,377

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 2004 2005 2006 YoY

Up 12%
Up 9% excl. sale of IMB shares
Steady increase in net interest income
Volume growth more than compensating for lending

margin pressure.

Improved deposit margins
Higher commission income – fuelled by

savings products

Net/gains losses – strong increase in

customer driven financial transactions

Q4oQ3

Strong increase when adjusting for IMB
Accelerating business momentum in all

Business Areas

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6

Higher share of income being non-interest income

Increased proportion of non-

interest income 48%

Excl. IMB sale 46%
Individual client focused advice

and product offering increasingly important

A more capital efficient way to

finance growth in earnings

Risk diverse revenue streams

1,000 2,000 3,000 4,000 5,000 6,000 7,000

2004 2005 2006

Net interest income Non-interest income

57% 43% 56% 44% 52% 48% EURm

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Revenue growth in Nordea

6,573 Income 2006 Volumes, margins lending Savings: AM, Life and savings accounts Markets + 38 +224 +168 Income 2005

EURm

7,377 +175 Other +199 Gain from sale of IMB shares +804

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4% 17%

– of which non collateralised lending

7% 12%

– SME lending

16% 15%

– CIB lending excl. Markets

6% 9% Deposits, total

14% 12% 8% 12% 15%

14%

YoY 16%

– CIB deposits excl. Markets

8%

– SME deposits

1% 2% 5%

6%

Q4oQ3

– Household deposits – Consumer lending* – Mortgage lending

Lending, total

Robust volume growth continues

*Retail consumer lending (collateralised + non-collateralised consumer lending)

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Reduced cost base since 2002* – despite strong increase in business volumes

3,903 3,835 3,675 3,822 3,655 146 146 161 188 214 500 1000 1500 2000 2500 3000 3500 4000 2002 2003 2004 2005 2006 100.0 125.0 150.0 175.0 200.0 225.0 Operating expenses Total lending (right hand scale)

EURm EURbn

*Baseline adjusted for IFRS and net of acquisitions and divestments over the years. PostGirot included in 2002 figures

Cost unchanged despite lending growth of 50% and accumulated inflation of 13% in the period European average is annual cost increase of 8%

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Cost/income ratio continues downwards

Continued down to 52% in 2006
Income up 12%
Costs up 4%
Excl. gain from sale of IMB shares C/I 53%
Strong growth in revenues

combined with continuous focus on firm cost management

Profitable organic growth in focus

64 60 56 52 63 10 20 30 40 50 60 70 2002 2003 2004 2005 2006 %

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Gap between income and cost development

Percentage points

Reported gap of 8.0 percentage

points, excl. full impact from sale

f IMB 5.4 percentage points
Revenues up 12.2%
Expenses up 4.2%
Three years track record of

managing attractive gap between revenue and cost growth

6.6 8.0 5.4 6.9 1 2 3 4 5 6 7 8 9 10 2004 2005 2006

Gap excl. full impact from sale of IMB shares

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Operating profit

EURm

2,745 3,820 3,048

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2004 2005 2006 YoY

Up 25%
Up 19% excl. gain from sale of IMB

shares

Increased focus on profitable organic

growth and cross-selling

Operating profit in Business Areas up

17% excl. gain from sale of IMB shares

Strong performance in all Business

Areas

Retail up 18% CIB up 18% AM up 24%

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13 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Reported

Excl. gain from sale of IMB

EUR

Continuous increase in earnings per share

rolling 12 months

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Dividend up 40%

766 908 1,271 0.28 0.35 0.49

200 400 600 800 1000 1200 1400 2 4 2 5 2 6 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0

Total amount EURm Dividend per share EUR EURm EUR

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Key growth areas – organic growth strategy continues to pay off

Continue to leverage on strong position within long-term savings, eg Nordic

Private Banking and Life insurance

Increase in AuM - total net inflow 2006 EUR 4.1bn
Recruitment of personal bank advisors, private bank advisors and financial specialists
Strengthening market position within consumer credits incl. cards
Consumer lending up 17% (non collateralised), number of credit cards up 25%
Harness Nordea’s leading position in capital markets – leveraging Nordea’s

customer base. Sale of Nordea Markets products to Business Areas up 38%

Further position Nordea successfully in the Baltics, Poland and Russia
Lending up 40% in the Baltics and Poland

Attract new and move existing customers into the most profitable segments

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Gold and Private Banking customers are the engine for profitable growth

11% 16% 64% 9% Private Banking Gold Silver Bronze 8% 3% 8% 45%

Private Banking Gold Silver Bronze

Approx. EUR 3.0bn of Retail

Banking’s income is generated from household customers

Gold customers generate

two/thirds of the income

Total revenues from household

customers increased by 9% during 2006

Private Banking shows very

strong growth in income

Share of Retail Household income in 2006 Income growth during 2006

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Strong success to date

140 66 161 72

No. of customers

(m) Volume per customer (EUR'000) Business volumes (EUR bn)

2.1 2.2 5.7% 8.6% 14.8%

Strong growth in business with

Gold customers generated by

Increase in number of customers Increase in volume per customer

Growth in number of customers

is a combined effect of

Existing customers moving upward in

the segments

New Nordea customers

Volumes measured as the sum of total lending and savings

Strong growth in Gold segment Dec 2005 to Dec 2006

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Strong revenue growth in all Retail corporate segments

55% 27% 18%

Small Medium Large

Approx. EUR 2.0bn of Retail Banking

income is derived from corporate customers

The customers in segment Large

account for half of the revenue

In total revenues from corporate

customers increased by 6% 2006

Small

7% 6% 4%

Small Medium Large

Share of Retail Corporate income in 2006 Income growth during 2006

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Continue to leverage on strong position within long- term savings – Private Banking

EURbn

Strong asset growth in Nordic Private

Banking

Net inflow in Q4 13% annualised Result of roll-out of new common advisory

concepts, particularly in Norway and Sweden

AuM up 20% YoY

29 31 33 34 36 37 39 42 8 8 8 9 9 9 9 9 5 10 15 20 25 30 35 40 45 50 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

European private banking Nordic private banking

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Continue to leverage on strong position within long term savings – stepwise increase of premiums in Life

EURm

Net written premiums up 22%
Unit linked share of premiums 42%
Increased penetration in the customer

base – successful cooperation between Life and Retail

Nordea’s share of signed agreements in

Mandatory Company Pension (MCP) Norway approx 16%

Market share of new written premiums
n private market 8.4% in Sweden end

December

590 458 404 607 582 560 454 601 198 187 174 474 390 404 267 511

100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Traditional insurance Unit linked

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Accelerated market position within consumer lending and cards

EURbn YoY

Consumer lending up 12%
Non collateralised up 17%
Approx. 500,000 new cards issued
In total 5.6 million cards issued

Of which approx. 11% credit cards Number of credit cards up 25%

Q4oQ3

Consumer lending up approx. 2%
Growth strategy and penetration of

customer base is paying off

Margins basically unchanged

adjusting for business mix

Card commissions up 5%

13.2 13.5 13.8 13.9 14.2 14.9 15.4 15.6

2 4 6 8 10 12 14 16 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Retail consumer lending

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Increased cross-selling of Markets related products to SMEs

Successful penetration
Leveraging Nordea’s customer base

SME segment still under penetrated

Focus on customer solutions rather

than product push

Strong concepts in risk management and

asset-liability management

Increased capabilities in derivatives

Revenue increase driven by

Structured products Still strong and stable core business in F/X

and fixed income trading

202 270 373 50 100 150 200 250 300 350 400 2004 2005 2006

Markets total revenue from Retail customers

EURm

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Increased investments to capture growth opportunities in fast growing markets

Accelerated growth plan in Nordic markets, in particular Sweden

In line with Nordeas’ profitable organic growth strategy Recruitment of personal bank advisors

Investments in Private Banking

Private bank advisors and financial specialists

Increased growth ambitions in Poland with up to 150 new branches in

2-3 years. Aim to outperform market growth

Increased penetration in all customer segments but with emphasis on private customers and

SMEs

22 new branch offices were opened in 2006 - 9 in Q4

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Outlook

Based on solid macroeconomic forecasts for the Nordic area, double

digit growth in business volumes is expected

Despite the current pressure on lending margins Nordea expects the

strong revenue growth to continue in 2007

Focus on risk-adjusted pricing combined with expected higher market

rates will positively affect the revenue generation in 2007

The quality of the credit portfolio remains strong, however lower

expected recoveries means that new provisions are expected to exceed reversals in 2007

The cost increase in 2007 is expected to be of the same magnitude as

in 2006

The gap between revenue and cost growth is for the full year 2007

expected to be 3-4 percentage points *

*Excl. the acquisition of Russian Orgresbank

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Summary

Record result following reinforced organic growth strategy

Net profit up 39%

Gap between revenue and cost growth 5.4 percentage points when

excluding the full impact of IMB sale

Reported Return on equity 22.9%

Excl. gain from sale of IMB 21.5%

Record dividend – EUR 0.49 per share Nordeas’ growth strategy is paying off

Increasing number of core customers Strong performance in long term savings – especially private banking Increased penetration among SME clients with Markets related products Lending volumes up from high level Growth strategies in Sweden and Poland & Baltics developing well

SLIDE 26

CFO Presentation

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27

Income statement summary

25 3,048 3,820 Operating profit 39 2,269 3,153 Net profit 19 67 80 Equity method 122 143 318 Other income 137 257 Loan losses 4

34

2 8 12 35 7 6 Chg %

3,668
131
1,455
2,082

6,573 765 1,935 3,663 2005

86

Depreciation

1,485

Other expenses

3,822

Total operating expenses

2,251

Staff costs 7,377 Total operating income 1,036 Net gains/losses on items at fair value 2,074 Net fee and commission income 3,869 Net interest income 2006 EURm

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Income statement summary

9

9

17

10 10

2
88
53

38 10 3 Chg % 748 1,063 967 Operating profit 506 872 876 Net profit 21 17 8 Equity method 29 217 26 Other income 7 55 82 Loan losses

956
31
393
532

1,696 184 529 933 Q4/05

928
23
355
550

1,934 224 497 979 Q3/06

19

Depreciation

391

Other expenses

1,016

Total operating expenses

606

Staff costs 1,899 Total operating income 310 Net gains/losses on items at fair value 549 Net fee and commission income 1,006 Net interest income Q4/06 EURm

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Net interest income

EURm YoY

Up 6%
Volume growth compensated for

pressure on lending margins

Total lending up 14%

Mortgage lending up 15% SME lending up 14%

Increased contribution from deposits

Margins recovering following higher market rates

Q4oQ3

Up 3%
Total lending up 6%
Household deposit margins improved

913 933 927 957 979 1,006 920

100 200 300 400 500 600 700 800 900 1,000 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

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4 8 Treasury 8 34 Other, net 27 206 Total

7
164

Margin driven

62

226

64 264

328

YoY 10

Deposit margins
17

3 19

22

Q4oQ3

Lending margins
Deposit volumes
Lending volumes

Volume driven

Change in net interest income

EURm

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Net commission income

EURm YoY

Up 7%
Savings commissions up 9%
Asset management commissions up 9%
Cards up 12%

Q4oQ3

Up 10% - recovered in Q4 after

market turmoil effects in Q3

Strong growth in savings related

commissions – up 19%

Mainly from Asset Management
Strong Life commissions growth following

significant premium growth and strong investment result

Payment commissions up 5%

484 529 507 521 497 549 469

100 200 300 400 500 600 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

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Breakdown of commission income - gross

281 306 319 338 335 325 301 359 162 175 177 177 171 183 187 197 82 90 87 98 88 86 87 91 51 48 32 59 41 45 36 49

40 80 120 160 200 240 280 320 360 400 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Savings related Payments related Lending related Other

EURm

Of which Asset Mgmt Of which Cards

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Customer business drives increase in net/gains losses

EURm

230 220 205

46

28 3 19 33 251 277

50
30
10

10 30 50 70 90 110 130 150 170 190 210 230 250 270 290 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Business Areas Treasury and eliminations

YoY

Up 35%
Up 23% in Business Areas
Strong customer demand for structured products
Client driven FX and fixed income transactions
Strong contribution from Group

Treasury

Q4oQ3

Up 35% in Business Areas
Strong improvement in Group

Treasury

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44 277 80 6 93 98 Q4/06 8 205 51 7 72 75 Q3/06 7 220 61 4 68 87 Q2/06 10 8 Asset Mgmt 83 87 CIB

31

40 Group Treasury 230 265 BAs 69 101 Q1/06 70 67 Q4/05 Life Retail Net/gains losses, EURm

Increased revenues from net/gains losses in Business areas

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Total operating income

EURm YoY

Up 12%
Increased focus on top line growth
Steady increase in net interest income
Volume growth more than compensating for lending

margin pressure.

Improved deposit margins
Commission driven by savings related

commissions

Net/gains losses – strong increase in

customer driven financial transactions

Q4oQ3

Strong increase when adjusting for IMB
Accelerating business momentum in all

Business Areas

1,601 1,759 1,785 1,934 1,899 1,734 1,696

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Excl. gain from sale of IMB shares

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Expenses

EURm YoY

Costs up 4%
Increases following
Investments in growth areas
Number of FTEs increases by approx 300 – mainly

P&B, Life and Growth plan Sweden

General wage increase approx 3.5%
Variable salaries and profit sharing
Approx 3% when excluding variable

salaries and profit sharing

Q4oQ3

Up 9% following strong performance

and high business activity

520 543 552 550 606 345 393 367 372 355 391 31 31 23 21 23 19 532

100 200 300 400 500 600 700 800 900 1,000 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Staff costs Other expenses Depreciation

933 896 1,016 928 956 945

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Well controlled expense growth 2006

4.2% 2.9% 1.3% 0% 1% 2% 3% 4% 5% Reported

Excl. Variable

salaries and profit sharing

Excl. Variable

salaries, profit sharing and investments in growth areas

Cost increase driven by

decision to invest in profitable growth areas

Cost management well

established

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Strong result and investments explains cost increase

3,668 Expenses 2006 Other Increase in variable salaries and profit sharing +46 +48 Expenses 2005 EURm 3,822 Investments in areas like Growth Plan Sweden, Cards, Life, Private Banking Investments in growth areas* +60 +154

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Staff costs

2,082 Staff costs 2006 Wage increases Higher variable salaries and profit sharing Increase in FTEs, net +73 +19 +29 Staff costs 2005

EURm

2,251

No. of recruited

FTEs: approx. 2,400

No. of FTEs that

has left: approx. 2,100

Training and other staff related expenses +48 +169

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Number of FTEs

Increased number of sales related employees and falling number of employees in

processing and staff units

Reduction of approx. 150 in Q4 following efficiency gains and outsourcing

28,930 29,052 29,201 29,396 29,249

4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 +256 1.502 1.758

f which P&B
268

6,238 5,972 Group Functions +585 22,692 23,277 BAs +319 28,930 29,249 Total

24
242

+93 +274 +218 Chg YoY 1,192 5,046 2,001 3,331 17,360 Q4/05 1,168 4,804 2,094 3,605 17,578 Q4/06 Group Staffs CIB GPT AM & Life Retail FTEs

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Loan losses

EURm YoY

Positive net loan losses reflecting low

new provisions coupled with recoveries maintained at a high level

Credit quality remains strong in all

markets

Q4oQ3

Continued flow of recoveries and low

new provisions

Large movements in gross provisions

Changes in group-wise provisions

23
31
89
55
82
6
7
101
120
100
80
60
40
20

20 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

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42

0.18 74 374

1,118

1,492 Q4/06 0.21 74 416

1,188

1,604 Q3/06 0.20 76 405

1,270

1,675 Q2/06 0.18 80 341

1,371

1,712 Q1/06 0.18 81 340

1,480

1,819 Q4/05 Reserves Reserves/impaired loans, gross,% Impaired loans, net/lending,% Impaired loans, net Impaired loans, gross

EURm. End of period

Impaired loans

Net impaired loans as per cent of total lending: 18bp

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416
354

Allowances for collectively assessed loans 59% 60% Total allowances / Impaired loans, gross individually assessed 0.78% 0.52% Impaired loans, net / lending (%) 42% 41% Allowances, individually assessed / Impaired loans, gross, 1,462 1,104 Impaired loans, net, individually assessed

1,064
764

Allowances for individually assessed loans 1,868 31 Dec 2006 2,526 31 Dec 2005 Impaired loans, gross, individually assessed EURm

New baseline impaired loans

Nordea has of end of December 2006 changed the definition of impaired but

performing loans. The change increases the size of impaired loans but leaving the allowances unchanged

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Operating profit

EURm

688 728 748 858 932 1,063 967 884 864

100 200 300 400 500 600 700 800 900 1,000 1,100 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Excl. gain from sale of IMB shares

YoY

Up 25%
Up 19% excl. gain from sale of IMB

shares

Operating profit in BAs up 17% excl.

gain from sale of IMB shares

Increased focus on profitable organic

growth and cross-selling

Strong performance in all Business

areas

Retail up 18%
CIB up 18%
AM up 24%

Q4oQ3

Up 29%
6% gap between revenue and cost

growth in Q4

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Net profit

EURm YoY

Up 39%
Operating profit up 25%
Strong gap between revenue and cost

growth combined with low tax rate

Effective tax rate 19% (excl tax-free

gain from IMB) following the revaluation of the deferred tax asset in Finland

Q4oQ3

Up 30% excl. gain from sale of IMB

shares

563 665 740 872 876 506 673 100 200 300 400 500 600 700 800 900 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Excl. gain from sale of IMB shares

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Return on equity

%

Strong RoE - 22.9%

21.5% excl. gain from sale of IMB

At top level among Nordic peers

16.9 22.9 18.0 21.5 5 10 15 20 25 2004 2005 2006

Excl. gain from sale of IMB shares

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Strong growth also in risk-adjusted EPS

0.86 0.67 1.21 0.81 0.2 0.4 0.6 0.8 1 1.2 1.4 Reported EPS, EUR EPS, risk adjusted, EUR 2005 2006

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48

Risk-weighted assets (RWA)

EURbn YoY

RWA up 9%

Total lending up 14%

Q4oQ3

RWA unchanged
Nordeas’ model to calculate VaR has

been approved by FSA:s

Decreased RWA with approx. EUR 7bn

153 159 162 169 174 180 185 185

20 40 60 80 100 120 140 160 180 200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

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Capital position

%

Tier 1 ratio 7.1%
Profitable volume growth
Total capital ratio at 9.8%

7.0 6.8 6.8 6.9 7.1 6.8

1 2 3 4 5 6 7 8 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

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Return on risk weighted assets, rolling 4 quarters

153 159 162 169 174 180 185 185 1.26 1.42 1.45 1.41 1.47 1.44 1.46 1.62 20 40 60 80 100 120 140 160 180 200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2

RWA Return on RWA

EURbn %

*

* Excl. Gain from sale of IMB shares ** Reported RWA of EUR 185bn is after EUR 7bn reduction of RWA following new models for calculating market risks 7

192**

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18.2 14.8 9.6

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Capital base Regulatory Capital Economic Capital (EURbn - End of year 2006)

Continuous strive for capital efficiency

How much capital must Nordea have? How much capital should Nordea have? How much capital does Nordea have?

Tier 1+Tier2 (8% of RWA)

Tier 1 13.1

Tier 2 5.1

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Tier 1 capital

18.2 13.1 14.5 10.5 13.3 9.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 EUR bn

Nordea expects to have excess capital after full implementation of Basel II

185 148 20 40 60 80 100 120 140 160 180 200 2006 2006* EUR bn Capital base

(Tier 1+ Tier 2)

Expected reduction RWA Pillar 1; approx. 30% Expected reduction RWA incl Pillar 2;

approx. 20%

* Pro-forma Basel II

9.8% 9.8% 9.0% 7.1% 7.1% 6.5%

20% reduction in RWA Implications for capital ratios

2006 2006* 2006* 2006 2006* 2006*

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Nordea’s new financial targets

Long term financial targets Target TSR (%) In the top quartile of European peer group Risk adjusted profit (EUR m) In line with top Nordic peers RoE (%) Double in 7 years Capital structure policy Policy Dividend payout-ratio > 40% of net profit Tier 1 capital ratio > 6.5%

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2,107 819 373 3,822

256

7,377 Baseline 2006 Risk adjusted profit standard tax expected losses total operating expenses non recurring items* Total income EURm

Risk adjusted profit

Increased by 18% in 2006

* Includes sales gain and contribution under equity method from IMB and sales gain from Asiakastieto

SLIDE 55

Business trends

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56

Total lending

20 40 60 80 100 120 140 160 180 200 220 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Corporate Housing loans Other loans Public sector

EURbn

148 146 182 149 147 147 156 155 170 161 175 189 199 191 201 214

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Household mortgages, volumes and margins

44.3 45.7 48.2 48.9 50.0 52.6 54.5 56.3 57.7 60.4 62.6 64.5 65.8 68.5 70.6 74.4 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6

EURbn %

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Retail consumer lending, volumes and margins

12.1 12.2 12.4 12.4 12.2 12.5 12.7 12.9 13.2 13.5 13.8 13.9 14.2 14.9 15.4 15.6 2 4 6 8 10 12 14 16 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8

EURbn %

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59

Lending to corporates (SME), volumes and margins

57.3 57.3 57.4 56.7 56.3 58.1 58.5 61.0 64.0 65.3 67.9 70.0 70.9 73.2 73.4 78.4 10 20 30 40 50 60 70 80 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4

EURbn %

SLIDE 60

60

CIB lending, volumes and margins*

21.7 22.6 21.4 18.4 18.1 20.3 19.0 18.0 21.4 21.7 20.8 21.2 22.6 23.3 22.3 23.6 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5

EURbn % * Excl. Markets, Poland and Baltics

SLIDE 61

61

Total deposits

10 20 30 40 50 60 70 80 90 100 110 120 130 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Of which household deposits

EURbn

97 98 92 96 93 91 95 105 105 108 106 116 119 113 119 127

SLIDE 62

62

Retail deposits, households, volumes and margins

40.2 40.7 41.7 41.3 40.4 42.3 42.9 43.8 44.1 45.7 46.9 47.0 47.1 49.6 50.1 50.7 5 10 15 20 25 30 35 40 45 50 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 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

EURbn %

SLIDE 63

63

Structural Interest Income Risk (SIIR)

220

206 Q4/06

175

154 Q4/05

165

174 Q3/06 Decreasing market rates, 100bp Increasing market rates, 100bp EURm, annualised effect on NII*

*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.

Increased SIIR following growth in assets and liabilities in Q4. Increased non-

interest bearing liabilities

Reduced duration in ALM programme

SLIDE 64

64

Retail deposits, SME, volumes and margins

26.2 26.3 26.7 28.3 28.4 28.9 28.8 30.5 29.4 30.1 31.5 33.4 32.6 34.8 34.7 37.5 5 10 15 20 25 30 35 40 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

EURbn %

SLIDE 65

65

CIB, deposits, volumes and margins*

14.4 15.4 13.3 15.2 14.9 17.9 18.0 21.0 23.2 20.4 18.5 22.1 21.2 22.3 21.8 25.0 2 4 6 8 10 12 14 16 18 20 22 24 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60

EURbn % * Excl. Markets, Poland and Baltics

SLIDE 66

66

20 40 60 80 100 120 140 160 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Assets under management

EURbn YoY

Up 9%
Strong growth in Nordic Private

Banking up 23%

Asset growth from well

diversified sales platforms

Q4oQ3

Favourable equity markets
Net outflow due to one single

mandate lost – strong underlying trend

158 148 153 154 161

SLIDE 67

67

7
6
5
4
3
2
1

1 2 3 4 5 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q4/06 Adjusted Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Net inflows

EURbn

Net inflow in 2006 EUR 4.1bn

Strong increase in Nordic Private

Banking, Institutional clients and Life

Net outflow from Retail funds in

Q4 of EUR 6.5bn

In the fourth quarter a mandate of

6.4bn was withdrawn, following a new administrative set-up decided by the client.

Net inflow in Q4 within Nordic

Private Banking and Institutional clients

Net inflow for European Fund

distribution

Adjusted net inflow in Q4

EUR 2bn

1.8 0.9 3.4 3.3

4.4

2.0

SLIDE 68

68

Retail profit before loan losses

EURm

YoY profit up 13%

Key product areas showing double digit volume

growth

Strong improvement in result from deposits Strong revenue growth from gold customers

Plan to capture untapped potential in

Sweden proceeding well

556 600 583 585 577 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

24 55 Q4/05 26 53 FY 2006 26 55 Q4/06 RaRoCar, % C/I ratio, % Key ratios

SLIDE 69

69

CIB profit before loan losses

EURm

YoY profit up 21%, excl gain from sale
f IMB
High activity in all areas
Accelerated growth plan for Poland
utlined

144 160 145 159 169 20 40 60 80 100 120 140 160 180 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

19 51 Q4/05 22* 49* FY 2006 29 50 Q4/06 RaRoCar, % C/I ratio, % Key ratios

*

*Excl. gain from sale of IMB shares

SLIDE 70

70

Asset Management product result

EURm

YoY product result up 23%

Up 46% Q4oQ3

Double digit income growth
Stronger sales of newly launched

products with better margins

Higher transaction and performance

fees

Positive trend within institutional

asset management

96 85 80 117 93 10 20 30 40 50 60 70 80 90 100 110 120 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

151 48 Q4/05 161 46 Q4/06 AuM, EURbn C/I ratio, % Key ratios

SLIDE 71

71

Life insurance, product result

EURm

Net written premiums up 22%

Up 54% in Q4

Unit link premiums up 52%

Accounting for 42% of total premiums

Fee based business model continues

to deliver

Strong investment result in Q4
Nordea Life and Pension became the

largest insurance company in the Nordic market in 2006, measured by premiums

56 52 61 74 56 10 20 30 40 50 60 70 80 90 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

16.5 1.6 Q4/05 22.8 2.3 Q4/06 Financial buffers, % Inv return, % Key ratios

SLIDE 72

72

Group Treasury, operating profit

23

15 12 7 39 26 34 21 32 42

25
5

15 35 55 75 95 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Group Investment Group Funding

EURm

Strong improvements for both Group

Investment and Group Funding

Operating profit EUR 203m -more

than a doubling compared to 2005

Supported by successful positions in the

money and capital markets

Gross investment returns at 3.98%,

well above return target

SLIDE 73

73

Summary

Record result following reinforced organic growth strategy

Net profit up 39%

Gap between revenue and cost growth 5.4 percentage points when

excluding the full impact of IMB sale

Reported Return on equity 22.9%

RoE excl. gain from sale of IMB 21.5%

Record dividend – EUR 0.49 per share Nordeas’ growth strategy is paying off

Increasing number of core customers Strong performance in long term savings – especially private banking Increased penetration among SME clients with Markets related products Lending volumes up from high level Growth strategies in Sweden and Poland & Baltics developing well

SLIDE 74

Facts & figures

SLIDE 75

75

Facts & Figures, content

Credit quality

Page 76

Economic capital

Page 86

Business areas

Page 89

Balance sheet

Page 118

Market shares

Page 121

Appendix

Page 128

SLIDE 76

Credit quality

SLIDE 77

77

Loan portfolio by customer category*

85 84 82 78 79 83 80 84 91 97 100 101 105 105 113 44 46 48 49 50 53 55 56 58 60 63 65 66 68 71 74 14 15 15 16 16 17 17 17 18 19 19 20 20 21 21 22 93

10 20 30 40 50 60 70 80 90 100 110 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Corporate lending Housing loans Other loans

EURbn * Excluding public sector

SLIDE 78

78

Public sector 2.1% Household customers 44.9% Companies 53.0% Household customers 45.1% Public sector 1.9% Companies 53.0%

End Q4/05, EUR 188.5bn End Q4/06, EUR 214.0bn

Loan portfolio by customer group

SLIDE 79

79

Housing loans 77.2% Other loans 22.8%

Lending to household customers

End of Q4/06 EUR 96.4bn

Other loans comprise
consumer credits
investment credits
car financing
verdraft facilities
credit cards
home equity credits

SLIDE 80

80

Other 9% Real estate 27% Construction 3% Agriculture & Fishing 6%

Transp. &

Communication 5% Finance 11% Renting,Consulting and other services 11% Manufacturing 13% Commerce and services 10% Shipping & Offshore 5%

Lending to companies by industry

End of Q4/06 EUR 113.5bn

SLIDE 81

81

214.0 5.7 6.4 14.2 12.5 12.7 15.0 11.1 5.9 3.4 30.7 96.4 Q4/06 201.1 5.3 6.1 13.7 12.5 8.4 14.6 10.8 5.9 3.3 28.6 91.9 Q3/06 198.8 5.2 5.8 14.5 12.0 9.6 14.5 10.4 5.8 3.6 28.0 89.4 Q2/06 190.7 5.4 5.7 15.1 10.4 8.7 14.0 9.9 5.8 2.9 26.8 86.0 Q1/06 188.4 5.3 5.8 14.6 9.6 10.5 13.4 9.9 5.6 2.9 26.2 84.6 Q4/05 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

SLIDE 82

82

EU countries other 3.7% USA 0.7% Asia 1.0% Latin America 0.6% Other non OECD 0.3% Other OECD 0.6% Slice 8 0.0% Other 6.9% Nordic countries and P&B 93.1%

Lending by geographical area

End of Q4/06 EUR 214.0bn

Nordic countries and P&B, EURbn

Sweden

59.2

Denmark

58.1

Finland

42.4

Norway

34.7

P&B

4.8

SLIDE 83

83

3 2 5 Public sector 10 7 17 Shipping & Offshore 13 25 38 Construction 13 37 50 Transport, communication 11 51 62 Agriculture & Fishing 21 126 147 Renting, Consulting and other services 29 136 165 Other companies 44 107 151 Trade and services 43 348 391 Manufacturing 1,098 20 65 176 Provisions 1,492 25 94 348 Gross 394 5 29 172 Net Total Finance Real estate Household customers

EURm. End of Q4/06

Impaired loans

SLIDE 84

84

8 8 Credit Institutions 2 1 3 Public sector 19 7 26 Shipping & Offshore 27 21 48 Construction 36 27 63 Transport, communication 22 21 43 Agriculture & Fishing 76 113 189 Renting, Consulting and other services 78 49 127 Other companies 106 107 213 Trade and services 192 213 405 Manufacturing 757 20 57 121 Provisions 1,868 42 129 572 Gross 1,103 22 72 451 Net Total Finance Real estate Household customers

EURm. End of Q4/06

New baseline impaired loans

SLIDE 85

85

Loan losses

EURm 192 156 92 58 86

215
163
123
147
140
23
7
31
89
54

299

381
82
420
370
320
270
220
170
120
70
20

30 80 130 180 230 280 330 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Gross Reversals Net

YoY

Positive net loan losses reflecting low

new provisions coupled with recoveries at a high level

Credit quality remains strong in all

markets

Q4oQ3

High recoveries in Q4, partly related

to changes in group-wise provisions. Nordea Bank Denmark has restated EUR 60m in 2005 following Danish FSA decision - effect for Nordea Group in Q4 2006

SLIDE 86

Economic capital

SLIDE 87

87

Economic capital (EC)

EURbn 8.9 9.0 9.2 9.3 9.0 1 2 3 4 5 6 7 8 9 10 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

1,035 Life 1,962 CIB 168 Asset Mgmt 418 126 Treasury GPT 1 Other 5,890 Retail Banking 9,600 Q4/06 Total EC per business area (EURm)

SLIDE 88

88

Economic capital – distribution

End of Q4/06

Life risk 1% Market risk 15% Operational risk 9% Business risk 12% Credit risk 63% Other 1% CIB 21% Treasury 4% Asset Mgmt & Life 12% Retail 61%

SLIDE 89

Retail Banking

SLIDE 90

90

Retail Banking lending and deposit volumes

26.0 14.7 25.8 21.7 Q4/06 23.9 14.3 25.0 21.6 Q3/06 23.9 14.2 25.0 21.4 Q2/06 11.2 11.9 12.5 12.9 13.4 Norway 21.8 24.1 20.5 Q1/06 22.4 24.8 20.3 Q4/05 21.3 23.9 20.6 Q3/05 20.8 23.4 18.1 Q1/05 20.6 24.0 19.3 Q2/05 Denmark Sweden Finland Deposits, EURbn 51.1 28.8 39.5 52.5 Q4/06 48.8 27.4 38.6 48.7 Q3/06 49.1 26.8 37.7 47.5 Q2/06 21.8 23.3 24.3 25.2 26.0 Norway 46.5 36.4 45.5 Q1/06 46.1 35.6 45.1 Q4/05 45.2 34.8 43.2 Q3/05 43.3 33.8 41.3 Q2/05 44.0 33.0 38.5 Q1/05 Denmark Sweden Finland Lending, EURbn

SLIDE 91

91

Retail Banking breakdown of lending

4.0 17.2 18.3 Q4/06 4.3 16.5 17.7 Q3/06 4.2 16.0 17.5 Q2/06 4.0 15.5 16.9 Q1/06 3.9 15.2 16.4 Q4/05 3.8 14.8 16.2 Q3/05 3.7 13.6 15.7 Q1/05 3.8 14.2 15.9 Q2/05 Corporate Consumer lending Households mortgages Finland, EURbn 6.5 22.5 21.9 Q4/06 6.3 21.8 19.1 Q3/06 6.0 20.8 18.2 Q2/06 5.8 20.3 18.2 Q1/06 5.8 19.6 18.1 Q4/05 5.8 18.8 17.0 Q3/05 5.5 17.2 14.7 Q1/05 5.7 17.9 16.1 Q2/05 Corporate Consumer lending Household mortgages Denmark, EURbn

SLIDE 92

92

Retail Banking breakdown of lending

4.1 20.5 24.9 Q4/06 3.7 19.5 24.0 Q3/06 3.6 19.2 24.8 Q2/06 3.4 18.3 23.5 Q1/06 3.4 18.0 23.5 Q4/05 3.3 17.4 23.2 Q3/05 3.3 16.6 22.9 Q1/05 3.3 16.6 22.2 Q2/05 Corporate Consumer lending Household mortgages Sweden, EURbn 1.0 14.7 13.3 Q4/06 1.0 14.0 12.7 Q3/06 1.0 13.3 12.7 Q2/06 0.9 12.8 12.3 Q1/06 0.9 12.4 12.0 Q4/05 0.8 11.9 11.5 Q3/05 0.7 10.5 10.6 Q1/05 0.8 11.4 11.1 Q2/05 Corporate Consumer lending Household mortgages Norway, EURbn

SLIDE 93

93

Retail Banking breakdown of deposits

7.9 9.9 7.9 Q4/06 7.7 9.9 7.4 Q3/06 7.5 10.1 7.4 Q2/06 7.2 9.9 7.0 Q1/06 7.1 10.4 7.2 Q4/05 6.6 10.4 7.0 Q3/05 6.5 9.9 6.9 Q1/05 6.6 10.3 7.2 Q2/05 Corporate Households, savings accounts Households, current accounts Finland, EURbn 10.0 3.4 8.3 Q4/06 9.9 3.3 8.3 Q3/06 9.9 3.4 8.0 Q2/06 9.5 3.1 7.8 Q1/06 9.4 3.2 7.8 Q4/05 9.5 3.1 8.0 Q3/05 9.0 3.1 7.2 Q2/05 8.4 2.9 6.8 Q1/05 Corporate Households, savings accounts Households, current accounts Denmark, EURbn

SLIDE 94

94

Retail Banking breakdown of deposits

7.8 5.8 12.5 Q4/06 7.8 5.5 10.6 Q3/06 7.4 5.4 11.1 Q2/06 6.7 5.0 10.1 Q1/06 6.3 5.0 11.0 Q4/05 6.8 5.0 9.6 Q3/05 6.4 4.9 9.5 Q1/05 6.5 4.8 9.4 Q2/05 Corporate Households, savings accounts Households, current accounts Sweden, EURbn 3.9 2.0 8.8 Q4/06 3.8 2.1 8.3 Q3/06 3.7 2.2 8.3 Q2/06 3.7 2.0 7.7 Q1/06 3.7 1.8 7.4 Q4/05 3.9 1.7 6.9 Q3/05 3.8 1.7 6.3 Q2/05 3.6 1.4 6.2 Q1/05 Corporate Households, savings accounts Households, current accounts Norway, EURbn

SLIDE 95

95

Retail Banking margins

1.74

1. 06

3.46 0.57 0.92 Q4/06 1.69 1.03 3.53 0.63 0.95 Q3/06 1.66 1.02 3.61 0.70 0.98 Q2/06 0.92 0.85 0.81 0.76 0.75 Mortgages, households 4.07 4.04 3.81 3.74 3.66 Consumer loans, households 1.62 1.01 1.00 Q1/06 1.55 1.05 1.04 Q4/05 1.56 1.06 1.06 Q3/05 1.55 0.86 1.13 Q1/05 1.53 1.06 1.09 Q2/05 Lending to SME’s Deposits, households Deposits, SME’s %

SLIDE 96

Payments & transactions

SLIDE 97

97

E-banking customers, all customers

E-banking customers

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Feb-00 June- Oct-00 Feb-01 June- Oct-01 Feb-02 June-02 Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 Jun-05 Oct-06 Feb-06 Jun-06 Oct-06 Mill.

E-banking payments

5 10 15 20 25 30 35 40 45 50 55 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Denmark Finland Norway Sweden Mill.

SLIDE 98

98

Cards, all customers

Issued debit and credit cards

0.0 1.0 2.0 3.0 4.0 5.0 Jan-01 May-01 Sept-01 Jan-02 May-02 Sept-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06

Debit cards Credit cards

Mill.

Card payments

20 40 60 80 100 120 140 160 180

Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06

Mill.

SLIDE 99

99

Payment transactions, households

20 40 60 80 100 120 140 160 180 200

Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06

Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments

SLIDE 100

100

Payment transactions, households

1,286 168.3 109.3 164.8 700.4 16.3 108.9 2006 78.2 97.6 117.3 139.3 155.7 E-banking payments 898 961 1,026 1,109 1,187 Total 78.5 207.2 333.5 34.3 166.2 2001 81.5 204.4 395.5 31.7 150.6 2002 86.1 197.4 459.9 27.1 137.7 2003 527.8 603.6 Card payments 23.6 19.7 Payterminals 129.1 124.6 Manual transactions 190.4 181.7 Cash withdrawal ATM 101.2 2005 98.5 2004 Direct debit Mill.

SLIDE 101

Corporate and Institutional Banking

SLIDE 102

102

CIB lending and deposit volumes and margins

0,86 36,4 4,6 9,4 1,5 12,7 Q4/06 0.83 31.1 3.8 9.1 1.3 12.0 Q3/06 0.87 32.3 3.7 9.1 1.5 12.7 Q2/06 0.93 32.2 3.4 8.6 2.0 12.0 Q1/06 0.96 32.4 3.3 8.5 1.7 11.1 Q4/05 0.86 32.5 2.5 7.7 2.0 12.0 Q2/05 0.91 32.2 2.8 8.1 1.8 10.9 Q3/05 30.9 Total* 2.3 Poland and Baltic 12.8 Corporate Banking Division 0.94 6.5 2.0 Q1/05 International and Shipping Division Financial Institutions Division Lending, EURbn Margins**, % * Incl. Markets volumes ** Excl. Markets and Poland & Baltics 0,34 29,3 2,3 4,3 13,0 7,8 Q4/06 0.38 25.1 2.0 3.8 11.3 6.7 Q3/06 0.37 26.4 1.9 4.5 10.3 7.5 Q2/06 0.37 25.7 1.8 4.3 10.4 6.6 Q1/06 0.40 26.8 1.8 4.3 10.9 7.0 Q4/05 0.40 24.7 1.4 3.6 8.8 8.0 Q2/05 0.39 23.3 1.5 3.6 8.6 6.3 Q3/05 26.7 Total* 1.3 Poland and Baltic 8.9 Corporate Banking Division 0.37 3.2 11.1 Q1/05 International and Shipping Division Financial Institutions Division Deposits, EURbn Margins**,%

SLIDE 103

103

Nordea operations in Poland and the Baltic countries

12** 5 1 5 3 Operating profit (Q4), EURm 1.1 % 2.8 % 3.4 % 5.8 % Market share, deposits, % 18 1.7 % 1,230 1,764 2,117 887 45 363,650 Poland 7 5 3 Country position, overall 1,775 195 364 316 Number of FTEs 90 11 17 17 Branches/salespoints 1,232,500* 41,600 43,950 54,300 Customers 5,994 943 1,484 1,450 Total assets, EURm 7.8 % 375 1,418 Latvia 9.4 % 452 1,281 Estonia 6.2 % 255 812 Lithuania Market share, lending, % 2,311 Deposits & Funds, EURm 5,276 Commitments***, EURm Total End of Q4/06

* Incl. Polish Life customers *’ Difference compared to summary of country result is explained by Nordic expenses *** Includes guarantees

SLIDE 104

Asset Management & Life Insurance

SLIDE 105

105

* All funds targeted at Nordic Retail segment. ** Includes EUR 4.9bn in pension pools products

Breakdown of AuM by market and channels

Denmark Finland Norway Sweden Europe North America Retail funds*

(sold through

wn distribution)

Fund sales through third-parties Private Banking Institutional customers Total by market Q2/06 EURbn 161.1 37.6 12.0 7.1 1.8 19.3

5.7
17.9

15.9 2.2 9.2

11.5

4.6 3.8 3.0 2.7 0.6 18.6** 8.9** 5.0**

6.4

3.9** 1.2 59.9 36.5 12.8 32.6 18.8 0.6 26.2 51.6 5.7 40.1 Life & Pensions

SLIDE 106

106

Asset Management – margins*

Bps Q4oQ3

Income margin up 13bp,

Mainly due to high performance fee, based

n very good value adding performance
Operating expenses margin in line

with last quarter

Result margin record high
Unchanged asset mix

63 71 70 66 64 77

20
22
22
21
21
23

30 37 35 32 30 43

30
20
10

10 20 30 40 50 60 70 80 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Income margin Operating expenses margin Result margin

*Margins calculated using average AuM for Asset Management Activities excl. Nordic Private Banking activities. In Q3 these assets were EUR 106.8bn. Volumes used for calculating margins have been restated compared to previously reported figures. Non-income generating mandates of EUR 9bn have been deducted.

SLIDE 107

107

Nordic fixed income 45% Int'l. equities 28% Nordic equities 14% Int'l. fixed income 13% Nordic fixed income 44% Int'l. equities 28% Nordic equities 15% Int'l. fixed income 13%

Asset structure*

Q4/06

*Average AuM for Asset Management activities excl. Nordic Private Banking activities, in Q3 this was EUR 106.8bn

Q4/05

SLIDE 108

108

European fund distribution

1,000

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Inflow AuM

EURbn

SLIDE 109

109

Life - breaking out profit drivers

Fee based on size of life provisions in “with profit” companies – DK, FI
Profit-sharing from the Norwegian business (existing model, change pending)
25% of surplus/deficit from cost result in DK, 100% from FI and SE
Profit-/loss-sharing in Norway
25% of surplus/deficit from risk result in DK, 100% from FI and SE
Profit-/loss-sharing in Norway
Investment return from separated shareholders’ equity (DK, SE)
Health and accident result, holding company result etc.
Net unit-linked result including unit-linked cost/risk result
Commissions paid to Retail Banking less distribution cost in Retail Banking

Fee contribution Contribution from cost result Contribution from risk result

Inv. return on

shareholders’ equity Other profits Unit-linked Retail commission and distribution cost

SLIDE 110

110

Life - profit drivers

511 602 1.112 37 89

5

10 83 4 13 8

4

61 Q4/06 267 454 720 37 61

4

14 51 5 6 6 34 Q3/06 404 560 964 35 52

4

13 43 5 1 6

4

35 Q2/06 390 582 972 30 56

4

13 47 5 7

1

36 Q1/06 474 607 1,081 29 56

3

10 49 6 1 10

1

33 Q4/05 Of which income within Retail Key figures Premiums written, net of reinsurance Here of from Traditional business Here of from Unit-linked business Total Profit Unit linked Traditional insurance Other profits Estimated distribution cost in Retail

Inv. return on Shareholders Equity

Total Profit Traditional Total product result Contribution from risk result Contribution from cost result Fee contribution/profit sharing EURm

SLIDE 111

111

Life – net written premiums by market

1.112 150 191 238 205 328 Q4/06 720 97 95 151 134 244 Q3/06 964 124 153 221 205 262 Q2/06 254 151 Sweden 111 107 Other 1,081 972 Total 147 236 Norway 296 237 Denmark 273 241 Finland Q4/05 Q1/06 EURm

SLIDE 112

112

Life, investments

EURbn

Equities

predominantly listed equities 1/3 Nordic, 2/3 international

Bonds

¾ Nordic issuers primarily govmn’t & mortgage inst.

5 10 15 20 25 30 35

Q4/05 Q1/06 Q2/06 Q3/06 Q4/06

Equities Real Estate Alternative investments Bonds Unit linked

29,9 30,5 30,3 31,1 32,5

SLIDE 113

113

Life - asset allocation

21 22 31.1 32.5 Total 7 19 22 29 Q4/06 Equities, % 6 17 21 27 Q3/06 3.4 4.4 8.3 14.0 Q3/06 Q4/06 3.7 Sweden 4.7 Norway 8.6 Finland 14.4 Denmark Total, EURbn

SLIDE 114

114

Life - solvency situation

End of Q4/06 215 79 148 69 Sweden** 308 490 725 235 Finland 123 120 634 515 Denmark 217 181 335 154 Norway* Solvency in % of requirement Solvency buffer Actual solvency Required solvency EURm

* Excluding unit linked company ** Nordea Life Sweden I

SLIDE 115

115

Life – solvency sensitivity

End of Q4/06 215 217 308 123 Solvency in % of requirement 189 217 231 124 Equities drop 12% 214 217 333 121 Interest rates down 50bp 217 Norway 179 Sweden 124 Denmark Finland 291 Interest rates up 50bp

SLIDE 116

116

Life – financial buffers

10.4 12.4 6.4 6.8 13.1 Q4/06 2,277 210 232 361 1,474 Q4/06 8.3 139 Sweden

% of total provisions EURm

8.7 1,901 Total 5.3 286 Finland 11.7 1,318 Denmark 4.6 157 Norway Q3/06 Q3/06

SLIDE 117

117

Life – buffers in different scenarios

End of Q4/06

EURm

210 232 361 1,474 Financial buffers, actual 192 140 184 1,157 Equities drop 12% 151 235 419 1,394 Interest rates down 50bp 230 Norway 259 Sweden 1,520 Denmark Finland 323 Interest rates up 50bp

SLIDE 118

Balance sheet

SLIDE 119

119

Balance sheet

325,549 12,960 21,386 7,822 28,602 82,609 26,830 115,550 29,790 325,549 69,355 28,876 188,460 31,578 7,095 31 Dec 2005 15,322 Total equity 346,890 Total assets 32,288 Deposits by credit institutions 126,452 Deposits and borrowings from the public 31,041 Liabilities to policyholders 83,417 Debt securities in issue 346,890 25,254 8,177 24,939 75,228 24,207 213,985 26,792 6,678 29 Dec 2006 Other liabilities Other assets Derivatives Subordintated liabilities Loans and receivables to credit institutions Derivatives Loans and receivables to the public Total liabilites and equity Treasury bills and other eligible bills EURm

SLIDE 120

120

Capital base

185,398 9,069 176,329 9.8% 18,159

179
1,535

684 6,726 7.1% 13,147

1,443

1,770

369

1,458 15,271 Q4/06 185,052 16,192 168,860 9.5% 17,613

173
1,535

812 6,617 6.9% 12,704

1,001
1,765
275

1,457 14,288 Q3/06 180,382 15,252 165,130 9.3% 16,784

290
1,535

812 6,410 6.8% 12,199

634
1,800
304

1,458 13,479 Q2/06 173,618 16,312 157,306 9.4% 16,284

276
1,537

827 6,376 6.8% 11,721

1,210
1,795
308

1,462 13,572 Q1/06 15,545 RWA market risk

279

Deductions for other investments 15,486 Total capital base 9.2% Total capital ratio 837

of which perpetual subordinated loans

169,028 153,483

1,535

5,862 6.8% 11,438

831
1,794
327

1,472 12,918 Q4/05 RWA credit risk Tier 1 capital Tier 1 capital ratio Tier 2 capital Deductions for investments in ins. companies Hybrid capital loans Goodwill Other items net Deferred tax assets Total RWA Core equity EURm

SLIDE 121

Market shares

SLIDE 122

122

Market position in Nordic markets

9.6% 11.2% 30.8% 14.6%

consumer lending

4.6% 10.1% 27.7% 15.2% Life & Pensions (end June) 13.9% 16.3% 35.8% 19.7%

lending

21.1% 17.2% 37.9% 21.8%

deposits

17.8% 8.3% 32.9% 21.5%

deposits

15.5% 12.6% 31.2% 15.3%

mortgage lending

1.8% 14.0% Sweden 2.8% 8.3% Norway 3.8% 26.3% Finland 7.7% 19.0% Denmark Corporate customers Brokerage (Jan 2007) Investment funds Personal customers Market shares

Statistics mainly from November -December 2006 * Based on estimates ** Please note that KLP is excluded from the calculations

* **

SLIDE 123

123

Personal customer deposits - market volume & share

10 20 30 40 50 60

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

O c t

6

D e c

6

30% 32% 34% 36% 38% 40% 100 200 300 400 500 600

Nov-05 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06

18% 20% 22% 24% 26% 28% 100 200 300 400 500 600 700

Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

15% 17% 19% 21% 23% 25%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 500 600

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06

5% 7% 9% 11% 13% 15%

SLIDE 124

124

Corporate deposits - market volume & share

5 10 15 20 25 30

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

O c t

6

D e c

6

35% 37% 39% 41% 43% 45% 100 200 300 400

N

v
3

J a n

4

M a r

4

M a y

4

J u l

4

S e p

4

N

v
4

J a n

5

M a r

5

M a y

5

J u l

5

S e p

5

N

v
5

J a n

6

M a r

6

M a y

6

J u l

6

S e p

6

N

v
6

14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 100 200 300 400 500

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06

10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 0.000 100.000 200.000 300.000 400.000 500.000 600.000

Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

10% 15% 20% 25% 30%

SLIDE 125

125

Personal customer lending - market volume & share

10 20 30 40 50 60 70

Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

29% 30% 31% 32% 33% 34% 35% 100 200 300 400 500

Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

8% 9% 10% 11% 12% 200 400 600 800 1000 1200

N

v
3

J a n

4

M a r

4

M a y

4

J u l

4

S e p

4

N

v
4

J a n

5

M a r

5

M a y

5

J u l

5

S e p

5

N

v
5

J a n

6

M a r

6

M a y

6

J u l

6

S e p

6

N

v
6

8% 9% 10% 11% 12%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

100 200 300 400 500

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06

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

SLIDE 126

126

Mortgage lending households - market volume & share

200 400 600 800 1000 1200

Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

10% 12% 14% 16% 18% 20% 200 400 600 800 1000

N

v
3

J a n

4

M a r

4

M a y

4

J u l

4

S e p

4

N

v
4

J a n

5

M a r

5

M a y

5

J u l

5

S e p

5

N

v
5

J a n

6

M a r

6

M a y

6

J u l

6

S e p

6

N

v
6

8% 9% 10% 11% 12% 13%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

200 400 600 800 1000 1200

Dec-03 Mar-04 Jun-04 Oct-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06

0% 4% 8% 12% 16% 20% 10 20 30 40 50 60

Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

30% 31% 32% 33% 34% 35%

SLIDE 127

127

Corporate lending - market volume & share

10 20 30 40 50

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

O c t

6

D e c

6

32% 34% 36% 38% 40% 42% 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250

Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-06 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06

10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 700

N

v
3

J a n

4

M a r

4

M a y

4

J u l

4

S e p

4

N

v
4

J a n

5

M a r

5

M a y

5

J u l

5

S e p

5

N

v
5

J a n

6

M a r

6

M a y

6

J u l

6

S e p

6

N

v
6

10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

100 200 300 400 500 600 700

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06

18% 20% 22% 24% 26% 28% 30%

SLIDE 128

Appendix

SLIDE 129

129

Ratings

AA AA AA AA Long R-1 (high) R-1 (high) R-1 (high) R-1 (high) Short DBRS AA- F1+ AA- A-1+ Aa3 P-1 Nordea Bank AB A-1+ A-1+ A-1+ A-1+ Short S&P AAA AAA AA- AA- AA- Long Long Short Long Short A1 P-1 Norgeskreditt Aaa Nordea Kredit Aaa Nordea Hypotek* AA- F1+ Aa3 P-1 Nordea Bank N AA- F1+ Aa3 P-1 Nordea Bank F AA- F1+ Aa3 P-1 Nordea Bank D Fitch Moody’s

*Covered bond rating

SLIDE 130

130

32.3

5 10 15 20 25 30 35 40

SHB Commerzbank ABN AMRO Danske Bank RBOS HBOS Unicredito Swedbank KBC Barclays Lloyds Erste Bank BNP DnB Allied Irish Banks Hypovereinsbank Societe General Nordea SEB Bank of Ireland

%

Top quartile

Total shareholder return (TSR) Ytd 2006 (1/1 2006 – 29/12 2006)

SLIDE 131

131

Largest registered shareholders, year end 2006

0.5 0.4 % 9.7 Abu Dhabi

0.3

0.4 % 9.7 Skandia Funds 0.8 0.5 % 12.3 Länsförsäkringar Funds

2.4

1.2 % 30.1 Nordea Funds 12.7 0.0 0.7 % 18.2 Fourth Swedish National Pension Fund

1.5

0.6 % 14.4 AMF Pension Funds 11.6 55.9 % 1,459.0 Other 100.0 % 0.4 % 0.5 % 0.8 % 0.9 % 1.0 % 1.2 % 1.3 % 1.7 % 1.8 % 2.2 % 2.3 % 2.5 % 4.0 % 19.9 % Percent of Nordea 0,0 Nordea Profit-sharing Foundation 2,594.1 Total number of outstanding shares

2.7

65.3 Robur Funds

7.7

59.0 Alecta 0.0 515.6 Swedish state 0.0 102.5 Nordea Denmark Fund

1.1

56.5 SHB/SPP Funds 0.0 46.3 AMF Pension

1.9

43.4 SEB Funds 4.0 34.7 Sampo Oyj 0.2 Govt of Singapore Inv Corp

0.3

20.1 Third Swedish National Pension Fund

1.4

23.5 First Swedish National Pension Fund 0.1 25.5 Second Swedish National Pension Fund

0.2

32.1 Skandia Life Insurance Change 30 days, mill shares Number of shares, mill Shareholder

SLIDE 132

132

3.93 2.54 4.42 3.06 3.99 3.24 3.84 3.05 30-09-06 4.04 2.94 4.86 3.69 4.12 3.74 3.98 3.57 31-12-06 0.11 0.40 0.44 0.63 0.13 0.50 0.14 0.52 Change Q4/06 Short, SE Long, SE Short, NO Long, NO Long, DK Short, DK Long, EUR (5 years) Short, EUR (one week) %

Market development – interest rates

SLIDE 133

133

Macro data – Nordic market

% 2006e 2007e 2008e Gross domestic product DK 3.6 2.1 1.5 FI 5.6 3.2 3.6 NO 2.6 3.4 2.8 SE 4.3 3.4 2.5 Inflation DK 1.9 1.7 1.9 FI 1.6 1.8 1.6 NO 2.3 1.0 2.1 SE 1.4 1.4 1.3 Private consumption DK 3.9 2.6 1.6 FI 3.6 2.5 2.8 NO 4.0 3.2 2.1 SE 2.8 3.5 2.4 Unemployment DK 4.5 3.9 4.0 FI 7.9 7.4 7.0 NO 3.6 2.9 2.8 SE 5.4 5.3 5.1

Source: Nordea Markets Economic Outlook January 2007. In Norway, forecasts are for mainland GDP

SLIDE 134

134

Financial calendar 2007

Q1 report 2007 will be published on 3 May

www.nordea.com/ir

SLIDE 135

135

Disclaimer

Certain statements made in this presentation are forward looking statements. Such statements are

based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, express or implied, by the forward looking statements. Factors that might cause forward looking statements to differ materially from actual results include, among other things, regulatory and economic factors. Nordea assumes no responsibility to update any of the forward looking statements contained herein.

No representation or warranty, express or implied, is made or given by or on behalf of Nordea or its

directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of Nordea or any of its directors,

fficers or employees nor any other person accepts any liability whatsoever for any loss howsoever

arising from any use of this presentation or its contents or otherwise arising in connection therewith.

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any

solicitation of any offer to purchase or subscribe for, any securities of Nordea, nor shall it or any part

f it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or

investment decision.