[PPT] - Investor Presentation 3 May 2007 CEO Presentation Key messages PowerPoint Presentation

SLIDE 1

Investor Presentation 3 May 2007

SLIDE 2

CEO Presentation

SLIDE 3

3

Organic growth strategy continues to pay off
Income EUR 1,873m, up 8% excl. contribution from International Moscow bank (IMB). (EUR 1,754 in the first quarter

2006)

Operating profit EUR 895m, up 6% excl. IMB last year (EUR 853m)
Costs up 6% - investing for future growth
Strong performance in strategic growth areas
Number of Gold customers increased 8%
Consumer and SME lending up 16% and 14% respectively
Markets revenues on all-time-high in Q1
Net inflow of EUR 1.2bn in Nordic Private Banking.
Revenues up 38% and operating profit doubled in Poland & Baltics
Performance in line with financial targets
Gap between revenue and cost increase of 1.2 percentage points. On track for full year target of 3-4 percentage gap
Risk-adjusted profit up 11% to EUR 576m in Q1
Streamlined organisation and operating model to support growth targets
Separation of responsibility for customer relations, products and services
Will improve operational efficiency, free up time for increase sales and improve time to market of new products
New vision and values to support the organic growth strategy

Key messages

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4

Strong growth mainly within Private Banking and Institutional clients Increased selling of Markets products to SME’s Strong revenues with FX, fixed income and structured products

191 201 214 222 199 25 50 75 100 125 150 175 200 225 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 207 180 229 242 194 50 100 150 200 250 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 14 15 16 16 15 2 4 6 8 10 12 14 16 18 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Total lending

146 149 158 163 144 25 50 75 100 125 150 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Consumer lending AuM Up 16% Compensating for margin pressure Strong growth within all prioritised areas Up 16% Non- collateralised consumer lending up 22% Increased lending to Gold customers

Strong performance in strategic growth areas

Markets result

*Figures restated for removal of administrative mandate

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5

Operating income

EURm YoY

Up 8% when excluding IMB 2006
Reported up 6%
Net interest income up 8%
Volume growth largely compensating for pressure on

lending margins

Commission income up 6%
Lending related commissions up 14%
Card commission up 9%
Saving related income up 6%
Net gains up 4% from record level in

Q1 2006

Q1oQ4

Stable revenues
Commission and net gains losses

down mainly for seasonal reasons

* Excl. gain from sale of IMB shares 1,754 1,734 1,898 1,873 1,780

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

*

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7% 22%

– of which non collateralised lending

4% 14%

– SME lending

4% 8%

– CIB lending excl. Markets

0% 12% Deposits, total

28% 14% 9% 16% 14%

16%

YoY 8%

– CIB deposits excl. Markets

0%

– SME deposits

1% 5% 2%

4%

Q1oQ4

– Household deposits – Consumer lending* – Mortgage lending

Lending, total

Robust volume growth continues

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

SLIDE 7

7

10

8 Treasury

7

30 Other, net

2

77 Total

9
47

Margin driven

28

75

21 65

86

YoY 8

Deposit margins
17

4 20

24

Q1oQ4

Lending margins
Deposit volumes
Lending volumes

Volume driven

Change in net interest income

EURm

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8

Cost/income ratio

Unchanged at 53%
Strong growth in revenues
Investments for future growth

64 60 56 53 53 63 10 20 30 40 50 60 70 2002 2003 2004 2005 2006 Jan- Mar 07 %

*

* Excl. gain from sale of IMB shares

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9

Gap between income and cost growth

Percentage points

Gap of 1.2 percentage points in

Q1 – on track with financial planning

Income up 7.5%
Expenses up 6.3%
Strong top line growth driven by

growth initiatives

Cost increase reflects investments

in future growth

Unchanged target of 3-4

percentage points for the full year

6.6 5.4 1.2 6.9 1 2 3 4 5 6 7 8 9 10 2004 2005 2006 Jan-Mar 07

* Excl. full impact from sale of IMB

* *

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Well controlled expense growth

6.3% 5.3% 3.7% 0% 1% 2% 3% 4% 5% 6% 7% Reported

Excl. variable

salaries and profit sharing

Excl. variable

salaries, profit sharing and investments in growth areas

Investments in prioritized

growth areas

Increase in variable salaries
Unchanged cost management

alongside growth strategy

On track with full year outlook
f cost increase of 4-5%

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Operating profit

EURm YoY

Up 6% excluding contribution from

IMB in 2006

Reported up 5%
Strong profit trend continued in all

business areas

Lower loan loss recoveries in 2007

853 863 966 895 927

100 200 300 400 500 600 700 800 900 1,000 1,100 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

*

* Excl. full impact from sale of IMB

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12 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 Q1/07

Reported

EUR

Continuous increase in earnings per share

rolling 12 months

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Clearly identified strategic initiatives – to support the

rganic growth strategy

Stronger focus on common group values Product areas in focus Geographical markets in focus Improved efficiency Segments in focus

Future branch: Increase PBA:s and RM:s time spent with customers
Nordea Transformation Programme
New operating model separating responsibilities for Customers, Products and Services
Long term savings
Consumer credits and Cards
Life insurance
Capital markets products
Growth Plan Sweden
Poland, Baltics and Russia
Values to leverage the organic growth strategy:
Customer focus
People orientation
Teamwork
Private Banking
Gold customers
SME

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Strengthened leadership within long term savings

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 Nordea Average net inflow Nordic Peers

Accumulated net inflow (EURbn)

Net inflow EUR 35bn 2003-2006
Private Banking EUR 14bn
Retail funds EUR 13bn
European Fund Distribution EUR 1bn
Other EUR 7bn
Net inflow in Q1 2007 EUR 2.6bn
Majority of sales within innovative

products like All Equity, Dynamic fixed income and Stable return

Improved income and net result

margin

In total EUR 163bn in AuM

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Improved market position within consumer lending and cards

YoY

Consumer lending up 16%
Non-collateralised up 22%
Approx. 540,000 new cards issued
In total 5.8 million cards issued
Of which approx. 16% credit cards
Number of credit cards up 39%

Q1oQ4

Consumer lending up 5%

14.2 14.9 15.4 15.6 16.4

10 11 12 13 14 15 16 17

Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

1.0 1.6 2.2 2.8 3.4 4.0 4.6

Margin EURbn

%

Lending

Retail consumer lending

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Continued stable result and increased premium income within Life

10 20 30 40 50 60 70 80 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 EURm 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 EURm-GWP Product result GWP

Nordea Life & Pensions the largest

company on the Nordic market with a market share of 10.8%

Net written premiums up 5%
Despite of the removal of the popular product

“Kapitalpension”

Compensated by strong growth in Denmark,

Norway and Poland

Nordea chosen provider of the

traditional product within the new Swedish ITP scheme

Nordea qualified with the new traditional product

“Ålderspension med Premiegaranti”

Business model continues to deliver

stable profit growth

Life product result and 12-month rolling Gross Written Premiums (GWP)

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Strong revenue growth in Nordea Markets

153 169 157 163 207 194 180 229 242

25 50 75 100 125 150 175 200 225 250 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Strong revenue growth in Nordea Markets

All time high revenues in Q1
Customer activity continued at high

levels - increase in capital markets transactions with large corporates

Increased cross-selling of Markets

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

EURbn

Strong asset growth in Nordic Private

Banking

Net inflow in Q1 21% annualised Result of roll-out of new common advisory

concepts, particularly in Norway and Sweden

Inflow mainly from external sources,
approx. 2/3 of total
AuM up 20% YoY

29 31 33 34 36 37 39 42 45 8 8 8 9 9 9 9 9 10 5 10 15 20 25 30 35 40 45 50 55 60 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

European private banking Nordic private banking

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Strong growth in revenues with existing customers

segmentation strategy pays off

10% 61% 15% 15% Bronze Silver Gold Private Banking

Share of Retail Household income in Q1 2007 Gold segment Mar 06 to Mar 07

143 66 165 70

No. of customers

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

2.2 2.3

7.8% 6.8% 15.2%

Private Banking reached 10% share
f Retail Household revenues for the

first time

Increased deposit revenues benefits

all segments

Increased business with Gold

customers

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20

Continued revenue growth in all Retail corporate segments

7% 4% 6%

Small Medium Large

Share of Retail Corporate income Q1 2007 Income growth YoY

56% 26% 18%

Small Medium Large

Large companies accounts for more

than 50% of new growth potential in all segments

Solid revenue growth in all segments

across markets

One Nordic customer area
Gather the corporate relationship management

competencies

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Geographical markets in focus

Growth plan Sweden

Accelerated growth plan in Nordic markets, in particular Sweden Focus on advisory services and product segments with growth potential 200 advisors recruited and trained in Retail banking last 12 months

Poland and Baltic countries

Continued high activity in Poland and the Baltics – revenues up 38% Total lending up 53% YoY Number of Gold customers doubled YoY Increased growth ambitions in Poland with up to 150 new branches in 2-3 years. 7 new banking units opened during first quarter in Poland and the Baltic countries Preparations for more rapid expansion of the network are ongoing and the result will

gradually seen during the latter part of 2007

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Orgresbank

Acquisition finalised in Q1 2007

Balance sheet consolidated in Nordea Group accounts per 31 March 2007

Strong financial performance in Q1

Total income EUR 18m (EUR 55m full year 2006) Total expenses EUR 10m (EUR 31m full year 2006)

Orgresbank will capture growth in the Russian market

Russian corporate customers Nordic corporate customers Personal customers in high end segment

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The next step towards improved operational efficiency

Product and delivery chain to

reduce time-to-market of our products

Strengthen the team

approach

Group perspective on the

product delivery chain

Nordea Transformation

programme 3-5 years perspective

Requires investments in IT-

platform

Gradually replacing old

systems

Future branch:
Straighten out work

processes

Reduce administrative

burden

Continuous

improvement

Increase the time

Personal bank advisors and relationship managers spend with customers

Target to increase time

spend with customers 50- 100%

Efficiency gains to handle

growth Unified customer processes Free up time for sales Unified product delivery processes

Next phase of efficiency improvements goes cross units

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New operating model to support growth

Group Legal & Compliance Institutional & International Banking Private Banking

Account Products Cash Management & Payments Capital Market Products Savings Products & Asset Management

Banking & Capital Market Products Savings & Life Products Group Services & Technology People & Identity Group Corporate Centre Group Credit & Risk Control Nordic Banking

Segment Household and Corporate

Group Legal & Compliance

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Outlook

Nordeas’ growth strategy continues to pay off and Nordea

will continue to deliver on its financial targets

Nordea believes that strong revenue growth will continue

in 2007

As previously stated the cost increase for the full-year

2007 is expected to be of the same magnitude as in 2006, ie 4-5%

The gap between revenue and cost growth is for the full

year 2007 expected to be 3-4%-points*

* Excl. the impact of the consolidation Orgresbank

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Summary

Organic growth strategy continues to pay off

Revenues up 8% Total lending up 16% AuM up 12 %

Strong performance in all business areas Cost management unchanged alongside growth plans Clearly identified strategic initiatives to improve performance further New organisation and operating model to support growth strategy On track with financial targets

Risk adjusted profit up 11% Gap 1.2 percentage points Outlook unchanged

SLIDE 27

CFO Presentation

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28

Income statement summary

6 853 895 Operating profit 7 665 701 Net profit 25 20 10 Equity method 57 21 33 Other income

58

31 13 Loan losses 6 4 4 8 8 4 6 8 Chg %

933
23
367
543

1,754 279 507 927 Q1/06

24

Depreciation

383

Other expenses

992

Total operating expenses

585

Staff costs 1,873 Total operating income 291 Net gains/losses on items at fair value 535 Net fee and commission income 1,004 Net interest income Q1/07 EURm

* Adjusted for full impact of IMB

*

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29

Income statement summary

882 881 Profit before loan losses

20
7
84
2

26

2
3
1

27 43

6
3

Chg % 966 895 Operating profit 876 701 Net profit 7 10 Equity method 26 33 Other income 82 13 Loan losses

1,016
19
391
606

1,898 310 549 1,006 Q4/06

24

Depreciation

383

Other expenses

992

Total operating expenses

585

Staff costs 1.873 Total operating income 291 Net gains/losses on items at fair value 535 Net fee and commission income 1,004 Net interest income Q1/07 EURm

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Net interest income

EURm YoY

Up 8%
Lending volume growth largely

compensated for margin pressure

Total lending up 16% SME lending up 14% Consumer lending up 16%

Continued margin pressure
Both household and corporate deposits

margins improved following higher market interest rates

Q1oQ4

Day count effect negative of approx. EUR

20m

927 979 1,006 1,004 957

100 200 300 400 500 600 700 800 900 1,000 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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31

10

8 Treasury

7

30 Other, net

2

77 Total

9
47

Margin driven

28

75

21 65

86

YoY 8

Deposit margins
17

4 20

24

Q1oQ4

Lending margins
Deposit volumes
Lending volumes

Volume driven

Change in net interest income

EURm

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32

Net commission income

EURm YoY

Up 6%
Lending commissions up 14%

Following strong lending growth Strong contribution from Acquisition Finance

Card commission up 9%
Savings commission up 6%

Q1oQ4

Down 3% compared to strong Q4
Lending related commissions up

reflecting volume growth

Savings related commission stable

High transaction and performance related

fees in Q4

507 497 549 535 521

100 200 300 400 500 600 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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Breakdown of commission income - gross

306 319 338 335 325 301 359 356 175 177 177 171 183 187 197 181 90 87 98 88 86 87 91 100 48 32 59 41 45 36 49 37

40 80 120 160 200 240 280 320 360 400 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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

265 205 277 28 3 19 33 18 220 273

50 100 150 200 250 300 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Business Areas Treasury and eliminations

YoY

Up 4% from a high level in the first

quarter 2006

Up 3% in Business Areas
Continued successful penetration of small and

medium-sized companies

Growth in both fixed-income and equity products

Q1oQ4

High income level from Q4 maintained

in Q1

All time high revenues in Markets

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35

40 273 57 3 124 89 Q1/07 44 277 80 6 93 98 Q4/06 8 205 51 7 72 75 Q3/06 7 220 61 4 68 87 Q2/06 8 Asset Mgmt 96 CIB 40 Group Treasury 265 BAs 69 92 Q1/06 Life Retail Net/gains losses, EURm

Increased revenues from net/gains losses in Business areas

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Operating income

EURm YoY

Up 8% when excluding IMB
Reported up 6%
Net interest income up 8%
Volume growth largely compensating for pressure on

lending margins

Increased contribution from deposits
Commission income up 6%

Q1oQ4

Down by 1% from seasonally high Q4
Day effect on NII

* Excl. gain from sale of IMB shares 1,754 1,734 1,898 1,873 1,780

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

*

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Revenue growth in Nordea

1,754 Income Jan-Mar 07 Volumes, margins lending Savings: AM, Life and savings accounts Markets

10

+23 +35 Income Jan-Mar 06

EURm

1,873 +23 Other +12 Poland & Baltics +119 +36 Transaction accounts

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Expenses

EURm YoY

Costs up 6%
Investments in growth areas
Increased variable salaries
Cost increase in business areas 4%
Basel II and other strategic projects explains the

remaining increase

Staff costs up 8%
Wage increases 4%-points
Higher variable salaries 1.5%-points
Increase in FTEs 1%-points
Increased costs for training and other costs 1.5%-

points Q1oQ4

Down by 2%

543 550 606 585 367 372 355 391 383 23 21 23 19 24 552

100 200 300 400 500 600 700 800 900 1,000 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Staff costs Other expenses Depreciation

933 1,016 928 945 992

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39

Investments in future growth

Increase in variable salaries and profit sharing Investments in areas like Nordic markets (in particular Sweden), Private Banking, Poland Expenses Jan-Mar 07 Basel II and

ther

strategic projects Expenses Jan-Mar 06 EURm Investments in growth areas* +59 +15 Other +9 +15 +20 992 933 1.0% 1.6% 2.1% 1.6% 6.3%

Cost increase less than

2% when excluding investments and variable salaries

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Staff costs

Staff costs Q1 2007 Wage increases Higher variable salaries and profit sharing Increase in FTEs, net Staff costs Q1 2006

EURm

No. of recruited

FTEs: approx. 2,500

No. of FTEs that

has left: approx. 2,200

Training and

ther costs

related to the

rganic growth

strategy +9 +42 +20 543 +5 +8 585 4% 1.5% 1% 1.5% 8%

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41

Number of FTEs

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

processing and staff units

29,052 29,201 29,396 29,249 29,383

4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 334 29,052 29.383 Total 1,036 Orgresbank 347 1,415 1,762

f which P&B
312

6,267 5,955 Group Functions 646 22,785 23,428 BAs 10

322

38 378 227 Chg YoY 1,142 5,125 2,038 3,236 17.511 Q1/06 1,152 4,803 2,076 3,614 17,738 Q1/07 Group Staffs CIB GPT AM & Life Retail FTEs

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42

Loan losses

EURm YoY

Recoveries maintained at high level

and limited new provisions

Provisions include EUR 20m for

collectively assessed loans related to the property market in the Baltics

Provision reflects increased macro-economic risk in

the region

Nordea is confident in the overall quality of it’s

Baltic credit portfolio

7
89
55
82
13
101
31
23
120
100
80
60
40
20

20 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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69% 354 47% 0.40% 852

764

1,616 Q4 2006 396 364 Allowances for collectively assessed loans 82% 76% Total allowances / Impaired loans, gross individually assessed 0.37% 0.31% Impaired loans, net / lending (%) 58% 49% Allowances, individually assessed / Impaired loans, gross, 706 687 Impaired loans, net, individually assessed 975 668 Allowances for individually assessed loans 1,355 Q1 2007 1,681 Q1 2006 Impaired loans, gross, individually assessed EURm

Impaired loans

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Net profit

EURm YoY

Up 7% excluding IMB
Reported up 5%
Effective tax rate 22% following

revaluation of the deferred tax asset in Finland

Q1oQ4

Down 20%
Lower loan loss reversals in Q1 EUR 13m

(EUR 82m)

Low tax cost in Q4
Profit before loan losses sustained

665 673 876 701 740 100 200 300 400 500 600 700 800 900 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

*

*Excl. gain from sale of IMB shares

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45

Improved profitability

%

Strong RoE at 18% - Q1/06 20%
Higher equity 2007
Risk adjusted return on capital at risk

continues to improve 23.7% (23.0%)

18.0 21.5 18.0 20.6 22.7 23.7

5 10 15 20 25 2005 2006 Jan-Mar 07 RoE RaRoCar

*

*Excl. gain from sale of IMB shares ** Risk-adjusted return on capital at risk

**

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Growth in risk adjusted profit in line with long-term target

8 349 378 Economic Profit 9.0 169 517 201 91 933 12 (*) 1,754 Q1/06 198 cost of equity 8.0% (7.5%) 11 575 Risk adjusted profit 9.9 213 93 992 1,873 Q1/07 10 Chg % Economic capital standard tax expected losses total operating expenses non recurring items Total income EURm

* IMB revenues

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47

Strong increase in risk-adjusted EPS

0.26 0.20 0.27 0.22

0.05 0.1 0.15 0.2 0.25 0.3 Reported EPS, EUR EPS, risk adjusted, EUR Jan- Mar 06 Jan-Mar 07

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48

Risk-weighted assets (RWA)

EURbn

RWA up 11%, EUR 8bn
Strong lending growth – mainly capital

intense lending

Non collateralised consumer lending up 22%
SME lending up 14%
CIB lending up 8%
Orgresbank included

174 180 185 185 193

20 40 60 80 100 120 140 160 180 200 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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49

Capital position

%

Tier 1 ratio 6.8%
Total impact of Orgresbank 15bps
Impact of changed regulations 5bps
Total capital ratio 9.4%

6.8 6.9 7.1 6.8 6.8

1 2 3 4 5 6 7 8 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

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50

Return on risk weighted assets, rolling 4 quarters

153 159 162 169 174 180 185 185 193 1.26 1.42 1.45 1.41 1.47 1.44 1.46 1.62 1.61 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 Q1/07 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

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51

Capital management

Equity up 18% YoY

RoE 18% (20%)

Economic Capital up 10% to EUR 9.9bn

Increased credit risk exposure following increased lending of 16%

Risk adjusted return (RaRoCar) continues to improve 23.7 % (23.0%)
Tier 1 unchanged YoY at 6.8%

RWA up 11% Effected by Orgresbank

AGM decision to authorise the Board of Directors’ on acquisition of own

shares up to 10% of the capital

Plan to report RWA under the Basel II framework from the second quarter

2007

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52

Improved rating

AA Long R-1 (high) Short DBRS AA- F1+ AA- A-1+ Aa1 P-1 Nordea Bank AB Short S&P Long Long Short Long Short Fitch Moody’s

Moody’s upgraded Nordea Bank AB two notches to Aa1 in March/April

SLIDE 53

Business trends

SLIDE 54

54

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 Q1/07

Corporate Housing loans Other loans Public sector

EURbn

148 146 182 149 147 147 156 155 170 161 175 189 199 191 201 214 222

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55

Household mortgages, volumes and margins

42.7 44.2 46.8 48.2 49.6 52.9 54.7 56.6 57.8 60.1 63.0 65.2 66.9 69.4 71.8 74.9 76.3 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 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 Q1/07 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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56

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 16.4 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 Q1/07

0.2

0.3 0.8 1.3 1.8 2.3 2.8 3.3 3.8 4.3 4.8

EURbn %

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57

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 81.1 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 Q1/07 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4

EURbn %

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58

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 24.5 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 Q1/07 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 59

59

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 Q1/07

Of which household deposits

EURbn

97 98 92 96 93 91 95 105 105 108 106 116 119 113 119 126 126

SLIDE 60

60

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 51.4 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 Q1/07 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 61

61

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 37.3 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 Q1/07 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

EURbn %

SLIDE 62

62

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 27.1 2 4 6 8 10 12 14 16 18 20 22 24 26 28 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 Q1/07 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 63

63

Structural Interest Income Risk (SIIR)

249

220 Q1/07

161

131 Q1/06

220

206 Q4/06 Decreasing market rates, 100bp Increasing market rates, 100bp EURm, annualised effect on NII*

Increased SIIR following higher business volumes
Reduced duration in ALM programme

*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.

SLIDE 64

64

20 40 60 80 100 120 140 160 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Nordic Retail funds (*) European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Assets under management

EURbn YoY

Up 12%
Continued strong growth in

Nordic Private Banking, up 23%

Volumes from Institutional

clients up 20%

Q1oQ4

Up 3%
Nordic Private Banking up 6%
Continued inflow and strong

markets explain the increase

149 144 146 158 163

(*) Numbers restated for removal of administrative mandate

SLIDE 65

65

7
6
5
4
3
2
1

1 2 3 4 5 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Net inflows

EURbn Q1/Q4

Net inflow EUR 2.6bn in Q1
7% annualised
Net inflow in Nordic Private

Banking EUR 1.2bn and Institutional clients EUR 1.1bn

Continued growth of the Nordic customer

base

Net outflow from Retail funds of

EUR 0.3bn in Q1

Outflow mainly restricted to older funds in

Sweden

Continued positive inflow from

European Fund Distribution

1.8 3.4 3.3 2.0 2,6

SLIDE 66

66

Retail Banking profit before loan losses

EURm YoY

Revenues up 5%

Strongest growth in Finland (11%), Denmark and

Sweden up 6% and 55 respectively

Margin pressure in Norway – revenues down 5% Improved deposit margins contributing to the income

growth in all markets – in particular Finland

Profit before loan losses up 5%

Strongest growth in Finland, up 20%

RaRoCar 25%

575 588 595 601 595 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

27 53 Q1/06 26 53 FY 2006 25 53 Q1/07 RaRoCar, % C/I ratio, % Key ratios

SLIDE 67

67

Retail Banking

25.2 51.2 60 21 Q1/07 151 147

218

365 Q1/07 Sweden 21.8 46.5 60 22 Q1/06 6% 4% 3% 3% Chg 13.5 26.5 51 26 Q1/06

38%
21%

9%

5%

Chg 15.6 30.5 59 18 Q1/07 71 71

104

175 Q1/07 Norway Finland Denmark 24.1 36.4 49 33 Q1/06 26% 20% 2% 11% Chg 25.6 40.9 45 37 Q1/07 224 202

165

367 Q1/07 45.5 54.3 Lending, bn 22.3 20.5 Deposits, bn 52 52 C/I ratio, % 24 27 RaRoCar, % Q1/07 Q1/06 1% 179 Operating profit 5% 179 Profit before loan losses 6% 6% Chg

192

Total expenses 371 Total income Q1/07 EURm

SLIDE 68

68

CIB profit before loan losses

EURm YoY

Revenues up 10%
Up 15% excl. IMB
Strong growth in Poland and the Baltics, revenues

up 40%

Continued strong deal flow within FID
Shipping, Offshore and Oil divisions maintain at

high level

Profit before loan losses up 14%
Up 26% excl. IMB
Business activity high, especially in the capital

markets area

Limited cost increase

164 145 158 187 157 20 40 60 80 100 120 140 160 180 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

24 46 Q1/06 22* 49* FY 2006 26 45 Q1/07 RaRoCar, % C/I ratio, % Key ratios *

*Excl. gain from sale of IMB shares

SLIDE 69

69

CIB

2.4 5.2 60

Q1/07

16 16

24

40

Q1/07

P&B 1.8 3.4 66

Q1/06 100% 60% 26% 38% Chg

4.3 8.6 19

Q1/06 2% 2% 0% 2% Chg

4.5 9.9 19

Q1/07

43 43

10

53

Q1/07

SOOSD FID CBD 10.4 2.0 56

Q1/06 38% 38%

5%

14% Chg

14.5 1.7 47

Q1/07

40 40

35

75

Q1/07

12.0 12.9

Lending, bn

8.2 6.6

Deposits, bn

33 31

C/I ratio, % Q1/07 Q1/06 31%

71

Operating profit 8%

71

Profit before loan losses

5%

3% Chg*

35

Total expenses

106

Total income Q1/07 EURm

* Adjusted for IMB

SLIDE 70

70

Asset Management product result

EURm YoY

Income up 7%
Management fees up 11%, driven by increased

AuM

Transaction related income down 10%
Total income margin unchanged at 71bps
Product result up 9%
Continued growth within Nordic

Private Banking

AuM up 23% and number of customers up 13%
Pressure on margins
Unchanged profit margin at 36bps -
excl. Nordic Private Banking

92 78 113 100 85 10 20 30 40 50 60 70 80 90 100 110 120 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

146 49 Q1/06 163 48 Q1/07 AuM, EURbn C/I ratio, % Key ratios

SLIDE 71

71

Life insurance, product result

EURm YoY

Life premiums up 5% despite negative

sales effects on Swedish portfolio from regulatory changes

A loss of more than 1/3 of the Swedish premium

income

Compensated by strong premium growth in

Denmark, Norway and Poland

Total investment assets up 9%

Q1/Q4

Life product result down from

exceptional high Q4

56 61 74 58 52 10 20 30 40 50 60 70 80 90 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

7.5 0.2 Q1/06 8.0 1.1 Q1/07 Financial buffers, % Inv return, % Key ratios

SLIDE 72

72

Group Treasury, operating profit

15 10 6 39 27 34 21 34 42 32

20 40 60 80 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Group Investment Group Funding

EURm

Higher investments earnings and

gross investment returns

Investment return Q1 1.25% - 5.06% annualised,

well above required rate of return of 4%

Strong funding activity

SLIDE 73

73

Summary

Organic growth strategy continues to pay off

Revenues +8% Total lending +16% AuM +12 %

Strong performance in all business areas Cost management unchanged alongside growth plans Clearly identified strategic initiatives to improve performance further New organisation and operating model to support growth strategy On track with financial targets

Risk adjusted profit +11% Gap 1.2 percentage points Outlook unchanged

SLIDE 74

Facts & figures

SLIDE 75

75

Facts & Figures, content

Credit quality

Page 76

Economic capital

Page 85

Business areas

Page 88

Balance sheet

Page 117

Market shares

Page 120

Appendix

Page 127

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 22 119 93 79 24

10 20 30 40 50 60 70 80 90 100 110 120 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 Q1/07

Corporate lending Housing loans Other loans

EURbn * Excluding public sector

SLIDE 78

78

Public sector 2.1% Household customers 45.0% Companies 52.9% Household customers 44.6% Public sector 1.8% Companies 53.6%

End Q1/06, EUR 190.7bn End Q1/07, EUR 222.2bn

Loan portfolio by customer group

SLIDE 79

79

Housing loans 78.8% Other loans 21.2%

Lending to household customers

End of Q1/07 EUR 98.7bn

Other loans comprise
Consumer credits
Investment credits
Car financing
Overdraft facilities
Credit cards
Home equity credits

SLIDE 80

80

Other 8% Real estate 26% Construction 3% Agriculture & Fishing 5%

Transp. &

Communication 6% Finance 11% Renting,Consulting and other services 10% Manufacturing 15% Commerce and services 11% Shipping & Offshore 5%

Lending to companies by industry

End of Q1/07 EUR 119.5bn

SLIDE 81

81

222,2 5,9 6,6 13.9 12,4 12,7 17,5 12,6 6,7 3,6 31,6 98,7 Q1/07 214.0 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 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

USA 1.0% Latin America 0.7% Other 7.3% Nordic countries and P&B 92.7% EU countries 3.4% Other non OECD 0.8% Other OECD 0.4% Asien 1.0%

Lending by geographical area

End of Q1/07 EUR 222.2bn

Nordic countries and P&B, EURbn

Denmark

60.7

Sweden

59.8

Finland

44.7

Norway

35.5

P&B

5.4

SLIDE 83

83

8 8 Financial operations 3 1 4 Public sector 3 4 6 Shipping 26 21 47 Construction 16 22 38 Transport, communication 17 17 35 Agriculture & Fishing 65 104 169 Renting, Consulting and other services 22 13 35 Other companies 87 96 183 Trade and services 163 178 341 Manufacturing 696 59 124 Provisions 1,355 120 322 Gross 659 62 198 Net Total Real estate Household customers

EURm. End of Q1/07

Impaired loans

SLIDE 84

84

Loan losses

EURm 192 92 58 86 299

215
123
147
140
381
23
31
89
54
82.4

126

140
13
420
370
320
270
220
170
120
70
20

30 80 130 180 230 280 330 Q3/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Gross Reversals Net

YoY

Positive net loan losses reflecting

recoveries maintained at high level and limited new provisions

Provisions include EUR 20m for

collectively assessed loan related to the property market in the Baltics

SLIDE 85

Economic capital

SLIDE 86

86

Economic capital (EC)

EURbn 8.9 9.0 9.2 9.3 9.6 9.9 9.0 1 2 3 4 5 6 7 8 9 10 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

1,110 Life 1.923 CIB 124 Asset Mgmt 453 116 Treasury GPT 2 Other 6.156 Retail Banking 9,884 Q1/07 Total EC per business area (EURm)

SLIDE 87

87

Economic capital – distribution

End of Q1/07

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 88

Retail Banking

SLIDE 89

89

Retail Banking lending and deposit volumes

25.2 15.6 25.6 22.3 Q1/07 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 11.9 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 20.6 24.0 19.3 Q2/05 Denmark Sweden Finland Deposits, EURbn 51.2 30.5 40.9 54.3 Q1/07 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 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 Denmark Sweden Finland Lending, EURbn

SLIDE 90

90

Retail Banking breakdown of lending

4.6 17.6 18.8 Q1/07 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 3.8 14.2 15.9 Q2/05 Corporate Consumer lending Households mortgages Finland, EURbn 6.7 23.1 22.9 Q1/07 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 5.7 17.9 16.1 Q2/05 Corporate Consumer lending Household mortgages Denmark, EURbn

SLIDE 91

91

Retail Banking breakdown of lending

4.0 20.3 25.2 Q1/07 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 22.2 Q2/05 Corporate Consumer lending Household mortgages Sweden, EURbn 1.1 15.3 14.3 Q1/07 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 0.8 11.4 11.1 Q2/05 Corporate Consumer lending Household mortgages Norway, EURbn

SLIDE 92

92

Retail Banking breakdown of deposits

8.2 9.7 7.8 Q1/07 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 6.6 10.3 7.2 Q2/05 Corporate Households, savings accounts Households, current accounts Finland, EURbn 10.7 3.2 8.4 Q1/07 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 Corporate Households, savings accounts Households, current accounts Denmark, EURbn

SLIDE 93

93

Retail Banking breakdown of deposits

8.4 5.3 11.5 Q1/07 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 6.5 4.8 9.4 Q2/05 Corporate Households, savings accounts Households, current accounts Sweden, EURbn 4.0 1.9 9.6 Q1/07 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 Corporate Households, savings accounts Households, current accounts Norway, EURbn

SLIDE 94

94

Retail Banking margins

1.76 1.05 3.25 0.56 0.90 Q1/07 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 0.85 0.81 0.76 0.75 Mortgages, households 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 1.53 1.06 1.09 Q2/05 Lending to SME’s Deposits, households Deposits, SME’s %

SLIDE 95

Payments & transactions

SLIDE 96

96

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- 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 Feb-07 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 Q1/07 Denmark Finland Norway Sweden Mill.

SLIDE 97

97

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 Jan-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 Q1/07

Mill.

SLIDE 98

98

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 Q1 07

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

SLIDE 99

99

Payment transactions, households

330 45.7 28.7 36.5 188.8 3.8 26.1 Q1/2007 97.6 117.3 139.3 155.7 168.3 E-banking payments 961 1,026 1,109 1,204 1,300 Total 81.5 204.4 395.5 31.7 150.6 2002 86.1 197.4 459.9 27.1 137.7 2003 98.5 190.4 527.8 23.6 129.1 2004 621.0 735.1 Card payments 19.7 16.3 Payterminals 124.6 108.7 Manual transactions 181.7 164.8 Cash withdrawal ATM 106.3 2006 101.2 2005 Direct debit Mill.

SLIDE 100

Corporate and Institutional Banking

SLIDE 101

101

CIB lending and deposit volumes and margins

0,85 38.2 5.2 9.9 1.7 12.9 Q1/07 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 Total* Poland and Baltic Corporate Banking Division International and Shipping Division Financial Institutions Division Lending, EURbn Margins**, % * Incl. Markets volumes ** Excl. Markets and Poland & Baltics 0,36 31.0 2.4 4.5 14.5 8.2 Q1/07 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 Total* Poland and Baltic Corporate Banking Division International and Shipping Division Financial Institutions Division Deposits, EURbn Margins**,%

SLIDE 102

102

Nordea operations in Poland and the Baltic countries

16** 6 2 7 4 Operating profit (Q1), EURm 1.1 % 2.3 % 3.1 % 6.6 % Market share, deposits, % 18 1.7 % 1,306 1,786 2,203 912 48 374,850 Poland 7 5 4 Country position, overall 1,773 207 356 286 Number of FTEs 95 12 18 17 Branches/salespoints 1,263,750* 57,350 47,500 55,050 Customers 6,265 1,076 1,612 1,374 Total assets, EURm 8.3 % 353 1,570 Latvia 9.4 % 524 1,260 Estonia 6.5 % 224 963 Lithuania Market share, lending, % 2,407 Deposits & Funds, EURm 5,579 Commitments***, EURm Total End of Q1/07

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

SLIDE 103

Asset Management & Life Insurance

SLIDE 104

104

Breakdown of AuM by market and channels

* All funds targeted at Nordic Retail segment. ** Includes pension pools products

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 Q1/07 EURbn 162.7 38.2 8.7 7.5 1.8 18.8 0.2

5.8
18.7

16.5 2.6 9.5

12.1

4.9 3.6 3.1 3.2 0.6 18.7 9.1 5.3

6.9

3.9 1.2 58.2 38.0 13.3 32.7 19.9 0.6 27.5 54.2 5.8 37.0 Life & Pensions**

SLIDE 105

105

71 67 65 79 71

22
22
21
23
21

36 32 31 43 36

30
20
10

10 20 30 40 50 60 70 80 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Income margin Operating expenses margin Result margin

Asset Management – margins*

Bps

Margins in line with first quarter last year
Underlying changes in income margin mix,

as management fee margins are up and transaction income margins down compared to first quarter last year

Minor change in asset mix – international

fixed income assets down and Nordic fixed income assets up

*Margins calculated using average AuM for Asset Management Activities excl. Nordic Private Banking activities.

SLIDE 106

106

Asset structure*

Q1/07

*Average AuM for Asset Management activities excl. Nordic Private Banking activities.

Q1/06

Nordic fixed income 41% Int'l. equities 28% Nordic equities 14% Int'l. fixed income 17% Nordic fixed income 43% Int'l. equities 28% Nordic equities 15% Int'l. fixed income 14%

SLIDE 107

107

European fund distribution

1,000

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Inflow AuM

EURbn

5798 115

SLIDE 108

108

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 109

109

Life - profit drivers

416 605 1.021 32 58

5

17 46

3

8 5

1

37 Q1/07 511 602 1.112 37 74

5

12 67 4 11 9

4

47 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 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 110

110

Life – net written premiums by market

1.021 125 97 213 257 329 Q1/07 1.112 150 191 238 205 328 Q4/06 720 97 95 151 134 244 Q3/06 151 153 Sweden 107 124 Other 972 964 Total 236 205 Norway 237 262 Denmark 241 221 Finland Q1/06 Q2/06 EURm

SLIDE 111

111

Life, investments

EURbn

Equities

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

Bonds

3/4 Nordic issuers primarily government and

mortgage institutions

5 10 15 20 25 30 35

Q1/06 Q2/06 Q3/06 Q4/06 Q1/07

Equities Real Estate Alternative investments Bonds Unit linked

30,5 30,3 31,1 32,5 33,0

SLIDE 112

112

Life - asset allocation

22 23 32.5 33.0 Total 13 21 20 26 Q1/07 Equities, % 7 19 22 29 Q4/06 3.7 4.7 8.6 14.4 Q4/06 Q1/07 3.6 Sweden 4.9 Norway 8.8 Finland 14.5 Denmark Total, EURbn

SLIDE 113

113

Life - solvency situation

End of Q1/07 203 68 134 66 Sweden** 323 517 749 232 Finland 127 139 648 510 Denmark 239 237 406 170 Norway* Solvency in % of requirement Solvency buffer Actual solvency Required solvency EURm

* Excluding unit linked company ** Nordea Life Sweden I

SLIDE 114

114

Life – solvency sensitivity

End of Q1/07 203 239 323 127 Solvency in % of requirement 183 239 247 125 Equities drop 12% 200 239 358 125 Interest rates down 50bp 239 Norway 157 Sweden 128 Denmark Finland 290 Interest rates up 50bp

SLIDE 115

115

Life – financial buffers

10.6 13.6 6.1 7.3 13.3 Q1/07 2,337 220 228 386 1,503 Q1/07 12.4 210 Sweden

% of total provisions EURm

10.4 2,277 Total 6.8 361 Finland 13.1 1,474 Denmark 6.4 232 Norway Q4/06 Q4/06

SLIDE 116

116

Life – buffers in different scenarios

End of Q1/07

EURm

228 228 386 1,503 Financial buffers, actual 214 151 209 1,207 Equities drop 12% 182 231 467 1,444 Interest rates down 50bp 226 Norway 267 Sweden 1,518 Denmark Finland 309 Interest rates up 50bp

SLIDE 117

Balance sheet

SLIDE 118

118

Balance sheet

357,344 15,909 24,667 7,987 24,327 90,204 31,562 126,340 36,348 357,344 75,908 23,559 222,238 27,502 8,137 31 Mar 2007 321,196 13,613 20,780 8,009 22,377 87,742 28,808 113,306 26,561 321,196 69,050 22,756 190,687 31,819 6,884 31 Mar 2006 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 119

119

Capital base

193,244 8,974 184,270 9,40% 18,099

87
1,535

682 6,619 6.80% 13,102

1,905
1,951
340

1,440 15,858 Q1/07 185,398 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 RWA market risk Deductions for other investments Total capital base Total capital ratio

of which perpetual subordinated loans

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 120

Market shares

SLIDE 121

121

Market position in Nordic markets

9.7% 11.4% 30.8% 14.4%

consumer lending

4.3% 11.1% 27.9% 16.5% Life & Pensions* 13.9% 16.3% 35.2% 19.6%

lending

20.8% 16.2% 36.9% 23.2%

deposits

17.8% 8.4% 32.5% 21.6%

deposits

15.4% 11.8% 31.2% 15.3%

mortgage lending

2.1% 12.9% Sweden 2.9% 7.5% Norway 3.9% 27.1% Finland 7.8% 13.4% Denmark Corporate customers Brokerage (Jan 2007) Investment funds Personal customers Market shares

Statistics mainly from January -February 2007 * 12 months rolling as of end December

SLIDE 122

122

Personal customer deposits - market volume & share

10 20 30 40 50 60

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

F e b

7

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

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 Jan-07

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

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 Feb-07

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

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 500 600

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 Feb-07

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

SLIDE 123

123

Corporate deposits - market volume & share

5 10 15 20 25 30

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

F e b

7

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

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

J a n

7

14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 100 200 300 400 500 600

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-07 Feb-07

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

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 Feb-07

10% 15% 20% 25% 30%

SLIDE 124

124

Personal customer lending - market volume & share

10 20 30 40 50 60 70

Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07

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

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 Feb-07

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

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

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

7

F e b

7

8% 9% 10% 11% 12%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

100 200 300 400 500

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 Jan-07

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

SLIDE 125

125

Mortgage lending households - market volume & share

200 400 600 800 1000 1200

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 Feb-07

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

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

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

F e b

7

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

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

F e b

7

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

The Central Bank of Norway has changed market volume base figures from Jan 06

SLIDE 126

126

Corporate lending - market volume & share

10 20 30 40 50 60

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

F e b

7

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

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 Feb-07

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

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

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

F e b

7

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

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 Jan-07

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

SLIDE 127

Appendix

SLIDE 128

128

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+ Aa1 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+ Aa1 P-1 Nordea Bank N AA- F1+ Aa1 P-1 Nordea Bank F AA- F1+ Aa1 P-1 Nordea Bank D Fitch Moody’s

*Covered bond rating

SLIDE 129

129

6.7

15
5

5 15 25 35

Bank of Irland BNP HBoS Allied Irish Banks DnB NOR Swedbank Societe Generale SHB Erste Bank KBC Barclays RBoS Lloyds Danske Bank SEB Nordea Unicredito Commerzbank Hypovereinsbank ABN Amro

%

Top quartile

Total shareholder return (TSR) Ytd 2007 (2/1 2007 – 2/4 2007)

SLIDE 130

130

Largest registered shareholders, end March 2007

1.9 0.5 % 12.7 Varma Insurance 0.3 0.8 % 21.5 Second Swedish National Pension Fund 0.4 0.7 % 19.4 Third Swedish National Pension Fund 0.0 1.7 % 45.0 AMF Pension 37.3 2.8 % 71.9 Sampo Oyj 0.1 0.4 % 10.7 Govt of Singapore Inv Corp

4.9

0.7 % 18.4 First Swedish National Pension Fund

5.8

1.6 % 40.8 SEB Funds

0.2

0.4 % 10.5 Länsförsäkringar Funds

1.8

1.1 % 27.6 Nordea Funds 12.7

0.6

0.7 % 17.6 Fourth Swedish National Pension Fund 0.9 0.6 % 15.0 AMF Pension Funds 9.2 55.3 % 1434.2 Other 100.0 % 0.4 % 0.5 % 1.2 % 2.0 % 2.4 % 2.5 % 4.0 % 19.9 % Percent of Nordea 0,0 Nordea Profit-sharing Foundation 2,594.1 Total number of outstanding shares 0.6 63.9 Robur Funds 1.0 62.0 Alecta 0.0 515.6 Swedish state 0.0 102.5 Nordea Denmark Fund

0.8

53.0 SHB/SPP Funds 0.0 Henki-Sampo-Group

0.6

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

SLIDE 131

131

4.04 2.94 4.86 3.69 4.12 3.74 3.98 3.57 31-12-06 4.18 3.28 5.11 4.05 4.27 3.95 4.12 3.77 30-03-07 0.14 0.34 0.25 0.36 0.15 0.21 0.14 0.20 Change Q1/07 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 132

132

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 133

133

Financial calendar 2007

Q2 report 2007 will be published 19 July Q3 report 2007 will be published 25 October (please note change of date)

www.nordea.com/ir

SLIDE 134

134

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.