Presentation for Investors 18 February 2004 Contents Press slides - - PowerPoint PPT Presentation

Presentation for Investors 18 February 2004

2

Contents

Press slides

Page 3

Financial highlights Q4/03

Page 18

Credit quality

Page 52

Economic capital

Page 67

Nordea

Page 72

Business areas

Page 80

Balance sheet

Page 123

Market shares

Page 130

Appendix

Page 146

Year-end Report 2003 Press conference

18 February 2004 Lars G Nordström President and Group CEO

4

Solid improvements in 2003

• Net profit up 68% to EUR 1,490m (EUR 887m in 2002)
• Operating profit up 17% to EUR 1,812m (EUR 1,547m)
• Total income largely unchanged at EUR 5,639m (EUR 5,670m)
• Total costs down 2%
• Earnings per share EUR 0.51 (EUR 0.30)
• Return on equity (excluding goodwill) 16.7% (11.3%)
• Proposed dividend EUR 0.25 per share, an increase by 9%

5

Underlying positive trend confirmed in Q4

• Operating profit EUR 383m (EUR 470m in Q3)
• Total income at EUR 1,399m (EUR 1,403m); net interest and

commission income up

• Costs largely unchanged on a comparable basis taking reservation for

profit sharing and start-up costs related to the joint venture with IBM into account

• Loan losses down to EUR 84m (EUR 89m)
• Net profit EUR 202m (EUR 628m) reflecting write-down related to the

real estate divestment process, and a deferred tax income in Q3

6

Short-term top priorities have been addressed - delivering on promises

Reduce volatility and ensure growth of income Improve cost control Ensure capital efficiency Maintain credit portfolio quality

7

Volatility has been reduced

• Investment earnings up EUR

48m

–

position taking benefited from reduced interest rates particularly in Q2

• Operating profit in Life &

Pensions up EUR 147m

–

gradual implementation of changed business model

–

new model key element in reducing volatility

• Earnings volatility significantly

down in 2003

11 31 39 41 29 81 27 33

• 34
• 113
• 17

44 19 50 40 40

• 125
• 100
• 75
• 50
• 25

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

Investment earnings and insurance

• perating profit Q1/02-Q4/03

8

• Marginal increase when including

currency effect

• Net interest income down 2%

–

pressure on deposit margins following lower interest rates

–

compensated by increase in mortgage lending

• Commission income slightly down

–

brokerage reduced

–

strong net inflows within Asset Management

–

continued growth in payment commissions

• Increased trading income

Income maintained at a stable level

Income Q1/02-Q4/031

1 Insurance reported according to the one-line principle

1382 1425 1406 1457 1374 1463 1403 1399 400 800 1200 1600 2000 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Income EURm

9

Costs are kept well within the flat cost target

• Reported expenses including

profit sharing down EUR 72m

• r 2% to EUR 3,673m
• Underlying expenses down
• approx. 5.5%

–

profit sharing

–

new business, Poland

–

higher restructuring costs

–

higher variable salaries

–

f/x effects

• Costs in 2004 are expected to

be unchanged compared to 2003

925 993 917 881 973 902 922 905 67 61 66 65 63 64 58 64

200 400 600 800 1000 1200 EURm 20 40 60 80 100 Costs C/I ratio

Costs and C/I ratio Q1/02-Q4/03

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

10

• Number of full-time

employees (FTE) down by 3,510 to 30,761

–

900 FTEs to joint venture with IBM

–

500 FTEs related to the sale

• f Huoneistokeskus
• Number of FTEs down 6% on

a comparable basis in 2003

Number of employees down

Full time equivalents (FTEs) Q1/02-Q4/03 (end of period)

35300 34600 33888 34271 33879 32949 32227 30761 4400 4400 5000 10000 15000 20000 25000 30000 35000 40000 45000 Nordea Group excl. GI General Insurance (GI) Number

• f FTEs

LG Petro Bank included as from December 2002

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

11

Capital efficiency strengthened

10.2 10.4 9.9 10.2 9.5 9.1 8.9 9,0 2 4 6 8 10 12 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

Economic capital 01/02-Q4/03

EURbn

• Economic capital reduced by

EUR 1.3bn since end of 2002

• Divestment of real estate and
• ther non-core assets
• Growth of off-balance-sheet

business

• Implementation of economic

capital and economic profit framework

• Regulatory capital ratios

maintained well above targets

• Repurchase of own shares

Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Tier 1 7.2 7.4 7.0 7.1 7.2 7.5 7.5 7.3 Total 9.2 8.9 9.0 9.9 9.7 9.8 9.8 9.3 RWA 140 136 137 135 137 135 135 134

12

Credit portfolio in general in healthy shape

66 76 89 84 63 56 92 98

25 50 75 100 125 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

Loan losses Loan losses ratio (acc. and annualised) EURm %

• Concentration on Nordic

customers has helped maintain good credit quality

• Loan losses were EUR 102m

higher than in 2002, but slightly decreasing throughout 2003

• Majority of loan losses stems

from the Norwegian lending portfolio - especially fish farming

• Loan losses correspond to

0.25% of total loans and guarantees

Loan losses Q1/02-Q4/03

13

Increased dividend per share proposed

4.2% 48% 712 0.25 Dividend yield (calculated on share price 30 Dec, 2003) Pay-out ratio (of the net profit, target >40%) Total, EURm Per share, EUR

14

10 20 30 40 50 60 70 80 90 100 110 120 COMMERZBANK SEB NORDEA DnB NOR HYPOVEREINSBANK SWEDBANK BARCLAYS BNP SOCIETE GENERALE SHB ABN AMRO KBC DANSKE BANK SAMPO HBOS RBOS BANK OF IRELAND LLOYDS TSB ABBEY NATIONAL ALLIED IRISH BANK

Total shareholder return (TSR) 2003

Nordea peer group

Source: Bloomberg 31/12-2003 %

15

Strategic themes 2004

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

16

In summary

Increased focus and speed led to improved performance in 2003 Mission accomplished - delivering on our promises

– Volatility has been reduced and income maintained at a stable level – Costs are kept well within the flat cost target – strict cost management leads to

raised cost ambition for 2004

– Capital efficiency has been strengthened – Credit losses slightly decreasing throughout the year – credit portfolio in general in

healthy shape Platform for future improvements in place

– Continued strict cost and risk management – Special attention on income development

17

Financial highlights Q4/03

18

• 15
• 10
• 5

5 10 15 20 25 30 Q1/03 Q2/03 Q3/03 Q4/03 Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones

Market development – stock market indexes

%

19

+0.37

• 0.02
• 0.20
• 0.54

+0.30 +0.02 +0.40 Change Q4/03 3.77 2.82 4.04 2.76 3.34 2.10 3.10 2.07 30-09-03

• 1.05

2.80 Short, SE 4.14 Long, SE

• 4.47

2.22 Short, NO

• 1.59

3.84 Long, NO

• 0.04

3.64 Long, DK

• 0.94

2.12 Short, DK +0.09 3.50 Long, EUR (5 years)

• 0.93

2.07 Short, EUR (one week) Change 2003 31-12-03 %

Market development – interest rates

20

1 2 3 4 5 6 7 EUR DKK SEK NOK Q1/03 Q2/03 Q3/03 Q4/03

Short interest rates - average (one week)

%

21

Net interest income

885 835 843 838 850

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

YoY:

Nii down 2% Pressure on deposit margins Strong demand for mortgages Corporate lending margins

improved

QoQ:

Nii up 1% Interest rates at historical low level Deposit margins stable overall

– supported by ”hedges”

Improved corporate lending

margins EURm

22

Nii – active management of interest rate exposure

Falling interest rates have had a negative impact on

deposit margins in 2003

“Hedges” reduced negative effect on Nii in H2 2003 by

• approx. EUR 10-15m per quarter

Effect expected to be reduced from and including Q2 2004

23

Structural Interest Income Risk (SIIR)

• 251

275

Q4/03

• 240

220

Q3/03

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

• Increased SIIR

–

maturity of current ”hedges” shortened compared to Q3 *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.

24

108 104 114 120 129 195 179 191 194 200 35 24 20 28 35 95 88 87 88 88 61 44 40 47 47

• 88
• 76
• 80
• 84
• 94
• 100

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

Asset management Payments & deposits Brokerage Lending Other Expenses

EURm

Net commission income

YoY:

Down 3%

–

reflecting mainly lower brokerage income

–

partly compensated by Asset Mgmt and payments QoQ:

Up 2% AuM up 6% to EUR 113bn

–

high net inflows

–

strengthening of equity markets

Payment commissions

improved

–

card payments up 8%

388 353 366 379 388

25

Trading

130 157 155 130 125

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

YoY:

Increased by 7% Leading Nordic provider of

derivatives and debt capital market services

High quality earnings

– customer driven revenue

stream QoQ:

Largely unchanged reflecting

maintained activity level

EURm

26

Total income

5,639 5,670 1000 2000 3000 4000 5000 6000 2002 2003

YoY:

Maintained income level despite

difficult markets

– negative currency effect of 1%

Net interest income down 2%

– pressure on deposit margins

following lower interest rates

– compensated by increase in

mortgage lending

Commission income down 3%

– brokerage reduced – strong net inflows within Asset Mgmt – continued growth in payment

commissions

Increased trading income Other income includes non-recurring

items in 2003 EURm

27

Expenses – underlying development

3,464 3,666 500 1000 1500 2000 2500 3000 3500 4000 2002 2003

YoY:

Reported expenses down 2%

– personnel expenses increased

by 1%

– other expenses decreased 8%

Underlying expenses down 6%

– profit sharing – new business, Poland – higher restructuring costs – higher variable salaries – f/x effects

EURm 3,745 3,673

28

545 520 539 531 511 448 397 363 350 416 46 200 400 600 800 1000 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 Personnel Other Profit sharing

EURm

Expenses

QoQ:

Expenses increased by EUR

92m in Q4 of which:

–

profit sharing EUR 46m

–

Start-up IBM JV EUR 30m

Variable salaries and

restructuring costs increased EUR 12m

Shift of EUR 12m between

personnel and other due to IBM JV

Underlying costs unchanged

917 993 902 881 973

29

Development of FTEs

30,761 32,227 34,271 33,879 32,949

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

• 6%

Underlying change

• 10%

Change 34,271 30,761 Total +1,321 Outsourced/ insourced 1,684 6,772 1,796 2,102 18,407 2003 1,951 7,710 1,866 2,444 20,300 2002 Other CIB GPT AM & Life Retail FTEs

End of period

30

Loan losses

219 236 246 221 229

• 143
• 138
• 154
• 132
• 145

76 98 92 89 84

• 200
• 100

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

EURm YoY:

Loan loss ratio 0.25% in 2003 Loan losses concentrated to

Norwegian retail portfolio

Large part relates to fish

farming

Pan Fish shares valued at

zero

QoQ:

Loan loss ratio 0.23% in Q4

31

Investment earnings, banking

41 29 81 27 33

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

YoY:

Increased EUR 48m Gains on fixed income

portfolio in H1

Gains on equity portfolio in H2

QoQ:

Equity portfolios performed

well

Positive contribution also from

fixed income portfolios

EURm

32

Operating profit, Life insurance

149 2 25 50 75 100 125 150 175 200 2002 2003

YoY:

Substantially Increased profit

in 2003

Gradual implementation of

changed business model

Higher investment return

– 5.8% in 2003 (0.2% in 2002) – financial buffers increased

QoQ:

Maintained profit level

EURm

33

Income statement summary

1,547

• 171
• 122

2 122 1,716 52

• 261
• 3,745

5,670 2002

17

• 3
• 2
• 1

Change % 149 Operating profit, life insurance 170 Investment earnings, banking

1,812 Operating profit

• 167

Goodwill depreciation

• Operating profit, general insurance

1,660 Profit before inv. earnings and insurance 57 Equity method

• 363

Loan losses, net

• 3,673

Total expenses 5,639 Total income 2003 EURm

34

Real estate holdings reduced

0.7 0.2 0.1 0.4 2003 0.2 Non owner occupied properties 1.8 0.4 1.2 2002 Total Shares in real estate companies Owner occupied properties Book value. EURbn

2003

Divestment of residential

property and owner-occupied properties in Denmark

Sale of shares in Nordisk

Renting and Citycon

Divestment of 97 offices in

Finland, Norway and Sweden 2004

Further properties in Finland

sold

Letter of intent signed

regarding remaining properties

Write-down of EUR 115m in Q4 Expected gain of approx. EUR 300m in

2004

– net financial effect of real estate disposals

expected to be a gain of approx. EUR 200m

35

Net profit

887 1,490

300 600 900 1200 1500 2002 2003

Increased by 68% Operating profit up 17% Deferred tax income of EUR

300m included in Q3/03

Write-down of real estate

included at year-end, EUR 115m

Allocation to pension fund in

2002 (EUR 255m)

EURm

36

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

Key figures

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

14.5% 16.7% RoE adjusted to standard tax and for real estate write-down RoE 2003 EUR 0.43 EUR 0.51 EPS 2003 adjusted to standard tax and for real estate write-down EPS 2003

37

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

EUR

Earnings per share – 12 months rolling

38

Increased dividend proposed

14 April

Payment date

5 April

Record date

1 April 4.2% 48% 712 0.25

Ex dividend date Dividend yield (calculated on share price Dec 30, 2003) Pay-out ratio (of the net profit, target >40%) Total, EURm Per share, EUR

39

Balance sheet - key items

134.4 262.2 12.2 95.6 145.6 2003 134.7 249.6 11.9 94.2 145.7 2002 Risk-weighted assets 5 Total assets 2 Shareholders’ equity 1 Deposits Lending Change, 12 months %

EURbn

End of period

40 Lending

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

Lending and deposits

Deposits

94 95 91 93 96 20 40 60 80 100 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 EURbn EURbn

End of period

41

Tier 1 ratio 7.1 7.3 1 2 3 4 5 6 7 8 9 10 2002 2003

Capital position

%

End of period

Approx 2.8% of outstanding shares

repurchased by end 2003

Implementation of IAS19/RR29

(pensions) from 2004

– reduction of equity of EUR 183m – reduction of Tier 1 by approx. 15bp

New authorisation to purchase up

to 10% of the total no. of shares suggested

42

395 92 48 43 35

• 111
• 268

62 44 60 100 428

• 300
• 200
• 100

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

Q3/03 Q4/03

Result by business area

EURm

*Product result for Asset Management and Life

Figures are disclosed and consolidated using end of period and average currency rates in conformity with the ordinary statutory reporting. Previously, fixed planning rates were used. Historical information has been restated accordingly.

43

Retail Banking operating profit

354 345 376 395 428 50 100 150 200 250 300 350 400 450 500 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Strong sales Increase in payment transactions Loan losses in Retail Banking

Norway

Improved RoE

26 55 Q4/03 24 RoE, % 56 C/I ratio, % Q3/03 Key ratios

44

Retail Banking, lending and deposit margins

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

– supported by ”hedges”

%

45

141 107 131 92 100 30 60 90 120 150 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

CIB operating profit

EURm

Income picked up in Q4 Maintained high activity in

Markets

Continued low loan losses

15 54 Q4/03 13 RoE, % 56 C/I ratio, % Q3/03 Key ratios

46

Asset Management product result

38 31 41 48 60 10 20 30 40 50 60 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Strong sales and result Net inflow of EUR 5.8bn Q4

– net inflow in 2003 EUR 12.5bn

AuM up 6% to EUR 113bn Q4

– up 18% from end 2002

113 56 Q4/03 107 AuM, EURbn 60 C/I ratio, % Q3/03 Key ratios

47

52 43 44 48 22 10 20 30 40 50 60 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Life Insurance, product result

Stable result development Changed business model key

to reduced volatility

Improved investment return

–

financial buffers stable on Q3 0.4 0.7 Inv return, % 4.7 Q4/03 4.6 Financial buffers*, % Q3/03 Key ratios

* Financial buffers in % of provisions

48

Group Treasury operating profit

High funding activity Gain on equities

27 58 91 35 62 10 20 30 40 50 60 70 80 90 100 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

49

Group Functions and Eliminations

QoQ:

OM/HEX shares EUR 27m Q3 SWAP reservation to CIB Q3 IBM JV start-up costs EUR 30m Q4 Profit sharing EUR 46m Q4 General: Results from real estate holdings

(non-owner occupied)

Expenses in Group functions not

defined as service offered to business areas

Depreciation of goodwill related to

the creation of Nordea

7 14 Operating profit, Life 17

• 69

Income

• 31
• 32

Goodwill 5 6 Equity method

• 111
• 268

Operating profit

• 7
• 14

Loan losses

• 102
• 173

Expenses Q3/03 Q4/03

50

Outlook 2004

Economic growth expected to increase in the Nordic region in 2004 Increased short-term interest rates not expected until late 2004, at the

earliest

Outlook for increased revenues is positive, although at a moderate level Sharp attention on cost control will be maintained also going forward Total costs in 2004 expected to be unchanged compared to 2003 Loan losses not expected to exceed the level in 2003

51

Credit quality

52 Companies 54% Public sector 2% Personal customers 44%

Loan portfolio by customer group

End of 2003

EUR 145.6bn

53

Housing loans 76% Other loans 24%

Lending to personal customers

End of 2003

EUR 64.7bn

Continued strong growth in

mortgage lending

Other loans comprise

–

consumer credits

–

investment credits

–

car financing

–

• verdraft facilities

–

credit cards

54

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

• ther services

7% Other companies 8%

Lending to companies by industry

End of 2003

EUR 77.9 bn

55 145.6 3.7 4.3 9.5 5.7 8.3 12.5 8.7 4.4 2.6 21.2 64.7 Q4/03 147.0 4.5 4.3 8.6 7.0 12.2 12.5 9.1 3.8 2.8 22.0 60.2 Q2/03 147.0 4.7 4.3 8.5 8.7 10.7 13.5 8.9 3.5 2.9 22.6 58.6 Q1/03 148.7 3.9 4.3 8.3 6.1 11.2 13.2 9.1 4.6 2.5 22.0 63.5 Q3/03 145.7 4.6 4.3 10.3 8.2 9.1 13.9 8.3 3.5 3.1 22.4 57.9 Q4/02 Total Shipping & Offshore Agriculture & Fishing Other companies/public sector Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Personal customers EURbn

Loan portfolio

End of period

56

Asia 0.5% Other OECD 0.6% Other 8.3% The Baltic states and Poland 1.1% Other EU countries 3.3% Latin America 0.9% USA 1.1% Non-OECD 0.8% Nordic countries 91.7%

Lending by geographical area

End of 2003

EUR 145.6bn

Nordic countries, EUR 133.6bn Denmark 38.2 Finland 31.0 Norway 22.0 Sweden 42.4

57

Transfer risk exposure

• EURm. End of 2003

64 Turkey 104 Iran

• of which

2 Argentina

309 Middle East

22 114 352

682

• of which

Latin America

Panama Chile Mexico Brazil 31 Indonesia South Korea China 21 47 140

• of which

262 Asia

58

Nordea fisheries financing

End of 2003

Fish processing/ export 23% Fish farming 41% Fishing vessels 36%

Total outstanding EUR 1.8bn Mainly Norwegian exposure Fish farming the troubled area

– represents approx. 0.6% of total

loan book

Increased salmon prices but still

not on satisfactory level

Total exposure approx. EUR 2.1 bn

59

Nordea shipping portfolio

Distribution by type of vessel

End of 2003

Combined vessels 1% Crude tankers 14%

• Misc. loans

12% Bulkers 12% Product tankers 9% Chemical tankers 9% Liners 8% Cruise 8% Gas tankers 8% Feries 6% Pure car carries 5% Other dry cargo 5% Reefers 3%

Outstanding, EUR 4.9bn

– reduced following weak

USD

Well diversified portfolio by

type of vessel

Focus on large industrial

players

Exposure split approx

55% / 45% Nordic / Int’l.

Total exposure approx. EUR 5.6bn

60

Nordea real estate financing portfolio

End of 2003

Denmark 9.0% Norway 19.7% Sweden 48.5% Finland 22.8%

Largest industry exposure Relatively large and financially

strong companies

High level of collateral coverage Lending to residential real estate

companies approx 50%

Total exposure approx. EUR 21.2bn

61

0.49 73 99 713

• 406
• 62
• 1,468
• 1,936

2,649

Q4/03

0.57 71 109 836

• 379
• 65
• 1,571
• 2,015

2,851

Q2/03

0.55 72 124 805

• 393
• 64
• 1,630
• 2,087

2,892

Q1/03

0.57 71 105 844

• 384
• 64
• 1,624
• 2,072

2,916

Q3/03

0.76 66 130 1,107

• 391
• 64
• 1,698
• 2,153

3,260

Q4/02

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

• EURm. End of period

Impaired loans

62

1,936 62 207 1 304 229 21 206 168 181 63 143 351 Provisons 1 Public sector 2,649 73 259 458 261 37 242 222 255 73 211 557 Gross 713 11 52 154 32 16 36 54 74 10 68 206 Net Total Shipping & Offshore Agriculture & Fishing Other companies Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Personal customers

• EURm. End of 2003

Impaired loans

63

Loan losses

219 236 246 221 229

• 143
• 138
• 154
• 132
• 145

76 98 92 89 84

• 200
• 100

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

EURm YoY:

Loan loss ratio 0.25% in 2003 Loan losses concentrated to

Norwegian retail portfolio

Large part relates to fish

farming

Pan Fish shares valued at

zero

QoQ:

Loan loss ratio 0.23% in Q4

64

Comments on certain industries

Real estate

Vacancy rates increasing from very low levels in commercial real estate Rent levels down from peak but still higher than original levels 3-5 years ago Low interest rates help secure cash flow and secondary market values New construction volumes adjusted to decreased demand Large foreign interest in Nordic property market Residential part of portfolio performing strongly

65

Comments on certain industries

Shipping and Offshore industry

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

competitive companies

Restructuring and consolidation of industry continue

66

Economic capital

67

Economic capital (EC)

EC is the capital required by Nordea to cover unexpected losses 6 different risk categories are incorporated The measurement period is one year The confidence level is 99.97% The economic capital may change over time due to:

– composition of risk exposures – changes in parameters

Economic capital is used for

– risk management – performance measurement – capital allocation

68

Economic capital

10.2 9.5 9.1 9.0 8.9

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 EURbn

EC reduced by EUR 1.3bn

in 2003

No major changes in Q4 Ongoing sale of real estate

holdings

69

Economic capital per business area

End of 2003

CIB 20% Other 9% Treasury 5% Asset Mgmt & Life 12% Retail 54%

1.0 Life 1.8 CIB 0.1 Asset Mgmt 0.5 Treasury 0.8 Other 4.7 Retail Banking

8.9

Q4/03

Total

EC per business area, EURbn

70

Distribution of economic capital - by risk category

End of 2003

Credit risk 60% Business risk 10% Market risk 17% Real estate risk 4% Operational risk 8% Life risk 1%

71

Nordea

72

Vision

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

Mission: ‘Making it possible’

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

73

Strategic themes

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

74

Strategic themes firmly anchored throughout the Group

Group / Group functions

• Centralisation and

consolidation of production processes

• Centralisation and

consolidation of administrative processes

• Selective use of sourcing

alternatives

• Complete divestment of real

estate

• Roll-out of economic

capital/economic profit framework

Retail Banking

• Increase sales to all existing

customers

• Acquire new profitable

customers

• Sell more through all

channels: Branches, Netbank and Contact Centres

• Sell products in bundles
• Implement common

solutions

• Encourage the customers to

use Netbank and Contact Centres

• Handle customers according

to segment-based strategy

• Enforce strict cost

management

• Use economic profit to

determine individual corporate customer strategy

• Secure the right procedure

for credit-granting

• Monitor credit risks and take

rapid action

• Use credit-scoring models

Ensure stable and profitable growth of income

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

among large corporate customers in Sweden

• Increase focus on Financial

Institutions

• Realise full potential of the

existing cost saving initiatives and harvest full benefits

• Increase organisational

efficiency

• Limited use of balance

sheet

• Price according to risk
• Proactive handling of credit

risk

Asset Management & Life

• Capture share of growth in

the long-term savings and life area

• Grow economic profit in Life

& Pensions at low volatility

• Standardise service

concepts

• Streamline support functions
• Ensure continuous product

range management

• Leverage on existing

products/processes

• Proactively manage

compliance and operational risk

• Realise full potential of the

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

75

Financial targets

*Proposed dividend for 2003 EUR 0.25 per share. Dividend for 2002 was EUR 0.23 per share

7.3 48* 0.25 63 3,673 16.7 3rd 2003 7.1 76 0.19 64 3,745 11.3 15th 2002 > 40 % of net profit Dividend pay-out ratio,% > 6.5% Tier 1 capital ratio, % In the top five of the peer group Total shareholder return, peer group ranking < 0.40% of loans and guarantees

• n average over a business cycle

Loan losses ratio, % < 55 % from 2005 and with present business mix Cost/income ratio, % Same cost level as in 2003 Costs, EURm Sustainable RoE>15% from 2004 Return on equity excluding goodwill, % Target Key performance indicator

76

10 20 30 40 50 60 70 SAMPO DnB NOR SWEDBANK SEB COMMERZBANK SHB HYPOVEREINSBANK BANK OF IRELAND ALLIED IRISH BANKS ABBEY NATIONAL KBC DANSKE BANK NORDEA ABN AMRO SOCIETE GENERALE LLOYDS TSB HBoS BNP BARCLAYS RBoS

Peer group* by market cap, EURbn

6 February 2004

*As defined by Nordea

77

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Frankfurt

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow

Copenhagen

7,659 Personnel 9,118 Personnel 30,761 Total personnel 1,224 Total locations 1,491 Personnel 73 Branches/salepoints Poland and Baltic 8,657 Personnel 345 Branch offices Denmark 3,836 Personnel 130 Branch offices Norway 260 Branch offices Sweden 416 Branch offices Finland

Warzaw

78

Large customer base with high penetration in e-banking

1,588 463 440 4,100 SE 43 55 30 280 Baltic Sea Region 280 220 65 630 NO 3,652 1,665 935 9,590 Total 312 615 Life insurance customers (1,000) 1,218 523 E-banking customers (1,000) 320 80 Corporate customers 2,960 1,620 Personal customers Banking customers (1,000) FI DK

79

Business areas

80

395 92 48 43 35

• 111
• 268

62 44 60 100 428

• 300
• 200
• 100

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

Q3/03 Q4/03

Result by business area

EURm

*Product result for Asset Management and Life

Figures are disclosed and consolidated using end of period and average currency rates in conformity with the ordinary statutory reporting. Previously, fixed planning rates were used. Historical information has been restated accordingly.

81

Retail Banking

82

Retail Banking operating profit

354 345 376 395 428 50 100 150 200 250 300 350 400 450 500 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Strong sales Increase in payment transactions Loan losses in Retail Banking

Norway

Improved RoE

26 55 Q4/03 24 RoE, % 56 C/I ratio, % Q3/03 Key ratios

83

Retail Banking operating profit by markets

• 1

9 31 32 2

• 2

30 44 28 25 24 26 RoE % 84 79 57 54 56 65 56 51 52 54 56 55 C/I ratio % 0.1 0.1 1.3 1.3 0.9 0.8 1.1 1.1 1.3 1.4 4.7 4.7 Economic capital, EURbn 11 11 222 225 124 117 191 198 203 208 751 758 Net interest income 6 8 116 124 46 35 78 99 91 87 340 356 Non-interest income Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4

EURm

3 1 4

• 15

19 149

• 8

161

• 188

349

• 6
• 60

54

• 98

152 168 22 146

• 151

297 120

• 19

134

• 161

295 428

• 65

495

• 619

1,114 17 338 170 269 294 1,091 Total income

• 14
• 191
• 96
• 151
• 155
• 611

Total expenses 145 6 115 131 395 Operating profit

• 1

2

• 68
• 3
• 13
• 83

Loan losses 147 SE 3 74 118 139 480 Profit bef. loan loss P&B NO FI DK Retail

84

5 10 15 20 25 30 35 40 Denmark Finland Norway Sweden Q3/03 Q4/03

Retail Banking lending

EURbn End of period

85

5 10 15 20 25 Denmark Finland Norway Sweden Q3/03 Q4/03

Retail Banking deposits

EURbn End of period

86

Retail Banking deposits

10.2 5.4 6.9 6.1 6.8 3.4 6.4 6.6 4.2 1.2 9.3 2.6

5 10 15 20 25 Denmark Finland Norway Sweden

Corporate Personal customer - saving accounts Personal customer - current accounts

• EURbn. End of 2003

87

Retail Banking, volumes and margins

1.4% 1.7% 1.0% 1.4% 1.6% 1.2% Q4/03 1.4% 1.6% 1.0% 1.5% 1.7% 1.2% Q3/03 Margins 41.1 41.0 Deposits from personal customers 118.8 119.0 Total lending 69.3 70.0 Total deposits 28.2 29.0 Deposits from corporates 61.5 63.0 Lending to personal customers 57.3 56.0 Lending to corporates Q3/03 Q4/03

EURbn

Volumes

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

88

Retail Banking, lending and deposit margins

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

– supported by ”hedges”

%

89

E-banking & transactions

90

E-banking customers

Equity trading customers

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

E-banking customers

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

(1,000) Mill.

91

Payments and log-ons

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

92

Penetration on the net

Equity trading penetration rate

Executed trades

10 20 30 40 50 60 70 80 J a n

• M

a y

• S

e p t

• J

a n

• 1

M a y

• 1

S e p t

• 1

J a n

• 2

M a y

• 2

2

• S

e p J a n

• 3

M a y

• 3

S e p

• 3

Mutual funds penetration rate

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

% %

93

Cards

Issued debit and credit cards

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

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

Card payments

5 10 15 20 25 30 35 40 45 50

Jan-01 May-01 Sept-01 Jan-02 May-02 Sept-02 Jan-03 May-03 Sep-03

Mill. Mill.

94

Payment transactions, households

Payments transactions, households 150 175 200 225 250 275 300

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

Mill.

Breakdown of transactions

100 200 300 400 500

1999 2000 2001 2002 2003

Card payments ATM Transactions Solo payments Manual transactions Direct debet

Mill.

95

Corporate and Institutional Banking (CIB)

96

141 107 131 92 100 30 60 90 120 150 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

CIB operating profit

EURm

Income picked up in Q4 Maintained high activity in

Markets

Continued low loan losses

15 54 Q4/03 13 RoE, % 56 C/I ratio, % Q3/03 Key ratios

97

Stock market development

Source: Nordea Securities

12.7 2.4 77.0 Sweden 19.9 0.5 19.6 Norway 8.3

• 3.1

37.6 Finland 2.6

• 2.8

17.1 Denmark Q4 2003, % Chg Q4 vs Q3, % Q4 2003, EURbn Market index Market Volume

98

CIB operating profit by main area

0.2 0.2 0.2 0.2 0.0 0.0 0.3 0.3 0.2 0.2 1.2 1.1 2.0 1.8 Economic capital

• 47

1

• 48
• 37
• 11

Q3 65 65

• 60

125 Q4 Markets

• 14

3

• 1
• 17
• 43

26 Q4 Other 51 51

• 54

105 Q3 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 EURm 1 7

• 7

14 33 1 32

• 13

45 30 4 27

• 31

58 50 1

• 10

60

• 35

95 54 100 3 1

• 6

109

• 129

238 14 44 46 119 212 Total income

• 12
• 11
• 25
• 34
• 119

Total expenses 56 C/I ratio % 2 2 Transfer risk Equity method 2 31 20 86 92 Operating profit

• 2
• 1

Loan losses 2 Investment Banking 33 21 85 93 Profit bef. loan loss International and Shipping Division Financial Instititutions Division Corporate Banking Division CIB

* Markets has product responsibility for trading products such as FX, fixed income and related derivatives and is evaluated by

monitoring the product result. The product result includes all income and expenses related to the respective products, which is allocated to the customer responsible unit within Corporate and Institutional Banking and Retail Banking.

99

CIB lending volume

5 10 15 20 25 Corporate Banking Division Financial Institutions Division International and Shipping Division Total Q3/03 Q4/03

EURbn

End of period

100

Asset Management & Life

101

Asset Management product result

38 31 41 48 60 10 20 30 40 50 60 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Strong sales and result Net inflow of EUR 5.8bn Q4

– net inflow in 2003 EUR 12.5bn

AuM up 6% to EUR 113bn Q4

– up 18% from end 2002

113 56 Q4/03 107 AuM, EURbn 60 C/I ratio, % Q3/03 Key ratios

102

Assets under management

20 40 60 80 100 120 Q1/03 Q2/03 Q3/03 Q4/03 Life & pensions Institutional clients European private banking & fund distribution Nordic private banking Nordic retail funds

EURbn

113.3

103

Asset structure – Investment Management*

*Including mgmt of own investment funds

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

Q4/03 EUR 73.7bn

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

Q3/03 EUR 70.4bn

104

Asset structure – Investment Funds

Fixed income funds 46% Equity funds 44% Balanced funds 10%

Q4/03 EUR 41.2bn

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

Q3/03 EUR 38.4bn

105

Investment Funds, volumes and margins

2 4 6 8 10 12 14 16 18 DK FI NO SE Q3/03 Q4/03 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 DK* FI NO SE Q3/03 Q4/03

Margins * Net margin

% EURbn End of period

106

European Fund distribution

500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Q 3 / Q 1 / 1 Q 3 / 1 Q 1 / 2 Q 3 / 2 Q 1 / 3 Q 3 / 3 Inflow AUM

Net sales amounted to EUR 1bn in Q4 More than 1000 active distribution

agreements

Assets by country of source:

– 24% from Switzerland – 24% from Germany – 20% from Spain – 9% from Austria – 8% from Luxembourg – 6% from France – 9% from Other

EURm

107

52 43 44 48 22 10 20 30 40 50 60 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

Life Insurance, product result

Stable result development Changed business model key

to reduced volatility

Improved investment return

–

financial buffers stable on Q3 0.4 0.7 Inv return, % 4.7 Q4/03 4.6 Financial buffers*, % Q3/03 Key ratios

* Financial buffers in % of provisions

108

Life - breakdown of product result

• 1
• 2

Net profit from other business 43

• 3

46 7 28

• 13

126

• 151

50 Q3/03 47 Product result before distribution expenses 6 Operating profit Unit Linked business 44

• 3
• 10
• 6

111

• 114

62 Q4/03 Change in discount rate for life provisions Total product result Distribution expenses Retail Allocation to/from financial buffers Fluctuations compared to normalised investment return Normalised operating margin Allocation to policy-holders

EURm

109

Life

10 43

• 3

46 457 7 87 39

• 1

28

• 13

25 126

• 151

50

• 24
• 532

236 370

Q3/03

10 52

• 3

55 548 4 87 51 4

• 165
• 13

225

• 126

297 54

• 28
• 626

247 461

Q2/03

48 22 44 Product result

• 3
• 3
• 3

Distribution expenses Retail 9 25 598

• 1

100 26

• 1

11

• 8

24

• 48
• 14

86

• 27
• 636

250 499

Q1/03

18 47 701 6 168 41

• 2
• 10
• 6

59 111

• 114

62

• 28
• 687

244 533

Q4/03

41 51 722

• 7

127 58

• 4
• 51

113

• 83

117 79

• 30
• 770

284 595

Q4/02

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

EURm

110

Life

47 1 3 5 21 17 Product result before distribution expenses

• 3
• 1
• 2
• 1

Distribution expenses Retail

• 114
• 2
• 10

24

• 22
• 105

Fluctuation compared to normalised investment return 1 15 13 1 1 3

• 4
• 2

6 2 Other 17 254 2 25 15

• 2

5 12 111 6

• 11
• 322

108 230 Denmark 701 51 131 250 Premiums written, net of reinsurance 44 3 4 19 Product result TOTAL LIFE & PENSIONS 6 1

• 1

4 Product result before distribution expenses 168 19 19 94 Premiums written, net of reinsurance UNIT LINKED BUSINESS 41 2 6 17 Product result before distribution expenses TRADITIONAL LIFE 62 10 17 27 Normalised operating margin

• 6
• 11

4 Of which allocated to policyholders

• 10

2

• 25

8 Of which to/from financial buffers

• 28
• 2
• 11

Insurance operating expenses 111 Change in discount rate for life provisions 59 41 5 Actual operating margin

• 2
• 687

244 533 Total

• 36

16 32 Sweden

• 135

51 113 Norway Net profit from other business

• 192

Benefits paid and change in provision 62 Normalised investment return 156 Premiums written net Finland EURm

111

Life - investments

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

Equities Bonds Real estate Unit linked Equities

–

predominantly listed equities

–

50/50 Nordic/international

Bonds

–

¾ Nordic issuers

–

primarily govmn’t & mortgage inst. EURbn

23.9

End of period

112

Life - asset allocation

10 Total equity exposure including hedge, % 15 14 22.9 23.4 Total 3 10 17 16* Q4/03 Equities, % 4 10 17 17* Q3/03 2.7 3.1 6.1 11.0 Q3/03 Q4/03 2.7 Sweden 3.2 Norway 6.3 Finland 11.2 Denmark Total, EURbn

*Hedged

113

Life - solvency situation

End of 2003

168 45 112 66 Sweden 238 303 522 219 Finland 113 58 493 435 Denmark 161 74 195 121 Norway Solvency in %

• f requirement

Solvency buffer Actual solvency Required solvency EURm

114

Life – financial buffers*

4.7 3.0 2.3 3.1 6.5 Q4/03 878 48 62 145 623 Q4/03 3.4 54 Sweden % of total provisions EURm 4.6 842 Total 3.4 153 Finland 6.2 595 Denmark 1.5 39 Norway Q3/03 Q3/03

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

115

Life – solvency sensitivity, end of 2003

168 161 238 114 Solvency in % of requirement 156 156 208 113 Equities drop 12% 209 180 254 110 Interest rates down 50bp 165 Norway 137 Sweden 117 Denmark Finland 211 Interest rates up 50bp

%

116

Life – buffer sensitivity, end of 2003

48 62 145 623 Financial buffers*

• 10
• 19
• 54
• 116

Equities drop 12% 26 8 48

• 43

Interest rates down 50bp

• 8

Norway

• 22

Sweden

• 23

Denmark Finland

• 48

Interest rates up 50bp EURm

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

117

Group Treasury

118

Group Treasury operating profit

High funding activity Gain on equities

27 58 91 35 62 10 20 30 40 50 60 70 80 90 100 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03

EURm

119

Group Treasury operating profit by main areas

Q3/03 Q4/03 Q3/03 Q4/03 Q3/03 Q4/03 Q3/03 Q4/03

EURm Group Funding Investment & Risk Trading

Equity portfolios Fixed income portfolios

Total

35 62

Operating profit

33 31

• 6

2 27 33

Investment earnings

8 29 8 29

Profit excl. Investment earnings

• 9
• 8
• 1
• 3
• 3

Expenses

17 37 33 32

• 3

5

Income

120

Group Treasury - investments

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

Equities

–

listed, unlisted & private equity funds

Bonds

–

¾ Nordic issuers

–

primarily government and mortgage inst. EURbn

14.8

End of period

121

Treasury – risk management

End of 2003

Price risk

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

change in market interest rates of 100bp

Equity risk (VaR)

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

unlisted and private equity

46 99 2002 49 98 2003 Equity risk (VaR) Interest rate risk EURm, end of period

122

Balance sheet

123

Balance sheet - key items

134,396 262,190 12,177 95,556 145,644 2003 134,660 249,619 11,897 94,177 145,740 2002 Risk-weighted assets 5 Total assets 2 Shareholders’ equity 1 Deposits Lending Change, 12 months %

EURm End of period

124

146 28 23 22 25 5 146 32 29 23 29 3 30 60 90 120 150 Lending Bonds and

• ther interest

bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other 2002 2003

Balance sheet structure - assets

EURbn End of period

125

Real estate holdings

2.8 2.1 0.2 0.1 0.4 2003 2.1 0.6 0.3 0.2 Non owner occupied properties 3.7 1.9 0.4 1.2 2002 4.1 2.0 0.3 1.5 2001 4.0 1.6 0.4 1.4 2000 5.5 Total 1.6 Investments of the insurance companies 0.4 Shares in real estate holding companies 1.4 Owner occupied properties 1999 Book value. EURbn

End of period

126

94 62 26 29 20 12 6 96 64 29 34 22 12 5

20 40 60 80 100 120

Deposits and

• ther

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

• ther liabilities,

banking Liabilities, insurance Shareholder´s equity Other

2002 2003

Balance sheet structure – liabilities and equity

EURbn End of period

127 Lending

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

Lending and deposits

Deposits

94 95 91 93 96 20 40 60 80 100 Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 EURbn EURbn

End of period

128

Capital base

12,529

• 258
• 1,440

4,473 9,754

• 63
• 1,762

8 280 11,291

• 886

12,177 End of 2003 Deductions for other investments Group goodwill Other deductions TIER 1 Capital TIER 2 Capital (subordinated debt) Deductions for investments in insurance companies Deductions insurance companies and other Hybrid capital Minority interests Shareholders’ equity in the capital base Capital base Shareholders’ equity

EURm

129

* Statistics as of December 2003

Market shares

130

Market shares, personal customer deposits

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

Dec 02 Dec 03 %

131

Personal customer deposits - market volume & share

10 20 30 40 50 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 30% 32% 34% 36% 38% 40%

100 200 300 400 500

• A

u g

• N
• v

1

• F

e b 1

• m

a y 1

• A

u g 1

• N
• v

2

• F

e b 2

• m

a y 2

• A

u g 2

• N
• v

3

• F

e b 3

• M

a y 3

• A

u g 18% 20% 22% 24% 26% 28% 100 200 300 400 500 Dec-00 Mar-01 Jun-01 Sep-01 dec-01 mar-02 june-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 15% 17% 19% 21% 23% 25%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

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

132

Market shares, corporate deposits

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

%

133

Corporate deposits - market volume & share

5 10 15 20 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 35% 37% 39% 41% 43% 45% 50 100 150 200 250 300 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 14% 16% 18% 20% 22% 24% 26% 28% 100 200 300 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 10% 12% 14% 16% 18% 20% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 Dec-00 Mar-01 Jun-01 Sep-01 dec-01 mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 10% 15% 20% 25%

134

Market shares, personal customer lending

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

%

135

Personal customer lending - market volume & share

10 20 30 40 50 60 J a n

• 3

F e b

• 3

M a r

• 3

A p r

• 3

M a y

• 3

J u n

• 3

J u l

• 3

A u g

• 3

S e p

• 3

O c t

• 3

N

• v
• 3

29% 30% 31% 32% 33% 34% 35% 200 400 600 800 1000 1200 Dec-00 Mar-01 Jun-01 Sep-01 Dec-02 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 10% 12% 14% 16% 18% 20% 200 400 600 800 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 8% 9% 10% 11% 12% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 12% 14% 16% 18% 20% 22%

136

Personal customer lending - market volume & share

200 400 600 800 1000 1200 Dec-00 Mar-01 Jun-01 Sep-01 Dec-02 Mar-02 Jun-02 Sep-02 Dec-03 Mar-03 Jun-03 Sep-03 Dec-03 10% 12% 14% 16% 18% 20% 200 400 600 800 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 8% 9% 10% 11% 12% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 12% 14% 16% 18% 20% 22% 10 20 30 40 50 60 J a n

• 3

F e b

• 3

M a r

• 3

A p r

• 3

M a y

• 3

J u n

• 3

J u l

• 3

A u g

• 3

S e p

• 3

O c t

• 3

N

• v
• 3

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

137

Market shares, corporate lending

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

Dec 02 Dec 03

%

138

Corporate lending - market volume & share

5 10 15 20 25 30 35 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 35% 36% 37% 38% 39% 40% 41%

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

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

50 100 150 200 250 300 350 400 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 20% 22% 24% 26% 28% 30% 32%

139

Investment funds - market volume & share

5 10 15 20 25 J u n

• M

a r

• 1

D e c

• 1

S e p

• 2

D e c

• 2

M a r

• 3

J u n

• 3

S e p

• 3

D e c

• 3

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

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Nordea market share

50 100 150 200 250 300 350 Mar-00 Dec-00 Sep-01 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 20% 22% 24% 26% 28% 30% 32%

140

Investment funds, net inflow, Norway

Market volume, Nordea volume, and accumulated market share ytd

• 3,000
• 2,000
• 1,000

1,000 2,000 3,000 D e c

• 1

F e b

• 2

A p r

• 2

J u n

• 2

A u g

• 2

O c t

• 2

D e c

• 2

F e b

• 3

A p r

• 3

J u n

• 3

A u g

• 3

O c t

• 3

D e c

• 3
• 60
• 50
• 40
• 30
• 20
• 10

10 20 30 40 50 60

Market net inflow Nordea net inflow Nordea %

% NOKm

141

Investment funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 1200 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 02-may Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03

• 16
• 8

8 16 24 32 40

Market net inflow Nordea net inflow Nordea %

% EURm

142

Investment funds, net inflow, Sweden

Market volume, Nordea volume, and accumulated market share ytd

• 2,000

2,000 4,000 6,000 8,000 10,000 12,000 14,000 Dec-01 Feb-02 Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03

• 4

4 8 12 16 20 24 28

Market net inflow Nordea net inflow Nordea %

% SEKm

18bn 19bn

143 2 4 6 8 10 12 14 Copenhagen Helsinki Oslo Stockholm Q3/03 Q4/03

%

Market share, equity dealing - Nordea Securities

75.2 19.5 38.8 17.6

Q3/03

77.0 19.6 37.6 17.1

Q4/03

Sweden Norway Finland Denmark

EURbn Equity market turnover

144

Appendix

Financials

Page 146

Nordea share

Page 157

Other

Page 164

Macro statistics

Page 169

145

Appendix

Financials

146

Pension obligations

Defined benefit plans in Sweden, Norway, Finland and partly

Denmark, mainly covered by pension funds under local regulation

Aggregated deficit of EUR 56m end 2003 not recognised in

balance sheet

– reflecting surpluses in Finland (EUR 58m), Sweden (EUR 5m) and Denmark

(EUR 8m)

– deficit of EUR 127m in Norway

Nordea will implement IAS 19/RR29 of from 2004 IAS 19/RR29 leads to valuation adjustment

– will be recognised as a reduction of equity of EUR 183m

147

27% 9 5 (4) 81 85 Q3/03 13% 10 8 (3) 82 84 Q4/03

Denmark Sweden Norway Finland Total

34%

• 41

41 589 548 Q3/03 25% 257 (12) (269) 1,729 1,998 Q3/03 (56) 58 (64) (127) 6 5 Surplus(deficit) not recognised in balance sheet 244

• 120

111 128 122 Net liability on balance sheet 1 (300) 58 (184) (238) (122) (117) Funded status

• surplus/(deficit)1

26% 1,770 2,070 Q4/03 15% 287 471 Q3/03 21% 772 894 Q3/03 36% 16% 23% Equity exposure 552 533 901 Pension obligations Q4/03 Q4/03 Q4/03

EURm

610 295 784 Assets

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

Pension obligations (national GAAP)

Major pension plans End of period

148

• 46

Profit sharing 470

• 40
• 40

27 443 10

• 89

522

• 881
• 350
• 531

1,403 56 130 379 838 Q3/03 579

• 40
• 50

81 488 19

• 92

561

• 902
• 363
• 539

1,463 99 155 366 843 Q2/03 380

• 41
• 19

29 373 14

• 98

457

• 917
• 397
• 520

1,374 29 157 353 835 Q1/03 383

• 46
• 40

33 356 14

• 84

426

• 973
• 416
• 511

1,399 36 125 388 850 Q4/03 446

• 43
• 44

41 404 16

• 76

464

• 993
• 448
• 545

1,457 54 130 388 885 Q4/02 Investment earnings, banking Operating profit, life Insurance Other income Profit before inv. earnings and insurance Equity method Loan losses, net Profit before loan losses Operating profit Goodwill depreciation Operating profit, general Insurance Total expenses Other expenses Personnel expenses Total income Trading income Net commission income Net interest income EURm

Operational income statement

149

Statutory income statement

• 90
• 84

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

• 115

Real estate sales and write downs, net

323

• 140

2

461

38 423 16 2

• 78

483

• 1,020
• 399
• 531

1,503

63 76 403 3 958

• 1,643

2,601

Q4/02

• 1,131

Total operating expenses

Minority interest

268 Total operating profit

Pension adjustments

• 66

Taxes

• 134

Loan losses, net 50 Change in value of property taken over for protection of claims 14 Profit from companies accounted for under the equity method 234 Operating profit, banking 34 Operating profit, insurance

202 304

• 373
• 559

1,435

60 86 405 1 883

• 1,023

1,906

Q4/03 Profit before loan losses Total income

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

Net profit

Interest expenses Interest income

EURm

150

Reconciliation of operational and statutory accounts

• 115

20)

• 115

Real estate write-downs 20) 115

• 115

Real estate write-downs 19) 46

• 46

Profit sharing 20 16) 20 Change in value of property taken over 1,490

• 2
• 205
• 16

1,713 126 1,587 57

• 383

1,893

• 3,930
• 299
• 1,381
• 2,135

5,823 220 369 1,533 43 3,658 Statutory 2003

• 16
• 99

144

• 243
• 20
• 243
• 243
• 299

155 30

• 27

27 Other adjustment 23

• 149

126 Insurance

• 170

170 170

• 14
• 10
• 4

184 13 26 30 115 Investment activities 14 316

• 567

47 13 177 Trading income 1,490

• 2
• 205

1,812

• 167

149 170 1,660 57

• 363

1,966

• 3,673
• 1,526
• 2,101

5,639 220 567 1,486 3,366 Operational 2003 4) 3) 5) 2) 4) 1) 10) 10) 8) 7) 9) 6) 12) 11) 13) 15) 16) 14,15) 13,19) 18) 18) 17) 17) Allocation to Pension foundation Taxes Minority interests Total expenses Operating insurance Operating profit, life insurance Goodwill depreciation Operating profit Loan losses, net Profit from companies – equity method Profit excluding investment earnings Investment earnings, banking Profit before Loan losses Total income Personnel expenses Other expenses Depreciation according to plan Commission income Net result from financial operations Other income Trading Net profit Dividends received Net interest income

EURm

151

Reconciliation of operational and statutory acounts

1. Net interest income from trading transactions in Nordea Markets (for example interest related to swaps etc.), reclassified as trading income in the operational accounts. Mainly customer trading. 2. Commission income in Nordea Markets, reclassified as Trading income in the operational accounts. 3. Net result from financial operations from trading transactions in Nordea Markets (foreign exchange and derivatives trading) reclassified to trading income in the

• perational accounts. Mainly customer trading.

4. Other income and dividends received in Nordea Markets, reclassified to trading income in the operational accounts. 5. Trading income in the operational accounts, equals income in Nordea Markets (incl. income allocated to Business Areas), reclassified from the statutory accounts as described in 1) through 4) above. 6. Net interest income from Treasury’s portfolio of certificates and bonds, reclassified as investment earnings, banking in the operational accounts. 7. Securities gains/losses on Treasury’s investment portfolios (certificates, bonds and equities), reclassified from Net result form financial operations in the statutory accounts, to investment earnings, banking in the operational accounts. 8. Real estate gains/losses. Reclassified from Other income in the statutory accounts to Investment earnings, banking in the operational accounts. 9. Dividends received on equities (non-insurance portfolio), reclassified as Investment earnings in the operational accounts.

• 10. Costs related to investment activities, reclassified from

relevant category of cost in the statutory accounts, to being reported on a net basis as part of investment earnings, banking in the operational accounts. 11. Operating profit for insurance, in separate lines for general and life in the operational accounts. 12. Depreciation of goodwill related to insurance included in

• ne-line consolidation of insurance activities (Operating

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

• perational accounts.

17. The difference between statutory accounts and operational accounts at the Total operating profit level is related to Pension adjustments (Sweden), only. There is no difference between the two at the Net profit level. 18. Reclassification of net result from sale of shares in OM Hex from Net result from financial operations to Other income 19. Profit sharing included in personnel expenses in the statutory income statement 20. Real estate write-downs included in the operating profit in the statutory income statement

152

Expenses - breakdown

• 46

Profit sharing 881

• 3

884 123 74 53 14 88 532 Q3/03 902

• 5

907 128 81 49 23 85 541 Q2/03 917

• 3

920 142 82 58 18 99 521 Q1/03 973

• 3

976 112 87 56 27 136 512 Q4/03 993

• 5

998 130 89 62 34 136 547 Q4/02 Information technology 2) Other Expenses

• f which investment activities 3)

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

1) Variable salaries were EUR 28m in Q4 2003 (Q3 2003: EUR 22m) 2) Refers to IT operations, service expenses and consulting fees. Total IT-related costs in Q4 2003, including personnel etc were EUR 208m (Q3 2003: EUR 166m). 3) Including personnel expenses (Q4 EUR 1m)

153

Total IT-related expenses*

216 184 174 166 208

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

EURm

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

excluding IT expenses in insurance operations

154

66 65 58 61 67

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

C/I ratio

C/I ratio, banking %

58 64 63

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

155

Other Eq m

• 16

Real Invest Other Own line

• 115

Write-down real estate 10 Retail Finland Other Eq m 30 Danish Morg. Inst

• 105

Q4/03 Retail Inv e 24 Europay

24

Q4/02

• 10
• 40

Q2/02

2

• 4

22 Q3/02 GI Inv e Other Other Other Other P&L GI Retail Other Retail Retail Other BA 27 OM/HEX shares 8 Inkassosentralen General Ins

75

32 43 Q2/03 Huoneistokeskus Nordisk Renting Q1/03

35

Q3/03

Total

Contant Oy EURm

Gains and losses on various disposals etc

156

Appendix

Nordea share

157 10 20 30 40 50 60 70 80 90 100 110 120

C O M M E R Z B A N K S E B N O R D E A D n B N O R H Y P O V E R E I N S B A N K S W E D B A N K B A R C L A Y S B N P S O C I E T E G E N E R A L E S H B A B N A M R O K B C D A N S K E B A N K S A M P O H B O S R B O S B A N K O F I R E L A N D L L O Y D S T S B A B B E Y N A T I O N A L A L L I E D I R I S H B A N K

Total shareholder return (TSR) 2003

Nordea peer group*

Source: Bloomberg 31/12-2003

%

*As defined by Nordea

158

Shareholder structure, end of 2003

19.0% 7.1% 7.0% 6.3% 4.0% 30.2% 2.0% 24.4% Swedish institutions International institutions Swedish state Danish institutions Finnish institutions Finnish public Danish public Swedish public

Number of shareholders approx. 503,000

159

Largest registered shareholders, end 2003

0.3 9.7 AMF Pension fonder 0.3 8.7 Öms. Pensionsförsäkringsbolaget Varmo-Sampo 0.6 15.9 Nordea Bank Sverige vinstandelsstiftelse 46.6 1,325.8 Total for the 20 largest shareholders 3.2 92.4 Alecta 2.7 75.5 Robur fonder 19.0 542.0 Swedish state 3.6 102.5 Nordea Danmark fonden 2.4 69.6 Nordea fonder 2.1 61.0 AMF Pension 1.8 52.2 Tryg i Danmark smba 1.8 50.1 Fjärde AP-fonden 1.7 49.7 SEB fonder 1.4 39.5 Skandia 0.4 10.6 Länsförsäkringar 0.4 10.7 Solidium Oy (Finnish state) 0.4 10.9 Länsförsäkringar fonder 1.0 28.1 Andra AP-fonden 1.1 31.3 SHB/SPP fonder 1.1 32.3 Tredje AP-fonden 1.2 32.9 Första AP-fonden % Number of shares Shareholder

160

Number of shares

2,928,108,227

• 57,008,000**

Buyback Cancellation Oct, 2003 2,846,499,727 81,608,500 Buyback Market Nov-Dec 2004 2,928,108,227 45,050 Conversions* New issue Sep, 2002 2,928,063,177 40,008,000** Buyback Market Aug-Sep 2002 2,968,071,177 2,405,087 Conversions* New issue May, 2002 2,965,666,090 17,000,000** Buyback Market April, 2001 2,982,666,090 3,473,373 Conversions* New issue 2000-2001 2,979,192,717 18,348,501 Unidanmark New issue June, 2000 2,960,844,216 869,776,488 Unidanmark New issue April, 2000 2,091,067,728 815,800,287 Merita New issue Jan, 2000 Outstanding shares Number of shares issued Subject Type of transaction Date

*Convertible bond conversions

** Shares bought back in April 2001 and Aug-Sep 2002 cancelled in Oct 2003 Average number of shares Jan-Dec 2003 was 2,921 million (Jan-Dec 2002 2,955 million). Dilution not applicable.

161

Distribution of shares, end of 2003

Shares,% No of shares Shareholders,% Shareholders No of shares 100.00 2,846,499,727 100.0 503,290 Total 77.53 2,206,830,345 0.05 234 1,000,001- 7.31 208,109,580 0.12 627 100,001-1,000,000 3.70 105,303,233 0.84 4,203 10,001-100,000 6.77 192,815,613 15.79 79,446 1,001-10,000 4.69 133,440,956 83.21 418,780 1-1,000

162

11.7 54.0 0.51 4.28

EUR 0.252)

2003 52.0 50.0 71.5 55.5 38.4 Share price, end of period, SEK 14.0 0.30 4.06

EUR 0.23

2002

1) Pro forma incl. Unidanmark 2) Proposed dividend 3) Share price converted to euro devided by 12 months rolling EPS

14.0 0.58 3.74

SEK

2.00 2000 11.0 10.6 11.3 P/E ratio3) 0.53 0.55 0.53 Earnings per share, EUR 2.68 3.43 4.00 Shareholders’ equity per share, EUR

SEK

1.64

SEK

1.75

EUR

0.23 Dividend 1998 19991) 2001

Data per share

163

Appendix

Other

164

Ratings

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

165

Business structure

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

166

Legal structure, 30 January 2004

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

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

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

Various subsidiaries Various subsidiaries Various subsidiaries Various subsidiaries

Nordea Bank Finland Plc Finland

Various subsidiaries Nordea Bank Polska SA Poland Nordea Zycie SA Poland

167

Group Executive Management

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

168

Appendix

Macro statistics and estimates

Source: Nordea Markets Economic Research Estimates from January 2004

169

Macro data

% 2003e 2004e 2005e Gross domestic product DK 0.2 2.3 2.4 FI 1.7 3.2 3.5 NO 0.7 3.4 2.9 SE 1.5 2.5 2.9 Inflation DK 2.1 1.5 2.0 FI 1.3 0.6 1.8 NO 2.5 1.0 2.1 SE 2.1 0.9 2.0 Private consumption DK 1.3 2.8 2.0 FI 3.8 3.3 2.6 NO 3.0 4.7 3.5 SE 2.0 2.3 2.5 Unemployment DK 6.1 6.2 5.6 FI 9.0 9.1 8.7 NO 4.6 4.3 3.8 SE 4.9 5.1 4.9

In Norway, forecasts are for mainland GDP

170

Market development - GDP

2.9 2.9 3.5 2.4 2005e 2.5 1.5 Sweden 3.4 0.7 Norway 3.2 1.7 Finland 2.3 0.2 Denmark 2003e

%

Source: Nordea Economic Research, January 2004 In Norway, forecasts are for mainland GDP

2004e 2002 1.9 1.3 2.2 2.1

171

Gross domestic product

• 10
• 8
• 6
• 4
• 2

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

Change in % YoY

172

Inflation

• 2

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

Denmark Finland Norway Sweden

%

173

Private consumption

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/95 Q1/00

Denmark Finland Norway Sweden Change in % YoY

174

Household saving rates

• 4
• 2

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

Denmark Finland Norway Sweden %

175

Unemployment

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

Denmark Finland Norway Sweden % of labour force

176

Credit growth total lending to non-bank sector

• 10
• 5

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

Denmark Finland Norway Sweden

Change in % YoY

177

Bankruptcies

200 400 600 800 1000 1200 1400 1600 1800 J a n

• 9

4 J a n

• 9

5 J a n

• 9

6 J a n

• 9

7 J a n

• 9

8 J a n

• 9

9 J a n

• J

a n

• 1

J a n

• 2

J a n

• 3

Denmark Finland Norway Sweden Number of bankruptcies per month

178

Exchange rate, EUR/USD

0.8 0.85 0.9 0.95 1 1.05 1.1 1.15 1.2 2/1 /98 2/5 /98 2/9 /98 2/1 /99 2/5 /99 2/9 /99 2/1 /00 2/5 /00 2/9 /00 2/1 /01 2/5 /01 2/9 /01 2/1 /02 2/5 /02 2/9 /02 2/1 /03 2/5 /03 2/9 /03 2/1 /04 USD

179

Exchange rate, EUR/SEK

8 8.4 8.8 9.2 9.6 10 1/1 /98 1/5 /98 1/9 /98 1/1 /99 1/5 /99 1/9 /99 1/1 /00 1/5 /00 1/9 /00 1/1 /01 1/5 /01 1/9 /01 1/1 /02 1/5 /02 1/9 /02 1/1 /03 1/5 /03 1/9 /03 1/1 /04 SEK

180

Exchange rate, EUR/NOK

7 7.5 8 8.5 9 9.5 10 1/1 /98 1/5 /98 1/9 /98 1/1 /99 1/5 /99 1/9 /99 1/1 /00 1/5 /00 1/9 /00 1/1 /01 1/5 /01 1/9 /01 1/1 /02 1/5 /02 1/9 /02 1/1 /03 1/5 /03 1/9 /03 1/1 /04 NOK

181

Oilprice development, Brent, USD/Barrel

5 10 15 20 25 30 35 40 45 50 1/1 /90 1/1 /91 1/1 /92 1/1 /93 1/1 /94 1/1 /95 1/1 /96 1/1 /97 1/1 /98 1/1 /99 1/1 /00 1/1 /01 1/1 /02 1/1 /03 1/1 /04 Dollar

182

Stock exchange indices

100 200 300 400 500 600 700 800 2/1 /97 2/7 /97 2/1 /98 2/7 /98 2/1 /99 2/7 /99 2/1 /00 2/7 /00 2/1 /01 2/7 /01 2/1 /02 2/7 /02 2/1 /03 2/7 /03 2/1 /04

HEX Index Affärsvärldens General Index Oslo Total Index KFX Index Index 100 = 1997

183

Money market, 3 month rates

2 3 4 5 6 7 8 9 1/1 /98 1/4 /98 1/7 /98 1/10 /98 1/1 /99 1/4 /99 1/7 /99 1/10 /99 1/1 /00 1/4 /00 1/7 /00 1/10 /00 1/1 /01 1/4 /01 1/7 /01 1/10 /01 1/1 /02 1/4 /02 1/7 /02 1/10 /02 1/1 /03 1/4 /03 1/7 /03 1/10 /03 1/1 /04

Denmark Finland Norway Sweden

%

184

Government bond, 10 year

3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 1/1 /98 1/5 /98 1/9 /98 1/1 /99 1/5 /99 1/9 /99 1/1 /00 1/5 /00 1/9 /00 1/1 /01 1/5 /01 1/9 /01 1/1 /02 1/5 /02 1/9 /02 1/1 /03 1/5 /03 1/9 /03 1/1 /04

Denmark Finland Norway Sweden

%

185

Financial calendar 2004

AGM will be held on 31 March 2004 Q1 report 2004 will be published on 28 April 2004 Q2 report 2004 will be published on 18 August 2004 Q3 report 2004 will be published on 27 October 2004 The Nordea Annual Report will be available on www.nordea.com around March 1

www.nordea.com/ir