Presentation for Investors 19 February 2003 Contents Press - - PowerPoint PPT Presentation

Presentation for Investors 19 February 2003

2

Contents

Press conference

Page 3

Financial highlights Q4/02

Page 14

Nordea

Page 52

Business areas

Page 60

Balance sheet

Page 97

Credit quality

Page 104

Economic capital

Page 123

Appendix

Page 127

3

Year-end Report 2002 Press conference

19 February 2003 Lars G Nordström

4

Improved results in the fourth quarter

Operating profit up by 12% Total income increased 4%; higher net interest and commission income Costs up 7% due to acquisition of LG Petro Bank and some restructuring

costs in combination with seasonal effects

Loan losses maintained at a relatively low level Net profit up 67% to EUR 323m

5

Challenging market conditions in 2002

Total income reduced by 4% and expenses increased by 2% adjusted for

Postgirot Bank

Loan losses lower at EUR 261m or 0.19% of loans Earnings per share EUR 0.30 (EUR 0.53) Return on equity (excl. goodwill) 11.3% (19.2%) Proposed dividend of EUR 0.23 per share – unchanged compared to 2001

6

Improvements achieved – more to be done

Reduced earnings volatility – lower equity exposure and sale of general

insurance

Capital efficiency improved – maintained financial strength despite loan

growth and high proposed dividend payout

Stable credit quality – low loan losses and concentration on Nordic

customers

Some cost initiatives taken – cost improvement is top priority in 2003

7

Reduced earnings volatility

• Earnings volatility reduced during

2002

• Investment earnings more stable
• Life & Pensions’ operating profit

back in black in Q4 2002

• General Insurance business

divested in Q2 2002

(125) (100) (75) (50) (25) 25 50 75 100 Q1/01 Q2/01 Q3/01 Q4/01 Q1/03 Q2/02 Q3/02 Q4/02 Investment earnings, banking Operating profit, Life and General EURm

Investment earnings and insurance

• perating profit Q1/01-Q4/02

8

1.425 1.435 1.345 1.396 1.382 1.425 1.406 1.457 400 800 1.200 1.600 2.000 (EURm) 400 800 1.200 1.600 2.000 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02

Income Q1/01-Q4/021

1 Insurance reported according to one-line principle

Q4/02

• Total income 2002 4% below 2001

(adjusted for Postgirot Bank) due to:

–

Macroeconomic slowdown

–

Lower market interest rates and pressure on deposit margins

–

Declining equity markets

• But stable income in 2002
• Main income growth drivers in 2002

have been:

–

Mortgage lending and deposit volume

–

Commissions from payments

Stable income in 2002

9

Capital efficiency improved

11.1 10.7 9.8 9.9 10.2 136 140 136 137 135 20 40 60 80 100 120 140 160 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Economic capital Risk-weighted assets

Economic capital and risk- weighted assets 04/01-Q4/02

EURbn

• Risk-weighted assets slightly down

despite 6% lending growth and LG Petro Bank acquisition

• Economic capital reduced through

lower equity market exposure and divestment of non-core businesses

• Capital ratios maintained well above

targets despite proposed distribution

• f 76% of net profit to shareholders

Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Tier 1 7.3 7.2 7.4 7.0 7.1 Total 9.1 9.2 8.9 9.0 9.9

10

Stable credit quality

213 56 66 76 45 59 56 63

25 50 75 100 125 150 175 200 225 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 Loan losses

• Acc. loan losses ratio (annualised)

EURm %

• Stable credit quality with slightly

increasing loan loss ratio during 2002

–

0.19% of loans in 2002

–

0.22% of loans in Q4 2002

• … but still well below target of

maximum 0.4% on average over a business cycle

• Fish farming industry hit by strong

Norwegian currency

• Shipping and telecom sector

exposure reduced

• Share of personal customer lending

increased

• Share of Nordic customer-related

lending increased

Credit losses Q1/01-Q4/02

11

Expenses

(EURm)

Total costs Q1/01-Q4/021

1 Insurance reported according to one-line principle

993 925 922 905 901 821 835 825

400 800 1.200 1.600 2.000 400 800 1.200 1.600 2.000 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

• Total costs in 2002 2% above 2001

level (adjusted for Postgirot Bank) and growing costs during 2002

• Cost increases from 2001 mainly

due to

–

Pension costs

–

Currency fluctuations

• Growing costs in Q4 2002

–

Restructuring costs

–

Seasonally high IT and marketing costs

–

Consolidation of LG Petro Bank

12

Unchanged dividend

Per share

EUR 0.23

Pay-out ratio (of the net profit, target >40%)

76%

Dividend yield (calculated on share price 30 Dec 2002)

5.5%

Tier 1 capital ratio

7.1%

13

In summary

Improved results in the fourth quarter Acceptable, but not satisfactory results in 2002 Improvements achieved - more to be done Cost improvement is the top priority in 2003

14

Financial highlights Q4/02

15

2 4 6 8 10 12 14 16 18 20 Q3/02 Q4/02 0.00 0.02 0.04 0.06 0.08 0.10 0.12 Q3/02 Q4/02

Key figures

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

16 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

EUR

Earnings per share – 12 months rolling

17

• 30
• 25
• 20
• 15
• 10
• 5

5 10 15 20 Q1/02 Q2/02 Q3/02 Q4/02 Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones

Market development – stock market indexes

%

18

4.52 4.38 6.02 7.15 3.95 3.53 3.59 3.33 30-09-02

• 0.53

3.85 Short, SE

• 0.38

4.14 Long, SE

• 0.46

6.69 Short, NO

• 0.59

5.43 Long, NO

• 0.27

3.68 Long, DK

• 0.47

3.06 Short, DK

• 0.18

3.41 Long, EUR (5 years)

• 0.33

3.00 Short, EUR (one week) Change 31-12-02 %

Market development – interest rates

19

Income statement summary

• 13

44 Operating profit, life Insurance 39 41 Investment earnings, banking 399

• 42
• 4

419 4

• 66
• 925

1,406 Q3/02 12

• 4

15 7 4 Change, % 446 Operating profit

• 43

Goodwill depreciation Operating profit, general Insurance 404 Profit before inv. earnings and insurance 16 Equity method

• 76

Loan losses

• 993

Expenses 1,457 Income Q4/02 EURm

20

Net interest income

852 837 855 874 885

200 400 600 800 1000 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Growth in mortgages and

deposits

Lower market interest rates Pressure on deposit margins Lending margins stable EURm

21

Structural Interest Income Risk (SIIR)

SIIR is defined as the effect on net interest income (NII) in the next 12

months if market rates change by one percentage point

• 180*

Decreasing market rates, 100bp 100* Increasing market rates, 100bp Annualised effect on NII EURm

The figures are asymmetrical as interest rates on deposits from customers

cannot be reduced below 0%

*Approximately

22

115 126 115 101 108 139 157 183 189 195 76 55 46 38 35 84 87 91 86 95 44 32 44 42 43

• 79
• 77
• 83
• 85
• 88
• 100

100 200 300 400 500 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Asset management Payments & deposits Brokerage Lending Other Expenses

EURm

Commission income

Strong growth in transaction

volumes

Increased commissions from

payments

AuM up 3% 3.3 million e-customers at

year end

396 371 380 379 388

23

482 506 514 521 545 419 399 408 404 448 200 400 600 800 1000 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Personnel Other

EURm

Expenses

Costs up 7% Acquisition of LG Petro Bank Some restructuring costs Seasonal effects

993 925 922 905 901

24

Loan losses

56 63 56 66 76 25 50 75 100 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

EURm Maintained at relatively low level Majority of losses from the

Norwegian portfolio

Largest provisions within fish

farming

0.22% of total loans annualised

in Q4

0.19% for 2002

25

Investment earnings, banking

28 11 31 39 41

10 20 30 40 50 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Gain from sale of Europay AS

EUR 24m

Gains on bond portfolios Losses on certain private

equity funds

EURm

26

Operating profit, life insurance

4

• 3
• 26
• 13

44

• 50
• 40
• 30
• 20
• 10

10 20 30 40 50 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Investment return 2.7%

(-0.8% in Q3)

Net written premiums

increased by EUR 257m

Financial buffers

strengthened

Liabilities increased in Q3

due to lowerered discount rates

EURm

27

Allocation to pension foundation

• 152
• 120

17

• 200
• 150
• 100
• 50

50 100 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Improved investment return and

increased liabilities in Swedish foundation

Foundations in Finland and

Sweden must be fully funded

Norway can be under-funded in

line with IAS 19 rules

EURm

28

Income highlights 2002

Total income increased by 1% Maintained net interest income

• growth in lending & deposits, particularly within households
• pressure on deposit margins following lower interest rates

Increased commission income despite falling equity markets

• good increase in payment commissions

Stable income from other activities

29

Income statement summary 2002

• 4

1 5,605 5,670 Total income

• 30
• 373
• 261

Loan losses

• 13
• 11

1,938 1,716 Profit before investment earnings and insurance 7 1,432 1,535 Commission income

• 3

708 684 Other income 11 Change, % 2 Change %,adj Postgirot Bank

• 3,389
• 3,745

Expenses 3,465 3,451 Net interest income Jan-Dec 2001 Jan-Dec 2002 EURm

30

Underlying expenses* – development

2 3,662 3,745 Expenses adjusted for Postgirot Bank 60 Currency fluctuation 3,389 3,745 Reported expenses 50 Increased pension cost 2002 300 Postgirot Bank reported stand alone costs 2001 Change, % 3,632 3,635 Underlying expenses 30

• Employee profit sharing
• 27

Postgirot Bank included from 1 Dec 2001 2001 2002 EURm

*Approximately

31

Income statement summary

• 2
• 360
• 405

Taxes

• 13
• 12

1,938 1,716 Profit before investment earnings and insurance

• 21
• 20

1,928 1,547 Operating profit

• 255

Allocation to pension foundation

• 17

2 Operating profit, life insurance

• 18
• 122

Operating profit, general insurance

• 43

Change, % Change %,adj Postgirot Bank 1,568 887 Net profit

• 147
• 171

Goodwill depreciation 172 122 Investment earnings, banking Jan-Dec 2001 Jan-Dec 2002 EURm

32

Revised financial targets

Revised financial targets Nov 2002 Nordea aims to achieve a sustainable return on equity, excluding goodwill, of

more than 15% by the latest from 2004

Nordea aims to have the same cost level through 2003 and 2004 as in 2002 Supporting these targets, the cost income ratio should not exceed 55% from

the beginning of 2005 (assuming present business mix)

33

Benchmark costbase – same cost level

Reported costs 2002 Allow for future costs relating to improved performance triggering:

• profit sharing all employees
• management incentive scheme

Assume stable structure and business mix

34

Capital markets exposure – reduced volatility

Disposal of general insurance has reduced Nordea’s capital markets

exposure

Main remaining capital markets exposure relate to:

– Life insurance business – Group Treasury – Certain pension schemes

In general, equity exposure in those operations has been reduced in

Q3 and Q4

35

Life - investments

5 10 15 20 25 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Equities Bonds Real estate Unit linked

Equity holdings further reduced

in Q4

Equities

– Predominantly listed equities – 50/50 Nordic/international

Bonds

– ¾ Nordic issuers – Primarily govmn’t & mortgage

inst.

• EURbn. End of period

22.1

36

Life - asset allocation

11 6 13 15* Q4/02 Equities, % 17 6 12 15 23 Q3/02 20.8 2.4 3.2 5.2 10.0 Q3/02 Q4/02 2.5 Sweden 21.6 Total 3.2 Norway 5.5 Finland 10.4 Denmark Total, EURbn End of period

*Major part hedged

37

Life – risk management

Equity holdings reduced to 11% of total investments at the end of 2002 Asset allocation and various hedging techniques are continuosly considered/used Equity exposure reduced through derivatives to 5% of total investments

– Major part of the Danish equity exposure is hedged by means of collars to the end of the first quarter – Hedging technique reduces downside risk and limits upside potential

38

Life - solvency situation

End of 2002

168 42 104 62 Sweden* 228 250 446 196 Finland 131 131 556 424 Denmark 168 88 218 130 Norway* Solvency in % of requirement Solvency buffer Actual solvency Required solvency EURm

*Excluding unit linked companies

39

Life – financial buffers*

3.1 2.7 0.2 3.3 3.9 Q4/02 551 41 5 137 368 Q4/02 2.2 32 Sweden % of guaranteed liabilities EURm 2.9 508 Total 3.4 136 Finland 3.7 335 Denmark 0.2 5 Norway Q3/02 Q3/02

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

40

Life – solvency sensitivity, January 2003

173 167 233 122 Solvency in % of requirement 173 159 208 122 Equities drop 12% 208 169 272 112 Interest rates down 50bp 166 Norway 138 Sweden 128 Denmark Finland 176 Interest rates up 50bp %

41

Life – P/L effect sensitivity, January 2003

41 5 136 367 Financial buffers*

• 10
• 44
• 18

Equities drop 12% 22 2 75 48 Interest rates down 50bp

• 2

Norway

• 22

Sweden

• 7

Denmark Finland

• 75

Interest rates up 50bp EURm

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

42

Group Treasury - investments

5 10 15 20 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Fixed income Equities Equities

– Listed, unlisted & private equity

funds

Bonds

– ¾ Nordic issuers – Primarily government and mortgage

inst.

• EURbn. End of period

12.5

43

Treasury – risk management

End of 2002

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.

51 118 Q3/02 46 99 2002 72 Equity risk (VaR) 157 Interest rate risk 2001 EURm, end of period

44

Pension commitments

Defined benefit plans in Sweden, Finland and Norway covered by pension

funds under local regulation

Sweden and Finland are/have to be fully funded Norway can be under-funded in line with IAS 19 rules 2002 volatility in results related to Swedish pension fund Swedish fund made regular refunds of surplus in previous years

45

Pension commitments – financial structure in Finland, Sweden and Norway

• 168
• 159
• 200
• 205*

32 46 Surplus/deficits 24% 1,692 1,524 Q3/02 10% 469 269 Q3/02 25% 686 686 Q3/02 30% 537 569 Q3/02 22% 10% 19% 32% Equity exposure 1,594 288 723 583 Assets Q4/02 Q4/02 Q4/02 Q4/02 End of period, EURm 1,753 493 723 537 Pension obligations Total Norway Sweden Finland

*Of which EUR 122m reflected in balance sheet Nordea Bank Norway. In accordance with IAS-19 remaining amount, EUR 83m, amortised over average remaining time to retirement

46

Capital efficiency – improved

Risk weighted assets reduced despite 6% increase in lending Economic capital reduced by EUR 0.9bn in 2002 to EUR 10.2bn

– Some increase in Q4 mainly due to changed calculations in Life

Focus on use of economic capital will be further strenghened Clear prioritisation of performance and profitability before growth Initiatives in 2002 included sale of general insurance business and other non-

core assets

Future initiatives may include reduction of non-core assests such as real

estate

47

Balance sheet - key items

134.7 249.6 11.9 91.7 145.7 2002 136.0 241.5 11.8 86.4 137.6 2001

• 1

Risk-weighted assets 3 Total assets 1 Shareholders’ equity 6 Deposits 6 Lending Change,%

• EURm. End of period

48

Unchanged dividend per share proposed

7 May

Payment date

29 April

Record date

25 April 5.5% 76% 673 0.23

Ex dividend date Dividend yield (calculated on share price Dec 30, 2002) Pay-out ratio (of the net profit, target >40%) Total, EURm Per share, EUR

49

Total capital ratio 9.9 9.0 1 2 3 4 5 6 7 8 9 10 Q3/02 Q4/02 Tier 1 ratio 7.0 7.1 1 2 3 4 5 6 7 8 9 10 Q3/02 Q4/02

Capital adequacy

% %

50

Repurchase of own shares

Total holding of own shares 57 million

– of which 40 million repurchased under the repurchase programme – of which 17 million acquired as hedge regarding the incentive programme

No further repurchases before AGM Board of Directors proposes to AGM to reduce share capital and number of

shares by the retirement of the same number of shares

Board of Directors proposes to AGM to renew the authorisation to purchase

up to 10% of the total number of shares

– focus on maintaining financial flexibility

51

Outlook

2003 outlook

For 2003, growth in the four Nordic economies is expected to be low Potential for increased revenues considered limited Increase in short-term interest rates not expected until late 2003 at the earliest Sharp attention on cost control Uncertainty in the global economy may lead to credit quality deterioration medium term –

target of maximum, over a business cycle, 0.40% remains unchanged

Nordea has no reason to believe that loan losses will exceed this average level in 2003

52

Nordea

53

Vision

We will be valued as the leading financial services group in the Nordic and Baltic financial 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 services and solutions.

Mission: ‘Making it possible’

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

54 Top priorities

• Reduce volatility and

ensure growth of income

• Speed-up integration and

unification

• Improve cost efficiency
• Ensure capital efficiency
• Maintain credit portfolio

quality Attract, develop and retain highly motivated, competent and empowered employees Establish a stable and broadly based growth of income Optimise risk taking and use

• f capital

Sustainable growth of economic profit Ensure

• perational

excellence and cost efficiency in all processes

Strategic direction and top priorities

55

Top priorities firmly anchored throughout the Group

Other / Group

• Reduce IT-development costs

and projects

• Support and procurement at

Group level

• Shared service centres
• Further reduce economic

capital and non-core assets

• Roll-out economic profit-

driven management system to push profitability

Retail Banking

• Increase share of wallet for

personal customers in a multi- channel strategy

• Add value for small and

medium sized corporates

• Benchmark processes and

structures

• Emphasise Nordic projects

and solutions

• Drive e-banking
• Implement economic profit on

business unit level

• Refine credit granting and

controls

• Refine credit scoring models

Reduce volatility and ensure growth of income

Corporate and Institutional Banking

• Enhance position among large

corporates in Sweden

• Focus on fin. institutions
• Gain market share in debt

capital markets

• Streamline international

activities

• Re-focus Nordea Securities
• Reduce portfolio of

development projects

• Limit use of balance sheet
• Price according to risk
• Increase proactivity and more

strict monitoring of credit portfolio

Asset Management & Life

• Capture share of expected

growth in the Long-Term Savings and Life area

• Reduce volatility in Life
• Centralise equity and fixed

income processes

• Standardise service concepts
• Streamline support functions
• Implement new business

model in Life & Pensions Ensure capital efficiency and maintain credit portfolio quality Speed-up integration and unification and improve cost efficiency Top priorities

56

Financial targets

Note: Proposed dividend for 2002 EUR 0.23 per share. Dividend for 2001 was EUR 0.23 per share

< 55 % from 2005 and with present business mix 58 64 Cost/income ratio, % < 0.40% of loans and guarantees on average over a business cycle 0.29 0.19 Loan losses ratio, % Sustainable RoE>15% from 2004 19.2 11.3 Return on equity excluding goodwill, % Same cost level through 2004 as in 2002 3,389 3,745 Costs, EURm In the top five of the peer group 16 15 Total shareholder return, peer group ranking > 6.5% 7.3 7.1 Tier 1 capital ratio, % > 40 % of net profit 44 76 Dividend pay-out ratio,% Target 2001 2002 Key performance indicator

57

10 20 30 40 50 60 70 80 90 100

MEDIOBANCA HYPOVEREINSBANK SHB KBC SAN PAOLO IMI BANK OF IRELAND DANSKE BANK ALLIED IRISH BANKS BANCA INTESA DEXIA NORDEA UNICREDITO SOCIETE GENERALE ABN AMRO CREDIT SUISSE DEUTSCHE BANK BBVA SANTANDER BNP PARIBAS HBOS LLOYDS TSB BARCLAYS UBS RBOS HSBC

European banks by market cap

Source: Nordea Securities, January 2003

EUR bn

58

Strong distribution network throughout the Nordic and Baltic Sea region

Riga Vilnius Tallinn

Helsinki

Luxembourg

Stockholm

St Petersburg Tartu Gdansk Gdynia Frankfurt Hamburg Radom

Oslo

Countrywide network

Branch office or subsidiary Office of an associated bank

Moscow Bergen

Copenhagen

8,600 Personnel 10,500 Personnel 34,600 Total personnel* 1,240 Total locations 1,700 Personnel 66 Branch offices Baltic and Poland 9,400 Personnel 348 Branch offices Denmark 4,400 Personnel 146 Branch offices Norway 265 Branch offices Sweden 415 Branch offices Finland

Warzawa

*Full time equivalents

59

Large customer base with high penetration in e-banking

1,370 450 460 4,260 SE 30 35 30 240 Baltic Sea Region 250 215 65 600 NO 3,270 1,650 965 9,700 Total 290 660 Life insurance customers (1,000) 1,200 430 Net banking customers (1,000) 330 80 Corporate customers 3,000 1,600 Personal customers Banking customers (1,000) FI DK

60

Business areas

61 418 120 2

345 137 61

31

27

• 200
• 100

100 200 300 400 500 Retail CIB Asset Mgmt & Life Group Treasury

Q3/02 Q4/02

Results by business area

EURm

62

Retail Banking

63

Retail Banking operating profit

351 408 427 417 345 50 100 150 200 250 300 350 400 450 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 EURm Strong sales Unchanged profit before loan

losses

Loan losses in Retail Banking

Norway

64

Retail Banking operating profit by markets

98 102 60 60 66 60 48 48 56 58 57 58 C/I ratio %

• 4
• 20

22 23 6

• 11

40 38 24 24 23 18 RoE % 6 9 231 229 107 114 223 222 203 207 774 783 Net interest income 4 9 99 113 47 60 93 79 74 79 321 343 Non-interest income Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 EURm

• 6
• 4
• 18

18 129

• 3

136

• 206

342

• 39
• 109

70

• 104

174 157 1 156

• 145

301 109

• 10

119

• 167

286 345

• 126

478

• 648

1,126 10 330 154 316 277 1,095 Total income

• 10
• 199
• 102
• 151
• 154
• 623

Total expenses

• 1

120 19 166 113 417 Operating profit

• 7
• 33

1

• 10
• 49

Loan losses 131 SE 52 165 123 472 Profit bef. loan loss P&B NO FI DK Retail

65

5 10 15 20 25 30 35 40 Denmark Finland Norway Sweden Q3/02 Q4/02

Retail Banking lending

• EURbn. End of period

66

5 10 15 20 25 Denmark Finland Norway Sweden Q3/02 Q4/02

Retail Banking deposits

• EURbn. End of period

67

Retail Banking deposits

6.0 6.3 5.7 8.6 6.4 6.5 3.3 5.9 2.3 9.1 1.1 4.3

5 10 15 20 25 Denmark Finland Norway Sweden

Corporate Personal customer - saving accounts Personal customer - current accounts

• EURbn. End of 2002

68

Retail Banking, volumes and margins

1.7% 2.0% 1.2% 1.4% 1.6% 1.2% Q4/02 1.8% 2.1% 1.3% 1.4% 1.6% 1.2% Q3/02 Margins 37.2 37.6 Deposits from personal customers 102.1 104.0 Total lending 59.9 61.0 Total deposits 22.7 23.4 Deposits from corporates 51.2 52.5 Lending to personal customers 51.0 51.5 Lending to corporates Q3/02 Q4/02 EURbn Volumes

Volumes and margins are excluding Postgirot Bank and Poland and Baltic, volume figures are quarterly averages

69

E-banking & Cards

70

E-banking customers

Equity trading customers

50 100 150 200 250 300 350 Jan-00 April-00 July-00 Oct-00 Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02 July-02 Oct-02

E-banking customers

1 1.5 2 2.5 3 3.5 Jan-00 April-00 July-00 Oct-00 Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02 July-02 Oct-02 Thousands Mill.

71

Payments and log-ons

E-banking payments 5 10 15 20 25 30 35 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Denmark Finland Norway Sweden

Mill.

E-banking log-ons 5 10 15 20 25 30 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Denmark Finland Norway Sweden

Mill.

72

Penetration on the net

Equity trading penetration rate

Executed trades

10 20 30 40 50 60 70 80 Jan-00 April-00 July-00 Oct-00 Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02 July-02 Oct-02

Mutual funds penetration rate

5 10 15 20 25 J a n

• 1

A p r i l

• 1

J u l y

• 1

O c t

• 1

J a n

• 2

A p r

• 2

J u l y

• 2

O c t

• 2

% %

73

Cards

Debit and credit cards

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02 July-02 Dec-02

Card payments

5 10 15 20 25 30 35 40

Jan-01 April-01 July-01 Oct-01 Jan-02 Apr-02 July-02 Oct-02

Mill. Mill.

74

Corporate and Institutional Banking (CIB)

75

135 125 121 120 137 30 60 90 120 150 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

CIB operating profit

EURm

Higer income Strong deal flow from Shipping and

Markets

Further streamlining of activities Credit quality stable

76

Stock market development

Source: Nordea securities

11.1 17.3 66.6 Sweden 7.6 16.6 Nordic average 4.2 11.4 13.6 Norway 11.2 26.4 49.3 Finland 3.9

• 11.8

11.3 Denmark Q4 2002, % Chg Q4 vs Q3, % Q4 2002, EURbn Market index Market Volume

77

CIB operating profit by main area

77 77

• 58

135 Q4 Markets* 61 61

• 52

113 Q3 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 EURm

• 7

2

• 8
• 1
• 7
• 6
• 6
• 30

24 8

• 16

24

• 24

48 142 3 3 137

• 119

256 54 137 2 3

• 13

147

• 174

321 4 27 51 198 280 Total income

• 19
• 33
• 14
• 84
• 150

Total expenses 54 C/I ratio % 1 1 Transfer risk 2 2 Equity method 11

• 6

29 86 120 Operating profit 25

• 8
• 28
• 11

Loan losses

• 15

Other

• 6

37 114 130 Profit bef. loan loss

• Inv. Banking

International & Shipping Division Corporate 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.

78

CIB lending volume

5 10 15 20 25 30 Corporate Division International & Shipping Division Total Q3/02 Q4/02

• EURbn. End of period

79

Asset Management & Life

80

Asset Management, product result

55 56 49 35 38

10 20 30 40 50 60 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

EURm

AuM up 3% Continued shift towards fixed

income

Increased focus and efficiency in

Investment Mgmt

81

Assets under management, volumes

20 40 60 80 100 120 Q3/01 Q1/02 Q2/02 Q3/02 Q4/02 Investment management Private banking Investment funds Real estate within Life

• EURbn. End of 2002

96

82

Asset structure – Investment Management*

*Including mgmt of own investment funds

Nordic fixed income 53% Int'l. equities 21% Nordic equities 14% Int'l. fixed income 12%

September 2002 EUR 62.6bn

Nordic fixed income 55% Int'l. equities 20% Nordic equities 13% Int'l. fixed income 12%

December 2002 EUR 63.8bn

83

Asset structure – Investment Funds

Equity funds 47% Fixed income funds 40% Balanced funds 13%

September 2002 EUR 30.4bn

Fixed income funds 47% Equity funds 40% Balanced funds 13%

December 2002 EUR 31.9bn

84

Investment Funds volumes and margins

2 4 6 8 10 12 14 16 DK FI NO SE Q3/02 Q4/02 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 DK* FI NO SE Q3/02 Q4/02

• Volumes. End of period

Margins * Net margin % EURbn

85

European Fund distribution

200 400 600 800 1000 1200 1400 1600 1800 2000 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Inflow AUM

More than 1000 active distribution

agreements

Assets by country of source:

– 33% from Germany – 30% from Switzerland – 15% from Austria – 8% from Luxembourg – 8% from France – 1% from the UK – 5% from Other

EURm

86

• 26
• 13

44 4

• 3
• 30
• 20
• 10

10 20 30 40 50 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

EURm

Operating profit, Life Insurance

Investment return 2.7%

(-0.8% in Q3)

Net written premiums

increased by EUR 257m

Financial buffers

strengthened

Increased liabilities due to

lowerered discount rates

87

Life - breakdown of operating profit

44

• 9
• 51
• 83

117 74 Q4/02

• 277

Chg in discount rate for life provisions

• 13

Total operating profit 1 Operating profit Unit Linked business 579 Allocation from financial buffers

• 435

Fluctutations compared to normalised investment return 126 Normalised operating margin

• 6

Allocation to policy-holders Q3/02 EURm

88

Life

38 44 722

• 9

127 53

• 4
• 51

108

• 83

117 74

• 34
• 771

284 595 Q4/02

• 228

211

• 94
• 277

Change in discount rate for life provisions 14

• 13

465 1 84

• 14
• 1

579

• 6
• 586
• 435

126

• 29
• 511

285 381 Q3/02 778 693 611 Premiums written, net of reinsurance 22 12 16 Of which allocated profit to Retail 4

• 3
• 26

Total operating profit TOTAL LIFE & PENSIONS

• 1

2 2 Operating profit 189 134 125 Premiums written, net of reinsurance UNIT LINKED BUSINESS 5

• 5
• 28

Operating profit TRADITIONAL LIFE

• 41

63 52 Normalised operating margin

• 5
• 11
• 11

Allocated to policyholders 12

• 110

570 Change in financial buffers

• 29
• 31
• 31

Insurance operating expenses 267

• 158
• 540

Fluctuations compared to normalised investment return

• 2

116

• 582

Actual operating margin

• 889

288 589 Q4/01

• 704

239 559 Q1/02

• 5

Net profit from Health & Pers. Accident insurance

• 642

Benefits paid and change in provision 239 Normalised investment. Return 486 Premiums written net Q2/02 EURm

89

Life

117 1

• 5
• 5
• 16

140 Fluctuation compared to normalised investment return 8 5 3 8 8 7

• 2

6 2 Other 3 241

• 9

30 13

• 4
• 39

56

• 83
• 1
• 20
• 331

139 211 Denmark 722 60 129 285 Premiums written, net of reinsurance 44 1 10 21 Total operating profit TOTAL LIFE & PENSIONS

• 9
• 2

2 Operating profit 127 23 27 44 Premiums written, net of reinsurance UNIT LINKED BUSINESS 53 1 12 19 Operating profit TRADITIONAL LIFE 74 18 16 35 Normalised operating margin Allocated to policyholders

• 51
• 12

Change in financial buffers

• 34
• 3
• 11

Insurance operating expenses

• 83

Change in financial buffers 108 13 11 19 Actual operating margin

• 4
• 771

284 595 Total

• 41

24 37 Sweden

• 126

51 102 Norway Net profit from Health & Pers. Accident insurance

• 271

Benefits paid and change in provision 64 Normalised investment. Return 241 Premiums written net Finland EURm

90

Life - investments

5 10 15 20 25 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Equities Bonds Real estate Unit linked

Equity holdings further reduced

in Q4

Equities

– Predominantly listed equities – 50/50 Nordic/international

Bonds

– ¾ Nordic issuers – Primarily govmn’t & mortgage

inst.

• EURbn. End of period

22.1

91

Life - solvency situation

End of 2002

168 42 104 62 Sweden* 228 250 446 196 Finland 131 131 556 424 Denmark 168 88 218 130 Norway* Solvency in % of requirement Solvency buffer Actual solvency Required solvency EURm

*Excluding unit linked companies

92

Life – financial buffers*

3.1 2.7 0.2 3.3 3.9 Q4/02 551 41 5 137 368 Q4/02 2.2 32 Sweden % of guaranteed liabilities EURm 2.9 508 Total 3.4 136 Finland 3.7 335 Denmark 0.2 5 Norway Q3/02 Q3/02

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

93

Group Treasury

94

Group Treasury operating profit

Gains on bond portfolio Losses on equity holdings following

consolidation of portfolios

38 35 21 31 27 5 10 15 20 25 30 35 40 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

EURm

95

Group Treasury operating profit by main areas

Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Q4/02

EURm Group Funding Investment & Risk Trading

Equity portfolios Fixed income portfolios

Total

31 27

Operating profit

• 47
• 6

61 23 14 17

Investment earnings

17 10 17 10

Profit excl. Investment earnings

• 9
• 8
• 1
• 2
• 3
• 2

Expenses

26 18

• 46
• 4

64 25

Income

96

Group Treasury - investments

5 10 15 20 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Fixed income Equities Equities

– Listed, unlisted & private equity

funds

Bonds

– ¾ Nordic issuers – Primarily government and mortgage

inst.

• EURbn. End of period

12.5

97

Balance Sheet

98

Balance sheet - key items

134,660 249,619 11,897 91,663 145,740 2002 136,021 241,549 11,819 86,396 137,570 2001

• 1

Risk-weighted assets 3 Total assets 1 Shareholders’ equity 6 Deposits 6 Lending Change,%

• EURm. End of period

99

137.6 33.3 21.4 23.6 19.8 5.8 145.7 28.2 23.5 21.5 25.2 5.4 30 60 90 120 150 Lending Interest bearing securities Loans and advances to credit inst. Assets, insurance Other assets, banking Other 2001 2002

Balance sheet structure - assets

• EURbn. End of period

100

Real estate holdings

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. End of period, EURbn

101

86.4 61.2 30.2 19 22.3 11.8 10.7 91.7 61.9 26 29.4 20.2 11.9 8.7

10 20 30 40 50 60 70 80 90 100

Deposits Debt securities in issue Deposits by credit inst. Other liabilities, banking Liabilities, insurance Shareholder´s equity Other

2001 2002

Balance sheet structure – liabilities and equity

• EURbn. End of period

102

Lending

138 142 143 147 146 20 40 60 80 100 120 140 160 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Lending and deposits

Deposits

83 86 90 91 92 20 40 60 80 100 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

• EURbn. End of period
• EURbn. End of period

103

Capital base

13,364

• 311
• 1,444

5,507 9,612

• 117
• 2,071

10 378 11,412

• 485

11,897 End of 2002 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 Shareholder´s equity in the capital base CAPITAL BASE Shareholder´s equity EURm

104

Credit quality

105

Companies 58% Public sector 2% Personal customers 40%

Loan portfolio by customer group

End of 2002

EUR 145.7bn

106

Housing loans 75% Other loans 25%

Lending to personal customers

End of 2002

EUR 57.9bn

Other loans comprise:

Consumer credits Investment credits Car financing Overdraft facilities Credit cards

107

Transport, communication 4% Real estate 26% Manufacturing 16% Finance 11% Commerce and services 10% Shipping &

• ffshore

5% Construction 4% Agriculture & fishing 5% Other companies 9% Renting, consulting and

• ther services

10%

Lending to companies by industry

End of 2002

EUR 85.1 bn

108

145.7 4.6 4.3 10.3 8.2 9.1 13.9 8.3 3.5 3.1 22.4 57.9 Q4/02 147 5 4 11 9 9 15 9 3 3 23 56 Q3/02 142 5 4 12 9 7 16 8 4 3 22 52 Q1/02 138 6 3 10 9 7 16 9 4 3 20 51 Q4/01 143 Total 5 Shipping 4 Agriculture & Fishing 10 Other companies/ public sector 8 Business service 8 Finance 15 Manufacturing 9 Commerce and services 4 Transport, communication 3 Construction 22 Real estate 55 Personal customers Q2/02 EUR bn. End of period

Loan portfolio

109 Nordic countries 90.4% Non-OECD 0.9% USA 1.7% Latin America 0.6% Other EU countries 4.5% The Baltic states and Poland 0.8% Other 9.6% Other OECD 0.5% Asia 0.6%

Lending by geographical area

End of 2002

EUR 145.7bn

Nordic countries, EURbn Denmark 34 Finland 29 Norway 24 Sweden 42

110

Transfer risk exposure

• EURm. End of 2002

71 Turkey 101 Iran

• of which

3 Argentina

335 Middle East

39 140 349

894

• of which

Latin America

Panama Chile Mexico Brazil 26 Indonesia South Korea China 43 46 193

• of which

342 Asia

111

Nordea telecom financing portfolio

Divided by operators and manufacturers

End 2002

Operators 70%

Manufactures 30%

Reduced from EUR 7.2b during

2002

Total outstanding EUR 3.2bn Majority of exposure related to

– major Nordic equipment manufacturers – major Nordic telecom operators

ECA or cash cover for 8% of

exposure Total exposure approx EUR 5.4 bn

112

Nordea fisheries financing

End 2002

Fish processing/ export 25% Fish farming 42% Fishing vessels 33%

Total outstanding EUR 2.0bn Mainly Norwegian exposure Fish farming the troubled area

Total exposure approx EUR 2.4 bn

113

Nordea shipping portfolio

Distribution by type of vessel

End of December 2002

Combined vessels 1% Crude tankers 13% Misc.loans 13% Product tankers 12% Bulkers 10% Chemical tankers 9% Ferries 9% Liners 8% Gas tankers 7% Pure car carries 5% Cruise 5% Other dry cargo 4% Reefers 4%

Outstanding, EUR 5.2bn Well diversified portfolio by

type of vessel

Focus on large industrial

players

Exposure split approx 55% /

45% Nordic / Int’l. Total exposure approx EUR 6.0bn

* Only updated every half year

114

0.8 66 130 1,107

• 391
• 64
• 1,698
• 2,153

3,260

Dec 02

0.6 73 138 846

• 377
• 79
• 1,834
• 2,290

3,136

Sept 02

0.6 72 138 875

• 390
• 79
• 1,836
• 2,305

3,180

June 02

155 159 Transfer risk reserve Of which:

• 364
• 370

General provisions

• 92
• 82

Appraised by category

• 1,803
• 1,829

Specific provisions

• 2,259
• 2,291

Provisions 0.6 73 855* 3,114

Dec 01

73 Provisions/impaired loans, gross (%) 0.6 Impaired loans,net/lending (%) 841 Impaired loans, net 3,132 Impaired loans, gross

March 02

• EURm. End of period

Impaired loans

*According to FSA rules loans with interest deferments are classified as impaired. The figures for Dec 2001 are restated compared to the year-end report 2001 inlcuding EUR 28m of such loans (previously reported as problem loans).

115

Construction 1.0% Transport & Communication 2.1% Financial operations 1.2% Renting, Consulting and other services 3.0% Shipping & Offshore 3.2% Real estate mgmt 7.2% Trade & Services 7.6% Households 19.6% Agriculture % Fishing 24.4% Other companies 19.6% Manufactoring 11.2%

Impaired loans, net

End of 2002

EUR 1,107m

116

Loan losses

321 168 184 181 219

• 264
• 105
• 128
• 115
• 143

56 63 56 66 76

• 300
• 200
• 100

100 200 300 400 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Gross Reversals Net

EURm Maintained at relatively low

level

Majority of losses from the

Norwegian portfolio

Largest provisions within fish

farming

0.22% of total loans annualised

in Q4

0.19% for 2002

117

Comments on certain industries

Real estate

Vacancy increasing from very low levels 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 adjusting to decreased demand

118

Comments on certain industries

Telecom

Nordic operators have improved their positions during 2002 Handsets keeping up fairly well as new applications introduced Delayed investments in 3G affect equipment suppliers and subcontractors Consolidation in the industry continues

119

Comments on certain industries

Aircraft Finance

Continuing weak market for second hand aircraft Capacity heavily reduced, improved utilisation rates US and cross-atlantic operators suffering most The industry would be badly hit by a prolonged war in Iraq

120

Comments on certain industries

Shipping

Slower economic growth generally affects the industry negatively Container ships worst hit, tanker rates very volatile Industrial shipping doing reasonably well Cruising picked up during 2002 Nordea´s exposure well diversified with modern ships and globally

competitive companies

Restructuring needed for many operators to adjust repayments to

decreased cash flows

121

Comments on certain industries

Other industries

Automobile industry and particularly subcontractors under pressure All media companies suffer from reduced advertising income Capital goods sector under intense competitive pressure as volumes drop Nordic traditional industries (forestry, pulp & paper, agro, metal, oil and

pharmaceuticals) performing satisfactorily

Recovery in fish farming depending on salmon prices

122

Provisioning policy

Corporate customers classified according to internal rating Quarterly review of loan portfolio Provisions and action plans reviewed for risk classified customers New legislation in Sweden introducing general provisions

123

Economic capital

124

Economic capital

Economic capital 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:

– the composition of risk exposures – changes in parameters

Economic capital is used for

– risk management – performance measurement – capital allocation

125

Economic capital per business area

End of 2002

CIB 22% Other 7% Treasury 5% Asset Mgmt & Life 14% Retail 52%

EUR 10.2bn

Reduced overall risk Economic capital reduced by EUR

0.9bn in 2002

General Insurance sold

126

Distribution of economic capital - by risk category

End of 2002

Credit risk 62% Real Estate risk 7% Market risk 13% Life risk 1% Operational risk 8% Business risk 9%

127

Appendix

Market shares

Page 128

Financials

Page 143

Nordea share

Page 156

Other

Page 164

Macro statistics

Page 169

128

Appendix

Market shares

* Statistics from October/November 2003

129

Market shares, personal customer deposits

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

Feb 02 Oct-Nov 02

%

130

Personal customer deposits - market volume & share

10 20 30 40 50 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 02-may Aug-02 Nov-03 30% 32% 34% 36% 38% 40%

100 200 300 400 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 18% 20% 22% 24% 26% 28%

100 200 300 400 500 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 jan-02 apr-02 Jul-02 Oct-02 15% 17% 19% 21% 23% 25% EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 Nov-99 Feb-00 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 5% 7% 9% 11% 13% 15%

131

Market shares, corporate deposits

5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden Feb 02 Oct-Nov 02

%

132

Corporate deposits - market volume & share

5 10 15 20 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

2

• m

a y A u g

• 2

N

• v
• 2

40% 43% 46% 49% 52% 55% 100 200 300 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 14% 16% 18% 20% 22% 24% 26% 28% 100 200 300 400 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 jan-02 Apr-02 Jul-02 Oct-02 10% 12% 14% 16% 18% 20% 22% 24% 26% 100 200 300 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 2

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

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

133

Market shares, personal customer lending

5 10 15 20 25 30 35 Denmark Finland Norway Sweden Feb-02 Oct-Nov 02

%

134

Personal customer lending - market volume & share

10 20 30 40 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 2

27% 29% 31% 33% 35% 37% 250 500 750 1000 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-03 Jun-02 Oct-02 10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 700 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 2

6% 7% 8% 9% 10% 11%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

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

135

Market shares, corporate lending

5 10 15 20 25 30 35 40 45 50 Denmark Finland Norway Sweden

Feb 02 Oct-Nov 02

%

136

Corporate lending - market volume & share

10 20 30 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 1

N

• v
• 1

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 2

40% 42% 44% 46% 48% 50% 250 500 750 1,000 1,250 1,500 1,750 Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-03 Oct-02 10% 12% 14% 16% 18% 20% 100 200 300 400 500 N

• v
• 9

9 F e b

• M

a y

• A

u g

• N
• v
• F

e b

• 1

M a y

• 1

A u g

• 2

N

• v
• 2

F e b

• 2

M a y

• 2

A u g

• 2

N

• v
• 2

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 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 22% 24% 26% 28% 30% 32%

137

Investment funds - market volume & share

2 4 6 8 10 12 14 16 Dec-98 Sep-99 Jun-00 Mar-01 Dec-01 Sep-02 Dec-02 20% 22% 24% 26% 28% 30% 32% 34% 200 400 600 800 1000 Dec-98 Sep-99 Jun-00 Mar-01 Dec-01 Sep-02 14% 16% 18% 20% 22% 24% 20 40 60 80 100 120 140 160 D e c

• 9

8 S e p

• 9

9 J u n

• M

a r

• 1

D e c

• 1

M a r

• 2

A u g

• 2

N

• v
• 2

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 Dec-98 Sep-99 Jun-00 Mar-01 Dec-01 Jul-02 Oct-02 20% 22% 24% 26% 28% 30% 32%

138

20 40 60 80 100 120 140 160 180 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 15% 17% 19% 21% 23% 25%

Market volume Market share, Nordea

Investment funds, Nordic region

Market volume and Nordea's market share

139

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 Aug-00 Oct-00 Dec-00 Feb-01 Apr-01 Jun-01 Aug-01 Oct-01 Dec-01 Feb-02 Apr-02 Jun-02 Aug-02 Oct-02 Dec-02

• 60
• 50
• 40
• 30
• 20
• 10

10 20 30 40 50 60

Market net inflow Nordea net inflow Nordea %

% NOKm

140

Investment funds, net inflow, Finland

Market volume, Nordea volume, and accumulated market share ytd

• 400
• 200

200 400 600 800 1000 Sep-00 Nov-00 Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 02-may Jul-02 Sep-02 Nov-02

• 16
• 8

8 16 24 32 40

Market net inflow Nordea net inflow Nordea %

% EURm

141

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 Sep-00 Nov-00 Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02

• 4

4 8 12 16 20 24 28

Market net inflow Nordea net inflow Nordea %

% SEKm

18bn 29bn 18bn

142

2 4 6 8 10 12 14 16 18 Copenhagen Helsinki Oslo Stockholm 2001 2002

%

Market share, equity dealing - Nordea Securities

64.1 11.6 49.3 11.3

Q4/02

54.6 11.3 39.0 12.8

Q3/02

Sweden Norway Finland Denmark

EURbn Equity market turnover,

143

Appendix

Financials

144 446

• 43

44 41 404 16

• 76

464

• 993
• 448
• 545

1,457 54 130 388 885 Q4/02 28 11 31 39 Investment earnings, banking 4

• 3
• 26
• 13

Operating profit, Life Insurance 399

• 42
• 4

419 4

• 66

481

• 925
• 404
• 521

1,406 34 127 371 874 Q3/02 338

• 44
• 87

464 17

• 56

503

• 922
• 408
• 514

1,425 37 137 396 855 Q2/02 364

• 42
• 31

429 15

• 63

477

• 905
• 399
• 506

1,382 29 136 380 837 Q1/02 852 Q4/01 37 Other 474 Profit before inv. earnings and insurance 35 Equity method

• 56

Loan losses 495 Profit before loan losses 468 Operating profit

• 39

Goodwill depreciation 1 Operating profit, General Insurance

• 901

Expenses

• 419

Other expenses

• 482

Personnel expenses 1,396 Income 128 Trading 379 Commission income Net interest income EURm

Operational income statement

145

Statutory income statement

• 3,543
• 3,876

Total expenses

Minority interest

1,901 1,573 Total operating profit

27

• 281

Pension adjustments

• 360
• 405

Taxes

• 362
• 250

Loan losses, net

• 11
• 11

Change in value of property taken over for protection of claims 95 52 Profit from companies accounted for under the equity method 1,968 1,721

Operating profit, banking

• 67
• 148

Operating profit, insurance 887

1,930

• 330
• 1,481
• 2,065

5,806 190 253 1,573 36 3,754

• 6,628

10,382 2002 2,246

Profit before Loan losses

5,789

Total income

General administrative expenses

• 1,912

Personnel expenses

• 1,341

Other expenses

• 290

Depreciation according to plan 3,688 Net interest income 349 Net result from financial operations 250 Other income 49 Dividends received 1,453 Net commission income

1,568 Net profit

• 7,620

Interest expenses 11,308 Interest income 2001 EURm

146

Reconciliation of operational and statutory accounts

16)

• 11

Chane in value of property taken over 11) 122

• 122

Operating profit, general insurance 887

• 405
• 281

1,573

• 148

1,721 52

• 250

1,930

• 3,876
• 330
• 1,481
• 2,065

5,806 190 253 1,573 36 3,754 Statutory Jan-Dec 2002

• 26

26 143

• 117

11

• 117
• 117
• 330

187 26 Other adjustment 28

• 2
• 148

Insurance

• 122

122 122

• 14
• 9
• 5

136 19

• 19

36 100 Investment activities 17 272

• 530

38 203 Trading income 887

• 405
• 255

1,547

• 171

2 122 1,716 52

• 261

1,925

• 3,745
• 1,659
• 2,086

5,670 154 530 1,535 3,451 Operational Jan.-Dec 2002 4) 3) 5) 2) 1) 10) 10) 8) 7) 9) 6) 15) 11) 13) 15) 16) 14,15) 14) 13) 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

147

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 operational accounts. Mainly customer trading. 4. Other income in Nordea Markets, reclassified to trading income in the operational accounts. 5. Trading income in the operational accounts, equals income in Nordea Markets (incl. income allocated to Business Areas), reclassified from the statutory accounts as described in 1) through 4) above. 6. Net interest income from Treasury’s portfolio of certificates and bonds, reclassified as investment earnings, banking in the

• perational 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

• perational 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

• perational 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 one-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

• perational accounts.

16. Change in value of property taken over in the statutory accounts, reclassified as Loan losses, net, in the operational 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.

148

Trading

128 136 137 127 130

20 40 60 80 100 120 140 160 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

Income from trading stable at

high level

High quality earnings

– Customer driven revenue

stream

EURm

149

Expenses - breakdown

993

• 5

998 130 89 62 34 136 547 Q4/02 925

• 5

930 146 79 50 21 111 523 Q3/02 922

• 2

924 134 74 52 36 113 515 Q2/02 107 103 Information technology 2) 145 145 Other 905 908 Expenses

• 4
• 3
• f which investment activities 3)

905 71 60 23 506 Q1/02 901 81 54 34 484 Q4/01 Expenses Rents, premises and real estate expenses Postage, telephone and office expenses Marketing Personnel 1) EURm

1) Profit related personnel expenses including profit-sharing systems were EUR 24m in Q4 2002 (Q3 2002: EUR 20m). 2) Refers to computer operations, service expenses and consulting fees. Total IT-related costs in Q4 2002, including personnel etc were EUR 216m (Q3 2002: EUR 187m). 3) Including personnel expenses (Q4 EUR 2m)

150

Total IT-related expenses*

178 170 185 187 216

50 100 150 200 250 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02

EURm

*Total IT-related costs, including computer operations, service expenses, consultants and

personnel personnel etc (excluding IT expenses in insurance operations)

151 64 66

10 20 30 40 50 60 70 Q3/02 Q4/02

Key figures

C/I ratio, banking %

58 64

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

152

Restructuring reserve

• 15

Utilised Q3/02

• 15

Utilised Q2/02

• 15

Utilised Q1/02 13 Remaining reserve end of 2002

• 45

Utilised Q4/02 103 Remaining reserve Jan 2002 43 Originally, Postgirot

• 159

Utilised 2001 219 Remaining reserve Jan 2001 90 Originally, CBK

• 71

Utilised 2000 200 Originally, Unidanmark EURm

153

30 DLR

• 16

Real Invest

• 40
• 4

Sale of General Insurance

• Q4/01

2 22 Q3/02

• 10

24 Total Contant Oy 24 Europay AS Q1/02 Q2/02 Q4/02 EURm

Gains and losses on various disposals etc

154

Life – operating profit

44 44 Q4/02 Investment earnings Total expenses Other expenses Personnel expenses Total income Income from insurance Commission income

• 29
• 30
• 16
• 13
• 13
• 17

33

• 7
• 12

37

• 2
• 4
• 5

4

• 49

Operating profit

• 13
• 13

Q3/02

• 26

23

• 26

Q2/02

• 3
• 7
• 3

Q1/02 Change of principles Operating profit, reported Q4 Previous Operating profit, reported Q4 EURm

155

General Insurance – operating profit

• 7
• 29

Investment earnings

• 101
• 115

Total expenses

• 63
• 74

Personnel expenses

• 38
• 41

Other expenses 77 97 Total income

• 40

Loss sale of General Insurance 77 97 Income from insurance

• 31
• 87
• 4

Operating profit

• 4

Q3/02

• 87

Q2/02

• 31

Q1/02 Q4/02 Previous Operating profit, General Insurance EURm End of period

156

Appendix

Nordea share

157

60 80 100 120 140 160 180 Nordea DJ STOXX European Banks

Nordea share price vs DJ STOXX European banks

6 March 2000* - 20 January 2003

* Date of announcement of MNB/Unidanmark merger June-02 June-00 June-01

158 500 1000 1500 2000 2500 Jan Feb March April May June July Aug Sept Oct Nov Dec Danske Bank SEB FSPA Handelsbanken Nordea

Nordic bank shares, liquidity 2002

EURm

159

Shareholder structure, end of 2002

18.5% 8.6% 7.6% 6.1% 4.0% 23.7% 1.9% 29.6% International investors Swedish institutions Swedish state Danish institutions Finnish institutions Finnish public Danish public Swedish public

Number of shareholders approx 510,000

160

Largest registered shareholders, end of 2002

0.31 % 8,938,708 Nordea Bank Finland pensionsstiftelse 0.30 % 8,826,549 Skandia Carlson fonder 0.62 % 18,104,300 Nordea Bank Sverige vinstandelsstiftelse 47.3 % 1,386,015,537 Total for the 20 largest shareholders 3.50 % 102,529,423 Nordea Danmark fonden 3.16 % 92,609,801 Tryg i Danmark smba 18.51 % 542,015,102 Swedish state 4.04 % 118,394,426 Alecta 3.00 % 87,821,555 Robur fonder 2.08 % 60,962,264 Nordea fonder 1.79 % 52,386,590 Fjärde AP-fonden 1.51 % 44,231,416 SHB/SPP fonder 1.46 % 42,805,000 AMF Pension 1.43 % 41,808,901 SEB fonder 0.34 % 10,000,001 Öms Livförsäkringsbolaget Suomi 0.38 % 11,077,942 Länsförsäkringar fonder 0.43 % 12,474,666 Solidium Oy (Finnish state) 1.05 % 30,713,300 Andra AP-fonden 1.06 % 31,047,577 Första AP-fonden 1.13 % 33,006,127 Tredje AP-fonden 1.24 % 36,261,553 Skandia Percent Number of shares Shareholder

161

Distribution of shares, end of 2002

Shares,% No of shares Shareholders,% Shareholders No of shares 100.00 2,928,108,227 100.0 510,043 Total 78.64 2,302,550,019 0.05 240 1,000,001- 6.68 195,701,342 0.12 592 100,001-1,000,000 3.50 102,627,695 0.81 4,153 10,001-100,000 6.58 192,537,928 15.71 80,147 1,001-10,000 4.60 134,691,243 83.31 424,911 1-1,000

162

Number of shares

2,928,063,177 40,008,000 Buyback Market Aug-Sept 2002 2,968,071,177 2,405,087 Conversions** New issue June, 2002 2,928,108,227 45,050 Conversions** New issue Sept, 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 Aug 29, 2000 – Dec 31, 2001 ** Convertible bond conversions 2002 Fully diluted average number of shares Jan-Dec 2002 2,955,347,767

163

52 50 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

14.0 0.58 3.74

SEK

2.00 2000 11.0 10.6 11.3 P/E ratio 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

*Proposed

164

Appendix

Other

165

Ratings

Individ. Long Short Long Short Long Short BFSR A1 P-1 Norgeskreditt Aa1 Nordea Kredit A-1 Aa3 P-1 Nordea Hypotek 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 D 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 F Fitch S&P Moody’s

166

Business structure

Corporate Long Term Savings & Life Household Planning and Control Investment Management Investment Funds Long Term Savings & Life Nordic 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 International and Shipping division Investment Banking, Nordea Securities Markets 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 European Private Banking 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

*) Customer relations parts of these units will be transferred to business areas.

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

167

Legal structure, 1 January 2003

Nordea Life Holding A/S Denmark Nordea AB (Publ) Sweden Nordea Securities AB Sweden Nordea Asset Management AB Sweden Nordea Bank Finland Plc Finland

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

168

Group Executive Management

Lars G Nordström Group CEO Christian Clausen Head of Asset Management & Life Carl-Johan Granvik Head of Group Credit and Risk Control 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

169

Appendix

Macro statistics and estimates

Source: Nordea Economic Research Estimates from January 2003

170

Macro data

% 2002e 2003e 2004e Gross domestic product DK 1.4 1.5 2.0 FI 1.7 3.0 3.8 NO 1.6 1.5 2.4 SE 1.9 2.1 2.9 Inflation DK 2.4 2.0 2.1 FI 1.9 1.8 1.9 NO 1.3 2.6 2.0 SE 2.4 2.3 2.1 Private consumption DK 2.0 1.8 2.2 FI 2.6 3.5 2.7 NO 3.1 3.0 3.0 SE 1.4 2.2 2.7 Unemployment DK 5.2 5.5 5.3 FI 9.1 9.2 8.9 NO 3.8 4.3 4.4 SE 3.9 4.2 4.1

171

Market development - GDP

2.9 2.4 3.8 2.0 2004e 2.1 1.9 Sweden 1.5 1.6 Norway 3.0 1.7 Finland 1.5 1.4 Denmark 2002e %

Source: Nordea Economic Research, January 2003

2003e 2001 0.8 1.2 0.7 1.4

172

Gross domestic product

• 8
• 6
• 4
• 2

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

Change in % YoY

173

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

%

174

Private consumption

• 8
• 6
• 4
• 2

2 4 6 8 10 Q1/90 Q1/95 Q1/00 Denmark Finland Norway Sweden Change in % YoY

175

Household savings ratio

2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 2001 Denmark Finland Norway Sweden

%

176

Unemployment

5 10 15 20 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Denmark Finland Norway Sweden

% of labour force

177

Credit growth total lending to non-bank sector

• 10
• 5

5 10 15 9 6 M a r c h 9 6 S e p t 9 7 M a r c h 9 7 S e p t 9 8 M a r c h 9 8 S e p t 9 9 M a r c h 9 9 S e p t M a r c h S e p t 1 M a r c h 1

• S

e p 2

• M

a r 2

• S

e p Denmark Finland Norway Sweden

Change in % YoY

178

Bankruptcies

200 400 600 800 1000 1200 1400 1600 1800 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01 Q1/02 Q1/03 Denmark Finland Norway Sweden

Number of bankruptcies per month

179

Exchange rate, USD/EUR

0.8 0.85 0.9 0.95 1 1.05 1.1 1.15 1.2 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

USD

180

Exchange rate, EUR/SEK

8 8.4 8.8 9.2 9.6 10 1/1 /98 1/4 /98 1/7 /98 1/10 /98 1/1 /99 1/4 /99 1/7 /99 1/10 /99 1/1 /00 1/4 /00 1/7 /00 1/10 /00 1/1 /01 1/4 /01 1/7 /01 1/10 /01 1/1 /02 1/4 /02 1/7 /02 1/10 /02 1/1 /03

SEK

181

Exchange rate, EUR/NOK

7 7.5 8 8.5 9 9.5 10 1/1 /98 1/4 /98 1/7 /98 1/10 /98 1/1 /99 1/4 /99 1/7 /99 1/10 /99 1/1 /00 1/4 /00 1/7 /00 1/10 /00 1/1 /01 1/4 /01 1/7 /01 1/10 /01 1/1 /02 1/4 /02 1/7 /02 1/10 /02 1/1 /03

NOK

182

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

Dollar

183

Stock exchange indices

200 400 600 800 1000 1200 1400 31/1 /97 31/5 /97 30/9 /97 31/1 /98 31/5 /98 30/9 /98 31/1 /99 31/5 /99 30/9 /99 31/1 /00 31/5 /00 30/9 /00 31/1 /01 31/5 /01 30/9 /01 31/1 /02 31/5 /02 30/9 /02 31/1 /03 HEX Index Affärsvärldens General Index Oslo Total Index KFX Index

Index 100 = 1990

184

Money market, 3 months rates

2 3 4 5 6 7 8 9 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 Denmark Finland Norway Sweden

%

185

Government bond, 10 year

3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 1 / 1 / 9 8 1 / 4 / 9 8 1 / 7 / 9 8 1 / 1 / 9 8 1 / 1 / 9 9 1 / 4 / 9 9 1 / 7 / 9 9 1 / 1 / 9 9 1 / 1 / 1 / 4 / 1 / 7 / 1 / 1 / 1 / 1 / 1 1 / 4 / 1 1 / 7 / 1 1 / 1 / 1 1 / 1 / 2 1 / 4 / 2 1 / 7 / 2 1 / 1 / 2 1 / 1 / 3 Denmark Finland Norway Sweden

%

186

Financial calendar 2003

AGM will be held on 24 April 2003 Q1 report 2003 will be published on 7 May 2003 Q2 report 2003 will be published on 20 August 2003 Q3 report 2003 will be published on 29 October 2003 The Nordea AB annual report will be available on www.nordea.com around March 3