1. Barclays Capital 2010 Global Financial
Services Conference
New York, 13 September 2010
Fredrik Rystedt
Group CFO

2. Disclaimer
This presentation contains forward-looking statements that reflect management’s current
views with respect to certain future events and potential financial performance. Although
Nordea believes that the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove to have been
correct. Accordingly, results could differ materially from those set out in the forward-
looking statements as a result of various factors.
Important factors that may cause such a difference for Nordea include, but are not limited
to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change
in the regulatory environment and other government actions and (iv) change in interest
rate and foreign exchange rate levels.
This presentation does not imply that Nordea has undertaken to revise these forward-
looking statements, beyond what is required by applicable law or applicable stock
exchange regulations if and when circumstances arise that will lead to changes compared
to the date when these statements were provided.
2

3. Macroeconomic stabilisation in the Nordic region
GDP growth, %, y/y
7.5 7.5
% y/y GDP % y/y
5.0 5.0
2.5
[GDP H1 to be inserted]
2.5
Growth rates expected to be solid in the
0.0 0.0
Nordic countries – strong growth in H1 10
-2.5 -2.5
-5.0 -5.0
In 2010, all Nordic countries are expected
Sweden
-7.5
Denmark
Norway -7.5 to have:
Finland
-10.0 -10.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Positive growth rates
09 10
Public finances, % of GDP Modest inflation
5.0 % of GDP 5.0
% of GDP
Norway +12-18% Relatively strong public finances
2.5 2.5
Sweden
0.0 0.0 Improvements in labour markets
Finland
-2.5 -2.5
Denmark
-5.0 Euro area -5.0
-7.5 -7.5
USA
-10.0 -10.0
08 09 10 11 12
3 Source: Nordea Markets

4. Continued strong customer business
Income in Corporate Income in Household Total income
segment segment
Q2 2009 Q1 2010 Q2 2010 Q2 2009 Q1 2010 Q2 2010 Q2 2009 Q1 2010 Q2 2010
Number of Gold Lending volumes Impaired loans
customers
Q2 2009 Q1 2010 Q2 2010 Q2 2009 Q1 2010 Q2 2010 Q2 2009 Q1 2010 Q2 2010
4

5. Result highlights
EURm H1/10 H1/09 Chg % H2/09 Chg %
Net interest income 2,484 2,661 -7 2,620 -5
Net fee and commission income 1,013 793 28 900 13
Net result from items at fair value 887 1,109 -20 837 6
Other income 80 75 7 78 3
Total income 4,464 4,638 -4 4,435 1
Staff costs -1,388 -1,352 3 -1,372 1
Total expenses -2,350 -2,206 7 -2,306 2
Profit before loan losses 2,114 2,432 -13 2,129 -1
Net loan losses -506 -781 -35 -705 -28
Operating profit 1,608 1,651 -3 1,424 13
Net profit 1,182 1,245 -5 1,073 10
Risk-adjusted profit 1,194 1,524 -22 1,262 -5
5

6. NII held up well, despite the low interest rate level
EURm Solid trend in customer operations
1,305 1,321
continues
1,299
1,235 1,249
Lending and deposit volumes up
Margins stable
Remains subdued by the low
interest rate levels
Lower contribution from Group
Treasury
Slight increase in average funding cost
when maturing long-term funding was
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 prolonged at higher market rates
6

7. Underlying volume trends
Q210/ Q210/
% change in unchanged currency
Q110 Q209
Total lending, excl. reversed repurchase agreements 2 4
– Nordic household mortgages 2 9
– Nordic consumer lending 1 7
– Nordic corporates 2 0
– New European Markets 4 1
– FID and Shipping 3 -3
Total deposits, excl. repurchase agreements -1 -1
– Nordic households 2 3
– Nordic corporates 1 1
– New European Markets -2 -6
– FID and Shipping 4 -19
7

8. Interest rate sensitivity
- 3 components
Effect from higher market rates,
Structural interest income risk (SIIR) 100 bps Q2/10 Q1/10
EURm
Reflecting the effect on NII from re-
pricing gaps* Annualised positive impact on
430 450
Net interest income, approx.
Dynamic effects on net interest income
Changes in deposit margins – mainly
Non-recurring negative impact on -230 -100
transaction accounts Net result from items at fair value,
approx.
Market risk in the interest-bearing
investment portfolios
Market risk has an immediate effect on
the net result from items at fair value
* Accumulated mismatch between assets and liabilities with an interest rate duration
of less than 12 months, with the assumptions that non-maturity accounts are re-
8 priced immediately following a interest rate change, without effecting margins

9. Strong net fee and commission income
538
EURm
Higher income contribution from
475
437
463 corporate advice
412
Continued strong performance in
the savings area
High activity in capital markets
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
9

10. Strong demand for risk management products
remains
Net result from items at fair value, Capital markets activities in customer
EURm
594
areas¹ continues to perform well,
548
515
486
although down 4% from strong first
half last year
351 2
325 339
Market volatility increased corporate
198
221 demand for fixed income and FX products
Continued strong Life & Pensions
results
Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
Nordic Banking and Institutional & International Banking Lower contribution from Group
Total net fair value result
Treasury and Capital Markets
unallocated
¹ Nordic Banking and Institutional & International Banking
10 ² Including one-off of EUR 50m – Nordito and PBS

11. Expenses in line with outlook
EURm
Cost management remains firm
1 219 1 186
1 116 1 164
1 087 Increase in Q2 related to Group
471 445
initiatives and currency effects
392 438
382
Total expenses up 6% compared to
687 670
702 687 701 same quarter last year
Up 1% adjusted for currency effects
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
Staff costs Other expenses
11

12. Basel III – broad agreement on
changes and implementation plan
12

13. Broad agreement in July 2010 on Basel III
changes and implementation plan
Nordea anticipates final details towards the end of the year
Uncertainty remains high – questions around NSFR and leverage ratio
In good position for regulation and buffers, above leverage ratio threshold
Liquidity changes in right direction, but still challenging for the industry
Increased cost of capital expected, likely to impact pricing to customers
Basel Oversight Basel Committee G20 meeting
body, broad meeting
Implementation Implementation
agreement
Basel release of details capital regulation leverage ratio +
for 2012 and new + LCR NSFR
proposals for 2018 Test/observation phase
for leverage ratio +
NSFR 2013-2017
July 2010 Oct 2010 Dec 2010 Dec 2012 Jan 2018
13

14. Strong capital position maintained –
and strong funding despite challenging quarter
Core tier 1 capital ratio (excl. hybrids), %
10.3 10.1 10.0
Core tier 1 ratio 10.0%
9.2 9.2 9.0
High volume increase, but
stabilising rating migration, affect
RWA
Q2/09 Q1/10 Q2/10
Transition rules Fully implemented Basel II
Total long-term funding issued, EURbn EUR 20.9bn of long-term funding
31
issued in H1 2010
23
22 20.9 In June, after several weeks of no
market supply, Nordea reopened
the senior unsecured market
14 2007 2008 2009 H1 2010

15. Journey to Great Nordea
15

16. Great Nordea framework
Rationale
Profit orientation & Without this as the foundation,
prudence there is no bank – through the cycle
Need to set targets to be able to reach
Ambitious vision & the goals
targets
Motivation to perform extraordinarily
Nine countries, and everything
Strong customer- different
oriented values &
culture Common values and platform to form
one team
Growth to free up resources to
Clear growth strategy improve customer satisfaction
Growth to create value to our
shareholders
16

17. Profit orientation
and prudence
One of the most stable profit development
among banks in Europe
Profit before tax development through the financial crisis (Indexed)
Index = 100
140
120
100 Nordea
80
European peers*
60
Nordic peers**
40
20
0
3
4
1
1
3
4
1
2
2
3
4
1
2
-20
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
07
09
10
07
07
07
08
08
08
08
09
09
09
-40
* Aggregate of a selected number of banks in the European peer group:
BBVA, Commerzbank, Erste, Intesa Sanpaolo, KBC, Santander, UniCredit
17
** Nordic peers: Danske Bank, DnB NOR, SEB, SHB, Swedbank

18. Profit orientation
and prudence
Strongest capital position among a selected
group of major international banks
%
10
9
Risk-adjusted capital ratios
8
7
6
5
4
3
2
1
0
AIB
Danske Bank
Intesa Sanpaolo
Dexia
Nordea
Credit Agricole
Société Générale
UniCredit
Bayerische LB
UBS
SHB
DnB NOR
HSBC
Barclays
BNP Paribas
Swedbank
Deutsche Bank
Citigroup
Credit Suisse
Santander
SEB
KBC
LBBW
18
Source: Swedish Riksbank, Standard & Poor’s

19. Ambitious vision
& targets
Delivery on long-term targets
Risk-adjusted profit Total shareholder return
rolling 4 quarters development 1 Jan 2007- 16 Aug 2010
2007 – Q2 2010 20
0.0
0
-20
41.4% -40
-60
25.5% -80
Top quartile
-100
Allied Irish Banks
Bank of Ireland
BBVA
Danske Bank
Nordea
Intesa Sanpaolo
Societe Generale
Unicredit
SHB
DnBNOR
BNP Paribas
Barclays
Commerzbank
Lloyds
Swedbank
Erste
Santander
RBS
SEB
KBC
Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q4/ 08 Q1/ 09 Q2/ 09 Q3/ 09 Q4/ 09 Q1/ 10 Q2/ 10
Rolling f our quart ers compared wit h FY 2006 EUR 1,957m
Long-t erm t arget f or average yearly growth
RoE 2007 – Q2 2010
Nordea has reported one of the highest average return on equity (RoE) of Nordic
peers*, 14.4%
19 *Nordic peers: Danske Bank, DnB NOR, SEB, SHB, Swedbank

20. Values
Strong customer-oriented values and culture –
become part of DNA
A Great European Bank,
acknowledged for its people, creating
superior value for customers and shareholders
Great customer
It’s all about people One Nordea team
experiences
Foundation:
Profit orientation and
prudent cost, risk and capital management
20

21. Values
Customer satisfaction improving versus
competitors
CSI index (aggregate) 2007-2009*
2007 2009
+0.9
Nordea 70.6 71.5
71.2 - 3.6
Peers 67.6
-0.6 3.9
21 *Corporate and high involvement customers, corresponding to Gold
and Silver segment customers

22. Prudent growth strategy – Group initiatives and
strong business development
22

23. We continue on the journey to Great and to
deliver on our long-term target
Middle of the
Profitable organic growth Prudent growth
road
Great
07 08 09 10 11 12
Nordea
Organic growth strategy Next level strategy based
on stronger position
Keep income
growth
momentum
Group initiatives Cost, risk and Next generation of
launched to support capital take the initiatives launched
the strategy lead
Enable us to
accelerate out
of the crisis
23

24. Growth strategy
Nordea has built the platform
Quality of ~6,000 PBAs, SRMs and
people RMs trained in -09
One value chain
Proximity Customer
base
1,400 branches (160
corporate), contact ~ 8 m household
Customer-oriented values customers in programmes,
centres and netbank
A great European bank,
acknowledged for its people, creating superior
value for customers and shareholders
0.7 m corporate
Great customer experiences It’s all about people One Nordea team
Foundation: Profit orientation and prudent cost, risk and capital
Capital
management
Demand-driven position
products
One customer team One of strongest
E.g., top Morningstar
capital and funding
ratings, No 1
positions in Europe
Greenwich rating Trustworthy
brand name
Nordea brand
24
stronger than ever

25. Growth strategy
Prudent growth strategy supported by next
generation of Group initiatives
Increase business with Exploit global Supplement Nordic
existing Nordic customers and European growth through
and attract new customers business lines investments in New
European Markets
1. Future distribution 6. Growth plan Poland
2. New customer acquisition
3. Growth plan Finland
4. Growth plan CMB Sweden
5. Customer-driven Markets business
7. Top league IT and operations 8. Product platforms
9. Infrastructure upgrade
Take Nordea to the next level of operational efficiency,
support sustained growth
25

26. Household strategy delivery: Value proposition
attracts customers in premium segments
Solid trend accelerated in 2010 – up Number of Gold customers, ‘000
7.2% from one year ago 2,812
2,885
2,690
110,000 new Gold and Private Banking
customers in H1 2010 – more than 70% new
customers in Nordea
Improved market share in all countries Q2 2009 Q1 2010 Q2 2010
Significant increase of number of pro- Lending market share increase, %
active customer meetings
0.3
Continued strong customer demand in
0.2
household segment – increased volumes
with stable margins 0.1 0.1
Total income in household segment up 5% DK FI NO SE
26

27. Corporate strategy delivery: High activity –
income up 7% in H1
Corporate lending, EURbn
Increased business confidence - lending
144
volumes up 4% in H1 2010 136 139
Continued strong demand for risk
management products
Improved market share in Corporate Q2 2009 Q1 2010 Q2 2010
Banking - strategy to build house-bank
Lending market share increase, %
relations proven successful
0.1 0.1 0.1
New area established – Corporate
Merchant Banking and Capital Markets
-0.1
Ensure that all service and product competences
of Nordea reach the large corporate customers
DK FI NO SE
Headed by newly recruited – Casper von Koskull
27

28. Improved average risk weights following growth
focused to stronger corporates
Rating distribution
Increases during 1H 2010
16%
Decreases during 1H 2010
14%
12%
10%
EAD (%)
8%
6%
4%
2%
0%
6+ 6 6- 5+ 5 5- 4+ 4 4- 3+ 3 3- 2+ 2 2- 1+ 1 1-
Rating
06.2010 12.2009
28

29. Increase in corporate lending margins
Corporate lending margins, average in the lending book, %
2.00
1.80 Banking Denmark
1.60 Banking Norway
Nordic Banking total
1.40
Banking Finland
1.20 Banking Sweden
1.00
0.80
0.60
0.40
0.20
0.00
Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
29

30. Concluding remarks
30

31. Key messages
We are delivering according to our plan
Credit quality improving – impaired loans decreased in second quarter
More clarity with the agreement around Basel III, but some uncertainty
remains
Continued strong customer business
Income from corporate customers up 7% and from household customers up 5% in H1
Increased lending, deposits and AuM volumes
Solid inflow of new customers – increased market shares in all markets
Positive development in corporate finance business – relationship banking approach
further strengthened
Focus on prudent growth and the execution of the Group initiatives
On track in all areas
31