Goldman Sachs Roadshow

6-7 December 2012

Gunn Wærsted

Executive Vice President, Head of Wealth Management

Disclaimer

2 •

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.

Key messages

3 •

New Normal plan delivers on cost, capital and income

• Unchanged costs through 2012, excluding FX effects

• Cost/income ratio 51% YTD (54% 9m 2011*)

• Improved RoE to 11.4% YTD (10.6% 9m 2011*)

• Core Tier 1 ratio improved to 12.2%

• Loan losses at 27 bps YTD (20bps 9m 2011)

• Income in Q3 highest ever in a third quarter

• Operating profit exceeded EUR 3bn YTD, up 14%*

• Continued strong business momentum, 65 000 new relationship

customers in 2012 YTD

* Adjusted for restructuring charge in Q3 2011

Key messages

4 •

Progress in building the future bank business model

• New Normal plan delivers on cost, capital and income

• Retail Banking: Advice based distribution model, improved capital efficiency

• Wholesale Banking: Developed relations, focus on adding high value at right

price

• Wealth Management: Increased efficiency and sharper offerings

• An area with strong financials, well-adjusted to “New Normal”

• Growth achieved through well-diversified asset base

• Nordea is the largest wealth manager in the Nordics

• Financial highlights, Nordea Group Q3 2012

• Wealth Management

• Building the future bank business model

Financial result – Q3/12

6 •

EURm Q3/12 Q2/12 Change % Q3 YTD 12 Q3 YTD 11 Change %

Net interest income 1,441 1,462 -1 4,323 4,029 7

Net fee and commission income 605 611 -1 1,812 1,807 0

Net fair value result 377 494 -24 1,340 1,011 33

Other income 46 39 18 131 96 36

Total income 2,469 2,606 -5 7,606 6,943 10

Staff costs -752 -761 -1 -2,284 -2,399 -5

Total expenses -1,293 -1,290 0 -3,859 -3,953 -2

Profit before loan losses 1,176 1,316 -11 3,747 2,990 25

Net loan losses -254 -217 17 -689 -472 46

Operating profit 922 1,099 -16 3,058 2,518 21

Net profit 688 821 -16 2,284 1,848 24

Risk-adjusted profit 749 851 -12 2,399 1,899 26

7 •

Net interest income development Margin pressure on deposits due to low interest rates

1 310

1 365 1 324 1 326

1 379

1 427 1 420 1 462

1 441

Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Total net interest income, EURm

Net interest margin under pressure since 2004

8 •

Average lending and deposit margin

9 •

Net commission income remains at high levels

525

618 602

623

582 588 596 611 605

Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Total net fee and commission income, EURm

• Down 1% q-o-q

• Increased asset management and

lending commission

• Decreased commissions on

payments, cards and custody

10 •

Assets under Management at all time high

• Assets under Management at

all-time-high of EUR 210.9bn

• Inflow of 2.7bn in Q3

• Strong inflow in Retail funds and

Institutional Clients

• Strong investment performance

gives added value to our

customers

• 80% of all composites outperforms

their benchmark in the quarter

• Generated added value of EUR

0.8bn

187.4

1.2

7.7

0,9

Wealth Management AuM, EURbn

11 •

Net fair value

Total net result from items at fair value, EURm

446

504

544

356

111

506

469 494

377

Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

• Continued high demand in

customer areas

• Negative valuation changes in

liabilities accounted for at fair value

12 •

Expenses under solid control

Total expenses, EURm

• Decrease by 2% in local

currencies q-o-q

• Number of FTEs down 1% q-o-q

Strong access to funding

13 •

• EUR 25bn issued in long-term

funding

• Of which 54% senior, 40%

covered and 6% Tier two

• Redemptions for 2012 are

EUR 15bn

• Improved spreads

• Nordic covered bonds benefiting

from being perceived as one of

safest jurisdictions in Europe

• Nordea Aa3/AA-/AA-

Long-term funding, EURbn

Nordea covered bonds spreads vs

European governments

Source: Goldman Sachs

No

rdea

Germ

any

Fin

land

Neth

erlands

Austr

ia

Fra

nce

Belg

ium

Irela

nd

Italy

Spain

Port

ugal

Sw

eden

Spread vs MS (bps)

27

33 32

25

2009 2010 2011 Q3/12 YTD

14 •

Strong capital generation

11 689 12 821

14 313

17 766 19 103

20 677 21 796

2006 2007 2008 2009 2010 2011 Q312YTD

Dividend payout Anticipated dividend

Core Tier 1 capital, EURm

• Tier 1 capital is up by 86% since

2006

• CAGR of 9% after dividend and

adjusted for rights issue

15 •

Risk-weighted assets under strict control

180

183

185

182 181

179

Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Risk-weighted assets (RWA), EURbn*

* Basel II excluding transition rules

• RWA decreases EUR 2bn due to

decreased credit risk and market

risk

• Further improved quality in

liquidity buffer

• RWA optimisation reduces RWA

by EUR 0.5bn

• In total limited effect from rating

migration

10.0 10.4 10.3

10.7 11.0 11.0 11.2

11.6 11.8 12.2

Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

16 •

Improved Core tier 1 ratio

Core tier 1 capital ratio, % (excl. Hybrids)*

* Basel II excluding transition rules

• Improved ratio by 40 bps since

Q2 2012 due to

• Strong profit generation

• Decreased RWA

• Improved CT1 ratio by 220 bps

since Q2 2010

• Lending growth of 17%

• Full dividend to shareholders

17 •

Credit quality

Total net loan losses, EURm

207

166

242

118 112

263

218 217

254

Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

• Broadly in line with long-term risk

appetite

• Low loan losses in Norway,

Sweden and Finland

• Continued elevated levels in

Denmark and Shipping

• Effects from stricter rules in

Denmark

• Lower individual provisions

• Increase in collective provisions

-50

0

50

100

150

200

250

Q3/09 Q3/10 Q3/11 Q3/12

Denmark Finland Norway Sweden

18 •

Net loan losses quarterly by country – excluding Shipping

EUR 145m

EUR 8m

EUR -17m

EUR 46m

• Still certain overleveraged

Danish household and

agriculture customers

behind the provisions

• A limited number of

individual provisions in the

other countries

0

100

200

300

400

500

2006 2008 2010 2012

Single family houses Corp property Forced sales total (seasonally-adj)

19 •

Underlying stabilisation in Denmark

House prices, index = 2006* Forced sales*

Number of bankruptcies*

-100

-50

0

50

100

150

200

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Collectivelyassessed

Portfolioassessed non-significantloans

Individuallyassessed

Loan losses net, Retail Banking Denmark

70

80

90

100

110

2006 2008 2010 2012

Single-family houses Summer houses Flats

0

100

200

300

400

500

600

2006 2008 2010 2012

Bankruptcies

* Source: Danmarks Statistik

0

100

200

300

400

500

600

700

Q2/09 Q2/10 Q2/11 Q2/12

20 •

Shipping net loan losses and impaired loans

Shipping Net loan losses, EURm Shipping Net impaired loans, EURm

EUR 54m EUR 558m

• Further deterioration of collateral

values

• Need for additional loan loss

provisions

• Gross impaired loans down 4% q-o-q

0%

15%

30%

45%

60%

75%

90%

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

Tanker

Bulker

Containership

Challenges remained within Shipping

Source: Clarkson

0

30

60

90

120

150

180

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

MUSD

VLCC. 5 year old

Cape Bulker. 5 year old

Panamax Containership.5 year old

• Ship values have continued to fall

throughout the year

• Supply is coming down rapidly

Ship values Shipping orderbook as % of existing fleet

• Financial highlights, Nordea Group Q3 2012

• Wealth Management

• Building the future bank business model

16%

Share of economic capital

11%

Share of total FTEs

16%

Share of Group total operating profit

14%

Share of Group total operating income

High margins

Capital efficient and

funding generating

Generating stable

income from a fee-

based model

High contribution to

economic profit due to

low capital consumption

(16% of economic

capital)

Rarocar Q3 2012 17%

2012, Q3

23 •

Wealth Management – an area with strong financials,

well-adjusted to “New Normal”

* All funds targeted at Nordic Retail segment sold through own distribution

** Includes pension pools products

Assets under Management EURbn, end Q3 2012

Denmark

Finland

Norway

Sweden

International

Retail funds* Private

Banking

Institutional

sales Total

211 55

10

4

3

21

0

22

18

4

13

11

19

5

6

16

5

23

10

9

8

5

75

36

21

47

31

51 37

Life &

Pensions**

Total 68

3 year AuM

growth

36% 32% 70% 36% 42%

33%

20%

54%

51%

83%

3 year AuM

growth

24

Growth achieved through well-diversified asset base

• Assets under Management at

all-time-high of EUR 210.9bn

• Decent net inflow of EUR

2.7bn

• Strong inflow in Institutional

and Retail funds

• Strong investment

performance gives added

value to our customers

• In Q3 80% of composites

outperformed their

benchmarks, 76% YTD and

72% when measured on a 3

year horizon

25 •

AuM end Q3/12

210.9 0.8

Market

appreciation

7.6

Net inflow

2.7

AuM end Q2/12

199.8

Wealth Management AuM, EURbn

Good performance, key driver of Assets under Management

Value added

investment

performance on

assets under

discretionary

management

* EUR 105bn end of Q3/12

*

Nordea is the largest wealth manager in the Nordics

AuM development (EURbn)

26

Nordic peers: Danske Bank, DNB, Handelsbanken, Pohjola, SEB, Storebrand, Swedbank

End of period EUR exchange rates have been used for peers who do not report in EUR

Source: Companies Q3 Interim Reports

As per September 30th, 2012

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

18,5% 12,5% 22,8% 13,3% 13,1% 25,0% 15,9% 1,6%

2,4% 11,8% 13,5% 5,6% 13,8% 8,3% 1,6% Change last 4Q

Local currencies

Change last 4Q

Euro

45% of our rated funds in Nordics have 4 or 5 stars

14 funds

Average Rating 3.73

Denmark

21 funds

24 funds

2 funds

1 funds

18 funds

Average Rating 3.49

Finland

38 funds

50 funds

8 funds

4 funds

5 funds

Average Rating 3.27

Norway

15 funds

28 funds

4 funds

3 funds

7 funds

Average Rating 3.26

Sweden

25 funds

34 funds

10 funds

4 funds

44 funds

Average Rating 3.44

Nordic

99 funds

136 funds

24 funds

12 funds

23%

34%

39%

3%

2%

15%

32%

42%

7%

3%

9%

27%

51%

7%

5%

9%

31%

43%

13%

5%

14%

31%

43%

8%

4%

Note: In each category 10 pct. of the best performing funds get 5 stars, 22.5 pct. 4 stars, 35 pct. 3 stars, 22.5 pct. 2 stars and 10 pct. 1 star

As of September 2012

27 •

Stable Net inflow and Assets under Management growth

28

0

50 000

100 000

150 000

200 000

250 000

-3000

-2000

-1000

0

1000

2000

3000

4000

Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12

Inflow AuM

AuM

EURm

Net inflow

EURm

The share of traditional life is reduced over time

GWP life & pension products 2008 - 2012

40% 48% 59% 56% 66% Share of

UL+New trad.

29

AuM life & pension products 2008 – 2012

22%

27%

33%

36%

41%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

10 000

20 000

30 000

40 000

50 000

60 000

2008 2009 2010 2011 Sep 2012

UL and new trad

Trad. Life

UL, new trad and pure risk share of AuM

% EURm

0

500

1000

1500

2000

2500

3000

3500

2008 2009 2010 2011 Sep 2012*)

Trad New trad UL

*) 12 months rolling

Life & Pensions’ strategy going forward

• Reduce costs and increase correlation with income

• Review of business lines (segments) Cost efficiency

• Migration from traditional products

• ALM & capital consumption focus Capital efficiency

• Capital efficient new sales

• Next generation product platform Optimise product

portfolio

• Re-allocate resources to the attractive segments

• Continue to strengthen bancassurance Profitable growth

30 •

• Financial highlights, Nordea Group Q3 2012

• Wealth Management

• Building the future bank business model

32 •

Roadmap to Future Bank

Future Bank

A sustainable business model

that delivers a ROE well above cost of capital

on a fully loaded balance sheet

New Normal plan

Roadmap to Future Bank

Relationship

strategy

Values and

leadership

A convincing

equity story

and market

commitments

A strong

brand with

clear values

Roadmap to Future Bank

33 •

• A solid and sustainable business model that generates high and stable

earnings over time and thereby also strong capital generation

• The challenge is to continue improving ROE – in the following ways:

• Continued re-pricing of the lending book, to obtain satisfactory profitability

on every customer

• Maintained solid cost control – cost development to be flat

• Maintained strict RWA control – capital-efficient solutions for customers

Key messages

34 •

New Normal plan delivers on cost, capital and income

• Unchanged costs through 2012, excluding FX effects

• Cost/income ratio 51% YTD (54% 9m 2011*)

• Improved RoE to 11.4% YTD (10.6% 9m 2011*)

• Core Tier 1 ratio improved to 12.2%

• Loan losses at 27 bps YTD (20bps 9m 2011)

• Income in Q3 highest ever in a third quarter

• Operating profit exceeded EUR 3bn YTD, up 14%*

• Continued strong business momentum, 65 000 new relationship

customers in 2012 YTD

* Adjusted for restructuring charge in Q3 2011

Key messages

35 •

Progress in building the future bank business model

• New Normal plan delivers on cost, capital and income

• Retail Banking: Advice based distribution model, improved capital efficiency

• Wholesale Banking: Developed relations, focus on adding high value at right

price

• Wealth Management: Increased efficiency and sharper offerings

• An area with strong financials, well-adjusted to “New Normal”

• Growth achieved through well-diversified asset base

• Nordea is the largest wealth manager in the Nordics

Goldman Sachs Roadshow

6-7 December 2012

Gunn Wærsted

Executive Vice President, Head of Wealth Management

• Appendix, Q3 2012

Change in net interest income

38 •

Change, EURm Q-o-Q Y-o-Y

Volume-driven NII 0 172

Lending -2 146

Deposits 2 26

Spread-driven NII -14 233

Lending 17 492

Deposits -31 -259

Spread costs -12 -130

GCC, including Treasury -5 47

Other 10 -28

Total -21 294

Household Corporate

Banking Denmark

Banking Finland

Banking Norway

Banking Sweden

Corp & Inst Banking

Shipping

65.8

45.4

50.2

66.5

45.3

13.4

BankingDenmark

BankingFinland

BankningNorway

BankingSweden

CIB Shipping

Lending, volumes and margins

39 •

Lending volumes EURbn Q3/12 and development q-o-q

Change in local currencies

0% 0% 0% 0% -5%

-3%

Margin* development q-o-q

*Excluding full liquidity premia

30.0 32.7

20.0

33.5

42.8

4.8

BankingDenmark

BankingFinland

BankningNorway

BankingSweden

CIB Shipping

Deposits, volumes and margins

40 •

Deposit volumes EURbn Q3/12 and development q-o-q

Change in local currencies

0% 1% -4% -1% 11%

3%

Margin* development q-o-q

*Excluding full liquidity premia

Household Corporate

Banking Denmark

Banking Finland

Banking Norway

Banking Sweden

Corp & Inst Banking

Shipping

41 •

• Impairment rate gross increased to

181bps.

• Still Danish household and

agriculture customers behind the

increases (new impaired volume

approx. EUR 410m), to a large

extent explained by the clarified and

stricter impairment rules introduced

by the Danish FSA.

• A couple of larger Finnish

corporates were reported as

impaired this quarter (new impaired

volume approx. EUR 100m).

• The development in shipping was

slightly positive, as the exposure to

already impaired customers

decreased.

1 Impairment rate gross:

Individually assessed impaired loans before allowances

divided by total loans before allowances

Impairment rate gross1, basis points

24 21 21 24 24

13 13 14 14 15

27 27 27 28 32

10 11 19 22 21

56 59 66

76 89

Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Denmark

Shipping

Finland

Baltics

Others

Highest increase of impaired loans in ”collaterised” loan books

42 •

75

100

125

150

175

200

225

250

Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Change in impaired loans %, Index 100 = Q3 2011

Nordea total,provisioning ratio 41%

Shipping,provisioning ratio 35%

Agriculture,provisioning ratio 30%

Real estate,provisioning ratio 36%

Household,provisioning ratio 41%

Other industries,provisioning ratio 51%

43 •

The New Normal plan continues to deliver

34 138 34 169 33 844

33 068 32 557

31 988 31 692

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

1 265 1 275 1 242 1 266 1 276 1 290 1 293

171

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

One-off restructuring charge

In terms of cost efficiency

Group FTE development Total expenses, EUR million

44 •

The New Normal plan continues to deliver In terms of capital efficiency

• Reduced RWA by more than

EUR 9bn since beginning of 2011

due to improved efficiency

185.1

5.9

3.5

3.7

179.0

9.9

9.3

Q4/10 CreditQuality

Growth FX & other Basel 2.5 RWAoptimization

Q3/12

Risk Weighted Assets development, EURbn*

* Basel II excluding transition rules