1. Bank of America Merrill Lynch
Banking & Insurance CEO Conference
London, 30 September 2010
Christian Clausen
Group CEO

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. A well diversified, fast growing
and high-quality operation
3

4. Diversified and fast growing customer operation
Income well split between corporate and household customer segments
Strong growth trend in all corporate segments and in Gold and Private
Banking
Income split per customer segment, Q210 Income growth YoY Q210/Q209, %
Int’l PB
NEM
Other CMB
20%
ld
ho
se
10%
Gold
u
e
Ho
rat
Large
rpo
0%
Co
Nordic PB Other Corporate Household
-10%
Fin inst NEM
Shipping
ta l
r
r
B
ld
M
M
e
t
B
he
he
in g
in s
B
rg
'l P
CM
Go
NE
NE
To
P
Ot
Ot
La
ip p
F in
In t
ic
rd
Sh
4
No

5. Diversification inherent strength in Nordea
56% corporate lending and 44% household
Only one industry account for more than 10% of total lending
87% of the portfolio in the Nordic countries
Credit portfolio by sector Credit portfolio by customer area/ geography
Fin inst incl repos
Other corporate
Shipping
NB Denmark
Russia
Construction Poland
Household
mortgage Baltics
Transport
Shipping
Retail trade
NB Norway
Consumer staples
Financial inst
NB Sweden
Consumer
Industrial
commercial NB Finland
services Real estate
5

6. Profit orientation
and prudence
Nordea one of few AA rated banks
Ratings, September 2010
S&P long-term Moody’s long-term
BBVA AA Aa2
Santander AA Aa2
BNP Paribas AA Aa2
Nordea AA- Aa2
Handelsbanken AA- Aa2
Intesa Sanpaolo A+ Aa2
Société Générale A+ Aa2
DnB NOR A+ Aa3
Lloyds A+ Aa3
Danske Bank A Aa3
UniCredit A Aa3
Commerzbank A Aa3
Erste Bank A Aa3
Barclays A+ A1
SEB A A1
RBS A A1
Swedbank A A2
KBC A- A1
AIB A- A1
Bank of Ireland A- A1
6 Source: company information and reports

7. Funding operation based on multiple sources
Outstanding long-term funding
Subord., 6% Gov’t gteed, 1%
USMTN, 2 % NY US CD, 2%
Nordea EMTN, 12%
Nordea Hypotek SEK, 20%
Nordea Stand alone, 3%
Nordea Hypotek EMTN, 7%
Nordea MTN plain, 0% Nordea Hypotek Reg CB, 1%
Nordea Bank Finland
MTN Structured, 6%
Nordea Kredit DKK, 33%
Eiendomskreditt NOK, 4%
Nordea Kredit EUR, 3%
7

8. Broad funding base and high activity –
record EUR 25bn issued already this year
Latest transactions in 2010
EUR 1bn 3-year FRN in June –
Accumulated long term funding (excl Nordea Kredit)) 3-month Euribor +75 bps
€m
30,000 EUR 1.25bn 10-year fixed rate in June –
25,000
midswap +110 bps – the first fixed rate
senior deal in two months as Nordea
20,000
reopened the market
15,000
EUR 1.25bn 5-year fixed rate in August –
10,000 midswap +73 bps – the first fixed rate FIG
5,000
benchmark post summer
0 Strong covered bond platform
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Domestic issuance continues as normal in
2008 2009 2010
Danish and Swedish covered bond markets
First issuance by Nordea Eiendomskreditt in
August in the Norwegian domestic covered
bond market
Nordea Bank Finland – covered bond
platform under establishment
8

9. 9
%
0
1
2
3
4
5
6
7
8
9
10
Nordea
HSBC
DnB NOR
Dexia
SEB
Swedbank
SHB
KBC
Santander
Barclays
Credit Suisse
Credit Agricole
Société Générale
LBBW
UniCredit
Intesa Sanpaolo
Risk-adjusted capital ratios
Danske Bank
Deutsche Bank
BNP Paribas
AIB
Bayerische LB
UBS
Strong capital position in a global perspective
Source: Swedish Riksbank, Standard & Poor’s
Citigroup

10. 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
09
10
07
07
07
08
08
08
08
09
09
-40
* Aggregate of a selected number of banks in the European peer group:
BBVA, Commerzbank, Erste, Intesa Sanpaolo, KBC, Santander, UniCredit
10
** Nordic peers: Danske Bank, DnB NOR, SEB, SHB, Swedbank

11. 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
11 *Corporate and high involvement customers, corresponding to Gold
and Silver segment customers

12. The history of Nordea – 10 years of success
12

13. Nordea created through a string of mergers
From the start:
- Around 300 banks
1970s: 80 banks
1980s: 30 banks
1990s: 4 banks
2010: Nordea
- One operating model
- Unique diversification
- Proven business model
13

14. An outstanding starting point in nine markets
Nordea home markets
Nordea home markets 11 million customers
9 home markets
Approx. 10m personal customers
750 000 corporates, incl. Nordic Top 500
Distribution power
1,400 branches and 6 million e-banking customers
Financial strength
EUR 9bn in Income (2009)
EUR 571bn of Assets (2009)
EUR 23bn in equity capital
AA credit rating
EUR 31bn in market cap
One of the largest Nordic corporations
A top 10 European retail bank
1 of 2 Nordic Forbes 100 companies
14

15. 10 years of success…
Nordea was renamed at an EGM in November 2000
More than doubling of lending and deposit volumes as well as
profit before loan losses
Considerable cost/income ratio improvement from 64% to 53%
10-year growth, % Cost/income ratio, %
(H1/10 annualised compared to Q4/00 annualised ) (H1/10 annualised compared to Q4/00 annualised )
150%
70%
100%
60%
50%
50%
0% 40%
g
e
s
s
s
00
10
m
in
se
it
se
os
nd
20
20
co
n
s
p
pe
lo
Le
In
De
n
Ex
oa
b .l
it
of
15
Pr

16. …with strong credit management
bps Loan loss ratio
20
10
0
-10
Credit risk appetite 25 bps
-20
-30
-40
-50
-60
H1 2002
H2 2002
H1 2003
H2 2003
H1 2004
H2 2004
H1 2005
H2 2005
H1 2006
H2 2006
H1 2007
H2 2007
H1 2008
H2 2008
H1 2009
H2 2009
H1 2010
2002 2003 2004 2005 2006 2007 2008 2009 2010
16

17. …has created a sizeable European bank
Market capitalisation (15 September 2010)
Santander
BNP Paribas
Lloyds
Barclays
Unicredit
BBVA
RBS
Societe Generale
Nordea 30.9
Intesa Sanpaolo
DnBNOR
SHB
KBC
Danske Bank
SEB
Swedbank
Erste
Commerzbank
Bank of Ireland
EURbn
Allied Irish Banks
0 10 20 30 40 50 60 70 80 90 100
17
Source: ThomsonReuters Datastream

18. The current trend for Nordea
18

19. Macroeconomic stabilisation in the Nordic region
GDP growth, %, y/y
7.5 7.5
% y/y GDP % y/y
5.0 5.0
Growth rates expected to be solid in the
2.5 2.5
Nordic countries
0.0 0.0
-2.5 -2.5
In 2010, all Nordic countries are expected
-5.0 Sweden -5.0
-7.5
Denmark
-7.5
to have:
Norway
Finland
-10.0 -10.0 Positive growth rates
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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
19 Source: Nordea Markets

20. 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
20

21. Net interest income held up well in H1 2010,
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
21

22. Expenses in line with outlook
EURm
Cost management remains firm
1 219 1 186
1 116 1 164
1 087 Increase in H1 2010 related to Group
471 445
initiatives and currency effects
392 438
382
Total expenses up 7% compared to
687 670
702 687 701 last year
Up 2% adjusted for currency effects
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
Staff costs Other expenses
22

23. Credit quality improving during 2010
EURm
48 29
27
58
Net loan losses down to 36 bps in
468 425 413 452 H1 2010 (55 bps last year)
358 346 358
261 316 245
30 bps individual (42 bps)
-91 -82 -97
-135 -128 6 bps collective (13 bps)
Q2/09 Q3/09 Q4/09 Q1/10 Q2/10
140 bps in the Baltic countries (166 bps)
Gross loan losses Danish guarantee scheme
Reversals Net loan losses Excluding guarantee scheme
Loan losses by area Q2 2010 provisions, net loan loss ratio down
OTHER, to 32 bps (51 bps)
NEM, 17% 2%
Decreased loan losses in most
SOSI, 6% DK, 42%
SE, 0%
areas
NO, 4%
FI, 29%
Impaired loans gross down 1% in Q2
52% of impaired loans performing
23

24. The future - Journey to Great Nordea
24

25. Great Nordea framework
Rationale
Profit orientation & Through the cycle approach – careful
prudence navigation between risks and
opportunities
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
25

26. 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
peers¹, 14.4%
26 ¹Nordic peers: Danske Bank, DnB NOR, SEB, SHB, Swedbank

27. 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
27

28. Prudent growth strategy – Group initiatives and
strong business development
28

29. Growth strategy
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
Next level strategy based
Organic growth strategy
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
29

30. Growth strategy
Clear growth strategy
Household Corporate New European
Markets
New Markets
Migrate existing
customers to Increase market Continue successful
relationship segments share with largest organic growth path
Attract new customers customers in Poland
to relationship segments Proactive advise on
Increase advisory ancillary products to
capacity Medium customers
Reduce cost by
multichannel
Efficiency initiatives
Efficient value chain delivery to customer segments
Upgrade IT infrastructure and processes and back office operations
Replacing multiple old stand-alone platforms (cards and payments) with
one uniform platform per product area
30

31. Growth strategy
Household relationship strategy
5 x higher income in PB vs. Gold
Higher income and 4 x higher income in Gold vs. Silver
growth potential
13% income growth in Gold and PB
Household
segments last 12 months
Migrate existing
customers to More loyal CSI scores 3-7 points higher in Gold
relationship segments and PB segments than in rest of
Attract new customers Household
to relationship segments Sale of all products through the Gold
Increase advisory Efficient to serve dedicated 360° advisory meeting
capacity Transactions and daily services
Reduce cost by through lower cost to serve channels
multichannel
Low risk 6 bps in loan losses for household
mortgages in H12010
Customer benefits: Relationship-based and prioritized access
to named advisor, long-term view on
relationship, attractive prices
31

32. Growth strategy
Household strategy delivery: + 7% in H1
Solid trend accelerated in 2010 – 7% Number of Gold customers, ‘000
more customers 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
Continued strong customer demand in Lending market share increase, %
household segment – increased volumes
with stable margins 0.3
Total income in household segment up 5% 0.2
0.1 0.1
DK FI NO SE
32

33. Growth strategy
Corporate relationship strategy
75% of Corporate income from CMB
Higher income and and Large, < 5% of number of
potential Corporate customers
Corporate
Balanced, diversified product mix:
lending, deposits, transactions, risk
Increase market share All products management and corporate finance
with largest customers
Mutual commitment and knowing your
Proactive advise on customer, provide help also in difficult
new products to times
Medium customers Close, partnership
based relationships Top ranked in Greenwich
Up to 7 points higher CSI scores with
CMB and Large segments
Prudent risk taking Growth at lower risk than existing
portfolio – average risk weights 1%-
point down in 2010
Customer benefits: Relationship-based advise, access to
Nordea’s products and balance sheet
capacity, competitive prices, and a partner
for a rainy day
33

34. Growth strategy
Corporate strategy delivery: Income + 7% in H1
Increased business confidence - lending Corporate lending, EURbn
volumes up 4% in H1 2010 136 139
144
Continued strong demand for risk
management products
Improved market share in Corporate
Q2 2009 Q1 2010 Q2 2010
Banking - strategy to build house-bank
relations proven successful Lending market share increase, %
0.1 0.1 0.1
-0.1
DK FI NO SE
34

35. Growth strategy
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
35

36. Growth strategy
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
36

37. Growth strategy
New European Markets strategy
High GDP growth (now ~2x Nordic),
High potential and growth in penetration of banking
products (bringing growth to ~3x)
New European
Markets 110 + 50 branches opened
Proven track record 14x more Gold customers in H12010
Continue vs. H12006
successful organic Operating profit doubled H12010 vs.
growth path in H12009
Poland
Nordic model Application of Nordic business model
and customer concepts with focus on
Gold segment
Low risk Loan losses of 5 bps in 2009
Customer benefits: Nordic business model and concepts
Relationship and advise in focus
Prudent banking
37 New European Markets: Russia, Poland and the Baltic countries

38. Growth strategy
New European Markets: A growth area for Nordea
Strong growth over time… NEM income, EURm
…driven by positive development
in Poland and Russia CAGR 63%
Costs well under control – C/I-ratio 317
down to 44% in 2009 275 268
255
206
Baltic countries back to profitability
in 2Q10 117
151
60 65
Profitable growth – RAROCAR
H1 H2 H1 H2 H1 H2 H1 H2 H1
22% in H12010 06 06 07 07 08 08 09 09 10
38

39. Concluding remarks
39

40. Key messages
Nordea has a uniquely diversified operation
Nordea has a proven record of growth and improving efficiency
Continued strong trend in 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
40