#1Nordea Green bond investor presentation#2Disclaimer 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 Nordea#3Nordea at Sustainability at Nordea#4A history of focus on sustainability 2007 UN-backed Principles for Responsible Investment (UNPRI) Global climate and environment strategy Nordea 2008 Integration of sustainability preference in advisory savings tool Sustainability -linked loans Nordea Life & Pension becomes founding member of Net-Zero Asset Owner Alliance Launch of CO2 tracker 2019 2019 Responsible investment team 2019 Nordea Asset Management becomes founding Launch of Global Gender Diversity Strategy fund Stars (ESG) equity strategies Green car loans member of Net- First Nordic Nordea joins 2009 bank to offer 2019 Zero Asset Manager Alliance 2019 Nordea part of founding the Corporate Green bond offering 2011 Nordea gets a seat in the EU Commission green corporate loans 2019 Sustainable Human Rights Benchmark finance team 2015 2016 Only Nordic bank to collaborate on creating UNEP FI Principles for responsible banking Technical Expert Group on Sustainable Finance Nordea wins ESG Engagement Initiative of the year for our engagement with the PCAF (Partnership for Carbon Accounting Financials) 2020 2018 pharmaceutica Launch of Sustainable Choice l industry 2018 2017 Launch of Inaugural green bond green mortgages Green loans for SMEs through 2018 collaboration with EIB New sustainability strategy and long-term targets 2020 2020 Inaugural green DKK covered 2020 Launch of SLL funding framework Inaugural NOK/SEK 4.1bn Sustainability -Linked Loan Inaugural green SEK 6bn covered bond Inaugural green 1bn EUR covered bond 2017 2018 New products Strategy and development External partnerships and recognitions 2021 2021 New sector guideline for the fossil fuel- based industries Joined Net-Zero Banking Alliance 2021 2021 2021 Nordea's CEO joins UNEP FI Leadership Council bond 2021 2022 2022 2022 2022 2022 2025 sector emission targets ≥ 40% representation of each 2023 gender at the top three leadership levels combined#5Sustainability at the core Our long term sustainability objectives supported by short term targets Our sustainability objectives Become a net-zero emissions bank by 2050 at the latest 40-50% 50% reduction in emissions across investment and lending portfolios by 20301 reduction in emissions from internal operations by 20301 Gender balance Supported by our 2025 sustainability targets²: € EUR >200bn Sustainable financing facilitation 2022-2025 ✓ 90% of exposure to large corporates in climate-vulnerable sectors to be covered by transition plans ✓ 80% BBB of the top 200 financed emissions contributors in Nordea Asset Management's portfolios are either aligned with the Paris Agreement or subject to active engagement x2 Double the share of net-zero committed AUM At least 40% representation of each gender at the top three leadership levels³ combined LO 5 1) compared to 2019 baseline 2) Selection of our medium-term targets - link to full list of targets 3) Group Leadership Team (GLT), GLT-1 and GLT-2 Nordea#6Sustainability at the core Further strengthened climate targets in our lending portfolio 40-50% reduction in financed emissions in our lending portfolio by 20301 6 Progress ~-25% (2023) Sector Sub-sector Emissions scope Metric Base year Baseline Target year Target Current status AER, Shipping Vessels 1 2019 8.3 2030 -30% 8.4 AER (2021) gCO2/dwt-nm Residential real estate Households and tenant- owner associations 1 and 2 kgCO2e/m2 2019 17.6 2030 -40-50% 17.1 kgCO2e/m2 (2022) Power Electricity generation 1 and 2 gCO2e/kWh 2021 2030 -70% production Agriculture Crops, plantation and hunting, and animal husbandry 1 and 2 tCOe2/EURm 2021 -2030 -40-50% Oil & gas Exploration and production 1, 2 and 3 MtCO2e 2019 3.0 2030 -55% 0.06 MtCO2e (2022) Drilling rigs and offshore Offshore service vessels within oil and gas, and shipping Thermal peat Mining 2019 1,885 2025 -100% EURM EURM 2022 52 2025 -100% EURM Thermal coal Restrictive policy, full phase-out achieved in 2021 1) compared to 2019 baseline and covering lending to corporates and households for business loans, motor vehicles, commercial and residential real estate and shipping: Progress excluding commercial real estate Nordea#77 Sustainability at the core Actively engaging to drive transition and capture growth opportunities Channelling capital towards sustainable solutions Green and sustainability-linked loans Nordea Asset Management • Total volumes, EURbn Assets under management, EURbn 11.6% 12.0% Sustainability-linked loans 9.5% 239 251 9.2 8.9 7.8% 8.1% Green loans 8.4 % of total lending 38% 31% Other AuM • 6.8 7.1 ESG AuM 28.2 29.3 21.8 18.6 18.9 62% 69% 2022 Q1 Q2 Q3 Q4 2023 2023 2023 2023 Engaging to support green transition Transition plan for large corporates Q4 2022 Q4 2023 ESG AuM = article 8 and 9 funds (according to EU SFDR) Alignment with Paris agreement for top 200 emission contributors 2025 target: 90% 70% covered by transition plans 2025 target: 80% 81% aligned or subject to active, engagement • Facilitated EUR 135bn in sustainable financing Compared to target EUR >200bn by 2025 New progress report on climate actions and targets published #1 Nordic corporate sustainable bonds #1 Nordic corporate sustainable loans Nordea#8Externally validated sustainability commitment MSCI ESG Rating: AA (AAA to CCC) SUSTAINALYTICS ESG Score: 15.8 (0 to 100)** ISS ESG Company Rating: C (A+ to D-)* S&P Global CSA score: 65 (0 to 100)*** Other commitments - Co-founders of UNEP FI principles for responsible banking · Founding members of collective commitment to climate action Founding member net-zero asset owner alliance (Life & Pension) - Founding member net-zero asset manager initiative - Joined partnership for carbon accounting financials (PCAF) - Founding member of the Poseidon principles for the shipping industry - Joined net-zero banking alliance Signatories to international conventions UNEP FINANCE INITIATIVE EQUATOR PRINCIPLES PRI UN PA Principles for Responsible Investment United Nations Global Compact Nordea also follows the United Nations' Universal Declaration of Human Rights, ILO- conventions and the OECD Guidelines for Multinational Enterprises in our operations and business. 8 * *** Highest rating within sector is C+ Lower score represents lower ESG risk Higher score represents better sustainability practices Nordea#9Nordea and green funding framework Green bonds and green funding framework#10- Nordea's sustainability ambitions reflected in capital markets milestones Recent sustainable bond issuance include covered bonds, senior bonds and Tier 2 notes across six different currencies: EUR, DKK, SEK, NOK, STG and CHF Largest green bond issuer in Europe both by volume and number of deals in 2023 10 IFR Sustainable Issuer of the Year 2024 Best FIG Issuer 2024 Best ESG Issuer 2024 Best FIG ESG Issuer Nordea cmdportal Nordea cmdportal Nordea cmdportal Nordea CHF 300m 5-year Green Senior Non-Preferred Fixed Rate MS +80bps/2.490% Inaugural Green CHF SNP Largest ever Nordic CHF SNP 5 bp Greenium Nordea SEK 3bn 3-year Green Senior Non-Preferred Fixed and Floating Rate 3mS +125bps & MS +125bps / 4.768% Inaugural Green SEK SNP Largest ever Green SEK SNP 5 bp Greenium Nordea EUR 1bn 3-year Green Covered Bond Fixed Rate MS +5bps/3.522% Green EUR CB 2 bp Greenium Nordea SEK 6bn 5-year Green Covered Bond Fixed Rate MS +43bps/3.998% Green SEK CB 5 bp Greenium Nordea NOK 7bn 5-year Green Covered Bond Floating Rate 3mN +54bps Green NOK CB 4 bp Greenium Nordea GBP 300m 3NC2 Green Senior Non-Preferred Fixed Rate MS+190bps/6.012% Inaugural Green GBP SNP Final book above GBP 525m 5 bp Greenium Nordea NOK 1.8bn 5-year Green Senior Non-Preferred Fixed and Floating Rate 3mN+145bps & MS +132bps / 5.01% Inaugural Green NOK SNP Largest ever Green NOK SNP 5 bp Greenium Nordea EUR 1bn 3NC2 SLL Senior Non-Preferred Fixed to Floating MS +68bps/4.390% Inaugural SLL EUR SNP First SLL EUR SNP ever 8 Nordea DKK 2.3bn 4-year Green Covered Bond Tap Floating Rate Green DKK CB 0-2 bp Greenium 10 Nordea EUR 500m 10.25NC5.25-year Green Tier 2 Fixed Rate Green EUR T2 5 bp Greenium Nordea#11Use of proceeds - Nordea Bank Six eligible green bond asset categories in the framework Green bond asset category Sub category Wind power - Solar power Renewable energy Energy efficiency SDG mapping* Hydro power Integration of renewable energy into the transmission network Production of hydrogen Energy storage and transmission, district heating AFTURBALL AND CLEAN ENERGY CLIMATE 13 ACTION SUSTAINABLE CITIES AM COMMUNITIES Green buildings Certified green buildings Water and waste water management GOOD HEALTH AND WELL-BEING Pollution prevention and control Waste management Waste-to-energy AFFORBALL AND CLEAN ENERGY CLEAN INSTE AND SANITATION 13 CLIMATE ACTION Clean transportation Sustainable management Electric cars Electric vehicles/Hydrogen fuel cell vehicles Sustainable forestry ATTORDABLE AND CLEAN ENERGY CLIMATE 13 ACTION Sustainable agriculture of living natural resources Sustainable aquaculture 2 ZERU HUMBER 14 BELON WATER 15 萬 ON LAND SSS Comments - Nordea's green funding framework adheres to the latest edition of the green bond principles and is reviewed annually, most recently in December 2023 Net proceeds of green bonds issued will be used for (re) financing of assets within the eligible green asset categories - Green bond asset categories have been identified by Nordea as aiming to increase positive or reduce negative impact on the environment - Net proceeds of any Nordea green bond shall NOT be used towards financing of: Nuclear or fossil fuel energy operations Weapons and defence Coal mining Tobacco - ISS Corporate provides a second party opinion (SPO) of the sustainability quality of the bonds including Nordea's green funding framework, the selection criteria and asset pool, the alignment of the Green Covered Bond asset portfolios with the EU Taxonomy on a best-efforts basis and consistency of the instruments with Nordea's sustainability strategy. 11 * Source: Green and social bonds: A high-level mapping to the sustainable development goals, June 2018 Nordea#12Selection and evaluation of green bond assets - Nordea Bank A robust decision-making process defines how green bond assets are approved 12 1 2 Internal evaluation 3 4 External evaluation Committee sign-off Verification Confirmation We identify potential green bond assets from among the financing originated by each of the relevant business units according to our financing criteria and proposed for selection by the units. We remove financing that does not qualify, whether due to the financing itself or the customer. We remove financing deemed ineligible according to our ESG assessment process, whether due to the financing itself or the customer. Our sustainability experts evaluate the remaining financing and qualify it as potential green bond assets where appropriate. Our external second party opinion provider verifies the potential green bond assets. The assets that qualify are recorded in our green bond register and included in our green bond asset portfolio. Our Sustainable Funding Committee (SFC) subsequently confirms the assessments made by our staff in relation to the green bond asset categories. Use of proceeds Selection and evaluation of green bond assets - Nordea Bank Management of proceeds Nordea#13Management of proceeds - Nordea Bank Nordea Bank - green assets versus issuance, (EURbn)* 3,8 1,3 Outstanding amount of green Green deposits bonds Use of proceeds 7,5 Green bond asset portfolio Selection and evaluation of green bond assets Management of proceeds - Nordea Bank - - We have established a green bond register, where we record the composition of our green bond asset portfolio and state how we intend to allocate the net proceeds of our green bonds to green bond assets. An amount equal to the net proceeds of our green bonds and deposits is placed in our general funding accounts but can be identified in the green bond register. The composition and amount of green bond assets is internally reviewed on a quarterly basis to account for repayments and drawings We intend to maintain an aggregate amount of assets in the green bond asset portfolio at least equal to the aggregate net proceeds of all our outstanding green bonds and deposits Any portion of the net proceeds of green bonds or deposits not recorded in the register as allocated to green bond assets is held in accordance with our normal liquidity management policy 13 * Green bond asset portfolio size according to latest verified information, November 2023 Nordea#14Covered bonds Nordea covered bond operations Four aligned covered bond issuers with complementary roles Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank + Legislation Norwegian Cover pool assets Norwegian residential mortgages Swedish Swedish residential mortgages primarily Cover pool size* EUR 21.3bn (eq.) EUR 57.8bn (eq.) Danish Danish residential & commercial mortgages Balanced principle Finnish Finnish residential mortgages primarily Pool 1: EUR 19.7bn/ Pool 2: EUR 5.6bn Covered bonds outstanding* EUR 15.1bn (eq.) EUR 31.5bn (eq.) EUR 60.0bn (eq.)** Pool 1: EUR 15.6bn/ Pool 2: EUR 4bn 7%* ** DKK, EUR -/AAA Pool 1: 27% Pool 2: 44% EUR Aaa / - EUR 2.0bn OC* 41% Issuance currencies Rating (Moody's / S&P) NOK 83% SEK Aaa/ - Aaa / - Outstanding green covered bonds EUR 1.25bn EUR 1.1bn EUR 2.1bn *Data as per Q3 COVERED BOND LABEL- 14 **The figures in Nordea Kredit only include capital centre 2 (SDRO). Nordea Kredit no longer reports for CC1 (RO), as this capital centre only accounts for a minor part (<1%) of the outstanding volume of loans and bonds Nordea#15Use of proceeds - green covered bonds Three eligible green covered bond asset categories in the framework Green bond asset category Sub category Construction of new buildings Energy performance certificate (EPC) is at least 10% lower than the threshold set for the nearly zero-energy building (NZEB) SDG mapping* 11 SUSTAINABLE CITIES THE COMMUNITIES For buildings built before 31 December 2020 Renovations EPC class A or alternatively within the top 15% of the national or regional building stock Major renovations or leading to a reduction of primary energy demand (PED) of at least 30% 11 SUSTAINABLE CITIES AND COMMUNITIES SUSTAINABLE CITIES JUNED COMMUNITIES 15 Use of proceeds Selection and evaluation of green bond assets →>> Management of proceeds * Source: Green and social bonds: A high-level mapping to the sustainable development goals, June 2018 AB - The net proceeds of the green covered bonds issued by either Nordea Eiendomskreditt AS, Nordea Hypotek (publ), Nordea Kredit Realkreditaktieselskab, or Nordea Mortgage Bank Plc (the "MCIS") are intended to be used, directly or indirectly, to finance or refinance assets that: are eligible for being included in the general cover pool of the respective Nordea MCI, and satisfy certain eligibility requirements that promote climate-friendly and other environmental purposes Nordea#16Selection of green covered bond assets Selection process 1 2 The Nordea MCIs identify potential green covered bond assets from among the financing originated according to their financing criteria (including the regulatory cover pool eligibility criteria) and proposed for selection by the business units. The MCIs remove financing that does not qualify, whether due to the financing itself or the customer. 3 Our sustainability experts evaluate the remaining financing and qualify it as potential green covered bond assets where appropriate. 4 Our Green Covered Bond Committee reviews the potential green covered bond assets. The assets that qualify are recorded in the relevant green covered bond register and included in the relevant green covered bond asset portfolio. - The Green Covered Bond Committee is a subcommittee of the SFC. It meets to review potential green assets on a quarterly basis The proceeds of green covered bond issues are allocated to green covered bond assets at the portfolio level The proceeds are thus intended to be allocated, directly or indirectly, to all assets in the green covered bond asset portfolio in equal shares 16 Use of proceeds Selection and evaluation of green Management of proceeds bond assets Nordea#17Use of proceeds - green covered bonds Outstanding green covered bonds and green mortgage assets*, EURbn 3,2 2 2,9 1,2 Nordea Eiendomskreditt green CB Nordea Eiendomskreditt green assets Nordea Mortgage Bank green CB Bank green assets Nordea Mortage 2,5 - · We have established green covered bond registers recording composition of the green covered bond asset portfolios and state how we intend to allocate the net proceeds of green covered bonds issued by the Nordea MCIs to green covered bond assets The green covered bond registers are separate from the other registers kept by the Nordea MCIS for regulatory, governance, monitoring and other purposes related to the covered bonds and specifically the cover pools 2,1 2,1 1,1 Nordea Kredit green CB Nordea Kredit green assets Nordea Hypotek green CB Use of proceeds 17 *As of 31 December 2023 Nordea Hypotek green assets Selection and evaluation of green bond assets Management of proceeds Nordea#18Nordea Nordea green assets#19Nordea green asset portfolios Green asset portfolios*, EURbn 7,5 2,9 2,5 3,2 2,1 18,2 Continued strong growth in green assets across categories and jurisdictions - Nordea Bank's green bond asset portfolio increased from EUR 5.4bn to EUR 7.5bn Mortgage subsidiaries increased from asset growth, improved data and methodology updates Nordea Nordea Bank Abp Eiendomskreditt Nordea Hypotek Nordea Mortgage Bank Nordea Kredit Total green asset portfolios 19 *As per Q4 2023 Confidential Nordea#20Green bond assets - Nordea Bank Green bond assets - breakdown by category 100% 80% Green bond assets - breakdown by subcategory Sustainable management of living natural resources 100% Energy efficiency 60% ■Clean transportation 40% 20% 20 20 80% 60% 40% Pollution prevention and control Green buildings 20% 0% 0% Green bond asset portfolio Green bond asset portfolio Renewable energy ■Wind Water and Waste Water Management Waste to Energy Transmission Sustainable forestry ■Sustainable aquaculture Solar Hydro ■Green Buildings ■Energy Efficiency Electric Trains Electric cars Aquaculture Nordea#21Nordea Reporting and external review#22SUMMARY External review - ISS Corporate SPO ISS-CORPORATE > SECOND PARTY OPINION (SPO) SPO SECTION Part IA: Sustainability Quality of the Issuer and Asset Pool Nordea Bank Abp 31 January 2024 VERIFICATION PARAMETERS Type(s) of instruments contemplated Relevant standards Scope of verification Lifecycle Validity ■ Green Bonds, Green Covered Bonds and Green Deposits Alignment with ICMA GBP EVALUATION The Issuer has defined a formal concept for its Green Bonds and Green Covered Bonds, regarding use of proceeds, processes for project evaluation and selection, management of proceeds and reporting. This concept is in line with the ICMA Green Bond Principles. This SPO covers the assets of Nordea Aligned Bank and Nordea's wholly owned subsidiaries Nordea Kredit Realkreditaktieselskab, Nordea Mortgage Bank Plc, Nordea Eiendomskreditt AS and Nordea Hypotek AB (publ) (the "Nordea MCIS"). The Green Bonds will (re)finance eligible asset categories which include: Renewable Energy (Wind, Solar, hydropower), Green Buildings, Pollution Prevention and Control, Clean Transportation, Energy Efficiency and Sustainable Management of Living Resources. Part II: Product and/or service-related use of proceeds categories* individually contribute to one or more of the following SDGs: Green Bond Principles (GBP), as administered by the International Capital Market Association (ICMA) (as of June 2021 with June 2022 Appendix 1) EU Taxonomy Climate Delegated Act (as of June 2023) ■ Nordea Green Funding Framework (as of December 21, 2023) ■ Nordea Green Bond asset portfolio (as of November 28, 2023) ⚫ Nordea Green Covered Bond portfolios (as of November 28,2023) Sustainability quality of the Selection Criteria ■ Post-issuance verification This SPO is valid for Nordea's outstanding Green Bond and Green Covered Bond issuances and as long as the asset portfolio does not change, until the first to occur of (a) the release of the next annual verification of these issuances (expected in 2024) or (b) December 31, 2024. www.iss-corporate.com ©2024 | Institutional Shareholder Services and/or its affiliates 22 22 Part III: Alignment with EU Taxonomy Part IV: Consistency of Green Finance Instrument with Nordea's Sustainability Strategy G 13 14 Positive Process-related use of proceeds categories individually improve (i) the Issuer's/Borrower's operational impacts and (ii) mitigate potential negative externalities of the Issuer's/Borrower's sector on one or more of the following SDGs: Nordea's project characteristics, due diligence processes and policies have been assessed against the requirements of the EU Taxonomy (Climate Delegated Act of June 2023), on a best-efforts basis. The nominated Green Covered Bonds are considered to be: Aligned with the Climate Change Mitigation Criteria. Some Do No Significant Harm Criteria have not been met due to a lack of available information According to the Platform on Sustainable Finance, Final Report on Minimum Safeguards (October 2022), banks do not need to consider MSS with regards to household mortgages. The key sustainability objectives and the rationale for issuing Green Finance Instrument are clearly described by the Issuer. The majority of the project categories considered are in line with the sustainability objectives of the Issuer. severe At the date of publication of the report and ESG leveraging ISS по Research, controversies have been identified. Consistent with Issuer's sustainability strategy Highlights from ISS Corporate's second party opinion The Issuer has defined a formal concept for its Green Bonds and Green Covered Bonds, regarding use of proceeds, processes for project evaluation and selection, management of proceeds and reporting. This concept is in line with the ICMA Green Bond Principles Nordea's project characteristics, due diligence processes and policies have been assessed against the requirements of the EU Taxonomy (Climate Delegated Act of June 2023), on a best-efforts basis. The nominated Green Covered Bonds are considered to be: - Aligned with the Climate Change Mitigation Criteria. - Some Do No Significant Harm Criteria have not been met due to a lack of available information The key sustainability objectives and the rationale for issuing Green Finance Instrument are clearly described by the Issuer. The majority of the project categories considered are in line with the sustainability objectives of the Issuer Nordea#23Nordea Bank sustainable funding report Category Renewable energy Energy efficiency Pollution prevention and control Subcategory Wind, hydro, solar and hydrogen production Energy transmission, energy storage, district heating Green buildings Impact measurement indicators Installed renewable energy production capacity (MW) Amount of energy saved (MWh) Amount of energy saved (MWh) Water withdrawal or treatment capacity (m3/day or t/day) Estimated CO2e emissions avoided relative to baseline Estimated CO2e emissions avoided Estimated CO2e emissions avoided Green buildings Water and waste water management, waste management Conversion of waste to energy Production capacity (MW) Estimated CO2e emissions avoided relative to baseline Clean Public transport / freight transport Estimated CO2e emissions avoided transportation Sustainable funding reporting contents - - - the amount of net proceeds allocated within each green bond asset category and, when possible and relevant, information on the type, number and location of green bond assets included in each category the remaining balance of net proceeds not yet allocated to green bond assets where appropriate and subject to confidentiality arrangements, examples of green bond assets financed or refinanced by the net proceeds of green bonds. - Information on environmental impacts of the green bond assets It is Nordea's intention to report these figures on an annual basis as long as we have green bonds outstanding Sustainable management of living natural resources 23 Sustainable forestry, agriculture and aquaculture Land area certified CO2e emissions per kilo produced Nordea#24Contacts: 24 Investor Relations Ilkka Ottoila Head of Investor Relations Mobile: +358 9 53 00 70 58 [email protected] Maria Caneman Head of Debt IR and Ratings Tel: +46 10 156 50 19 Mobile: +46 768 24 92 18 [email protected] Juho-Pekka Jääskeläinen Senior IR Officer Tel:+358 9 5300 6435 Mobile:+358 40 550 91 11 [email protected] Group Treasury Anders Frank-Læssøe Group Treasurer, Head of Group Treasury Tel: +45 55477672 Mobile: +45 61612157 [email protected] Ola Littorin Head of Long Term Funding Tel: +46 8 407 9005 Mobile: +46 708 400 149 [email protected] Petra Mellor Head of Bank Debt Tel: +46 8 407 9124 Mobile: +46 70 277 83 72 [email protected] Nordea