#1Nordea Debt investor presentation Q2 2022#22 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. Nordea#3Table of contents 3 1. Nordea second-quarter 2022 update 2. Credit quality 3. Capital 4. Funding 5. Macroeconomy 6. Appendix 4 15 23 26 36 41 Nordea#44 1. Nordea second-quarter 2022 update Nordea#5Nordea today The largest financial services group in the Nordics Household* Small and medium- #1 sized companies #1 #2 #2 #2 Large corporates and institutions #1-2 #2 #2 #1 #3 #3-4 #1-2 #2 #2 #1-2 Asset and wealth management #1 Business position Universal bank with a 200-year history of supporting and growing the Nordic economies Leading market position in all four Nordic countries Well-diversified mix of net interest income, net fee and commission income and capital markets income Broad customer base and strong distribution power - Approx. 320 branch office locations Enhanced digitalisation of business for customers Sustainability an integrated part of our business strategy - Income evenly distributed between business areas Financial strength (Q2 2022) EUR 2.4bn in total income EUR 1.3bn profit before loan losses; EUR 1.1bn net profit EUR 611bn in assets EUR 30.7bn in equity capital CET1 ratio 16.6% Leverage ratio 4.9% AA level credit ratings (senior preferred bonds) Moody's Aa3 (stable outlook) S&P AA- (stable outlook) Fitch AA (stable outlook) EUR 31.5bn in market capitalisation (Q2 2022) 5 * Combined market shares in lending, savings and investments - One of the largest Nordic corporations - A top-15 universal bank in Europe Nordea#6Second-quarter highlights 2022 Executive summary Continued growth in lending volumes, strong performance in corporate sector Mortgage volumes up 6% y/y, SME lending up 7% y/y and large corporate lending up 16% y/y. Assets under management down 9% q/q Higher income and increased operating profit despite market turbulence Net interest income up 6%, net fee and commission income down 5% and net fair value result up 1% - Operating profit up 2% compared with record levels in Q2 2021 Cost-to-income ratio* 49% - costs excluding regulatory fees down 1% Strong credit quality - EUR 45m released from COVID-19 management judgement buffer Net loan losses and similar net result amounting to reversals of EUR 56m or 6bp during quarter Return on equity* 13.3% and earnings per share EUR 0.28 EUR 4.5bn distributed to shareholders YTD and new EUR 1.5bn share buy-back programme launched CET1 ratio increased to 16.6% -6.3pp above regulatory requirement Outlook maintained: return on equity above 11% expected for 2022, supported by cost-to-income ratio of 49-50% 6 * With amortised resolution fees Nordea#7Key financials Second-quarter results 2022 Income statement and key ratios Q222 Q221 Q2/Q2 Q122* Q2/Q1 EURM Net interest income 1,308 1,232 6% 1,308 0% Net fee and commission income 838 878 -5% 870 -4% Net fair value result 282 278 1% 295 -4% Other income 16 30 17 Total operating income 2,444 2,418 1% 2,490 -2% Total operating expenses excl. regulatory fees -1,122 -1,131 -1% -1,116 1% Total operating expenses -1,139 -1,131 1% -1,388 -18% Profit before loan losses 1,305 1,287 1% 1,102 18% Net loan losses and similar net result 56 51 12 Operating profit 1,361 1,338 2% 1,114 22% Cost-to-income ratio excl. regulatory fees, % 45.9 46.8 44.8 Cost-to-income ratio**, % 49.2 49.1 48.0 Return on equity**, % 13.3 11.4 12.5 Diluted earnings per share, EUR 0.28 0.25 12% 0.22 27% 7 Excluding IAC; see page 5 in half-year 2022 interim report for details Nordea **With amortised resolution fees#8Net interest income Continued strong volume growth, lower lending margins Year-over-year bridge, EURM 8 +6% 1,308 22 18 8 88 1,232 Q221 Volumes Margins Other FX Q222 Quarter-over-quarter bridge, EURm 0% • • • Net interest income up 6% Strong lending volume growth across business areas Strong performance in corporate sector with large corporate lending up 16% Lending margins down across business areas and countries Margins pressured by increased funding costs Deposit margins up, driven by higher policy rates in Norway and Sweden 36 1,308 1,308 · 63 12 3 18 Q122 Volumes Margins Other FX Day count Q222 Nordea#9Net fee and commission income Higher payment and card income partly offsetting lower asset management, brokerage and advisory income Year-over-year bridge, EURM 9 -5% 878 6 1 36 18 27 838 6 Q221 Brok. & Pay. & cards Lending Other FX Q222 Asset mgmt. advisory Quarter-over-quarter bridge, EURm -4% • Net fee and commission income down 5% • Savings fees down following • - lower assets under management Assets under management down 7% but net flow was positive Brokerage and advisory fee income down from record levels of Q2 2021 - Customer activity negatively impacted by volatile market conditions Payment and card fee income up due to higher customer activity 870 17 3 11 10 11 838 1 • Q122 Asset mgmt. Brok. & advisory Pay. & cards Lending Other FX Q222 Nordea#10Net fair value result High customer activity driving net fair value result Net fair value result, EURM 10 +1% 295 282 278 32 61 16 247 224 43 33 18 21 273 249 213 214 185 Q221 -10 -15 Q421 Q122 Q222 Q321 Customer areas* Market-making operations Treasury & other** * Excludes fair value adjustments to loans held at fair value in Nordea Kredit ** Includes valuation adjustments and FX • • • High customer activity - Strong interest in FX and rates products Gains related to restructuring of Offshore portfolio Market-making subdued - challenging market conditions for fixed income Nordea#11Costs Underlying costs stable Year-over-year bridge, EURm 11 1,131 +1% 8 1,139 17 Q221 Underlying costs Regulatory fees FX Q222 Quarter-over-quarter bridge, EURm -18% 8 1,388 256 1,139 • Costs up 1% from Swedish bank tax - Costs excluding regulatory fees down 1% Q122 Underlying costs Regulatory fees FX Q222 Nordea#1212 Nordea 2025: The preferred financial partner in the Nordics | Raising the bar on financial performance Driving best-in-class omnichannel customer experiences and further value creation for shareholders | Well equipped for the future 2025 financial target Return on equity >13% Assumes CET1 requirement of 15-16%, including management buffer Supported in 2025 by Cost-to-income ratio 45-47% Loan losses Normalised ~10bp Capital and dividend policy 60-70% dividend payout ratio; excess capital distributed through buy-backs Management buffer of 150-200bp above regulatory CET1 requirement#13Sustainability at the core Long term commitments and objectives supported by short term targets Our long-term commitment and objective: Net-zero emissions bank by 2050 at the latest 40-50% reduction in emissions across investment and lending portfolios by 20301 50% reduction in emissions from internal operations by 20301 Supported by our 2025 targets²: € EUR >200bn Sustainable Financing facilitation 2022-2025 90% of exposure to large corporates in climate-vulnerable sectors to be covered by transition plans BBB 80% of top 200 emitters in NAM portfolios to be aligned with the Paris agreement or else subject to active engagement to become aligned x2) Double the share of net-zero- committed AUM At least 40% representation of each gender at the top three leadership levels³ combined 13 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#14Sustainability at the core Key strategic priority Actively engaging to drive transition and capturing growth opportunities Climate-vulnerable exposure Sector assessment (total lending, EURbn) Climate-vulnerable sectors Green lending Total volumes, EURbn 329 A Assessment completed 8% 27% Oil, gas and offshore, Shipping, Mining 62% B Assessment under way Power, Utilities, 30% Real estate management Assessment planned Other climate-vulnerable sectors Q2 2022 14 Alignment with Paris Agreement for top 200 emitters Q2 2022, Portfolios in Asset Management 2025 target: 80% 41% aligned or subject to active engagement 12,7 9,7 2,6 1,1 2019 2020 2021 Q2 2022 ESG share of AuM % 33% 37% 35% AuM Other AuM ESG 63% 67% 65% 2020 2021 Q2 2022 ESG = article 8 and 9 funds, according to EU SFDR classification . - - Q2 key highlights By Q2 facilitated EUR 31.5bn in sustainable financing (target EUR >200bn by 2025) Published our new sustainability-linked loan funding framework New sustainable choice products launched Nordea Finance: •⚫ Circular IT Leasing . • Financing of electrical vehicle chargers • Financing of solar panels Asset & Wealth Management: . • Sustainable balanced fund family in DK Sustainable balanced return fund in Fl, NO and SE Nordea wins Global Finance's 2022 Sustainable Finance Award in all Nordic countries where the award is given - DK, Fl and SE Nordea#1515 2. Credit quality Nordea#16Credit portfolio Well diversified with strong credit quality Portfolio well diversified across countries and segments No major industry sector concentration 0.1% Air transportation Mining & supporting activities Oil, gas & offshore 44% 48% EUR 329bn Corporates 8% Consumer Mortgages 0.1% 0.2% 0.7% Accomodation & leisure 0.7% Materials 0.7% Media & entertainment 0.8% Consumer durables 0.9% Land transportation 1.3% Capital goods 1.5% Retail trade 2.0% Maritime 2.1% 2.6% 3.0% 5.9% 7.4% 7.8% 14.0% 48.1% Wholesale trade Agriculture Construction Residential real estate Commercial real estate Consumer lending Other corporates Mortgages Nordic societies have well-structured social safety nets, strong fiscal positions and effective legal systems Lending by country 16 21% 24% + 22% + 32% 1% Nordea#17Net loan losses and similar net result Net reversals and lower non-performing loans Net loan losses and similar net result Q2 2022, EURM 5 -45 -16 -56 Individual Modelled provisions collective Net loan losses MJ release Nordea Kredit fair value adj. Total and write-offs provisions Stage 3 loans and PD of total loans, % 2.0 0.80 0.75 1.5 0.70 1.0 0.65 0.5 0.60 0.0 0.55 Q221 Q321 Impairment rate, % Q421 Avg. PD, % Q122 Q222 17 • - Net loan losses and similar net result amounting to reversals of EUR 56m (6bp) Very low new provisions - Continued reversals from Shipping and Oil, gas and offshore portfolio restructuring - Weaker macro-economic outlook incorporated in provisioning models Management judgement buffer reduced by EUR 45m to EUR 565m Credit risk related to COVID-19 assessed as reduced Continued strong credit quality and further decrease in non- performing loans Nordea#18Impairments and provisioning coverage Continued strong credit quality 18 Stage 2 and 3 loans at amortised cost, EURM • • . Stage 3 impaired loans further reduced, to 0.96% from 1.12% in Q1 Stage 2 loans down 3% q/q Coverage ratio for remaining Stage 3 portfolio improved from 42% to 45% Weaker macro-economic outlook offset by continued improvement in portfolio credit quality 12,843 13,154 12,733 13,473 13,095 Stage 2 3,750 3,628 3,512 3,154 2,687 Stage 3 • Q221 Q321 Q421 Q122 Q222 Coverage ratio, % 48 46 46 10 40 www ww DD BR 45 45 44 43 43 8 44 42 42 42 42 39. 160 38 3.6 3.7 3.4 3.5 3.4 3.4 3.2 3.1 3.1 3.1 4 36 34 2 Stage 3 32 Stage 2 30 0 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Nordea#19Real estate management industry (REMI) Low relative exposure and well-diversified REMI portfolio REMI as % of total lending, Q1 2022 reports* 28 16 16 13 13 12 6 3 Peer A Peer B Peer C Nordea REMI total REMI Sweden REMI geographic diversification 8% 0% 9% 11% 12% 30% 67% 29% 82% 78% 41% Peer C Peer B Peer A Nordea Sweden Other Nordic Non-Nordic 33% • • Nordea has low share of total lending towards REMI compared with peers Nordea REMI portfolio (EUR 30bn*) is well diversified with low exposure to Swedish REMI lending compared with peers - Nordea exposure 3% vs. Swedish peer average of 13% - High-quality portfolio Our stress tests suggest very limited provisions even from potential large price decreases - Strict underwriting standards with focus on cash flows, diversified businesses in favourable locations and interest rate risk hedging requirements 19 Excluding tenant owners' associations (TOA) Source: company disclosures Nordea#20Real estate management industry (REMI) Well diversified with high quality Distribution of REMI property types, EUR 30bn* Hotels Industrial 3% 7% Logistics 8% Other 10% 20 Retail 10% 23% Residential * Excluding tenant owners' associations (TOA) Office 39% Distribution of REMI by probability of default (PD), EURbn* 28 2 0 · Diversified portfolio Nearly two-thirds of portfolio consists of resilient office and residential properties Growing demand for properties supporting e-commerce and last- mile logistics 92% of exposure towards low- risk customers in Q2 • Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 0 PD 0.01%-PD 0.85%- PD 4.0%- PD 100% Nordea#21IFRS 9 model update Macroeconomic assumptions for scenarios Baseline annual GDP growth, % 54 3 2 1 0 2020 2021 2022 2023 2024 -1 -2 -3 ⚫Denmark Norway Finland Sweden -4 Baseline unemployment rate, % 10 60 8 7 6 5 4 st 2 1 3270 2020 2021 2022 21 . • . • · Economic forecasts from Nordic central banks and the ECB are used as basis for baseline scenarios Scenarios are less positive in Q2 Base scenario, 50% weight The war in Ukraine is weighing on the outlook through higher energy and food prices, shocks to business and consumer confidence and significantly higher interest rates - The starting point is quite robust as the Nordic economies have fully recovered after the COVID-19 pandemic Adverse scenario, 40% weight The conflict between Russia and Ukraine could potentially cause energy prices to move even higher, providing a further negative impulse to private consumption and investments Upside scenario, 10% weight Energy prices decrease and uncertainty is reversed prompting a stronger recovery Nordea Denmark Norway 2023 Finland Sweden 2024#22Credit quality Portfolio significantly de-risked over past 10 years Significant de-risking (EURbn) Mix change 328 313 Focus on Nordic markets 328 313 International and shipping, oil and offshore exposure 81 81 48% 57% 67 + 58 92% 99% Public sector 61 75 -79% Household 40 50% 41% 88 Corporate 102 8 Non- 24 Nordic 2 2011 2021 2011 2021 2011 2021 Loan loss ratios (bp) 26 26 23 21 COVID-19 management 12 15 14 15 judgement -12 I 015 7 8 14 1 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021* Est. 22 *Including fair value adjustments to loans held at fair value in Nordea Kredit; 2019 also excludes items affecting comparability • Significant portfolio de-risking Increased share of household lending - Focus on our four Nordic home markets Reduced international exposure - Divested business in Poland, Luxembourg and Baltics Exit from Russia ongoing Reduced shipping, oil and offshore portfolio by half; further actions ongoing Future loan loss levels rebased - 2020-21 resilient credit quality 2022-23 unwinding the COVID-19 buffer - 2024-25 new normal, de-risked portfolio Normalised run rate from 2025 ~10bp Nordea#2323 3. Capital Nordea#24Capital Significant buffer to capital requirements Capital position and requirements (%) 16.6% 6.3% 6.3% 20.9% 10.3% -0.3% 2.0% 2.5% -1.0% 4.5% CET1 ratio Q2 2022 CET1 requirement Total capital ratio Q2 2022 Actual CCyB O-SII CCOB Pillar 2 requirement Minimum CET1 requirement 14.6% +0.4% 2.0% -0.3% 1.5% 10.3% Own funds requirement 24 *Decided increases of CCyB buffer rates: Norway from 1.5% to 2.0% in Q4 2022 and 2.5% in Q1 2023, Denmark from 0% to 1.0% in Q3 2022, to 2.0% in Q4 2022 and 2.5% in Q1 2023 and Sweden from 0% to 1.0% in Q3 2022 and to 2.0% in Q2 2023. OSII buffer to increase from 2.0% to 2.5% in Q1 2023 . CET1 capital ratio 16.6% • • - 6.3 percentage points above regulatory requirement - - Capital policy of 150-200bp management buffer above regulatory requirement (MDA level) CET1 buffer of 6.3 percentage points Corresponds to EUR 9.5bn MDA level expected to increase in 2022 and 2023 following decided increases in countercyclical capital buffer rates and O-SII buffer* Good progress on share buybacks - Third EUR 1.5bn program approved by the ECB in July Nordea#25Capital excellence Reducing capital excess - path to normalisation CET1 capital ratio and requirement CET1 ratio CET1 requirement +150-200bp ~15% ~12% Dividends & share buy-backs CCyB, systemic risk, other Pre COVID-19 During COVID-19 Capital generation and uses of capital (bp) 2021 2022-25 480 700 1,000 65 280 $100萬 65 Net -60bp Excess capital Normalisation above policy of capital Basel IV first phase Capital Annual generation dividends Second buy-back programme Organic growth requirements 25 * Pending regulatory approval ~15-16% Normalised conditions ~2025 ~200 - 300 -100 . • Normalised CET1 requirement Continued reactivation of countercyclical capital buffers and buffers for systemic risk Regulatory requirement expected to settle around 13%; up to additional 1% allowance for prudence - Management buffer of 150-200bp above regulatory requirement - Implied CET1 ratio of 15-16% Focus on capital excellence Capital deployment for profitable growth - Capital efficiency initiatives - Excess capital returned to shareholders Capital initiatives incl. model approvals* Bolt-on M&A and buy-back potential incl. contingency Nordea#2626 26 4. Funding Nordea#27Liquidity Strong liquidity position Short term funding outstanding (EURbn), Q2 2022* 17.7 וזזזזזזזזזח 208642086420 24 22 20 18 16 14 12 10 7.5 ECP London CD Excluding CPS/CDs where original maturity is over one year 22.5 5.8 0.8 French CP NY CD US CP +1% • - Robust liquidity position Liquidity coverage ratio (LCR) 147% - Net stable funding ratio (NSFR) 113% - Liquidity buffer EUR 124bn Short term issuance - Total outstanding EUR 54bn per end Q2 - Globally diversified funding with - strong market access Deposits Deposits up 1% q/q, higher deposits in PeB and BB offset by lower deposits in LC&I Deposits*, EURbn 188 190 198 205 211 221 223 206 183 165 169 174 98 101 92 92 94 97 97 97 • 87 91 86 94 79 77 88 96 98 89 104 108 114 109 123 122 27 2018 2019 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Households Corporates Nordea#28Long Term Funding Solid funding operations Long term issuance H1 2022, EUR 16.6bn EURM 6 000 5 000 4 000 3.000 2000 1 000 0 28 ** ■ Covered ■Senior preferred** SNP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec . Including CPS/CDs where original maturity is over one year Wholesale funding outstanding, EUR 197bn ■Green covered bonds 1 % CD & CP above 1Y 4 % CD & CP below 1Y 28% Subordinated debt 3% ■ SNP 4 % Senior preferred bonds 8% ■Green SP/SNP 1 % ■ Scandinavian covered bonds 44 % International covered bonds 7% Long Term Funding - EUR 8.7bn in long term debt issued during Q2 - - EUR 2.9bn covered bonds and EUR 5.8bn in senior format Long term funding 69% of total funding at end of Q2 Ordinary funding supplemented by TLTRO III participation Issuance plans 2022 - - Total issuance EUR 20-25bn* - Around half expected to be issued in Scandinavian markets, primarily in covered bond format Target of EUR 13bn outstanding in SNP by end of 2023 - EUR 9.1bn SNP issued in total Nordea *Excluding capital transactions and DKK covered bonds#29Long-term funding Nordea's global issuance 29 29 5% 7% 3% 97 % + 13% NOK (EUR 14bn eq.) 7% 2% 90 % SEK (EUR 30bn eq.) 6% 31% DKK (EUR 49bn eq.) 12 % 18% 26 % 29% 16% 25% 53% 21% 8% GBP (EUR 2bn eq.) + 47% 5% 3% 79% 34 % 25% CHF (EUR 1bn eq.) EUR (EUR 28bn) USD (EUR 16bn eq.) 63% JPY (EUR 1bn eq.) Covered bonds Senior preferred Green SP/SNP Green covered SNP CDs > 1 year Capital instruments Nordea#30Sustainability at the core Enhanced focus on sustainable funding Nordea Bank Abp's green bond asset portfolio 16% 24% 10% ■Green buildings 50% ■Renewable energy ■ Pollution prevention and control ■Clean transportation . • Inaugural green bond from NBAbp launched in 2017 - EUR 2.25bn currently outstanding of green bonds from NBAbp Inaugural green covered bond launched in 2019 - EUR 2.3bn outstanding of green covered bonds Green bond asset portfolios totalling EUR 6.7bn - EUR 3.8bn from NBAbp - EUR 2.9bn from Nordea Kredit and Nordea Eiendomskreditt • Green deposits offered in Norway Sustainability linked loan funding framework launched ISS ESG (A+ to D-)** C Company rating: SUSTAINALYTICS ESG score: 21.7 (0 to 100)*** MSCI ESG rating: AA (AAA to CCC) 30 ** Highest rating within sector is C+ *** Lower score represents lower ESG risk Nordea#31Sustainability linked loan funding framework Nordea NORDEA SUSTAINABILITY-LINKED LOAN FUNDING FRAMEWORK June 2022 The SLL funding framework will allow Nordea Bank Abp to issue bonds with reference to the impact of the SLLs on Nordea's balance sheet in a Use-of-Proceeds format The assets in scope will initially target corporates with KPIs and sustainability performance targets (SPTS) related to climate change mitigation The framework has been reviewed by ISS ESG*, which includes an asset review of eligible SLLS The framework is not to be considered green or linked to green issuance - The framework has been developed to cater for the transition assets not included in our green bond asset portfolio, but that still hold strong ESG target alignment Issuance under the framework will not include sustainable KPIs and SPTs linked to Nordea Bank Abp or have any variable coupons/redemptions 31 * ISS ESG is also providing the Second Party Opinion for Nordea's Green Bond Framework Nordea#32Covered bonds Nordea covered bond operations Four aligned covered bond issuers with complementary roles Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank + Legislation Cover pool assets Cover pool size* Covered bonds outstanding* OC* Issuance currencies Rating (Moody's / S&P) Norwegian Swedish Norwegian residential mortgages Swedish residential mortgages primarily EUR 20.5bn (eq.) EUR 63.4bn (eq.) EUR 10.8bn (eq.) EUR 34.4bn (eq.) 120% NOK Aaa/ - Included in Nordea Green Framework Issued Green CB's Yes 84% SEK Aaa / - Yes Yes Danish Danish residential & commercial mortgages Balance principle EUR 61.1bn (eq.)** 7%** DKK, EUR - / AAA Finnish Finnish residential mortgages primarily EUR 23.8bn EUR 20.7bn 15% EUR, GBP Aaa/ - Yes Yes (inaugural issue in 2021) Yes (inaugural issue in 2019) Covered bonds are an integral part of Nordea's long term funding operations Issuance in Scandinavian and international currencies COVERED BOND LABEL- All Nordea covered bond issuance entities (MCI's) are covered by Nordea's updated 2021 green bond framework 32 * Reported values as per Q1 2022 ** 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#33Funding transactions Nordea recent benchmark transactions Issue Issuer Туре Currency Amount (m) FRN / Fixed date Maturity date Callable Nordea Bank Senior non-preferred + CHF 200 Fixed June-22 June-27 Nordea Bank Senior preferred USD 1,000 FRN/Fixed June-22 June-25 Nordea Bank Senior non-preferred NOK 1,600 FRN/Fixed June-22 June-27 Nordea Bank Senior non-preferred EUR 1,000 Fixed May-22 May-29 Nordea Eiendomskreditt Covered + NOK 6,000 FRN Apr-22 Mar-27 Nordea Mortgage Bank Covered EUR 1,500 Fixed Mar-22 Mar-29 Nordea Bank Senior non-preferred, Green EUR 1,000 Fixed Feb-22 Feb-27 Nordea Eiendomskreditt Covered, Green NOK 7,000 FRN Nov-21 Sep-26 Nordea Bank Senior non-preferred EUR 1,000 Fixed Nov-21 Nov-28 Nordea Bank Senior non-preferred USD 1,500 Fixed Sep-21 Sep-26 Nordea Bank Tier 2 米 GBP 500 Fixed Sep-21 Dec-27 11.25NC6.25 Nordea Bank AT1 USD 1,000 Fixed Aug-21 Sep-29 PerpNC8 Nordea Bank Senior preferred USD 1,000 Fixed May-21 May-24 Nordea Bank Tier 2 SEK 3,000/1,000 FRN/Fixed May-21 Aug-26 10.25NC5.25 Nordea Bank Tier 2 EUR 1,000 Fixed May-21 Aug-26 10.25NC5.25 Nordea Eiendomskreditt Covered NOK 6,000 FRN Apr-21 Mar-26 Nordea Bank Senior non-preferred, Green EUR 500 Fixed Mar-21 Mar-31 33 Nordea#34Minimum requirements for own funds and eligible liabilities Updated MREL requirements Subordinated MREL +3.0% 26.0% 23.0% 5.0% 20.9% 4.8% Final requirements from 1 Jan. 2024 20.9% 16.1% Nordea ratio, Q2 22 Current req. % LRE Current req. % REA +5.5% 33.1% 7.1% 27.6% 23.0% 4.8% 5.0% 20.9% Total MREL Final requirements 22.7% from 1 Jan. 2024 27.4% 23.9% 4.8% 19.0% Final req. Final req. % LRE** % REA 27.4% 27.8% 4.8% . 23.0% · SP Own funds SNP CBR Final req. Final req. % LRE** % REA Solid buffers above current requirements for both subordinated and total MREL Updated final requirements set by Single Resolution Board (SRB) - Subordinated MREL, the higher of - - 19.03% REA + CBR* - 7.12% LRE** (corresponding to 27.4% REA) - Total MREL, the higher of - 22.97% REA + CBR - 7.12% LRE (corresponding to 27.4% REA) – Applicable from 1 January 2024, to be assessed and updated annually Funding plan for senior non- preferred adjusted due to updated final requirements for subordinated MREL Nordea Nordea ratio, Q2 22 34 Current Current req. % LRE req. % REA * Combined buffer requirement: CCOB 2.5%, O-SII 2% and CCyB 0.34% as of Q2 22 ** Leverage ratio exposure#35Own funds and bail-in-able debt position Updated senior non-preferred target 35 25 CET1 Q2 22 Point of non viability Resolution 3 3 Target by YE 2023: eligible SNP of ~EUR 13bn - Issuance plan to cover; - Increased future subordination requirements - Refinancing needs - Buffer EUR 9.1bn in SNP issued 13 - Of which ~EUR 6.6bn eligible by YE 2023 AT1 Q2 22 T2 Q2 22 SNP target Remaining senior unsecured debt Nordea's own funds of ~EUR 32bn in Q2 2022 rank junior to SNP instruments Nordea#3636 5. Macroeconomy Nordea#37Nordic economic development Hot economies are facing a "cold" winter GDP development 135 135 10+ Index 2007Q1=100 GDP, level Index 2007Q1=100 % 130 130 9 Finland 125 125 8 Unemployment rate 10 Unemployment % 9 8 Denmark 120 Norway 120 7 - Sweden 115 115 10 6 6 9 1 110 110 5 5 105 105 4 4 100 100 3 95 95 2 2 - Sweden Norway -Denmark - Finland 90 90 1 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Source: Macrobond and Nordea 07 08 09 10 11 12 13 14 15 16 17 18 19 20 1 21 22 Source: Macrobond and Nordea • The Nordic economies recovered quickly from the pandemic and even showed signs of overheating • With surging inflation and energy prices, the economic development in the Nordic countries will most likely slow down in the following quarters Unemployment rate in the Nordic countries have continuously declined since the pandemic 37 Source: Nordea Markets and Macrobond GDP, % y/y (Economic Outlook September 2022) Country 2021 2022E 2023E 2024E Denmark 4.9 2.5 0.5 1.8 Finland 3.0 2.5 0.0 1.5 Norway 4.1 3.2 1.0 1.3 Sweden 4.9 3.0 -0.5 1.0 Nordea#38Nordic economies Interest rates are increasing rapidly throughout the Nordics Policy rates 3.5 3.0 % Policy rates 3.5 % 3.0 Public balance/debt, % of GDP, 2022E (IMF) Norway 2022E 7.5 5.0 2.5 I II | || 2.0 2.5 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 Fiscal Balance, % of GDP Denmark 2.5 7.5 5.0 2.5 Ireland Netherlands 0.0 0.0 Portugal -2.5 Finland Belgium -2.5 United States -5.0 -5.0 Sweden Germany Spain United Kingdom -7.5 -7.5 Austria -0.5 - -0.5 Italy China France -10.0 -10.0 -1.0 -1.0 11 12 13 14 15 16 17 18 19 20 21 22 23 ==Sweden Norway Euro Area Denmark 30 40 50 60 70 80 90 100 110 120 130 140 150 160 General Government Gross Debt, % of GDP Source: IMF World Economic Outlook, Nordea and Macrobond. . . . • Central banks are rapidly hiking interest rates to combat high inflation Norges Bank has hiked from 0 to 1.75% since last fall, and are expected to continue until they reach 3.25% at the end of 2023 The Swedish Riksbank raised the policy rate to 0.75% in June. It is expected to hike to 2.5% by February 2023, and stay put until 2024 The ECB exited its negative interest rate policy era with an unexpected 50bp hike in July. We predict that policy rates will rise by a total of 2.75 percentage points in the Euro Area and Denmark The ECB and the Riksbank are reducing the size of their balance sheets Solid public finances helped Nordic governments during the pandemic, which will help them handle the economic difficulties ahead 38 Source: Nordea Markets and Macrobond Nordea#39Household debt Households Households facing high inflation and rising interest rates Household debt 300% of disposable 275 income 20.0% of disposable income Household savings 300 20.0 % of disposable Household saving rate income 275 17.5 17.5 250 250 15.0 15.0 225 225 12.5 12.5 200 200 10.0 10.0 175 175 7.5 7.5 150 150 5.0 5.0 125 125 2.5 2.5 100 100 0.0 0.0 75 75 -2.5 -Finland - Denmark - Norway -Sweden - Sweden Finland Norway Denmark -2.5 50 50 -5.0 -5.0 T 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 02 03 04 05 06 07 08 09 10 11 12 13 Source: Macrobond and Nordea 14 15 16 17 18 19 20 21 Source: Nordea and Macrobond. 2Q moving average. Private consumption 140 Index, 2007 = 100 Private consumption • Household savings increased dramatically during the pandemic, but have since returned to more normal levels as consumption has increased However, purchasing power is decreasing rapidly. Rising interest rates as well as high inflation implies downside risks for private consumption moving forward 135 130 125 120 Norway 115 Sweden 110 105 Finland 100 Denmark 95 140 Index, 2007 = 100 135 130 125 120 115 110 105 100 95 07 08 09 10 11 12 13 14 15 16 17 18 39 19 20 21 22 Source: Nordea Markets and Macrobond Nordea#40Housing markets Rising interest rates is cooling off hot Nordic housing markets Housing prices 40 Households' credit growth 250 250 15.0 15.0 Index, 2007=100 Housing prices Index, 2007=100 % y/y Households' credit growth % y/y 3m moving average 12.5 12.5 225 225 Sweden 10.0 Norway 10.0 200 200 7.5 7.5 175 175 5.0 - 5.0 Sweden Finland Norway 2.5 2.5 150 150 0.0 0.0 Finland 125 125 Denmark -2.5 -2.5 100 100 -5.0 -5.0 Denmark 75 75 -7.5 -7.5 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 07 40 08 09 10 10 11 12 13 14 15 16 17 18 19 20 21 22 Source: Macrobond and Nordea Source: Nordea Markets and Macrobond · . • Housing prices increased to record-high levels in all the Nordic countries during the pandemic However, with inflation and interest rates quickly increasing, there are now more downside risks to housing prices These risks are especially pronounced in Sweden, and home prices are down 6% since March this year Households' credit growth in the Nordic countries have continuously declined since April 2022 except for Denmark in July 2022. Nordea#4141 6. Appendix Nordea#42Personal Banking Strong growth in mortgage lending volumes and increased funding costs Total income, EURm -3% 931 922 913 925 906 569 573 556 565 571 301 316 324 301 302 61 33 33 59 33 Q221 Q321 Q421 Q122 Q222 Net interest income Net fee and commission income Net fair value result and other Lending*, EURbn 42 • • Total income excluding one-offs up 1% Increased mortgage market shares across Nordics Strong volume growth and higher deposit margins partly offset by mortgage margin pressure Higher payment and card fee income partly offset by lower savings and investment income Cost-to-income ratio 51% - higher regulatory fees Cost-to-income ratio**, ** % +2pp +5% 172 170 51 168 166 49 164 Q221 52 == 51 50 50 Q321 Q421 Q122 Q222 Q221 Q321 Q421 Q122 Q222 * Excluding FX effects ** With amortised resolution fees Nordea#43Business Banking Continued strong income growth driven by high customer activity Total income, EURm +10% 644 682 715 710 635 . Total income up 10% Lending volumes up 7%, driven by Sweden and Norway Strong growth in net fair value result, driven by high customer demand for FX and IR hedging products • Continued strong credit quality Improvement in cost-to-income ratio, now 42% . 405 395 416 440 445 153 161 170 164 161 -86 79 96 −111 104 Q221 Q321 Q421 Q122 Q222 Net interest income Net fee and commission income Net fair value result and other Lending*, EURbn 43 93 94 93 4 +7% 99 97 99 96 Cost-to-income ratio**, ** % -3pp 48 45 45 45 42 42 42 Q221 Q321 Q421 Q122 Q222 Q221 Q321 Q421 Q122 Q222 * Excluding FX effects ** With amortised resolution fees Nordea#44Large Corporates & Institutions Very strong lending growth and high customer activity in volatile markets Total income, EURm +7% 505 529 541 434 454 231 267 262 228 247 167 129 112 115 119 -107 -91 .88 -133 167 Q221 Q321 Q421 Q122 Q222 Net interest income Net fee and commission income Net fair value result and other Lending*, EURbn 44 • . Total income up 7% • Net interest income up 13% and lending volumes up 16% • Commission income lower following weaker capital markets High customer activity and gains related to restructurings driving significant net fair value increase Net loan loss reversals of EUR 14m Return on capital at risk 18% and cost-to-income ratio 38% Return on capital at risk**, % +1pp +16% 51 19 50 18 17 47 13 13 44 44 Q221 Q321 Q421 Q122 Q222 Q221 Q321 Q421 Q122 Q222 Nordea Excluding repos **With amortised resolution fees#45Asset & Wealth Management Total income up despite market turbulence and lower assets under management Total income, EURm +5% • 319 346 295 306 311 • 20 19 19 26 28 262 287 311 283 272 14 13 15 11 Q221 Q321 Q421 Net fee and commission income Net interest income Assets under management, EURbn 45 Q122 Q222 Net fair value result and other -7% 384 393 411 389 356 Q221 . Total income up 5%, driven by better asset management margins and higher net interest income Assets under management down 7% to EUR 356bn • Net inflow of EUR 1.3bn (annualised 1%) during quarter Record-high net flows in Private Banking across Nordics despite market turbulence Cost-to-income ratio 42% Cost-to-income ratio*, % +1pp 47 45 11 41 41 42 42 Q321 Q421 Q122 Q222 Q221 Q321 Q421 Q122 Q222 Nordea * With amortised resolution fees#46Financial crime prevention Significant investments Financial crime prevention spending, annual Employees EURM 300 1,600 1,500 >1,500 >1,500 >1,500 >1,500 250 1,400 1,200 1,200 210 200 190 1,000 180 180 190 1170 150 800 500 600 Financial crime prevention staff 100 - Financial crime prevention spend, annual 400 200 50 50 0 46 0 - 2015 2016 2017 2018 2019 2020 2021 Actions against money laundering We collaborate closely with all relevant authorities, including law enforcement and regulators, and encourage even closer collaboration on multiple levels, as financial crime knows no borders Significantly strengthened financial crime defence - more than EUR 1.1bn spent since 2016 Around two billion transactions annually subject to hundreds of different monitoring scenarios, resulting in hundreds of thousands of alerts, leading to thousands of Suspicious Activity Reports (SARS) filed with the relevant authorities - More than 1,500 employees dedicated to working on prevention of financial crime – 12,000 employees in direct contact with our customers regularly trained to identify signs of financial crime AML topics - The Danish FSA inspected our AML processes in 2015 and handed their findings over to the Danish Public Prosecutor in 2016. The investigation has not yet concluded Provision of EUR 95m in Q1 2019 for AML-related matters Given the uncertainty regarding possible fines, the level of provision for ongoing AML-related matters will be maintained, while continuing the dialogue with Danish authorities Nordea#47Contacts Investor Relations Matti Ahokas Head of Investor Relations Mobile: +358 40 575 91 78 [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 64 35 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] 47 Nordea