Investor Presentaiton

External review - ISS ESG SPO update ISS ESG‣ SECOND PARTY OPINION (SPO) Sustainability Quality of the Issuer and Asset Pool Nordea Bank Abp 09 November 2021 Relevant standards VERIFICATION PARAMETERS Type(s) of instruments contemplated Validity Green Covered Bond • Green Band Principles as administered b Technical Expert Group Final Report on associated Technical Annex Delegated A Nordea Green Bond Framework (as of N Nordea Green Covered Bond portfolio (a Pre-issuance verification This SPO is valid for Nordea's outstandin issuances and as long as the asset portfo until the first to occur of (a) the release verification of these issuances (expected December 31, 2022. ESG performance Sustainability impacts of lending and other financial services/products Customer and product responsibility Sustainable investment criteria Labour standards and working conditions Scope of verification Lifecycle Highlights from ISS ESG's second party opinion - The Use of Proceeds are consistent with Nordea's sustainability strategy and material ESG topics for the industry. The rationale for issuing Green Finance Instruments is clearly described. The Use of Proceeds description is aligned with the GBPs. The prescribed categories are all within the GBPs and the exclusions ensure further adherence to the standard. - The process for selection is robust and the green eligible projects are aligned with the relevant activity specific EU Taxonomy Technical Screening Criteria and Minimum Social Safeguards requirements on a best effort basis. ESG's corporate rating - Transparency Level: Very high - Decile rank: 1 30 ©2021 Institutional Shareholder Services and/or its affiliates Business ethics C B A Legend: Industry Company - According to ISS ESG Corporate Rating Nordea shows a high sustainability performance against the industry peer group on key ESG issues faced by the Commercial Banks & Capital Market sector. Nordea is rated 27th out of 300 companies within its sector. Nordea

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