Nordea Kredit Performance Update

Credit 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

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