Green Bond Framework Presentation

Nordea Deal Review - Timeline (CET) 09:20 Books open EUR Benchmark 7-year Green senior preferred IPTS MS+45bp area Tuesday, 21 May 2019 11:00 Book Update #1 Books over EUR 1bn EUR 750m Green Senior Preferred due May 2026 Allocations Investor type CBs & Ols, 11% Key terms Issuer Expected rating Status Trade Settlement date Maturity date / Tenor Banks, 23% Insurance & 12:50 Books EUR 1.3bn Guidance revised to MS+35bp area (+/-3 WPIR) Books to close 13:10 CET Pension, 24% Allocations Geography Fund Managers, 42% Size Reoffer Coupon Listing Governing Law Use of Proceeds Joint Lead Managers Nordea Bank Abp Aa3/AA-/AA- (Moody's / S&P / Fitch) Senior Preferred 21 May 2019/28 May 2019 (T+5) 28 May 2026/7 years EUR 750m MS +32bps, Yield 0.478%, Price 99.293% 0.375%, Annual, Act/Act ICMA Luxembourg English law To finance or refinance Green Bond Assets that have been evaluated and selected by the Issuer pursuant to its Green Bond Framework dated November 2018 BNP Paribas, HSBC, Nordea Societe Generale 13:10 Books closed 14:00 Launched EUR 750m at MS +32bp Books closed -EUR 1.2bn Nordics, 5% Asia, 4% Sothern Europe, 10% Ger/Aus, 21% UK/Ire, 12% Switzerland, 12% BeNeLux, 16% France, 20% Final book EUR 1.1n good at re-offer 16:10 New issue priced More than 100 accounts participating Highlights Nordea decided to take advantage of a steady market and announced its second Green bond, a 7-year EUR senior preferred benchmark, on Tuesday 21st of May for intraday execution Books were opened with MS +45bp area IPTs. Despite a busy day in the market the book grew steadily with high quality orders and was recorded over 1bn at 11 CET At 12:50 CET, the orderbook stood over 1.3bn and guidance was revised to MS +35bp area (+/- 3bp WPIR). With limited price sensitivity in the book, the transaction was launched roughly an hour later at the tight end of guidance of MS +32bp and size was set at EUR 750m Fair value for the new benchmark was estimated in the high 20s area and the final pricing offered 3-4bp new issue concession. The final spread is the tightest 7-year senior unsecured pricing since May 2018 and among the tightest across all maturities year-to-date The final book included over 100 separate accounts which is a testament to the important diversification gained from the green element, as many accounts are dedicated green investors. The green bond benchmark priced circa 3bp tighter than a conventional benchmark With more than 75% of the bonds allocated to real money accounts, this transaction reaffirms Nordea as a leading FIG and Green bond issuers in EUR market and further highlights the strength of Nordea's Green bond framework and group-wide commitment to sustainability Nordea

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