Nordea Kredit Performance Update

Household 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

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