1. Third Quarter Report 2010
Press and analyst conference
27 October 2010
Christian Clausen
President and Group CEO

2. 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.
2 27 October 2010 Third Quarter Report 2010

3. Key messages
Strong quarter
High customer activity
Strong customer inflow
Successful execution of Group initiatives
3 27 October 2010 Third Quarter Report 2010

4. Solid trends in customer business
Net interest income Total income Operating profit
Q3 2009 Q2 2010 Q3 2010 Q3 2009 Q2 2010 Q3 2010 Q3 2009 Q2 2010 Q3 2010
Number of Gold Lending volumes Net loan losses
customers
Q3 2009 Q2 2010 Q3 2010 Q3 2009 Q2 2010 Q3 2010 Q3 2009 Q2 2010 Q3 2010
4 27 October 2010 Third Quarter Report 2010

5. Result highlights
EURm Q3/10 Q2/10 Chg % Q3/09 Chg %
Net interest income 1,310 1,249 5 1,321 -1
Net fee and commission income 525 538 -2 437 20
Net result from items at fair value 446 339 32 486 -8
Other income 82 35 33
Total income New record level 2,363 2,161 9 2,277 4
Staff costs -721 -701 3 -670 8
Total expenses -1,196 -1,186 1 -1,087 10
Profit before loan losses 1,167 975 20 1,190 -2
Net loan losses -207 -245 -16 -358 -42
Operating profit 960 730 32 832 15
Net profit 711 539 32 626 14
Risk-adjusted profit 707 516 37 729 -3
5 27 October 2010 Third Quarter Report 2010

6. Net interest income up 5%
Net interest income, EURm Strong trend in customer operations
continues
1,321 1,310 Lending and deposit volumes up
1,249
Increased deposit margins
Negative effect from higher average
funding cost
Q3 2009 Q2 2010 Q3 2010
6 27 October 2010 Third Quarter Report 2010

7. Net fee and commission remains at a high level
Net fee and commission, EURm Continued strong performance
538
within asset management
525
High activity within corporate advice
437
Seasonal effects
Q3 2009 Q2 2010 Q3 2010
7 27 October 2010 Third Quarter Report 2010

8. Asset under Management at all time high
Assets under Management (AuM), EURbn
180 Up 6% or EUR 10.4bn in Q3
157 158
126 Continued net inflows in most areas -
EUR 3.3bn or 8% annualised
2007 2008 2009 Q3 2010 Positive trend in the institutional
Net flows AuM, EURbn asset management business
3.3
2.9 accelerated in Q3
1.9
Q3 2009 Q2 2010 Q3 2010
Nordic Retail funds European Fund Distribution
Nordic Private Banking International Private Banking
Institutional customers Life & Pensions
8 27 October 2010 Third Quarter Report 2010

9. Fair value result up 32%
Net result from items at fair value, Capital markets business in customer
EURm
areas¹ continues to perform well
Continued strong Life & Pensions
results
334 326
283 Higher contribution from Group
Treasury and Capital Markets
unallocated
Q3 2009 Q2 2010 Q3 2010
Customer areas ¹ Other ²
¹ Nordic Banking, SOSI, NEM, FID, Life
9 27 October 2010 Third Quarter Report 2010 ² Group Treasury and Capital Markets unallocated

10. Firm cost management
Total operating expenses, EURm Underlying¹ expenses down 2%
Cost/income ratio improved to 51%
1,186 1,196
1,087
(55%)
Q3 2009 Q2 2010 Q3 2010
10 27 October 2010 Third Quarter Report 2010 ¹Adjusted for Group initiatives and currency effects

11. Credit quality improving
Net loan losses, EURm Decreased loan losses in most
areas
54bps
50bps
Excluding guarantee scheme
331
provisions¹ net loan loss ratio
35bps
29bps down to 22bps
26bps
187 Two-year Danish guarantee
157 22bps
scheme expired in September
Q3 2009 Q2 2010 Q3 2010
Danish guarantee scheme provisions ¹
11 27 October 2010 Third Quarter Report 2010 ¹ Q3 2010 EUR 50m, Q2 2010 EUR 58m, Q3 2009 EUR 27m

12. Strong capital position maintained
Risk-Weighted Assets (RWA), EURbn RWA up 8% YoY
206 207 Increase due to corporate and retail
192
185 182
volume growth (11%)
169
Core tier 1 ratio 10.4%
Largely unchanged YoY
Q3 2009 Q2 2010 Q3 2010
Solid profit generation enables high
Transition rules Fully implemented Basel II
dividend ratio and high customer
Core Tier 1 capital ratio (excl. Hybrids) activity
10.7 10.4
9.4 9.0
10.0
9.1 Nordea fully compliant with Basel III
RWA effect approx. 10%
Q3 2009 Q2 2010 Q3 2010
Transition rules Fully implemented Basel II
12 27 October 2010 Third Quarter Report 2010

13. Prudent liquidity management
EURbn
AA rating maintained
+33
+4 56 High long-term funding issuance
42
38 Increased liquidity buffer
23
Increased average maturity
Short-term funding Liquidity buffer
End 2007 Q3 2010
Average bond maturities
3.7 years
2.3 years
End 2007 Q3 2010
13 27 October 2010 Third Quarter Report 2010

14. Strong funding position
Total long-term funding issued, EURbn Very good reception of the Nordea
name in all funding markets
31 30.2 Record EUR 30bn long-term funding
issued with an average maturity of
22 23
5.6 years
Norwegian and Finnish covered bond
platforms launched
2007 2008 2009 Jan - Sep
2010
14 27 October 2010 Third Quarter Report 2010

15. Outlook 2010
Nordea expects macroeconomic recovery to continue in 2010
Global development is still fragile and hence uncertainty remains;
the outlook for the Nordic markets has improved during the year
Excluding currency effects in 2010, Nordea expects cost growth to
be broadly in line with 2009, including the effects from growth and
efficiency initiatives
Net loan losses in 2010 are expected to be lower than in 2009.
Credit quality continues to stabilise, in line with the
macroeconomic recovery
Nordea expects risk-adjusted profit to be lower in 2010 compared
to 2009, due to lower income in Treasury and Markets
15 27 October 2010 Third Quarter Report 2010

16. Business development
16 27 October 2010 Third Quarter Report 2010

17. Macroeconomic recovery in the Nordic countries
GDP growth, %, y/y
7.5 7.5
% y/y GDP % y/y Solid growth rates
5.0 5.0
2.5 2.5
Modest inflation
0.0 0.0
-2.5 -2.5 Relatively strong public finances
-5.0 Sweden -5.0
-7.5
Denmark
Norway -7.5 Improvements in labour markets
Finland
-10.0 -10.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
09 10
Public finances, % of GDP
5.0 % of GDP 5.0
% of GDP
Norway +12-18%
2.5 2.5
Sweden
0.0 0.0
Finland
-2.5 -2.5
Denmark
-5.0 Euro area -5.0
-7.5 -7.5
USA
-10.0 -10.0
08 09 10 11 12
17 27 October 2010 Third Quarter Report 2010 Source: Nordea Markets

18. Diversified and fast-growing customer business…
Income split per customer segment, Q310
Income well diversified between
Corporate Nordic Household
customer segments
CMB PB
segment segment
60% 40% Solid growth trends in relationship
Gold
Large segments¹
Fin inst Other
NEM
Shipping
NEM Other Int'l PB
Income growth YoY Q310/Q309, %
32
28
23
15
Shipping
NEM
14 1
10 11 12
CMB
Nordic PB
5
Fin inst
Other
Int'l PB
Total
Large
Gold
-4 -7
NEM
Other
18 27 October 2010 Third Quarter Report 2010 ¹ Corporate Merchant Banking, Corporate Large, Nordic Private Banking and Gold customers

19. …with a strict focus on relationship banking
The 360-degree meeting
Pro-active 360-degree meetings to
The 3600 meeting
Savings and
meet customers’ needs
investments
Strong value proposition attracts
Daily
Insurance
banking
customers to premium segments
Lending
Steady growth of 6% per year or 10,000 new
Ensure all services
provided by Nordea
customers a month
Number of Gold customers, 000
Solid trend has accelerated in 2010
2,854 150,000 new Gold and Private Banking
CAGR customers of whom 100,000 come from
2,700
6% outside the bank YTD
2,549
2,444 Customer satisfaction improving
compared to competitors
2007 2008 2009 Q3 2010
19 27 October 2010 Third Quarter Report 2010

20. Clear growth strategy
Household Corporate New European Markets
Migrate existing customers to Increase market share with Continue successful organic
relationship segments largest customers growth path in Poland
Attract new customers to Proactive advice on
relationship segments ancillary products to
Medium customers
Increase advisory capacity
Reduce cost by multichannel
Efficiency initiatives
Efficient value chain delivery to customer segments
Upgrade IT infrastructure and processes and back office operations
Replacing multiple old stand-alone platforms (cards and payments) with one uniform platform per product area
20 27 October 2010 Third Quarter Report 2010

21. Household relationship strategy
Growth strategy Rationale Group initiative
Higher income and
Household growth potential
Migrate existing Future distribution
customers to
relationship segments More loyal
Attract new customers New customer
to relationship segments acquisition
Increase advisory Efficient to serve
capacity
Growth plan Finland
Reduce cost by
multichannel Low risk
Customer benefits: Relationship-based and prioritised access to named adviser, long-term
view on relationships, attractive prices
21 27 October 2010 Third Quarter Report 2010

22. Deliveries on household strategy
HH volumes increase YoY, EURbn Continued strong customer demand in
139.4 household segment
Lending up 14% Improved market position
122.3
76.0 39 Nordic branches operating in new
Deposits up 9%
format
69.9
34.4 Improved Private Netbank
28.2
Nordic Retail
Funds up 22%
100 new advisers and specialists
recruited in Finland
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
22 27 October 2010 Third Quarter Report 2010

23. Corporate relationship strategy
Growth strategy Rationale Group initiative
Higher income and
Corporate potential
Increase market
share with largest
customers All products Growth plan CMB
Proactive advise on
ancillary products to
Medium customers Close, partnership- Customer-driven
based relationship Markets business
Prudent risk-taking
Customer benefits: Relationship-based advice, access to Nordea’s products and balance
sheet capacity, competitive prices, and a partner for a rainy day
23 27 October 2010 Third Quarter Report 2010

24. Corporate strategy delivery
Total income CMB, EURm Strong income growth within CMB
372 378 2% QoQ and 23% YoY
308
Growth plan CMB Sweden proceeds
as planned
Strong business momentum with several
Q3 2009 Q2 2010 Q3 2010 new mandates won
Income growth 2007-YTD, CAGR % Strategy to build house-bank relations
38 proven successful
Solid income growth – especially in the
20 23
higher segments
NEM
15
SOSI
Strengthened market position – increased
CMB
8
Large
Other
FID
share of wallet
-5
24 27 October 2010 Third Quarter Report 2010

25. Focus on stronger corporate customers
Rating distribution
18%
16%
Increased Decreased
14%
12%
EAD (%)
10%
8%
6%
4%
2%
0%
6+ 6 6- 5+ 5 5- 4+ 4 4- 3+ 3 3- 2+ 2 2- 1+ 1 1-
Rating
12.2009 09.2010
25 27 October 2010 Third Quarter Report 2010

26. New European Markets strategy
Growth strategy Rationale Group initiative
High potential
New European Markets
Continue successful
organic growth path in
Poland
Proven track record
Growth plan Poland
Nordic model
Low risk
Customer benefits: Nordic business model and concepts. Relationship and advice
in focus. Prudent banking
26 27 October 2010 Third Quarter Report 2010

27. New European Markets – a growth area
Total income NEM, EURm Solid income development remains
38% CAGR since 2007
176
163
Firm cost management – C/I down to 39%
141
Focus on low risk segments
Growth plan Poland on track – 4 branches
opened in Q3
Q3 2009 Q2 2010 Q3 2010
27 27 October 2010 Third Quarter Report 2010

28. Strong foundation for reaching long-term ambition
Future distribution Risk-adjusted profit, EURm
New customer acquisition
10% CAGR
Growth plan Finland required
CMB Sweden
Customer-driven Markets
business
Growth plan Poland
Top league IT performance
Product platforms
Infrastructure upgrade
2006 2007 2008 2009 2010 2011 2012 2013
28 27 October 2010 Third Quarter Report 2010

29. Key messages
Strong quarter
Record income and one of the highest ever operating profits reported
High customer activity
Customer business continues to grow
Increased income within all corporate segments
Strong trend in AuM remains – net inflow 8% annualised
Strong customer inflow
More than 150,000 new Gold and Private Banking customers in 2010
Successful execution of our growth initiatives
29 27 October 2010 Third Quarter Report 2010

30. Third Quarter Report 2010
Press and analyst conference
27 October 2010
Christian Clausen
President and Group CEO