Nordea reported strong results for the first quarter of 2010. Total income was up 7% driven by increases in net fee and commission income. Operating profit increased 48% and risk-adjusted profit was up 27%. Loan losses declined significantly year-over-year. The results reflected continued business volume growth, improved margins, and good cost control. Nordea also reported solid capital ratios and liquidity position at the end of the quarter. Overall, the bank delivered a strong start to the year.

1. First Quarter Result 2010
Telephone conference
28 April 2010

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 28 April 2010 Telephone conference

3. Strong first quarter results
Total income up 7% Total expenses down 5%* Loan losses 37bps
Q1 2009 Q4 2009 Q1 2010 Q1 2009 Q4 2009 Q1 2010 Q1 2009 Q4 2009 Q1 2010
Operating profit up 48% Risk-adjusted profit up 27% Return on Equity 11.3%
Q1 2009 Q4 2009 Q1 2010 Q1 2009 Q4 2009 Q1 2010 Q1 2009 Q4 2009 Q1 2010
3 28 April 2010 Telephone conference *Down 2% - adjusting for restructuring expenses in Q4 and changes in exchange rates

4. Operating profit high and stable
Operating profit, EURm
978 1.078
932
895 885 883 878
847 833 832
818
781
592
Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10
Operating profit Loan losses Write backs
4 28 April 2010 Telephone conference

5. Continued delivery on long-term targets
Risk-adjusted profit TSR 2007 - Q1 2010
- on track to reach 2013 target
20
2%
0
38.9%
38.0% -20
-40
Top quartile
-60
-80
-100
Allied Irish Banks
Bank of Ireland
Intesa Sanpaolo
DnBNOR
Unicredit
Santander
Lloyds
Barclays
Commerzbank
Swedbank
Nordea Bank
Societe Generale
BNP Paribas
Danske
Erste Group
RBS
SHB
SEB
KBC
BBVA
Q4/08
Q1/09
Q2/09
Q3/09
Q4/09
Q1/10
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Ro lling fo ur quarter co mpared with FY 2006 EUR 1,957m
Lo ng-term target fo r average yearly gro wth
5 28 April 2010 Telephone conference ¹Nordic peers: Danske Bank, DnB NOR, SEB, SHB, Swedbank

6. Outlook 2010
Nordea expects the macro economic recovery to continue in 2010, but
the development is still fragile and hence uncertainty remains
Excluding currency effects in 2010, cost growth is expected to be
broadly in line with 2009 – including the effects from growth and
efficiency initiatives
As previously stated, risk-adjusted profit is expected to be lower in
2010 compared to 2009, due to lower income in Treasury and Markets
However, net loan losses in 2010 are likely to be lower than in 2009.
Credit quality continues to stabilise, in line with the macroeconomic
recovery
6 28 April 2010 Telephone conference

7. First Quarter Results
7 28 April 2010 Telephone conference

8. Result highlights
EURm Q1/10 Q4/09 Chg % Q1/09 Chg %
Net interest income 1,235 1,299 -5 1,356 -9
Net fee and commission income 475 463 3 381 25
Net result from items at fair value 548 351 56 515 6
Other income 45 45 0 27 67
Total income 2,303 2,158 7 2,279 1
Staff costs -687 -702 -2 -665 3
Total expenses -1,164 -1,219 -5¹ -1,090 7²
Profit before loan losses 1,139 939 21 1,189 -4
Net loan losses -261 -347 -25 356 -27
Operating profit 878 592 48 833 5
Net profit 643 447 44 627 3
Risk-adjusted profit 678 533 27 747 -9
¹ Down 2% - adjusting for restructuring expenses in Q4 and changes in exchange rates
8 28 April 2010 Telephone conference
² Up 3% – adjusting for changes in exchange rates

9. Underlying business trends
Q1 2010 with Q1 2010 with
unchanged unchanged
translation translation Reported
EURm Q1 2010 Q4 2009 Chg % Chg % Chg %
currencies currencies change%
(compared with (compared
Q4 2009) with Q1 2009)
Total operating income 2,303 2,158 7 2,252 4 2,239 -2 1
Total operating -1,164 -1,219 -5 -1,129 -7 -1,119 3 7
expenses
Profit before loan
1,139 939 21 1,123 20 1,120 -6 -4
losses
Operating profit 878 592 48 866 46 865 4 5
9 28 April 2010 Telephone conference

10. Net interest income – down 5% from high levels
EURm
Remains subdued by the low interest
1,356
1,321
rate levels
1,305 1,299
1,235
Underlying increase in customer
operations – volumes and margins
Decrease in Group Treasury
Negative impact from day count
Total lending up 4%
Continued increase in corporate
lending margins
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10
10 28 April 2010 Telephone conference

11. Underlying volume trends
% change in local currency Q1oQ4 Q1oQ1
Total Lending, excl. reversed repurchase agreements 2% 2%
– Nordic household mortgages 2% 9%
– Nordic consumer lending 3% 8%
– Nordic corporates 2% -5%
– New European Markets -3% -4%
– FID and Shipping 4% -7%
Total Deposits, excl. repurchase agreements 0% -2%
– Nordic households 2% 4%
– Nordic corporates -2% -5%
– New European Markets -12% 4%
– FID and Shipping -5% -37%
11 28 April 2010 Telephone conference

12. Change in net interest income Q1oQ4 YoY
Volume driven Nordic markets local currencies 12 10
Corporate lending volumes 2 -22
Household lending volumes 9 29
Corporate deposit volumes 0 0
Household deposit volumes 0 2
Margin driven Nordic markets local currencies 10 -86
Corporate lending margins 14 58
Household lending margins 5 -19
Corporate deposit margins -3 -42
Household deposit margins -7 -83
Lower return on allocated capital, FX effects and other -70 -1
Nordic Banking -48 -77
Institutional & International Banking 5 18
Other, incl. Group Treasury -21 -62
Total -64 -121
12 28 April 2010 Telephone conference

13. Interest rate sensitivity
- 3 components
Increased market rates, 100bps Q1/10 Q1/09
Structural interest income risk (SIIR)
EURm
Reflecting the effect on NII from re-
pricing gaps* Net Interest Income, approx 450 400
Net result from items at fair value,
Dynamic effects on net interest income approx
-100 -250
Changes in deposit margins – mainly Total annualised income effect 350 150
transaction accounts
Market risk in the interest bearing
investment portfolios
Market risk has an immediately effect
on the line net result from items at fair
value
* Accumulated mismatch between assets and liabilities with an interest rate duration
of less than 12 months, with the assumptions that non-maturity accounts are re-
13 28 April 2010 Telephone conference priced immediately following a interest rate change, without effecting margins

14. Positive trend continues - Net fee and
commission income up 3%
EURm
Strong performance in savings area
463 475
412
437 Asset management commissions
381 up 6% from a strong Q4
Lending commissions up 8%
Payment commissions up 7%
Commission expenses for state
schemes largely unchanged at EUR
51m
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10
14 28 April 2010 Telephone conference

15. Asset under Management at record level
Asset under Management (AuM), EURbn
169
AuM EUR 169bn
157 158
126 Up 7% or EUR 11.2bn in Q1
Net inflow EUR 3.1bn – 8%
2007 2008 2009 Q1 2010
annualised
Net flows AuM, EURbn Increased market shares
3.5 3.1
2.9
2.8
0.9
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10
Nordic Retail funds European Fund Distribution
Nordic Private Banking International Private Banking
Institutional customers Life & Pension
15 28 April 2010 Telephone conference

16. Strong demand for risk management products
Net result from items at fair value, Capital markets activities in
EURm
594
customer areas continues to
515
548 perform
486
Underlying corporate demand for fixed
income and FX products stabilising
351
325
284 High demand for credit bonds from
221 institutional clients
198
Increase in Group Treasury
Continued strong Life & Pensions
Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 results
Nordic Banking & IIB Total Net gains/losses
16 28 April 2010 Telephone conference

17. Total expenses according to plan
EURm
Underlying expenses down 2% -
1 219
1 090 1 116
1 164 adjusting for restructuring expenses
1 087
in Q4 and changes in exchange
394 392 382
471
438 rates
Up 3% compared Q1 2009
687 702 687
665 670
Underlying staff costs up 1% in Q1
Number of employees increased by 130
Cost/income ratio improved to 51%
(56%)
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10
Staff costs Other expenses
17 28 April 2010 Telephone conference

18. Risk Weighted Assets
Risk Weighted Assets (RWA), EURbn RWA excluding transition rules up 4.5%
during Q1
192
198 Corporate lending growth
188
179
171 172 Market and operational risk
FX-effects
Significant slowdown in rating migration
Minor changes in average risk weights
during Q1
Q1/09 Q4/09 Q1/10
RWA incl transition rules RWA excl transition rules Corporate portfolio stable at 61%
Retail portfolio stable at 16%
Institution portfolio decreased to 21% (23%)
18 28 April 2010 Telephone conference

19. Capital ratios at expected levels
Core Tier 1 capital ratio (excl. Hybrids) Capital ratios slightly down in Q1
10.0* 10.3 10.1 Increase in net profit not fully
9.3 9.2
compensating for increase in RWA
7.8
Core Tier 1 ratio 10.1%
Tier 1 ratio 11.2% - well above
Q1/09 Q4/09 Q1/10
target in Nordea's capital policy
Transition rules Fully implemented Basel II
10.35
0.21 0.02 10.14
0.13
0.16
0.15
Core tier1 Prudent FX-effectsOperational Profit Other Core tier 1
Q4 09 growth & Market Q1 10
risks
19 28 April 2010 Telephone conference *Pro forma for the first quarter 2009

20. Strong funding and liquidity position
Continued strong demand for Nordea long-term
Total long-term funding issued (EURbn) debt issuance
EUR 3.7bn in Swedish and international covered
bonds
31
EUR 1.9bn net issuance covered bonds in
22 23 Denmark
EUR 1.5bn 7-year senior bond
10.4 USD 1.25bn 10-year 144a bond
USD 3.5bn extendible short-term note
2007 2008 2009 Q1 2010
In addition a EUR 1bn dated lower tier 2
69% long-term funding - up from 61% in Q4
Increased average maturities in funding
portfolio
Liquidity buffer EUR 49.4bn end of Q1
20 28 April 2010 Telephone conference

21. Credit quality
21 28 April 2010 Telephone conference

22. Stable and well diversified lending portfolio
Total lending up 4%
Total lending to public, EURbn
2% adjusted for reversed repos and
292
274 282 currency effects
27
24 27
55% corporate lending - no sector
101
87 97 accounting for more than 13% of
total lending
Limited changes between sectors -
163 159 165
no new areas of concern
Commercial real estate 7% of total lending
– mainly large high quality customers
Q1 2009 Q4 2009 Q1 2010
Corporate* Mortgage Consumer Shipping and offshore 4% of total lending
– limited exposure towards high risk
segment
Baltic countries 3% of total lending
22 28 April 2010 Telephone conference * Including lending to public (EUR 4.2bn in Q1)

23. Solid credit situation
EURm Net loan loss ratio 37bps (52bps)
516
481
407 425 440 26bps individual (40bps)
356 358 346 358
261 11bps collective (12bps)
97 166bps in the Baltic countries (338bps)
-51
-91 -82 Lower loan losses mainly found in
-135
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Denmark, Sweden and the Baltic
Gross loan losses Reversals Net loan losses countries
Loan losses by area Q1 2010
No losses occurred related to the
NEM, 13%
OTHER,
1%
Danish guarantee scheme (EUR 29m)
SOSI, 7%
Net loan losses continue to stem from a
DK, 44%
SE, 5% large number of smaller and medium-
NO, 9%
sized exposures rather than a few large
FI, 21%
23 28 April 2010 Telephone conference

24. Growth in impaired loans continues to level out
Impaired loans, EURm
Impaired loans gross up 5% to EUR
1 868 2 076
4,453m or 140 bps of total lending – 4%
1 116 in local currencies
1 849
2 372 2 377 7% in Q4, 9% in Q3 and 19% in Q2
Q1 2009 Q4 2009 Q1 2010 53% impaired loans are still performing
Performing Non-performing
Total allowances increased 9% to EUR
Total allowances, EURm
2,423
838 921
Provisioning ratio continues to increase -
486
54% compared to 52% in Q4
1 502
946
1 385 Collective allowances increased 10% to
EUR 921m – 38% of total allowances
Q1 2009 Q4 2009 Q1 2010
Individual allowances Collective allowances
Performing: Allowance established, payments made
24 28 April 2010 Telephone conference Non-performing: Allowance established, full payments not made on due date

25. Baltic countries - proactive risk management
remains in focus
Q1 2010 Lending Impaired Impaired
EURbn loans Q1 loans Q4 Net loan losses 166bps (338bps)
State & Municipalities 0.4 0% 0%
Current recession continue to affect
Nordic & International 0.9 0.4% 0.3%
credit quality and not least collateral
Large local corporates 1.7 2.9% 2.7%
values
Consumer credits 0.3 6.4% 6.1%
Mortgages 2.5 8.3% 7.6% Gross impaired loans continue to
Small local corporates 0.1 11.1% 8.8% increase – EUR 641m or 822bps
Midsized local
corporates
2.0 18.1% 15.6%
of total lending
Total Baltic countries 7.8 8.3% 7.3%
Increase related to a few well
Total
collateralised mid-size companies
Nordea market that is still performing
Lending past due Q1/10 (Q409) Q1/10 (Q409)
Estonia (60 days) 3.49% (3.13%) 6.37% (6.13%) Proportion of lending past due
Latvia (90 days) 7.62 (7.99%) 17.68% (16.99%)
still clearly below market average
Lithuania (60 days) n/a% (10.41%) n/a% (19.38%)
Source: Central bank data
25 28 April 2010 Telephone conference

26. Rating migration
Corporate rating migration Q110 / Q409
88%
30%
Down-rated Up-rated
25%
20%
8% 5%
15%
10%
5%
5% 3%
2% 1%
0% 0% 1% 1% 0% 0%
0%
> -4 -4 -3 -2 -1 0 1 2 3 4 >4
Number of notches up- and down-rated
26 28 April 2010 Telephone conference

27. Successful start of the Prudent growth strategy
27 28 April 2010 Telephone conference

28. Moving from “profitable organic growth” via
“middle of the road” to “prudent growth”
Middle of the
Profitable organic growth Prudent growth
road
Great
07 08 09 10 11 12
Nordea
Next level strategy based
Organic growth strategy
on stronger position
Keep income
growth
momentum
Group initiatives Cost, risk and Next generation of
launched to support capital take the initiatives launched
the strategy lead
Enable us to
accelerate out
of the crisis
28 28 April 2010 Telephone conference

29. Next generation of Group initiatives support
“prudent growth”
Increase business with Exploit global Supplement Nordic
existing Nordic customers and European growth through
and attract new customers business lines investments in New
European Markets
1. Future distribution 6. Growth plan Poland
2. New customer acquisition
3. Growth plan Finland
4. Growth plan CMB Sweden
5. Customer-driven Markets business
7. Top league IT and operations 8. Product platforms
9. Infrastructure upgrade
Take Nordea to the next level of operational efficiency,
support sustained growth
29 28 April 2010 Telephone conference

30. Group initiatives to support long-term target of
doubling Risk-adjusted profit in seven years
Future distribution Risk adjusted profit, EURm
New customer acquisition 3,914
10% CAGR
Growth plan Finland required
CMB Sweden
2,786
Customer driven Markets
business 2,239 2,279
1,957
Growth plan Poland
Top league IT performance
Product platforms
Infrastructure upgrade
2006 2007 2008 2009 2010 2011 2012 2013
30 28 April 2010 Telephone conference

31. Activities related to the initiatives are well on
track and have started in all areas
Future distribution
10 branches transformed to new branch format
Number of 360-degree advisory meetings up 60% in new format
Time spent on direct customer interaction up 6%
Growth in number of customers
Steady inflow – 37,500 new Gold and Private Banking customers
Growth Plan Finland
More than 130 new advisors and specialist recruited
Total income in Nordic Banking Finland up 2%
31 28 April 2010 Telephone conference

32. Activities related to the initiatives are well on
track and have started in all areas
Growth Plan Corporate Merchant Banking (CMB) Sweden
Increased share of wallet – cash management mandates won
Growth Plan Poland
Preparatory work develops according to plan for new branch openings in the
latter part of 2010
Dedicated teams formed to capture potential in local large cap – first deals
closed
Efficiency and foundation
A renewed IT-contract with IBM paving the way to efficiency gains and a
stronger IT foundation
Lean IT project proceeding according to plan
32 28 April 2010 Telephone conference

33. Key messages
Strong result
Income up 7%
Underlying expenses down 2%
Loan losses 37bps (52bps)
Operating profit up 48%
Risk-adjusted profit up 27% - on track toward long-term target
Increased inflow of new customers – confirms the positive trend
12.500 new Gold and Private Banking customers per month – of which 70% new
customer in Nordea
Focus on Prudent growth and next generation of growth initiatives
Activities related to the initiatives are well on track and have started in all areas
33 28 April 2010 Telephone conference