Fourth Quarter and Full Year Results 2014

We have seen a record high flow of assets of EUR 18.6bn and improving market shares in the savings area. In the corporate area we have further consolidated our position being ranked as the leading bank for large corporates in the Nordics by Greenwich as well as number one in Nordic Equities by Prospera.

Our capital position has continued to improve during 2014 mainly due to a strong capital generation corresponding to 2.1% of REA pre dividend. The Board of Directors proposes a dividend of EUR 0.62 per share (EUR 0.43). Common Equity Tier 1 capital ratio improved by 1.8 %-points to 15.7%.

For 2015 we are prepared for another year with low growth and low interest rates, and continued changed customer behaviour. Thus, we will deliver on our cost and capital efficiency plans to secure our strong financial foundation. We will continue to develop our services to meet the changing needs from our customers and invest in our IT platform to secure that we also long term provide even more personalised
and convenient solutions for our customers.”
 
Full year 2014 vs. Full year 2013 (Fourth quarter vs. Third quarter 2014)²:

• Total operating income unchanged excl. non-recurring items², in local  currencies +2%² (+6%², in local currencies +7%²)
• Total expenses -4%², in local currencies -1%² (+5%², in local currencies +6%²)
• Operating profit +9%², in local currencies +12%² (+6%², in local currencies +7%²)
• Common equity tier 1 capital ratio 15.7%, up from 13.9%³ (up to 15.7% from 15.6%)
• Cost/income ratio down to 49.1%² from 51% (down 0.5% to 48.8%²)
• Loan loss ratio of 15 basis points, down from 21 basis points (up 3 bps to 15 bps)
• Return on equity 11.6%², up from 11.0% (up to 11.8%² from 11.2%²)
• Proposed dividend EUR 0.62 per share, up from EUR 0.43 per share

Exchange rates used for Q4 2014 for income statement items are for DKK 7.45, NOK 8.36 and SEK 9.10, see also Note

1. In reported currency and excluding non-recurring items – capital gain of EUR 378m and charge for impairment of intangible assets of EUR 344m in Q3 2014 and restructuring costs of EUR 190m in Q2 2014.
2. Excluding non-recurring income and cost items in Q2 and Q3 2014, see footnote ¹).
3. Previously estimated Basel III CET1 ratio.
4. Key figures for continuing operations, following the divestment of the Polish banking, financing and life insurance operations.
5. Diluted EPS, basis for dividend distribution, is excluding impairment of intangible assets in Q3 2014.

About Nordea Asset Management

Nordea Asset Management (AuM 174 bn EUR*), is part of the Nordea Group, the largest financial services group in Northern Europe (AuM 262 bn EUR*). The business area offers Global investors exposure to a broad range of investment funds via its active distributors, which include banks, asset managers, independent financial advisors and insurance companies.

Nordea Asset Management has a presence in Cologne, Copenhagen, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Oslo, Paris, Sao Paulo, Singapore, Stockholm, Vienna and Zurich. Nordea’s local presence goes hand in hand with the objective of being accessible and offering the best service to clients.
 
Its main product is the Nordea 1, SICAV, which encompasses a diverse spectrum of high quality products. Nordea 1, SICAV has constantly grown in terms of volume and has steadily gained in reputation. This growth is the result of the success of its active management of products belonging to the following asset classes: value stocks, growth stocks, theme-oriented funds and dedicated sector funds, as well as multi-asset strategies, long/short strategies, bond and money market funds.

*31.12.2014