Interim Management Statement Third Quarter Results 2015

“The summer months featured a seasonally lower activity level, although in the autumn we have not seen the usual pick-up in corporate and market activity. Deposit margins continue to be under pressure and lending growth remains low, however Net Interest Income is holding up well in the business areas. We continue to see a good inflow in our Savings and Investment operations, despite declining asset prices, confirming our strong customer franchise. Assets under management are up EUR 19bn or 7% compared to twelve months ago, fully driven by strong inflow. Net Fair Value has been negatively impacted by the low liquidity on the financial markets and higher credit spreads. Total revenues were down 3% in local currencies compared to the same period in 2014. Nordea is following the efficiency plan and costs were down 3% in local currencies and credit quality remains solid. The Common Equity Tier 1 ratio has improved by 70 bps to 16.3% since the third quarter of 2014.

In September we signed the agreement with vendors for our new Core Banking Platform. This will long term improve our agility and ability to meet the future needs of our customers, as well as supporting our efficiency and IT resilience.”

Third quarter 2015 vs. Third quarter 2014 (First nine months 2015 vs. First nine months 2014)^{1, 2:}

• Total operating income² -5%, in local currencies -3% (+4% in local currencies)
• Total expenses² -6%, in local currencies -3% (-2% in local currencies)
• Operating profit² -5%, in local currencies -3% (+13% in local currencies)
• Common equity tier 1 capital ratio 16.3%, up from 15.6% (up 70 bps from 15.6%)
• Cost/income ratio² down 0.2%-points to 49.2% (down 3.1%-points to 46.4%)
• Loan loss ratio of 13 bps, up from 12 bps (down 2 bps to 13 bps)
• Return on equity² 10.4%, down from 11.2% (up 1.2%-points to 12.6%)
• Diluted EPS (total operations) EUR 0.19 vs. EUR 0.23 (EUR 0.70 vs. EUR 0.61)

Exchange rates used for Q3 2015 for income statement items are for DKK 7.46, NOK 8.81 and SEK 9.37
[1] Key figures for continuing operations, following the divestment of the Polish banking, financing and life insurance operations.
[2] Excluding non-recurring items (Q2 2014: restructuring costs of EUR 190m, Q3 2014: gain from the divestment of Nets EUR 378m and impairment of intangible assets EUR 344m).

About Nordea Asset Management

Nordea Asset Management (AuM 183 bn EUR*), is part of the Nordea Group, the largest financial services group in Northern Europe (AuM 273 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.

*30.09.2015