Second Quarter Results 2015

CEO Christian Clausen’s comments on the results:

“After an exceptional start to the year, we saw in the second quarter a stabilisation of net interest income, a somewhat lower customer activity level in the capital markets, while the strong trend in the savings and investment operations continued, confirming the strong customer demand for our advisory expertise and products. For the first half of the year, total operating income grew 7% in local currencies, while costs in local currencies were down more than 1%, and consequently our cost to income ratio has improved more than 4%-points. Credit quality remains solid and loan losses are well below the 10-year average.

Our simplification programme and the work to build the Future Relationship Bank are well on track, with the launch of the first products on our new payment platform scheduled for the coming quarters. As part of the simplification of our bank we have initiated a dialogue with the authorities in the Nordic countries regarding simplifying our legal structure.”

First half year 2015 vs. First half year 2014 (Second quarter 2015 vs. Second quarter 2014):

• Net interest income EUR 2,597m, -5%, in local currencies -3% (-3% in local currencies)
• Total operating income EUR 5,242m, +6%, in local currencies +7% (+4% in local currencies)
• Total expenses EUR 2,373m, -3%, in local currencies -1% (-1% in local currencies)
• Cost/income ratio down to 45% from 49% (down 2%-points from 49%)
• Net loan losses EUR 225m, -23%, in local currencies -22% (-23% in local currencies)
• Return on equity 13.7%, up from 11.6% (up 1.2%-points to 13.1%)

For additional information: Signe Lonerte, PR Manager, Nordea Latvia,

phone: +371 6 700 5469, mobile phone: +371 29 116 146, signe.lonerte@nordea.com