Environmental policy

Adopted by the President of Nordea AB (publ) and Chief Executive Officer of the Nordea Group in Group Executive Management on 6 May 2003.

Introduction

The Nordic tradition of caring for the environment is a cornerstone of our Corporate Statement and is further articulated in Nordea's Corporate Citizenship Principles. We have endorsed the principles of the UNEP Statement by Financial Institutions on the Environment and Sustainable Development, which recognises a positive interaction between economic development and environmental protection.

Perhaps our greatest achievement in safeguarding the environment is that we heavily promote the use of electronic banking, and are a world leader in this field. E-banking is what we call a "triple win": It is cost effective, provides greater customer service and reduces negative environmental impacts since the need for travel and transport is lower.

Nordea not only has a direct "Environmental Footprint" from its operations, but also an indirect impact through procurement and the services we provide. In addition, the management and control of environmental issues of borrowers and investments impact the ability to repay debt or provide returns.

This Environmental Policy provides guidance on how we shall manage and control environmental issues in our operations and services and thereby provides a step-by-step mechanism to reduce business risks and lower costs for the Group.