#1Investor presentation SEK Additional Tier 1 Nordnet AB (publ) November 2021 Nordnet AB (publ) V Nordnet#2Nordnet Disclaimer Acceptance of limitations: The information in this presentation (the "Presentation") is furnished by Nordnet AB (publ), reg. no. 559073-6681 (the "Company" and together with its direct and indirect subsidiaries, joint ventures and associated entities, the "Group") solely for the recipient's information in connection with a contemplated issuance of additional tier 1 capital notes (the "Notes"). The intended recipients are determined solely by Nordea Bank Abp and Skandinaviska Enskilda Banken AB (publ) (together the "Joint Bookrunners"). By attending a meeting where the Presentation is presented, or by reading the Presentation, you agree to be bound by the terms, conditions, limitations and notifications described below. The Presentation is strictly confidential and may not be disclosed, reproduced or distributed in whole or in part to any other person unless expressly agreed in writing by the Joint Bookrunners. Use of the Presentation: This Presentation does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information in the Presentation. No financial, credit, investment, legal or tax advice: The Joint Bookrunners are not giving and are not intending to give financial, credit, investment, legal or tax advice to any potential investor, and this Presentation shall not be deemed to be financial, credit, investment, legal or tax advice from the Joint Bookrunners to any potential investor. 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This Presentation may contain forward-looking statements that reflect the Company's and the Group's current expectations or estimates with respect to certain future events and potential financial performance. Such statements are only forecasts which are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties and no guarantee can be given that such estimates and assumptions are correct. An investment involves a high level of risk and several factors could cause the actual results or performance of the Group to be different from what may be expressed or implied by statements contained in this Presentation. No information in this Presentation has been independently verified by the Joint Bookrunners or their advisors and the Joint Bookrunners and their advisors assume no responsibility for, and no warranty (expressly or implied) or representation is made as to, the accuracy, completeness or verification of the information contained in this Presentation. The information relating to the Company or the Group does not constitute a complete overview of the Company or the Group and must be supplemented by the reader wishing such completeness. Audit Review of Financial Information: Certain financial information contained in this Presentation has not been reviewed by the Company's or the Group's auditors or any other auditor or financial expert. Hence, such financial information might not have been produced in accordance with applicable or recommended accounting principles and may furthermore contain errors and/or miscalculations. The Company and the Group are the sources of the financial information, and neither the Joint Bookrunners nor any of the Representatives shall have any liability (in negligence or otherwise) for any inaccuracy of the financial information set forth in this Presentation. Actuality: The Presentation is dated 3 November 2021. None of the Company, the Group or the Joint Bookrunners or the Representatives represent or warrant that there has been no change in the affairs of the Group since such date and none of the Company, the Group, the Joint Bookrunners or the Representatives undertake any obligations to review, confirm, update or correct any information included in the Presentation. The Presentation may however be changed, supplemented or corrected without notification. Public presentation 2#3Nordnet Disclaimer Conflicts of interest: The Joint Bookrunners, their clients and the Representatives may hold shares, options or other securities of the Group and/or the Company and may, as principal or agent, buy or sell such securities and have, or may in the future, engage in investment banking and/or commercial banking or other services for the Group and/or the Company in their ordinary course of business. Accordingly, conflicts of interest may exist or may arise as a result of the Joint Bookrunners having previously engaged, or will in the future engage, in financing and other transactions with the Group and/or the Company. Placement Fee: The Joint Bookrunners will be paid a fee by the Company in respect of the placement of the transaction. Preliminary Prospectus: This Presentation is accompanied by and should be read together with the preliminary prospectus dated 3 November 2021 (the "Preliminary Prospectus"). The Preliminary Prospectus is subject to completion and amendment and is furnished on a confidential basis only for the use of the intended recipient. The Preliminary Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The Preliminary Prospectus constitutes an advertisement for the purposes of the Prospectus Regulation (Regulation (EU) 2017/1129) (as amended or superseded) and is not considered being a prospectus until approved by competent authority. Copies of the Preliminary Prospectus are, subject to applicable securities laws, available to investors from the Joint Bookrunners. The Preliminary Prospectus includes descriptions of certain risks related to an investment in the Notes and it is recommended that prospective investors read and carefully assess those risks. The summary terms and conditions contained in this Presentation are indicative of the terms and conditions of the proposed Notes. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company, the Group and the nature of the Notes before taking any investment decision with respect to the Notes. Investors should make their investment decision on the basis of the Preliminary Prospectus (including the draft terms and conditions) and not rely on these summary terms and conditions as being a complete and accurate representation of the full terms and conditions of the Notes. Prospective investors should, either individually or through their advisers, have sufficient investment expertise to understand the risks involved in any purchase or sale of any financial instrument discussed herein. The prospectus in final form will be published and available at the Swedish Financial Supervisory Authority's webpage (www.fi.se/sv/vara-register/prospektregistret/) and at the Company's webpage (www.nordnet.se). Distribution: The information in this Presentation is not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. No securities referred to in this Presentation have been or will be registered by the Company under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state of the United States. This Presentation may not be distributed into or in the United States or to any "US person" (as defined in Rule 902 of Regulation S under the Securities Act). The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. In so far this Presentation is made or would cause any effect in the United Kingdom, this Presentation is only addressed to and directed at persons in the United Kingdom who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) are other persons to whom this Presentation may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This Presentation must not be acted on or relied on in the United Kingdom by persons who are not Relevant Persons. Any investment or investment activity to which this Presentation relates is available only to Relevant Persons in the United Kingdom and will be engaged in only with such persons. Further, the distribution of this Presentation and any purchase of or application/subscription for securities may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction. The distribution of this Presentation and the private placement of the securities in certain jurisdictions may be restricted by law. No action has been or will be taken to permit a public offering in any jurisdiction. Persons into whose possession this Presentation comes are required to inform themselves about, and to observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction. The Company, the Group and the Joint Bookrunners disclaim any responsibility or liability for the violations of any such restrictions by any person. Public presentation 3#4Disclaimer Target market: Solely for the purposes of the manufacturers' (as used herein, "Manufacturers" refers to the Joint Bookrunners) product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “Distributor”) should take into consideration the Manufacturers' target market assessment; however, a Distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the Manufacturers' target market assessment) and determining appropriate distribution channels. For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Notes. PRIIPs regulation: In the event of issuance of Notes, the Notes are not deemed to fall within the scope of Regulation (EU) No 1286/2014 (as amended) and no key information document (KID) has been prepared. Applicable law and jurisdiction: The Presentation and any non-contractual obligations arising out of or in connection with it are subject to Swedish law. Any dispute arising out of or in connection with this Presentation is subject to the exclusive jurisdiction of Swedish courts, with the District Court of Stockholm as court of first instance. Nordnet 4 Public presentation#5Today's presenter Lennart Krän CFO With Nordnet since 2019. MSc in Economics from Stockholm University and certified financial analyst, Stockholm School of Economics. He has experience from the financial services sector and has had positions such as CEO of SalusAnsvar and CFO at SBAB and HSBC Investment Bank Stockholm Branch. Public presentation Nordnet Nordnet от 5#6Agenda Transaction overview Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#7Transaction overview Key Investment Highlights Well-diversified business model Solid geographic distribution Strong organic growth 000 A leading platform for growth Limited exposure to credit risk ☐ Strong liquidity position Public presentation Nordnet • • • Transaction rationale Nordnet SEK Benchmark Perpetual NC5.25Y Additional Tier 1 Optimizing the capital structure in regards to regulatory requirements Nordnet is committed to the SEK market and this transaction is the second SEK AT1 The terms and conditions of this transaction are based on the Nordnet AT1 transaction in Q1 2019 and follows the key terms of recent AT1s in the SEK market with a 7% CET1 trigger on the consolidated level and with a temporary write down mechanism. Call dates (5-5.25y): First possible call date after 5y followed by a 3 month initial call period (call at par possible at any day within the initial call period) and then quarterly on any subsequent interest payment date 7#8About Nordnet Nordnet . • Attractive market fundamentals with long-term structural growth drivers Only pan-Nordic digital investment and savings platform at scale Superior customer experience and proposition driving market share gains • Profitable customer growth • Agile and scalable technology platform • Strong competitive moat • Leading ESG profile strongly embedded in Nordnet's DNA Operating leverage driving significant profit growth • Capital light business model, Only ~10% of Savings capital on balance Deposit financed with only ~1/3 of the deposit lent giving 2/3 in liquidity SEK 728bn in savings capital 1.54 million customers in 4 Nordic countries 463 200 (30%) 323 900 (21%) 440 600 (29%) #1 NPS position in Nordics #1 NPS position vs key competitors with #1 rank in DK, FI, NO; #2 in SE #1 Market share in Nordics #1 market share of addressable market among Nordic online platforms #1 Nordic broker Customers, Sep 2021 #1 domestic broker on Nordic exchanges 2020 309 500 (20%) Public presentation 8#9Agenda Transaction overview nn Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#10Business overview ■ Founded in 1996, Nordnet was a pioneer in online brokerage and has a longstanding history of innovation • • Today, Nordnet is a leading digital platform focusing on savings and investments, complemented by select lending products to support the core business ~650 employees serving customers from centralized functions in Stockholm, and local sales and marketing offices in Oslo, Helsinki and Copenhagen • Long-term commitment and support from major shareholder (Öhman/ Dinkelspiel family) SEK 675 million SEK 712 million SEK 1286 million Key Nordnet statistics LTM 9M revenue SEK 833 million Customers Savings capital Sept. 2021 3 506 MSEK 1.54 million 728 SEKbn Lending 24.2 SEKbn Public presentation Nordnet LTM 9M 2021 revenues LTM 9M trades 71 million#11Clear strategic focus SAVINGS AND INDIVIDUALS INVESTMENTS NORDIC REGION DIGITAL DISTRIBUTION 11#12We have been building our competitive moat for more than two decades Operating in all four Nordic markets with... Strong and trusted brand Local presence with localized offerings Operating Fully licensed at scale and regulated Leading customer proposition based on... One stop shop for savings and investments Product innovation Public presentation Competitive pricing Leading social investment platform Nordnet 12#13Nordnet One-stop shop for savings and investments Securities brokerage Funds Pension Margin lending Retail lending Social investing + Shares, bonds, warrants, options, futures, ETFs, ETPs, certificates >2,000 mutual index funds, hedge funds, fund-of- funds as well as fund guidance and advisory Stock lending, endowment insurance, individual pension, occupational pension Margin lending with securities as collateral Market leading' own mortgage and distributor of third party mortgage as well as unsecured personal loans Leading Nordic social investment platform through Shareville (1) Based on interest rate (0.69%) offered to select customers to qualifying Private Banking customers with savings capital >SEK15m Pubi sentation 13#14Nordnet has three customer offerings targeted at three customer groups Share of September 2021 savings capital (%) Customer offering Retail (43%) Private Banking² (45%) Partner (12%) Savers¹ (41%) "Do it for me" ■ Savers set aside small amounts of money each month, which over time can grow into a meaningful buffer 17% 12% 12% ■ Savers have a long-term horizon and tend to save in mutual funds " Investors¹ (50%) "Help me do it" Investors place larger amounts in the market and have a portfolio of several investments 25% 25% 0% ■ Investors are involved in what's happening in stock markets and like learning various investment strategies and analysis Traders¹ (9%) "Do it ■ Traders participate in short-term daily trading of exchange- traded products. They trade to capitalise on swings in pricing 1% myself" ■ Traders use different trading strategies, leverage and shorting to amplify returns 8% 0% Source: Nordnet as of September 2021. (1) The three customer groups are defined based on the number of trades in the last twelve months with "Savers" doing 0-10 trades, "Investors" doing 11-500 trades and "Traders" doing more than 500 trades; (2) Modern holistic Private Banking offering for customers with >SEK2.5m in savings capital Public presentation Nordnet 14#15Significant investments undertaken to enhance customer experience and scalability Rolled out new platform in all countries Tag magten over din opsparing. Aktuelt hos Nordnet. // Nordnet Marknadsoversikt 180 334 Strengthened organisation and management team Lars-Åke Norling CEO Martin Ringberg Country Manager - Sweden Anders Skar Established high pace of new product launches Options in ISK account Stock lending, Sweden 2018 Unlisted holdings in endowment wrapper New margin lending model FASK, Finland New ESG features Stock lending, Norway 2019 Fund pricing model, Denmark Platform model, Norway ETF instrument page Fund guidance New WL index funds 2020 Solidified #1 pan-Nordic market position¹ ++ EPK Norway Digital pension transfer SE Own tech indexfund Swedish language site in Fl 2021 Lennart Krän CFO Rasmus Järborg CPO Elias Lindblom CTO Carina Tovi COO & CHRO (1) Defined as NPS score vs. key competitor Country Manager - Norway Anne Buchardt Country Manager - Denmark Market position Ꮩ VI VI VI VI Suvi Tuppurainen Country Manager - Finland Critical mass Johan Tidestad Chief Communications Officer Public presentation Nordnet 15#16Building the best platform for savings and investments... Delightful digital channels 1 NEXT 2 Automated and inspiring customer journeys Customer acquisition User experience Customer engagement Up-selling / cross-selling App Shareville Cutting-edge financial products Broadest ETF range Own index funds Margin Stock lending lending NordnetX: scalable and modern backend in the cloud Public presentation Nordnet 16#17....that drives customer engagement, satisfaction and market share gains Activity on the Nordnet app % of traded value originated from the app1 Market share across the Nordic region Estimated market share³ Other channels 88% December 2019 App 12% ~250,000 active users (monthly) Other channels 75% Customer engagement Average weekly # of trades per active customer¹ September 2021 App 25% ~721,000 active users (monthly) Pre-NEXT² Post-NEXT 2 +36% +44% +36% +15% 0,69 0,59 0,60 0,42 0,44 0,38 0,31 0,26 3,7% 5,8% 5,5% 3,2% VI + + + Delta (1) Source: Nordnet; (2) Average number of weekly trades per active customer in an equally long estimate window before and after the launch of NEXT; 3) Source: Leading third party management consulting firm. Defined as Nordnet's savings capital by country as share of addressable market by country Public presentation 2016 2020 6,0% 2,5% 2,1% 4,4% VI + VI WI VI = NPS vs. key competitor Nordnet 17#18៥០០ Nordnet competes primarily with online platforms and incumbent banks Main online platforms Sweden Norway Denmark + Finland I Nordnet I Nordnet Nordnet AVANZA III Pareto SAXO BANK S*banken Danske Bank DNB Danske Bank Nordnet JYSKE BANK Nordea Danske Bank Nordea → OP-Pohjola S-Pankki Handelsbanken Handelsbanken Main incumbent banks Nordea SEB Nordea SpareBank 1 SR-BANK Nykredit Swedbank Sydbank Source: Leading third party management consulting firm Public presentation Continued migration from incumbent banks to digital platforms Nordnet 18#19Sea North Cape Vorkuta Surgu Russian Fed eland Norweg lands land Is. Norway Sustainability focus areas A responsible and sustainable business DECENT WORK AND ECONOMIC GROWTH M RESPONSIBLE CONSUMPTION AND PRODUCTION QO PEACE, JUSTICE AND STRONG INSTITUTIONS Equality and diversity GENDER EQUALITY DECENT WORK AND ECONOMIC GROWTH Arkhangelsk Ukhta Oslo Sweden Finland) Helsinki Practice transparency, compliance and a high ethical standard ☐ Reduce our direct impact on the environment and climate. Promote physical and mental health through a good working environment United Kin REDUCED INEQUALITIES North Denma ☐ A better gender distribution within savings & investments A workplace characterized by gender equality and diversity Create a meaningful professional future for young people Develop user-friendly and inspirational digital services for saving and investments Become the leading platform in the Nordics for sustainable savings QUALITY EDUCATION DECENT WORK AND INDUSTRY, INNOVATION ECONOMIC GROWTH AND INFRASTRUCTURE Increase the general knowledge about personal finances Democratize savings and investments Nordnet#20We operate in an attractive market with strong and sustainable growth prospects Consistent growth in the Nordic savings market... Savings capital (SEKtin) ...with Nordnet's addressable market¹ growing faster... Savings capital (SEKtin) ...and digital platforms² significantly outgrowing the market Savings capital (SEKtin) ~31.0 2020E CAGR 5% ~40.0 2025E CAGR 10-11% ~17.4 ~3.0 ~10.5 CAGR 6-7% Extended market4 2020E ~1.3 ~14.4 Current market 2025E CAGR 12-17% ~2.7 2020E 2025E Significant growth potential for Nordnet with only ~5% market share of the addressable market³ Nordnet Source: Leading third party management consulting firm. (1) Addressable market defined as the estimated part of the overall Nordic savings market that Nordnet caters to with its current product offering; (2) Savings capital of Nordnet, Avanza, Saxo, Pareto and Sbanken; (3) Based on Nordnet's 2020 savings capital of SEK565 bn and addressable market of SEK10.5 bn; (4) Extended market include EPK Norway, DK Livrente and Fl insurance wrapper Public presentation 20 20#212004 Customers Thousand Continued acceleration of long-term growth CAGR 17% 86 103 128 157 193 224 314 344 367 395 2005 2006 2007 2008 2009 2010 2011 765 669 567 490 433 2012 2013 2014 2015 2016 2017 2018 2019 2020 9M 2021 914 CAGR 29%1 1221 1537 (1) Adjusting for the acquisition of Netfonds (contributing ~32,000 customers / SEK15bn in savings capital), the CAGRS would have been 28% for customers and 39% for savings capital, respectively Public presentation 2004 N 2005 2006 2007 21 36 49 55 56 2008 Savings capital SEKbn CAGR 20% 39 59 90 102 90 104 136 166 2009 235 200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 272 286 2020 9M 2021 21 395 CAGR 41%1 565 728 Nordnet#22Nordnet has a capital light business model Off balance sheet ~71% Shares Savings capital SEK ~728bn ~19% Funds Nordnet's income model Net commission income (~81%)³ ~10% Deposits I I Used to fund balance sheet assets On balance sheet Liquidity portfolio¹ SEK-48bn Credit portfolio SEK ~24bn Nordnet ~49% Margin lending2 ~34% Mortgage lending ~17% Unsecured Net interest income (~19%) 4 Savings capital is the single most important driver of Nordnet's income Figures as per LTM 9M 2021; (1) Defined as customer deposits minus lending (credit portfolio); (2) Excluding lending against pledged cash and cash equivalents; (3) Includes net financial transactions and other income; (4) Includes off-balance sheet income from securities lending Public presentation 22 22#23Only pan-Nordic digital savings and investment platform at scale Sweden is still the largest market... Nordnet's LTM 9M 2021 revenue by country (%) SEKM ...and other Nordic countries are growing faster... ...at higher margins Revenue margin by country (bps)1 Denmark 24% Finland 19% 3506 Norway 20% Sweden 37% Nordnet's number of customers by country Sep 2020 Sep 2021 Growth 71 210 300 54% 323 900 172 300 80% 309 500 + 351 900 32% 463 200 388 400 13% 440 600 (1) LTM 9M 2021 revenue (excluding personal loans in Sweden) divided by average quarterly savings capital Public presentation 63 35 55 55 ÷ ÷ + 40 40 Nordnet 23#24Strong regional income diversification Revenue by country SEKM Sweden Norway Denmark Finland + + 3 506 19% 2 679 18% 24% 22% 1573 20% 14% 1 310 1244 19% 1 196 15% 16% 14% 14% 18% 19% 19% 20% 16% 14% 15% 37% 41% 50% 53% 52% 51% 2016 2017 2018 2019 2020 LTM 9M 2021 Public presentation Nordnet Substantially improved regional distribution Supported by strong customer satisfaction Critical mass also achieved outside of Sweden leading to scalability and increased profits 24#25Large part of total income is recurring Adjusted revenue by income type¹ SEKM Net transaction related Other income Net non-transaction related Net Interest income Net financial transactions 3506 10 130 CAGR +43% 681 2679 69 472 604 348 1 508 1310 59 70-0 4 498 378 2212 279 1673 254 617 661 Recurring Partly recurring Nordnet Regionally diversified recurring income 2 SEKM Sweden Norway Denmark Finland 1 283 97 1 020 136 846 54 70] Margin lending Mortgage 280 690 44 36 220 Unsecured loans Securities lending 42-4 189 43 126 Liquidity portfolio Resilient margins Great addressable market Own fund company started 770 676 578 480 2018 2019 2020 LTM 9M 2021 Cost coverage Total income excluding transaction related income in relation to operating expenses Part of the transaction related income is re-occurring with our lowest level being increased due to higher customer base and improved offering 95% 77% 62% 2018 2019 -14 2020 LTM 9M 2021 2018 (1) Adjusted revenue, subtracting SEK66m in 2019 from net financial transactions; (2) Recurring income includes "Net non-transaction related", "Net interest income" and "Other Income" Public presentation 115% 2019 2020 LTM 9M 2021 25#26Revenue growth together with operating leverage driving significant profit growth Adjusted revenues SEKm1 44 44 60 60 CAGR 43% 2 679 1 508 1310 Adjusted profit before tax SEKm 12 Adjusted operating expenses SEKm² 56 85 73 40 32 7 3506 CAGR (0%) 1 117 1 097 1064 1 128 13 40 45 45 377 157 CAGR 167% 1576 2346 Nordnet 2018 2019 2020 LTM 9M 2021 2018 2019 2020 LTM 9M 2021 2018 2019 2020 LTM 9M 2021 Cost income ratio (%)² Return on equity (%) 3 Income in relation to savings capital (bps)1 (1) Adjusted revenue, subtracting SEK66m in 2019; (2) Adjusted expenses; subtracting SEK16m in 2018, SEK65m in 2019, SEK129m in 2020 and SEK99m in LTM 9M 2021. Adjusted operating expenses includes amortisation of PPA intangibles and excludes credit losses; (3) Excluding AT1-capital. Interest for AT1 has been deducted from net profit. Public presentation 26#27Group income statement January - September (SEKm) 2020 2021 YoY % Net transaction related income 1 180 1719 46% Net non-transaction related income 245 370 51% Net commision income 1425 2089 47% Net interest income 455 533 17% Net financial transactions Other income Adjusted total income (10) 15 41 102 149% 1912 2739 43% Adjusted operating expenses (777) (842) 8% Net credit losses (32) (24) (24%) Adjusted operating profit before tax 1 103 1873 70% Items affecting comparability, income Items affecting comparability, expenses (30) Reported profit before tax 1073 1873 75% Tax (192) (357) 86% Reported net profit 881 1516 72% Public presentation Nordnet 27 227#28Agenda Transaction overview Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#29High quality loan portfolio with loan losses remaining at very low levels 9M 2021 savings capital Usage of deposits SEKbn SEKbn Lending SEKbn 1 Lending Liquidity portfolio Funds 19% 73 Brokerage 61 48 728 10% Deposits 43 71% 24 18 9M 2020 9M 2021 2 Unsecured Mortgage Margin lending 24.2 17.8 11.9 8.0 8.2 5.8 4.0 4.1 9M 2020 9M 2021 Nordnet 9M 20201 credit losses by lending category SEKM Credit losses Credit losses/avg. lending Nordnet's loan book only features lending to retail customers. Split between margin lending, mortgages and unsecured lending. The unsecured lending book is not expected to grow while the mortgage lending book increasing. Credit losses SEKM 0.26% 32 32 9M 2020 0.14% 24 24 9M 2021 Treasury provisions, 1 Mortgage, O Margin lending, 4 24 O (1) Defined as customer deposits minus lending (credit portfolio); (2) Excluding lending against pledged cash and cash equivalents; (3) LTM 9M 2021 credit losses divided by average quarterly lending volume over the period Public presentation Unsecured, 19 29 29#30Stable LTV and low risk in loan portfolio Lending volume SEKbn LTV development % 25 25 20 20 Margin lending Mortgage Unsecured CAGR +22% 24.2 19.7 11.9 15.6 15 9.2 13.7 11.4 7.1 5.6 10 5.3 5 8.2 6.5 4.5 4.2 2.4 50 40 30 N0 20 10 Margin lending Mortgage Nordnet No material impact in LTV during Feb/March 2020 0 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Net credit losses SEKM Confirmed credit losses Changes in provision Ratios % Confirmed credit losses/avg. total lending Confirmed credit losses/avg. unsecured -Net credit losses / avg. total lending 29 20 26 39 40 36 35 34 35 30 BN NW G CO 7 10 10 4 25 20 15 29 1.0 6 31 0.84% 0.80% 0.75% 0.8 8 0.66% 0.58% 0.6 30 0.35% 32 30 0.4 0.28% 0.23% 0.23% 23 0.14% 0.2 0.28% 5 0.20% 0.21% 0.19% 0.11% 0 0.0 2017 2018 2019 2020 LTM 9M 2017 2018 2019 2020 LTM 9M 2021 2021 10 3.7 4.0 4.1 4.0 4.1 0 2017 2018 2019 (1) Excluding lending against pledged cash and cash equivalents; 2020 Sep 2021 Public presentation 30#31Liquidity portfolio - Conglomerate Nordnet Portfolio volume* (SEK bn) Rating (S&P equivalent) - 2021-09 Maturity structure* (SEK bn) - 2021-09 11.9 (27%) +8% +1% 9.7 43 (22%) 41 0.05 BBB 41 0.03 A 6 3% 38 2 4 1 10% 9.0 (21%) 26 24 26 27 AA 24% 2 2 2 7 10 8 8 O 64% 7.9 (18%) 16% 3.7 21% 21% 18% (9%) 1.1 12% 9% (3%) 1% 0.2% 3% 0-1Y 1-2Y 2-3Y 3-4Y 4-5Y >5Y FRN Fixed 2 2020-12 2021-03 2021-06 2021-09 Gov. Gov. regional * Market value excluding O/N, bank balances Supranational Covered Sr. unsecured Sr. non-preferred 11.9 (27%) 9.7 (22%) 8% 0.1% 9.0 (21%) 7.9 3% 1% (18%) AAA 0.1% 0.2% 10% 3.7 14% 14% 15% (9%) 0.5% 1.1 6% 0.4% 7% 4% 3% 1% 5% 1% 2% 2% 0.2% (3%) 2% 1% 0-1Y 1-2Y 2-3Y 3-4Y 4-5Y >5Y Gov. Supranational Sr. unsecured Gov. regional Covered Sr. non-preferred Public presentation 31#32Agenda Transaction overview ៥០០ Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#33Liquidity - Consolidated situation Liquidity Coverage Ratio SEK bn 80 417 449 60 40 20 30 365 432 (%) 500 400 Net Stable Funding Ratio SEK bn 80 60 60 300 40 50 30 29 28 200 100 8 7 7 7 56 56 40 25 25 20 20 236 237 60 60 60 25 25 25 239 (%) Loan-to-Deposit Ratio SEK bn 250 80 63 200 60 150 40 40 26 100 26 20 50 60 60 Nordnet (%) 100 65 66 65 65 - 80 60 60 38 39 36 34 40 40 25 26 23 20 20 20 20 0 0 0 0 0 0 2020-12 2021-03 2021-06 2021-09 2020-12 2021-03 2021-06 2021-09 2020-12 2021-03 2021-06 2021-09 LCR NSFR LDR Net liquidity outflow Liquidity buffer Required Stable Funding Available Stable Funding Lending Deposits Public presentation 33#34Total customer deposits Conglomerate | 2007-12-2021-09 Capital requirements and deposit development Risk based & Leverage Ratio requirements Consolidated Situation | September 2021, SEK million 70 000 60 000 50 000 40 000 30 000 20 000 Deposits per customer (SEK) 10 000 0 Nordnet Total customer deposits (SEK bn) 70 60 40 10 8253220 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 Total deposits Deposits per customer 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 Leverage Ratio & deposit inflow capacity Consolidated Situation | September 2021, SEKbn | % CET1 18.1% 18.2% 17.6% 18.6% SEK bn 11.3% 10.9% 10.2% 10.8% CET1 Requirement (%) 4.4 50 5 202012 202103 202106 202109 Total Capital Requirement Consolidated Situation | 2020-12-2021-09 (% RWE) 40 4 30 3 Total Capital 20 2 21.8% 21.7% 20.9% 21.8% 37 17.6% 16.9% 16.0% 17.1% Leverage Ratio (RHS) Total Capital Requirement 10 1 Deposit inflow capacity (3%) (LHS) 202012 202103 202106 202109 0 34 3,435 (21.8%) 500 3,014 (19.2%) 2,694 (17.1%) 2,547 (16.2%) 696 417 417 1,018 872 2,935 2,319 1,018 (6.5%) 1,259 1,259 1,018 872 (5.5%) 91 584 196 Total Capital Leverage SREP Internal SREP Internal Ratio CET1 AT1 Pillar 1 Pillar 2 Total P2 IRRBB CSRBB Other LR requirement (3.0%) Capital Buffers LR guidance (0.9%) CET1 Requirement Consolidated Situation | 2020-12-2021-09 (% RWE) Public presentation#35Balance sheet, capital requirements and LCR Consolidated situation 76 74 75 1-4 Other assets 25 26 26 Intangibles Balance Sheet (SEK billion) 82 71 70 70 75 73 52 $1 8 20 56 47 44 44 47 31 45 67 3 201912 62 61 6 6 12 3 4 3 202003 202006 202009 60 65 8 202012 45 45 Lending Treasury Deposits 65 66 Other liabilities 6 5 5 4 Equity 202106 202109 202103 Total Capital & Requirement (% RWE) 21.8% 21.7% 20.9% 21.8% 17.1% 19.0% 18.5% 18.0% 17.6% 16.9% 16.0% 19.7% 2.6% 17.1% 14.7%' 14.6% 14.2% 2.6% 2.6% 2.6% 6.5% Total Capital Ratio Buffert 4.8% 2.6% 2.6% 2.6% 7.0% 6.3% 5.4% 4.1% 4.0% 3.6% Pelare 2 4.3% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Pelare 1 201912 202003 202006 202009 202012 202103 202106 202109 Leverage Ratio (%) 4.0 4.0 4.3 4.4 3.8 3.0 3.3 2.6 201912 202003 202006 202009 202012 Public presentation Nordnet 202103 202106 202109 35 55#36Agenda Transaction overview Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#37Indicative Term Sheet Nordnet Issuer Status of Notes Currency & Principal Amount Maturity date First call date Issuer redemptions options Initial call period Early redemption Call price Coupon Nordnet AB (publ) Additional Tier 1 Notes, constituting unsecured, subordinated obligations of the issuer Expected SEK 500 million Perpetual [] November 2026 At par on any date from and including () November 2026 to and including [•] February 2027 and callable on every Coupon Payment Date thereafter, subject to the Competent Authority The period commencing on (and including) the First Call Date, [] November 2026, and ending on (and including) the Interest Payment Date falling on or immediately after three (3) month of the First Call Date Capital Disqualification Event and Tax Event 100.000% Interest cancellation Loss absorption Trigger event Governing Law Exchange Listing Denomination Joint Lead Managers 3 month Stibor + ( ) bps, paid quarterly in arrears, Actual/360, modified following, adjusted Any payment of Interest in respect of the Notes shall be payable only out of the Issuer's Distributable Items and (i) may be cancelled, at any time, in whole or in part, at the option of the Issuer in its sole discretion and notwithstanding that it has Distributable Items or that it may make any distributions pursuant to the Applicable Banking Regulations; or (ii) will be mandatorily cancelled, to the extent so required by the Applicable Banking Regulations, including the applicable criteria for Additional Tier 1 Capital instruments Upon a Trigger Event, the Total Nominal Amount shall be reduced (in whole or in part, and in each case as determined by the Issuer in consultation with the Swedish FSA) by an amount sufficient to restore the CET1 ratio of the Issuer Consolidated Situation to at least 7.00 per cent., at the point of such write-down, provided that the maximum reduction of the Total Nominal Amount shall be down to SEK 250 (i.e. down to a Nominal Amount per Note of SEK 1) CET1 ratio, of the Issuer Consolidated Situation, has fallen below 7.00 per cent Swedish Law NASDAQ Stockholm SEK 2,000,000 and integral multiples of SEK 2,000,000 in excess thereof Nordea Bank Abp and SEB Public presentation 54 37#38Agenda Transaction overview Business update Asset quality Liquidity and capital position Proposed AT1 transaction Appendix Nordnet AB (publ) Nordnet#39Group income statement Nordnet MSEK Adjusted total income 2017 2018 2019 2020 LTM 9M 2021 1 244 1 310 1 508 2 679 3 506 Adjusted operating expenses (964) (1 117) (1097) (1064) (1128) Net credit losses (35) (36) (34) (39) (31) Adjusted operating profit before tax 245 157 377 1576 2346 Items affecting comparability, income 66 Items affecting comparability, expenses (45) (16) (65) (129) (99) Reported profit before tax 200 141 377 1447 2 247 Tax (33) (23) (38) (274) (439) Reported net profit 167 118 339 1173 1 808 Adjusted net profit pre items affecting comparability (net of tax) 203 131 326 1276 1887 Note: A tax rate of 20% has been applied when adjusting for non-recurring expenses. Public presentation 39#40Items affecting comparability SEKM Non-recurring items - Expenses Delisting from Nasdaq Acquisition of Netfonds Deduction right VAT IPO related expenses Non-recurring items - Income Revaluation of the shareholdings in Tink AB¹ Total 2021 2020 2019 2018 2017 (45) (35) (16) (20) (30) (109) (1): The shareholding was divested in 2019 Public presentation 66 (129) 1 (16) (45) Nordnet 40 40#41Group balance sheet SEKM Assets Cash and balances in central banks Debt securities Loans to credit institutions Lending to the public Insurance assets Intangible assets 2017 2018 2019 2020 9M 2021 392 1 344 410 3 100 17 852 20 036 276 333 23 600 505 32 616 5 271 39 810 11 814 14 204 16 128 46 516 51 726 70 089 102 691 382 3 021 414 4061 917 3955 80 254 92 119 115 603 7 803 167 993 604 20 312 867 683 25 776 136 459 904 3 804 212 705 Other assets Total assets Liabilities Liabilities to credit institutions Deposits and borrowing from the public 29 064 35 225 38 572 52 553 60 518 Liabilities in the insurance business 46 517 51 728 70 091 102 693 136 461 Other liabilities 2648 3178 3882 78 229 90 131 112 546 8535 163 781 10 380 207 360 Total liabilities Equity Nordnet Common equity AT1 1525 500 1488 2 558 500 500 3712 500 4 846 500 Total equity 2025 1988 3 058 4 212 5 346 Total liabilities and equity 80 254 92 119 115 603 167 993 212 705 41 Public presentation#42Difference condensed and prudential consolidation SEKm September 2021 Assets Cash and balances in central banks Debt securities Loans to credit institutions Lending to the public Insurance assets Intangible assets Other assets Total assets Liabilities Liabilities to credit institutions Deposits and borrowing from the public Liabilities in the insurance business Other liabilities Total liabilities Equity Common equity AT1 Condensed consolidation Prudential consolidation Nordnet 5,271 5,2711 39,810 37,127, 683 2,605,1 25,776 25,7761 136,459 904 895 3,804 212,705 3,809 75,483 0 60,518 66,4691 136,4611 0 10,380 4,040 207,360 70,509 4,846 500 Total equity 5,346 Total liabilities and equity 212,705 Public presentation AT1 dividends of SEK36m p.a. are being recorded in shareholders' equity directly 4,473 500 4,973 75,483 22 42#43Continued strong customer and savings capital growth across our geographies Sweden Customers Thousand Savings capital SEKbn Norway Customers Thousand Savings capital SEKbn +13% 440 388 208 +48% 308 210 +54% 324 70 +70% 120 Nordnet Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Denmark Finland + Customers Thousand Savings capital SEKbn Customers Thousand Savings capital SEKbn 172 +80% 310 101 +55% 157 +32% 463 352 98 +46% 143 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 43 43 Public presentation#44Nordnet history 1996 Online trading in securities Birth of Nordnet 2001 2002 2005 Listing on the Stockholm Stock Exchange Banking Licence Nordnet Finland Nordnet Mutual Funds Denmark 1999 Nordnet Norway Merger Nordnet Teletrade Wintrade 2001 2007 Pension Norway 2009 Acquisition eQ Bank 250 000 Customers Investment Guide 2011 Personal loans, Sweden Pension Denmark Investment account Zero, Norway 2013 Commission- free monthly savings ETF's Savings pod 2015 200 BSEK savings capital Superloans 2017 Bank of the year, Sweden #rahapodi best pod, Finland ASK, Norway Stockbroker of the year, Finland Direct deposit through Swish Robosave 2019 Nordnet Next launched on all markets Small business bank of the year, Sweden Stockbroker of the year, Finland Stock lending program, Norway Functions for sustainable savings New model for margin lending 2021 1,5 million customers Nordnet Tech Index Fund Sustainability- adapted Nordnet's international index funds EPK account, Norway Acquisition Stocknet 2004 Occupational pension and capital insurance Sweden 2006 Trading Centers Stockholm and Helsinki 2008 100 BSEK savings ISK Sweden capital The Nordnet Acquisition Blog Konsument- kredit 2012 Savings account iPhone and Android app 2010 Transparent Banking Nordic Index Funds Shareville 2014 Stockbroker of the year, Denmark 500 000 customers Mortgage Sweden 2016 New apps for Android and iOS Acquisition of Netfonds Stock lending program 1 million accounts PWIT established 2018 One million customers Success with Finnish equity savings account Four index funds under the Nordnet name Fund pricing DK Listed on Stockholm Stock Exchange. Large Cap 2020