This report does not constitute a rating action. Overview Enterprise risk profile Financial risk profile Strong governance standards and risk management policies. Extremely strong capital with RAC after adjustment of 24.8% as of year-end 2023. Robust shareholder commitment as demonstrated through capital increases. Higher asset credit quality on mandate related exposure compared with peers. Important role in countries of operations, but the mandate has a niche focus compared with peers. Regular benchmark issuer and the second-largest Nordic issuer of green bonds. As of December 2023, NIB?s loan portfolio amounted to €21.9 billion, a slight reduction from December 2022 where the corresponding figure was €22.2 billion. The amount of outstanding loans reduced following the depreciation of local currencies (like the Norwegian
