Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 29 Oct 20

Exhibit XV

Interim Management StatementJanuary–September 2020

Table of Contents 2 3 Highlights 3 Key figures and ratios 4 Operating and financial review 4 Total comprehensive income 7 Financial position 10 Financial statements 10 Statement of comprehensive income 11 Statement of financial position 13 Statement of changes in equity 14 Cash flow statement 16 Notes to the interim financial statements 16 Note 1 - Net interest income 16 Note 2 - Net profit on financial operations 17 Note 3 - Expected credit loss 17 Note 4 - Net loan losses 18 Note 5 - Lending outstanding 18 Note 6 - Debts evidenced by certificates 19 Note 7 - Changes in statutes 19 Note 8 - Basis of preparation 19 Ratio definitions

During the nine month period ending 30 September 2020, a total of EUR 3,941 million in new loans were agreed and EUR 3,482 million were disbursed compared to EUR 1,608 million and EUR 1,799 million respectively in 2019. On 27 March, the Board of Governors urged the Bank to support member states’ businesses to the widest extent possible to overcome the COVID-19 crisis, which resulted in a significant increase in lending activity compared to corresponding period in 2019.The Bank is in a strong financial position with solid capital and liquidity ratios. The net profit for the nine month period ended 30 September 2020 amounted to EUR 119 million compared to EUR 123 million in 2019. The change in net profit is mainly due to unrealised gains on financial instruments offset by an increase in expected credit loss provisions. The Bank has increased its expected credit loss provision due to the negative market sentiment. There have been no realised loan losses during the year to date. 3 Highlights Key figures and ratios In millions of euro unless otherwise specified Jan-Sep 2020* Jan-Sep 2019* Jan-Dec 2019 Net interest income 152 160 212 Profit before net loan losses 154 118 183 Net profit 119 123 182 Loans disbursed 3,482 1,799 2,676 Loans agreed 3,941 1,608 3,316 Mandate fulfilment ** 96 % 99 % 98 % Lending outstanding 20,582 18,692 18,931 Total assets 35,830 32,722 32,653 New debt issues 6,946 3,847 4,909 Debts evidenced by certificates 29,603 26,287 26,674 Total equity 3,814 3,673 3,735 Equity/total assets *** 10.6 % 11.2 % 11.4 % Profit/average equity *** 4.3 % 4.5 % 5.0 % Cost/income *** 19.5 % 23.7 % 21.9 % Number of employees at period end 224 225 229 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statements** See page 8 for mandate fulfilment explanation*** See page 19 for ratio definitions

Total comprehensive incomeJanuary–September 2020 compared to January–September 2019 NET PROFITThe net profit for the period January–September 2020 amounted to EUR 119.1 million, which is EUR 4.3 million lower than for the same period last year. Total operating income increased from EUR 155.0 million to EUR 190.7 million due to an increase in unrealised valuation gains of EUR 42.4 million and a decrease in net interest income of EUR 7.4 million. Total operating expenses of EUR 37.2 million were EUR 0.4 million higher than in 2019. The Bank has increased the expected credit loss provision resulting in net loan losses of EUR 34.5 million.The net profit for the period July-September 2020 amounted to EUR 103.6 million compared to EUR28.7 million in the same period in 2019 mainly due to volatility in unrealised valuation gains and losses. NET INTEREST INCOMENet interest income for the period amounted to EUR 152.2 million (January–September 2019:EUR 159.6 million). Net interest income on lending activities was EUR 0.8 million higher than the corresponding period in 2019, however the interest income on treasury activities decreased by EUR 8.3 million due to the low yield environment.The net interest income for the period July-September 2020 amounted to EUR 53.0 million compared to EUR 53.1 million in the same period in 2019. NET FEE AND COMMISSION INCOMENet fee and commission income for the period January–September 2020 was EUR 7.2 million, compared to EUR 4.8 million in 2019, due to the higher volume of loans agreed and disbursed in the nine month period under review. The net fee and commission income for the period July-September 2020 amounted to EUR 2.3 million compared to EUR 0.9 million in the same period in 2019. Operating and financial review 60 50403020100 NET INTEREST INCOMEEUR m Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Lending Treasury Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 NET COMMISSION INCOME AND FEESEUR m 4.0 3.0 2.0 1.0 0 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 150100500-50-100-150 4 NET PROFIT/LOSS FOR THE PERIODEUR m

NET PROFIT/LOSS ON FINANCIAL OPERATIONSThe financial markets have experienced significant market movements because of the COVID-19 outbreak. During the first quarter, these market movements resulted in unrealised losses of EUR 129.6 million on financial instruments that NIB holds to hedge its interest rate risks and in its liquidity portfolio. During the second and third quarter, the Bank recorded unrealised gains of EUR 160.9 million. The net profit on financial operations for the nine month period ended 30 September 2020 amounted to EUR 31.5 million compared to a net loss of EUR 9.5 million in the same period last year. The result includes realised profits of EUR 0.2 million and unrealised profits of EUR 31.3 million compared to realised profits of EUR 1.6 million and unrealised losses of EUR 11.2 million in 2019.The unrealised valuation gains and losses on interest rate hedges arises mainly from changes of the interest rate spreads that are embedded in the Bank’s funding and lending transactions. When the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest rate risk using swaps, in which the fixed rate is swapped to the short-term money market floating rates referred to as the IBORS (e.g. LIBOR, EURIBOR, STIBOR, NIBOR etc.). In keeping with what NIB believes is industry best practice, the valuation of these swaps is based on a risk free discounting rate called OIS (Overnight Interest rate Swap). A widening of the spread between the risk free rates (the OIS rates) and the relevantIBORs applicable to each such swap creates unrealised valuation losses. As the Bank intends to hold these transactions to maturity, such that they are not sold for a price based on their market value but instead perform until the contracts end, these gains and losses would not be realised, as the transactions will settle at par. The unrealised valuation loss on assets in the Bank’s liquidity portfolio arises from widening credit spreads. The Bank maintains a large liquidity portfolio, which it invests in high quality bonds. When credit spreads widen, this results in negative valuations on the bonds. In these times of financial turbulence, credit spreads tend to rise across the board, hence also affecting NIB’s high quality bonds' valuations. As the Bank intends to hold the bonds to maturity, such that they are not sold based on the current market value, the valuation losses will reverse, as the bonds will settle at par.The net profit on financial operations for the period July-September 2020 amounted to EUR 56.4 million compared to a loss of EUR -12.4 million in the same period in 2019. TOTAL OPERATING EXPENSESTotal operating expenses were EUR 0.4 million higher than for the corresponding period in 2019 mainly due an increase in personnel costs partly offset by decreases in other administrative expenses. The increase in personnel costs is mainly due to the annual pay related adjustments. The decrease in other administrative costs is due to lower travel costs and project work as a result of COVID-19.The total operating expenses for the period July-September 2020 amounted to EUR -11.1 million compared to EUR -14.0 million in the same period in 2019. NET LOAN LOSSESAfter the outbreak of COVID-19, the global operating environment rapidly deteriorated and as a result, the Bank has adjusted the macro-economic scenarios used to calculate the expected credit loss (“ECL”) Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 NET PROFIT/LOSS ON FINANCIAL OPERATIONSEUR m Realised Unrealised 15090300-30-90-150 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 TOTAL OPERATING EXPENSESEUR m 0 -3 -6 -9 -12 -15 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20*The gains recognised in “net loan losses” above are due to decreases in the ECL provision. NET LOAN LOSSESEUR m 10 5 50-5-10-15-20-25

provision. The change in outlook is the main driver behind the increase in the ECL provision from EUR122.3 million at 31 December 2019 to EUR 153.7 million at 30 September 2020. There has been no significant observed changes in the credit quality of the overall loan portfolio. This provision covers both loans outstanding and treasury assets held at amortised cost.There were no new non-performing loans during January-September and no realised losses. The loss recognised in the income statement for net loan losses of EUR 34.5 million relates to recoveries on non-performing loans of EUR 0.7 million and EUR 35.2 million related to the change in ECL on performing loans.Net loan losses for the period July-September 2020 amounted to a gain of EUR 2.9 million compared to a gain of EUR 1.1 million in the same period in 2019. 6 OTHER COMPREHENSIVE INCOMEThe Bank separates the foreign currency basis spread from financial instruments used in fair value hedge accounting, and this separated amount is recorded in “Other comprehensive income” (OCI). For the nine month period ended 30 September this amounted to a gain of EUR 3.9 million (January– September 2019: Profit EUR 11.6 million). The gain recorded is due to the tightening of the cross currency basis spreads, which negatively affect the valuation of basis swaps used to convert funding currencies into lending currencies. For financial liabilities recorded at fair value through the profit and loss, valuation changes due to changes in own credit spreads need to be recorded in OCI. For the nine month period ended 30 September 2020, the Bank recorded a positive impact from these changes of EUR 1.0 million.The resulting total comprehensive gain for the period July-September 2020 amounted to EUR 22.0 million, compared to a profit of EUR 2.4 million in 2019.

LENDING OUTSTANDINGTotal lending outstanding amounted to EUR 20,582 million, comprising loans outstanding ofEUR 20,442 million and Lending Green Bonds ("LGB") recorded in debt securities of EUR 140.0 million. The total disbursements during the period amounted to EUR 3,482 million, which is EUR 1,683 million higher than for the same period in 2019 mainly due to the Bank's response to the COVID-19 crisis. More information regarding loans agreed can be found on our website at Agreed Loans. Total prepayments amounted to EUR 306 million compared to EUR 1,086 million in the same period of 2019. Total lending outstanding, excluding exchange rate and valuation effects, increased from EUR 18,931 million at 31 December 2019 to EUR 21,092 million. The book value amounted toEUR 20,582 million due to significant foreign exchange movements and fair valuations/hedge accounting effects of EUR -584 million and EUR 73 million, respectively. Financial position DEVELOPMENT OF LENDING OUTSTANDING DURING 2020EUR m 22,000 21,000 20,000 19,000 18,000 17,00016,000 Dec’19 Book value Disb. 1 584 73 20,582 21,092 306 3,482 980 18,931 Amort. Prepaym. Other Impairm. Sep’20 FXchanges Other* Sep’20 Book value * Fair valuation of lending green bonds and hedging accounting. 34 7

LENDING HIGHLIGHTS 8 in EUR millions, unless otherwise specified Jan-Sep*2020 Jan- Sep* 2019 2019 2018 2017 2016 Loans agreed excluding green bond investments 3,931 1,543 3,185 4,269 3,665 4,221 Green bond investments 9 65 131 61 147 143 Total disbursements 3,482 1,799 2,676 4,047 3,147 3,373 Total loans disbursed by business area: 1,061 Energy and water 144 454 840 737 1,154 Infrastructure, transport and telecom 1,153 831 1,079 1,192 818 791 Industries and services 1,075 603 781 1,339 932 836 Financial institutions and SMEs 193 221 362 675 660 593 Number of loans agreements in period 41 27 55 58 55 58 Number of green bond investments in period 2 4 9 3 9 8 Lending outstanding 20,582 18,692 18,931 19,065 17,232 16,640 Member countries 19,905 17,742 18,055 17,960 15,867 14,831 Non-member countries 827 1,066 996 1,222 1,504 1,948 Loan impairment provision -150 -116 -119 -117 -139 -139 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statements MISSION FULFILMENTProjects financed by NIB contribute to the Bank’s mission of improving productivity and the environment in the Nordic–Baltic countries. Before approval is given in each individual case, all eligible projects are evaluated and rated against the criteria developed based on the Bank’s mission. In response to theCOVID-19 pandemic, NIB provided “response loans” to alleviate the economic and social consequences of the crisis. These “response loans” are tracked separately and are not included in the standard mandate- rating. In the nine-month period that ended on 30 September 2020, projects achieving a “good” or “excellent” mandate rating accounted for 96% of the total amount of loans agreed, exceeding the target of 90%.

FUNDINGBy the end of September, the Bank had raised EUR 7 billion (January–September 2019: EUR 4 billion) in new funding. As called upon by its Nordic and Baltic owner countries, NIB loans have been made available to member countries and sustainable businesses that are facing economic consequences due to the COVID-19 pandemic. In order to support the Bank's COVID-19 response the 2020 funding plan has been increased accordingly. Consequently, on 31 March, the Bank issued a three-year, EUR 1 billion NIB Response bond which was met with strong support from investors with a final order-book in excess of EUR 3.2 billion, representing the largest ever order-book for a EUR benchmark from NIB. NIB Response Bonds will finance eligible projects that aim to alleviate the social and economic impact of the pandemic in its member countries and will support their recovery process. More information on the reponse bond framework can be found on our website at Response Bonds. On 2 April 2020, the Nordic Investment Bank issued a SEK 4 billion NIB Response Bond, due April 2023. The SEK 4 billion issue is NIB’s largest-ever transaction denominated in Swedish krona and the books closed in excess of SEK 5.2 billion On 23 April, NIB issued a seven year EUR 500 million NIB Environmental Bond the proceeds of which will be used to finance selected projects that are assessed to benefit the environment and to contribute to resilience and climate change mitigation in NIB's member countries.On 13 May, the Bank issued a USD 1.5 billion global benchmark and a further USD 1.5 billion on 3 September both of which attracted strong support in excess of USD 2.75 billion and USD 2.2 billion, respectively.On 23 September, NIB issued its first Kauri bond in two years, a five-year, NZD 400 million issue. DEBT DEVELOPMENT DURING 2020EUR m Dec’19 New Issues Amort. Book value 0 1,285 451 29,603 30,437 164 6,946 3,020 26,674 Call & Buy backs Other Sep’20 FX changes Val & Hedge Sep’20Acc. Book value 32,000 30,000 28,000 26,000 24,000 22,000 20,000 9

In thousands of euro NOTE Jan-Sep 2020* Jan-Sep 2019* Jan-Dec 2019 Interest income from financial assets measured at amortised cost 201,551 239,831 315,241 Interest income from financial assets measured at fair value 15,796 20,008 25,768 Interest expense -65,170 -100,229 -129,280 Net interest income (1) 152,177 159,610 211,729 Commission income and fees received 8,880 6,402 9,462 Commission expense and fees paid -1,687 -1,560 -1,859 Net fee and commission income 7,193 4,842 7,603 Net profit/loss on financial operations (2) 31,497 -9,546 14,272 Foreign exchange gains and losses -122 98 111 Total operating income 190,745 155,004 233,715 Expenses General administrative expenses Personnel expenses -23,755 -22,561 -30,496 Other administrative expenses -8,073 -8,947 -13,872 Depreciation -5,366 -5,284 -6,841 Total operating expenses -37,194 -36,791 -51,209 Profit before loan losses 153,550 118,213 182,506 Net loan losses (3) (4) -34,459 5,193 -524 Net profit for the period 119,091 123,405 181,982 Other comprehensive income Items that will not be reclassified to income statement Fair value hedges - valuation of cross currency basis spread 3,877 11,601 15,786 Changes in own credit risk on liabilities recorded at fair value 1,046 - - Total other comprehensive income 4,923 11,601 15,786 Total comprehensive income 124,014 135,007 197,768 10 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statements The accompanying notes are an integral part of these financial statements.

In thousands of euro NOTE 30 Sep 2020* 30 Sep 2019* 31 Dec 2019 ASSETS Cash and cash equivalents 3,367,456 1,655,515 1,428,432 Placements with credit institutions 2,440,514 3,248,867 3,588,987 Debt securities 7,630,976 6,817,211 7,079,053 Other 7,461 6,457 7,585 Financial placements, total 10,078,951 10,072,535 10,675,625 Loans outstanding (5) 20,441,782 18,627,091 18,798,979 Intangible assets 12,945 12,294 11,753 Tangible assets, property and equipment 37,576 34,096 35,899 Derivatives 1,649,486 1,760,246 1,423,391 Other assets 14,079 305,125 4,175 Other assets, total 1,663,565 2,065,371 1,427,566 Accrued interest and fees receivable 227,709 255,390 274,826 TOTAL ASSETS 35,829,982 32,722,292 32,653,078 11 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statementsThe accompanying notes are an integral part of these financial statements. Statement of financial position

In thousands of euro NOTE 30 Sep 2020* 30 Sep 2019* 31 Dec 2019 LIABILITIES AND EQUITY Liabilities Short-term amounts owed to credit institutions 1,010,765 986,484 956,732 Long-term amounts owed to credit institutions 0 8,435 8,435 Owed to credit institutions, total 1,010,765 994,919 965,166 Repurchase agreements - Debts evidenced by certificates (6) 29,602,583 26,286,696 26,673,647 Derivatives 1,211,213 1,188,709 1,042,227 Other liabilities 20,824 374,056 14,911 Other liabilities, total 1,232,037 1,562,765 1,057,138 Accrued interest and fees payable 170,261 205,352 221,805 Total liabilities 32,015,645 29,049,731 28,917,756 Equity 3,814,337 3,672,561 3,735,323 TOTAL LIABILITIES AND EQUITY 35,829,982 32,722,292 32,653,078 12 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statementsThe accompanying notes are an integral part of these financial statements.

In thousands of euro PAID-IN CAPITAL STATUTORY RESERVE GENERAL CREDITRISK FUND SPECIAL CREDIT RISK FUND PIL PROFIT AVAILABLE FOR APPROPRIATION CHANGES IN OWN CREDIT RISK ON LIABILITIES RECORDED AT FAIRVALUE HEDGING RESERVE TOTAL EQUITY AT 31 DECEMBER 2018 418,602 686,325 1,869,553 426,941 173,009 - 3,124 3,577,554 Profit for the period - - - - 123,405 - - 123,405 Other comprehensive income - - - - - - 11,601 11,601 Total comprehensive income 0 0 0 0 123,405 0 11,601 135,007 Transactions with owners in their capacity as owners Appropriation of profit - - 133,009 - -133,009 - - 0 Dividends - - - - -40,000 - - -40,000 EQUITY AT 30 SEPTEMBER 2019 418,602 686,325 2,002,562 426,941 123,405 - 14,725 3,672,561 Profit for the period - - - - 58,577 - - 58,577 Other comprehensive income - - - - - - 4,185 4,185 Total comprehensive income 0 0 0 0 58,577 0 4,185 62,763 EQUITY AT 31 DECEMBER 2019 418,602 686,325 2,002,562 426,941 181,982 - 18,910 3,735,323 Profit for the period 119,091 - 119,091 Other comprehensive income 1,046 3,877 4,923 Total comprehensive income 0 0 0 0 119,091 1,046 3,877 124,014 Transactions with owners in their capacity as owners Appropriation of profit - - 136,982 - -136,982 - - 0 Dividends - - - - -45,000 - - -45,000 Changes in statutes (Note 7) 426,941 - - -426,941 - - - 0 EQUITY AT 30 SEPTEMBER 2020 845,543 686,325 2,139,544 0 119,091 1,046 22,787 3,814,337 13 The accompanying notes are an integral part of these financial statements. Statement of changes in equity

In thousands of euro Jan-Sep 2020* Jan-Sep 2019* Jan-Dec 2019 Cash flows from operating activities Net profit for the period 119,091 123,405 181,982 Adjustments: Unrealised gains/losses of financial assets and liabilities held at fair value 7 15,109 3,226 ECL non-lending activities 219 50 50 Depreciation and write-down in value of tangible and intangible assets 5,366 5,284 6,841 Change in accrued interest and fees (assets) 47,117 39,057 19,631 Change in accrued interest and fees (liabilities) -50,811 -31,280 -14,830 Net loan losses (ECL lending activities) 34,459 -5,193 524 Adjustment to hedge accounting -30,641 1,418 -9,243 Other adjustments to the period´s profit 1,792 -3,327 -3,826 Adjustments, total 7,509 21,118 2,373 Lending Disbursements of loans -3,472,125 -1,734,370 -2,545,287 Repayments of loans 1,285,517 2,205,687 2,814,863 Transfers of lending green bonds to debt securities - 48,149 48,149 Capitalisations, redenominations, index adjustments, etc. 715 -9,756 -9,271 Lending, total -2,185,893 509,711 308,454 Cash flows from operating activities, total -2,059,293 654,234 492,809 Cash flows from investing activities Placements and debt securities Purchase of debt securities -2,139,812 -1,616,063 -2,246,940 Transfers of lending green bonds to debt securities - -48,149 -48,149 Sold and/or matured debt securities 1,477,319 1,556,495 1,708,959 Placements with credit institutions 1,149,682 -3,239,837 -3,580,102 Other financial placements - 7,819 7,910 Placements and debt securities, total 487,189 -3,339,735 -4,158,321 14 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statementsThe accompanying notes are an integral part of these financial statements. Cash flow statement

In thousands of euro Jan-Sep 2020* Jan-Sep 2019* Jan-Dec 2019 Other items Acquisition of intangible assets -4,374 -1,980 -2,941 Acquisition of tangible assets -3,861 -4,795 -7,192 Change in other assets -3,459 -2,960 293 Other items, total -11,694 -9,735 -9,839 Cash flows from investing activities, total 475,495 -3,349,470 -4,168,161 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 6,946,067 3,734,031 4,908,757 Redemptions -3,183,097 -4,279,651 -4,588,630 Debts evidenced by certificates, total 3,762,970 -545,620 320,127 Other items Long-term placements from credit institutions -8,435 -1,051 -1,051 Change in swap receivables excluding fair value changes 78,736 -274,706 -136,802 Change in swap payables excluding fair value changes 239,152 -372,659 -493,868 Change in other liabilities -1,318 379 -1,549 Dividend paid -45,000 -40,000 -40,000 Other items, total 263,135 -688,037 -673,270 Cash flows from financing activities, total 4,026,104 -1,233,657 -353,143 CHANGE IN CASH AND CASH EQUIVALENTS, NET 2,442,307 -3,928,893 -4,028,495 Opening balance for cash and cash equivalents, net 471,700 4,182,512 4,182,512 Exchange rate adjustments -557,316 415,412 317,683 Closing balance for cash and cash equivalents, net 2,356,691 669,032 471,700 Additional information to the statement of cash flows Interest income received 264,464 298,869 360,603 Interest expense paid -116,714 -131,505 -144,104 15 * Unaudited figures, to be read in conjunction with NIB's 2019 audited financial statementsThe accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

Note 1: Net interest income 16 In thousands of euro Jan-Sep2020 Jan-Sep2019 Jan-Dec2019 Cash and cash equivalents -10,892 -1,025 -2,725 Placements with credit institutions -7,634 -7,477 -12,872 Debt securities 38,790 45,477 60,757 Loans outstanding 197,033 222,741 295,726 Other interest income 50 123 123 Total, interest income 217,347 259,839 341,009 Of which, interest income from financial assets measured at amortised cost 201,551 239,831 315,241 Short-term amounts owed to credit institutions 3,828 2,046 3,199 Long-term amounts owed to credit institutions 21 38 50 Short-term repurchase agreements 25 - - Debts evidenced by certificates -350,551 -411,270 -558,100 Swap contracts and other interest expenses, net 281,507 308,957 425,572 Total, interest expense -65,170 -100,229 -129,280 Of which, interest expense from financial liabilities measured at amortised cost -114,676 -245,968 -312,116 Net interest income 152,177 159,610 211,729 Note 2: Net profit/loss on financial operations In thousands of euro Jan-Sep2020 Jan-Sep2019 Jan-Dec2019 Financial instruments held at fair value, realised gains and losses 239 1,708 2,715 Financial instruments held at fair value, unrealised gains and losses 861 -9,713 2,250 Financial instruments held at amortised cost, realised gains and losses -26 -73 73 Expected credit loss on financial placements -219 -50 -10 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges 30,641 -1,418 9,243 Net profit/loss on financial operations 31,497 -9,546 14,272 Notes to the interim financial statements

Note 4: Net loan losses 17 In thousands of euro Jan-Sep 2020 Jan-Sep 2019 Jan-Dec 2019 Change in expected credit loss on performing loans -35,140 3,805 -2,179 Change in expected credit loss on non-performing loans 681 1,387 1,655 Decrease of provisions to cover realised loan losses - - - Realised loan losses - - - Net loan losses -34,459 5,193 -524 There were no realised losses for the periods Jan-Sep 2020, Jan-Sep 2019 or Jan-Dec 2019. In thousands of euro STAGE 1 STAGE 2 STAGE 3 TOTAL Balance at 31 December 2018 26,080 13,988 80,097 120,165 Transfer to Stage 1 1,754 -1,754 - 0 Transfer to Stage 2 0 0 - 0 Transfer to Stage 3 0 0 - 0 New assets originated or disbursed 4,040 65 - 4,105 Amortisations and repayments -3,544 -2,001 - -5,545 Impact of remeasurment on existing assets -1,047 -1,269 -1,387 -3,703 Foreign exchange adjustments and other changes - - 3,970 3,970 Net change income statement 1,203 -4,959 2,583 -1,173 Balance at 30 September 2019 27,283 9,029 82,679 118,992 Transfer to Stage 1 2,836 -2,836 - 0 Transfer to Stage 2 -264 264 - 0 Transfer to Stage 3 0 0 - 0 New assets originated or disbursed 3,252 2,300 - 5,552 Amortisations and repayments -1,635 -2,175 - -3,809 Impact of remeasurment on existing assets -2,898 7,100 -268 3,934 Foreign exchange adjustments and other changes - - -2,381 -2,381 Net change income statement 1,291 4,653 -2,649 3,296 Balance at 31 December 2019 28,575 13,682 80,031 122,287 Transfer to Stage 1 47 -47 - 0 Transfer to Stage 2 -5,084 5,084 - 0 Transfer to Stage 3 0 0 - 0 New assets originated or disbursed 5,661 447 - 6,108 Amortisations and repayments -2,436 -1,452 - -3,888 Impact of remeasurment on existing assets 4,522 28,617 -681 32,458 Foreign exchange adjustments and other changes - - -3,234 -3,234 Net change income statement 2,710 32,649 -3,914 31,444 Balance at 30 September 2020 31,285 46,331 76,116 153,732 Note 3: Expected credit loss ECL - STATEMENT OF FINANCIAL POSITION In thousands of euro 30 Sep 2020 30 Sep 2019 31 Dec 2019 Loans outstanding 150,193 116,199 119,165 Other receivables 1,763 1,892 1,838 Commitments (recorded in other liabilities) 1,266 570 994 Financial placements 510 331 291 Total 153,732 118,992 122,287 ECL - STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Sep 2020 Oct-Dec 2019 Jan-Sep 2019 Net result on financial operations (Note 2) -219 40 -50 Net loan losses (Note 4) -34,459 -5,717 5,193 Foreign exchange gains and losses 3,234 2,381 -3,970 Total recognised in income statement -31,444 -3,297 1,173

Note 5: Lending outstanding 18 In thousands of euro Jan-Sep 2020 Oct-Dec 2019 Jan-Sep 2019 Opening Balance 18,931,294 18,691,605 19,065,056 Disbursements 3,481,587 877,215 1,798,872 Amortisations -979,542 -433,403 -1,120,083 Prepayments -305,975 -175,774 -1,085,603 Changes in expected credit losses -34,188 -5,293 4,832 Foreign exchange movements -583,715 57,076 -49,499 Fair value adjustments 3,352 -912 -1,940 Hedge accounting adjustments 69,612 -79,385 130,477 Other -704 163 -50,506 Closing balance 20,581,721 18,931,294 18,691,605 Lending outstanding at 30 September 2020, comprises loans outstanding of EUR 20,441,782 thousand (30 Sep 2019: EUR 18,627,091 thousand) and lending green bonds of EUR 139,939 thousand (30 Sep 2019: 64,515 thousand) recorded in Debt securities. In thousands of euro Jan-Sep 2020 Oct-Dec 2019 Jan-Sep 2019 Opening Balance 26,673,647 26,286,696 25,651,370 New debt issues 6,946,067 1,061,910 3,846,847 Amortisations -3,019,723 -287,121 -3,952,529 Calls and buy backs -163,544 -29,062 -490,580 Foreign exchange movements -1,284,640 -65,754 406,171 Fair value adjustments 4,385 -27,257 29,058 Hedge accounting adjustments 446,222 -272,969 801,078 Other 169 7,204 -4,720 Closing balance 29,602,583 26,673,647 26,286,696 Note 6: Debts evidenced by certificates

Note 7: Changes in statutes 19 On 29 July 2020, the amended Statutes of the Bank entered into force. The approved changes to the Statutes include:The statutory gearing limit has been replaced with a risk-based comprehensive framework for cap- ital and liquidity management in accordance with sound banking principles with minimum require- ments for capital, liquidity and leverage.The special loan facilities for Project Investment Loans (PIL) and Environmental Investment Loans (MIL) have been discontinued. The outstanding amounts under the PIL and MIL facilities, as well as new lending of this type, have become part of NIB’s ordinary lending. The special credit risk fund PIL recorded in equity has been converted into paid-in capital and the owner countries’ guaranteeshave been converted into callable capital. The Environmental Investment Loan (MIL) facility has been discontinued without any conversion of guarantees.The institutional governance has been improved by clarifying the role of the Bank’s Control Com- mittee and the external auditors and strengthening the role of the Chairmanship of the Control Committee.Equity participations are now allowed however, any investment requires a unanimous pre-approval of the Board of Directors and is subject to limits based on available capital. Note 8: Basis of preparationThis interim management statement is not presented in accordance with IAS 34 “Interim Financial Reporting”, as this statement excludes a number of disclosures. The accounting policies and methods of computation are the same as described in Note 1 of NIB’s Financial Report 2019. This report was approved by Executive Committee on 21st October 2020. RATIO DEFINITIONS Equity/total assets = Total equity at reporting date Total assets at reporting date Profit/average equity = Annualised profit for the period Average equity for the period Cost/income = Total operating expenses for the period Total operating income for the period

Nordic Investment Bank 18-K/AAnnual report (foreign governments) (amended)