Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 23 Apr 21

Exhibit 99 XVIII

Interim Management StatementJanuary–March 2021(Unaudited)

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 loss/ profit on financial operations 17 Note 3 - Expected credit loss 17 Note 4 - Net loan losses 18 Note 5 - Loans outstanding 18 Note 6 - Debts evidenced by certificates 18 Note 7 - Basis of preparation 18 Ratio definitions

During the first quarter of 2021, a total of EUR 256.8 million in new loans were agreed and EUR 725.3 million were disbursed compared to EUR 1,716.9 million and EUR 946.4 million respectively in the corresponding period in 2020. The decrease in new loans was expected after last year's record highs due to the Bank's response to the Covid-19.The Bank is in a strong financial position with solid capital and liquidity ratios. The net profit for the three month period amounted to EUR 35.1 million compared to a loss of EUR 112.7 million in2020. The loss in 2020 resulted from unrealised losses on financial instruments when the financial markets experienced significant movements at the start of the Covid-19 outbreak. The Bank has maintained its expected credit loss provision at a similar level as at 31 December 2020. There have been no realised loan losses during the year to date.In March, the Bank joined the European Bank for Reconstruction and Development (EBRD) and the central banks of Estonia (Eesti Pank), Latvia (Latvijas Banka) and Lithuania (Lietuvos Bankas) in a joint effort to develop a regional market for commercial papers. In the same month, the Bankinvested in Lithuania’s leading food retailer’s Maxima Grupė inaugural commercial paper issuance. 3 In millions of euro unless otherwise specified Jan-Mar 2021* Jan-Mar 2020* Jan-Dec 2020 Net interest income 51.2 49.0 205.5 Profit/loss before net loan losses 36.1 -90.6 221.4 Net profit/loss 35.1 -112.7 164.7 Loans disbursed 725.3 946.4 4,852.8 Loans agreed 256.8 1,716.9 5,666.0 Mandate fulfilment ** 100 % 100 % 98 % Lending outstanding 22,194.2 18,643.5 21,554.8 Total assets 37,754.9 34,251.6 35,422.0 New debt issues 3,156.9 1,665.9 7,540.0 Debts evidenced by certificates 31,346.7 27,079.5 29,071.7 Total equity 3,879.5 3,607.3 3,860.8 Equity/total assets *** 10.3 % 10.5 % 10.9 % Profit/average equity *** 3.6 % n.a 4.4 % Cost/income *** 27.3 % n.a 19.1 % Number of employees at period end 231 229 222 At its annual meeting on 26 March 2021, the Board of Governors of NIB approved the Bank’s annual report and audited financial statements. The Board also approved the proposal that no dividend would be paid to the Bank’s owner countries for the year 2020. Assuming that the Covid-19 situation improves and the Bank's capital situation allows, it will be considered to pay a higher than normal dividend to member countries in 2022. The Board also expressed its view that NIB would be instrumental for green recovery and digital transformation in the years to come. “NIB plays an important part in helping member countries to tackle long term challenges such as climate change, sustainable growth, and technological innovation. The Bank’s relevance will only increase in the years to come as governments are focusing largely on green recovery," said Gintarė Skaistė, Minister of Finance of Lithuania and Chair of NIB's Board of Governors. An interview with Gintarė Skaistėir can be found on the Bank's website by clicking here.On 1 April, André Küüsvek assumed office as NIB President and CEO, succeeding Henrik Normann who has retired from the Bank. Highlights Key figures and ratios * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements** See page 8 for mandate fulfilment explanation*** See page 18 for ratio definitions

Total comprehensive incomeJanuary–March 2021 compared to January–March 2020 NET PROFITThe net profit for the period January–March 2021 amounted to EUR 35.1 million, compared to a net loss of EUR 112.7 in the same period last year. Total operating income increased from a loss of EUR 78.2 million to an income of EUR 49.6 million. Last year's loss was due to unrealised valuation losses when the financial markets experienced significant Covid-19 related market movements. Total operating expenses increased by EUR 1.1 million to EUR 13.5 million. Net loan losses for the period amounts to EUR 1.0 million compared to EUR 22.1 million in 2020 when the Bank increased its provisions in response to uncertainties arising from the Covid-19 crisis. NET INTEREST INCOMENet interest income for the period increased by 2.2 million to EUR 51.2 million, (January–March 2020: EUR 49.0). Net interest income on lending activities increased from EUR 38.1 million to EUR 40.4 million due to higher loan volumes and the interest income on treasury activities of EUR 10.8 million was similar to the same period in 2020. NET FEE AND COMMISSION INCOMENet fee and commission income for the period January–March 2021 was EUR 1.5 million which is unchanged from the previous year. Operating and financial review NET FEE AND COMMISSION INCOMEEUR m 4.0 3.0 2.0 1.0 0 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 NET PROFIT FOR THE PERIODEUR m 150100500-50-100-150 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 60 50403020100 NET INTEREST INCOMEEUR m Lending Treasury 4 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21

NET PROFIT/LOSS ON FINANCIAL OPERATIONSThe loss on financial operations amounted to EUR 3.1 million compared to a loss of EUR 128.2 million in the same period last year. The result includes realised losses of EUR 1.2 million and unrealised losses of EUR 1.9 million compared to realised profits of EUR 1.4 million and unrealised losses of EUR 129.6 million in 2020. During 2020, the financial markets experienced significant market movements because of the Covid-19 outbreak. During the first quarter of 2020, these market movements resulted in significant unrealised losses on financial instruments that NIB holds to hedge its interest rate risks and in its liquidity portfolio. During the rest of 2020, the markets recovered and the Bank recorded unrealised gains resulting in an overall profit for the full year 2020.The unrealised valuation gains and losses on interest rate hedges arise mainly from the change 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). The changes in spread between the risk free rates (the OIS rates) and the relevantIBORs applicable to each such swap creates unrealised valuation gains and losses. It should be noted that as the Bank intends to hold these transactions to maturity, so that they are not sold for a price based on their exit market value these valuation gains and losses will not be realised as the transactions will settle at par. The unrealised valuation gains and losses on assets in the Bank’s liquidity portfolio arises from changes in 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 periods with financial turbulence credit spreads tend to rise, which also affects NIB’s high quality bonds. As the Bank intends to hold the bonds to maturity, so that they are not sold based on the current exit market value, the valuation gains and losses will reverse, as the bonds will settle at par. TOTAL OPERATING EXPENSESTotal operating expenses amounted to EUR 13.5 million an increase of EUR 1.1 million compared the corresponding period in 2020. The increase is due to higher depreciation and IT costs. The Bank continues to focus on cost control and the cost/income ratio remains strong. NET LOAN LOSSESThe Bank has maintained expected credit loss (“ECL”) provisions at 31 March 2021 similar to the levels recorded at 31 December 2020. After the outbreak of Covid-19 in 2020, the global operating environment rapidly deteriorated and as a result, the Bank adjusted the macro-economic scenarios used to calculate the expected credit loss (“ECL”) provision. In 2020, there was an increase in the ECL provision from EUR122.3 million at 31 December 2019 to EUR 172.6 million at 31 December 2020.There have been no significant observed changes in the credit quality of the overall loan portfolio and there were no new non-performing loans during the period and no realised losses. The loss recognised NET PROFIT/ LOSS ON FINANCIAL OPERATIONSEUR m Realised Unrealised Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 150100500-50-100-150 TOTAL OPERATING EXPENSESEUR m 0 -3 -6 -9 -12 -15 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 NET LOAN LOSSESEUR m 5 5 0-5-10-15-20-25 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21

in the income statement for net loan losses of EUR 1.0 million relates to recoveries on non-performing loans of EUR 0.2 million and EUR 1.1 million related to the change in ECL on performing loans.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) which amounted to a loss of EUR 16.5 million for the period (January–March 2020: Loss EUR 15.4 million). The loss recorded is due to the widening 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 three month period ended 31 March 2021, the Bank recorded a positive impact from these changes of EUR 0.2 million.The resulting total comprehensive profit for the period amounted to EUR 18.8 million, compared to a loss of EUR 128.1 million in 2020. 6

LENDING OUTSTANDINGThe lending outstanding amounted to EUR 22,194.2 million. This comprises EUR 22,011.4 million of loans outstanding and investments of EUR 182.8 million in labelled bonds and CPs. The total disbursements and investments during the period amounted to EUR 725.3 million, which is EUR 221.1 million lower than for the same period in 2020. The decrease is expected after last year's record disbursements. More information regarding loans agreed can be found on our website at Agreed Loans.Total lending outstanding, excluding exchange rate and valuation effects, increased from EUR 21,726.6 million at 31 December 2020 to EUR 22,067.5 million. The book value amounted to EUR 22,194.2 million due to foreign exchange movements and fair valuations/hedge accounting effects of EUR 206.4 million and EUR -79.7 million, respectively. Financial position DEVELOPMENT OF LENDING OUTSTANDING DURING 2021EUR m 24,000 22,000 20,000 18,000 Dec’20 Book value Disb. 206 80 22,194 22,067 97 1 0 286 725 21,727 Amort. Prepaym. Impairm. Other Mar’20 FXchanges Other* Mar’20 Book value * Fair valuations and hedging accounting. 7

LENDING HIGHLIGHTS 8 in EUR millions, unless otherwise specified Jan-Mar*2021 Jan-Mar*2020 2020 2019 2018 2017 Loans agreed excluding labelled bonds and CPs 245 1,717 5,632 3,185 4,269 3,665 Labelled bonds and CPs 12 - 34 131 61 147 Total disbursements 725 946 4,853 2,676 4,047 3,147 Number of loans agreements in period 5 16 59 55 58 55 Number of green bond investments in period 2 - 4 9 3 9 Lending outstanding 22,194 18,643 21,727 18,931 19,065 17,232 Member countries 21,620 17,840 21,098 18,055 17,960 15,867 Non-member countries 748 947 798 996 1,222 1,504 Loan impairment provision -173 -143 -169 -119 -117 -139 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements MISSION FULFILMENTNIB’s vision is a prosperous and sustainable Nordic−Baltic region. All projects proposed for financing undergo an assessment of their potential impact on productivity and the environment of the member country area. This mission fulfilment is rated on a five-grade scale from “negative” to “excellent”. In response to the Covid-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 inthe standard mandate rating. During the first quarter of 2021, projects achieving a “good” or “excellent” mandate rating accounted for 100% of the total amount of loans agreed excluding response loans which exceeded the target of 90%.

FUNDINGBy the end of March, the Bank had raised EUR 3.2 billion (January–March 2020: EUR 1.7 billion) in new funding through 15 transactions in six currencies with an average maturity of five years. NIB’s estimated funding plan for 2021 is EUR 6.5-7.5 billion.On 7 January, NIB priced a five-year GBP 600 million issue. The transaction was NIB's largest ever new sterling benchmark, with the final orderbook reaching over GBP 800 million.On 13 January, the Bank issued its first global USD benchmark issue for the year. The five-year USD1.25 billion benchmark transaction has a final maturity on 21 January 2026 and was met with strong support from investors.On 25 March, NIB issued its first NIB Environmental Bond (NEB) for the year. The EUR 500 million transaction was an increase of a NEB due April 2027, bringing the new total outstanding to EUR 1 billion. With this re-opening, NIB's total environmental bond issuance surpassed EUR 5 billion.A full list of funding transactions can be found on our website at Funding Transactions. DEBT DEVELOPMENT DURING 2021EUR m 32,000 30,000 28,000 26,000 24,000 Dec’20 New Issues Amort. Book value 0 836 351 31,347 30,862 10 3,157 1,357 29,072 Call & Buy backs Other Mar’21 FX changes Val & HedgeAcc. Mar’21 Book value 9

In thousands of euro NOTE Jan-Mar 2021* Jan-Mar 2020* Jan-Dec 2020 Interest income from financial assets measured at amortised cost 50,096 73,929 254,355 Interest income from financial assets measured at fair value 2,144 7,111 18,160 Interest expense -1,041 -32,079 -66,973 Net interest income (1) 51,199 48,961 205,543 Commission income and fees received 2,057 2,036 12,485 Commission expense and fees paid -555 -525 -3,145 Net fee and commission income 1,502 1,511 9,340 Net loss/profit on financial operations (2) -3,083 -128,226 58,810 Foreign exchange gains and losses -17 -398 183 Total operating income 49,601 -78,152 273,876 Expenses General administrative expenses Personnel expenses -8,038 -8,335 -31,327 Other administrative expenses -3,392 -2,465 -13,563 Depreciation -2,099 -1,612 -7,546 Total operating expenses -13,529 -12,412 -52,437 Profit/loss before loan losses 36,071 -90,564 221,439 Net loan losses (3) (4) -992 -22,146 -56,744 Net profit/loss for the period 35,079 -112,711 164,695 Other comprehensive income Items that will not be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -16,543 -15,357 9,120 Changes in own credit risk on liabilities recorded at fair value 241 0 -3,376 Total other comprehensive loss/income -16,302 -15,357 5,744 Total comprehensive income/loss 18,778 -128,068 170,439 10 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements The accompanying notes are an integral part of these financial statements.

In thousands of euro NOTE 31 Mar 2021* 31 Mar 2020* 31 Dec 2020 ASSETS Cash and cash equivalents 2,563,925 3,524,523 2,270,386 Placements with credit institutions 2,801,253 1,338,043 1,968,836 Debt securities 8,146,438 7,466,958 7,912,255 Other 8,907 7,603 8,907 Financial placements, total 10,956,597 8,812,604 9,889,998 Loans outstanding (5) 22,011,389 18,527,397 21,554,808 Intangible assets 10,858 11,453 12,018 Tangible assets, property and equipment 36,671 37,679 37,256 Derivatives 1,387,979 2,105,650 1,405,770 Other assets 575,234 1,016,048 19,614 Other assets, total 1,963,212 3,121,699 1,425,384 Accrued interest and fees receivable 212,258 216,257 232,197 TOTAL ASSETS 37,754,910 34,251,612 35,422,047 11 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements. Statement of financial position

In thousands of euro NOTE 31 Mar 2021* 31 Mar 2020* 31 Dec 2020 LIABILITIES AND EQUITY Liabilities Short-term amounts owed to credit institutions 838,814 1,416,558 723,795 Long-term amounts owed to credit institutions - 8,435 0 Owed to credit institutions, total 838,814 1,424,993 723,795 Repurchase agreements - 10,265 0 Debts evidenced by certificates (6) 31,346,657 27,079,458 29,071,696 Derivatives 1,042,945 1,083,337 1,362,269 Other liabilities 491,828 878,433 227,905 Other liabilities, total 1,534,773 1,961,769 1,590,174 Accrued interest and fees payable 155,128 167,873 175,620 Total liabilities 33,875,371 30,644,358 31,561,285 Equity 3,879,539 3,607,255 3,860,761 TOTAL LIABILITIES AND EQUITY 37,754,910 34,251,612 35,422,047 12 * Unaudited figures, to be read in conjunction with NIB's 2020 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 FAIR VALUE HEDGING RESERVE TOTAL EQUITY AT 31 DECEMBER 2019 418,602 686,325 2,002,562 426,941 181,982 0 18,910 3,735,323 Loss for the period Jan-Mar 2020 - - - - -112,711 - - -112,711 Other comprehensive income Jan-Mar 2020 - - - - - - -15,357 -15,357 Total comprehensive loss Jan-Mar 2020 0 0 0 0 -112,711 0 -15,357 -128,068 EQUITY AT 31 MARCH 2020 418,602 686,325 2,002,562 426,941 69,271 0 3,553 3,607,255 Profit for the period Apr-Dec 2020 - - - - 277,406 - - 277,406 Other comprehensive income Apr-Dec 2020 - - - - - -3,376 24,477 21,101 Total comprehensive income Apr-Dec 2020 0 0 0 0 277,406 -3,376 24,477 298,507 Transactions with owners in their capacity as owners 2020 Reallocation of reserves 426,941 - 136,982 -426,941 -136,982 - 0 Dividends - - - - -45,000 - -45,000 EQUITY AT 31 DECEMBER 2020 845,543 686,325 2,139,544 0 164,695 -3,376 28,030 3,860,761 Profit for the period Jan-Mar 2021 - - - - 35,079 - - 35,079 Other comprehensive income Jan-Mar 2021 - - - - - 241 -16,543 -16,302 Total comprehensive income Jan-Mar 2021 0 0 0 0 35,079 241 -16,543 18,778 Transactions with owners in their capacity as owners 2021 Reallocation of reserves - 150,559 14,136 - -164,695 - - 0 EQUITY AT 31 MARCH 2021 845,543 836,884 2,153,680 0 35,079 -3,135 11,487 3,879,539 13 The accompanying notes are an integral part of these financial statements. Statement of changes in equity

In thousands of euro Jan-Mar 2021* Jan-Mar 2020* Jan-Dec 2020 Cash flows from operating activities Net loss/profit for the period 35,079 -112,711 164,695 Adjustments: Unrealised gains/losses of financial assets held at fair value 1,778 72,439 -12,900 ECL non-lending activities -34 185 301 Depreciation and write-down in value of tangible and intangible assets 2,099 1,612 7,546 Change in accrued interest and fees (assets) 19,959 58,521 42,646 Change in accrued interest and fees (liabilities) -20,514 -53,934 -46,184 Net loan losses (ECL lending activities) 992 22,146 56,744 Adjustment to hedge accounting 266 55,739 -51,157 Other adjustments to the period´s profit 595 2,947 3,023 Adjustments, total 5,141 159,656 18 Lending Disbursements of loans -713,371 -946,367 -4,818,897 Repayments of loans 383,295 495,867 1,867,353 Capitalisations, redenominations, index adjustments, etc. 70 -37 430 Lending, total -330,006 -450,538 -2,951,115 Cash flows from operating activities, total -289,786 -403,592 -2,786,402 Cash flows from investing activities Placements and debt securities Purchase of debt securities -590,323 -723,112 -1,090,285 Sold and/or matured debt securities 366,916 547,324 786,599 Placements with credit institutions -745,056 2,251,110 1,335,090 Other financial placements 5,379 Placements and debt securities, total -968,462 2,075,322 1,036,783 14 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements. Cash flow statement

In thousands of euro Jan-Mar 2021* Jan-Mar 2020* Jan-Dec 2020 Other items Acquisition of intangible assets -240 -653 -4,872 Acquisition of tangible assets -114 -2,439 -4,296 Change in other assets -7,795 -3,599 1,684 Other items, total -8,149 -6,691 -7,484 Cash flows from investing activities, total -976,611 2,068,631 1,029,299 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 2,592,659 658,983 7,540,409 Redemptions -1,368,180 -1,012,420 -4,142,020 Debts evidenced by certificates, total 1,224,479 -353,438 3,398,389 Other items Long-term placements from credit institutions -8,435 Change in swap receivables excluding fair value changes 17,786 -398,943 -274,019 Change in swap payables excluding fair value changes 55,321 100,497 -248,028 Change in other liabilities 146,540 499,374 -3,808 Dividend paid -45,000 Other items, total 219,647 200,929 -579,290 Cash flows from financing activities, total 1,444,125 -152,509 2,819,099 CHANGE IN CASH AND CASH EQUIVALENTS, NET 177,728 1,512,529 1,061,996 Opening balance for cash and cash equivalents, net 1,546,591 471,700 471,700 Exchange rate adjustments 792 113,471 12,895 Closing balance for cash and cash equivalents, net 1,725,111 2,097,700 1,546,591 Additional information to the statement of cash flows Interest income received 72,179 139,609 315,144 Interest expense paid -21,533 -86,011 -113,157 15 * Unaudited figures, to be read in conjunction with NIB's 2020 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-Mar2021 Jan-Mar2020 Jan-Dec2020 Cash and cash equivalents -3,735 -2,980 -10,735 Placements with credit institutions -3,474 -3,576 -14,505 Debt securities 8,576 15,250 47,747 Loans outstanding 50,692 72,319 249,853 Other interest income 181 27 155 Total, interest income 52,240 81,040 272,515 Of which, interest income from financial assets measured at amortised cost 50,096 73,929 254,355 Short-term amounts owed to credit institutions 1,463 1,248 4,999 Long-term amounts owed to credit institutions 12 21 Short-term repurchase agreements 2 25 Debts evidenced by certificates -100,341 -131,541 -448,733 Swap contracts and other interest expenses, net 97,837 98,199 376,714 Total, interest expense -1,041 -32,079 -66,973 Of which, interest expense from financial liabilities measured at amortised cost -5,921 -61,346 -121,316 Net interest income 51,199 48,961 205,543 Note 2: Net loss/profit on financial operations In thousands of euro Jan-Mar2021 Jan-Mar2020 Jan-Dec2020 Financial instruments held at fair value, realised gains and losses -1,181 1,370 -4,985 Financial instruments held at fair value, unrealised gains and losses -1,678 -73,708 12,959 Financial instruments held at amortised cost, realised gains and losses 7 36 -21 Expected credit loss on financial placements 34 -185 -301 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges -266 -55,739 51,157 Net loss/profit on financial operations -3,083 -128,226 58,810 Notes to the interim financial statements

Note 4: Net loan losses 17 In thousands of euro Jan-Mar 2021 Jan-Mar 2020 Jan-Dec 2020 Change in expected credit loss on performing loans -1,147 -22,293 -57,504 Change in expected credit loss on non-performing loans 155 146 759 Decrease of provisions to cover realised loan losses - - - Realised loan losses - - - Net loan losses -992 -22,146 -56,744 There were no realised losses for the periods Jan-Mar 2021, Jan-Mar 2020 or Jan-Dec 2020. In thousands of euro STAGE 1 STAGE 2 STAGE 3 TOTAL Balance at 31 December 2019 28,575 13,682 80,031 122,287 Transfer to Stage 1 - - - 0 Transfer to Stage 2 -2,770 2,770 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 2,294 80 - 2,374 Amortisations and repayments -751 -339 - -1,090 Impact of remeasurment on existing assets 8,584 12,610 -146 21,047 Foreign exchange adjustments and other changes - - 2,043 2,043 Net change income statement Jan-Mar 2020 7,357 15,121 1,896 24,374 Balance at 31 March 2020 35,932 28,803 81,927 146,662 Transfer to Stage 1 - - - 0 Transfer to Stage 2 -2,442 2,442 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 6,189 1,044 - 7,233 Amortisations and repayments -3,222 -1,847 - -5,069 Impact of remeasurment on existing assets 15,291 17,872 -613 32,550 Foreign exchange adjustments and other changes - - -8,769 -8,769 Net change income statement Apr-Dec 2020 15,816 19,511 -9,381 25,945 Balance at 31 December 2020 51,747 48,314 72,545 172,606 Transfer to Stage 1 60 -60 - 0 Transfer to Stage 2 -155 155 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,210 139 - 1,349 Amortisations and repayments -436 -441 -155 -1,032 Impact of remeasurment on existing assets -1,149 1,789 - 641 Foreign exchange adjustments and other changes - - 3,326 3,326 Net change income statement Jan-Mar 2021 -471 1,583 3,171 4,283 Balance at 31 March 2021 51,277 49,897 75,716 176,890 Note 3: Expected credit loss PRESENTATION OF ECL IN THE STATEMENT OF FINANCIAL POSITION In thousands of euro 31 Mar 2021 31 Mar 2020 31 Dec 2020 Loans outstanding 173,426 143,064 169,105 Other receivables 1,759 1,885 1,682 Commitments (recorded in other liabilities) 1,147 1,237 1,228 Financial placements 557 476 592 Total 176,890 146,662 172,606 PRESENTATION OF ECL IN THE STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Mar 2021 Apr-Dec 2020 Jan-Mar 2020 Net result on financial operations 34 -116 -185 Net loan losses (Note 4) -992 -34,598 -22,146 Foreign exchange gains and losses -3,326 8,769 -2,043 Total recognised in income statement -4,283 -25,945 -24,374

Note 5: Lending outstanding 18 In thousands of euro Jan-Mar 2021 Apr-Dec 2020 Jan-Mar 2020 Opening Balance 21,726,644 18,643,480 18,931,294 Disbursements 725,267 3,906,461 946,367 Amortisations -286,165 -1,081,273 -375,867 Prepayments -97,130 -290,212 -120,000 Changes in expected credit losses -1,073 -34,607 -21,903 Foreign exchange movements 206,440 582,807 -766,448 Fair value adjustments 81 11,535 -8,363 Hedge accounting adjustments -79,827 -11,287 58,555 Other -64 -260 -155 Closing balance 22,194,173 21,726,644 18,643,480 Loans outstanding 22,011,389 21,554,808 18,527,397 Labelled bonds and CPs 182,784 171,836 116,083 Total Lending 22,194,173 21,726,644 18,643,480 In thousands of euro Jan-Mar 2021 Apr-Dec 2020 Jan-Mar 2020 Opening Balance 29,071,696 27,079,458 26,673,647 New debt issues 3,156,891 5,874,496 1,665,913 Amortisations -1,357,374 -3,106,905 -872,750 Calls and buy backs -9,786 -22,982 -140,562 Foreign exchange movements 835,695 -573,396 -751,396 Fair value adjustments -3,066 -22,545 24,037 Hedge accounting adjustments -347,614 -156,718 479,679 Other 214 287 891 Closing balance 31,346,657 29,071,696 27,079,458 Note 6: Debts evidenced by certificates Note 7: 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 2020.This report was approved by Executive Committee on 14th April 2021RATIO 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)