Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 28 Apr 22

Exhibit VIII

Interim Management Statement JANUARY–MARCH 2022 (Unaudited) Q1

Table of Contents President and CEO's comments Highlights Key figures and ratios Operating and financial review 5 Total comprehensive income 8 Financial position 10 Financial statements 10 Statement of comprehensive income 11 Statement of financial position 13 14 Statement of changes in equity 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 17 Note 3 - Expected credit loss Note 4 - Net loan losses 18 Note 5 - Loans outstanding 18 18 Note 6 - Debts evidenced by certificates Note 7 - Basis of preparation 18 Ratio definitions INTERIM MANAGEMENT STATEMENT / 2

When we published our 2021 Financial Report on 22 February, we were cautiously looking forward to a post Covid era. Little did we know that within 48 hours, Europe would be plunged into a new crisis as Russia launched a full-blown attack on Ukraine. We are deeply horrified by the loss of human life and destruction brought by the war. NIB stands by the Ukrainian people during these terrible times. We have announced that we are ready to support the efforts of our clients and member countries to deal with the consequences of the war. The Bank has limited direct exposure in Russia and Belarus. NIB ceased financing new projects in Russia in 2014 and no new loans have been signed in Belarus since 2012. The two remaining old loans are related to protecting the Baltic Sea environment. NIB has some borrowers with a portion of their operations in these countries. At a macro level, several NIB member countries have an external border with Russia and/or Belarus and are therefore exposed also through trade and investment. We continue to monitor the impact of developments on our clients, however, we do not at this stage anticipate any significant impact on the credit quality of our loan portfolio. The Bank is in a strong financial position as confirmed by our triple-A rating which was reaffirmed by Standard & Poor’s and Moody’s in April. NIB’s credit rating reflects its high asset quality, solid liquidity and capital adequacy, strong balance sheet and ownership. In the first quarter of year, we have seen very strong demand for NIB financing. A total of EUR 1,222 million in new loans were agreed and EUR 1,107 million were disbursed compared to EUR 257 million and EUR 725 million respectively, in the same period last year. The loans agreed were distributed across various industries and countries and included sustainability linked loans, more details of which can be found here. President and CEO’s comments The net profit for the period January to March amounted to EUR 21 million compared to EUR 35 million in 2021. Further details regarding the financial performance can be found in the Operating and Financial Review on page 5. In 2021, Board of Directors completed a business strategy review. The review, focused on the opportunities to accelerate delivery of the Bank’s mission and impact in the context of the changing economic conditions, the development of sustainable finance markets and the climate change. The Bank has started to implement the new strategy, the tangible impacts of which are beginning to emerge. In order to meet the demand for our financing, the Bank has raised EUR 4.2 billion in new funding in the first quarter. Amongst other transactions, NIB issued its inaugural NIB Environmental Bond (NEB) denominated in Danish Kroner (DKK). The eight-year DKK 2 billion bond was driven by domestic ESG focused investors. The Bank has now issued a total of EUR 6.2 billion in environmental bonds under its NEB Framework since 2011. In these dark times, it’s important to remain positive and I hope that we will soon see a speedy and long-lasting peaceful solution to the war. André Küüsvek, President & CEO INTERIM MANAGEMENT STATEMENT / 3

During the first quarter of 2022, there was strong demand for NIB financing and a total of EUR 1,222 million in new loans were agreed and EUR 1,107 million were disbursed compared to EUR 257 million and EUR 725 million respectively, in the corresponding period in 2021. More details regarding the loans agreed can be found here. The Bank is in a strong financial position with solid capital and liquidity ratios as evidenced by the Bank's triple-A rating, reaffirmed by Standard and Poor's and Moody's in April. The net profit for the three month period amounted to EUR 21 million compared to EUR 35 million in 2021. The lower net profit during the first quarter of 2022 is a result of unrealised losses on financial instruments used for hedging foreign exchange and interest rates risks. Since February, the valuation of these instruments have been affected by increased volatility in the financial markets. In February, the Bank published its 2021 Financial Report which can be found here. In March, the Bank published its 2021 Impact Report where NIB's activities, impact and sustainability performance is reported and can be found here. Highlights Key figures and ratios In millions of euro unless otherwise specified Jan-Mar 2022* Jan-Mar 2021* Jan-Dec 2021 Net interest income 50 51 201 Profit before net loan losses 15 36 133 Net profit 21 35 159 Loans disbursed 1,107 725 2,440 Loans agreed 1,222 257 1,852 % of loans achieving good or above mandate ** 100 % 100 % 97 % Lending outstanding 22,865 22,194 22,313 Total assets 39,575 37,755 37,553 New debt issues 4,218 3,157 7,028 Debts evidenced by certificates 32,769 31,347 31,526 Total equity 3,999 3,880 3,999 Equity/total assets *** 10.1 % 10.3 % 10.6 % Net profit/average equity *** 2.1 % 3.6 % 4.1 % Cost/income *** 47.9 % 27.3 % 27.9 % Number of employees at period end 220 231 221 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements ** See page 9 for mandate fulfilment explanation *** See page 18 for ratio definitions INTERIM MANAGEMENT STATEMENT / 4

Total comprehensive income January–March 2022 compared to January–March 2021 NET PROFIT The net profit for the period January–March 2022 amounted to EUR 20.8 million, which is 14.3 million lower than the corresponding period in 2021. Total operating income decreased from EUR 49.6 million to EUR 28.1 million. Net interest income decreased by EUR 1.2 million and net fee and commission income increased by EUR 2.0 million. Since February, financial markets have experienced increased volatility and the net loss on financial operations, linked to the hedging of foreign exchange and interest rate risks, increased from EUR 3.1 million to EUR 25.4 million. Due to decreases in the expected credit loss provision, the Bank recorded positive net loan losses of EUR 6.2 million. There have been no realised loan losses year to date. NET INTEREST INCOME Net interest income for the period decreased by 1.2 million to EUR 50.0 million, (January–March 2021: EUR 51.2). Net interest income on lending activities of EUR 40.5 was similar to the same level as Q1 2021 whereas interest income on treasury activities decreased from EUR 10.8 million in Q1 2021 to EUR 9.5 million due to the low yield environment. The net interest income increased compared to the last quarter. NET FEE AND COMMISSION INCOME Net fee and commission income for the period January–March 2022 of EUR 3.5 million was EUR 2.0 mil- lion higher than the same period in 2021 due to increased lending activity. Operating and financial review NET COMMISSION INCOME AND FEES EUR m 5.0 4.0 3.0 2.0 1.0 0 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 60 50 40 30 20 10 0 NET INTEREST INCOME EUR m Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Lending Treasury NET PROFIT FOR THE PERIOD EUR m 160 120 80 40 0 -40 -80 -120 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 INTERIM MANAGEMENT STATEMENT / 5

NET PROFIT/LOSS ON FINANCIAL OPERATIONS The markets have experienced some volatility during the first quarter, arising from inflationary concerns and the escalation of the war in Ukraine. These market movements have resulted in unrealised losses on financial instruments that NIB holds to hedge its foreign exchange and interest rate risks and in its liquid- ity portfolio. The loss on financial operations amounted to EUR 25.4 million compared to a loss of EUR 3.1 million in the same period last year. The result includes realised gains of EUR 3.6 million and unrealised losses of EUR 29.0 million compared to realised losses of EUR 1.2 million and unrealised losses of EUR 1.9 million in 2021. 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 relevant IBORs 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 EXPENSES Total operating expenses amounted to EUR 13.4 million which is similar to the corresponding period in 2021. The Bank's main expenses comprise personnel costs, cost related to administration, IT and depreciation. NET LOAN LOSSES During the first quarter of 2022, the Bank has recorded positive net loan losses of EUR 6.2 million. Of this amount EUR 2.7 million relates to realised recoveries on non-performing loans and EUR 3.5 million is related to the change in the expected credit loss ("ECL") provision on performing loans. During the first quarter, the Bank updated the macro-economic scenarios used to calculate the ECL which increased the TOTAL OPERATING EXPENSES EUR m 0 -5 -10 -15 -20 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 NET PROFIT ON FINANCIAL OPERATIONS EUR m 120 80 40 0 -40 -80 -120 -160 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Realised Unrealised NET LOAN LOSSES EUR m 20 10 0 -10 -20 -30 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 INTERIM MANAGEMENT STATEMENT / 6

provision, however this was more than offset by an improvement in the credit quality of certain individual counter-parties. In general, 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. OTHER COMPREHENSIVE INCOME The 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 23.1 million for the period (January–March 2021: Loss EUR 16.5 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 2022, the Bank recorded a positive impact from these changes of EUR 2.4 million compared to EUR 0.2 million in 2021. INTERIM MANAGEMENT STATEMENT / 7

LENDING OUTSTANDING The lending outstanding amounted to EUR 22,864.6 million. This comprises EUR 22,483.2 million of loans outstanding and investments of EUR 381.4 million in lending bonds recorded in debt securities. The total disbursements and investments during the period amounted to EUR 1,106.9 million, which is EUR 381.6 million higher than for the same period in 2021. More information regarding loans agreed can be found on our website at Agreed loans. Financial position DEVELOPMENT OF LENDING OUTSTANDING DURING 2022 EUR m 24,000 23,000 22,000 21,000 20,000 137 223 306 1,107 Dec’21 Disb. Amort. Prepaym. Impairm. FX changes Hedge Other* Mar’22 Book value Acc Book value 22,313 * Fair valuation of lending green bonds and hedging accounting. 157 6 12 22,865 LENDING HIGHLIGHTS in EUR millions, unless otherwise specified Jan-Mar* 2022 Jan-Mar* 2021 2021 2020 2019 2018 Loans agreed excluding lending bonds 1,161 245 1,683 5,632 3,185 4,269 Lending bonds 61 12 169 34 131 61 Total disbursements 1,107 725 2,440 4,853 2,676 4,047 Number of loans agreements in period 14 5 36 59 55 58 Number of green bond investments in period 4 2 14 4 9 3 Lending outstanding 22,865 22,194 22,313 21,727 18,931 19,065 Member countries 22,394 21,620 21,827 21,098 18,055 17,960 Non-member countries 615 748 635 798 996 1,222 Loan impairment provision -145 -173 -150 -169 -119 -117 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements INTERIM MANAGEMENT STATEMENT / 8

FUNDING By the end of March, the Bank had raised EUR 4.2 billion (January–March 2021: EUR 3.2 billion) in new funding. The strategy for 2022 is to complete benchmark transactions in US dollars and Euros, complemented with other public and private issues in order to maintain a diversified portfolio of currencies and a global investor base. The Bank will also continue issuing NIB Environmental Bonds. NIB’s estimated funding plan for 2022 is EUR 6.5-7.5 billion. On 11 January, NIB priced its first transaction of the year, a three-year GBP 500 million benchmark. The transaction has since been increased with a further GBP 200 million, taking the new total to GBP 700 million. On 20 January, the Bank issued its inaugural NIB Environmental Bond denominated in Danish Kroner. The eight-year DKK 2 billion bond was driven by domestic ESG focused investors. The Bank has now issued a total of EUR 6.2 billion in environmental bonds under its NEB Framework since 2011. On 29 March NIB issued its first global USD benchmark for the year of USD 1.25 billion with a maturity of 3 years. For a full list of funding transactions, please click here. DEBT DEVELOPMENT DURING 2022 EUR m 35,000 34,000 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 Dec’21 Book value New Issues 862 32,769 416 2,449 4,218 31,526 Amort. Call & Buy backs Other FX changes Hedge Acc. Mar’22 Book value 68 12 MISSION FULFILMENT NIB’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 in the standard mandate rating. During the first quarter of 2022, 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%. INTERIM MANAGEMENT STATEMENT / 9

In thousands of euro NOTE Jan-Mar 2022* Jan-Mar 2021* Jan-Dec 2021 Interest income from financial assets measured at amortised cost 53,160 50,096 197,089 Interest income from financial assets measured at fair value 3,532 2,144 4,159 Interest expense -6,716 -1,041 145 Net interest income (1) 49,976 51,199 201,393 Commission income and fees received 4,067 2,057 9,199 Commission expense and fees paid -528 -555 -2,165 Net fee and commission income 3,538 1,502 7,034 Net loss/profit on financial operations (2) -25,418 -3,083 -23,663 Foreign exchange gains and losses -46 -17 13 Total operating income 28,050 49,601 184,777 Expenses General administrative expenses Personnel expenses -7,995 -8,038 -29,182 Other administrative expenses -3,281 -3,392 -12,766 Depreciation -2,156 -2,099 -9,545 Total operating expenses -13,432 -13,529 -51,493 Profit/loss before loan losses 14,618 36,071 133,284 Net loan losses (3) (4) 6,208 -992 25,874 Net profit/loss for the period 20,826 35,079 159,158 Other comprehensive income Items that will be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -23,107 -16,543 -21,612 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value 2,405 241 329 Total other comprehensive loss/income -20,702 -16,302 -21,283 Total comprehensive income/loss 124 18,778 137,876 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. INTERIM MANAGEMENT STATEMENT / 10

In thousands of euro NOTE 31 Mar 2022* 31 Mar 2021* 31 Dec 2021 ASSETS Cash and cash equivalents 3,471,060 2,563,925 1,826,451 Financial placements Placements with credit institutions 2,039,549 2,801,253 3,881,023 Debt securities 8,572,379 8,146,438 8,291,062 Other 6,284 8,907 8,661 10,618,212 10,956,597 12,180,747 Loans outstanding (5) 22,483,205 22,011,389 21,975,146 Intangible assets 6,696 10,858 7,524 Tangible assets, property and equipment 34,939 36,671 35,632 Other assets Derivatives 1,179,315 1,387,979 1,254,828 Other assets 1,558,930 575,234 31,916 2,738,246 1,963,212 1,286,744 Accrued interest and fees receivable 222,383 212,258 241,145 TOTAL ASSETS 39,574,740 37,754,910 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. Statement of financial position INTERIM MANAGEMENT STATEMENT / 11

In thousands of euro NOTE 31 Mar 2022* 31 Mar 2021* 31 Dec 2021 LIABILITIES AND EQUITY Liabilities Amounts owed to credit institutions Short-term amounts owed to credit institutions 475,423 838,814 751,697 Long-term amounts owed to credit institutions - - - 475,423 838,814 751,697 Repurchase agreements 202,089 Debts evidenced by certificates (6) 32,768,529 31,346,657 31,525,985 Other liabilities Derivatives 1,390,363 1,042,945 1,052,474 Other liabilities 574,228 491,828 39,426 1,964,591 1,534,773 1,091,900 Accrued interest and fees payable 165,347 155,128 185,171 Total liabilities 35,575,979 33,875,371 33,554,753 Equity 3,998,761 3,879,539 3,998,637 TOTAL LIABILITIES AND EQUITY 39,574,740 37,754,910 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. INTERIM MANAGEMENT STATEMENT / 12

In thousands of euro PAID-IN CAPITAL STATUTORY RESERVE GENERAL CREDIT RISK FUND PROFIT AVAILABLE FOR APPROPRIATION CHANGES IN OWN CREDIT RISK ON LIABILITIES RECORDED AT FAIR VALUE HEDGING RESERVE TOTAL EQUITY AT 31 DECEMBER 2020 845,543 686,325 2,139,544 164,695 -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 loss Jan-Mar 2021 0 0 0 35,079 241 -16,543 18,778 Transactions with owners in their capacity as owners Appropriation of profit - 150,559 14,136 -164,695 - - 0 EQUITY AT 31 MARCH 2021 845,543 836,884 2,153,680 35,079 -3,135 11,487 3,879,539 Profit for the period Apr-Dec 2021 - - - 124,080 - - 124,080 Other comprehensive income Apr-Dec 2021 - - - - 88 -5,069 -4,981 Total comprehensive income Apr-Dec 2021 0 0 0 124,080 88 -5,069 119,099 EQUITY AT 31 DECEMBER 2021 845,543 836,884 2,153,680 159,159 -3,047 6,418 3,998,637 Profit for the period Jan-Mar 2022 - - - 20,826 - - 20,826 Other comprehensive income Jan-Mar 2022 - - - - 2,405 -23,107 -20,702 Total comprehensive income Jan-Mar 2022 0 0 0 20,826 2,405 -23,107 124 EQUITY AT 31 MARCH 2022 845,543 836,884 2,153,680 179,985 -641 -16,690 3,998,761 The accompanying notes are an integral part of these financial statements. Statement of changes in equity INTERIM MANAGEMENT STATEMENT / 13

In thousands of euro Jan-Mar 2022* Jan-Mar 2021* Jan-Dec 2021 Cash flows from operating activities Net loss/profit for the period 20,826 35,079 159,158 Adjustments: Unrealised gains/losses of financial assets and liabilities held at fair value 21,481 1,778 -9,169 ECL non-lending activities 25 -34 -323 Depreciation and write-down in value of tangible and intangible assets 2,156 2,099 9,545 Change in accrued interest and fees (assets) 18,762 19,959 -8,948 Change in accrued interest and fees (liabilities) -19,861 -20,514 10,584 Net loan losses (ECL lending activities) -6,208 992 -25,874 Adjustment to hedge accounting 7,502 266 37,966 Other adjustments to the period´s profit 695 595 -104 Adjustments, total 24,552 5,141 13,676 Lending Disbursements of loans -1,046,147 -713,371 -2,270,722 Repayments of loans 456,318 383,295 1,975,518 Capitalisations, redenominations, index adjustments, etc. 487 70 1390 Lending, total -589,342 -330,006 -293,815 Cash flows from operating activities, total -543,965 -289,786 -120,980 Cash flows from investing activities Placements and debt securities Purchase of debt securities -767,332 -590,323 -2,191,647 Sold and/or matured debt securities 489,680 366,916 1,645,287 Placements with credit institutions 1,943,156 -745,056 -2,002,565 Other financial placements -14 51 Placements and debt securities, total 1,665,490 -968,462 -2,548,873 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. Cash flow statement INTERIM MANAGEMENT STATEMENT / 14

In thousands of euro Jan-Mar 2022* Jan-Mar 2021* Jan-Dec 2021 Other items Acquisition of intangible assets -487 -240 -1,617 Acquisition of tangible assets -76 -114 -1,810 Change in other assets -154,363 -7,795 -1,431 Other items, total -154,927 -8,149 -4,858 Cash flows from investing activities, total 1,510,563 -976,611 -2,553,732 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 2,844,826 2,592,659 7,027,535 Redemptions -2,519,644 -1,368,180 -5,073,812 Debts evidenced by certificates, total 325,182 1,224,479 1,953,722 Other items Long-term placements from credit institutions - - - Change in swap receivables excluding fair value changes 35,190 17,786 92,626 Change in swap payables excluding fair value changes 79,506 55,321 147,890 Change in other liabilities 311,990 146,540 -2,491 Dividend paid - Other items, total 426,686 219,647 238,025 Cash flows from financing activities, total 751,868 1,444,125 2,191,747 CHANGE IN CASH AND CASH EQUIVALENTS, NET ��1,718,467 177,728 -482,964 Opening balance for cash and cash equivalents, net 1,074,754 1,546,591 1,546,591 Exchange rate adjustments 327 792 11,127 Closing balance for cash and cash equivalents, net 2,793,548 1,725,111 1,074,754 Additional information to the statement of cash flows Interest income received 75,454 72,179 192,300 Interest expense paid -26,540 -21,533 9,696 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The 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. INTERIM MANAGEMENT STATEMENT / 15

Note 1: Net interest income In thousands of euro Jan-Mar 2022 Jan-Mar 2021 Jan-Dec 2021 Cash and cash equivalents -3,868 -3,735 -17,446 Placements with credit institutions -3,743 -3,474 -17,024 Debt securities 9,560 8,576 33,515 Loans outstanding 54,744 50,692 201,862 Other interest income - 181 341 Total, interest income 56,692 52,240 201,248 Of which, interest income from financial assets measured at amortised cost 53,160 50,096 197,089 Short-term amounts owed to credit institutions 970 1,463 7,686 Long-term amounts owed to credit institutions - - - Short-term repurchase agreements 3 - - Debts evidenced by certificates -100,721 -100,341 -382,637 Swap contracts and other interest expenses, net 93,032 97,837 375,096 Total, interest expense -6,716 -1,041 145 Of which, interest expense from financial liabilities measured at amortised cost -6,190 -5,921 -12,147 Net interest income 49,976 51,199 201,393 Note 2: Net loss/profit on financial operations In thousands of euro Jan-Mar 2022 Jan-Mar 2021 Jan-Dec 2021 Financial instruments held at fair value, realised gains and losses 3,582 -1,181 4,776 Financial instruments held at fair value, unrealised gains and losses -21,481 -1,678 9,169 Financial instruments held at amortised cost, realised gains and losses 8 7 34 Expected credit loss on financial placements -25 34 323 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges -7,502 -266 -37,966 Net loss/profit on financial operations -25,418 -3,083 -23,663 Notes to the interim financial statements INTERIM MANAGEMENT STATEMENT / 16

Note 4: Net loan losses In thousands of euro Jan-Mar 2022 Jan-Mar 2021 Jan-Dec 2021 Change in expected credit loss on performing loans 3,522 -1,147 25,383 Change in expected credit loss on non-performing loans 2,686 155 491 Decrease of provisions to cover realised loan losses - - - Realised loan losses - - - Net loan losses 6,208 -992 25,874 There were no realised losses for the periods Jan-Mar 2022, Jan-Mar 2021 or Jan-Dec 2021. In thousands of euro STAGE 1 STAGE 2 STAGE 3 TOTAL 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 0 641 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 Transfer to Stage 1 3,402 -3,402 - 0 Transfer to Stage 2 -165 165 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 2,198 221 - 2,419 Amortisations and repayments -2,400 -2,342 155 -4,588 Impact of remeasurment on existing assets -22,208 -2,287 -491 -24,986 Foreign exchange adjustments and other changes - - 2,710 2,710 Net change income statement Apr-Dec 2021 -19,173 -7,645 2,373 -24,445 Balance at 31 December 2021 32,103 42,252 78,090 152,445 Transfer to Stage 1 8,099 -8,099 - 0 Transfer to Stage 2 -13 13 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,433 0 - 1,433 Amortisations and repayments -435 -292 - -727 Impact of remeasurment on existing assets 1,923 -6,126 - -4,204 Recoveries on non-performing loans - - -2,686 -2,686 Foreign exchange adjustments and other changes - - 1,495 1,495 Net change income statement Jan-Mar 2022 11,007 -14,504 -1,191 -4,688 Balance at 31 March 2022 43,110 27,748 76,899 147,757 Note 3: Expected credit loss PRESENTATION OF ECL IN THE STATEMENT OF FINANCIAL POSITION In thousands of euro 31 Mar 2022 31 Mar 2021 31 Dec 2021 Loans outstanding 144,865 173,426 149,853 Other receivables 1,859 1,759 1,822 Commitments (recorded in other liabilities) 740 1,147 502 Financial placements 293 557 268 Total 147,757 176,890 152,445 PRESENTATION OF ECL IN THE STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Mar 2022 Apr-Dec 2021 Jan-Mar 2021 Net result on financial operations -25 289 34 Net loan losses (Note 4) 6,208 26,866 -992 Foreign exchange gains and losses -1,495 -2,710 -3,326 Total recognised in income statement 4,688 24,445 -4,283 INTERIM MANAGEMENT STATEMENT / 17

Note 5: Lending outstanding In thousands of euro Jan-Mar 2022 Jan-Mar 2021 Jan-Dec 2021 Opening Balance 22,312,579 21,726,644 21,726,644 Disbursements 1,106,878 725,267 2,439,727 Amortisations -306,304 -286,165 -1,534,556 Prepayments -157,014 -97,130 -440,962 Changes in expected credit losses 6,446 -1,073 25,148 Foreign exchange movements 136,855 206,440 248,567 Fair value adjustments -11,121 81 -1,477 Hedge accounting adjustments -223,209 -79,827 -149,188 Other -463 -64 -1,324 Closing balance 22,864,645 22,194,173 22,312,579 Loans outstanding 22,483,205 22,011,389 21,975,146 Lending bonds 381,440 182,784 337,433 Total Lending 22,864,645 22,194,173 22,312,579 In thousands of euro Jan-Mar 2022 Jan-Mar 2021 Jan-Dec 2021 Opening Balance 31,525,985 29,071,696 29,071,696 New debt issues 4,217,531 3,156,891 7,027,535 Amortisations -2,449,151 -1,357,374 -4,763,800 Calls and buy backs -68,493 -9,786 -299,348 Foreign exchange movements 416,168 835,695 1,222,213 Fair value adjustments -13,371 -3,066 -7,951 Hedge accounting adjustments -861,639 -347,614 -720,310 Other 1,499 214 -4,050 Closing balance 32,768,529 31,346,657 31,525,985 Note 6: Debts evidenced by certificates Note 7: Basis of preparation This 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 2021. This report was approved by Executive Committee on 22th April 2022 RATIO DEFINITIONS Equity/total assets = Total equity at reporting date Total assets at reporting date Net 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 INTERIM MANAGEMENT STATEMENT / 18

NORDIC INVESTMENT BANK FINANCING THE FUTURE

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