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

Exhibit IX

Interim Management Statement January–August 2018 (Unaudited)

Nordic Investment Bank Interim Management Statement January–August 2018

Table of Contents

Highlights	3
Key figures and ratios	3
President and CEO’s comments	4
Operating and financial review
Comprehensive income	5
Financial position	6
Financial statements
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Cash flow statement	13
Notes to the interim management statement	14
Note 1 - Net interest income	14
Note 2 - Net profit on financial operations	14
Note 3 - Adoption of IFRS 9—expected credit loss	14
Note 4 - Basis of preparation	16
Ratio definitions	16

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Nordic Investment Bank Interim Management Statement January–August 2018

Highlights

The flow of deals in the Bank’s lending continued to be at a high level during the eight-month period ending 31 August 2018, with a total of EUR 2,286 million in new loans agreed and EUR 2,367 million in loans disbursed. Demand for long-term financing from member country corporate borrowers has been the main driver of disbursements. The Bank also had continued demand for long-term financing from the municipal sector and from financial intermediaries to support SMEs. The net profit for the period amounted to EUR 129 million.

Key figures and ratios

(in EUR million unless otherwise specified)	Aug 2018*			Aug 2017*			Dec 2017
Net interest income		149			161			238
Profit before net loan losses		124			149			216
Net profit		129			160			211
Loans disbursed		2,367			1,813			3,147
Loans agreed		2,286			1,996			3,812
Mandate fulfilment **		88	%		96	%		97	%
Loans outstanding		18,263			17,127			17,232
Total assets		32,100			28,338			29,953
New debt issues		6,162			4,027			5,943
Debts evidenced by certificates		25,678			22,718			24,000
Total equity		3,523			3,394			3,456
Equity/total assets ***		11.0	%		12.0	%		11.5	%
Profit/average equity ***		5.5	%		7.1	%		6.2	%
Cost/income ***		18.4	%		16.2	%		17.2	%
Number of employees (average during the year)		197			193			193

* Unaudited figures, to be read in conjunction with NIB’s 2017 audited financial statements.

** See page 7 for mandate fulfilment explanation

*** See page 16 for ratio definitions

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Nordic Investment Bank Interim Management Statement January–August 2018

Comments on NIB’s financial figures for January–August 2018

By providing long-term loans to its customers, NIB has a lasting impact on the productivity and environment of the Nordic and Baltic countries and helps ensure sustainable growth in the region. Demand for long-term financing from NIB is still high, loans disbursed have increased and totalled EUR 2,367 million during the first eight month of the year (January–August 2017: EUR 1,813 million).

One main driver for the increase has been larger investment needs in the private sector. After a few years of subdued investments, demand started to pick up last year, and that trend has continued into 2018. In the private sector, NIB has disbursed loans to large corporates in member countries to finance their investments in new production capacity and R&D. NIB has also disbursed loans to financial intermediates for on-lending to SMEs. The other main driver of increased demand is the need to update public infrastructure. Proceeds have been used to upgrade and replace public transportation and road infrastructure, water supply and wastewater treatment, and energy generation and distribution, as well as to renovate and construct public buildings, such as schools and hospitals.

NIB reviews all projects it finances and scores them for productivity gains and environmental benefits in the Nordic–Baltic countries. Only projects that contribute sufficiently to sustainable development qualify for financing by NIB. About 90% of all projects financed this year have been assessed as having a significant positive impact on the productivity and/or environment of the region.

As expected, the profit for the period of EUR 129 million was lower than for the corresponding period in 2017. The main reason for the decrease was a lower unrealised result on financial operations and lower net interest income. Unrealised losses on financial operations amounted to EUR 6 million in the first eight months of this year compared to a gain of EUR 9 million in the corresponding period last year. Net interest income decreased by 11 million compared to last year mainly due to the low interest rate levels.

During the first eight months of 2018, the Bank carried out 54 new funding transactions and raised EUR 6.2 billion (January–August 2017: EUR 4.0 billion). The Bank expects to fund between EUR 6.5 billion and EUR 7.5 billion during the year.

Given the good flows of new deals in preparation, disbursements are expected to continue at the same pace for the rest of 2018.

Henrik Normann

President & CEO

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Nordic Investment Bank Interim Management Statement January–August 2018

Operating and financial review

January–August 2018 compared to January–August 2017

Comprehensive Income

Net Profit

The net profit for the period January–August 2018 totalled EUR 129.0 million, down from EUR 159.9 million in the same period last year. Total operating income decreased from EUR 178.0 million in 2017 to EUR 152.3 million. Total operating expenses decreased by EUR 0.9 million to EUR 28.0 million, resulting in profit before net loan losses decreasing to EUR 124.3 million (January–August 2017: EUR 149.2 million).

Net profit decreased by EUR 30.9 million compared to the same period in 2017, mainly due to a decrease in net interest income of EUR 11.5 million, a decrease in unrealised gains from financial operations of EUR 15.0 million, and lower reversals of loan loss provisions of EUR 6.1 million.

Net interest income

Net interest income for the period amounted to EUR 149.1 million (January–August 2017: EUR 160.5 million). Despite the increased volume of loans outstanding compared to 2017, net interest income on lending activities of EUR 101.7 million was similar to the previous year. Interest income on treasury activities decreased, from EUR 58.2 million to EUR 47.4 million due to the low yield environment.

Net commission income and fees

Net fee and commission income for the period January–August 2018 was EUR 6.4 million, compared to EUR 3.0 million in 2017, mainly because of the increased number of loans agreed and disbursed.

Net profit on financial operations

The net loss on financial operations for the period January–August 2018 totalled EUR -3.2 million, which was EUR 18.2 million lower than the same period in 2017. The result comprises realised profit of EUR 2.4 million and unrealised losses of EUR -5.6 million. The unrealised profit in 2017 was driven by positive valuation effects from spread tightening as well as hedge accounting valuations; however, as expected, these unrealised gains reversed due to market conditions and when the underlying transactions reached maturity.

Total operating expenses

Total operating expenses were EUR 0.9 million lower than in 2017. The Bank continues to focus on costs to ensure an efficient ratio of operating cost to income.

Net loan losses

The total provision for loan losses at period end amounted to EUR 138.6 million, which is similar to the position at 31 December 2017. The adoption of IFRS 9, discussed later in this report, increased the provision by EUR 2.9 million. This provision also covers treasury assets held at amortised cost, the movement of which had an insignificant effect on net profit. There were no new individual assessed impairments during the period.

Tertial net profit EUR m	Tertial net Interest Income EUR m	Tertial net commission Income and fees EUR m

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Nordic Investment Bank Interim Management Statement January–August 2018

Other comprehensive income

The Bank separates the foreign currency basis spread from financial instruments used in fair value hedging, and this separated amount is recorded in “Other comprehensive income” (OCI). The valuation of foreign currency basis spread will be zero upon maturity, and therefore, the amount recorded in OCI will not be reclassified in the income statement.

OCI related to cross currency basis spread amounted to EUR -4.5 million for the period (January–August 2017: EUR 14.4 million). The resulting total comprehensive income for the period amounted to EUR 124.5 million, compared to EUR 174.3 million in 2017.

Tertial net profit on financial operations EUR m	Tertial total operating expenses EUR m	Tertial net loan losses EUR m

Financial position

(in EUR million)	Aug 2018*		Aug 2017*		Dec 2017
Cash and cash equivalents		6,004		3,341		4,736
Financial placements		6,467		6,446		6,620
Loans outstanding		18,263		17,127		17,232
Derivatives		1,046		1,116		1,028
Other assets		320		308		337
Total assets		32,100		28,338		29,953
Equity		3,523		3,394		3,456
Owed to credit institutions		555		534		580
Repurchase agreements		—		—		99
Debts evidenced by certificates		25,678		22,718		24,000
Derivatives		1,920		1,506		1,597
Other liabilities		424		186		221
Total liabilities and equity		32,100		28,338		29,953

* Unaudited figures, to be read in conjunction with NIB’s 2017 audited financial statements.

Loans outstanding

Total loans outstanding amounted to EUR 18,263 million, which is EUR 1,136 million higher than on 31 August 2017. Demand for NIB’s long-term financing remains strong, and total loans disbursed in the period amounted to EUR 2,367 million, which is EUR 554 million more than for the same period in 2017.

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Nordic Investment Bank Interim Management Statement January–August 2018

Development of loans outstanding during 2018

(in EUR million)

* Fair valuations and hedge accounting.

Total loans outstanding, excluding exchange rate and valuation effects, increased from EUR 17,232 million at 31 December 2017 to EUR 18,437 million. The book value amounted to EUR 18,263 million due to foreign exchange, fair valuations and hedge accounting effects of EUR 186 million and EUR 12 million, respectively.

Lending highlights

(in EUR million, unless otherwise specified)	Aug 2018*		2017		2016		2015
Loans agreed according to business area:		2,286		3,812		4,363		2,830
Energy and environment		633		562		1,534		710
Infrastructure , transportation and telecom		293		1,620		1,198		823
Industries and services		852		972		912		996
Financial institutions and SMEs		509		658		720		301
Number of loan agreements		32		64		66		45
Loans disbursed, total		2,367		3,147		3,373		2,716
Repayments / prepayments		1,166		1,832		2,465		2,351
Loans outstanding and guarantees		18,263		17,232		16,640		15,627
Member countries		17,053		15,867		14,831		13,347
Non-member countries		1,349		1,504		1,948		2,396
Impairment provision		-139		-139		-139		-116

* Unaudited figures, to be read in conjunction with NIB’s 2017 audited financial statements.

Mission fulfilment

Projects financed by the Bank through loans are expected to 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 scrutinised and rated against the criteria developed based on the Bank’s mission. In the eight-month period that ended on 31 August 2018, loans achieving a “good” or “excellent” mandate rating accounted for 88% of the total amount of loans agreed.

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Nordic Investment Bank Interim Management Statement January–August 2018

Mandate rating for agreed loans

(Excluding lending green bond purchases)

Funding

The Bank expects to fund between EUR 6.5 billion and EUR 7.5 billion during 2018. The strategy for 2018 is to complete two or three benchmark transactions in US dollars and euros, complemented by other public and private issues, to maintain a diversified portfolio of currencies and a global investor base. In addition, NIB’s aim is to continue issuing NIB Environmental Bonds. By the end of August, the Bank had raised EUR 6.2 billion (January–August 2017: EUR 4.0 billion) in new funding through 54 new issues. The increase in funding requirements is a result of increased loan disbursements and collateral requirements due to two way CSAs.

On 1 February, the Bank issued its first global USD benchmark of the year, a 3-year USD 1 billion issue. On 19 July 2018, the second global benchmark of the year was issued, a 5-year USD 1 billion issue.

On 24 April, the Bank brought to the market its first environmental bond of the year, a new 7.5-year, EUR 500 million transaction.

During the period, NIB issued a total of GBP 750 million with maturity in 2022 and 2023, a new five-year NZD 400 million bond, which was increased by NZD 375 million to total NZD 775 million and an AUD 50 million transaction that matures in 2028.

In addition a two-year USD 500 million fixed transaction was issued and a three-year USD 500 million floating rate notes that matures in 2021, were issued. The Bank also increased outstanding transactions and issued new private placements in BRL, USD, EUR, HKD, INR, MXN, NOK, SEK, and TRY.

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Nordic Investment Bank Interim Management Statement January–August 2018

Debt development during 2018

in EUR millions

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Nordic Investment Bank Interim Management Statement January–August 2018

Statement of comprehensive income

EUR 1,000	Jan-Aug 2018*		Jan-Aug 2017*		Jan-Dec 2017
Interest income		208,303		202,389		300,116
Interest expense		-59,244		-41,863		-61,793
Net interest income		149,059		160,526		238,323
Commission income and fees received		8,343		4,975		8,536
Commission expense and fees paid		-1,920		-1,998		-2,574
Net fee and commission income		6,423		2,977		5,963
Net profit/loss on financial operations		-3,179		15,027		17,563
Foreign exchange gains and losses		-19		-481		-616
Total operating income		152,284		178,049		261,233
Expenses
General administrative expenses
Personnel expenses		-19,081		-19,519		-30,774
Other administrative expenses		-7,601		-8,124		-12,424
Depreciation		-1,317		-1,238		-1,675
Total operating expenses		-27,999		-28,881		-44,873
Profit before loan losses		124,285		149,168		216,359
Net loan losses		4,674		10,727		-5,378
Net profit for the period		128,959		159,896		210,981
Other comprehensive income
Items that will not be reclassified to income statement
Valuation of cross currency basis spread		-4,450		14,447		25,167
Total other comprehensive income		-4,450		14,447		25,167
Total comprehensive income		124,509		174,342		236,148

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2017.

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Nordic Investment Bank Interim Management Statement January–August 2018

Statement of financial position

EUR 1,000	31 Aug 2018*		31 Aug 2017*		31 Dec 2017
ASSETS
Cash and cash equivalents		6,004,203		3,340,509		4,736,109
Financial placements
Placements with credit institutions		9,021		8,771		8,771
Debt securities		6,441,211		6,423,279		6,594,935
Other		16,443		14,254		16,395
		6,466,675		6,446,304		6,620,101
Loans outstanding		18,263,372		17,127,283		17,231,623
Intangible assets		7,681		4,022		5,320
Tangible assets, property and equipment		30,842		28,922		30,286
Other assets
Derivatives		1,046,476		1,115,858		1,027,915
Other assets		4,551		19,995		29,399
		1,051,027		1,135,853		1,057,314
Accrued interest and fees receivable		276,627		255,498		272,045
TOTAL ASSETS		32,100,428		28,338,391		29,952,798
LIABILITIES AND EQUITY
Liabilities
Short-term amounts owed to credit institutions		545,141		516,953		562,823
Long-term amounts owed to credit institutions		9,486		17,327		17,327
		554,627		534,280		580,150
Repurchase agreements		—		—		99,490
Debts evidenced by certificates
Debt securities issued		25,602,532		22,651,354		23,934,066
Other debt		75,695		66,950		65,688
		25,678,227		22,718,304		23,999,754
Other liabilities
Derivatives		1,919,723		1,506,119		1,597,451
Other liabilities		228,022		11,967		10,190
		2,147,745		1,518,086		1,607,641
Accrued interest and fees payable		196,935		173,275		209,511
Total liabilities		28,577,533		24,943,944		26,496,545
Equity		3,522,894		3,394,447		3,456,253
TOTAL LIABILITIES AND EQUITY		32,100,428		28,338,391		29,952,798

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2017.

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Nordic Investment Bank Interim Management Statement January–August 2018

Statement of changes in equity

EUR 1,000	Paid-in capital		Statutory Reserve		General Credit Risk Fund		Special Credit Risk Fund PIL		Funds available for appropriation		Hedging Reserve		Total
Equity at 31 December 2016		418,602		686,325		1,540,651		445,919		211,810		-28,202		3,275,105
Profit for the period		—		—		—		—		159,896		—		159,896
Other comprehensive income		—		—		—		—		—		14,447		14,447
Total comprehensive income		0		0		0		0		159,896		14,447		174,342
Transaction with owners in their capacity as owners
Appropriations between reserve funds		—		—		156,810		—		-156,810		—		0
Dividends										-55,000				-55,000
Equity at 31 August 2017		418,602		686,325		1,697,461		445,919		159,896		-13,755		3,394,447
Profit for the period										51,085				51,085
Other comprehensive income												10,720		10,720
Total comprehensive income		0		0		0		0		51,085		10,720		61,805
Equity at 31 December 2017		418,602		686,325		1,697,461		445,919		210,981		-3,035		3,456,253
Adoption of IFRS 9		—		—		—		—		-2,867		—		-2,867
Equity at 1 January 2018		418,602		686,325		1,697,461		445,919		208,114		-3,035		3,453,386
Profit for the period		—		—		—		—		128,959		—		128,959
Other comprehensive income				—		—		—		—		-4,450		-4,450
Total comprehensive income		0		0		0		0		128,959		-4,450		124,509
Transaction with owners in their capacity as owners
Appropriations between reserve funds		—		—		155,981		—		-155,981		—		0
Dividends		—		—		—		—		-55,000		—		-55,000
Equity at 31 August 2018		418,602		686,325		1,853,442		445,919		126,092		-7,485		3,522,894

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Nordic Investment Bank Interim Management Statement January–August 2018

Cash flow statement

EUR 1,000	Jan-Aug 2018*		Jan-Aug 2017*		Jan-Dec 2017
Cash flows from operating activities
Net profit for the period		128,959		159,896		210,981
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-20,298		-9,394		-15,434
ECL non-lending activities		-26		—		—
Depreciation and write-down in value of tangible and intangible assets		1,317		1,238		1,675
Change in accrued interest and fees (assets)		-4,585		29,854		13,308
Change in accrued interest and fees (liabilities)		-12,576		-38,019		-1,783
Net loan losses (ECL lending activities)		-4,674		-10,727		5,378
Adjustment to hedge accounting		19,939		-606		5,927
Other adjustments to the period´s profit		3,835		-122		2,581
Adjustments, total		-17,068		-27,777		11,653
Lending
Disbursements of loans		-2,366,580		-1,813,276		-3,146,630
Repayments of loans		1,135,633		1,004,340		1,831,788
Capitalisations, redenominations, index adjustments, etc.		247		80		-558
Lending, total		-1,230,700		-808,856		-1,315,399
Cash flows from operating activities, total		-1,118,810		-676,737		-1,092,765
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-1,459,042		-1,339,955		-2,229,069
Sold and matured debt securities		1,619,991		1,361,204		2,034,312
Placements with credit institutions		-250		—		—
Other financial placements		—		2,312		3,000
Placements and debt securities, total		160,700		23,561		-191,757
Other items
Acquisition of intangible assets		-2,361		-3,084		-4,382
Acquisition of tangible assets		-1,873		-3,437		-5,239
Change in other assets		23,699		-6,492		-16,461
Other items, total		19,465		-13,013		-26,082
Cash flows from investing activities, total		180,165		10,548		-217,839
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		6,161,532		4,027,428		5,942,745
Redemptions		-3,956,684		-3,691,128		-3,753,856
Debts evidenced by certificates, total		2,204,848		336,299		2,188,889
Other items
Long-term placements from credit institutions		-7,842		-645		-645
Change in swap receivables		-51,169		1,029,728		1,056,858
Change in swap payables		194,579		189,316		256,161
Change in other liabilities		216,698		612		-3,711
Dividend paid		-55,000		-55,000		-55,000
Other items, total		297,267		1,164,010		1,253,662
Cash flows from financing activities, total		2,502,115		1,500,309		3,442,551
CHANGE IN CASH AND CASH EQUIVALENTS, NET		1,563,470		834,121		2,131,948
Opening balance for cash and cash equivalents, net		4,073,797		3,144,987		3,144,987
Exchange rate adjustments		-178,205		-1,155,552		-1,203,138
Closing balance for cash and cash equivalents, net		5,459,062		2,823,556		4,073,797
Additional information to the statement of cash flows
Interest income received		203,720		232,243		313,424
Interest expense paid		-71,820		-79,882		-63,576

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2017.

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.

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Nordic Investment Bank Interim Management Statement January–August 2018

Note 1 - Net interest income

EUR 1,000	Jan-Aug 2018		Jan-Aug 2017		Jan-Dec 2017
Cash and cash equivalents		-6,037		-9,128		-14,125
Placements with credit institutions for more than 6 months		-59		-38		-57
Debt securities		40,852		43,154		63,490
Loans outstanding		173,547		168,040		250,412
Other interest income		0		361		395
Total interest income		208,303		202,389		300,116
Short-term amounts owed to credit institutions		489		1,467		2,183
Long-term amounts owed to credit institutions		54		50		84
Short-term repurchase agreements		279		—		29
Debts evidenced by certificates		-385,966		-355,047		-536,487
Swap contracts and other interest expenses, net		325,901		311,667		472,398
Total interest expense		-59,244		-41,863		-61,793
Net interest income		149,059		160,526		238,323
Note 2 - Net profit on financial operations
EUR 1,000	Jan-Aug 2018		Jan-Aug 2017		Jan-Dec 2017
Financial instruments held at fair value, realised gains and losses		2,229		5,275		4,591
Financial instruments held at fair value, unrealised gains and losses		14,301		8,863		16,191
Financial instruments held at amortised cost, realised gains and losses		154		184		184
Adjustment to hedge accounting, unrealised gains and losses of fair value hedges		-19,939		606		-5,927
Repurchase of NIB bonds, other items		76		99		2,525
Net profit on financial operations		-3,179		15,027		17,563

Note 3 - Adoption of IFRS 9—expected credit loss

IFRS 9 ‘Financial Instruments’ has been issued in phases over a number of years with entities allowed to adopt the various versions of the standard or wait until the final version was published. The first phases covered “classification and measurement” and “hedge accounting”, which the Bank adopted in 2011. In July 2014, the IASB issued the final version of IFRS 9, adding “impairment” and amending previous versions, with the most significant amendment being the introduction of a new asset classification: “Fair value through other comprehensive income”.

The Bank adopted IFRS 9 as issued by the IASB in July 2014, on 1 January 2018. As the Bank had earlier adopted the previous versions of IFRS 9, the changes were limited to new rules on impairment and the new asset classification.

Classification and measurement—The standard introduces a new financial asset classification type: “fair value through other comprehensive income” (FVOCI) for financial assets held in a business model that has the objective of holding assets to collect contractual cash flows and to sell financial assets. The cash flows consist solely of payments of principal and interest on the principal amount outstanding (“SPPI”). NIB currently does not record any assets in this asset classification.

Impairment—The new impairment requirements are based on an expected credit loss (ECL) model and replaced the current incurred loss model. The expected credit loss model applies to financial assets recorded at amortised cost or at FVOCI, such as loans, debt securities and most loan commitments and financial guarantee contracts. The Bank is required to recognise an allowance for either 12-month or lifetime ECLs,

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Nordic Investment Bank Interim Management Statement January–August 2018

depending on whether there has been a significant increase in credit risk since initial recognition. The measurement of ECLs reflects a probability-weighted outcome, the time value of money and the best available forward-looking information. The new model incorporates forward-looking information through the inclusion of macroeconomic factors. Further explanations of inputs, assumptions and techniques used in estimating the ECL will be disclosed in the 2018 annual financial statements. The adoption of the new impairment model resulted in a decrease in equity of EUR 2.9 million on 1 January 2018.

Expected credit loss provision EUR 1,000	Stage 1		Stage 2		Stage 3		Collective & Individual		Total
Balance at 31 December 2017		—		—		—		138,842		138,842
Adoption of IFRS 9		25,224		23,291		93,194		-138,842		2,867
Balance at 1 January 2018		25,224		23,291		93,194		0		141,709
Transfer to Stage 1		3,687		-3,687		—		—		0
Transfer to Stage 2		-2,552		2,552		—		—		0
Transfer to Stage 3		—		—		—		—		0
New assets originated or purchased		4,449		54		—		—		4,503
Amortisations and repayments		-2,622		-1,931		—		—		-4,553
Impact of re-measurement on existing assets		-1,479		-5,640		2,469		—		-4,650
Foreign exchange adjustments and other changes		—		—		1,575		—		1,575
Net change in period		1,482		-8,651		4,044		0		-3,125
Balance at 31 August 2018		26,706		14,639		97,239		0		138,584
Expected credit loss income statement EUR 1,000
Net result on financial operations										26
Net loan losses										4,674
Foreign exchange gains and losses										-1,575
Total gain recognised in income statement during period										3,125
Assets subject to expected credit loss EUR 1,000			Stage 1		Stage 2		Stage 3		Total
Exposure at 1 January 2018				21,762,796		853,192		100,036		22,716,024
Transfer to Stage 1				169,976		-169,976		—		0
Transfer to Stage 2				-152,669		152,669		—		0
Transfer to Stage 3				—		—		—		0
New assets originated or purchased				3,797,133		1,722		—		3,798,855
Amortisations and repayments				-3,152,931		-122,200		—		-3,275,131
Foreign exchange adjustments and other changes				-157,111		10,454		2,206		-144,452
Exposure at 31 August 2018				22,267,194		725,861		102,242		23,095,296
Exposure by asset type
Loans outstanding										17,924,030
Loan commitments										2,329,434
Treasury assets at amortised cost										2,841,832
Total exposure at 31 August 2018										23,095,296

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Nordic Investment Bank Interim Management Statement January–August 2018

Note 4 - Basis of preparation

This unaudited 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 largely the same as described in Note 1 to the Financial Report 2017, with the exception of IFRS 9, as described on the previous pages 14 and 15.

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

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