Auditors' reports

INDEPENDENT AUDITORS' REPORT TO THE CONTROL COMMITTEE OF THE NORDIC INVESTMENT BANK   

In our capacity as auditors appointed by the Control Committee of the Nordic Investment Bank we have
audited the accompanying financial statements of the Bank, which comprise the statement of financial position
as at 31 December 2010, and the statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.

The Board of Directors' and the President's responsibility for the financial statements

The Board of Directors and the President are responsible for the preparation and fair presentation of these
financial statements in accordance with International Financial Reporting Standards, and for such internal
control as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the Nordic
Investment Bank as of 31 December 2010, and of its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

Report on the other requirements

In accordance with the Terms of Engagement our audit also included a review of whether the Board of
Directors' and the President's administration have complied with the Statutes of the Bank. It is our opinion
that the administration of the Board of Directors and the President complied with the Statutes of the Bank.

Helsinki, 4 March 2011

STATEMENT BY THE CONTROL COMMITTEE OF THE NORDIC INVESTMENT BANK ON THE AUDIT OF THE ADMINISTRATION AND ACCOUNTS OF THE BANK

To the Board of Governors of the Nordic Investment Bank

In accordance with section 17 of the Statutes of the Nordic Investment Bank, we have been appointed to ensure that the operations of the Bank are conducted in accordance with its Statutes and to bear responsibility for the audit of the Bank and annually deliver an auditors' report to the Board of Governors. Having completed our assignment for the year 2010, we hereby submit the following report.

The Control Committee met during the fiscal year as well as after the Bank's Financial Statements had been prepared, and the Committee performed the control and examination measures considered necessary. The Annual Report of the Bank was examined at a meeting in Helsinki on 4 March 2011. In carrying out its tasks, the Control Committee received such information and carried out such examination measures as it deemed necessary to assess the Bank's position in regard to its risks. We have also received the Independent Auditors' Report, submitted on 4 March 2011 by the authorized public accountants appointed by the Control Committee.

Following the audit carried out by the independent auditors, we consider that:

• The Bank's operations during the financial year have been conducted in accordance with the Statutes; and that
• The Financial Statements give a true and fair view of the financial position of the Bank as at 31 December 2010 and of its results and financing in 2010. The Income Statement shows a profit of EUR 210,832,171.72 for the financial period.

We recommend to the Board of Governors that:

• The allocation of the Bank's profit for the financial period, as proposed by the Board of Directors, be approved;
• The Income Statement and the Balance Sheet be adopted; and
• The Board of Directors and the President be discharged from liability for the administration of the Bank's operations during the accounting period examined by us.

Helsinki, 4 March 2011

Hannu Riippi

Hans Frode Asmyhr

Per Bisgaard

Alina Brazdilienė

Johan Linander

Tuula Peltonen

Ragnheiður Ríkharðsdóttir

Taavi Rõivas

Viesturs Silenieks

Toomas Vapper