2012 - Nordea

Nordea’s Annual General Meeting 22 March

Decision proposals etc.

2012

Nordea Bank AB (publ)

Annual General Meeting22 March 2012

Decision proposals etc.

• Item3–Approvaloftheagenda

• Item8–DispositionsoftheCompany’sprofitaccordingtotheadoptedbalancesheet

• Item13–Electionofboardmembersandchairmanoftheboard

• Item14–Electionofauditors

• Item15–Establishmentofanominationcommittee

• Item16–Purchaseofownsharesaccordingtochapter7section6oftheSwedish

SecuritiesMarketAct(lagen (2007:528) om värdepappersmarknaden)

• Item17–Guidelinesforremunerationtotheexecutiveofficers

• Item18

a)–LongTermIncentiveProgramme

b)–ConveyanceofsharesundertheLongTermIncentiveProgramme

Item 3Approval of the agenda

Proposed agenda

1. Electionofachairmanforthegeneralmeeting2. Preparationandapprovalofthevotinglist3. Approvaloftheagenda4. Electionofatleastoneminuteschecker5. Determinationwhetherthegeneralmeetinghasbeendulyconvened6. Submissionoftheannualreportandconsolidatedaccounts,andoftheauditreportandthegroupauditreport Inconnectionherewith:speechbytheGroupCEO7. Adoptionoftheincomestatementandtheconsolidatedincomestatement,andthebalancesheetandthe consolidatedbalancesheet8. DecisionondispositionsoftheCompany’sprofitaccordingtotheadoptedbalancesheet9. DecisionregardingdischargefromliabilityforthemembersoftheboardofdirectorsandtheCEO (Theauditorrecommendsdischargefromliability)10. Determinationofthenumberofboardmembers11. Determinationofthenumberofauditors12. Determinationoffeesforboardmembersandauditors13. Electionofboardmembersandchairmanoftheboard14. Electionofauditors15. Thenominationcommittee’sproposalforaresolutionontheestablishmentofanominationcommittee16. Theboardofdirectors’proposalforaresolutiononthepurchaseofownsharesaccordingtochapter7section 6oftheSwedishSecuritiesMarketAct(lagen (2007:528) om värdepappersmarknaden)17. Resolutionregardingtheguidelinesforremunerationtotheexecutiveofficers18. Theboardofdirectors’proposalforaresolutiononaLongTermIncentiveProgramme a)LongTermIncentiveProgramme b)ConveyanceofsharesundertheLongTermIncentiveProgramme19. TheshareholderHygadeApS’proposalthattheannualgeneralmeetingdecidestorecommendtotheboard ofdirectorstoimprovethemoralprofileofNordeaandtoexpressamorepositiveattitudetowardscustomers bythefollowingmeasures: 1. WagesinNordeashouldnotinanywaybedependentoftheeconomicresultofNordea. 2. Allfeesforboardmembersshouldbereducedby20%. 3. Wagesonmanagementandgrouplevelshouldbereducedby10-20%. 4. MoralandfairnessissuesshouldbethemesformeasuringthatcanimpactthewagestructureinNordeaon amediumtermhorizon. 5. Thatemployees’advicetocustomersshouldbemeasuredinrelationtotheirsuccessrate-seenfromthe customers’pointofview-goingforward.

Item 8Dispositions of the Company’s profit according to the adopted balance sheet

TheBoardofDirectorsandthemanagingdirectorproposeadividendof0.26europershare,andfurther,thattherecorddatefordividendshouldbe27March2012.Withthisrecorddate,thedividendisscheduledtobesentoutbyEuroclearSwedenABon3April2012.

Statement of the Board of Directors according to chapter 18 section 4 of the Swedish Companies Act

InconnectionwiththedividendproposalputforwardbytheBoardofDirectorsofNordeaBankAB(publ)(“theCompany”)totheannualgeneralmeetingon22March2012,theBoardofDirectorsherebygivesthefollowingstatementaccordingtochapter18section4oftheSwedishCompaniesAct.

The nature, scope and risks of the businessThenatureandscopeofthebusinessarelaiddownintheArticlesofAssociationandthe2011AnnualReport.ThebusinessconductedbytheCompanyandthegroupinvolvesnofurtherrisksbeyondwhatisgenerallyassociatedwithconductingbusinessofthiskind.ThedependenceoftheCompanyofthemacroeconomiccycledoesnotdeviatefromwhatiscommoninthiskindoffinancialbusiness.RegardingsignificanteventsreferenceismadetowhatispresentedintheAnnualReport.Inadditiontothis,noeventshaveoccurredwhichaffecttheCompany’sabilitytodistributeearnings.

The financial position of the Company and the groupThefinancialpositionoftheCompanyandthegroupasper31December2011ispresentedinthe2011AnnualReport.Theprinciplesusedforvaluationofassets,provisionsandliabilitiesarealsofoundtherein.Aswillbeseenfromtheproposeddistributionofearnings,theBoardofDirectorsproposesadividendofEUR0.26pershare,correspondingtoatotaldividendpaymentofEUR1,048m.Theproposeddividendamountsto40%ofthegroup’snetprofitaftertax,4.0%ofthegroup’sequity,excludingminorityinterests,and6.2%oftheCompany’sequity.

TheCompany’sandthegroup’sequityhas,net,beenpositivelyaffectedbyassetsandliabilitiesbeingreportedatmarketvalueon31December2011.

Accordingtothe2011AnnualReportthegroup’sTier1capitalratio,includingtransitionrules,afterproposeddividend,is10.1%(previousyear9.8%).

Theproposeddividenddoesnotposeathreattothecompletionofinvestmentsdeemednecessary,nortotheCompany’sorthegroup’sabilitytomeetpresentandexpectedpaymentobligationsinduetime.TheliquidityforecastfortheCompanyandthegroupshowsthattheCompanyandthegroup,consideringtheproposeddistributionofearnings,havereadinesstosettlevariationsinthecurrentpaymentobligations.

ThefinancialpositionofthegroupdoesnotgiverisetoanyotherassessmentthanthattheCompanyandthegroupcancontinuetheirbusinessandthattheCompanyandthegroupcanbeexpectedtomeettheirliabilitiesbothintheshort-andlong-termperspective.ItistheassessmentoftheBoardofDirectorsthatthesizeoftheequityaftertheproposeddividendisinreasonableproportiontothescopeoftheCompany’sandthegroup’sbusinessandtherisksassociatedwithconductingthebusiness.

The justifiability of the proposed dividendWithreferencetotheaboveandwhathasotherwisecometotheattentionoftheBoardofDirectorsitistheassessmentoftheBoardofDirectorsthattheproposeddividendisjustifiableconsideringthedemandswithrespecttosizeoftheCompany’sandthegroup’sequitywhichareimposedbythenature,scopeandrisksassociatedwiththebusiness,andtheCompany’sandthegroup’sneedforconsolidation,liquidityandfinancialpositioningeneral.

Stockholm23January2012TheBoardofDirectors

Item 13Election of board members and chairman of the board

The Nomination Committee proposes thatfortheperioduntiltheendofthenextannualgeneralmeetingBjörnWahlroos,StineBosse,MarieEhrling,SveinJacobsen,TomKnutzen,LarsGNordström,SarahRussellandKariStadighshallbere-electedasboardmembersandPeterFBraunwaldershallbeelectedasboardmember.FortheperioduntiltheendofthenextannualgeneralmeetingBjörnWahlroosshallbere-electedchairman.

Independence according to the Swedish Code of Corporate Governance

Alloftheproposedboardmembersareconsideredindependentinrelationtothecompanyanditsmanagement.Themajorityoftheproposedboardmembersarethusindependentinrelationtothecompanyanditsmanagement.

Oftheproposedboardmembers,allmembersapartfromBjörnWahlroosandKariStadighareconsideredindependentinrelationtothecompany’smajorshareholders.Atleasttwooftheproposedboardmemberswhoareindependentinrelationtothecompanyanditsmanagementarethusalsoindependentinrelationtothecompany’smajorshareholders.BjörnWahlroosisboardchairmanofSampoplc,whichownsmorethantenpercentofallsharesandvotesinNordeaBankAB(publ).KariStadighismanagingdirectorandCEOofSampoplc,whichownsmorethantenpercentofallsharesandvotesinNordeaBankAB(publ).

________________

TheNominationCommitteeiscomposedofTorbjörnMagnusson,chairmanoftheCommittee,appointedbySampoplcasashareholder,KristinaEkengren,appointedbytheSwedishstateasashareholder,MogensHugo,appointedbyNordea-fondenasashareholder,PederHasslev,appointedbyAMFasashareholder,andBjörnWahlroos,chairmanoftheBoardofDirectors.

________________

The shareholder Hygade ApS proposes thatfortheperioduntiltheendofthenextannualgeneralmeetingJörgenGadeHyldgaardshallbeelectedasboardmember.

________________

Björn WahlroosPh.D (Economics), 1979. Board member since 2008. Born 1952.Board Chairman of Sampo plc, UPM-Kym-mene Oyj and Hanken School of Economics.Board member of several charities, including the Finnish Business and Policy Forum EVA/ETLA and the Mannerheim Foundation.Previous positions:2001–2009 Group CEO and President of Sampo plc1998–2000 Chairman of Mandatum Bank plc1992–1997 President of Mandatum & Co Ltd1985–1992 Various positions with Union Bank of Finland including executive vice president and member of the executive committee 1989–19921983–1984 Visiting associate professor in Managerial Economics and Decision Sciences at Kellogg Graduate School of Management, Northwestern University1980–1981 Visiting assistant professor in Economics at Brown University1979–1985 Professor and acting professor of Economics at the Swedish School of Economics1974–1979 Acting lecturer and assistant professor in Finance at the Swedish School of EconomicsShareholding in Nordea: 100,000*

Stine BosseLLM. Board member since 2008. Born 1960.Board Chairman of Børnefonden.Board member of Forsikring & Pensionand Amlin Plc.Previous positions:2002–2011 Group CEO of Tryg A/S1987–2001 Various positions within Tryg Forsikring A/S. Senior Vice President 1999–2002Shareholding in Nordea: 2,917*

Marie EhrlingBSc (Economics). Board member since 2007. Born 1955.Board member of Securitas AB, Loomis AB, Oriflame Cosmetics SA, Schibsted ASA, Safe Gate AB, Centre for Advanced Studies of Leadership at Stockholm School of Economics and World Childhood Foundation. Member of Business Executives Council of Invest Sweden and the Royal Swedish Academy of Engineering Sciences (IVA).Previous positions:2003–2006 CEO TeliaSonera Sverige AB1982–2002 Deputy CEO SAS Group, Head of SAS Airline and other executive positions within the SAS group1980–1982 Information officer at the Ministry of Finance1979–1980 Information officer at the Ministry of Education1977–1979 Financial analyst at Fourth Swedish National Pension FundShareholding in Nordea: 3,075*

* Shareholdings also include shares held by family members and closely affiliated legal entities.

Information on which assignments the proposed board members have in other companies etc.

Svein JacobsenMBA. Certified public accountant. Board member since 2008. Born 1951.Board Chairman of Vensafe AS, PSI Group ASA and Falkenberg AS. Deputy Chairman of Orkla ASA. Member of the Advisory Board in CVC Capital Partners.Previous positions:1984–1996 Various positions within Tomra Systems including CEO 1988–1996Shareholding in Nordea: 5,000*

Tom KnutzenMSc (Economics). Board member since 2007. Born 1962.CEO Danisco A/S.Chairman of the Council of Copenhagen Industries Employers’ Federation.Board member of the Confederation of Danish Industries (DI) in Copenhagen.Member of Denmark’s Growth Council.Previous positions:2000–2006 CEO NKT Holding A/S1996–2000 CFO NKT Holding A/S1988–1996 Various positions within Niro A/S1985–1988 Various positions within FællesbankenShareholding in Nordea: 47,750*

Lars G NordströmLaw studies at Uppsala University. Board member since 2003. Born 1943.Board Chairman of the Finnish-Swedish Chamber of Commerce. Board member of Viking Line Abp and the Swedish-American Chamber of Commerce. Member of the Royal Swedish Academy of Engineering Sciences (IVA). Finnish Consul.Previous positions:2008–2011 President and Group CEO of Posten Norden AB2002–2007 President and Group CEO of Nordea Bank AB1993–2002 Various executive management positions within Nordea Group1970–1993 Various positions within Skandinaviska Enskilda Banken (EVP from 1989)Shareholding in Nordea: 23,250*


Sarah RussellMaster of Applied Finance. Board member since 2010. Born 1962.CEO Aegon Asset Management.Previous positions:1994–2008 Various executive management positions within ABN AMRO, including Senior Executive Vice President and CEO of ABN AMRO Asset Management 1981–1994 Various management and other positions in Financial Markets within Toronto Dominion Australia LtdShareholding in Nordea: 0*

Kari StadighMSc (Engineering) and BBA. Board member since 2010. Born 1955.Group CEO and President of Sampo plc.Board Chairman of If P&C Insurance Holding AB (publ), Kaleva Mutual Insurance Com-pany, Mandatum Life Insurance CompanyLimited and Alma Media Corporation.Previous positions:2001–2009 Deputy CEO of Sampo plc1999–2000 President of Sampo Life Insurance Company Ltd1996–1998 President of Nova Life Insurance Company Ltd1991–1996 President of Jaakko Pöyry Group1985–1991 President of JP Finance OyShareholding in Nordea: 100,000*

Peter F BraunwalderLLM and MA (Politics). Born 1950.Board chairman of Thommen Medical AG. Board member of Banque Heritage and the Menuhin Festival Gstaad.Previous positions:2002–2008 Chief Executive Officer HSBC Private Bank1982–2001 Various executive management and other positions within UBS investment banking and private bankingShareholding in Nordea: 0*


Item 14Election of auditors

TheNominationCommitteeproposesthatfortheperioduntiltheendofthenextannualgeneralmeetingKPMGABshallbere-electedasauditor.

________________

Auditor-in-charge:CarlLindgren,AuthorizedPublicAccountant.________________


Item 15The Nomination Committee’s proposal for a resolution on the establishment of a nomination committee

TheshareholdersoftheNominationCommitteeofNordeaBankAB(publ)(the“Company”)proposethattheannualgeneralmeetingon22March2012resolvesonthefollowingestablishmentofanominationcommittee.

“Itwasresolvedtoestablishanominationcommitteewiththetasktopresentatgeneralmeetingswhereelectiontakesplaceofboardmembersand/orchairmanoftheBoardofDirectors,includingdeterminationofthenumberofmembers,and/orauditorand/ordecisionismaderegardingfeestoboardmembersand/orauditor,proposalstothegeneralmeetingforsuchdecisions.

ThenominationcommitteeshallconsistofthechairmanoftheBoardofDirectors,astheconvener,andfurtherfourmembers.Thenominationcommitteeshallelectitschairman.ThechairmanoftheBoardofDirectorsmustnotbethechairmanofthenominationcommittee.TheshareholderswiththefourlargestshareholdingsintermsofvotingrightintheCompanyshallhavetherighttoappointonemembereach.Ifanyoftheseshareholdersshouldopttowaivesuchright,therightwillpasstotheshareholderthatholdsthelargestshareholdingintermsofvotingrightnexttothesaidfourshareholders.Thesameruleappliesifsuchnextshareholdershouldwaiveitsright,wherebytherightwillpasstothenextshareholderintheorderaccordingtothesizeoftheshareholding.MembersappointedinaccordancewiththisparagrapharenotentitledtoanyremunerationfromtheCompany.

ThenominationcommitteewillbeconstitutedonthebasisoftotheCompanyknownshareholdingsintheCompanyon31August2012.Ifashareholderwhohasappointedamembersubsequentlyshouldceasetohavesuchright,thememberappointedshall,afterdecisionbythenominationcommittee,beentitledtostayasamemberofthenominationcommitteeaslongastheshareholderwhoappointedthememberownssharesintheCompany.Iftheappointedmemberleaveshis/heroffice,anewmembershallbeappointedinaccordancewiththeorderassetoutinthesecondparagraphabove.However,aftertheendof2012anewmembermayonlybeappointed,exceptasregardsthechairmanoftheBoardofDirectors,ifamemberpreviouslyappointedshouldleavehis/heroffice,irrespectiveofthereason,andthenominationcommitteesubsequentlyshouldconsistoflessthanthreemembersapartfromthechairmanoftheBoardofDirectors.

Thenominationcommitteemayattachco-optedmemberswhoareappointedbyshareholdersthataftertheconstitutingmeetingofthenominationcommitteeareamongthefourlargestshareholdersintermsofvotingrightintheCompanyandthathavenotalreadyappointedamembertothenominationcommittee.Suchco-optedmembersdonotparticipateinthedecisionsofthenominationcommitteeandarenotentitledtoanycompensationfromtheCompany.

Moreover,thenominationcommitteemayattachamaximumofthreeco-optedmemberswhoforthepurposeoftheworkofthenominationcommitteepossesstherequiredknowledgeofandexperienceinthesocial,businessandculturalconditionsoftheregionsandmarketsinwhichthemainactivitiesofthegrouparecarriedout.Suchco-optedmembersdonotparticipateinthedecisionsofthenominationcommittee.Suchaco-optedmembershallbeentitledtocompensationforcostsincurredaswellasreasonableremunerationfromtheCompanyforworkcarriedout,asdecidedbythenominationcommittee.

Anelectedmemberoraco-optedmembermustnotbeemployedbytheNordeagroup.

TheCompanyshallpublishthecompositionofthenominationcommitteenolaterthansixmonthsbeforetheannualgeneralmeetingandinadditionstatethecompositionintheannualreportandinthenoticeconveningthegeneralmeeting.

Thenominationcommitteeshallbeentitledtoemploy,attheCompany’sexpense,arecruitmentconsultantoranyotherresourcethatthecommitteefindsnecessaryinordertoperformitsduties.

Thenominationcommittee’smandateisvaliduntilanewnominationcommitteehasbeenconstituted,unlessageneralmeetingbeforethenhasdecidedotherwise.”

___________________


Item 16Board proposal for resolution to purchase own shares according to chapter 7 section 6 of the Swedish Securities Market Act (lagen (2007:528) om värdepappersmarknaden)

TheBoardofDirectorsofNordeaBankAB(publ)(the”Company”)proposesthattheannualgeneralmeetingon22March2012resolvesonthefollowingpurchaseofownsharesaccordingtochapter7section6oftheSwedishSecuritiesMarketAct(lagen(2007:528)omvärdepappersmarknaden).

”ItwasresolvedthattheCompany,inordertofacilitateitssecuritiesbusiness,upuntilthenextannualgeneralmeeting,maypurchaseownordinarysharesaccordingtochapter7section6oftheSwedishSecuritiesMarketAct(lagen(2007:528)omvärdepappersmarknaden).However,withthelimitationthattheCompany’sholdingofsuchsharesinthetradingbookmustneverexceedonepercentofthetotalnumberofsharesintheCompany.Thepricefortheordinarysharesshallequalthemarketpriceprevailingatthetimeoftheacquisition.”

___________________

Item 17Resolution on guidelines for remuneration to the executive officers.

TheBoardofDirectorsofNordeaBankAB(publ)proposesthattheannualgeneralmeetingon22March2012resolvesonthefollowingguidelinesforremunerationtotheexecutiveofficers.

”Guidelines for remuneration to the executive officers

NordeashallmaintainremunerationlevelsandotheremploymentconditionsneededtorecruitandretainexecutiveofficerswithcompetenceandcapacitytodeliveraccordingtoNordea’sshortandlongtermtargets.

ThetermexecutiveofficersshallinthiscontextmeantheCEOofNordeaBankAB(publ)andtheexecutivesreportingdirectlytohimalsobeingmembersofGroupExecutiveManagement.

RemunerationofexecutiveofficerswillbedecidedbytheBoardofDirectorsinaccordancewithNordea’sinternalpoliciesandprocedures,whicharebasedontheSwedishFinancialSupervisoryAuthority’s(SFSA)regulationsonremunerationsystems,EU’sdirectiveoncapitalrequirementsforbanksaswellasinternationalsoundcompensationpractices.

SalariesandotherremunerationinlinewithmarketlevelsistheoverridingprincipleforcompensationtoexecutiveofficerswithinNordea.Compensationtotheexecutiveofficersshallbeconsistentwithandpromotesoundandeffectiveriskmanagementandnotencourageexcessiverisk-takingorcounteractNordea’slongterminterests.

Short term remunerationAnnualremunerationconsistsofafixedsalarypartandavariablesalarypart(“VSP”).Fixedsalaryispaidforsatisfactoryperformance.VSPisofferedtorewardperformancemeetingagreedpredeterminedtargetsonGroup,businessunitandindividuallevel.Theeffectonthelongtermresultistobeconsideredwhendeterminingthetargets.TheVSPshallasageneralrulenotexceed35percentoffixedsalary.Inaccordancewithinternationalprinciplesguaranteedvariablesalarypartistobeexceptionalandmayonlyoccurinthecontextofhiringanewexecutiveofficerandthenbelimitedtothefirstyear.

VSPshallbepaidintheformofcashandshares/share-pricerelatedpaymentandbesubjecttoretention,deferralandforfeitureclausesbasedontheSFSA’sregulationsonremunerationsystems,takingaccountofdomesticrulesandpracticeswhererelevant.

Long term remunerationTheAGMssince2007havedecideduponshareandperformance-basedLongTermIncentiveProgrammeswhichrequireaninitialinvestmentinNordeasharesbytheparticipantsandwherecompensationshallbedependentonthecreationoflongtermshareholdervalueandthefulfilmentofNordea’sfinancialtargets.Asimilarprogrammeaslastyear’sprogrammewithperformancemeasuredoverathreeyearsperiod,andbasedonmatchingandperformancesharesfreeofchargeisproposedforAGM2012.Comparedtolastyear’sprogrammetheperformanceconditionsareproposedtobebasedonrisk-adjustedreturnoncapitalatriskandtheratiotangiblepricetobook.Theprogrammeshaveacap.OnayearlybasistheBoardofDirectorswillevaluatewhetherasimilarincentiveprogrammeshouldbeproposedtotheAnnualGeneralMeeting.TheexecutiveofficerswillbeinvitedtojointheLongTermIncentiveProgrammesandduetotheirinfluenceonthelongtermdevelopmentofNordea,theconditionsforparticipationandoutcomediffercomparedtootherparticipants.

IftheAnnualGeneralMeetingdoesnotapproveaLongTermIncentiveProgramme,theVSPtoexecutiveofficersmaybeincreasedandshallasageneralrulenotexceed50percentoffixedsalary.

BenefitsNon-monetarybenefitsaregivenasameanstofacilitateexecutiveofficers’performance.Thelevelsofthesebenefitsaredeterminedbywhatisconsideredfairinrelationtogeneralmarketpractice.Theexecutiveofficersshallbeofferedretirementbenefitsinaccordancewithmarketpracticeinthecountryofwhichtheyarepermanentresidents.Noticeandseverancepayintotalshallnotexceed24monthsoffixedsalaryforexecutiveofficers.

AnypotentialundertakingorcommitmentmadebyNordeaagainstastateorpublicauthorityinanyguaranteeagreementoranysimilaragreementwhichaffecttheremunerationofexecutiveofficerswillbeobserved.

TheBoardofDirectorsmaydeviatefromtheseguidelines,ifthereinacertaincasearespecialreasonsforthis.“

___________________

Additional information to the Board of Directors’ proposal for guidelines for remuneration to the executive officers

Deviations from approved guidelines 2011:Therehavebeennodeviationsfromtheapprovedguidelines2011.

Estimated cost for variable remunerations in 2012:Itisestimatedthatthemaximumtotalcostforvariablesalary,excludingLongTermIncentiveProgrammes,forGEMcanamounttoapproximatelyEUR1.8m.

Theestimatedcostin2012fortheapprovedLongTermIncentiveProgrammes(LTIP2010andLTIP2011)andfortheproposedLongTermIncentiveProgramme(LTIP2012),allocatedtoCEOandGEMmembersisshowninthefollowingtable.

LTIP2010 LTIP2011 LTIP2012

Maximumcost1 EUR0.4m EUR1.0m EUR0.8mExpectedcost2 EUR0.2m EUR0.6m EUR0.5mCalculatedcost3 EUR0.7m EUR1.9m EUR2.3m

1 Maximumcostin2012assumingmaximuminvestmentsbyCEOandallGEMmembersandthatallcriteriaarefullymetforLTIP2010,LTIP2011andLTIP 2012expensedover36monthsin2010-2013,2011-2014and2012-2015respectively,excludingsocialcosts.2 Expectedcostin2012assumingmaximuminvestmentsbyCEOandallGEMmembersbasedon50%fulfilmentoftheperformancecriteriaforeachprogramme (although23%fulfilmentofperformancecriteriaforperformancesharesIinLTIP2010),forLTIP2010,LTIP2011andLTIP2012expensedover36months in2010-2013,2011-2014and2012-2015respectively,excludingsocialcosts.3 ThecalculatedcostofrespectivewholeprogrammeforCEOandGEMasatgrantdate,excludingsocialcosts.

Item 18Proposal by the Board of Directors regarding Long Term Incentive Programme

a) Long Term Incentive Programme

Background Theannualgeneralmeeting2007resolvedtointroduceaLongTermIncentiveProgramme2007andtheprogrammehasbeenfollowedbysimilarprogrammesannually.TheBoardproposesthattheexistingprogrammesarefollowedbyaLongTermIncentiveProgramme2012(“LTIP2012”).

TheunderlyingbasicprinciplesforcompensationundertheprogrammesarethatthecompensationshallbedependentonthecreationoflongtermshareholdervalueandthefulfilmentofNordea’slongtermfinancialtargets.Nordeahasreplacedthepreviouslongtermfinancialtargetstotalshareholderreturnandrisk-adjustedprofitwiththenewfinancialtargetreturnonequity(“ROE”).IntheproposedLTIP2012thefinancialperformancecriteriaisrisk-adjustedreturnoncapitalatrisk(“RAROCAR”)whichisNordea’sinternalversionofROE.RAROCARreplacestheperformancecriteriariskadjustedprofitpershare.InordertorewardperformanceinlinewithNordea’sambitiontostayinthetopleagueofEuropeanbanks,theperformancecriteriatotalshareholderreturnisreplacedbyRAROCARandtheratioPricetotangibleBook(“P/B”).P/BhasthelastyearsbeenhighlightedasameasurerankingqualityandperformanceandthereisastrongcorrelationbetweenP/BandROE

LTIP 2012TheBoard’smainobjectivewiththeproposalistostrengthenNordea’scapabilitytoretainandrecruitthebesttalentsforkeyleadershippositions.TheaimisfurthertostimulatethemanagersandkeyemployeeswhoseeffortshavedirectimpactonNordea’sresult,profitabilityandlongtermvaluegrowth,toincreasedeffortsbyaligningtheirinterestsandperspectiveswiththoseoftheshareholders.Theintentionisthattheprogrammewillbefollowedbysimilarprogrammesduringthecomingyears.

Personal investmentInordertoparticipatetheemployeeshavetoholdNordeashares.ThesharescouldbepreviouslyheldorpurchasedinthemarketbeforeenteringintotheLTIP2012agreement(“SavingShares”).ForeachSavingShareheld,Nordeashall,freeofcharge,allotacertainnumberofmatchingsharesandperformancesharesbasedontheconditionssetoutbelow.Allotmentwilltakeplaceaftertheperiodcommencingonthe25April2012andendinginconjunctionwiththereleaseoftheinterimreportforJanuary-March2015(“VestingPeriod”).ForNordeaGroupExecutiveManagement(“GEM”)andcertainotheremployeeswithinthegroupofemployeesbeingdefinedasidentifiedstaffbytheboardofdirectorsinaccordancewithNordea’sRemunerationPolicy(“IdentifiedStaff”),adeferralperiodof3-5yearsisrequiredbyapplicablelawsandregulationsandpartsoftheallotmentunderLTIP2012maythusbepostponedaccordingly(“DeferralPeriod”).

ThenumberofSavingSharesheldwithinLTIP2012byeachparticipantmaynotexceedanumberequivalentto10percentoftheparticipant’sannualbasesalary(forGEMthenumberis15percent)byyear-end2011dividedbytheaveragesharepriceoftheNordeashareontheNASDAQOMXStockholmduringDecember2011.1

Tofurtheraligntheinterestsoftheparticipantswiththeinterestsoftheshareholders,theBoardviewsitpositiveiftheparticipants,asthematchingsharesandperformancesharesareallotted,retaintheallottedshares(thoseremainingaftershareshavebeensoldtopayapplicabletaxes).TheguidingprincipleisthatmembersofGEMovertime,ifpossible,accumulateandretainshareswithavaluecorrespondingtotwelvemonths’basesalaryandthatotherparticipantsovertime,ifpossible,accumulateandretainshareswithavaluecorrespondingtosixmonths’basesalary.

1 Consideringthevolatilityinshareprice,theaveragesharepriceisusedwhencalculatingthenumberofSavingShareseachparticipantmayhold underLTIP2012.

Terms and conditionsAllotmentofmatchingshares,performancesharesIandperformancesharesIIisgovernedbythefollowingtermsandconditions:• theparticipantmust,withcertainexemptions,remainemployedwithintheNordeaGroupduringtheentire VestingPeriodandallSavingSharesmustberetainedduringthisperiod,• theparticipanthasnorighttopledge,disposeortransfertheentitlementtoallotmentofNordeasharesorto executeanyshareholders’rightsduringtheVestingPeriod,including,ifapplicable,theDeferralPeriod,• thefulfilmentoftheperformanceconditionssetoutbelowtobeentitledtoallotmentofperformanceshares IandII,• allotmentwilltakeplacefreeofchargeaftertheVestingPeriod,however,nolaterthan14calendardaysafter thepublicationofNordea’sinterimreportforJanuary-March2015and,ifapplicable,pro-rataduringthe DeferralPeriod,• dividendspaidontheunderlyingNordeasharewillincreasethenumberofsharesthateachparticipantmay beallottedaftertheVestingPeriodand,ifapplicable,pro-rataduringtheDeferralPeriod,• theparticipant’smaximumprofitoftheLTIP2012willbecalculatedattheendoftheVestingPeriodandshall notexceedtheparticipant’sannualbasesalarybyyearend2011,• prohibitiontoenterintopersonalhedgingandinsurancearrangementsforcertainfinancialeffectsduring theVestingPeriodand,ifapplicable,theDeferralPeriod,and• retentionperiodofuptotwelvemonthsonallotmentsunderLTIP2012forcertainIdentifiedStaffasrequired byapplicablelawsandregulations.

TheBoardshallberesponsibleforpreparinganddecidingonthedetailedtermsandconditionsfortheLTIP2012inaccordancewiththisproposal.Tothisend,theBoardshallbeentitledtomakeadjustmentstothetermsandconditionsofLTIP2012tomeetlegalrequirements.TheBoardmayalsomakeotheradjustmentsifsignificantchangesintheNordeaGroup,oritsoperatingenvironment,wouldresultinasituationwherethedecidedtermsandconditionsfortheLTIP2012wouldbecomeunsuitable.AnyadjustmentstotheLTIP2012musthoweverbewithinthelimitsofmaximumnumberofsharesandthecalculatedcostsfortheLTIP2012.TheBoardmayalsoreducethenumberofsharestobeallotted(includingreducingtonil)iftheallotmentwouldbedeemedunjustifiedgiventheperformanceoftheNordeaGroup,relevantbusinessunit,ifapplicable,ortheparticipant(forfeiture).

TheBoardshallalsobeentitledtorecalculateRAROCARduetoa)newexternalregulationsandrequirements,includingcapitalrequirementsinadditiontowhataresofarannouncedb)deviationscomparedtoforecastedeffectsfromroll-outofalreadyknownregulatoryapprovalsandc)modelchanges.TheoutcomeoftherecalculationhastobeconfirmedbyNordea’sexternalauditor.

TheBoardmaydelegatethepowertoprepare,decideon,amendoradjusttheLTIP2012inaccordancewiththeabovetotheBoardRemunerationCommittee.

Performance conditionsThenumberofperformancesharesIandIItheemployeeswillbeallottedis,inadditiontotheconditionsmentionedabove,dependentonthefulfilmentofthebelowdescribedperformanceconditions.

• Performance share I–IfNordea’saverageRAROCARduringtheperiod2012toandincluding2014(“AverageRaRoCaR”)amountstofourteen(14)percenttheparticipantisentitledtoreceiveallotmentofthenumberofperformancesharesIcorrespondingtoten(10)percentofthemaximumnumberofperformancesharesIthatmaybeallotted(minimumhurdle).IfAverageRAROCARamountstoorexceedsseventeen(17)percent,theparticipantisentitledtoreceiveallotmentofthemaximumnumberofperformancesharesIthatmaybeallotted(stretchtarget).IfAverageRAROCARexceedstheminimumhurdlebutislessthanthestretchtarget,theparticipantisentitledtoreceiveallotmentcorrespondingtoten(10)percentofthemaximumnumberofperformancesharesIthatmaybeallottedplusaproportionatenumberofperformancesharesIbasedonalinearinterpolationbetweentheminimumhurdleandthestretchtarget.

• Performance share II–IfNordea’sAverageRAROCARamountstoorexceedsfourteen(14)percentandNordea’sP/B(wherePisbasedontheclosingsharepriceoftheNordeasharethetradingdayfollowingthedayofthelastpublishedinterimreportfor2014inNordea’speergroupbelowandBisthebookequityasofyear-end2014

adjustedforintangibleassetsinaccordancewiththeinterimreportorannualreport2014ifmadepublic)(“P/B2014”)placesNordeaintheeleventhpositionorlowercomparedtothecorrespondentP/B2014fortheotherbanksinthepeergroup,currentlyincludingfiveNordicandfourteenotherEuropeanbanksasdeterminedbytheBoard,presentlyBancoBilbaoVizcayaArgenaria(BBVA),Barclays,BNPParibas,Commerzbank,CréditAgricole,DanskeBank,DeutscheBank,DNB,ErsteBank,BancoSantander,IntesaSanpaolo,KBC,LloydsTSB,RoyalBankofScotland,SEB,SociétéGénérale,SvenskaHandelsbanken,SwedbankandUniCredit,theparticipantwillnotbeentitledtoallotment.IfNordea’sAverageRAROCARamountstoorexceedsfourteen(14)percentandNordea’sP/B2014placesNordeainposition6-10theparticipantisentitledtothefollowingallotmentofperformancesharesII:positionsix-allotmentcorrespondingtoseventy-five(75)percentofthemaximumnumberthatmaybeallotted,positionseven-allotmentcorrespondingtosixty(60)percentofthemaximumnumberthatmaybeallotted,positioneight-allotmentcorrespondingtoforty-five(45)percentofthemaximumnumberthatmaybeallotted,positionnine-allotmentcorrespondingtothirty(30)percentofthemaximumnumberthatmaybeallottedand,positionten-allotmentcorrespondingtofifteen(15)percentofthemaximumnumberthatmaybeallotted.IfNordea’sAverageRAROCARamountstoorexceedsfourteen(14)percentandNordea’sP/B2014placesNordeainthefirsttofifthposition,theparticipantisentitledtoreceiveallotmentcorrespondingtothemaximumnumberofperformancesharesIIthatmaybeallotted(stretchtarget).

Allotment and allocationEachSavingShareentitlestheparticipanttoallotmentofone(1)matchingshare,amaximumoftwo(2)performancesharesIandamaximumofone(1)performanceshareII.However,forIdentifiedStaff,havingtorespectaDeferralPeriodandretentionperiodasrequiredbyapplicablelawsandregulations,eachSavingShareentitlestheparticipanttoallotmentofone(1)matchingshare,amaximumofthree(3)performancesharesIandamaximumofone(1)performancesharesII.

Intotal,LTIP2012comprisesamaximumof9,360,000Nordeashares,ofwhich1,800,000consistofmatchingsharesand6,000,000consistofperformancesharesIandperformancesharesII.Theadditional1,560,000sharesrelatetosuchsharesthatmaybeconveyedbyNordeainordertocovercertaincosts,mainlysocialsecuritycosts.ThemaximumnumberofordinarysharescomprisedbyLTIP2012amountstoapproximately0.23percentofthetotalnumberofoutstandingordinaryshares.

HedgingLTIP2012entailsacertainfinancialexposureforNordea,duetomarketpricechangesfortheNordeashare.TheBoardintendstohedgethefinancialexposurebywayofenteringintoanequityswapagreementwithathirdpartyor,providedthattheAnnualGeneralMeetingresolvesinaccordancewithitem18b)ontheagenda,bywayofacombinationof(i)reallocationfromthehedgesofLTIP2007-2009toLTIP2012and(ii)anewissueofredeemableandconvertibleC-shares.TheBoardregardsthelattertobethemostcostefficientandflexiblearrangementfortheconveyanceofNordeasharesandforcoveringcertaincosts,mainlysocialsecuritycosts.However,independentofhedgingmethod,thecostsoftheLTIP2012willbechargedtotheincomestatementduringtheVestingPeriod.

Estimated costs and values of LTIP 2012 Theentitlementtomatchingsharesandperformancesharescannotbepledgedorconveyedtoothers.Anestimatedvalueforeachentitlementcanhoweverbecalculated.TheBoardhasestimatedthevalueofeachentitlementtoamatchingsharetoEUR6.55andtheaveragevalueofeachentitlementtoaperformancesharetoEUR3.28.Theestimationisbasedongenerallyacceptedvaluationmodelsusingtheclosingpricefortheordinaryshareon1February2012,statisticsonordinarysharepricedevelopmentaswellasprojecteddividends.Theaggregatedestimatedvalueofallthe1,800,000matchingsharesand6,000,000performancesharesbasedonafulfilmentoftheperformanceconditionsfortheperformancesharesIandIIof50percentandestimationsonturnoverofpersonnel,isapproximatelyEUR27m.Thevalueisequivalenttoapproximately0.10percentofthemarketcapitalisationforNordeaasof1February2012.

Thevalueisexpensedasastaffcostintheprofitandlossaccountsover36months,i.e.duringtheVestingPeriod,inaccordancewithIFRS2Share-basedpayments.Intheprofitandlossaccountssocialsecuritycostswillberecognisedinaccordancewithgenerallyacceptedaccountingprinciples.ThesizeofthesecostswillbecalculatedonthebenefitsderivedfromtheNordeasharepricedevelopmentduringtheVestingPeriodandatallotmentofmatchingsharesand

performancesharesIandII.Basedonatheoreticalassumptionofanannualsharepriceincreaseof10percentandavestingperiodofthreeyearsthecostofLTIP2012includingsocialsecuritycostsequalsapproximatelyEUR34m,whichisequivalenttoapproximately1.00percentofNordea’stotalstaffcostsinfinancialyear2011.TheestimatedmaximumcostforLTIP2012equals,basedontheassumptionsabove,approximatelyEUR63m,includingEUR20minsocialsecuritycosts.

Effects on key ratios ThecostsandthedilutionareexpectedtohaveamarginalimpactontheNordeaGroup’skeyratios.

ParticipantsLTIP2012comprisesupto400managersandotherkeyemployeesintheNordeaGroup.IfdeliveryofsharesunderLTIP2012cannotbeaccomplishedatreasonablecostsandwithreasonableadministrativeefforts,theparticipantsmayinsteadbeofferedacash-basedsettlement.

The preparation of the proposalTheBoardRemunerationCommitteehaspreparedthismatter,whereaftertheBoardhasresolvedtoproposetheAnnualGeneralMeetingthecurrentproposalforLTIP2012.

The Board’s proposalReferringtotheabove-mentioneddescription,theBoardproposesthattheAnnualGeneralMeetingresolvestoadoptLTIP2012.

Majority RequirementThedecisionbytheAnnualGeneralMeetingregardingLTIP2012isvalidwheresupportedbyshareholdersholdingmorethanhalfofthevotescastattheAnnualGeneralMeeting.

b) Conveyance of shares under the Long Term Incentive Programme

The Board’s proposalTheBoardproposesthattheAnnualGeneralMeetingresolveson(i)issueofC-shares,(ii)acquisitionofC-shares,(iii)reallocationof6,680,832sharesfromthehedgesoftherespectiveLTIPs2007-2009toLTIP2012,sincethesesharesnolongerarerequiredtosecureNordea’sobligationsundertheLTIPs2007-2009,and(iv)onconveyanceofsharesundertheLTIPs2008–2012,respectively,inaccordancewiththeprincipaltermsandconditionssetoutbelow.

1. Directed Cash Issue

IncreaseofNordea’ssharecapitalbymaximumEUR2,679,168throughanissueof2,679,168C-shares.

Theissuewillbeeffectedonthefollowingterms.

a) Thenewsharesshall–withdeviationfromtheshareholders’preferentialrighttosubscribeforshares –besubscribedforonlybyTheRoyalBankofScotlandplc.

b) Thenewsharesshallbeissuedatapricecorrespondingtothequotientvalueofthesharesatthetimeofthe subscriptionoftheshares.

c) Thenewsharesshallbesubscribedforduringtheperiod27April–25May2012,witharightfortheBoard toextendthesubscriptionperiod.Oversubscriptionisnotpermitted.

d) Paymentforsharessubscribedforshallbeeffectedatsubscriptionoftheshares.

e) Thenewsharesdonotentitletoanydividend.

f) ThenewshareswillbesubjecttorestrictionsassetforthinChapter4,Section6(conversionprovision)and Chapter20,Section31(redemptionprovision)intheSwedishCompaniesAct(SFS2005:551).

2. Authorisation for the Board to decide on a directed offer to acquire own shares

AuthorisationfortheBoardtodecideonacquisitionofC-sharesinNordeaonthefollowingterms.

a) AcquisitionmaybemadethroughapublicofferdirectedtoallownersofC-sharesinNordea.

b) TheauthorisationisvalidandmaybeexerciseduntiltheAnnualGeneralMeetingofShareholders2013.

c) ThenumberofC-sharespermittedtobeacquiredshallamountto2,679,168.

d) Acquisitionofsharesshallbemadeatalowestpricepershareof100percentandahighestpriceof105per centofthequotientvalue,applicableatthetimeofthesubscriptionofsharesaccordingtosection1b)above.

e) Paymentforsharesacquiredshallbemadeincash.

f) TheBoardshallbeauthorisedtoestablishadditionaltermsfortheacquisition.

g) Acquisitionshallalsoincludeasocalledinterimshare,designatedbyEuroclearSwedenABasa ”paidsubscriptionshare”(Sw.“BTA”)relatingtoaC-share.

3. Reallocation of shares

Reallocationof856,549ordinarysharesfromthehedgeofLTIP2007,1,000,897ordinarysharesfromthehedgeofLTIP2008and4,823,386ordinarysharesfromthehedgeofLTIP2009tothehedgeofLTIP2012.

4. Conveyance of own shares acquired

TheBoardintends,inaccordancewithprovisionsintheArticlesofAssociation,todecideonconversionofallC-sharestoordinaryshares.

Resolutionsonconveyanceofthecompany’sownsharesmaybemadeonthefollowingterms.

a) ConveyancemaybemadeonlyofordinarysharesinNordeaandamaximumof7,800,000sharesmaybe conveyedtoparticipantsinLTIP2012.

b) Conveyanceofsharesshallbemadewithoutconsiderationatthetimeandonsuchadditionaltermsand conditionsthatparticipantsinLTIP2012areentitledtoreceiveallotmentofshares.

c) Nordeashallhavetherightto,priortotheannualgeneralmeetingofShareholders2013,inordertocover certaincosts,mainlysocialsecuritycosts: • conveyamaximumof125,000ordinarysharesoftheordinaryshareshedgingNordea’sobligationsunder LTIP2008; • conveyamaximumof125,000ordinarysharesoftheordinaryshareshedgingNordea’sobligationsunder LTIP2009; • conveyamaximumof1,025,000ordinarysharesoftheordinaryshareshedgingNordea’sobligationsunder LTIP2010; • conveyamaximumof1,050,000ordinarysharesoftheordinaryshareshedgingNordea’sobligationsunder LTIP2011;and • conveyamaximumof1,560,000ordinarysharesofthe9,360,000ordinaryshares,which,afterconversion fromC-sharesandreallocationof6,680,832sharesfromthehedgesofLTIP2007-2009toLTIP2012,are proposedtohedgeNordea’sobligationunderLTIP2012.

Conveyanceofthesharesunderthissection4c)shallbeeffectedatNASDAQOMXStockholmatapricewithin thepriceintervalprevailingateachtimefortheshare.

_____________

Thereasonsforthedeviationfromshareholders’preferentialrightsarethefollowing.Theissueofshares,theacquisitionandtheconveyanceofownsharesareintegratedpartsofthepreviouslyresolvedLTIP2008-LTIP2011andthenowproposedLTIP2012.Therefore,andinlightoftheabove,theBoardconsidersittobetoanadvantageforNordeaandtheshareholdersthattheparticipantsinLTIP2012areofferedtobecomeshareholdersinNordea.ForthepurposeofminimisingNordea’scostsforLTIP2012,thesubscriptionpricehasbeenfixedatapriceequivalenttothequotientvalueoftheshare.

Authorization for the CEOFinally,theBoardproposesthattheCEOisauthorizedtomaketheminoradjustmentstotheaboveresolutionsregardingtheDirectedCashIssueofC-sharesinconnectionwiththeregistrationthereofwiththeSwedishCompaniesRegistrationOffice.

_____________Majority RequirementTheBoard’sproposalunderitem18b)sections1-4above,shallbeviewedasonedecision,andthedecisionbytheannualgeneralmeetingisvalidwheresupportedbyshareholdersholdingnolessthan90percentofboththevotescastandthesharesrepresentedattheannualgeneralmeeting.TheBoard’sproposalpursuanttothisitem18b)issubjecttothattheBoard’sproposalregardingtheLongTermIncentiveProgrammehasbeenapprovedbytheannualgeneralmeeting((item18a)above).

Stockholm8February2012

TheBoardofDirectors

_____________

Statement of the Board of Directors according to chapter 19 section 22 of the Swedish Companies Act

InconnectionwiththeproposaltoauthorisetheBoardofDirectorstodecideonadirectedoffertoacquiresharesinNordeaBankAB(publ)(“theCompany”)putforwardbytheBoardofDirectorstotheannualgeneralmeetingon22March2012,theBoardofDirectorsherebygivesthefollowingstatementaccordingtochapter19section22oftheSwedishCompaniesAct.

The nature, scope and risks of the businessThenatureandscopeofthebusinessarelaiddownintheArticlesofAssociationandthe2011AnnualReport.ThebusinessconductedbytheCompanyandthegroupinvolvesnofurtherrisksbeyondwhatisgenerallyassociatedwithconductingbusinessofthiskind.ThedependenceoftheCompanyofthemacroeconomiccycledoesnotdeviatefromwhatiscommoninthiskindoffinancialbusiness.RegardingsignificanteventsreferenceismadetowhatispresentedintheAnnualReport.Inadditiontothis,noeventshaveoccurredwhichaffecttheCompany’sabilitytodistributeearnings.

The financial position of the Company and the groupThefinancialpositionoftheCompanyandthegroupasper31December2011ispresentedinthe2011AnnualReport.Theprinciplesusedforvaluationofassets,provisionsandliabilitiesarealsofoundtherein.AcquisitionsofsharesintheCompanycanbemadeupto2,679,168C-shares.Thegroup’sTier1capitalratio,includingtransitionrules,asper31December2011was10.1%,whichdoesnotdeviatefromwhatiscommonintheindustry.

TheBoardofDirectorshasproposedtotheannualgeneralmeetingadividendofEUR0.26pershare,correspondingtoatotaldividendpaymentofEUR1,048m.Theproposeddividendamountsto40%ofthegroup’snetprofitaftertax,4.0%ofthegroup’sequity,excludingminorityinterests,and6.2%oftheCompany’sequity.

TheCompany’sandthegroup’sequityhas,net,beenpositivelyaffectedbyassetsandliabilitiesbeingreportedatmarketvalueon31December2011.

Theexpectednetprofitfor2012hasnotbeentakenintoconsiderationintheabovecalculations,norhasfurtherexpectedcapitalreliefrelatedtotheimplementationofBaselIIoritstransitionalrules.TheoutlookforNordeain2012,whichcoversmainlythesameperiodoftimeasthesuggestedauthorisationtoacquireownshares,ispresentedinthe2011AnnualReport.

Theproposedauthorisationdoesnotposeathreattothecompletionofinvestmentsdeemednecessary,nortotheCompany’sorthegroup’sabilitytomeetpresentandexpectedpaymentobligationsinduetime.TheliquidityforecastfortheCompanyandthegroupshowsthattheCompanyandthegroup,consideringtheproposedauthorisation,havereadinesstosettlevariationsinthecurrentpaymentobligations.

ThefinancialpositionofthegroupdoesnotgiverisetoanyotherassessmentthanthattheCompanyandthegroupcancontinuetheirbusinessandthattheCompanyandthegroupcanbeexpectedtomeettheirliabilitiesbothintheshort-andlong-termperspective.ItistheassessmentoftheBoardofDirectorsthatthesizeoftheequityisinreasonableproportiontothescopeoftheCompany’sandthegroup’sbusinessandtherisksassociatedwithconductingthebusinessalsoafterthecompletionoftheproposedauthorisation.

The justifiability of the proposalWithreferencetotheaboveandwhathasotherwisecometotheattentionoftheBoardofDirectorsitistheassessmentoftheBoardofDirectorsthattheproposedauthorisationonadirectedoffertoacquiresharesintheCompanyisjustifiableconsideringthedemandswithrespecttothesizeoftheCompany’sandthegroup’sequitywhichareimposedbythenature,scopeandrisksassociatedwiththebusiness,andtheCompany’sandthegroup’sneedforconsolidation,liquidityandfinancialpositioningeneral.

Stockholm8February2012

TheBoardofDirectors

Documents

2012 - Nordea