Nordea (Denmark)

Nordea (CPH:NDA) For the first time since World War II all the major economies in the world have slid into recession at largely the same time. Though it has been discussed whether the current recession could evolve into a depression, Nordea's economists emphasise in their new Economic Outlook that this is not their baseline scenario.

Nordea (CPH:NDA) Nordea has received approval from the Nordic FSAs to calculate risk-weighted exposure amounts using the Internal Rating Based (IRB) approach for its Retail portfolio. Thereby 82% of Nordea's credit portfolio will be reported according to the IRB method. The approval leads to a reduction in RWA of approx. 14% as of end September 2008. The reduction leads to a corresponding increase in Tier 1 ratio to 9.2% as of end September. The core Tier 1 ratio, excluding hybrid capital, amounts to 8.3%. Both numbers are excluding the transition rules valid until 1 January 2010. Hence, Nordea's capital position is among the strongest in the Nordic region as well as in Europe.

Nordea (CPH:NDA) Nordea has signed an agreement to acquire the remaining 17.70 per cent of JSB Orgresbank from the two management shareholders and the European Bank for Reconstruction and Development. Nordea has agreed with the minority shareholders to exercise its existing right to acquire the remaining shares. The transaction with the European Bank for Reconstruction and Development is subject to regulatory approvals and is expected to be completed in the first quarter of 2009.

Nordea (CPH:NDA) Nordea appreciates the initiatives that the Latvian government and the Central Bank of Latvia together with IMF and EU are discussing in order to restore confidence in the Latvian financial system and economy.

Nordea (CPH:NDA) AMF Pension has appointed the newly installed managing director Ingrid Bonde as new member of Nordea's Nomination Committee, and Christer Elmehagen, who has up to now represented AMF Pension, is thereby to leave the Committee.

Nordea (CPH:NDA) The global financial crisis is increasingly influencing the economies in the Baltics, Russia and Poland. The impact on the different economies has been quite diverse, but in general the gloomier development will have a negative impact on the export opportunities for Nordic companies operating in these countries.

Nordea (CPH:NDA) Following the recent development in the international shipping markets Nordea invites journalists and analysts to a seminar to bring light to current sector trends, Nordea's shipping strategy and credit portfolio.

Nordea (CPH:NDA) Strong results in extreme market conditions * Income EUR 5,949m (EUR 5,744m in the first nine months 2007), up 4% * Net interest income EUR 3,707m (EUR 3,139m), up 18% * Cost increase in line with target 6.5% * Profit before loan losses EUR 2,761m (EUR 2,751m) * Loan losses EUR 146m (positive EUR 54m), a loan loss ratio of 8 basis points * Operating profit EUR 2,615m (EUR 2,805m), down 7% * No reclassification made of interest-bearing securities * Unchanged risk-adjusted profit EUR 1,795m (EUR 1,798m) - but up 5% in customer areas * Return on equity 15.7% (19.5%) * Earnings per share EUR 0.78 (EUR 0.87) * Tier 1 ratio 7.9% (7.9%), excluding transition rules * Nordea expects unchanged risk-adjusted profit for the full year compared to last year (for full outlook for 2008, see page 8)

Nordea (CPH:NDA) The press release with the result will be published approximately 8.00 CET.

Nordea (CPH:NDA) Following the development in the Icelandic banking sector, Nordea comments on its exposure to Icelandic financial institutions as follows: