Financial Impact of the Capital Strengthening Measures

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The Board of Directors has decided to propose to reduce the dividend to EUR 0.20 per share, equal to 19% dividend pay out ratio, corresponding to approximately EUR 519 million. This proposal will improve the capital base by approximately EUR 0.5 billion.

The Rights Offering, in conjunction with the capital savings from the dividend cut, will on a pro forma basis enhance Nordea's Core Tier 1 capital ratio from 8.2% to 10.0%, Tier 1 capital ratio from 9.0% to 10.8% and capital adequacy ratio from 11.7% to 13.5% in each case of 31 December 2008 and based on full implementation of Basel II rules. Based on Basel II transition principles, the capital increase will on a pro forma basis enhance Nordea's Core Tier 1 capital ratio from 6.5% to 7.9%, Tier 1 capital ratio from 7.1% to 8.6% and capital adequacy ratio from 9.3% to 10.7% in each case as of 31 December 2008.