decision proposals etc

2010Nordea’s Annual General Meeting 25 March

Decision proposals etc.

Decision proposals etc.

• Item3–Approvaloftheagenda• Item8–DispositionsoftheCompany’sprofitaccordingtotheadoptedbalancesheet• Item12–Electionofboardmembersandchairmanoftheboard• Item13–Establishmentofanominationcommittee• Item14–Amendmenttoarticle10ofthearticlesofassociation• Item15a–AuthorisationfortheBoardofDirectorstodecideonacquisitionofshares intheCompany• Item15b–AuthorisationfortheBoardofDirectorstodecideonconveyanceofshares intheCompany• Item16–Purchaseofownsharesaccordingtochapter7section6oftheSwedish SecuritiesMarketAct(lagen(2007:528)omvärdepappersmarknaden)• Item17–Guidelinesforremunerationtotheexecutiveofficers• Item18 a)–LongTermIncentiveProgramme b)–ConveyanceofsharesundertheLongTermIncentiveProgramme

Item 3Approval of the agenda

Proposed agenda

1. Electionofachairmanforthegeneralmeeting2. Preparationandapprovalofthevotinglist3. Approvaloftheagenda4. Electionofatleastoneminuteschecker5. Determinationwhetherthegeneralmeetinghasbeendulyconvened6. Submissionoftheannualreportandconsolidatedaccounts,andoftheauditreportandthegroupauditreport Inconnectionherewith:thechairman’softheboardpresentationoftheboardofdirectors’workandspeech bytheGroupCEO7. Adoptionoftheincomestatementandtheconsolidatedincomestatement,andthebalancesheetandthe consolidatedbalancesheet8. DecisionondispositionsoftheCompany’sprofitaccordingtotheadoptedbalancesheet9. DecisionregardingdischargefromliabilityforthemembersoftheboardofdirectorsandtheCEO (Theauditorrecommendsdischargefromliability)10. Determinationofthenumberofboardmembers11. Determinationoffeesforboardmembersandauditors12. Electionofboardmembersandchairmanoftheboard13. Thenominationcommittee’sproposalforaresolutionontheestablishmentofanominationcommittee14 Theboardofdirectors’proposalforaresolutionontheamendmenttoarticle10ofthearticlesofassociation15. Theboardofdirectors’proposalforaresolutiononauthorisationfortheboardofdirectorstodecideon a)acquisitionofsharesintheCompanyand b)conveyanceofsharesintheCompany16. Theboardofdirectors’proposalforaresolutiononthepurchaseofownsharesaccordingtochapter7 section6oftheSwedishSecuritiesMarketAct(lagen (2007:528) om värdepappersmarknaden)17. Resolutionregardingtheguidelinesforremunerationtotheexecutiveofficers18. Theboardofdirectors’proposalforaresolutiononaLongTermIncentiveProgramme a)LongTermIncentiveProgramme b)ConveyanceofsharesundertheLongTermIncentiveProgramme19. TheshareholderKritiskeAktionærer’sproposalthatNordeaisorderedtorefrainfrominvestinginforestand paperbasedindustrieswhichareinvolvedinlarge-scaleenvironmentaldestruction.Thiscanbeensuredin practiceby: 1)NordeaexclusivelyinvestinginforestandpaperindustrieswhichareFSCcertified. 2)Nordeanotinvestingincompanieswhichactivelyconvertnaturalforestsintoplantations,orpurchases woodfromcompaniesthatconvertnaturalforestsintoplantations.

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

TheBoardofDirectorsandthemanagingdirectorproposeadividendof0.25europershare,andfurther,thattherecorddatefordividendshouldbe30March2010.Withthisrecorddate,thedividendisscheduledtobesentoutbyEuroclearSwedenABon8April2010.

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

InconnectionwiththedividendproposalputforwardbytheBoardofDirectorsofNordeaBankAB(publ)(“theCompany”)totheannualgeneralmeetingon25March2010,theBoardofDirectorsherebygivesthefollowingstatementaccordingtochapter18section4oftheSwedishCompaniesAct.

The nature, scope and risks of the businessThenatureandscopeofthebusinessarelaiddownintheArticlesofAssociationandthesubmitted2009AnnualReport.ThebusinessconductedbytheCompanyandthegroupinvolvesnofurtherrisksbeyondwhatisgenerallyassociatedwithconductingbusinessofthiskind.ThedependenceoftheCompanyofthemacroeconomiccycledoesnotdeviatefromwhatiscommoninthiskindoffinancialbusiness.RegardingsignificanteventsreferenceismadetowhatispresentedintheAnnualReport.Inadditiontothis,noeventshaveoccurredwhichaffecttheCompany’sabilitytodistributeearnings.

The financial position of the Company and the groupThefinancialpositionoftheCompanyandthegroupasper31December2009ispresentedinthe2009AnnualReport.Theprinciplesusedforvaluationofassets,provisionsandliabilitiesarealsofoundtherein.Aswillbeseenfromtheproposeddistributionofearnings,theBoardofDirectorsproposesadividendofEUR0.25pershare,correspondingtoatotaldividendpaymentofEUR1,006m.Theproposeddividendamountsto43%ofthegroup’snetprofitaftertax,4.5%ofthegroup’sequity,excludingminorityinterests,and6.5%oftheCompany’sequity.

TheCompany’sandthegroup’sequityhas,net,beenpositivelyaffectedbyassetsandliabilitiesbeingreportedatmarketvalueon31December2009.

Accordingtothe2009AnnualReportthegroup’sTier1capitalratio,includingtransitionrules,afterproposeddividend,is10.2%(previousyear7.4%).

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.

Stockholm9February2010TheBoardofDirectors

Item 12Election of board members and chairman of the board

TheNominationCommitteeproposesthatfortheperioduntiltheendofthenextannualgeneralmeetingHansDalborg,StineBosse,MarieEhrling,SveinJacobsen,TomKnutzen,LarsGNordström,BjörnSavénandBjörnWahlroosshallbere-electedasboardmembersandSarahRussellandKariStadighshallbeelectedasboardmembers.Fortheperioduntiltheendofthenextannualgeneralmeeting,HansDalborgshallbere-electedchairman.

Independence according to the Swedish Code of Corporate Governance

Oftheboardmembers,allmembersapartfromStineBosseandLarsGNordströmareconsideredindependentinrelationtothecompanyanditsmanagement.Themajorityoftheproposedboardmembersarethusindependentinrelationtothecompanyanditsmanagement.StineBosseismanagingdirectorandCEOofTrygVestaA/SwhosesubsidiaryTrygVestaForsikringA/ShasconcludedagreementswithcompanieswithintheNordeagroupconcerninggeneralinsuranceandsalesoflifeandpensionproducts.LarsGNordströmwasemployedasPresidentandCEOofNordeaBankAB(publ)until13April2007.

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

TheNominationCommitteeiscomposedofKristinaEkengren,chairmanoftheCommittee,appointedbytheSwedishstateasashareholder,KariStadigh,appointedbySampoplcasashareholder,MogensHugo,appointedbyNordea-fondenasashareholder,IngridBonde,appointedbyAMFasashareholder,andHansDalborg,chairmanoftheBoardofDirectors.

Hans DalborgPh.D. (Economics). Board member since 1998. Born 1941.Board chairman of the Swedish Corporate Governance Board and Uppsala University. Board member of Axel Johnson AB, the Stockholm Institute of Transition Economics and East European Economies (SITE) and the Stockholm Institute for Financial Research (SIFR).Member of the European Round Table of Financial Services (EFR).Previous positions2000 President and CEO Nordea1998–1999 President and CEO MeritaNordbanken1991–1997 President and CEO Nordbanken1989–1990 Senior Executive Vice President and Chief Operating Officer of Skandia Group1972–1989 Various positions within Skandia GroupShareholding in Nordea: 63,178*

Stine BosseMaster of Law. Board member since 2008. Born 1960.Group CEO of TrygVesta A/S.Board chairman of Forsikring & Pension and Børnefonden.Board member of Amlin plc.Previous positions1987–2001 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 Eco-nomics, World Childhood Foundation, ISA Investment in Sweden Agency and Business Executives Council IVA.Previous positions2003–2006 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*

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, Rotoenergy AB, PSI Group ASA and Norse Cutting & Abandonment AS. Deputy chairman of Orkla ASA and Expert AS.Member of the Advisory Board in CVC Capital Partners.Previous positions1984–1996 Various positions within Tomra Systems including CEO 1988–1996 Shareholding in Nordea: 5,000*

Tom KnutzenMSc (Economics). Board member since 2007. Born 1962.CEO Danisco A/S. Board member of the Confederation of Danish Industries (DI) in Copenhagen and the Danish Academy of Technical Sciences (ATV).Previous positions2000–2006 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: 27,750*

* Shareholdings also include shares held by family members.

Lars G NordströmLaw studies at Uppsala University. Board member since 2003. Born 1943.President and Group CEO of Posten Norden AB.Board chairman of the Finnish-Swedish Chamber of Commerce.Board member of TeliaSonera AB, Viking Line Abp and the Swedish-American Chamber of Commerce. Member of the Royal Swedish Academy of Engineering Sciences (IVA).Previous positions2002–2007 President and CEO 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*

Björn SavénDr h.c. (Economics), MBA and MSc (Economics). Board member since 2006. Born 1950.Executive chairman of IK Investment Partners.Chairman of the British-Swedish Chamber of Commerce. Deputy chairman of Dynea Oy.Board member of Vattenfall AB, Attendo Care AB and Minimax AG.Member of the Royal Swedish Academy of Engineering Sciences (IVA).Previous positions1993–2008 Chief Executive of IK Investment Partners1988–1993 Chief Executive Enskilda Ventures (SEB), London1976–1988 General and financial management positions within the Esselte Group in Stockholm, London and New York1974–1976 MBA studies at Harvard Business School, Boston1972–1974 Analyst, Gulf Oil, StockholmShareholding in Nordea: 1,000,000*

Björn WahlroosPh.D (Economics). Board member since 2008. Born 1952.Board chairman of Sampo plc, UPM-Kymmene 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 positions2001–2009 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*


Sarah RussellMaster of Applied Finance. Born 1962.Board member of Montag & Caldwell, Inc. Investment AdvisorsPrevious positions1994-2008 Various positions within ABN AMRO 2006-2008 Senior Executive Vice President and CEO of ABN AMRO Asset Management 2004-2005 Managing Director and CFO of Wholesale Clients Business Unit 2002-2004 Global Head of Financial Markets Research and Global Head of Infrastructure Support 2000-2002 Business Manager to Senior Executive Vice President of Global Financial Markets 1998-2000 Director, Head of Corporate Sales Australia and New Zealand 1997-1998 Director, Head of Commodities in Sydney 1994-1997 Associate Director and Director, Treasury Sales in Sydney1981-1994 Various positions within Toronto Dominion Australia Limited in a number of trading, sales and management roles in Financial MarketsShareholding in Nordea: 0*

Kari StadighMaster of Science (Engineering) and Bachelor of Business Administration (Economics). Born 1955.Group CEO and President of Sampo plc.Board chairman of Kaleva Mutual Insurance Company, Mandatum Life Insurance Company Limited, If P&C Insurance Holding AB (publ) and Alma Media Corporation.Previous positions2001-2009 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*


Item 13The Nomination Committee’s proposal for a resolution on the establishment of a nomination committee

TheshareholdersoftheNominationCommitteeofNordeaBankAB(publ)(the“Company”)proposethattheannualgeneralmeetingon25March2010resolvesonthefollowingestablishmentofanominationcommittee.

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

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

ThenominationcommitteewillbeconstitutedonthebasisoftotheCompanyknownshareholdingsintheCompanyon31August2010.Ifashareholderwhohasappointedamembersubsequentlyshouldceasetohavesuchright,thememberappointedshall,afterdecisionbythenominationcommittee,beentitledtostayasamemberofthenominationcommitteeaslongastheshareholderwhoappointedthememberownssharesintheCompany.Iftheappointedmemberleaveshis/heroffice,anewmembershallbeappointedinaccordancewiththeorderassetoutinthesecondparagraphabove.However,aftertheendof2010anewmembermayonlybeappointed,exceptasregardsthechairmanoftheBoardofDirectors,ifamemberpreviouslyappointedshouldleavehis/heroffice,irrespectiveofthereason,andthenominationcommitteesubsequentlyshouldconsistoflessthanthreemembersapartfromthechairmanoftheBoardofDirectors.

Thenominationcommitteemayattachco-optedmembersappointedbyshareholderswhoaftertheconstitutingmeetingofthenominationcommitteeareamongthefourlargestshareholdersintermsofvotingrightintheCompanyandthathavenotalreadyappointedamembertothenominationcommittee.Suchco-optedmembersdonotparticipateinthedecisionsofthenominationcommitteeandarenotentitledtoanycompensationfromtheCompany.

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

Anelectedmemberoraco-optedmembermustnotbeemployedbytheNordeagroup.

TheCompanyshallpublishthecompositionofthenominationcommitteenotlaterthaninconnectionwiththereleaseoftheCompany’sinterimreportforthethirdquarterandinadditionstatethecompositionintheannualreportandinthenoticeconveningthegeneralmeeting.

Thenominationcommitteeshallbeentitledtoemploy,attheCompany’sexpense,arecruitmentconsultantoranyotherresourcethatthecommitteefindsnecessaryinordertoperformitsduties.

Thenominationcommittee’smandateisvaliduntilanewnominationcommitteehasbeenconstituted,unlessageneralmeetingbeforethenhasdecidedotherwise.”

TheNominationCommitteeiscomposedofKristinaEkengren,chairmanoftheCommittee,appointedbytheSwedishstateasashareholder,KariStadigh,appointedbySampoplcasashareholder,MogensHugo,appointedbyNordea-fondenasashareholder,IngridBonde,appointedbyAMFasashareholder,andHansDalborg,chairmanoftheBoardofDirectors.

Item 14The Board of Directors’ proposal for a resolution on amendment to article 10 of the articles of association

TheBoardofDirectorsofNordeaBankAB(publ)proposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingamendmenttoarticle10ofthearticlesofassociation.

§ 10

Current wording Proposed wording

Notice of a general meeting must be given by Notice of a general meeting must be given by advertisement in the Swedish Official Gazette advertisement in the Swedish Official Gazette and Dagens Nyheter. and on the company’s web site. That the notice ----- has been given must be advertised in Dagens Nyheter. -----

ThisresolutiontoamendthearticlesofassociationisconditionalonthatanamendmentregardingthewaygeneralmeetingsareconvenedintheSwedishCompaniesAct(SFS2005:551)hasenteredintoforceandthattheamendmentmeansthattheproposedwordingofarticle10isconsistentwiththeSwedishCompaniesAct.

Item 15aBoard proposal for resolution on authorisation for the Board of Directors to decide on acquisition of shares in the Company

TheBoardofDirectorsofNordeaBankAB(publ)(“theCompany”)proposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingauthorisationfortheBoardofDirectorstodecideonacquisitionofsharesintheCompany.

”ItwasresolvedtoauthorisetheBoardofDirectors,fortheperioduntilthenextannualgeneralmeeting,todecideonacquisitionsofordinarysharesintheCompanyonaregulatedmarketwheretheCompany’sordinarysharesarelisted,orbymeansofanacquisitionofferdirectedtoallholdersofordinarysharesintheCompany.However,withthelimitationthattheCompany’sholdingofitsownsharesmustneverexceedtenpercentofthetotalnumberofsharesintheCompany.

AcquisitionofordinarysharesintheCompanyonaregulatedmarketmayonlybemadewithinthepriceintervalregisteredatanytimeontheregulatedmarketinquestion,bywhichismeanttheintervalbetweenthehighestpurchasepriceandthelowestsellingprice.

AcquisitionofordinarysharesintheCompanyaccordingtoanacquisitionofferdirectedtowardsallholdersofordinarysharesmaybemadeatapricehighestcorrespondingtothesharepriceontheregulatedmarketatthetimeoftheofferwithanadditionofatthehighest30percent.

Acquisitionsshallprimarilybepaidforwithmeansfromfundsreservedaccordingtoresolutionsbygeneralmeetings.”


InconnectionwiththeproposaltoauthorisetheBoardofDirectorstodecideonacquisitionofsharesinNordeaBankAB(publ)(“theCompany”)putforwardbytheBoardofDirectorstotheannualgeneralmeetingon25March2010,theBoardofDirectorsherebygivesthefollowingstatementaccordingtochapter19section22oftheSwedishCompaniesAct.


The financial position of the Company and the groupThefinancialpositionoftheCompanyandthegroupasper31December2009ispresentedinthe2009AnnualReport.Theprinciplesusedforvaluationofassets,provisionsandliabilitiesarealsofoundtherein.AcquisitionsofsharesintheCompanycanbemadeuptoanumberofsharesthatmeansthattheCompany’sholdingsofitsownsharesneverexceedtenpercentofthetotalnumberofsharesintheCompany.Thegroup’sTier1capitalratio,includingtransitionalrules,asper31December2009was10.2%,whichdoesnotdeviatefromwhatiscommonintheindustry.

TheBoardofDirectorshasproposedtotheannualgeneralmeetingadividendofEUR0.25pershare,correspondingtoatotaldividendpaymentofEUR1,006m.Theproposeddividendamountsto43%ofthegroup’snetprofitaftertax,4.5%ofthegroup’sequity,excludingminorityinterests,and6.5%oftheCompany’sequity.


Theexpectednetprofitfor2010hasnotbeentakenintoconsiderationintheabovecalculations,norhasfurtherexpectedcapitalreliefrelatedtotheimplementationofBaselIIoritstransitionalrules.TheoutlookforNordeain2010,whichcoversmainlythesameperiodoftimeasthesuggestedauthorisationtoacquireownshares,ispresentedinthe2009AnnualReport.

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

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

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


Item 15bBoard proposal for resolution on authorisation for the Board of Directors to decide on conveyance of shares in the Company

TheBoardofDirectorsofNordeaBankAB(publ)(”theCompany”)proposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingauthorisationfortheBoardofDirectorstodecideonconveyanceofsharesintheCompany.

”ItwasresolvedtoauthorisetheBoardofDirectors,fortheperioduntilthenextannualgeneralmeeting,todecideonconveyanceofordinarysharesintheCompanytobeusedaspaymentinconnectionwithacquisitionsofcompaniesorbusinessesorinordertofinanceacquisitionsofcompaniesorbusinesses.ConveyanceofordinarysharesmaybemadeinanotherwaythanonaregulatedmarketuptothenumberofordinarysharesintheCompanythatatanytimeareheldbytheCompany.

ConveyanceofordinarysharesintheCompanyshallbemadeatanestimatedmarketvalueandmaybemadewithdero-gationfromtheshareholders’pre-emptionrights.Paymentforconveyedordinarysharesmaybemadeincash,bycontributioninkind,orbyset-offofdebtagainsttheCompany.”

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”)proposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingpurchaseofownsharesaccordingtochapter7section6oftheSwedishSecuritiesMarketAct(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.

Proposal from the Board of Directors

TheBoardofDirectorsofNordeaBankAB(publ)proposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingguidelinesforremunerationtotheexecutiveofficers.

”Guidelines for remuneration to the executive officers

NordeashallmaintainremunerationlevelsandotheremploymentconditionsneededtorecruitandretainexecutiveofficerswithcompetenceandcapacitytodeliveraccordingtoNordea’sshort-andlong-termtargets.

ThetermexecutiveofficersshallinthiscontextmeantheCEOofNordeaBankAB(publ)andtheexecutivesreportingdirectlytohimalsobeingmembersofGroupExecutiveManagement.

RemunerationofexecutiveofficerswillbedecidedbytheBoardofDirectorsinaccordancewithNordea’sinternalpoliciesandprocedures,whicharebasedontheSwedishFinancialSupervisoryAuthority’s(SFSA)regulationsandgeneralguidelinesonremunerationpolicyaswellasinternationalsoundcompensationpractices.Inthiscontext,theprinciplesestablishedbytheFinancialStabilityBoard(FSB)andtheEuropeanCommissionareofparticularimportance.

SalariesandotherremunerationinlinewithmarketlevelsistheoverridingprincipleforcompensationtoexecutiveofficerswithinNordea.Compensationtotheexecutiveofficersshallbeconsistentwithandpromotesoundandeffectiveriskmanagementandnotencourageexcessiverisk-takingorcounteractNordea’slong-terminterests.

Fixedsalaryispaidforfullysatisfactoryperformance.

InadditionvariablesalarypartcanbeofferedtorewardperformancemeetingagreedpredeterminedtargetsonGroup,businessunitandindividuallevel.Theeffectonthelongtermresultistobeconsideredwhendeterminingthetargets.Thevariablesalarypartshallasageneralrulenotexceed35percentoffixedsalary.Inaccordancewithinternationalprinciplesguaranteedvariablesalarypartistobeexceptionalandmayonlyoccurinthecontextofhiringanewexecutiveofficerandthenbelimitedtothefirstyear.

AmajorpartofthevariablesalarypartshallbedeferredwithaminimumdefermentperiodandwithclawbackclausesaccordingtotheSFSA’sregulationsandgeneralguidelinesonremunerationpolicytakingaccountofdomesticrulesandpracticeswhererelevant.

TheAGMssince2007havedecideduponshare-andperformance-basedLongTermIncentiveProgrammeswhichrequireaninitialinvestmentinNordeasharesbytheparticipantsandwherecompensationshallbedependentonthecreationoflong-termshareholdervalueandthefulfilmentofNordea’sfinancialtargets,whicharebasedontheprin-ciplesofrisk-adjustedprofitandtotalshareholderreturn.Asimilarprogrammethoughmeasuringperformanceoveralongertimeperiod,threeyears,andbasedonmatchingandperformancesharesfreeofchargeinsteadofrightstoacquireNordeasharesisproposedfortheAGM2010.Theprogrammeshaveacap.OnayearlybasistheBoardofDirectorswillevaluatewhetherasimilarincentiveprogrammeshouldbeproposedtotheAnnualGeneralMeeting.TheexecutiveofficerswillbeinvitedtojointheLongTermIncentiveProgrammes.IftheAnnualGeneralMeetingdoesnotapproveaLongTermIncentiveProgramme,thevariablesalaryparttoexecutiveofficersmaybeincreasedandshallasageneralrulenotexceed50percentoffixedsalary.

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

AnypotentialundertakingorcommitmentmadebyNordeaagainstastateorpublicauthorityinanyguaranteeagreementoranysimilaragreementwhichaffecttheremunerationofexecutiveofficerswillbeobserved.

TheBoardofDirectorsmaydeviatefromtheguidelinesstatedabove,ifthereinacertaincasearespecialreasonsforthis.“

Proposal from the Swedish state

TheSwedishstateproposesthattheannualgeneralmeetingon25March2010resolvesonthefollowingguidelinesforremunerationtotheexecutiveofficers.

”Guidelines for remuneration to the executive officers NordeashallmaintainremunerationlevelsandotheremploymentconditionsrequiredtorecruitandretainexecutiveofficerswithcompetenceandcapacitytodeliveraccordingtoNordea’sshort-andlong-termtargets.

ThetermexecutiveofficersshallinthiscontextmeantheCEOofNordeaBankAB(publ)andtheexecutivesreportingdirectlytohimalsobeingmembersofGroupExecutiveManagement.

RemunerationofexecutiveofficerswillbedecidedbytheBoardofDirectorsinaccordancewithNordea’sinternalpoliciesandprocedures,whicharebasedontheSwedishFinancialSupervisoryAuthority’s(SFSA)regulationsandgeneralguidelinesonremunerationpolicyaswellasinternationalsoundcompensationpractices.Inthiscontext,theprinciplesestablishedbytheFinancialStabilityBoard(FSB)andtheEuropeanCommissionareofparticularimportance.

SalariesandotherremunerationinlinewithmarketlevelsistheoverridingprincipleforcompensationtoexecutiveofficerswithinNordea.Compensationtotheexecutiveofficersshallbeconsistentwithandpromotesoundandeffectiveriskmanagementandnotencourageexcessiverisk-takingorcounteractNordea’slong-terminterests.

Fixedsalaryispaidforfullysatisfactoryperformance.

TheAGMssince2007havedecideduponshare-andperformance-basedLongTermIncentiveProgrammeswhichrequireaninitialinvestmentinNordeasharesbytheparticipantsandwherecompensationshallbedependentonthecreationoflong-termshareholdervalueandthefulfilmentofNordea’sfinancialtargets,whicharebasedontheprin-ciplesofrisk-adjustedprofitandtotalshareholderreturn.Asimilarprogrammethoughmeasuringperformanceoveralongertimeperiod,threeyears,andbasedonmatchingandperformancesharesfreeofchargeinsteadofrightstoacquireNordeasharesisproposedfortheAGM2010.Theprogrammeshaveacap.OnayearlybasistheBoardofDirectorswillevaluatewhetherasimilarincentiveprogrammeshouldbeproposedtotheAnnualGeneralMeeting.TheexecutiveofficerswillnotbeabletojointheLongTermIncentiveProgrammes.

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

AnypotentialundertakingorcommitmentmadebyNordeaagainstastateorpublicauthorityinanyguaranteeagreementoranysimilaragreementwhichaffecttheremunerationofexecutiveofficerswillbeobserved.

TheBoardofDirectorsmaydeviatefromtheguidelinesstatedabove,ifthereinacertaincasearespecialreasonsforthis.“

Additional information to proposal for guidelines for remuneration to the executive officers for 2010

Previous undertakings not yet due:InaccordancewiththeguidelinesapprovedbyAGM2009theremunerationfortheCEOandothermemberofGEMconsistsoffixedandvariablesalarypart.Howevernosuchvariablesalarypartwillbepaidfor2009.Inthebeginningof2009fivepersonsinGEMvoluntarilywaivedfixedsalaryincreasesandvariablesalarypartforthefirstfourmonthsoftheyear.Thisvoluntarywaiverhasthereafterbeenextendedandwidenedthroughthebank’sagreementwiththeSwedishNationalDebtOfficeinconnectionwiththeSwedishstatesubscribingforsharesintherightsissueandnowincludesthewholecalendaryears2009and2010.Inaddition,theothermembersofGEMhavewaivedvariablesalarypartfor2009.

Deviations from approved guidelines 2009:GEMmembersemployedinNordeaBankDanmarkA/ScouldnotbeofferedtheLTIP2009duetotherestrictionsintheDanishActonFinancialStability.TheseGEMmemberscouldduetotheremunerationguidelinesneitherbeofferedthecashbasedincentiveprogrammeofferedtomanagersandkeyemployeesemployedinNordeaBankDanmarkA/S.

Estimated cost for variable remunerations in 2010:Itisestimatedthatthetotalcostforvariablesalaryparts,excludingLongTermIncentiveProgrammes,forGEMcanreachamaximumofapproximatelyEUR0.3m.

Theestimatedcostin2010fortheapprovedLongTermIncentiveProgrammes(LTIP2008andLTIP2009)andfortheproposedLongTermIncentiveProgramme(LTIP2010),allocatedtoGEMmembersisshowninthefollowingtable.

LTIP 2008 LTIP 2009 LTIP 2010

Maximum cost 1) EUR 0.2m EUR 0.6m EUR 0.4m

Expected cost 2) EUR 0.1m EUR 0.4m EUR 0.2m

Calculated cost 3) EUR 0.6m EUR 1.0m EUR 0.7m

1)Maximumcostin2010assumingmaximuminvestmentsbyCEOandallGEMmembersandthatallcriteriaarefullymetexpensedduring24months2008-2010and2009-2011respectivelyandforLTIP2010expensedover36monthsin2010-2013,excludingsocialcosts.2)Expectedcostin2010assumingmaximuminvestmentsbyCEOandallGEMmembersbasedon50%fulfilmentoftheperformancecriteriaforeachprogrammeexpensedduring24months2008-2010and2009-2011respectivelyandforLTIP2010expensedover36monthsin2010-2013,excludingsocialcosts.3)ThecalculatedcostofrespectivewholeprogrammeforGEMasatgrantdate,excludingsocialcosts.

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

a) Long Term Incentive Programme

Background Theannualgeneralmeeting2007resolvedtointroduceaLongTermIncentiveProgramme2007(“LTIP2007”)comprisingupto400managersandotherkeyemployeesintheNordeaGroup.Theprogrammehasbeenfollowedbysimilarlongtermincentiveprogrammes,LTIP2008andLTIP2009,whichwereapprovedbytheannualgeneralmeetings2008and2009,respectively.

Theintentionhasbeenthattheaboveprogrammesweretobefollowedbysimilarprogrammesduringthecomingyears.Consequently,theBoardproposesthattheexistingprogrammesarefollowedbyaLongTermIncentiveProgramme2010(“LTIP2010”).ComparedwithpreviousprogrammesthisprogrammewillnotcompriseofrightstopurchaseNordeasharesduringanexerciseperiodfollowingavestingperiod.Instead,theparticipantsreceiveanumberofNordeasharesfreeofcharge,afterathreeyearvestingperiod(“VestingPeriod”),providedthatcertainconditionsarefulfilled.TheperformanceconditionsarebasedonsimilarprinciplesastheonesinLTIP2007,LTIP2008andLTIP2009.

TheunderlyingbasicprinciplesforcompensationundertheprogrammesarethatthecompensationshallbedependentonthecreationoflongtermshareholdervalueandthefulfilmentofNordea’slongtermfinancialtargetsrelatedtorisk-adjustedprofitpershare(“RAPPS”)andtotalshareholderreturn(“TSR”).

LTIP 2010TheBoard’smainobjectivewiththeproposalistostrengthenNordea’scapabilitytoretainandrecruitthebesttalentsforkeyleadershippositions.TheaimisfurthertostimulatethemanagersandkeyemployeeswhoseeffortshavedirectimpactonNordea’sresult,profitabilityandlongtermvaluegrowth,toincreasedeffortsbyaligningtheirinterestsandperspectiveswiththoseoftheshareholders.Theintentionisthattheprogrammewillbefollowedbysimilarprogrammesduringthecomingyears.

Personal investmentAlsoLTIP2010willmeanthattheparticipantstakedirectownershipsinceinordertoparticipatetheemployeeshavetopurchaseNordeashares.ThesharescouldbepreviouslyheldorpurchasedinthemarketbeforeenteringintotheLTIP2010agreement(“SavingShares”).ForeachSavingShareheld,Nordeashall,freeofcharge,allotacertainnumberofmatchingsharesandperformancesharesbasedontheconditionssetoutbelow.AllotmentwilltakeplaceaftertheVestingPeriod(commencingonthedaywhentheLTIP2010agreementisenteredintoandendinginconjunctionwiththereleaseoftheinterimreportforJanuary-March2013).Unlikepreviousprogrammes,theVestingPeriodisproposedtobethreeyears.

ThenumberofSavingSharesheldwithinLTIP2010byeachparticipantmaynotexceedanumberequivalentto10percentoftheparticipant’sbasesalarybyyearend2009dividedbytheclosingsharepriceoftheNordeashareasofyearend2009.

Tofurtheraligntheinterestsoftheparticipantswiththeinterestsoftheshareholdersitisviewedpositiveiftheparticipants,asthematchingsharesandperformancesharesareallotted,retaintheallottedshares(thoseremainingaftershareshavebeensoldtopayapplicabletaxes).TheguidingprincipleisthatmembersofGroupExecutiveManagementovertimeifpossibleaccumulateandretainashareholdingwithavaluecorrespondingtotwelvemonths’basesalaryandthatotherparticipantsovertimeifpossibleaccumulateandretainashareholdingwithavaluecorrespondingtosixmonths’basesalary.

Terms and conditionsThematchingshares,performancesharesIandperformancesharesIIshallbegovernedbythefollowingtermsandconditions:

• theparticipantmustremainemployedwithintheNordeaGroupduringtheentireVestingPeriodandall SavingSharesmustberetainedduringthisperiod,• theparticipanthasnorighttopledge,disposeortransfertheentitlementtoallotmentofNordeashares orexecuteanyshareholders’rightsduringtheVestingPeriod,• fulfilmentoftheperformanceconditionssetoutbelowtobeentitledtoallotmentofperformanceshares IandII,• allotmentfreeofchargeaftertheVestingPeriodwilltakeplacenolaterthan14calendardaysafterthe publicationofNordea’sinterimreportforJanuary-March2013,• noadjustmentfordividend,• themaximumprofitforaparticipantshallnotexceedtheannualbasesalarybyyearend2009,and• prohibitiontoenterintopersonalhedgingandinsurancearrangementsforcertainfinancialeffects.

TheBoardisauthorisedtodecideondetailedtermsandconditionsofLTIP2010.

Performance conditionsThenumberofperformancesharesIandIItheemployeeswillbeallottedis,inadditiontotheconditionsmentionedabove,dependentonthefulfilmentofthebelowdescribedperformanceconditionsduringtheVestingPeriod.

• Performance share I–IfNordea’scompoundannualgrowthrateinRAPPSfromthefinancialyear2009(baseyear forthecalculation)toandincludingyear2012(“ThreeyearsCAGRinRAPPS”)amountstotwo(2)percentthe participantisentitledtoreceiveallotmentofthenumberofperformancesharesIcorrespondingtofifteen(15) percentofthemaximumnumberofperformancesharesIthatmaybeallotted(minimumhurdle).IfThreeyears CAGRinRAPPSamountstoorexceedsnine(9)percent,theparticipantisentitledtoreceiveallotmentofthe maximumnumberofperformancesharesIthatmaybeallotted(stretchedtarget).IfThreeyearsCAGRinRAPPS exceedstheminimumhurdlebutislessthanthestretchedtarget,theparticipantisentitledtoreceiveallotment correspondingtofifteen(15)percentofthemaximumnumberofperformancesharesIthatmaybeallottedplus aproportionatenumberofperformancesharesIbasedonalinearinterpolationbetweentheminimumhurdle andthestretchedtarget.

• Performance share II–IfNordea’sTSR2010-2012placesNordeaintheeleventhpositionorlowercompared totheotherbanksinthepeergroup,currentlyincludingfiveNordicandfourteenotherEuropeanbanks,Allied IrishBank,BancoBilbaoVizcayaArgenaria(BBVA),BankofIreland,Barclays,BNPParibas,Commerzbank, DanskeBank,DnBNOR,ErsteBank,BancoSantander,IntesaSanpaolo,KBC,LloydsTSB,RoyalBankofScotland, SEB,SociétéGénérale,SvenskaHandelsbanken,SwedbankandUniCredit,definedbytheBoard,theparticipant willnotbeentitledtoallotment.IfNordea’sTSR2010-2012placesNordeainposition6-10theparticipantis entitledtothefollowingallotmentofperformancesharesII:positionsix-allotmentcorrespondingtoseventy-five (75)percentofthemaximumnumberthatmaybeallotted,positionseven-allotmentcorrespondingtosixty(60) percentofthemaximumnumberthatmaybeallotted,positioneight-allotmentcorrespondingtoforty-five(45) percentofthemaximumnumberthatmaybeallotted,positionnine-allotmentcorrespondingtothirty(30)per centofthemaximumnumberthatmaybeallottedand,positionten-allotmentcorrespondingtofifteen(15)per centofthemaximumnumberthatmaybeallotted.IfNordea’sTSR2010-2012placesNordeainthefirsttofifth positiontheparticipantisentitledtoreceiveallotmentcorrespondingtothemaximumnumberofperformance sharesIIthatmaybeallotted(stretchedtarget).

Allotment and allocationEachSavingShareentitlestheparticipanttoallotmentofone(1)matchingshare,amaximumoftwo(2)performancesharesIandamaximumofone(1)performanceshareII.

Intotal,LTIP2010comprisesamaximumof5,125,000Nordeashares,ofwhich1,025,000consistofmatchingsharesand3,075,000consistofperformancesharesIandperformancesharesII.Theadditional1,025,000sharesrelatetosuchsharesthatmaybeconveyedbyNordeainordertocovercertaincosts,mainlysocialsecuritycosts.ThemaximumnumberofordinarysharescomprisedbyLTIP2010amountstoapproximately0.13percentofthetotalnumberofout-standingordinaryshares.

HedgingLTIP2010leadstoacertainfinancialexposureforNordea,duetomarketpricechangesfortheNordeashare.TheBoardintendstohedgethefinancialexposurebywayofenteringintoanequityswapagreementwithathirdpartyor,providedthattheAnnualGeneralMeetingresolvesinaccordancewithitem18b)ontheagenda,bywayofanissueofredeemableandconvertibleC-shares.TheBoardregardsthelattertobethemostcostefficientandflexiblearrangementfortheconveyanceofNordeasharesandforcoveringcertaincosts,mainlysocialsecuritycosts.However,independentofhedgingmethod,thecostsoftheLTIP2010willbechargedtotheincomestatementduringtheVestingPeriod.

Estimated costs and values of LTIP 2010 Theentitlementtomatchingsharesandperformancesharescannotbepledgedorconveyedtoothers.Anestimatedvalueforeachentitlementcanhoweverbecalculated.TheBoardhasestimatedtheaveragevalueofeachentitlementtoamatchingshareandaperformancesharetoEUR4.00.Theestimationisbasedongenerallyacceptedvaluationmodelsusingtheclosingpricefortheordinaryshareon1February2010,statisticsonordinarysharepricedevelopmentaswellasprojecteddividends.Theaggregatedestimatedvalueofallthe1,025,000matchingsharesand3,075,000performanceshares,basedonafulfilmentoftheperformanceconditionsfortheperformancesharesIandIIof50percentandestimationsonturnoverofpersonnel,isapproximatelyEUR16m.Thevalueisequivalenttoapproximately0.05percentofthemarketcapitalisationforNordeaasof1February2010.

Thevalueisexpensedasastaffcostintheprofitandlossaccountsover36months,i.e.duringtheVestingPeriod,inaccordancewithIFRS2Share-basedpayments.Intheprofitandlossaccountssocialsecuritycostswillberecognisedinaccordancewithgenerallyacceptedaccountingprinciples.ThesizeofthesecostswillbecalculatedonthebenefitsderivedfromtheNordeasharepriceduringtheVestingPeriodandatallotmentofmatchingsharesandperformancesharesIandII.Basedonatheoreticalassumptionofanannualsharepriceincreaseof10percentandavestingperiodofthreeyearsthecostofLTIP2010includingsocialsecuritycostsequalsapproximatelyEUR21m,whichisequivalenttoapproximately1.00percentofNordea’stotalstaffcostsinfinancialyear2009.TheestimatedmaximumcostforLTIP2010equals,basedontheassumptionsabove,approximatelyEUR39m,includingEUR16minsocialsecuritycosts

Effects on key ratios ThecostsandthedilutionareexpectedtohaveamarginalimpactontheNordeaGroup’skeyratios.

ParticipantsLTIP2010comprisesupto400managersandotherkeyemployeesintheNordeaGroup,withtheexceptionofthosepersonsnotbeingpermittedtoparticipateasaresultoflegislationoranypotentialundertakingorcommitmentmadebyNordeaagainstastateorpublicauthorityinanyguaranteeagreementoranysimilaragreement.IfdeliveryofsharesunderLTIP2010cannotbeaccomplishedatreasonablecostsandwithreasonableadministrativeeffortstheparticipatingpersonmayinsteadbeofferedacash-basedsettlement.

The preparation of the proposalTheBoardRemunerationCommitteehaspreparedthisproposalforLTIP2010,whereaftertheBoardhasresolvedtoproposetheAnnualGeneralMeetingthecurrentproposalforLTIP2010.

The Board’s proposalReferringtotheabove-mentioneddescription,theBoardproposesthattheAnnualGeneralMeetingresolvestoadoptLTIP2010.

Majority RequirementTheBoard’sdecisionregardingLTIP2010isvalidwheresupportedbyshareholdersholdingmorethanhalfofthevotescastattheAnnualGeneralMeeting.

b) Conveyance of shares under the Long Term Incentive Programme

BackgroundLTIP2010leadstoacertainfinancialexposureforNordea,duetomarketpricechangesfortheNordeashare.Inordertoreducetheeffectsandvolatilityinequity,theBoardhasconsidereddifferenthedgingmethodslikeissuingredeemableandconvertibleC-sharesoranequityswapagreementwithathirdparty.InordertoimplementLTIP2007,LTIP2008andLTIP2009inacost-efficientandflexiblemanner,theannualgeneralmeetings2007,2008and2009,respectively,resolvedinaccordancewiththeBoard’sproposal,tohedgethoseprogrammesbyissuingredeemableandconvertibleC-shares.

ProvidedthattheAnnualGeneralMeetingresolvesinaccordancewiththisitemontheagenda,theBoardintendstohedgethefinancialexposurebywayofanissueofredeemableandconvertibleC-shares.TheBoardregardsthealternativeincludinganissueofredeemableandconvertibleC-sharesasthemostcost-efficientandflexiblearrangementforthetransferofsharesandforcoveringcertaincosts,mainlysocialsecuritycosts,forLTIP2010.

Theproposalincludes,interalia,thattheAnnualGeneralMeetingresolvesonadirectedcashissueofatotalamountof5,125,000C-sharestoTheRoyalBankofScotland,thattheBoardisauthorisedtodecideonadirectedoffertoacquirealloutstandingC-sharesandthatC-shares,subsequenttoaconversiontoordinaryshares,shallbeconveyedtoparticipantsinLTIP2010,andmoreoverthataportionofthesesharesandsharesunderLTIP2007,LTIP2008andLTIP2009,respectivelyalsomaybeconveyedonaregulatedmarketinordertocovercertaincosts,mainlysocialsecuritycosts.

The Board’s proposalWithreferencetothebackgroundabove,theBoardproposesthattheAnnualGeneralMeetingresolveson(i)issueofC-shares,(ii)acquisitionofC-sharesand(iii)onconveyanceofsharesunderLTIP2007,LTIP2008,LTIP2009andLTIP2010inaccordancewiththeprincipaltermsandconditionssetoutbelow.

1. Directed Cash Issue

IncreaseofNordea’ssharecapitalbymaximumEUR5,125,000throughanissueof5,125,000C-shares.

Theissuewillbeeffectedonthefollowingterms.a) Thenewsharesshall–withdeviationfromtheshareholders’preferentialrighttosubscribeforshares –besubscribedforonlybyTheRoyalBankofScotlandplc.b) Thenewsharesshallbeissuedatapricecorrespondingtothequotientvalueofthesharesatthetime ofthesubscriptionoftheshares.c) Thenewsharesshallbesubscribedforduringtheperiod30April–28May2010,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) TheauthorisationisvalidandmaybeexerciseduntiltheAnnualGeneralMeetingofShareholders2011.c) ThenumberofC-sharespermittedtobeacquiredshallamountto5,125,000.d) Acquisitionofsharesshallbemadeatalowestpricepershareof100percentandahighestpriceof105percent ofthequotientvalue,applicableatthetimeofthesubscriptionofsharesaccordingtosection1b)above.e) Paymentforsharesacquiredshallbemadeincash.f) TheBoardshallbeauthorisedtoestablishadditionaltermsfortheacquisition.g) Acquisitionshallalsoincludeasocalledinterimshare,designatedbyEuroclearSwedenABasa ”paidsubscriptionshare”(Sw.“BTA”)relatingtoaC-share.

3. Conveyance of own shares acquired

TheBoardintends,inaccordancewithprovisionsintheArticlesofAssociation,todecideonconversionofallC-sharestoordinaryshares.

Resolutionsonconveyanceofthecompany’sownsharesmaybemadeonthefollowingterms.a) ConveyancemaybemadeonlyofordinarysharesinNordeaandamaximumof4,100,000sharesmaybeconveyed toparticipantsinLTIP2010.b) Conveyanceofsharesshallbemadewithoutconsiderationatthetimeandonsuchadditionaltermsandconditions thatparticipantsinLTIP2010areentitledtoreceiveallotmentofshares,i.e.inconjunctionwiththeannouncement ofNordea’squarterlyreportforthefirstquarter2013.c) Nordeashallhavetherightto,priortotheAnnualGeneralMeetingofShareholders2011,inordertocovercertain costs,mainlysocialsecuritycosts: • conveyamaximumof520,000ordinarysharesofthe3,120,000ordinaryshareshedgingNordea’sobligations underLTIP2007; • conveyamaximumof480,000ordinarysharesofthe2,880,000ordinaryshareshedgingNordea’sobligations underLTIP2008; • conveyamaximumof1,450,000ordinarysharesofthe7,250,000ordinaryshareshedgingNordea’sobligations underLTIP2009;and • conveyamaximumof1,025,000ordinarysharesofthe5,125,000ordinaryshares,which,afterconversion fromC-shares,areproposedtohedgeNordea’sobligationsunderLTIP2010.

Conveyanceofthesharesunderthissection3c)shallbeeffectedatNASDAQOMXStockholmatapricewithinthepriceintervalprevailingateachtimefortheshare.

Thereasonsforthedeviationfromshareholders’preferentialrightsarethefollowing.Theissueofshares,theacquisitionandtheconveyanceofownsharesareintegratedpartsofthepreviouslyresolvedLTIP2007,LTIP2008,LTIP2009andthenowproposedLTIP2010.Therefore,andinlightoftheabove,theBoardconsidersittobetoanadvantageforNordeaandtheshareholdersthattheparticipantsinLTIP2010areofferedtobecomeshareholdersinNordea.ForthepurposeofminimisingNordea’scostsforLTIP2010,thesubscriptionpricehasbeenfixedatapriceequivalenttothequotientvalueoftheshare.

Authorization for the CEOFinally,theBoardproposesthattheCEOisauthorizedtomaketheminoradjustmentstotheaboveresolutionsregardingtheDirectedCashIssueofC-sharesinconnectionwiththeregistrationthereofwiththeSwedishCompaniesRegistra-tionOffice.

Majority RequirementTheBoard’sproposalunderitem18b)sections1-3above,shallbeviewedasonedecision,andisvalidwheresupportedbyshareholdersholdingnolessthan90percentofboththevotescastandthesharesrepresentedattheAnnualGeneralMeeting.TheBoard’sproposalpursuanttothisitem18b)issubjecttothattheBoard’sproposalregardingtheLongTermIncentiveProgrammehasbeenapprovedbytheAnnualGeneralMeeting(item18a)above).



InconnectionwiththeproposaltoauthorisetheBoardofDirectorstodecideonadirectedoffertoacquiresharesinNordeaBankAB(publ)(“theCompany”)putforwardbytheBoardofDirectorstotheannualgeneralmeetingon25March2010,theBoardofDirectorsherebygivesthefollowingstatementaccordingtochapter19section22oftheSwedishCompaniesAct.


The financial position of the Company and the groupThefinancialpositionoftheCompanyandthegroupasper31December2009ispresentedinthe2009AnnualReport.Theprinciplesusedforvaluationofassets,provisionsandliabilitiesarealsofoundtherein.AcquisitionsofsharesintheCompanycanbemadeupto5,125,000C-shares.Thegroup’sTier1capitalratio,includingtransitionrules,asper31December2009was10.2%,whichdoesnotdeviatefromwhatiscommonintheindustry.

TheBoardofDirectorshasproposedtotheannualgeneralmeetingadividendofEUR0.25pershare,correspondingtoatotaldividendpaymentofEUR1,006m.Theproposeddividendamountsto43%ofthegroup’snetprofitaftertax,4.5%ofthegroup’sequity,excludingminorityinterests,and6.5%oftheCompany’sequity.


Theexpectednetprofitfor2010hasnotbeentakenintoconsiderationintheabovecalculations,norhasfurtherexpectedcapitalreliefrelatedtotheimplementationofBaselIIoritstransitionalrules.TheoutlookforNordeain2010,whichcoversmainlythesameperiodoftimeasthesuggestedauthorisationtoacquireownshares,ispresentedinthe2009AnnualReport.

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.


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