Court found for Nordea in tax case in Norway

Court found for Nordea in tax case in Norway The Norwegian Supreme Court has today pronounced judgement in the tax action brought by Christiania Bank against the Norwegian government regarding the tax treatment of the preference capital the bank was provided with in 1991. The Court has found that the disputed amount of approximately NOK 2.7 billion should neither be counted as taxable income nor reduce tax losses. The disputed loss carried forward of NOK 2.7 billion is not reflected in the balance sheet of Christiania Bank as of 31 March 2001. The judgment entails that the bank's loss carry-forward will increase by NOK 2.7 billion, which will result in future tax savings of up to approximately NOK 750 million that will be reported as income in the financial statement for the second quarter 2001. For further information: Arne Liljedahl, Chief Financial Official, +46 8 614 79 96 Sigurd Carlsen, Investor Relations, +46 8 614 78 52 Erik Evrén, Group Media Relations, +46 8 614 86 11 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.bit.se/bitonline/2001/06/27/20010627BIT00920/bit0001.doc http://www.bit.se/bitonline/2001/06/27/20010627BIT00920/bit0001.pdf