Independent equity research for Nordea Securities' customers

Nordea Securities and Standard & Poor's have signed an agreement giving
Nordea distribution rights to Standard & Poor's equity research in the
Nordic region.

"The agreement with Standard & Poor's will strengthen our own Nordic
research product as well as offer our clients access to a highly
regarded independent international research product, giving our clients
an overall better service," says Frans Lindelow, Head of Nordea
Securities. "We aim to constantly improve and add value for our
customers and we believe that Standard & Poor's strong independent
analysis and their historical track record will be appreciated."

Under a subscription arrangement, Standard & Poor's will provide
research on U.S. and European stocks for Nordea Securities, while Nordea
Securities will continue to produce its own in-depth research covering
Nordic equities. Institutional customers of Nordea Securities will gain
direct access to the expertise of Standard & Poor's through the written
research products and also through direct contacts, client meetings,
telephone conferences and seminars.

Geoff Hawksworth, head of Standard & Poor's equity business in Europe,
commented: "This is a landmark deal for Standard & Poor's and for the
independent equity research market in general. We expect continued
growth in demand over the next few years from both sell-side and buy-
side institutions worldwide whose customers are attracted by the
quality, breadth and independence of our equity research."

For further information:
Nordea
Frans Lindelow, Head of Nordea Securities, +46 8 407 92 01
Erik Evren, Chief Communication Officer Sweden, +46 8 614 86 11

Standard & Poor's
Media Hotline, +44 20 7826 3605
Geoff Hawksworth, Head of Investment Services, Europe, +44 20 7826 8501

Appendix

Nordea Securities
Nordea's investment banking services are offered under the Nordea
Securities brand through offices in Denmark, Finland, Norway and Sweden.
Nordea Securities offers sector-based equity research, equity sales and
trading as well as corporate finance. 400 experienced employees service
Nordic and international clients, whether they are institutional
investors, private clients, brokers, corporations or government bodies.

Nordea Securities is recognised as a leading investment bank in the
Nordic region. With a market share of 7%, it was the third largest
broker on the Nordic stock exchanges in the first quarter of 2003 and
the company ranked second among Nordic M&A advisers for the full year
2002.

Standard & Poor's equity research group
Standard & Poor's equity research group consists of 80 analysts in the
US, Europe and Asia. It covers around 1,350 stocks worldwide, more than
any other independent research house. Standard & Poor's Stock
Appreciation Ranking System (STARS), which was first introduced on
December 31, 1986, reflects the opinions of Standard & Poor's equity
analysts on the price appreciation potential of more than 1,200 U.S.
stocks for the next 6-12 month period. According to Investars.com, a
leading source of independent data on research quality, a model
portfolio consisting of Standard & Poor's equity STARS recommendations
was recently recognised as outperforming those of other U.S. equity
research firms who analyse more than 500 stocks, over the 12-month
period ending December 31, 2002.

Standard & Poor's US 5-STARS Stock Selections increased in value by 885%
from STARS' inception on December 31, 1986 through December 31, 2002,
compared with growth of 263% for the S&P 500 during the same period,
excluding dividends. In addition, stocks ranked as 4- and 5-STARS have,
as a group, outperformed the S&P 500 Index during the past 1, 3, 5, 10,
and 15-year periods. Stocks ranked as 1-STARS and 2-STARS have, as a
group, significantly underperformed the S&P 500 over the past 10 and 15
years.

Standard & Poor's equity and credit analytic services are performed as
entirely separate activities in order to preserve the independence of
each analytic process. All non-public information received during any
analytic process, including credit ratings, is held in confidence.
Standard & Poor's analysts do not disclose non-public information
outside their specific analytic areas.