Notice to all Shareholders of Nordea 1 – US Dollar Reserve

The assets under management in the sub-fund have decreased over the past years and are currently far below the required minimum amount of EUR 6,000,000.00. As a consequence thereof, the Board of Directors no longer considers it possible to give the shareholders the necessary risk spreading and to maintain the Sub-fund economically viable.

The Board of Directors would like to offer shareholders the possibility of redeeming their shares now and subscribing for new shares in (an) other Sub-fund(s) of Nordea 1, SICAV, free of any charges. This offer is available from the date of this letter, and instruction to redeem (and to subscribe to shares in other Sub-fund(s) of Nordea 1, SICAV) must be received by Nordea Bank S.A. at 562, rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg, on 09 September 2011by duly signed letter or facsimile (+352 43 93 52) before or at 3:30 pm Luxembourg time at the latest.

Nordea 1, SICAV offers a range of further Sub-funds with different investment policies. For more information about alternative investment possibilities, shareholders are kindly invited to consult the current Prospectus and/or contact their investment advisor.

As of September 12, 2011, Shares in this Sub-fund are therefore no longer issued, redeemed or converted, and the price calculation is suspended from September 12, 2011 and until 15 September 2011.

All assets and liabilities will be realised and the net proceeds of the realisation will be distributed to the Shareholders in proportion to their holding of shares on 15 September 2011. The liquidation price per share will be calculated on 15 September 2011 and paid to the Shareholders in accordance with the prospectus.

Any amount not claimed by any Shareholder will be deposited at the close of the liquidation with the Custodian Bank, Nordea Bank S.A. at 562, rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg. Within a period of 9 months after the decision to liquidate the Sub-fund, any outstanding amount will be deposited in escrow with the Caisse de Consignation in Luxembourg.