Nordea Bank AB (publ.) - Company Announcement

Nordea Bank AB (publ) issues 17 new warrant series on 29 Nov 2011

Nordea  Bank AB (publ) will issue 17 new warrant series on 29 Nov 2011 under its
warrant  programme. The  underlying asset  of the  turbo warrants  are shares of
Nokia  Oyj (NOK1V) and DAX and Dow Jones Euro Stoxx 50 indices. Upon expiry of a
warrant, the possible net value is paid in cash to the holder of the warrant.

Warrant specific terms and conditions

All Warrants are issued under the warrant programme of Nordea Bank AB (publ)
dated 6 October 2010. The base prospectus for the warrant programme and the
final terms for each warrant series are available at the website of Nordea Bank
Finland Plc: www.nordea.fi/warrantit. The following terms only summarize the
final terms and the base prospectus.


+-----------------------------------+------------------------------------------+
|Issuer                             |Nordea Bank AB (publ)                     |
+-----------------------------------+------------------------------------------+
|Instrument name                    |Warrant (call/put)                        |
+-----------------------------------+------------------------------------------+
|Underlying asset                   |Nokia Oyj (NOK1V) and DAX and Dow Jones   |
|                                   |Euro Stoxx 50 indices                     |
+-----------------------------------+------------------------------------------+
|Cash Settlement Amount             |Call Warrant:                             |
|                                   |(Closing Price - Strike Price) x          |
|                                   |Multiplier                                |
|                                   |If the Closing Price is equal or lower    |
|                                   |than the Strike Price, no Cash Settlement |
|                                   |Amount is paid out.                       |
|                                   |                                          |
|                                   |Put Warrant:                              |
|                                   |(Strike Price - Closing Price) x          |
|                                   |Multiplier                                |
|                                   |If the Closing Price is equal to or higher|
|                                   |than the Strike Price, no Cash Settlement |
|                                   |Amount is paid out.                       |
+-----------------------------------+------------------------------------------+
|Closing Price                      |Reference Price on Closing Price          |
|                                   |Determination Date.                       |
+-----------------------------------+------------------------------------------+
|Closing Price Determination Date   |In case of a Share:                       |
|                                   |                                          |
|                                   |Official Closing Price on Final Trading   |
|                                   |Day                                       |
|                                   |                                          |
|                                   |In case of an Index:                      |
|                                   |                                          |
|                                   |Final Settlement Price provided by EUREX  |
|                                   |                                          |
+-----------------------------------+------------------------------------------+
|Market place                       |Nasdaq OMX Helsinki Ltd                   |
+-----------------------------------+------------------------------------------+
|Reference Source                   |In case of Share:                         |
|                                   |                                          |
|                                   |Nasdaq OMX Helsinki Ltd                   |
|                                   |                                          |
|                                   |In case of Index:                         |
|                                   |                                          |
|                                   |EUREX                                     |
+-----------------------------------+------------------------------------------+
|Reference price determination      |Closing Price on Closing Price            |
|method                             |Determination Date                        |
+-----------------------------------+------------------------------------------+
|Exercise procedure                 |The Bank carries out automatic cash       |
|                                   |settlement                                |
+-----------------------------------+------------------------------------------+
|Listing currency                   |EUR                                       |
|                                   |                                          |
+-----------------------------------+------------------------------------------+
|Total number of warrants           |1 000 000 - 15 000 000                    |
+-----------------------------------+------------------------------------------+
|Trading lot                        |1 warrant                                 |
+-----------------------------------+------------------------------------------+
|Market maker                       |Nordea Bank Finland Plc operates as the   |
|                                   |Market Maker.                             |
|                                   |                                          |
|                                   |Market Maker undertakes to provide bid and|
|                                   |ask quotation for the Warrants during the |
|                                   |time Warrants are subject to trading on a |
|                                   |regulated market, multilateral trading    |
|                                   |facility or other marketplace. The        |
|                                   |undertaking is valid in the continuous    |
|                                   |trading of the regulated market,          |
|                                   |multilateral trading facility or other    |
|                                   |marketplace.                              |
|                                   |                                          |
|                                   |The difference between bid and ask        |
|                                   |quotation is at most (maximum spread):    |
|                                   |                                          |
|                                   |0,10 EUR, if ask price is < 2 EUR         |
|                                   |0,20 EUR, if ask price is > 2 EUR         |
|                                   |                                          |
|                                   |Quotations concern a minimum amount of one|
|                                   |thousand warrants. No bid quotation is    |
|                                   |given for Warrants that have a market     |
|                                   |value of less than one (1) cent or        |
|                                   |corresponding value in other currency.    |
|                                   |Market Maker is entitled to define the    |
|                                   |values of the parameters affecting the    |
|                                   |market making quotation. Market Maker is  |
|                                   |not liable to maintain its duties as      |
|                                   |Market Maker, if trading with the         |
|                                   |underlying asset has ceased.              |
|                                   |                                          |
|                                   |Market Maker reserves the right to        |
|                                   |temporarily decline to quoting bid and ask|
|                                   |prices during a period in which the Market|
|                                   |Maker hedges its own position in an       |
|                                   |Underlying Assets and at such time as the |
|                                   |Market Maker believes there are to be     |
|                                   |significant difficulties in quoting bid   |
|                                   |and ask prices due to technical reasons.  |
|                                   |                                          |
|                                   |In conjunction with such limitation of the|
|                                   |Market Maker's obligation to quote bid and|
|                                   |ask prices, the Market Maker shall notify |
|                                   |parties on the market regarding the       |
|                                   |limitation through a notice via the       |
|                                   |regulated market/multilateral trading     |
|                                   |facility/marketplace.                     |
|                                   |                                          |
+-----------------------------------+------------------------------------------+
|Additional information on the      |Additional information on the company and |
|underlying asset and underlying    |the development of the value of the       |
|company                            |underlying company is available on the    |
|                                   |website of the OMX Nordic Exchange        |
|                                   |Helsinki:                                 |
|                                   |http://omxgroup.com/nordicexchange/ and on|
|                                   |the website of the underlying             |
|                                   |www.nokia.com, www.deutsche-boerse.com,   |
|                                   |www.stoxx.com. Additional information on  |
|                                   |the volatility of the underlying asset is |
|                                   |available from the issuer, tel.           |
|                                   |+358 9 369 49134.                         |
|                                   |                                          |
|                                   |The investors should analyse information  |
|                                   |on the company issuing the share before   |
|                                   |making decisions on warrants.             |
+-----------------------------------+------------------------------------------+

The warrants to be issued:


Table 1

+------------+------------+----------------+------------+--------+-------------+
|            |            |                |Under-      |        |             |
|Warrant     |Warrant     |Under-          |lying       |Under-  |Additional   |
|Trading     |ISIN        |lying           |instru-     |lying   |Information  |
|code        |code        |instru-         |ment        |Currency|on the       |
|            |            |ment            |ISIN        |        |underlying   |
|            |            |                |code        |        |             |
+------------+------------+----------------+------------+--------+-------------+
|DAX2M5150NDS|FI4000032511|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2A5550NDS|FI4000032529|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2N5000NDS|FI4000032537|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2N5300NDS|FI4000032545|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2B5400NDS|FI4000032552|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2B5700NDS|FI4000032560|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2O4800NDS|FI4000032578|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|DAX2C6000NDS|FI4000032586|DAX             |DE0008469008|EUR     |www.deutsche-|
|            |            |                |            |        |boerse.com   |
+------------+------------+----------------+------------+--------+-------------+
|ESX2A2100NDS|FI4000032594|Dow Jones Euro  |EU0009658145|EUR     |www.stoxx.com|
|            |            |Stoxx 50        |            |        |             |
+------------+------------+----------------+------------+--------+-------------+
|ESX2N1900NDS|FI4000032602|Dow Jones Euro  |EU0009658145|EUR     |www.stoxx.com|
|            |            |Stoxx 50        |            |        |             |
+------------+------------+----------------+------------+--------+-------------+
|ESX2B2300NDS|FI4000032610|Dow Jones Euro  |EU0009658145|EUR     |www.stoxx.com|
|            |            |Stoxx 50        |            |        |             |
+------------+------------+----------------+------------+--------+-------------+
|NOK2N  35NDS|FI4000032628|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+
|NOK2N  38NDS|FI4000032636|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+
|NOK2N  42NDS|FI4000032644|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+
|NOK2B   4NDS|FI4000032651|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+
|NOK2B  44NDS|FI4000032669|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+
|NOK2B  48NDS|FI4000032677|Nokia Oyj       |FI0009000681|EUR     |www.nokia.com|
+------------+------------+----------------+------------+--------+-------------+



Table 2

+------------+------+----+--------+----------+----------+-----------+---------+
|Warrant     |      |    |        |Total     |          |           |Settle-  |
|Trading     |Strike|Type|Multi-  |number    |Issue     |Expi-ration|ment     |
|code        |price |    |plier   |of        |date      |Date       |Date     |
|            |      |    |        |warrants  |          |           |         |
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2M5150NDS|5 150 |P   |   1/300|1 000 000 |29.11.2011|20.1.2012  |27.1.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2A5550NDS|5 550 |C   |   1/300|1 000 000 |29.11.2011|20.1.2012  |27.1.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2N5000NDS|5 000 |P   |   1/300|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2N5300NDS|5 300 |P   |   1/300|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2B5400NDS|5 400 |C   |   1/300|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2B5700NDS|5 700 |C   |   1/300|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2O4800NDS|4 800 |P   |   1/300|1 000 000 |29.11.2011|16.3.2012  |23.3.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|DAX2C6000NDS|6 000 |C   |   1/300|1 000 000 |29.11.2011|16.3.2012  |23.3.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|ESX2A2100NDS|2 100 |C   |   1/100|1 000 000 |29.11.2011|20.1.2012  |27.1.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|ESX2N1900NDS|1 900 |P   |   1/100|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|ESX2B2300NDS|2 300 |C   |   1/100|1 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2N  35NDS|3,50  |P   |   1/2  |5 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2N  38NDS|3,80  |P   |   1/5  |15 000 000|29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2N  42NDS|4,20  |P   |   1/5  |15 000 000|29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2B   4NDS|4,00  |C   |   1/5  |15 000 000|29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2B  44NDS|4,40  |C   |   1/5  |15 000 000|29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+
|NOK2B  48NDS|4,80  |C   |   1/2  |5 000 000 |29.11.2011|17.2.2012  |24.2.2012|
+------------+------+----+--------+----------+----------+-----------+---------+


Helsinki, 28 Nov 2011

NORDEA BANK AB (publ)


Juha Mikkilä

For further information, please contact Juha Mikkilä tel. +358-9-369 49354.

[HUG#1566968]