Nordea Bank AB (publ.) - Company Announcement

Nordea Bank AB (publ) issues 20 new warrant series on 20 May 2011

Nordea Bank AB (publ) will issue 20 new warrant series on 20 May 2011 under its
warrant programme. The underlying assets of the warrants are Nokia Oyj (NOK1V),
Nordea Bank AB (publ) FDR (NDA1V), Neste Oil Oyj (NES1V), Outokumpu Oyj (OUT1V),
Rautaruukki Oyj (RTRKS), Sampo Oyj (SAMAS), Stora Enso Oyj (STERV), UPM-Kymmene
Oyj (UPM1V) shares and OMXH25 and Dow Jones Euro Stoxx 50 indices. The warrants
are redeemed by cash payment. 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 serie are available at the issuer's website:
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), Nordea Bank AB (publ) FDR|
|                                 |(NDA1V), Neste Oil Oyj (NES1V), Outokumpu   |
|                                 |Oyj (OUT1V), Rautaruukki Oyj (RTRKS), Sampo |
|                                 |Oyj (SAMAS), Stora Enso Oyj (STERV), UPM-   |
|                                 |Kymmene Oyj (UPM1V) shares and OMXH25 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:                        |
|                                 |                                            |
|                                 |OMXH25:                                     |
|                                 |Value of the index, based on Nasdaq OMX     |
|                                 |Helsinki Ltd weighted average prices of the |
|                                 |OMXH25 component shares from 09:40 until    |
|                                 |18:30 EET on Expiration Date/Final Trading  |
|                                 |Day.                                        |
|                                 |                                            |
|                                 |Dow Jones Euro Stoxx 50:                    |
|                                 |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:                           |
|                                 |                                            |
|                                 |OMXH25:                                     |
|                                 |Nasdaq OMX Helsinki Ltd                     |
|                                 |                                            |
|                                 |Dow Jones Euro Stoxx 50:                    |
|                                 |EUREX                                       |
+---------------------------------+--------------------------------------------+
|Reference price determination    |Closing Price on Closing Price Determination|
|method                           |Date                                        |
+---------------------------------+--------------------------------------------+
|Exercise procedure               |The Bank carries out automatic cash         |
|                                 |settlement                                  |
+---------------------------------+--------------------------------------------+
|Listing currency                 |EUR                                         |
+---------------------------------+--------------------------------------------+
|Total number of warrants         |3 000 000 - 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 asset is available on the website|
|                                 |of the OMX Nordic Exchange Helsinki:        |
|                                 |http://omxgroup.com/nordicexchange/ and on  |
|                                 |the websites of the companies:              |
|                                 |www.nesteoil.com, www.nokia.com,            |
|                                 | www.nordea.fi, www.outokumpu.com,          |
|                                 |www.rautaruukki.fi, www.sampo.fi,           |
|                                 |www.storaenso.com, www.upm-kymmene.com,     |
|                                 |www.omxnordicexchange.com and 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
+-------------+------------+-----------+------------+--------+-----------------+
|Warrant      |Warrant ISIN|Underlying |Underlying  |Under-  |Additional       |
|Trading code |code        |instrument |instrument  |lying   |Information on   |
|             |            |           |ISIN code   |Currency|the underlying   |
+-------------+------------+-----------+------------+--------+-----------------+
|             |            |Dow Jones  |            |        |                 |
|ESX1U2600NDS |FI4000023080|Euro Stoxx |EU0009658145|EUR     |www.stoxx.com    |
|             |            |50         |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|             |            |Dow Jones  |            |        |                 |
|ESX1I2900NDS |FI4000023098|Euro Stoxx |EU0009658145|EUR     |www.stoxx.com    |
|             |            |50         |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|H251U2300NDS |FI4000023106|OMXH25     |FI0008900212|EUR     |www.omxnordic    |
|             |            |           |            |        |exchange.com     |
+-------------+------------+-----------+------------+--------+-----------------+
|H251I2600NDS |FI4000023114|OMXH25     |FI0008900212|EUR     |www.omxnordic    |
|             |            |           |            |        |exchange.com     |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK1R 58NDS  |FI4000023122|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK1F 58NDS  |FI4000023130|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK1H 62NDS  |FI4000023148|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK1J 64NDS  |FI4000023155|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK2L 6NDS   |FI4000023163|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|NOK3L 7NDS   |FI4000023171|Nokia Oyj  |FI0009000681|EUR     |www.nokia.com    |
+-------------+------------+-----------+------------+--------+-----------------+
|             |            |Nordea Bank|            |        |                 |
|NDA1T 65NDS  |FI4000023189|AB (publ)  |FI0009902530|EUR     |www.nordea.fi    |
|             |            |FDR        |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|             |            |Nordea Bank|            |        |                 |
|NDA1H 8NDS   |FI4000023197|AB (publ)  |FI0009902530|EUR     |www.nordea.fi    |
|             |            |FDR        |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|NES1H 125NDS |FI4000023205|Neste Oil  |FI0009013296|EUR     |www.nesteoil.com |
|             |            |Oyj        |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|OUT1H 11NDS  |FI4000023213|Outokumpu  |FI0009002422|EUR     |www.outokumpu.com|
|             |            |Oyj        |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|RTR1H 175NDS |FI4000023221|Rautaruukki|FI0009003552|EUR     |www.rauta        |
|             |            |Oyj        |            |        |ruukki.fi        |
+-------------+------------+-----------+------------+--------+-----------------+
|SAM1T 22NDS  |FI4000023239|Sampo Oyj  |FI0009003305|EUR     |www.sampo.fi     |
+-------------+------------+-----------+------------+--------+-----------------+
|SAM1H 23NDS  |FI4000023247|Sampo Oyj  |FI0009003305|EUR     |www.sampo.fi     |
+-------------+------------+-----------+------------+--------+-----------------+
|STE1H 8NDS   |FI4000023254|Stora Enso |FI0009005961|EUR     |www.storaenso.com|
|             |            |Oyj        |            |        |                 |
+-------------+------------+-----------+------------+--------+-----------------+
|UPM1T 125NDS |FI4000023262|UPM-Kymmene|FI0009005987|EUR     |www.upm-         |
|             |            |Oyj        |            |        |kymmene.com      |
+-------------+------------+-----------+------------+--------+-----------------+
|UPM1H 135NDS |FI4000023270|UPM-Kymmene|FI0009005987|EUR     |www.upm-         |
|             |            |Oyj        |            |        |kymmene.com      |
+-------------+------------+-----------+------------+--------+-----------------+


Table 2

+------------+------+----+----------+----------+---------+----------+----------+
|Warrant     |Strike|    |          |Total     |Issue    |Expi-     |Settle-   |
|Trading code|price |Type|Multiplier|number of |date     |ration    |ment Date |
|            |      |    |          |warrants  |         |Date      |          |
+------------+------+----+----------+----------+---------+----------+----------+
|ESX1U2600NDS|2 600 |P   |   1/100  |3 000 000 |20.5.2011|16.9.2011 |23.9.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|ESX1I2900NDS|2 900 |C   |   1/100  |3 000 000 |20.5.2011|16.9.2011 |23.9.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|H251U2300NDS|2 300 |P   |   1/100  |3 000 000 |20.5.2011|16.9.2011 |23.9.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|H251I2600NDS|2 600 |C   |   1/100  |3 000 000 |20.5.2011|16.9.2011 |23.9.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NOK1R 58NDS |5,80  |P   |   1/5    |15 000 000|20.5.2011|17.6.2011 |27.6.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NOK1F 58NDS |5,80  |C   |   1/5    |15 000 000|20.5.2011|17.6.2011 |27.6.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NOK1H 62NDS |6,20  |C   |   1/5    |15 000 000|20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NOK1J 64NDS |6,40  |C   |   1/5    |15 000 000|20.5.2011|21.10.2011|28.10.2011|
+------------+------+----+----------+----------+---------+----------+----------+
|NOK2L 6NDS  |6,00  |C   |   1/5    |15 000 000|20.5.2011|21.12.2012|4.1.2013  |
+------------+------+----+----------+----------+---------+----------+----------+
|NOK3L 7NDS  |7,00  |C   |   1/5    |15 000 000|20.5.2011|20.12.2013|3.1.2014  |
+------------+------+----+----------+----------+---------+----------+----------+
|NDA1T 65NDS |6,50  |P   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NDA1H 8NDS  |8,00  |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|NES1H 125NDS|12,50 |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|OUT1H 11NDS |11,00 |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|RTR1H 175NDS|17,50 |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|SAM1T 22NDS |22,00 |P   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|SAM1H 23NDS |23,00 |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|STE1H 8NDS  |8,00  |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|UPM1T 125NDS|12,50 |P   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+
|UPM1H 135NDS|13,50 |C   |   1/5    |3 000 000 |20.5.2011|19.8.2011 |26.8.2011 |
+------------+------+----+----------+----------+---------+----------+----------+




Helsinki, 19 May 2011

NORDEA BANK AB (publ)



Juha Mikkilä


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

[HUG#1517153]