Nordea Bank AB (publ.) - Company Announcement

Nordea Bank AB (publ) issues 8 new warrant series on 28 February 2011

Nordea Bank AB (publ) will launch 8 new warrant series on 28 February 2011 under
its  warrant programme. The underlying asset of the warrant is Nokia Oyj (NOK1V)
share. The warrants are call and put warrants. 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) share                   |
+-----------------------------------+------------------------------------------+
|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   |Official Closing Price on Final Trading   |
|                                   |Day                                       |
+-----------------------------------+------------------------------------------+
|Market place                       |Nasdaq OMX Helsinki Ltd                   |
+-----------------------------------+------------------------------------------+
|Reference Source                   |Nasdaq OMX Helsinki Ltd                   |
+-----------------------------------+------------------------------------------+
|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           |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 website of the company: www.nokia.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     Underlying   Additional
Trading   code           instrument   instrument     Currency     Information on
code                                  ISIN code                   the underlying

NOK1C     FI4000021324   Nokia Oyj    FI0009000681   EUR          www.nokia.com
62NDS

NOK1D     FI4000021332   Nokia Oyj    FI0009000681   EUR          www.nokia.com
64NDS

NOK1Q     FI4000021340   Nokia Oyj    FI0009000681   EUR          www.nokia.com
58NDS

NOK1E     FI4000021357   Nokia Oyj    FI0009000681   EUR          www.nokia.com
66NDS

NOK1F     FI4000021365   Nokia Oyj    FI0009000681   EUR          www.nokia.com
68NDS

NOK1L     FI4000021373   Nokia Oyj    FI0009000681   EUR          www.nokia.com
7NDS

NOK2L     FI4000021381   Nokia Oyj    FI0009000681   EUR          www.nokia.com
75NDS

NOK3L     FI4000021399   Nokia Oyj    FI0009000681   EUR          www.nokia.com
8NDS


Table 2

Warrant   Strike                  Total                  Expiration  Settlement
Trading   price   Type Multiplier number of   Issue date Date        Date
code                              warrants

NOK1C     6,20    C       1/5     15 000 000  28.2.2011  18.3.2011   25.3.2011
62NDS

NOK1D     6,40    C       1/5     15 000 000  28.2.2011  15.4.2011   26.4.2011
64NDS

NOK1Q     5,80    P       1/5     15 000 000  28.2.2011  20.5.2011   27.5.2011
58NDS

NOK1E     6,60    C       1/5     15 000 000  28.2.2011  20.5.2011   27.5.2011
66NDS

NOK1F     6,80    C       1/5     15 000 000  28.2.2011  17.6.2011   27.6.2011
68NDS

NOK1L     7,00    C       1/5     15 000 000  28.2.2011  16.12.2011  23.12.2011
7NDS

NOK2L     7,50    C       1/5     15 000 000  28.2.2011  21.12.2012  4.1.2013
75NDS

NOK3L     8,00    C       1/5     15 000 000  28.2.2011  20.12.2013  3.1.2014
8NDS



Helsinki, 25 February 2011

NORDEA BANK AB (publ)



Juha Mikkilä


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

[HUG#1492408]