Nordea Bank AB (publ.) - Company Announcement

Nordea Bank AB (publ) issues 4 new warrant series on 28 March 2011

Nordea  Bank AB (publ)  will launch 4 new  warrant series on 28 March 2011 under
its  warrant programme. The  underlying asset of  the warrants is Nokian Renkaat
Oyj  (NRE1V) share. 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               |Nokian Renkaat Oyj (NRE1V) 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    |Official Closing Price on Final Trading Day   |
|Date                           |                                              |
+-------------------------------+----------------------------------------------+
|Market place                   |Nasdaq OMX Helsinki Ltd                       |
+-------------------------------+----------------------------------------------+
|Reference Source               |Nasdaq OMX Helsinki Ltd                       |
+-------------------------------+----------------------------------------------+
|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                                     |
+-------------------------------+----------------------------------------------+
|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 the |
|underlying asset and underlying|development of the value of the underlying    |
|company                        |asset is available on the website of the OMX  |
|                               |Nordic Exchange Helsinki:                     |
|                               |http://omxgroup.com/nordicexchange/ and on the|
|                               |website of the company:www.nokianrenkaat.fi.  |
|                               |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- |Under-      |        |Additional          |
|Warrant     |Warrant     |lying  |lying       |Under-  |Information         |
|Trading     |ISIN        |instru-|instrument  |lying   |on the              |
|code        |code        |ment   |ISIN        |Currency|underlying          |
|            |            |       |code        |        |                    |
+------------+------------+-------+------------+--------+--------------------+
|            |            |Nokian |            |        |                    |
|NRE1Q 26NDS |FI4000021787|Renkaat|FI0009005318|EUR     |www.nokianrenkaat.fi|
|            |            |Oyj    |            |        |                    |
+------------+------------+-------+------------+--------+--------------------+
|            |            |Nokian |            |        |                    |
|NRE1Q 28NDS |FI4000021811|Renkaat|FI0009005318|EUR     |www.nokianrenkaat.fi|
|            |            |Oyj    |            |        |                    |
+------------+------------+-------+------------+--------+--------------------+
|            |            |Nokian |            |        |                    |
|NRE1E 295NDS|FI4000021829|Renkaat|FI0009005318|EUR     |www.nokianrenkaat.fi|
|            |            |Oyj    |            |        |                    |
+------------+------------+-------+------------+--------+--------------------+
|            |            |Nokian |            |        |                    |
|NRE1E 32NDS |FI4000021837|Renkaat|FI0009005318|EUR     |www.nokianrenkaat.fi|
|            |            |Oyj    |            |        |                    |
+------------+------------+-------+------------+--------+--------------------+

Table 2
+------------+------+----+----------+---------+---------+----------+----------+
|Warrant     |      |    |          |Total    |         |          |          |
|Trading     |Strike|Type|Multiplier|number   |Issue    |Expiration|Settlement|
|code        |price |    |          |of       |date     |Date      |Date      |
|            |      |    |          |warrants |         |          |          |
+------------+------+----+----------+---------+---------+----------+----------+
|NRE1Q 26NDS |26,00 |P   |   1/5    |3 000 000|28.3.2011|20.5.2011 |27.5.2011 |
+------------+------+----+----------+---------+---------+----------+----------+
|NRE1Q 28NDS |28,00 |P   |   1/5    |3 000 000|28.3.2011|20.5.2011 |27.5.2011 |
+------------+------+----+----------+---------+---------+----------+----------+
|NRE1E 295NDS|29,50 |C   |   1/5    |3 000 000|28.3.2011|20.5.2011 |27.5.2011 |
+------------+------+----+----------+---------+---------+----------+----------+
|NRE1E 32NDS |32,00 |C   |   1/5    |3 000 000|28.3.2011|20.5.2011 |27.5.2011 |
+------------+------+----+----------+---------+---------+----------+----------+


Helsinki, 25 March 2011

NORDEA BANK AB (publ)
Juha Mikkilä

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

[HUG#1500018]