Articles of Association


§ 1
The name of the company is Nordea Bank AB. The company is a public
company (publ).

§ 2
The registered office of the company shall be in Stockholm.

§ 3
The object of the company is to conduct such banking business
referred to in Chapter 1 section 3 of the Banking and Financing
Business Act (SFS 2004:297). In this provision it is stated that
banking business means business which includes:

1. payment services via general payment systems; and
2. receipt of funds which, following notice of termination, are
available to the creditor within not more than 30 days.

The object of the company is further to conduct financing operations
and operations naturally connected therewith in accordance with
Chapter 7 section 1 of the Banking and Financing Business Act.
According to these provisions the company may, in its operations,
inter alia:

1.  borrow funds, for example by accepting deposits from the general
public or issuing bonds or other comparable debt instruments,
2.  grant and broker loans, for example in the form of consumer
credit and loans secured by charges over real property or claims
3.  participate in financing, for example by acquiring claims and
leasing property,
4.  negotiate payments,
5.  provide means of payment,
6.  issue guarantees and assume similar obligations,
7.  participate in the issuance of securities,
8.  provide financial advice,
9.  hold securities in safekeeping,
10.conduct letters of credit operations,
11.provide bank safety deposit services,
12.engage in currency trading,
13.engage in securities operations subject to the conditions
prescribed in the Securities Operations Act (SFS 1991:981); and
14. provide credit information subject to the conditions prescribed
in Credit Information Act (SFS 1973:1173).

The company shall further, in its capacity as parent company, attend
to and be responsible for overarching functions in the group, such as
management, supervision, risk management and staff functions.

§ 4
The company shall have euro as its accounting currency and the share
capital shall be denominated in euro.

§ 5
The share capital of the company shall be not less than 1,000,000,000
euro and not more than 4,000,000,000 euro.

§ 6
The number of shares shall be not less than 1,000,000,000 and not
more than 4,000,000,000.

§ 7
The board of directors shall consist of at least six and not more
than fifteen members. The board members are elected at the general
meeting of shareholders for the period extending to the end of the
first annual general meeting of shareholders that is held after the
year when the board member was elected.

When electing the board of directors, it shall be aimed at that the
board of directors, as a whole, for its operations, possesses the
requisite knowledge and experience of the civic, business and
cultural conditions prevailing in the regions and market areas in
which the group's principal operations are conducted.

Each year, after the annual general meeting of shareholders, the
board of directors shall adopt special rules of procedures for its
operations.

§ 8
One or two auditors shall be elected by the general meeting of
shareholders for examination of the company's annual report and
accounts and the administration of the board of directors and the
managing director. The assignment as auditor will continue until the
end of the annual general meeting of shareholders that is held during
the fourth fiscal year after the election of auditors. At the
re-election of auditors the general meeting may decide that the
assignment will continue until the end of the annual general meeting
of shareholders that is held during the third fiscal year after the
election of auditors.

§ 9
The annual general meeting of shareholders shall be held in Stockholm
before the end of June.

§ 10
Notice of a general meeting of shareholders shall be made through
announcement in the Swedish Official Gazette and Dagens Nyheter.

Notice of an annual general meeting of shareholders and notice of an
extraordinary general meeting of shareholders where issue of
amendment of the articles of association will be dealt with shall be
made not earlier than six weeks prior to, and not later than four
weeks prior to the general meeting. Notice of other extraordinary
general meeting of shareholders shall be made not earlier than six
weeks prior to, and not later than two weeks prior to the general
meeting.

In order to participate in a general meeting of shareholders,
shareholders must, be recorded in the share register or other
description in regard to the position five business days prior to the
general meeting and, give notification to the company not later than
1:00 p.m. on the day specified in the notice. This day may not be a
Sunday, other public holiday, Saturday, Midsummer Eve, Christmas Eve
or New Year's Eve and may not occur earlier than the fifth weekday
prior to the general meeting.

Shareholders, or proxies for shareholders, may bring a maximum of two
advisors to a general meeting of shareholders. Advisors may be
brought to a general meeting of shareholders only if the shareholder
in advance has notified the company as to the number of advisors.
Such notification shall be made at the latest when notification of
shareholder's participation in the general meeting shall be made.

§ 11
The board of directors may gather proxies at the company's expense
according to the procedure set out in Chapter 7 section 4 second
paragraph of the Companies Act.

§ 12
At the general meeting of shareholders matters are decided through
open vote, unless the general meeting of shareholders decides on a
closed ballot. At a general meeting, each shareholder is entitled to
vote on the full number of shares that he owns or represents.

§ 13
The following matters shall be addressed at the annual general
meeting of shareholders:

1.  Election of chairman for the general meeting.
2.  Preparation and approval of voting list.
3.  Approval of agenda.
4.  Election of at least one minutes checker.
5.  Determination whether the general meeting has been duly convened.
6.  Submission of the annual report and consolidated accounts and
presentation of the audit report and the group audit report.
7.  Adoption of the income statement and the consolidated income
statement and the balance sheet and the consolidated balance sheet.
8.  Decision in connection with the disposition of the company's
profit or loss according to the adopted balance sheet.
9.  Decision regarding discharge from liability for the board of
directors and the managing director.
10.Determination of the number of board members.
11.Where appropriate, determination of the number of auditors.
12.Determination of fees for board members and auditors.
13.Election of board of directors.
14.Where appropriate, election of auditors.
15.Other matters to be addressed by the general meeting in accordance
with Swedish law or the articles of association.

§ 14
The financial year of the company shall be the calendar year.

§ 15
The company's shares shall be registered in a record register
pursuant to the Financial Instruments Registration Act (SFS
1998:1479).

Articles of Association were approved at the annual general meeting
of shareholders on 5 April 2006.