Swedbank A

Capital/Financing Update • Jun 17, 2011

SWEDBANK AB (publ)

Issue of

Floating Rate Notes under the

U.S.\$40,000,000,000 Global Medium Term Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Prospectus dated 19 May 2011 (the "Prospectus") which constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus. The Prospectus is available for viewing at Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm, Sweden and www.swedbank.com and copies may be obtained from Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm, Sweden.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	162
	(ii)	Tranche Number:	1
3.	Specified Currency or Currencies:		USD
4.	Aggregate Nominal Amount:		USD 10,000,000
	(i)	Series:	USD 10,000,000
	(ii)	Tranche:	USD 10,000,000
5.	Issue Price:		99.901%
6.	(i)	Specified Denomination(s):	USD 100,000
	(ii)	Calculation Amount:	USD 9,990,100
7.	(i)	Issue Date:	22 June 2011
	(ii)	Interest Commencement Date:	22 June 2011
8.	Maturity Date:		22 June 2016
9.	Interest Basis:		3 months USD LIBOR
10.	Redemption/Payment Basis:		Redemption at par

11.		Change of Interest Basis or Redemption/Payment Basis:	Not Applicable
12.		Put/Call Options:	Not Applicable
13.	(i)	Status of the Notes:	Unsubordinated - Condition 3(a) will apply
	a)	Date Board approval for issuance of Notes obtained:	Not Applicable
14.		Method of distribution:	Non-syndicated
		PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.		Fixed Rate Note Provisions:	Not Applicable
16.		Floating Rate Note Provisions:	Applicable
	(i)	Specified Period(s)/Specified Interest Payment Dates:	The period from and including the Issue Date to but excluding the first Specified Interest Payment Date and, thereafter, each period from and including a Specified Interest Payment Date to but excluding the next Specified Interest Payment Date.
			Interest will be payable quarterly in arrears on 23 September, 23 December, 23 March and 23 June in each year, from and including 23 September 2011, to and including Maturity Date (each a "Specified Interest Payment Date") subject, in each case, to adjustment in accordance with the Business Day Convention specified below.
	(iii)	Business Day Convention:	Modified Following Business Day Convention
	(iii)	Business Centre(s):	London and New York
	(iv).	Manner in which the Rate(s) of Screen Rate Determination Interest is/are to be determined:
	(v)	Party responsible for calculating the Not Applicable Rate(s) of Interest and Interest Amount(s) (if not the Principal Paying Agent):
	$(v_i)$	Screen Rate Determination:	Applicable
		Reference Rate:	3 month LIBOR
		Interest Determination Date(s):	Second London business day prior to the start of each Interest Period
		Relevant Screen Page:	Reuters
		(vii) ISDA Determination:	Not Applicable

$\label{eq:2.1} \frac{1}{\sqrt{2}}\int_{\mathbb{R}^3}\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2.$

		(viii) Margin(s):	$+106$ basis points
	(ix)	Minimum Rate of Interest:	Not Applicable
	(x)	Maximum Rate of Interest:	Not Applicable
	(xi)	Day Count Fraction:	Actual/360, Adjusted
	(xii)	Fall back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:	Not Applicable
17.	Zero Coupon Note Provisions:		Not Applicable
18.	Index-Linked Interest Note/other variable-linked interest Note Provisions:		Not Applicable
19.	Dual Currency Interest Note Provisions:		Not Applicable
		PROVISIONS RELATING TO REDEMPTION
20.	Issuer Call:		Not Applicable
21.	Investor Put:		Not Applicable

• USD 10,000,000 Final Redemption Amount: $22.$
• Early Redemption Amount: $23.$

Not Applicable Early Redemption Amount(s) payable on redemption for taxation reasons or on Event of Default or other early redemption and/or the method of calculating the same (if required or if different from that set out in Condition $5(e)$ :

GENERAL PROVISIONS APPLICABLE TO THE NOTES

Form of Notes: 24.

$\left( i \right)$	Form:	Bearer Notes:
		Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Bearer Notes only upon an Exchange Event
(ii)	New Global Note:	No

Financial Centre(s) or other special London and New York $25.$ provisions relating to Payment Days:

26.	No Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):
27.	Not Applicable Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment:
28.	Details relating to Instalment Notes:
	Instalment Amount(s): (i)	Not Applicable
	Instalment Date(s): (ii)	Not Applicable
29.	Not Applicable and renominalisation Redenomination, reconventioning provisions:
30.	Not Applicable Consolidation provisions:
31.	Not Applicable Tax Income Federal Additional U.S. Considerations:
32.	Not Applicable Other final terms:
	DISTRIBUTION
33.	If syndicated, names of Managers: (i)	Not Applicable
	Date of Subscription Agreement: (ii)	Not Applicable
	Stabilising Manager(s) (if any): (iii)	Not Applicable
34.	If non-syndicated, name of Dealer:
35.	TEFRA D Whether TEFRA D rules are applicable or TEFRA rules are not applicable:
36.	Not Applicable Additional selling restrictions:

PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue and admission to trading on the EEA
Regulated Market of the London Stock Exchange and listing on the Official List of the UK Listing
Authority of the Notes desc Note Programme of Swedbank AB (publ).

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

By: Vars Lindblom wertin Rydin $\ddot{\phantom{a}}$

PART B - OTHER INFORMATION

LISTING AND ADMISSION TO TRADING $\mathbf{1}$ .

2.

(i)	Listing:	London
(ii)	Admission to trading:	Application has been made for the Notes to be admitted to trading on the London Stock Exchange with effect from
(iii)	Estimate of total expenses related to admission to trading:	Not Applicable
RATINGS Ratings:		The Notes have been assigned the following ratings:
		S & P: A Moody's: A2 Fitch: A Each such credit rating agency is established in the European Union and has applied for registration under

Regulation (EC) No. 1060/2009, although notification of the corresponding registration decision has not yet been provided by the relevant competent authority.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE $3₁$ ISSUE/OFFER

Save for any fees payable to the Dealers, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL 4. EXPENSES

(i)	Reasons for the offer:	See "Use of Proceeds" wording in Prospectus

• USD 9.990,100 $(ii)$ Estimated net proceeds:
• Not Applicable Estimated total expenses: $(iii)$
• Not Applicable Fixed Rate Notes only - YIELD $5₁$
• PERFORMANCE OF Index-Linked or other variable-linked Notes only 6. INFORMATION OTHER VARIABLE: AND INDEX/FORMULA/OTHER CONCERNING THE UNDERLYING

Not Applicable

Dual Currency Notes only - PERFORMANCE OF RATE[S] OF EXCHANGE $7.$

Not Applicable

8. OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0640934104
(ii)	Common Code:	064093410
(iii)	Cusip:	Not Applicable
(iv)	CINS:	Not Applicable
(v)	Swiss Security Number:	Not Applicable
(v i )	Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking société anonyme and SIX SIS Ltd (together with the address of each such clearing system) and the relevant identification number(s):	Not Applicable
(vii)	Settlement procedures:	Customary settlement and payment procedures apply
	(viii) Delivery:	Delivery against payment
(ix)	Names and addresses of additional Paying Agent(s) (including, in the case of Swiss Domestic Notes, the Principal Swiss Paying Agent and any other Swiss Paying Agents) (if any):	Not Applicable
(x)	Intended to be held in a manner which would allow Eurosystem eligibility:	Not Applicable

$\sim 10^{11}$