Swedbank A

Capital/Financing Update • Dec 13, 2011

SWEDBANK AB (publ)

Issue of

SEK 450,000,000 Floating Rate Note due 3 November 2014

(to be consolidated and form a single series with the existing SEK 1,800,000,000 Fixed Notes due 3 November 2014 issued on 1 November 2011)

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") and supplementary prospectuses dated 21 July 2011 and 25 October 2011 which together 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 as so supplemented. 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 as so supplemented. The Prospectus and the supplementary prospectus are available for viewing at Swedbank AB (publ), Regeringsgatan 13, SE-105 34 Stockholm, Sweden and www.swedbank.se and copies may be obtained from Swedbank AB (publ), Regeringsgatan 13, SE-105 34 Stockholm, Sweden.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	171
	(ii)	Tranche Number:	E
3.		Specified Currency or Currencies:	SEK
4.	Aggregate Nominal Amount:		SEK 2,250,000,000
	(i)	Series:	SEK 2,250,000,000
	(ii)	Tranche:	SEK 450,000,000
5.		Issue Price:	99.84 per cent of the Aggregate Nominal Amount
6.	(i)	Specified Denomination(s):	SEK 1,000,000
	(ii)	Calculation Amount:	SEK 1,000,000
7.	(i)	Issue Date:	9 December 2011
	(ii)	Interest Commencement Date:	1 November 2011

8.	Maturity Date:		3 November 2014
9.		Interest Basis:	3 months STIBOR $+$ 1.75 per cent. (Long first coupon with interpolated Interest Basis between 3 months STIBOR and 6 months STIBOR)
			Floating Rate
			(further particulars specified below)
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 Interest Commencement 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 in 3 February, 3 May, 3 August and 3 November each year, from and including 3 February 2011, to and including the Maturity Date (each a "Specified Interest Payment Date") subject, in each case, to adjustment in accordance with the Business Day Convention specified below. Long first coupon.
	(ii)	Business Day Convention:	Modified Following Business Day Convention
	(iii)	Business Centre(s):	Stockholm
	(iv)	Manner in which the Rate(s) of Interest is/are to be determined:	Screen Rate Determination

	(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 months STIBOR
		Interest Determination Date(s).	Two (2) Stockholm Business Days prior to the start of each Interest Period.
		Relevant Screen Page:	Reuters Screen SIDE Page
	(vii)	ISDA Determination:	Not Applicable
		(viii) Margin(s):	$+1.75$ per cent per annum
	(ix)	Minimum Rate of Interest:	Not Applicable
	(x)	Maximum Rate of Interest:	Not Applicable
	$(x_i)$	Day Count Fraction:	Actual/360
		(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

22. Final Redemption Amount:

SEK 1,000,000 per Calculation Amount

$23.$ Early Redemption Amount:

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)):

As per Condition 5 (e)

GENERAL PROVISIONS APPLICABLE TO THE NOTES

24. Form of Notes: $(i)$ Bearer Notes: Form: 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: N₀ 25. Financial special Stockholm $Centre(s)$ or other provisions relating to Payment Days: 26. Talons for future Coupons or Receipts to be No attached to Definitive Notes (and dates on which such Talons mature): 27. Details relating to Partly Paid Notes: amount Not Applicable 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: $(i)$ Instalment Amount(s): Not Applicable Instalment Date(s): $(ii)$ Not Applicable

29.	Redenomination, renominalisation reconventioning provisions:			and Not Applicable
30.	Consolidation provisions:			Not Applicable
31.	Additional U.S. Federal Considerations:			Income Tax Not Applicable
32.	Other final terms:			Not Applicable

DISTRIBUTION

33.	(i)	If syndicated, names of Managers:	Not Applicable
	(ii)	Date of Subscription Agreement:	Not Applicable
	(ii)	Stabilising Manager(s) (if any):	Not Applicable
34.	If non-syndicated, name of Dealer:		Swedbank AB (publ)
35.	Whether TEFRA D rules are applicable or TEFRA D TEFRA rules are not applicable:
36.	Additional selling restrictions:		Not Applicable

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 described herein pursuant to the U.S.\$40,000,000,000 Global Medium Term 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: $By:$

Duly authorised Angela Frank

Martin Ayes

PART B - OTHER INFORMATION

$1.$ LISTING AND ADMISSION TO TRADING

• $(i)$ Listing: London
• Admission to trading: Application has been made for the Notes to be $(ii)$ admitted to trading on the London Stock Exchange with effect from 9 December 2011.
• (iii) Estimate of total expenses related to Not Applicable admission to trading:

$\overline{2}$ . RATINGS

Ratings:

The Notes to be issued are expected to be assigned the following ratings: $S & P: A +$ Moody's: A2 Fitch: A

Each such credit rating agency is established in the European Union and is registered under Regulation (EC) No. 1060/2009.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE $3.$ 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.

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

• See "Use of Proceeds" wording in Prospectus $(i)$ Reasons for the offer:
• Estimated net proceeds: SEK 451,318,225 (including accrued interest amounting to SEK 2,038,225)
• $(iii)$ Estimated total expenses: Not Applicable
• 1. Fixed Rate Notes only - YIELD Not Applicable
• Index-Linked or other variable-linked Notes only PERFORMANCE OF 6. INDEX/FORMULA/OTHER VARIABLE AND OTHER INFORMATION CONCERNING THE UNDERLYING

Not Applicable

$(ii)$

$7.$ Dual Currency Notes only - PERFORMANCE OF RATES OF EXCHANGE

Not Applicable

$\overline{8}$ . OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0699953658
(ii)	Temporary ISIN:	XS0717843550
(iii)	Common Code:	069995365
(iv)	Temporary Common Code:	071784355
(v)	Cusip:	Not Applicable
(vi)	CINS:	Not Applicable
(vii)	Swiss Security Number:	Not Applicable
	(viii) 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
(ix)	Settlement procedures:	Customer settlement and payment procedures only
(x)	Delivery:	Delivery against payment
(x i )	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
(xii)	Intended to be held in a manner which would allow Eurosystem eligibility:	No

$9_r$ Swiss Domestic Notes only - ADDITIONAL INFORMATION

Not Applicable