Swedbank A

Capital/Financing Update • Feb 17, 2012

SWEDBANK AB (publ)

Issue of

SEK 250,000,000 Floating Rate Notes due January 2017

(to be consolidated and form a single series with the existing Floating Rate Note SEK 1,950,000,000 issued on 30 January 2012)

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 the supplementary prospectus dated 21 July 2011 and 25 October 2011 which together constitutes 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 Brunkebergstorg 8, SE-105 34 Stockholm and www.swedbank.se and copies may be obtained from Brunkebergstorg 8, SE-105 34 Stockholm.

1.	Issuer:		Swedbank AB (publ)
2.	Series Number: (i)		178
	(ii)	Tranche Number:	$\overline{2}$
			(to be consolidated and form a single series with the existing Floating Rate Notes, SEK 1,950,000,000 issued on 30 January 2012. The Notes become fungible on 17 April 2012.)
3.	Specified Currency or Currencies:		Swedish Krona ("SEK")
4.	Aggregate Nominal Amount:		SEK 2,200,000,000
	(i)	Series:	SEK 2,200,000,000
	(ii)	Tranche:	SEK 250,000,000
5.	Issue Price:		101.335 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:	21 February 2012

	(ii) Interest Commencement Date:		30 January 2012
8.	Maturity Date:		Interest Payment Date falling in or nearest to January 2017
9.	Interest Basis:		3 months $STIBOR + 2.30$ per cent 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
	(ii)	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 on 30 April, 30 July, 30 October and 30 January, each year, from and including the Interest Commencement Date, 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.
	(ii)	Business Day Convention:	Modified Following Business Day Convention, adjusted
	(iii)	Business Centre(s):	Not Applicable
	(iv)	Manner in which the Rate(s) οf	Screen Rate Determination
		Interest is/are to be determined:	Not Applicable

(v) Party responsible for calculating the
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):	Second Stockholm business day prior to the start of each Interest Period.
			Relevant Screen Page:	Reuter page "SIDE"
	(vii)		ISDA Determination:
			Floating Rate Option:	Not Applicable
			Designated Maturity:	Not Applicable
			Reset Date:	Not Applicable
		(viii) Margin(s):		$+2.30$ per cent per annum
	(ix)		Minimum Rate of Interest:	Not Applicable
	(x)		Maximum Rate of Interest:	Not Applicable
	(xi)		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	SEK 1,000,000 per Calculation Amount

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

24. Form of Notes:

$(i)$ 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: N₀
• 1. Financial Centre(s) or other special Not Applicable provisions relating to Payment Days:
• 1. 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]:
• 1. Details relating to Instalment Notes:

	(i)	Instalment Amount(s):	Not Applicable
	(ii)	Instalment Date(s):	Not Applicable
29.		Redenomination, renominalisation and reconventioning provisions:	Not Applicable
30.		Consolidation provisions:	Not Applicable
31.		Federal Income Additional U.S. Tax Considerations:	Not Applicable
32.		Other final terms:	Not Applicable
DISTRIBUTION
33.	(i)	If syndicated, names of Managers:	Not Applicable
	(i)	Date of Subscription Agreement:	Not Applicable
	(iii)	Stabilising Manager(s) (if any):	Not Applicable

34.	If non-syndicated, name of Dealer:	Swedbank AB (publ)
		105 34 Stockholm
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

Stefan Abrahamsson

Varia Rogers

PART B - OTHER INFORMATION

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

(i)	Listing:	London
(ii)	Admission to trading:	Application has been made for the Notes to be admitted to trading on London Stock Exchange's Regulated Market with effect from or about the Issue Date.
(iii)	Estimate of total expenses related to Not Applicable admission to trading:
RATINGS
Ratings.		The Notes to be issued are expected to be rated:
		Standard & Poor's Credit Market Services Europe Limited:	$A+$
		Moody's Investors Service Ltd.:	A 2
		Fitch Ratings:	A

The above rating agencies are established in the European Union and are 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 Dealer, 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:	As per "Use of Proceeds" wording of the Base Prospectus.
(ii)	Estimated net proceeds:	254,084,277 (including SEK. accrued interest amounting to SEK 746,777.78)
(iii)	Estimated total expenses:	Not Applicable

1. Fixed Rate Notes only - YIELD

Not Applicable

$2.$

6. Index-Linked or other variable-linked Notes only - PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE AND OTHER INFORMATION CONCERNING THE UNDERLYING

Not Applicable

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

Not Applicable

8. OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0739236973
(ii)	Temporary ISIN Code:	XS0748264586
(iii)	Common Code:	073923697
(iv)	Temporary Common Code:	074826458
(v)	Cusip:	Not Applicable
$(v_i)$	CINS	Not Applicable
(vii)	Swiss Security Number:	Not Applicable

(viii) Any clearing system(s) other than Not Applicable
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):

$(ix)$ Settlement procedures: Customary medium term note procedures apply

Delivery against payment

• Delivery: $(x)$
• Names and addresses of additional Not Applicable $(x_i)$ Paying Agent(s) (including, in the case of Swiss Domestic Notes, the Principal Swiss Paying Agent and any other Swiss Paying Agents) (if any):
• (xii) Intended to be held in a manner which No would allow Eurosystem eligibility:

9. Swiss Domestic Notes only - ADDITIONAL INFORMATION

Not Applicable