Swedbank A

Capital/Financing Update • Jun 11, 2012

SWEDBANK AB (publ)

Issue of EUR 50,000,000 2.865 per cent. Notes due June 2022

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 15 May 2012 (the "Prospectus") which 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. 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 Regeringsgatan 13 SE-105 34 Stockholm and www.swedbank.com and copies may be obtained from Regeringsgatan 13 SE-105 34 Stockholm.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	GMTN 191
	(ii)	Tranche Number:	$\mathbf{I}$
3.		Specified Currency or Currencies:	Euro ("EUR")
4.		Aggregate Nominal Amount:	EUR 50,000,000
	(i)	Series:	EUR 50,000,000
	(ii)	Tranche:	EUR 50,000,000
5.		Issue Price:	100.00 per cent. of the Aggregate Nominal Amount
6.	(i)	Specified Denomination(s):	EUR 100,000
	(ii)	Calculation Amount:	EUR 100,000
7.	(i)	Issue Date:	13 June 2012
	(ii)	Interest Commencement Date:	13 June 2012
8.		Maturity Date:	13 June 2022
9.		Interest Basis:	2.865 per cent. Fixed 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.	Status of the Notes:	Unsubordinated – Condition $3(a)$ will apply
14.	Method of distribution:	Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

	15.	Fixed Rate Note Provisions: (Condition $4(a)$ )		Applicable
		(i) Rate(s) of Interest:		2.865 per cent. per annum payable annually in arrear
		(ii)	Interest Payment Date(s):	13 June in each year up to and including the Maturity Date
		(iii)	Fixed Coupon Amount(s):	EUR 2,865.00 per Calculation Amount
		Broken Amount(s): (iv)		Not Applicable
		Day Count Fraction: (v)		Actual/Actual (ICMA)
		$(v_i)$	Determination Dates:	13 June in each year
		(vii)	Other terms relating to the method of calculating interest for Fixed Rate Notes:	Not Applicable
	16.	Floating Rate Note Provisions:		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:		EUR 100,000 per Calculation Amount
	23.	Early Redemption Amount:

Early Redemption Amount(s) payable on EUR 100,000 per Calculation Amount 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

24.	Form of Notes:

• $(i)$ Form: Bearer Notes: Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Bearer Notes on 45 days' notice given at any time/only upon an Exchange Event
• New Global Note: $(ii)$ Yes
• 1. Financial Centre(s) or other special TARGET provisions relating to Payment Days:
• 1. Talons for future Coupons or Receipts No to be attached to Definitive Notes (and dates on which such Talons mature):
• Details relating to Partly Paid Notes: Not Applicable 27. 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:
• 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.		Additional U.S. Federal Income Tax Considerations:	Not Applicable
32.		Other final terms:	Not Applicable

DISTRIBUTION

33.	(i)	If syndicated, names of Not Applicable Managers:
	(ii)	Date 0f Agreement:	Subscription Not Applicable
	(iii)	Stabilising Manager(s) (if Not Applicable $any)$ :
34.		If non-syndicated, name of Dealer:	Landesbank Baden-Württemberg
35.	Whether applicable:	TEFRA - D rules are applicable or TEFRA rules are not	TEFRA D
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 Jesuer: رسته By: . . . . . . . . . . . . . . . . . . . Duly authorised

Stefan Abrahamsson

gars Vierte Kr

PART B - OTHER INFORMATION

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

$2.$

(i)	Listing:	London
(ii)	Admission to trading:	Application has been made for the Notes to be admitted to trading on the EEA Regulated Market of the London Stock Exchange with effect from 13 June 2012.
(iii)	Estimate of total expenses related Not Applicable to admission to trading:
RATINGS
Ratings:		The Programme has been rated:
		Moody's: A2
		$S\&P: A+$

Fitch: A

Moody's, Standard & Poor's and Fitch are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended).

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

$\overline{4}$ . REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i)	Reasons for the offer:	See "Use of Proceeds" in Prospectus
(ii)	Estimated net proceeds:	EUR 50,000,000
(iii)	Estimated total expenses:	Not Applicable

5. Fixed Rate Notes only - YIELD

Indication of yield:

2.865 per cent. per annum

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

6. OPERATIONAL INFORMATION

(i)	ISIN Code:	XS0792596594
(ii)	Common Code:	079259659
(iii)	Cusip:	Not Applicable
(iv)	CINS:	Not Applicable
(v)	Swiss Security Number:	Not Applicable
(v i )	Any clearing system(s) other Not Applicable 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):
(vii)	Settlement procedures:	Not Applicable
(viii)	Delivery:	Delivery against payment
(ix)	Names and addresses of additional Paying Agent(s) (including, in the case of Swiss Domestic Notes, the Principal	Not Applicable

$(x)$ Intended to be held in a manner which would allow Eurosystem eligibility:

any):

Swiss Paying Agent and any other Swiss Paying Agents) (if

Yes

Note that the designation "yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.