ASSA ABLOY

Capital/Financing Update • Oct 19, 2017

ASSA ABLOY AB (publ)

Issue of EUR26,000,000 Fixed Rate Notes due 19 October 2029 under the €2,000,000,000 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 Offering Circular dated 4 November 2016 (the Offering Circular together with the supplements to it dated 2 February 2017, 3 May 2017 and 19 July 2017, the Offering Circular). The Offering Circular constitutes a base prospectus for the purposes of 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 Offering Circular. Full information on the Issuer and the Guarantor (in the case of Guaranteed Notes) and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Offering Circular. The Offering Circular has been published on the website of the London Stock Exchange through a regulatory information service (www.londonstockexchange.com/exchange/news/market-news/market-newshome.html).

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) unless an exemption from the registration requirements of the Securities Act is available and in accordance with all applicable securities laws of any state of the United States and any other jurisdiction.

1.	Issuer (i)	ASSA ABLOY AB (publ)
2.	Series Number: (i)	54
	(ii) Tranche Number:
	(iii) Date on which the Notes will be consolidated Not Applicable and form a single Series:
3. 4.	Specified Currency or Currencies: Aggregate Nominal Amount:	Euro ("EUR")
	(i) Series:	EUR26,000,000
	(ii) Tranche:	EUR26,000,000
5.	Issue Price of Tranche:	100.00 per cent. of the Aggregate Nominal Amount
6.	Specified Denominations: (i)	EUR100,000
	Calculation Amount (in relation to calculation (ii) of interest in global form see the Conditions):	EUR100,000
7.	Issue Date: (i)	19 October 2017
	Interest Commencement Date: (ii)	Issue Date
8.	Maturity Date:	19 October 2029
9.	Interest Basis:	1.500 per cent. Fixed Rate (see paragraph 13 below)
10.	Redemption Basis:	Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity
		Date at 100.00 per cent. of their nominal amount
$11$ ;	Change of Interest Basis:	Not Applicable
12.	Put/Call Options:	Not Applicable

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

13.	Fixed Rate Note Provisions	Applicable
	$Rate(s)$ of Interest: (i)	1.500 per cent. per annum payable in arrear on each Interest
		Payment Date
	(ii) Interest Payment Date(s):	19 October in each year from, and including 19 October
		2018, up to and including the Maturity Date
	(iii) Fixed Coupon Amount(s) for Notes in	EUR1,500 per Calculation Amount
	definitive form (and in relation to Notes in
	global form see the Conditions):
	(iv) Broken Amount(s) for Notes in definitive	Not Applicable
	form (and in relation to Notes in global
	form see the Conditions):
	(v) Day Count Fraction:	Actual/ Actual (ICMA)
	(vi) Determination Date(s):	19 October in each year
14.	Floating Rate Note Provisions	Not Applicable
15.	Zero Coupon Note Provisions	Not Applicable
	PROVISIONS RELATING TO REDEMPTION
16.	Issuer Call:	Not Applicable
17.	Make-whole Redemption by the Issuer:	Not Applicable
18.	Investor Put:	Not Applicable
19.	Final Redemption Amount:	EUR100,000 per Calculation Amount
20.	Early Redemption Amount payable on redemption for EUR100,000 per Calculation Amount
	taxation reasons or on event of default:
GENERAL PROVISIONS APPLICARLE TO THE NOTES

GENERAL PROVISIONS APPLICABLE TO THE NO Bearer Notes:

1. Form of Notes: $(i)$ Form:

Temporary Bearer Global Note exchangeable for a Permanent Bearer Global Note which is exchangeable for Definitive Notes only upon an Exchange Event

(ii) New Global Note:

Yes TARGET2

1. Additional Financial Centre(s): 23. Talons for future Coupons to be attached to Definitive No. Bearer Notes:

$Ga$

Signed on behalf of ASSA ABLOY AB (publ):

By: Jonas

Duly authorised

By: Duly authorised

PART B - OTHER INFORMATION

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

• (i) Listing and admission to trading:
• (ii) Estimate of total expenses related to admission to trading:

$2.$ RATINGS

Ratings:

The Notes to be issued are not to be rated.

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

Save for any fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Dealer and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

London

GBP 300

YIELD $\boldsymbol{4}$ .

Indication of yield:

1.500 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.

5. OPERATIONAL INFORMATION

(i)	ISIN	XS1701868009
(ii)	Common Code:	170186800
(iii)	Any clearing system(s) other than DTC, Euroclear and Clearstream, Luxembourg and the relevant identification number (s):	Not Applicable
(iv)	Name and addresses of initial Paying Agent(s) (if any)	Citibank N.A., London branch Citigroup Centre, Canada Square Canary Wharf London E14 5LB United Kingdom
(v)	Names and addresses of additional Paying Agent(s) $(if any)$ :	Not Applicable
6.	DISTRIBUTION
	U.S. Selling Restrictions:	Reg. S Compliance Category 2; TEFRA D