ASSA ABLOY

Capital/Financing Update • Jan 30, 2019

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET – Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

29 January 2019

ASSA ABLOY AB (publ)

Issue of EUR30,000,000 Fixed Rate Notes due 31 January 2024 under the €2,500,000,000 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 26 October 2018 (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.	ssuer $_{(1)}$	ASSA ABLOY AB (publ)
2.	Series Number: (i)	66
	(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:	EUR30,000,000
	(ii) Tranche:	EUR30,000,000
5.	Issue Price of Tranche:	100.00 per cent. of the Aggregate Nominal Amount
6.	Specified Denominations: (1)	EUR100,000
	Calculation Amount (in relation to calculation (ii)	EUR100,000
	of interest in global form see the Conditions):
7.	Issue Date: $\left(1\right)$	31 January 2019
	Interest Commencement Date: (11)	Issue Date
8.	Maturity Date:	31 January 2024

9.	Interest Basis:	0.585 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)	0.585 per cent. per annum payable in arrear on each Interest
		Payment Date
	(ii) Interest Payment Date(s):	31 January in each year from, and including 31 January
		2020, up to and including the Maturity Date
	(iii) Fixed Coupon Amount(s) for Notes in	EUR585 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):	31 January in each year
14.	Floating Rate Note Provisions	Not Applicable
15.	Zero Coupon Note Provisions	Not Applicable
	PROVISIONS RELATING TO REDEMPTION
16.	Issuer Call:
	17. Make-whole Redemption by the Issuer:	Not Applicable 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 APPLICABLE TO THE NOTES
21.	Form of Notes:	Bearer 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
	New Global Note: (i)	Yes
22. 23.	Additional Financial Centre(s):	TARGET2
	Talons for future Coupons to be attached to Definitive No. Bearer Notes:
Signed on behalf of AASA ABLOY AB (publ):
By:
Duly authorisi
By:
a Bernhard

$\tilde{\mathcal{F}}$

Duly authorised

PART B - OTHER INFORMATION

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.

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

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 2,185

$\ddot{\mathbf{4}}$ YIELD

$\lambda$

Indication of yield:

0.585 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

(1)	ISIN	XS1944349361
(ii)	Common Code:	194434936
(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 Citibank N.A., London 1

• $(v)$ Names and addresses of additional Paying Agent $(s)$ (if any):
• $(vi)$ CFI:

any)

• (vii) FISIN:
• (viii) Intended to be held in a manner which would allow Eurosystem eligibility:

branch Citigroup Centre, Canada Square Canary Wharf London E14 5LB United Kingdom Not Applicable

DTFXFB

ASSA ABBLOY AB/.58EMTN 20240131

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 the ECB being satisfied that Eurosystem eligibility criteria have been met.

6. DISTRIBUTION

(i) U.S. Selling Restrictions:

(ii) Prohibition of Sales to EEA Retail Investors:

Reg. S Compliance Category 2; TEFRA D

Not Applicable

(iii) Prohibition of Sales to Belgian Consumers:

Applicable