NATIONWIDE BUILDING SOCIETY

Capital/Financing Update • Dec 15, 2010

15 December 2010

Nationwide Building Society EUR 40,000,000 4.775 per cent. Notes due 17 December 2022 issued pursuant to its U.S.\$25,000,000,000 European 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 Base Prospectus dated 28 September 2010 which constitutes a base prospectus for the purposes of the Prospectus Directive (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 Base 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 Base Prospectus. The Base Prospectus is available for viewing during normal office hours at, and copies may be obtained from, the principal office of the Issuer at Nationwide House, Pipers Way, Swindon SN38 1NW and the specified offices of each of the Paying Agents.

TYPE OF NOTE

1.	Deposit/Ordinary/Subordinated:	Ordinary
2.	Interest/Payment Basis:	Fixed Rate
3.	Instalment Note, insert Ιf Instalment Amount(s)/Instalment Date(s):	Not Applicable
4.	If Partly Paid Notes, insert amount of each instalment (expressed as a percentage of the nominal amount of each Note)/due dates for any subsequent instalment/consequences of failure to pay/rate of interest:	Not Applicable
5.	If Dual Currency Notes, insert the Rate(s) of Exchange/fallback provisions/person at whose option Specified Currency is to be payable/details of party (if any) responsible for calculating the principal and/or interest due (if not the Agent):	Not Applicable
DESCRIPTION OF THE NOTES
6.	New Global Note:	Y es

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

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1. Talons for future Coupons to be $(a)$ attached to Definitive Notes:

Form of Notes:

7.

No

			골 라신
	(b)	Date(s) on which the Talons mature:	Not Applicable
9.	(a)	Series Number:	424
	(b)	Tranche Number:	1
	(c)	Details (including the date on which the Notes become fully fungible) if forming part of an existing Series:	Not Applicable AG.
10.	$\left( a\right)$	Nominal Amount of Notes to be issued:	EUR 40,000,000
	(b)	Aggregate nominal amount of Series (if more than one issue for the Series):	EUR 40,000,000
	(c)	Specified Currency (or Currencies in the case of Dual Currency Notes):	( W ) 法社 Euro ("EUR")
	(d)	Specified Denomination(s):	50,000 and integral multiples of 1,000 in excess thereof up to and including 99,000. No Notes in will with form be issued definitive $\mathbf{a}$ denomination above 99,000
	(e)	Calculation Amount:	윺 EUR 50,000
	(f)	Tradeable Amount:	35 $\epsilon_{\rm NQ}^{\rm (Fe~cm)}$ Not Applicable
11.		Issue Price:	100 per cent.
12.	Issue Date:		17 December 2010
13.	Interest Commencement Date:		Issue Date
		PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE GENERALLY	V)
14.	Automatic/optional conversion from one Interest/Payment Basis to another:		Not Applicable
	FIXED RATE NOTES		Applicable
15.	(a)	Fixed Rate(s) of Interest:	4.775 per cent, per annum payable annually in arrear (Further particulars specified below).
	(b)	Fixed Interest Date(s).	Annually every 17 December commencing on and including 17 December 2011 up to and including the Maturity Date. $\epsilon = 11$
	(c)	Initial Broken Amount per denomination:	Not Applicable
	(d)	Fixed Coupon Amount(s) (Applicable to Notes in definitive form):	EUR 2,387.5 per Calculation Amount

	(e)	Broken Amount(s) (Applicable to Notes in definitive form):	Not Applicable		ng.
	(f)	Final Broken Amount per denomination:	Not Applicable
	$\left( \underline{c} \right)$	Day Count Fraction:	30/360 Annually
	(h)	Determination Date(s):	Not Applicable
	(i)	Other terms relating to the method of calculating interest for Fixed Rate Notes:	Not Applicable	포 #
ZERO COUPON NOTES			Not Applicable
FLOATING INTEREST NOTES		NOTES OR. INDEXED RATE	Not Applicable			Ω.
		FLOATING RATE NOTES	Not Applicable		$\sim 10$
		INDEXED INTEREST NOTES	Not Applicable
		PROVISIONS REGARDING PAYMENTS
16.		Definition of Payment Day for the purpose of the Conditions if different to that set out in Condition 7.3:	As per Condition 7.3		序。
		PROVISIONS REGARDING REDEMPTION/MATURITY
17.		Maturity Date:	17 December 2022
18.	(a)	Redemption at Issuer's option:	No.
	(b)	Redemption at Noteholder's option:	No
19.	the same:	Final Redemption Amount for each Note, including the method, if any, of calculating	100% per Calculation Amount		$\mathcal{R}^{\mathcal{G}}$
20.		Early Redemption Amount payable on redemption for taxation reasons or on an Event of Default and/or the method, if any, of calculating the same, if other than as set out in Condition $6.6(a)$ :	As per Condition $6.6(a)$
		GENERAL PROVISIONS APPLICABLE TO THIS ISSUE OF NOTES			2014年
21.		Other final terms:	Not Applicable
22.		Additional selling restrictions:	Not Applicable
		0088888-0088888 ICM;9723159.4 3

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23.	Method of distribution:	$Non-Syndicated$ Banco Santander, S.A. Ciudad Grupo Santander $\lambda_1 = \lambda_1$ y Avenida de Cantabria s/n Edificio Encinar planta baja 28660 Boadilla del Monte, Madrid Spain
24.	Stabilising Manager:	Not Applicable
25.	Common Safekeeper:	Clearstream Banking, société anonyme
26.	U.S. Selling Restrictions:	Reg S Compliance Category 2: TEFRA D
27.	Redenomination and Exchange provisions:	Not Applicable

PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue and admission to trading on the London Stock Exchange's Regulated Market and listing on the Official List of the UK Listing Authority of the Notes described herein pursuant to the U.S.\$25,000,000,000 European Note Programme of Nationwide Building Society.

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RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of NATIONWIDE BUILDING SOCIETY

By:

Duly Authorised CHRIS KILOH-MUNNS TREASURY SETTLEMENTS MANAGER NATIONWIDE BUILDING SOCIETY

Bv:
	Duly Authorised

For and on behalf of Nationwide Building Society

Deniel Hill Assistant Manager Treasury Administration 혹이용.

5起 1鐘

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0088886-0088888 ICM:9723159.4