Swedbank A — Capital/Financing Update 2011

Apr 6, 2011

6 April, 2011

SWEDBANK AB (publ)

Issue of

SEK 300,000,000 4.85% Notes due 8 April 2015

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 20 May 2010 (the "Prospectus"), the supplementary prospectus dated 22 July 2010, 21 October 2010 and 8 February 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 prospectuses are available for viewing at Swedbank AB (publ), Brunkebergstorg 8, SE-105 34 Stockholm or on the website of http://www.rns-pdf.londonstockexchange.com/en-London Stock Exchange at the gb/pricenews/marketnews and copies may be obtained from the specified office of the Principal Paving Agent in London.

1.	Issuer:		Swedbank AB (publ)
2.	(i)	Series Number:	152
	(ii)	Tranche Number:	$\mathbf{1}$
3.	Specified Currency or Currencies:		Swedish Krona ("SEK")
4.	Aggregate Nominal Amount:
	(i)	Series:	SEK 300,000,000
	(ii)	Tranche:	SEK 300,000,000
5.		Issue Price:	100.00 per cent of the Aggregate Nominal Amount
6.	(i)	Specified Denominations:	SEK 1,000,000
	(ii)	Calculation Amount:	SEK 1,000,000
7.	(i)	Issue Date:	8 April, 2011
	(ii)	Interest Commencement Date:	8 April, 2011
8.		Maturity Date:	8 April, 2015
9.	Interest Basis:		4.85 per cent. Fixed Rate
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	Not Applicable

Notes obtained:

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:	4.85 per cent per annum payable annually
	(ii)	Interest Payment Date(s):	8 April in each year up to and including the Maturity Date, following, unadjusted
		(iii) Fixed Coupon Amount(s):	SEK 48,500 per Calculation Amount
	(iv) Broken Amount(s):		Not Applicable
	(v)	Day Count Fraction:	30/360
		(vi) Determination Dates:	Not Applicable
	Notes:	(vii) Other terms relating to the method of calculating interest for Fixed Rate	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:	SEK 1,000,000 per Calculation Amount
23.		Early Redemption Amount:
	Condition 5(e)):	Early Redemption Amount(s) payable on 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	As per Conditions

GENERAL PROVISIONS APPLICABLE TO THE NOTES

24. Form of Notes:

Bearer Notes: $(i)$ Form: Temporary Global Note exchangeable for a Permanent
Global Note which is exchangeable for Definitive Bearer Notes upon an Exchange Event 25. Financial Centre(s) or other special provisions Stockholm, Target and London relating to Payment Days:

26.	Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No
27.	Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made	Not Applicable
28.	Details relating to Instalment Notes:
	Instalment Amount(s): (i)	Not Applicable
	Instalment Date(s): (ii)	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.	If syndicated, names of Managers: (i)	Not Applicable
	(ii) Date of Subscription Agreement:	Not Applicable
	(iii) Stabilising Manager(s) (if any):	Not Applicable
34.	If non-syndicated, name of Dealer:	Swedbank AB (publ) SE-105 34 Stockholm Sweden
35.	Whether TEFRA D rules are applicable or TEFRA rules are not applicable:	TEFRAD
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 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:

MUM By

Duly duthorised

Martin Rydin

Gunnel Svahn

PART B-OTHER INFORMATION

	LISTING AND ADMISSION TO TRADING
	(i)	Listing:	London
	(ii)	Admission to trading:	Application has been made for the Notes to be admitted to trading on the London Stock Exchange with effect from 8 April, 2011.
		(iii) Estimate of total expenses related to Not Applicable admission to trading:
2.	RATINGS
	Ratings:		The Notes have been assigned the following ratings:
			$S \& P: A$ Moody's: A2 Fitch: A

Each such credit rating agency is established in the European Union and has applied for registration under Regulation (EU) No 1060/2009 (the "CRA Regulation"), although notification of the corresponding registration decision has not yet been provided by the relevant competent authority. In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Union and registered under the CRA Regulation unless the rating is provided by a credit rating agency operating in the European Union before 7 June 2010 which has submitted an application for registration in accordance with the CRA Regulation and such registration is not refused.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/ OFFER $\overline{3}$ .

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.

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

• Reasons for the offer: $(i)$

• (ii) Estimated net proceeds:

• Fixed Rate Notes only - YIELD

Indication of yield:

• (iii) Estimated total expenses:
• SEK 300,000,000 Not Applicable
• 4.85 per cent

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

See "Use of Proceeds" wording in Prospectus

1. Index-Linked or other variable-linked Notes only - PERFORMANCE OF INDEX/ FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS| AND OTHER INFORMATION CONCERNING THE UNDERLYING

Not Applicable

1. Dual Currency Notes only - PERFORMANCE OF RATE OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT

Not Applicable

8. OPERATIONAL INFORMATION

• $(i)$ ISIN Code: XS0615357059 061535705 (ii) Common Code: (iii) Cusip: Not Applicable $(iv)$ CINS: Not Applicable (v) Swiss Security Number: Not Applicable Not Applicable (vi) Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking société anonyme and SIX SIS AG (together with the address of each such clearing system) and the relevant
• (vii) Settlement procedures:

identification number(s):

• (viii) Delivery:
• (ix) Names and addresses of additional Paying Agent(s) (including, in the case of Swiss Domestic Notes, the Principal Swiss Paying Agent and any other Swiss Paying Agents) (if any):
• $(x)$ Intended to be held in a manner which would allow Eurosystem eligibility:

Customary MTN settlement and payment procedures apply Delivery against payment

Not Applicable

No