Obligation Svenska Exportkredit 1.75% ( US00254ELM20 ) en USD

Svenska Exportkredit

100 % ⇌

Suede

US00254ELM20 ( en USD )

1.75% par an ( paiement semestriel )

30/05/2017 - Obligation échue

Prospectus brochure de l'obligation Swedish Export Credit (SEK) US00254ELM20 en USD 1.75%, échue

2 000 USD

1 000 000 000 USD

00254ELM2

AA+ ( Haute qualité )

Aa1 ( Haute qualité )

Swedish Export Credit (SEK) est une agence gouvernementale suédoise qui fournit des assurances-crédit, des garanties et des prêts aux exportateurs suédois pour soutenir leurs ventes à l'international.

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254ELM20, paye un coupon de 1.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/05/2017

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254ELM20, a été notée Aa1 ( Haute qualité ) par l'agence de notation Moody's.

L'Obligation émise par Svenska Exportkredit ( Suede ) , en USD, avec le code ISIN US00254ELM20, a été notée AA+ ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
424B2 1 a12-12978_1424b2.htm 424B2
Table of Contents

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-178202

Pricing Supplement No. F-28
(To Prospectus and Prospectus Supplement each dated November 28, 2011)

$1,000,000,000
AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Swedish Export Credit Corporation)
1.750% Notes
Due May 2017
Issue Price: 99.653%

These notes are issued by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation or "SEK"). The notes
will mature on May 30, 2017. The notes will not be redeemable before maturity except for tax reasons and will not be entitled to the
benefit of any sinking fund.

Interest on the notes will be payable on each May 30 and November 30, commencing November 30, 2012, to and including the
maturity date.

Application will be made to the Irish Stock Exchange for the notes to be admitted to the official list (the "Official List") and
trading on its regulated market. There can be no assurance that such listing will be granted or maintained.

See "Risk Factors" beginning on page P-3 to read about factors you should consider before buying the notes.

THE NOTES ARE OBLIGATIONS OF SEK, AND NOT THE KINGDOM OF SWEDEN.

Neither the Securities and Exchange Commission nor any other US regulatory body has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this pricing supplement or the prospectus and prospectus
supplement to which it relates. Any representation to the contrary is a criminal offense.

Per Note
Total

Initial public offering price
99.653% U.S.$
996,530,000

Underwriting discount
0.125% U.S.$
1,250,000

Proceeds to the Company
99.528% U.S.$
995,280,000

UPDATED CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities To
Amount To Be
Proposed Maximum
Proposed Maximum
Be Registered
Registered
Aggregate Price Per Unit
Aggregate Offering Price
Amount of Registration Fee

Notes offered hereby
US$ 1,000,000,000
99.653% US$
996,530,000 US$
114,202.34(1)

(1) The registration fee is calculated in accordance with Rule 457(r) under the Securities Act. Pursuant to Rule 457 (p) under the

Securities Act, US$256,189.33 of the registration fees paid in respect of the securities covered by the registration statement of
1 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
which this pricing supplement is a part remains unused. US$114,202.34 of that amount is being offset against the registration fee
for this offering and US$141,986.99 remains available for future registration fees.

The Joint Lead Managers expect to deliver the notes to investors through the facilities of The Depository Trust Company,
Clearstream Banking, société anonyme and Euroclear Bank S.A./N.V., as operator of the Euroclear system, on or about May 30, 2012.

Joint Lead Managers

HSBC
J.P. Morgan
Merrill Lynch, Pierce, Fenner &
Nomura
Smith Incorporated

The date of this pricing supplement is May 23, 2012.

2 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

ABOUT THIS PRICING SUPPLEMENT

This pricing supplement is a supplement to:

·
the accompanying prospectus supplement dated November 28, 2011 relating to our medium-term notes, series F, due

nine months or more from date of issue and

·
the accompanying prospectus dated November 28, 2011 relating to our debt securities.

If the information in this pricing supplement differs from the information contained in the prospectus supplement or the
prospectus, you should rely on the information in this pricing supplement.

You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three
documents contain information you should consider when making your investment decision. You should rely only on the information
provided or incorporated by reference in this pricing supplement, the prospectus and the prospectus supplement. We have not
authorized anyone else to provide you with different information. We and the Joint Lead Managers are offering to sell the notes and
seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this pricing supplement
and the accompanying prospectus supplement and prospectus is current only as of its date.

This pricing supplement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities offered
hereby to any person in any jurisdiction in which it is unlawful for such person to receive or make such an offer. The offer or sale of
notes may be restricted by law in certain jurisdictions, and you should inform yourself about, and observe, any such restrictions.

This pricing supplement has been prepared on the basis that any offer of Notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Notes. Accordingly any person
making or intending to make an offer in that Relevant Member State of Notes which are the subject of the offering contemplated in this
pricing supplement may only do so in circumstances in which no obligation arises for the SEK or any of the Managers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer. Neither the SEK nor the Managers have authorised, nor do they authorise, the making
of any offer of Notes in circumstances in which an obligation arises for the SEK or the Managers to publish or supplement a
prospectus for such offer. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including
the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing
measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or
(ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within
Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The notes are only available
to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In connection with the issue of the notes, the Joint Lead Managers (or persons acting on their behalf), may over-allot notes
(provided that the aggregate principal amount of notes allotted does not exceed 105% of the aggregate principal amount of the notes)
or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Joint Lead Managers (or persons acting on their behalf) will undertake stabilization action.
Any stabilization action, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of
the notes and 60 days after the date of the allotment of the notes.

P-1
3 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

INCORPORATION OF INFORMATION WE FILE WITH THE SEC

The SEC allows us to incorporate by reference the information we file with them. This means:

·
incorporated documents are considered part of this pricing supplement;

·
we can disclose important information to you by referring you to those documents;

·
information in this pricing supplement automatically updates and supersedes information in earlier documents that

are incorporated by reference in the prospectus; and

·
information that we file with the SEC that we incorporate by reference in this pricing supplement will automatically

update and supersede this pricing supplement.

We incorporate by reference the documents listed below which we have filed with the SEC under the Securities Exchange
Act of 1934:

·
our annual report on Form 20-F for the fiscal year ended December 31, 2011, which we filed with the SEC on March 19,

2012; and

·
our report on Form 6-K which we furnished to the SEC on April 26, 2012 (except to the extent that such document specifies

that certain parts thereof are not so incorporated by reference).

We also incorporate by reference each of the following documents that we may file with the SEC after the date of this
pricing supplement but before the end of the notes offering:

·
any report on Form 6-K filed by us pursuant to the Securities Exchange Act of 1934 that indicates on its cover or

inside cover page that we will incorporate it by reference in the registration statement of which this pricing
supplement forms a part; and

·
reports filed under Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934.

You may request a copy of any filings referred to above (excluding exhibits), at no cost, by contacting us at the following address:

AB Svensk Exportkredit
(Swedish Export Credit Corporation)
Klarabergsviadukten 61-63
P.O. Box 194
SE-101 23 Stockholm, Sweden
Tel: 011-46-8-613-8300

The exchange rate for converting U.S. dollars into Swedish kronor was 7.1841 Skr per U.S. dollar on May 18, 2012, based
on the Federal Reserve Statistical Release publication of Foreign Exchange Rates (Weekly) (the latest date for which such data is
available).

P-2
4 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

RISK FACTORS

Prospective investors should read the entire pricing supplement along with the accompanying prospectus supplement and
prospectus. Investing in the notes involves certain risks and is suitable only for investors who have the knowledge and
experience in financial and business matters necessary to enable them to evaluate the risks and the merits of such an investment.
Prospective investors should make such inquiries as they deem necessary without relying on us or the Joint Lead Managers and
should consult with their financial, tax, legal, accounting and other advisers, prior to deciding to make an investment in the
notes. Prospective investors should consider, among other things, the following:

Risks Relating to the Notes

The notes lack a developed public market.

There can be no assurance regarding the future development of a market for the notes or the ability of the holders of the notes
to sell their notes or the price at which such holders may be able to sell their notes. If such a market were to develop, the notes may
trade at a discount to their initial offering price, depending upon prevailing interest rates, the market for similar securities, general
economic conditions and our financial condition. Although application will be made for the notes to be admitted to trading on the
Irish Stock Exchange, there is no assurance that such application will be accepted or that an active trading market will develop.
Accordingly, there is no assurance as to the development or liquidity of any trading market for the notes and, therefore, any
prospective purchaser should be prepared to hold the notes indefinitely or until the maturity or final redemption of such notes.

The notes may be redeemed prior to maturity.

If, due to the imposition by Sweden or one of its political subdivisions or taxing authorities of any tax, assessment or
governmental charge subsequent to the issue date, we become obligated to pay additional amounts, we may at our option redeem all,
but not less than all, the notes by giving notice specifying a redemption date at least 30 days, but not more than 60 days, after the date
of the notice. In such a circumstance, the notes could be redeemed at a time when prevailing interest rates may not enable an investor
to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the notes.

Taxation

Potential investors in the notes should consult their own tax advisers as to which countries' tax laws could be relevant to
acquiring, holding and disposing of notes and receiving payments of interest, principal and/or other amounts or delivery of securities
under the notes and the consequences of such actions under the tax laws of those countries.

Risks Relating To SEK

Certain risk factors which could affect our business are contained in our Annual Report on Form 20-F for the year ended
December 31, 2011, filed with the SEC on March 19, 2012 and incorporated by reference herein. See the information under "Risk
Factors" beginning on page 4 of our Annual Report on Form 20-F.

P-3
5 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

DESCRIPTION OF THE NOTES

You should read the following description of the particular terms of the notes in conjunction with the description of the
general terms and provisions of the notes set forth in the accompanying prospectus supplement and of the Debt Securities (as defined
below) set forth in the accompanying prospectus. If this summary differs in any way from the descriptions in the prospectus or the
prospectus supplement, you should rely on this summary.

We will issue the notes under the indenture, dated as of August 15, 1991, between us and the predecessor in interest to The
Bank of New York Mellon Trust Company, N.A. (directly or as the successor in interest to another party), as supplemented by
supplemental indentures dated as of June 2, 2004, January 30, 2006, October 23, 2008 and March 8, 2010 (together, the "Indenture").
The information contained in this section and in the prospectus and the prospectus supplement summarizes some of the terms of the
notes and the indenture. This summary does not contain all of the information that may be important to you as a potential investor in
the notes. You should read the Indenture before making your investment decision. We have filed copies of these documents with the
SEC and we have filed or will file copies of these documents at the offices of the trustee and the paying agents.

For the purposes hereof, the term "Debt Securities" used in the prospectus, and the term "notes" used in the prospectus
supplement, include the notes we are offering in this pricing supplement.

Principal Amount:
US$1,000,000,000

Issue Price:
99.653% of the Principal Amount

Pricing Date:
May 23, 2012

Issue Date:
May 30, 2012

Maturity Date:
May 30, 2017

Redemption Amount:
100% of the Principal Amount

Specified Currency:
U.S. dollars (US$)

Interest Rate:
1.750% per annum, calculated on the basis of a 360-day year of twelve 30-day months.

Spread to Benchmark Treasury:
T + 108.9 basis points

Benchmark Treasury:
UST 0.875% due April 30, 2017.

Re-Offer Yield:
1.823%

Interest Payment Dates:
May 30 and November 30, commencing November 30, 2012, to and including the Maturity
Date. If any Interest Payment Date is not a Business Day, we may make the payment then due
on the first following Business Day with the same force and effect as if made on such
Interest Payment Date.

Regular Record Dates:
Fifteen calendar days immediately preceding each Interest Payment Date.

Business Day:
Any day, other than a Saturday or Sunday, that is a day on which commercial banks are
generally open for business in New York City and London.

P-4
6 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

Optional Redemption:
We cannot redeem the notes prior to maturity unless, due to the imposition by Sweden or
one of its political subdivisions or taxing authorities of any tax, assessment or governmental
charge subsequent to the issue date, we would become obligated to pay additional amounts.
If such an imposition occurs, we may at our option redeem all, but not less than all, the
notes by giving notice specifying a redemption date at least 30 days, but not more than 60
days, after the date of the notice. The redemption price will be 100% of the principal
amount thereof, together with accrued interest to the redemption date.

Form:
The notes will be represented by one or more global securities, registered in the name of
The Depository Trust Company or its nominee. Except as described herein, notes in
definitive form will not be issued.

Denomination:
The notes will be issued in denominations of US$2,000 and integral multiples of US$1,000
in excess thereof.

Joint Lead Managers:
HSBC, J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Nomura

Method of Payment:
Immediately available funds

Listing:
We will apply to the Irish Stock Exchange for the notes to be admitted to listing on the
Official List and trading on its regulated market.

Securities Codes:

CUSIP:
00254ELM2

ISIN:
US00254ELM20

Common Code:
078818786

Trustee:
The Bank of New York Mellon Trust Company, N.A. (directly or as the successor in interest
to another party).

Further Issues:
We may from time to time, without the consent of existing holders, create and issue further
notes having the same terms and conditions as the notes being offered hereby in all respects,
except for the issue date, issue price and, if applicable, the first payment of interest thereon.
Additional notes issued in this manner will be consolidated with, and will form a single
series with, the previously outstanding notes.

Payment of Principal and Interest:
Under the laws of New York, claims relating to payment of principal and interest on the
notes will be prescribed according to the applicable statute of limitations.

Governing Law:
New York

Further Information:
See "General Information".

P-5
7 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

USE OF PROCEEDS

We expect that the net proceeds from the issuance of the notes will be US$995,280,000.00, after deduction of underwriting
commissions of 0.125%. We will use the net proceeds for general corporate purposes.

PLAN OF DISTRIBUTION

Subject to the terms and conditions set forth in an Agency Agreement dated November 28, 2011, and a Terms Agreement
dated May 23, 2012 (the "Agreements"), we have agreed to sell to the Joint Lead Managers and the Joint Lead Managers have agreed
to purchase, all of the notes offered hereby at 99.653% of the aggregate principal amount (prior to deduction of the aforementioned
underwriting commissions).

Under the terms and conditions of the Agreements, the Joint Lead Managers are committed to take and pay for all of the
notes, if any are taken.

The Joint Lead Managers have advised us that they intend to make a market in the notes but are not obligated to do so and
may discontinue market making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for
the notes.

In connection with the issue of the notes, the Joint Lead Managers (or persons acting on their behalf), may over-allot notes
(provided that the aggregate principal amount of notes allotted does not exceed 105% of the aggregate principal amount of the notes)
or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Joint Lead Managers (or persons acting on their behalf) will undertake stabilization action.
Any stabilization action, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of
the notes and 60 days after the date of the allotment of the notes.

Nomura International plc is not a U.S. registered broker-dealer and, therefore, to the extent that it intends to effect any sales
of the notes in the United States, it will do so through its registered U.S. broker-dealer affiliate NSI. J.P. Morgan Securities Ltd. is not
a U.S. registered broker-dealer and, therefore, to the extent that it intends to effect any sales of the notes in the United States, it will do
so through its registered U.S. broker-dealer affiliate J.P. Morgan Securities LLC. HSBC Bank plc is not a U.S. registered broker-
dealer and, therefore, to the extent that it intends to effect any sales of the notes in the United States, it will do so through its registered
U.S. broker-dealer affiliate HSBC Securities (USA) Inc..

Delivery of the notes will be made against payment on or about the fourth business day following the date of this pricing
supplement. Trades of securities in the United States secondary market generally are required to settle in three business days,
referred to as T+3, unless the parties to a trade agree otherwise. Accordingly, by virtue of the fact that the initial delivery of the notes
will not be made on a T+3 basis, investors who wish to trade the notes before a final settlement will be required to specify an
alternative settlement cycle at the time of any such trade to prevent a failed settlement.

We have agreed to indemnify the Joint Lead Managers against, or to make contributions relating to, certain liabilities,
including liabilities under the U.S. Securities Act of 1933, as amended.

From time to time the Joint Lead Managers and their affiliates have, and in the future may, engage in transactions with and
perform services for us for which they have been, and may be, paid customary fees. In particular, an affiliate of one of the Joint Lead
Managers has entered into swap transactions with us associated with this offering of notes.

The Joint Lead Managers have agreed to pay the out-of-pocket expenses (other than our internal costs and expenses) of the
issue of the notes.

We will apply for the notes to be admitted to listing on the Official List and trading on the regulated market of the Irish Stock
Exchange. The Joint Lead Managers reserve the right to withdraw, cancel or modify any offer and to reject orders in whole or in part.

P-6
8 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

European Economic Area

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
"Relevant Member State"), each of the Joint Lead Managers has or will have represented and agreed that with effect from and
including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation
Date") it has not made and will not make an offer of notes to the public in that Relevant Member State prior to the publication of a
prospectus in relation to the notes which has been approved by the competent authority in that Relevant Member State or, where
appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in
accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make
an offer of notes to the public in that Relevant Member State at any time:

(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(b) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending
Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the
Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such
offer; or

(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such of offer of notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive.

For the purposes of this provision, the expression an "offer of notes to the public" in relation to any notes in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the notes
to be offered so as to enable an investor to decide to purchase or subscribe the notes, as the same may be varied in that Member State
by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus Directive" means
Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the
Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.

This EEA selling restriction is in addition to any other selling restrictions set out below.

United Kingdom

Each of the Joint Lead Managers has or will have represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act
2000 (the "FSMA")) received by it in connection with the issue or sale of the notes in circumstances in which Section 21(1) of the
FSMA does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to the notes in, from or otherwise involving the United Kingdom.

VALIDITY OF THE NOTES

In the opinion of Cleary Gottlieb Steen & Hamilton LLP, when the notes offered by this term sheet have been executed and
issued by SEK and authenticated by the Trustee pursuant to the Indenture, and delivered against payment as contemplated herein, such
notes will be legal, valid and binding obligations of SEK, subject to applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or other similar laws affecting creditors' rights generally from time to time in effect and subject to general
principles of equity, regardless of whether such is considered in a proceeding in equity or at law.

P-7
9 of 108
5/29/2012 8:53 AM

http://www.sec.gov/Archives/edgar/data/352960/000110465912040147/...
Table of Contents

This opinion is given as of the date of this term sheet and is limited to matters governed by the federal laws of the United
States of America and the laws of the State of New York. With respect to matters governed by the law of Sweden, including the valid
existence of SEK, its corporate power to issue the notes and its due authorization of all necessary action in connection with such
issuance and its performance of related obligations including execution and delivery, we have relied on the opinion dated
November 28, 2011 of Advokatfirman Vinge KB, Swedish counsel to SEK, which has been filed as exhibit number 5(a) to SEK's
Registration Statement on Form F-3 dated November 28, 2011. In addition, this opinion is subject to customary assumptions as to
legal capacity, genuineness of signatures and authenticity of documents and our reliance on SEK and other sources as to certain factual
matters, as stated in the opinion dated November 28, 2011, which has been filed as exhibit number 5(b) to SEK's Registration
Statement on Form F-3 dated November 28, 2011. This opinion is also subject to the discussion, as stated in such letter, of the
enforcement of notes denominated in a currency other than U.S. dollars. In giving such consent, we do not thereby admit that we come
within the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of the Commission
thereunder."

GENERAL INFORMATION

We have obtained all necessary consents, approvals and authorizations in connection with the issuance and performance of
the notes.

Application will be made to the Irish Stock Exchange for the notes to be admitted to the Official List and to trading on its
regulated market.

We are not involved in any litigation or arbitration proceedings relating to claims or amounts which are material in the
context of the issuance of the notes nor, so far as we are aware, is any such litigation or arbitration pending or threatened. Except as
disclosed in the prospectus, the prospectus supplement and the documents considered part of them, there has been no material adverse
change in our prospects since December 31, 2011, nor has there been any significant change in our financial or trading position which
has occurred since December 31, 2011.

We have consented to the non-exclusive jurisdiction of the courts of the State of New York and the U.S. courts located in the
City of New York with respect to any action that may be brought in connection with the notes.

Under the Indenture, we have irrevocably appointed an authorized representative of the Swedish Trade Council as our
authorized agent for service of process in any action based on the notes or the Indenture brought against us in any U.S. state or federal
court in The City of New York. The contact information for the Swedish Trade Council is as follows:

Swedish Trade Council
The News Building
220 E. 42nd Street, Suite 409A
New York, New York 10017
Tel. No.: +1-212-507-9001

The Indenture provides that any money deposited with the trustee or any paying agent, or then held by us, in trust for the
payment of any principal of or interest on the notes that is unclaimed for two years after such principal or interest has become due and
payable will be paid to us, or if then held by us, will be discharged from such trust.

We accept responsibility for the information contained in the prospectus, the prospectus supplement and this pricing
supplement. We will also accept responsibility for any information contained in the application that will made to the Irish Stock
Exchange for the notes to be admitted to the Official List and to trading on its regulated market. We have taken all reasonable care to
ensure that the information contained in the prospectus, the prospectus supplement and this pricing supplement is in accordance with
the facts and does not omit anything likely to affect the import of such information.

P-8
10 of 108
5/29/2012 8:53 AM