Obligation AB Svensk Exportkredit 2.375% ( US00254EMM11 ) en USD

AB Svensk Exportkredit

102.79 % ⇌

Suede

US00254EMM11 ( en USD )

2.375% par an ( paiement semestriel )

08/03/2022 - Obligation échue

Prospectus brochure de l'obligation AB Svensk Exportkredit US00254EMM11 en USD 2.375%, échue

200 000 USD

1 400 000 000 USD

00254EMM1

AA+ ( Haute qualité )

Aa1 ( Haute qualité )

L'Obligation émise par AB Svensk Exportkredit ( Suede ) , en USD, avec le code ISIN US00254EMM11, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/03/2022

L'Obligation émise par AB Svensk Exportkredit ( Suede ) , en USD, avec le code ISIN US00254EMM11, a été notée Aa1 ( Haute qualité ) par l'agence de notation Moody's.

L'Obligation émise par AB Svensk Exportkredit ( Suede ) , en USD, avec le code ISIN US00254EMM11, a été notée AA+ ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 a17-7513_3424b2.htm 424B2
Table of Contents

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-199784

Pricing Supplement No. F-44
(To Prospectus and Prospectus Supplement each dated November 3, 2014 and Prospectus Addendum dated January 28, 2016)

$1,400,000,000
AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Swedish Export Credit Corporation)
2.375% Notes
Due March 2022
Issue Price: 99.752%

These notes are issued by Aktiebolaget Svensk Exportkredit (Publ) (Swedish Export Credit Corporation or "SEK"). The notes will mature on
March 9, 2022. 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 in arrears on each March 9 and September 9, commencing September 9, 2017, 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.

By acquiring the notes, you acknowledge, agree to be bound by, and consent to the exercise of any Bail-in Power by the Swedish
resolution authority and the Debt Office. All payments are subject to the exercise of any Bail-in Power by the relevant Swedish resolution
authority. See "Risk Factors--Consent to Bail-in Power."

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, the prospectus supplement and the prospectus
addendum to which it relates. Any representation to the contrary is a criminal offense.

Per Note
Total

Initial public offering price
99.752% U.S.$
1,396,528,000

Underwriting discount
0.125% U.S.$
1,750,000

Proceeds to SEK
99.627% U.S.$
1,394,778,000

UPDATED CALCULATION OF REGISTRATION FEE

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

Notes offered hereby
US$
1,400,000,000
99.752% US$
1,396,528,000
US$
161,857.60(1)

https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

(1) The registration fee is calculated in accordance with Rule 457(r) under the Securities Act. US$239,517.35 of the registration fees paid in

respect of the securities covered by the registration statement of which this pricing supplement is a part remains unused. US$161,857.60 of
that amount is being offset against the registration fee for this offering and US$77,659.75 remains available for future registration fees.

The 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 March 9, 2017.

Joint Lead Managers

BofA Merrill Lynch
BMO Capital Markets
Daiwa Capital Markets Europe
Deutsche Bank

Co-Lead Managers

SMBC Nikko
Tokai Tokyo

The date of this pricing supplement is March 2, 2017.

Table of Contents

ABOUT THIS PRICING SUPPLEMENT

This pricing supplement is a supplement to:

·
the accompanying prospectus addendum dated January 28, 2016,

·
the accompanying prospectus supplement dated November 3, 2014 relating to our medium-term notes, series F, due nine months or

more from date of issue and

·
the accompanying prospectus dated November 3, 2014 relating to our debt securities.

If the information in this pricing supplement differs from the information contained in the prospectus addendum, 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 addendum, prospectus supplement and prospectus. All
four documents contain information you should consider when making your investment decision. We are responsible for the information
contained and incorporated by reference in this pricing supplement, the prospectus addendum, the prospectus supplement, the prospectus and in any
related free-writing prospectus we prepare or authorize. We have not authorized anyone else to provide you with different information, and we
take no responsibility for any other information that others may give you. We and the 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 addendum, 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 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 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 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
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

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 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
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
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, 2016, which we filed with the SEC on February 24, 2017;

and

·
our report on Form 6-K which we furnished to the SEC on February 7, 2017 (except to the extent that such documents specify that

certain parts thereof are not incorporated by reference in our Registration Statement No. 333-199784).

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 (except to the
extent that such documents specify that certain parts thereof are not so incorporated by reference); 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
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

The exchange rate for converting U.S. dollars into Swedish kronor was 8.9994 Skr per U.S. dollar on February 24, 2017, based on the
Federal Reserve Statistical Release publication of Foreign Exchange Rates (Weekly) (the latest date for which such data is available).

P-2
Table of Contents

RISK FACTORS

Prospective investors should read the entire pricing supplement along with the accompanying prospectus addendum, 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, 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,
2016, filed with the SEC on February 24, 2017 and incorporated by reference herein. See the information under "Risk Factors" beginning on page 6
of our Annual Report on Form 20-F.

Consent to Bail-in Power

Under the Swedish Resolution Act 2016, the Swedish resolution authority, the Debt Office, may exercise a Bail-in Power under certain
conditions which, in summary, include that such authority determines that: (i) a relevant entity (such as SEK) is failing or is likely to fail, (ii) it is
not reasonably likely that (ignoring the other stabilization powers under the Resolution Act) any other action will be taken to avoid the entity's
failure, (iii) the exercise of the stabilization powers are necessary taking into account certain public interest considerations such as the stability of
the Swedish financial system, public

https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

P-3
Table of Contents

confidence in the banking system and the protection of depositors (also regulated by the Swedish Financial Supervisory Authority (SFSA)) and
(iv) the objectives of the resolution measures would not be met to the same extent by the winding up of the entity. Notwithstanding these
conditions, there remains uncertainty regarding how the Debt Office would assess these conditions in deciding whether to exercise any Bail-in
Power.

The Bail-in Power includes any statutory write-down and conversion power, which allows for the cancellation of all, or a portion, of any
amounts payable on the notes, including any repayment of principal and/or the conversion of all, or a portion, of any amounts payable on the notes,
including the repayment of principal, into shares or other securities or other obligations of ours or another person, including by means of a variation
to the terms of the notes. Accordingly, if any Bail-in Power is exercised you may lose all or a part of the value of your investment in the notes or
receive a different security, which may be worth significantly less than the notes and which may have significantly fewer protections than those
typically afforded to debt securities. Moreover, the Debt Office may exercise its authority to implement the Bail-in Power without providing any
advance notice to the holders of the notes. By your acquisition of the notes, you acknowledge, agree to be bound by, and consent to the exercise of
any Bail-in Power by the relevant resolution authority. The exercise of any Bail-in Power with respect to the notes will not be a default or an
Event of Default (as each term is defined in the indenture relating to the notes). The trustee will not be liable for any action that the trustee takes, or
abstains from taking, in either case, in accordance with the exercise of the Bail-in Power with respect to the notes. Your rights as a holder of the
notes are subject to, and will be varied, if necessary, so as to give effect to the exercise of any Bail-in Power by the Debt Office.

This is only a summary. For more information, please see the accompanying prospectus addendum, including the full definition of "Bail-
in Power."

P-4
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, prospectus addendum 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, the prospectus addendum 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, prospectus addendum 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 and the
prospectus addendum, include the notes we are offering in this pricing supplement.

Principal Amount:
US$ 1,400,000,000

Issue Price:
99.752% of the Principal Amount

Pricing Date:
March 2, 2017

Issue Date:
March 9, 2017 (T+5)

Maturity Date:
March 9, 2022

Redemption Amount:
100.000% of the Principal Amount

https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

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

Interest Rate:
2.375% per annum, calculated on the basis of a 360-day year of twelve 30-
day months.

Spread to Benchmark Treasury:
T + 40.55 basis points

Benchmark Treasury:
UST 1.875% due February 28, 2022

Re-Offer Yield:
2.428%

Interest Payment Dates:
March 9 and September 9, commencing September 9, 2017, 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 next succeeding Business Day with
the same force and effect as if made on such Interest Payment Date, with no
adjustment to the amount due.

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

Day Count Fraction:
30/360

P-5
Table of Contents

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.

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 100.000% of
the principal amount thereof, together with accrued and unpaid 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$200,000 and integral
multiples of US$1,000 in excess thereof.

Joint Lead Managers:
Bank of Montreal, London Branch
Daiwa Capital Markets Europe Limited
Deutsche Bank AG, London Branch
Merrill Lynch International

Co-Lead Managers:
SMBC Nikko Capital Markets Limited
Tokai Tokyo Securities Europe Limited

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:
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

CUSIP:
00254E MM1

ISIN:
US00254EMM11

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.

P-6
Table of Contents

Governing Law:
New York

Consent to Bail-in Power:
By investing in this offering, you acknowledge, agree to be bound by, and
consent to the exercise of any Bail-in Power by the Swedish resolution
authority and the Debt Office. All payments are subject to the exercise of any
Bail-in Power by the relevant Swedish resolution authority.

Under the Swedish Resolution Act 2016, the Swedish resolution authority,
the Debt Office, may exercise a Bail-in Power under certain conditions
which, in summary, include that such authority determines that: (i) a relevant
entity (such as SEK) is failing or is likely to fail, (ii) it is not reasonably
likely that (ignoring the other stabilization powers under the Resolution Act)
any other action will be taken to avoid the entity's failure, (iii) the exercise of
the stabilization powers are necessary taking into account certain public
interest considerations such as the stability of the Swedish financial system,
public confidence in the banking system and the protection of depositors
(also regulated by the Swedish Financial Supervisory Authority (SFSA)) and
(iv) the objectives of the resolution measures would not be met to the same
extent by the winding up of the entity. Notwithstanding these conditions, there
remains uncertainty regarding how the Debt Office would assess these
conditions in deciding whether to exercise any Bail-in Power.

The Bail-in Power includes any statutory write-down and conversion power,
which allows for the cancellation of all, or a portion, of any amounts payable
on the notes, including any repayment of principal and/or the conversion of
all, or a portion, of any amounts payable on the notes, including the
repayment of principal, into shares or other securities or other obligations of
ours or another person, including by means of a variation to the terms of the
notes. Accordingly, if any Bail-in Power is exercised you may lose all or a
part of the value of your investment in the notes or receive a different
security, which may be worth significantly less than the notes and which may
have significantly fewer protections than those typically afforded to debt
securities. Moreover, the Debt Office may exercise its authority to implement
the Bail-in Power without providing any advance notice to the holders of the
notes. By your acquisition of the notes, you acknowledge, agree to be bound
by, and consent to the exercise of any Bail-in Power by the relevant
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

resolution authority. The exercise of any Bail-in Power with respect to the
notes will not be a default or an Event of Default (as each term is defined in
the indenture relating to the notes). The trustee will not be liable for any
action that the trustee takes, or abstains from taking, in either case, in
accordance with the exercise of the Bail-in Power with respect to the notes.
Your rights as a holder of the notes are subject to, and will be varied, if
necessary, so as to give effect to the exercise of any Bail-in Power by the
Debt Office.

This is only a summary. For more information, please see the accompanying
prospectus addendum, including the full definition of "Bail-in Power."

Further Information:
See "General Information".

P-7
Table of Contents

USE OF PROCEEDS

We expect that the net proceeds from the issuance of notes will be US$ 1,394,778,000. 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 3, 2014, and a Terms Agreement dated March 2,
2017 (the "Agreements"), we have agreed to sell to the Managers, as underwriters, and each of the Managers have agreed to purchase, the principal
amount of notes set forth opposite the Manager's name below at 99.752% of the aggregate principal amount thereof (prior to deduction of the
aforementioned underwriting commissions).

Principal
Managers
Amount of Notes

Bank of Montreal, London Branch
$
343,000,000

Daiwa Capital Markets Europe Limited
343,000,000

Deutsche Bank AG, London Branch
343,000,000

Merrill Lynch International
343,000,000

SMBC Nikko Capital Markets Limited
14,000,000

Tokai Tokyo Securities Europe Limited
14,000,000

Total
$
1,400,000,000

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

The 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 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
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.

Some of the Managers and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial
dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and
commissions for these transactions.

In addition, in the ordinary course of their business activities, the Managers and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

or our affiliates. Certain of the Managers or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us
consistent with their customary risk management policies. Typically, such Managers and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the notes offered hereby. Any such short positions could adversely affect future trading prices of the notes offered hereby. The
Managers and their affiliates

P-8
Table of Contents

may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Any Manager that is not a broker-dealer registered with the SEC will only make sales of notes in the United States through one or more
SEC registered broker-dealers in compliance with applicable securities laws and the rules of the Financial Industry Regulatory Authority, 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 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 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, one or more of the Managers or an affiliate of one or more of the
Managers may enter into swap transactions with us associated with this offering of notes.

The 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 Managers reserve the right to withdraw, cancel or modify any offer and to reject orders in whole or in part.

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 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 Manager or Managers for any such offer; or

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

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

P-9
Table of Contents
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

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 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 SEK; 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 pricing supplement 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.

This opinion is given as of the date of this pricing supplement 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 3, 2014 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 3, 2014. 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 3, 2014, which has been filed as exhibit number
5(b) to SEK's Registration Statement on Form F-3 dated November 3, 2014. 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.

P-10
Table of Contents

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, prospectus addendum and the documents considered part of them, there has been no material adverse change in our
prospects since December 31, 2016, nor has there been any significant change in our financial or trading position which has occurred since
December 31, 2016.

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.
https://www.sec.gov/Archives/edgar/data/352960/000110465917014064/a17-7513_3424b2.htm[3/6/2017 9:04:44 AM]

Document Outline

#1">
- #1">