AXF AB Svensk Ekport

TOTAL RETURN INDEX LINKED NOTE

Linked to the S&P Diversified Trends Indicator Total Return Modified

Final Term Sheet: Septermber 18, 2009

Issuer:

AB Svensk Exportkredit (SEK)

Rating:

Aa1/AA+ (Moody’s / S&P)

Index:

S&P Diversified Trends Indicator Total Return Modified (S&P DTI TR Modified), as described in Exhibit A (Bloomberg: “DTITRM”).

Index Sponsor:

The corporation or other entity that, in the determination of the Calculation Agent, (i) is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments, if any, related to the Index and (ii) announces (directly or through an agent) the level of the Index on any business day; as of the date hereof, the Index Sponsor is Goldman, Sachs & Co.

Investment Objective Summary:

This structure represents a long position. At maturity the investor receives the notional amount plus three times the commodity index return (which may be negative) minus the fee amount (which is calculated based on the commodity notional) plus accrued but unpaid interest minus final TBILL amount . The note will be subject to an index end early event if the index ever closes at or below 85% of the index begin level.

Basic Index:

S&P Diversified Trends Indicator Total Return Index (S&P DTI TR).

Basic Index Sponsor:

The corporation or other entity that, in the determination of the Calculation Agent, (i) is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments, if any, related to the Basic

Index and (ii) announces (directly or through an agent) the level of the Basic Index on any business day; as of the date hereof, the Basic Index Sponsor is Standard & Poor’s.

Issue Price:

100% of face amount

Face Amount:

$1,000 per each Note; $10,000,000

Underwriting Fee:

0.25%

Net Proceeds:

99.75%

Trade Date:

September 18, 2009

Original Issue Date

(Settlement Date):

September 25, 2009

Initial Index Level:

1585.808

Final Index Level:

The closing level of the Index as determined on the Determination Date.

Annual Fee (“Fee”):

1.50% per annum (paid on an Actual/365 day basis).

Interest Payment Date:

Quarterly, starting 3 months after the Settlement Date: unless an index event has occurred or an early redemption has been validly designated (in which case the early maturity date will be the final interest payment date), December 28, 2009, March 25, 2010 and June 25, 2010 and the Stated Maturity Date; if any such Interest Payment Date is not a business day, then the Interest Payment Date will be the next succeeding business day, unless that succeeding business day would fall in the next calendar month, in which case such Interest Payment Date would be the immediately preceding business day.

Interest Period:

The period from and including the Settlement Date, or the last date to which interest has been paid or made available for payment, to but excluding the immediately following Interest Payment Date.

Interest Determination Date:

The second London business day prior to each Interest Reset Date.

Interest Reset Date:

Quarterly, starting 3 months after the Settlement Date: December 28, 2009, March 25, 2010 and June 25, 2010 ; provided that if any such day is not a business day, then the Interest Reset Date will be the next succeeding business day, unless that succeeding business day would fall in the next calendar month, in which case such Interest Reset Date will be the immediately preceding business day.

Interest:

On each Interest Payment Date, interest in an amount in cash equal to:

(i) If no Index Event has occurred or no Early Redemption has been validly designated:

FACE AMOUNT * ACCRUED INTEREST FACTOR

(ii) If an Index Event has occurred or an Early Redemption has been validly designated:

FIDF * FACE AMOUNT * ACCRUED INTEREST FACTOR

Accrued Interest Factor:

The sum of the Interest Factors calculated for each calendar day during the applicable Interest Period.

Interest Factor:

subject to a minimum of 0.00%.

Base Rate:

(i) If the applicable Interest Period begins on the Settlement Date: the Initial Base Rate.

(ii) If the applicable Interest Period (1) does not begin on the Settlement Date and (2) does not end on the day before the Stated Maturity Date: three-month USD LIBOR, as it appears on Reuters Screen “LIBOR01” (or any successor or replacement service or page), as of 11:00 a.m. London time, as determined on the Interest Determination Date.

(iii) If the applicable Interest Period ends on the day before the Stated Maturity Date: a rate that the Calculation Agent will determine by interpolating between (1) the USD LIBOR of longest maturity that is less than or equal to the length of the applicable Interest Period, and (2) the USD LIBOR of shortest maturity that is greater than or equal to the length of the applicable Interest Period, in both cases as they appear on Reuters Screen “LIBOR01” (or any successor or replacement service or page), as of 11:00 a.m. London time, as determined on the Interest Determination Date. For the avoidance of doubt, the Base Rate will not be re-evaluated even if the Stated Maturity Date is postponed due to non-business days at the end of the Interest Period.

Initial Base Rate:

TBD% (equal to the three-month USD LIBOR, as it appears on Reuters Screen “LIBOR01” (or any successor or replacement service or page thereof), as of 11:00 a.m. London time, as determined on the second London business day prior to the Settlement Date).

Spread:

-0.27%

Fixed Income Discount Factor (“FIDF”):

Fixed Income Discount Factor LIBOR

(“FIDF LIBOR”):

The LIBOR rate for deposits in U.S. Dollars for the FIDF LIBOR Designated Maturity (interpolated by the calculation agent, if necessary) which appears on the Reuters Screen “LIBOR01” (or any successor or replacement service or page) as of 11:00 a.m., London time, on the Early Determination Date. If such rate does not appear on the Reuters Screen “LIBOR01” (or any successor or replacement service or page), the rate shall be determined by the Calculation Agent.

Fixed Income Days Remaining:

The number of calendar days from but excluding the Early Maturity Date to and including the earlier of (1) the next Interest Reset Date immediately following the Early Maturity Date and (2) the Stated Maturity Date.

FIDF LIBOR Designated Maturity:

A period equal to the Fixed Income Days Remaining, subject to a minimum of one month.

Determination Date:

September 27, 2010 ; a specified date that is expected to be the fifth scheduled Trading Day prior to the originally scheduled Stated Maturity Date, subject to postponement as will be described in the prospectus supplement.

Stated Maturity Date:

October 4, 2010, unless that day is not a business day, in which case the Stated Maturity Date will be the immediately following business day. If the fifth scheduled Trading Day before the Stated Maturity Date is not the Determination Date, then the Stated Maturity Date will be the fifth business day after the Determination Date. If an Index Event (as defined below) shall have occurred or an Early Redemption (as defined below) shall have been validly designated in accordance with the terms of the Note, the relevant maturity date shall be the Early Maturity Date (as defined below).

Amount Payable on the

Stated Maturity Date:

On the Stated Maturity Date, in addition to interest, if any, you will receive an amount, if any, in cash equal to:

FACE AMOUNT + FINAL INDEX AMOUNT - FINAL TBILL AMOUNT -FINAL FEE AMOUNT

but not less than 0

If the Final Index Level is less than the Initial Index Level, the amount payable on the Stated Maturity Date will be less than the Face Amount and may be zero.

Final Index Amount:

Factor:

3.0

Final TBill Amount:

FACE AMOUNT * FACTOR * REALIZED TBILL AMOUNT

Realized TBill Amount:

Equal to (1+Daily TBill Return) for each calendar day in the TBill Calculation Period, minus 1,

where:

(1+Daily TBill Return) equals (1-91/360 × r d-1 ) to the power of (-1/91) and d means each calendar day in the TBill Calculation Period and r d  is the TBill Auction High Rate for day d as defined above.

In formulaic terms the Realized TBill Amount equals

If on the calculation date in the TBill Calculation Period United States Treasury Bills of the TBill Interest Rate Designated Maturity have been auctioned on a TBill Interest Rate Reset Date during the TBill Calculation Period but such rate for such TBill Interest Rate Reset Date does not appear on Reuters Screen “US AUCTION 10111” (or any official successor page thereto), the rate for that TBill Interest Rate Reset Date will be the Bond Equivalent Yield of the rate set forth in H.15 Daily Update (or any official successor page thereto), or such other recognized electronic source used for the purpose of displaying such rate, for that day in respect of the Designated Maturity under the caption “U.S. Government Securities/Treasury bills/Auction high” converted by the Calculation Agent in its discretion to bank discount basis such that it is expressed in the same manner as the Auction High Rate.

If on the calculation date in the TBill Calculation Period United States Treasury Bills of the TBill Interest Rate Designated Maturity have been auctioned on a TBill Interest Rate Reset Date during the TBill Calculation Period but such rate for such TBill Interest Rate Reset Date does not appear on Reuters Screen “US AUCTION 10111” (or any official successor page thereto) and such rate is not set forth in the H.15 Daily Update in respect of the TBill Interest Rate Designated Maturity under the caption “U.S. Government

securities/Treasury bills/Auction high” or another recognized electronic source, the rate for that TBill Interest Rate Reset Date will be the Bond Equivalent Yield of the auction rate for those Treasury Bills as announced by the United States Department of Treasury, converted by the Calculation Agent in its discretion to bank discount basis such that it is expressed in the same manner as the Auction High Rate.

If the United States Treasury Bills of the TBill Interest Rate Designated Maturity are not auctioned during any period of seven consecutive calendar days ending on a Friday and a TBill Interest Rate Reset Date would have occurred if such Treasury Bills had been auctioned during that seven-day period, a TBill Interest Rate Reset Date will be deemed to have occurred on the day during that seven-day period on which such Treasury Bills would have been auctioned in accordance with the usual practices of the United States Department of Treasury, and the rate for that TBill Interest Rate Reset Date will be determined as if the parties had specified “USD-TBILL-Secondary Market” as the applicable TBill Interest Rate Option.

TBill Interest Rate Designated

Maturity:

3 months

TBill Auction High Rate for Each

Date:

The USD-TBill Auction High Rate published at the most recent Auction Date prior to that day.

TBill Calculation Period:

From but excluding the Settlement Date to and including the Stated Maturity Date.

TBill Interest Rate Reset Date:

Each day in the TBill Calculation Period on which U.S. Treasury Bills of the TBill Interest Rate Designated Maturity are auctioned.

TBill Interest Rate Option:

USD-TBILL Auction High Rate

Where:

“USD-TBILL Auction High Rate” means that the rate for a TBill Interest Rate Reset Date on which United States Treasury Bills are auctioned will be the rate for that day which appears on the Telerate Page 56 (or any official successor thereto) under the heading “HIGH RATE”

Final Fee Amount:

Final Fee Days:

The total number of calendar days from but excluding the Trade Date up to and including the Determination Date.

If an Early Redemption shall have been validly designated or an Index Event shall have occurred in accordance with the terms of the Note, the amount payable on the resulting Early Maturity Date shall be determined as set forth in the relevant sections below.

Notice of Early Redemption:

Holders of 100% of the aggregate outstanding Face Amount have the option to redeem this Note (in whole but not in part) prior to the earlier of (1) the occurrence of an Index Event and (2) the scheduled Determination Date (an “Early Redemption”) for the amount set forth below. To be valid, the notice of Early Redemption must be given on a business day, in writing, to the Trustee, the Calculation Agent and the Issuer in accordance with procedures to be specified in the prospectus supplement, it being understood that such notice may be provided by facsimile so long as a prompt written confirmation thereof is physically delivered in accordance with procedures to be specified in the prospectus supplement . Once given, the Notice of Early Redemption is irrevocable.

Index End Early Event:

If on any Trading Day prior to the earlier of (1) the designation of an Early Redemption by the holder and (2) the scheduled Determination Date , the closing level of the Index is equal to or below 1347.937 (85% of Initial Index Level) (the occurrence of such event herein referred to as an “Index Event”), this Note shall automatically be redeemed in accordance with the methodology and formulae applicable upon an Early Redemption as set forth below. Upon occurrence of an Index Event, notice will be given to the DTC in a manner described in the accompanying prospectus.

Early Determination Date:

1) if all requirements described under “Specific Terms of Your Notes — Holder’s Option to Redeem — Early Redemption Requirements” in the prospectus supplement are satisfied no later than 9:00 a.m., New York City time, on a day that is a Trading Day, that day will be the Early Determination Date. If the requirements are satisfied after that time, the next day that is a Trading Day will be the Early Determination Date.

2) if an Index Event has occurred, the Trading Day immediately following the day on which the Index Event occurs will be the Early Determination Date,

and , subject in each case, to postponement as described in the prospectus supplement.

Early Maturity Date:

If an Index Event shall have occurred, then the Early Maturity Date shall be the fifth business day following the Early Determination Date; and,

If an Early Redemption shall have been designated, then the Early Maturity Date shall be the fifth business day following the Early Determination Date,

subject in each case to a postponement (for non-business days), where the Early Maturity Date shall be fifth business day following the day on which all Settlement Prices have been obtained or all prices have otherwise been determined as set forth under “Market Disruption.”

Amount Payable upon Early Maturity Date:

On the Early Maturity Date, in addition to interest, if any, you will receive an amount, if any, in cash equal to:

FACE AMOUNT + EARLY INDEX AMOUNT - EARLY TBILL AMOUNT - EARLY FEE AMOUNT

but not less than 0.

Early Index Amount:

Early Index Return:

(1) the Early Index Level divided by the Initial Index Level minus (2) one.

Early Index Level:

The closing level of the Index on the Early Determination Date, except in limited circumstances described in the prospectus supplement.

Early TBill Amount:

The Realized TBill Amount, with a calculation period from but excluding the Trade Date to and including the Early Determination Date.

TBill Factor:

The projected Realized TBill Amount from the Early Determination Date to the originally scheduled Determination Date, calculated by the Calculation Agent in its discretion intended to reflect the fair economic value to both parties.

Early Fee Amount:

Early Fee Days:

The number of calendar days from but excluding the Trade Date to and including Early Determination Date.

If a Market Disruption (as defined below) relating to one or more underliers included in the Index (which we refer to as the Index Underliers) occurs or is continuing on the originally scheduled Determination Date (if that day is not a Trading Day, then the following trading day) or Early Determination Date, as applicable, the Calculation Agent will calculate the Final Index Level or the Early Index Level, as applicable, by using:

(i) for each Index Underlier that did not suffer a Market Disruption on such date, the Settlement Price (as defined below) of such Index Underlier on such date as published by the exchange on which it is traded, and

(ii) for each Index Underlier that did suffer a Market Disruption on such date, the Settlement Price of such Index Underlier on the first succeeding Trading Day on which no Market Disruption occurs or is continuing with respect to such Index Underlier; provided that, if such day occurs more than five business days after the originally scheduled Determination Date or Early Determination Date, as the case may be, the Calculation Agent shall determine the price for such Index Underlier on the fifth business day after the originally scheduled Determination Date or Early Determination Date, as applicable, taking into consideration the latest available Settlement Price for such Index Underlier and any other information deemed relevant by the Calculation Agent.

In calculating the Final Index Level or the Early Index Level in the circumstances described above, the Calculation Agent will use the method for calculating the Index last in effect prior to such Market Disruption.

In addition, if the Calculation Agent determines that the level of the Index or any Settlement Price that must be used to determine the Final Index Level or Early Index Level, as applicable, is not available on the Determination Date or the Early Determination Date, as the case may be, for any other reason, except as described under “— Discontinuance or Modification of the Basic Index or the Index” in the prospectus supplement, then the Calculation Agent will determine the Final Index Level or Early Index Level, as applicable, based on its assessment, made in its sole discretion, of the level of the Index or any relevant Settlement Price on such applicable day.

Market Disruption Event:

Market Disruption Event with respect to an Index Underlier means the occurrence on any given Trading Day of any one or more of the following circumstances:

(i) A material limitation, suspension, or disruption of trading in such Index Underlier which results in a failure by the exchange on which such Index Underlier is traded to report a Settlement Price for such Index Underlier on such Trading Day,

(ii) The Settlement Price for such Index Underlier is a “limit price”, which means that the Settlement Price for such Index Underlier on such Trading Day has increased or decreased from the previous day’s Settlement Price by the maximum amount permitted under applicable exchange rules, or

(iii) Failure by the applicable exchange or other price source to announce or publish the Settlement Price for such Index Underlier on such Trading Day.

(iv) Trading in an Index Underlier on the applicable trading facility is suspended or interrupted prior to the time at which it is scheduled to close, and trading in such Index Underlier does not resume at least 10 minutes prior to the scheduled closing time and in the event trading does resume at least 10 minutes prior to the scheduled closing time, trading in such Index Underlier on the applicable trading facility does not continue for the entire period until such scheduled closing time..

“Settlement Price” means the official settlement price of an Index Underlier as published by the exchange or trading facility on which it is traded.

Trading Day:

means a day when

1)               The Basic Index Sponsor is open for business and the S&P DTI TR is calculated and published by the Basic Index Sponsor;

2)               The Calculation Agent in London is open for business;

3)               Goldman, Sachs & Co. in New York is open for business and calculates and published the Index; and

4)               All exchanges on which Index Underliers are traded are open for trading.

London Banking Days:

Any day on which dealings in deposits in United States dollars are transacted in the London interbank market.

No Listing:

The notes will not be listed on any securities exchange or interdealer market quotation system.

Calculation Agent:

Goldman Sachs International

Business Days:

London & New York

Business Day Convention:

Modified Following (Unadjusted)

Dealer:

Goldman, Sachs & Co.