Common use of Financing Spread Clause in Contracts

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 1 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 SEK 35.81 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 29 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 1 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the The Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Valuation Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Valuation Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current KnockStop-Out Loss Barrier, in which case the Securities are exercised automatically and expire worthless immediatelyautomatically. If a Barrier Event occurs, the Valuation Price for the purpose of determining the Cash Amount shall be equal to the Stop-Loss Reference Price. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. KnockValuation Price The Valuation Price shall be the relevant rate, price or level of the Underlying for the purpose of calculating the Cash Amount and shall be determined as follows: The Valuation Price shall be, in the event of (a) exercise by the Security Holder or (b) termination by the Issuer, the Reference Price on the Valuation Date, or, in the event of (c) the occurrence of a Barrier Event, the Stop-Out Loss Reference Price (as defined respectively in these Product Conditions). Stop-Loss Barrier on the Issue Date EUR 43.56 SEK 97.80 Stop-Loss Buffer on the Issue Date 4.936%. Maximum Stop-Loss Buffer 15%. Current KnockStop-Out Loss Barrier on the Issue Date shall be equal to the Stop-Loss Barrier on the Issue Date. The Stop-Loss Barrier shall be adjusted by the Calculation Agent with effect as of each Stop-Loss Barrier Adjustment Date. The Current KnockStop-Out Loss Barrier shall correspond be determined in accordance with the following formula and rounded up to the nearest multiple of the rounding of the Stop-Loss Barrier: StL = FLn ⋅ (100% + StLP) StL: Current Stop-Loss Barrier. FLn: Strike following the adjustment = Current Strike. Observation Period StLP: Current Stop-Loss Buffer. The Observation Period rounding of the Stop-Loss Barrier shall be every day from the 22 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)0.01.

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Fi- nancing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). DivF: means the Dividend Factor. Div: means the Dividend Effect on the Adjustment Date. The result of the calculation shall be rounded downwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.01. Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. 3.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5%. 5.00% Ratio 10 : 1 0.1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided multiplied by the Ratio, i.e. (Reference Price – Strike) x Ratio. the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) / Ratio. ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier event Event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower higher than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediatelyautomatically. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Initial Knock-Out Barrier on the Issue Date EUR 43.56 51.98 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 2016 4 August 2017 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below rises above the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is shall be the Principal Paying Agent Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 8002 Zurich, Switzerland Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon 11:00 a.m. (Helsinki time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 4 August 2017

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 USD 90.95 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 29 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 1,000 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 USD 18,582.85 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 18 November 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. In the event of a change in the times at which the Underlying is calculated and published by the Reference Agent, the Observation Price within the meaning of these Terms and Conditions shall change analogously. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 100 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 USD 1,961.56 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 4 March 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. In the event of a change in the times at which the Underlying is calculated and published by the Reference Agent, the Observation Price within the meaning of these Terms and Conditions shall change analogously. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher lower than the Current Strike, divided by the Ratio, i.e. (Current Strike – Reference Price – Current StrikePrice) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the higher thanthe Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 22.873 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 11 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below rises above the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 USD 105.42 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 21 March 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Fi- nancing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). DivF: means the Dividend Factor. Div: means the Dividend Effect on the Adjustment Date. The result of the calculation shall be rounded downwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.0001. Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. 2.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5%. 5.00% Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided multiplied by the Ratio, i.e. (Reference Price – Strike) x Ratio. the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) / Ratio. ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier event Event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower higher than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediatelyautomatically. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Initial Knock-Out Barrier on the Issue Date EUR 43.56 SEK 128.50 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 2016 12 May 2017 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below rises above the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is shall be the Principal Paying Agent Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 8002 Zurich, Switzerland Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon 11:00 a.m. (Helsinki time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 12 May 2017 Minimum Exercise Number 1 Securities Reference Price The Reference Price shall be the relevant rate, price or level of the Underlying for the purpose of calculating the Cash Amount, and shall be determined as follows: Reference Price shall mean the closing price of the Underlying determined and published by the Reference Agent on the Valuation Date. Valuation Date Valuation Date shall be (a) in each case in the event of effective exercise by the Security Holder, an Exercise Date on which the Security Right is exercised effectively by the Security Holder in accordance with section 4 of the General Conditions; (b) in the event of ordinary termination by the Issuer, the ordinary termination date. If (i) the Valuation Date is not an Exchange Day or (ii) in the event of effective exercise by the Security Holder, the Exercise Notice is not received by the Exercise Agent until after the Reference Price has been determined by the Reference Agent on the Valuation Date, then the Valuation Date shall be postponed to the next following Exchange Day. Exchange Day A day on which trading in the Underlying takes place on the Reference Agent.

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 52.01 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 12 February 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 100 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 9,428.98 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 15 July 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. In the event of a change in the times at which the Underlying is calculated and published by the Reference Agent, the Observation Price within the meaning of these Terms and Conditions shall change analogously. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 1 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 SEK 62.77 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 15 July 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Fi- nancing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). DivF: means the Dividend Factor. Div: means the Dividend Effect on the Adjustment Date. The result of the calculation shall be rounded downwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.0001. Financing Spread The Financing Spread on the Issue Date shall amount to 3.5%. 3.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5%. 5.00% Ratio 10 : 1 0.01 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided multiplied by the Ratio, i.e. (Reference Price – Strike) x Ratio. the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) / Ratio. ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier event Event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower higher than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediatelyautomatically. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Initial Knock-Out Barrier on the Issue Date EUR 43.56 USD 429.44 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 2016 20 June 2017 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below rises above the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is shall be the Principal Paying Agent Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 8002 Zurich, Switzerland Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon 11:00 a.m. (Helsinki time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 20 June 2017

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 100 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 USD 2,017.74 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 January 1 July 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. In the event of a change in the times at which the Underlying is calculated and published by the Reference Agent, the Observation Price within the meaning of these Terms and Conditions shall change analogously. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)

Financing Spread. Maximum Financing Spread The Financing Spread on the Issue Date shall amount to 3.52.5%. The Maximum Financing Spread shall amount to 5%. Ratio 10 : 1 Cash Amount If no Barrier Event has occurred during the Observation Period, the Cash Amount (section 3 of the General Conditions) shall be equal to the difference, expressed in the Currency of the Underlying, by which the relevant Reference Price on the Valuation Date is higher than the Current Strike, divided by the Ratio, i.e. (Reference Price – Current Strike) / Ratio. Base Settlement Amount Not applicable Barrier Event A Barrier event shall occur if during the Observation Period and the usual times at which the Underlying is calculated and published by the Reference Agent, the Observation Price touches or is lower than the Current Knock-Out Barrier, in which case the Securities are exercised automatically and expire worthless immediately. The occurrence of a Barrier Event shall take precedence over exercise by the Security Holder or termination by the Issuer. The Term of the Securities shall end upon the occurrence of a Barrier Event. Notice shall be given of the occurrence of the Barrier Event in accordance with section 12 of the General Conditions. Knock-Out Barrier on the Issue Date EUR 43.56 36.54 Current Knock-Out Barrier The Current Knock-Out Barrier shall correspond to the Current Strike. Observation Period The Observation Period shall be every day from the 22 29 January 2016 (inclusive). Observation Price shall mean the price of the Underlying determined and published by the Reference Agent. For the purpose of determining whether the Observation Price touches or falls below the Current Knock-Out Barrier, each determination of the price of the Underlying by the Reference Agent during the Observation Period shall be relevant. Type of Exercise American Exercise Type Exercise Agent is the Principal Paying Agent Facsimile: +00 (0)00 000 00 00 Address: Bank Vontobel AG for the attention of Corporate Actions Xxxxxxxxxxxxxxx 00 0000 Xxxxxx Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Exercise Cut-Off Date Exercise Cut-Off Date means the relevant Exercise Date. Exercise Time is 12:00 noon (Helsinki time)