Common use of Financing Spread Clause in Contracts

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: Dividend Factor. Means a value between 0 and 1, calculated by the Calculation Agent in its reasonable discretion (for Securities governed by German law in accordance with sections 315, 317 BGB) based on the taxes or charges payable by the Calculation Agent or companies affiliated with it on the dividends or cash distributions equivalent to dividends distributed on that day on the relevant share or one or several of the shares comprised in the index. Div: Dividend Effect. Means an amount, calculated by the Calculation Agent in its reasonable discretion (in accordance with sections 315, 317 BGB) based on the dividends or cash distributions equivalent to dividends distributed on an Ex-Dividend Date on the relevant share. "Ex-Dividend Date" is a day on which shares of the relevant company for which dividends or cash amounts equivalent to dividends are to be distributed are traded "ex dividend" on their relevant primary exchange. 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 2.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5.00% Ratio 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 lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier Event shall occur if during the Observation Period the Observation Price touches or is higher 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. Initial Knock-Out Barrier SEK 311.08 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 15 June 2018 (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 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 shall be the Principal Paying Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 0000 Xxxxxx, Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Exercise Time is 11:00 a.m. (Stockholm time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 15 June 2018

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: Dividend Factor. Means a value between 0 and 1, calculated by the Calculation Agent in its reasonable discretion (for Securities governed by German law in accordance with sections 315, 317 BGB) based on the taxes or charges payable by the Calculation Agent or companies affiliated with it on the dividends or cash distributions equivalent to dividends distributed on that day on the relevant share or one or several of the shares comprised in the index. Div: Dividend Effect. Means an amount, calculated by the Calculation Agent in its reasonable discretion (in accordance with sections 315, 317 BGB) based on the dividends or cash distributions equivalent to dividends distributed on an Ex-Dividend Date on the relevant share. "Ex-Dividend Date" is a day on which shares of the relevant company for which dividends or cash amounts equivalent to dividends are to be distributed are traded "ex dividend" on their relevant primary exchange. 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 2.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5.00% Ratio 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 lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier Event shall occur if during the Observation Period the Observation Price touches or is higher 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. Initial Knock-Out Barrier SEK 311.08 316.08 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 15 June 2018 (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 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 shall be the Principal Paying Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 0000 Xxxxxx, Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Exercise Time is 11:00 a.m. (Stockholm time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 15 June 2018

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: Dividend Factor. Means a value between 0 and 1, calculated by the Calculation Agent in its reasonable discretion (for Securities governed by German law in accordance with sections 315, 317 BGB) based on the taxes or charges payable by the Calculation Agent or companies affiliated with it on the dividends or cash distributions equivalent to dividends distributed on that day on the relevant share or one or several of the shares comprised in the index. Div: Dividend Effect. Means an amount, calculated by the Calculation Agent in its reasonable discretion (in accordance with sections 315, 317 BGB) based on the dividends or cash distributions equivalent to dividends distributed on an Ex-Dividend Date on the relevant share. "Ex-Dividend Date" is a day on which shares of the relevant company for which dividends or cash amounts equivalent to dividends are to be distributed are traded "ex dividend" on their relevant primary exchange. 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 2.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5.00% Ratio 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 lower than the Current Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Price) ⋅ Ratio Base Settlement Amount Not applicable Barrier Event A Barrier Event shall occur if during the Observation Period the Observation Price touches or is higher 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. Initial Knock-Out Barrier SEK 311.08 321.08 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 15 June 2018 (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 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 shall be the Principal Paying Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 0000 Xxxxxx, Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Exercise Time is 11:00 a.m. (Stockholm time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 15 June 2018

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-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: Dividend Factor. Means the difference between (A) 1 and (B) a value between 0 and 1, calculated by the Calculation Agent in its reasonable discretion (for Securities governed by German law in accordance ac- cordance with sections 315, 317 BGB) based on the taxes or charges payable by the Calculation Agent or companies affiliated with it on the dividends or cash distributions equivalent to dividends distributed on that day on the relevant share or one or several of the shares comprised in the index. If the index (Underlying) consists of more than 100 constituents, the Calculation Agent shall have the right, in its reasonable discretion (for Securities governed by German law in accordance with sections 315, 317 BGB) to use a correspondingly smoothed divf for the purposes of the adjustment on each Trading Day. Div: Dividend Effect. Means an amount, calculated by the Calculation Calcula- tion Agent in its reasonable discretion (in accordance with sections 315, 317 BGB) based on the dividends or cash distributions equivalent equiva- lent to dividends distributed on an Ex-Dividend Date on one or sev- eral constituents of the relevant shareUnderlying. "Ex-Dividend Date" is a day on which shares of the relevant company for which dividends or cash amounts equivalent to dividends are to be distributed are traded "ex dividend" on their relevant primary exchange. 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 2.50% Maximum Financing Spread The Maximum Financing Spread shall amount to 5.00% Ratio 1 0.001 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 lower than the Current Cur- rent Strike, multiplied by the Ratio, i.e. Cash Amount = (Current Strike − Reference Valuation Price) ⋅ 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 Refer- ence Agent, the Observation Price touches or is higher than the Current KnockStop-Out Loss Barrier, in which case the Securities are exercised automatically and expire worthless immediatelyautomatical- ly. If a Barrier Event occurs, the Valuation Price for the purpose of determin- ing 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 Securi- ties 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. Valuation Price The Valuation Price shall be the relevant rate, price or level of the Under- lying for the purpose of calculating the Cash Amount and shall be deter- mined 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 Valua- tion Date, or, in the event of (c) the occurrence of a Barrier Event, the Stop-Loss Reference Price (as defined respectively in these Product Con- ditions). Initial KnockStop-Out Loss Barrier SEK 311.08 EUR 14,299.28 Initial Stop-Loss Buffer 2.00% Maximum Stop-Loss Buffer 15.00% Current KnockStop-Out Loss Barrier on the Issue Date shall be equal to the Initial Stop-Loss Barrier. 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 down to the nearest multiple of the rounding of the Stop-Loss Barrier: = ⋅ (100% − ) 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 15 June 2018 (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 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 shall be the Principal Paying Agent. Address: Bank Vontobel AG, attn: Corporate Actions, Xxxxxxxxxxxxxxx 00, 0000 Xxxxxx, Xxxxxxxxxxx Telephone: +00 (0)00 000 00 00 Facsimile: +00 (0)00 000 00 00 Exercise Time is 11:00 a.m. (Stockholm time) Exercise Date shall mean each Business Day commencing as of the First Exercise Date (including). First Exercise Date 15 June 20180.01.