MUNICIPALITY FINANCE PLC (Kuntarahoitus Oyj) THE MUNICIPAL GUARANTEE BOARD (Kuntien takauskeskus)

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1 Final Terms dated 21st September, 2016 MUNICIPALITY FINANCE PLC (Kuntarahoitus Oyj) Issue of BRL 100,000,000 Deep Discount Zero Coupon Notes due 26th September, 2019 Guaranteed by THE MUNICIPAL GUARANTEE BOARD (Kuntien takauskeskus) under the 25,000,000,000 Programme for the Issuance of Debt Instruments PART A - CONTRACTUAL TERMS This document constitutes the final terms relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions ) set forth in the Offering Circular dated 11th May, 2016 and the supplemental Offering Circular dated 19th September, 2016 (the Offering Circular ). These Final Terms contain the final terms of the Notes and must be read in conjunction with such Offering Circular as so supplemented. These Final Terms are available for viewing at 1. (i) Issuer: Municipality Finance Plc (Kuntarahoitus Oyj) (ii) Guarantor: The Municipal Guarantee Board (Kuntien takauskeskus) 2. (i) Series Number: 141/2016 (ii) Tranche Number: 3. Specified Currency or Currencies: United States Dollar ( USD ) for all payments. Brazilian Real ( BRL ) for the determination of the Final Redemption Amount and Early Redemption Amount (if applicable) (further particulars specified below) 4. Aggregate Nominal Amount: (i) Series: BRL 100,000,000 (ii) Tranche: 5. Issue Price: per cent. of the Aggregate Nominal Amount 6. (i) Specified Denominations: BRL 10,000 (ii) Calculation Amount: BRL 10,

2 7. (i) Issue Date: 26th September, 2016 (ii) Interest Commencement Date: 8. Maturity Date: 26th September, 2019, subject to adjustment in accordance with Condition 10A Interest Basis: Zero Coupon (further particulars specified below) 10. Redemption/Payment Basis: The Final Redemption Amount will be as specified in item 22 below, subject to the provisions of item 23 below 11. Change of Interest or Redemption/Payment Basis: 12. Put/Call Options: 13. (i) Status of the Notes: Senior (ii) Status of the Guarantee: Senior (iii) Date Board approval for issuance of Notes and Guarantee obtained: 14. Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Provisions 16. Floating Rate Note Provisions 17. Zero Coupon Note Provisions Applicable (i) Amortisation/Accrual Yield: per cent. per annum (ii) Reference Price: BRL 7,640 (iii) Any other formula/basis of determining amount payable: 18. Index-Linked Interest Note Provisions 19. Dual Currency Note Provisions PROVISIONS RELATING TO REDEMPTION 20. Call Option: 21. Put Option: - 2 -

3 22. Final Redemption Amount of each Note: In cases where the Final Redemption Amount is Index-Linked or other variablelinked: (i) Index/Formula/variable: The Final Redemption Amount payable per Calculation Amount in USD on the Maturity Date shall be calculated in accordance with the following formula (with USD or more to be rounded upwards to the nearest USD 0.01): BRL 10,000 divided by BRL Rate (as defined below) (ii) (iii) Calculation Agent responsible for calculating the Final Redemption Amount: Provisions for determining Final Redemption Amount where calculated by reference to Index and/or Formula and/or other variable: HSBC Bank USA, National Association (the Calculation Agent ) BRL Rate means the BRL/USD exchange rate, expressed as the amount of BRL per USD 1.00 determined by the Calculation Agent on the BRL Valuation Date, as follows: (a) BRL-PTAX Rate (as defined below); or (b) in the event that the BRL-PTAX Rate is not available on the BRL Valuation Date, the EMTA BRL Industry Survey Rate (as defined below) (if such rate is available); or (c) in the event that both the BRL-PTAX Rate and the EMTA BRL Industry Survey Rate are not available on the BRL Valuation Date, the rate determined by the Calculation Agent on the BRL Valuation Date in good faith and in a commercially reasonable manner, having taken into account relevant market practice, provided that: (i) if, on the applicable BRL Valuation Date, the Calculation Agent determines that a Price Materiality (as defined below) has occurred on such BRL Valuation Date, the BRL Rate will be the EMTA BRL Industry Survey Rate applicable in respect of such BRL Valuation Date; and - 3 -

4 (ii) if, on the applicable BRL Valuation Date, the Calculation Agent determines that an EMTA Failure (as defined below) has occurred on such BRL Valuation Date, the BRL Rate will be determined by the Calculation Agent in good faith and in a commercially reasonable manner, having taken into account relevant market practice Brazil means any of Brasília, Rio de Janeiro or São Paulo Brazil and New York Business Day means a day (other than a Saturday or a Sunday) on which banks and foreign exchange markets are open for business in Brazil and New York BRL-PTAX Rate means the closing BRL/USD offered rate for USD, expressed as the amount of BRL per one USD, for settlement in two Brazil and New York Business Days reported by the Banco Central do Brasil on its website ( see Cotações e boletins ) by approximately 1:15 p.m. São Paulo time on such BRL Valuation Date BRL Valuation Date means the tenth Valuation Business Day (as defined below) prior to the Maturity Date, provided, however, that if such date is an Unscheduled Holiday (as defined below), the BRL Valuation Date shall be the next following Valuation Business Day, provided, however, that if the next day is also an Unscheduled Holiday, the BRL Rate will be determined by the Calculation Agent on such day, acting in good faith and in a commercially reasonable manner, having taken into account relevant market practice and by reference to such additional sources as it deems appropriate EMTA means Emerging Markets Traders Association EMTA BRL Industry Survey Rate means the foreign exchange rate as specified in the ISDA 1998 FX and Currency Option Definitions (as updated from time to time) Settlement Rate Options: EMTA BRL Industry Survey Rate (BRL12), meaning that the spot rate for the BRL Valuation Date will be the BRL/USD offered rate for USD, expressed as the amount of BRL per USD 1.00, for settlement in two Brazil and New York Business Days, calculated by EMTA (or a - 4 -

5 (iv) Date for determining Final Redemption Amount where calculated by reference to Index and/or Formula and/or other variable: service provider EMTA may select in its sole discretion) pursuant to the EMTA BRL Industry Survey Rate Methodology and published on EMTA s website ( at approximately 3:45 p.m. São Paulo time or as soon thereafter as practicable on such BRL Valuation Date EMTA BRL Industry Survey Rate Methodology means a methodology, dated 1st March, 2004, as amended from time to time, for a centralised industry-wide survey of financial institutions in Brazil that are active participants in the BRL/USD spot markets for the purposes of determining the EMTA BRL Industry Survey Rate EMTA Failure means, in respect of the BRL Valuation Date, that the EMTA BRL Industry Survey Rate, having been requested as prescribed by EMTA, is not available for any reason. For the avoidance of doubt, an EMTA Failure may still occur notwithstanding that the BRL-PTAX Rate is available on the BRL Valuation Date Price Materiality means, in respect of the BRL Valuation Date, that the EMTA BRL Industry Survey Rate is available on such date and that the BRL-PTAX Rate differs from the EMTA BRL Industry Survey Rate by more than 3 per cent Unscheduled Holiday means a day that is not a Valuation Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time in São Paulo two Valuation Business Days prior to the BRL Valuation Date Valuation Business Day means a day (other than a Saturday or a Sunday) on which banks and foreign exchange markets are open for business in Brazil, New York and Tokyo BRL Valuation Date, as defined in item 22(iii) above - 5 -

6 (v) Provisions for determining Final Redemption Amount where calculation by reference to Index and/or Formula and/or other variable is impossible or impracticable or otherwise disrupted: As set out in item 22(iii) above (vi) Payment Date: Maturity Date (vii) Minimum Final Redemption Amount: (viii) Maximum Final Redemption Amount: 23. Early Redemption Amount: Early Redemption Amount(s) per Calculation Amount payable on redemption for taxation reasons or on event of default or other early redemption and/or the method of calculating the same (if required or if different from that set out in the Conditions): (a) The Early Redemption Amount for each Note shall, subject to the provisions set out in paragraph (b), be the USD equivalent of sum of (A) BRL 7,640 (the Reference Price ) and (B) the product of per cent. per annum (the Accrual Yield ) (compounded semiannually) being applied to the Reference Price from (and including) the Issue Date to (but excluding) the day upon which the Notes become due and redeemable in accordance with Condition 7.02 or Condition 8.02 (the Early Redemption Date ). Such calculation shall be made on the basis of Day Count Fraction 30/360. (b) The Early Redemption Amount shall be payable in USD, and shall be calculated in accordance with the following formula (with USD or more to be rounded upwards to the nearest USD 0.01): Early Redemption Amount divided by BRL Rate BRL Rate will be as defined in item 22 above, mutatis mutandis, provided that for purposes of such determination, BRL Valuation Date shall be the date which is the tenth Valuation Business Day prior to the Early Redemption Date - 6 -

7 GENERAL PROVISIONS APPLICABLE TO THE NOTES 24. Form of Notes: Bearer Notes: 25. New Global Note: No If, upon presentation of the Notes on or after the Early Redemption Date or the Maturity Date, payment of principal due thereunder is improperly withheld or refused, interest shall accrue thereon at a rate per annum equal to the sum of the Accrual Yield and 0.50 per cent. per annum from (and including), as the case may be, the Early Redemption Date or the Maturity Date to (but excluding) the date which is the earlier of:- (1) the date on which all amounts due in respect of the Notes have been paid; and (2) the date on which the full amount of the moneys payable has been received by the Agent and notice to that effect has been given to the Noteholders (either in accordance with Condition or individually). Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note. 26. Business Centre(s) or other special provisions relating to Payment Dates: Brazil, London and New York Payment Dates shall be adjusted in accordance with the Following Business Day Convention, as specified in Condition 10A Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): 28. Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 29. Details relating to Instalment Notes: amount of each instalment, date on which each payment is to be made: No - 7 -

8 30. Other terms or special conditions: Business Day: DISTRIBUTION Notwithstanding the Condition 10D.03, Business Day means a day on which commercial banks and foreign exchange markets settle payments in the relevant currency in each Business Centre, and which is a TARGET Business Day. 31. (i) If syndicated, names and address of Managers and underwriting commitments: (ii) Date of Agreement: (iii) Stabilising Manager(s) (if any): 32. If non-syndicated, name and address of Dealer: Daiwa Capital Markets Europe Limited 5 King William Street London EC4N 7AX United Kingdom 33. TEFRA: The D Rules are applicable 34. Additional selling restrictions: Daiwa Capital Markets Europe Limited has represented and agreed that it has not offered or sold and will not offer or sell any Notes in Brazil. The Notes have not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the CVM ). PURPOSE OF FINAL TERMS These Final Terms comprise the final terms required for the issue and admission to trading on the Regulated Market of the London Stock Exchange plc of the Notes described herein pursuant to the 25,000,000,000 Programme for the Issuance of Debt Instruments of Municipality Finance Plc (Kuntarahoitus Oyj) guaranteed by The Municipal Guarantee Board (Kuntien takauskeskus). RESPONSIBILITY The Issuer and the Guarantor accept responsibility for the information contained in these Final Terms. SIGNED on behalf of the Issuer: By: By: Duly authorised Duly authorised - 8 -

9 SIGNED on behalf of the Guarantor: By: Duly authorised - 9 -

10 PART B - OTHER INFORMATION 1. LISTING (i) Listing: London (ii) Admission to trading: Application has been made for the Notes to be admitted to trading on the Regulated Market of the London Stock Exchange plc with effect from 26th September, RATINGS Ratings: The Notes to be issued have been rated: Standard & Poor's: AA+ 3. OPERATIONAL INFORMATION Intended to be held in a manner which would allow Eurosystem eligibility: ISIN Code: No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them, the Notes may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. XS Common Code: Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking societe anonyme and DTC and the relevant identification number(s): Delivery: Names and addresses of additional Paying Agent(s) (if any): Not applicable Delivery against payment

MUNICIPALITY FINANCE PLC (Kuntarahoitus Oyj) Issue of EUR 50,000,000 Collared Floating Rate Notes due 24 March Guaranteed by

Final Terms dated 21 March 2017 MUNICIPALITY FINANCE PLC (Kuntarahoitus Oyj) Issue of EUR 50,000,000 Collared Floating Rate Notes due 24 March 2027 Guaranteed by THE MUNICIPAL GUARANTEE BOARD (Kuntien