SOCIETE GENERALE EFFEKTEN GMBH FINAL TERMS IN RESPECT OF CASH SETTLED CALL WARRANTS LINKED TO THE DAX INDEX. (the SDs or the Warrants)

Transcription

1 SOCIETE GENERALE EFFEKTEN GMBH FINAL TERMS IN RESPECT OF CASH SETTLED CALL WARRANTS LINKED TO THE DAX INDEX (the SDs or the Warrants) ISSUED UNDER THE SECURITISED DERIVATIVES PROGRAMME THE SECURITISED DERIVATIVES DOCUMENTED HEREIN ARE INTENDED FOR PURCHASE BY INVESTORS, ALL OR SOME OF WHOM MAY OR MAY NOT BE INVESTORS WHO ARE PARTICULARLY KNOWLEDGEABLE IN INVESTMENT MATTERS. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the the Terms and Conditions set forth in the Base Prospectus dated 25 June 2012 as supplemented by any supplement to the Base Prospectus (the Base Prospectus), which constitutes a Base Prospectus for the the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the final terms of each Series of the SDs described herein for the Article 5.4 of the Prospectus Directive and must be read as a separate document in respect of each Series in conjunction with the Base Prospectus. Full information on the Issuer, the Guarantor and the offer of the SDs is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus, and any supplement to the Base Prospectus, is available for viewing during normal business hours at the registered office of the Issuer and the specified office of the Agent. The SDs, the Guarantee and any securities to be issued or delivered on the exercise or redemption of the SDs have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) or the securities laws of any state of the United States. The SDs and the Guarantee are being sold only outside the United States to non-u.s. persons in accordance with Regulation S under the Securities Act. Accordingly, the Warrants may not be exercised and the SDs, the Guarantee and any securities to be issued or delivered on exercise or redemption of the SDs may not be offered or sold to any person in the United States or to, or for the account or benefit of, a U.S. person (as defined in Regulation S under the Securities Act). Furthermore, trading in the SDs has not been approved by the United States Commodity Futures Trading Commission and neither the Guarantor or the Issuer has been or will be registered as a commodity pool operator under the rules promulgated under the United States Commodity Exchange Act of 1936, as amended, and no U.S. person may at any time trade or maintain a position in the SDs. The Issuer has not registered and does not intend to register as an "investment company" under the United States Investment Company Act of 1940, as amended. References herein to numbered Conditions are to the terms and conditions of the SDs (the Conditions) and words and expressions defined in the Conditions shall bear the same meaning in these Final Terms, save as where otherwise provided. Subject as provided below, the Issuer and the Guarantor accept responsibility for the information contained in these Final Terms. The information relating to the Share for each Series referred to herein has been accurately reproduced from information published by Reuters. So far as either the Issuer or the Guarantor is aware and/or is able to ascertain from information published by Reuters, no facts have been omitted which would render the reproduced information misleading.

2 - 2 - This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "DBAG"). DBAG does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index, its underlying Index Data and/or the Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index and its underlying Index Data are calculated and published by DBAG. Nevertheless, as far as admissible under statutory law DBAG will not be liable vis-à-vis third parties for potential errors in the Index or its underlying Index Data. Moreover, there is no obligation for DBAG vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by DBAG nor the granting of any right to use the Index, its underlying Index Data as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by DBAG for a capital investment or contains in any manner a warranty or opinion by DBAG with respect to the attractiveness on an investment in this product. In its capacity as sole owner of all rights to the Index, its underlying Index Data, and the Index Trademark DBAG has solely granted to the issuer of the financial instrument the utilization of the Index Data and the Index Trademark as well as any reference to the Index Data and the Index Trademark in connection with the financial instrument.

3 - 3 - MAIN PROVISIONS 1. Issuer: Societe Generale Effekten GmbH 2. Type of Securitised Derivatives: - Series A: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series B: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series C: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series D: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series E: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series F: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series G: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series H: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series I: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series J: Single Index Cash Settled European Style Call Warrants - Swedish SDs - Series K: Single Index Cash Settled European Style Call Warrants - Swedish SDs 3. Number of Warrants/Aggregate Nominal Amount of Certificates: In respect of each Series, as set out in Annex IV 4. Specified Denomination: 5. Consolidation: 6. Issue Date: 19 April Issue Price: In respect of each Series, as set out in Annex IV 8. Determination Date (Certificates)/Expiration Date (European Style Warrants)/Exercise Period (American Style Warrants): The earlier of 21 January 2033 and the Early Expiration Date or, in each case (if such date is not a Trading Day) the immediately succeeding Trading Day.

4 - 4 - The relevant Early Expiration Date is the third Business Day following the date on which the Issuer has notified the Holders of the relevant Series of Warrants, in accordance with the Conditions, that such Warrants will expire on such third Business Day and be settled at the applicable Settlement Price, subject to the payment of the Exercise Price per Warrant. The Issuer shall have the right to deliver such notice on any date from, but excluding, the Issue Date, to, but excluding, 21 January Settlement Date (Warrants)/Maturity Date (Certificates): Notwithstanding the definition of Settlement Date in Condition 1, up to 12 Business Days following the Expiration Date. 10. Settlement Currency: SEK UNDERLYING 11. Index Securitised Derivatives: Applicable 11.1 Index/Indices: DAX 11.2 Sponsor(s): Deutsche Börse AG 11.3 Exchanges(s): In respect of each Series, as set out in Annex IV 11.4 Related Exchange(s): In respect of each Series, as set out in Annex IV 11.5 Reference Pages(s): In respect of each Series, as set out in Annex IV 11.6 Actual Maturity Date: 11.7 Actual Maturity Value: 11.8 Adjustments in case of events relating to Index/Indices: As set out in Condition Other provisions: 12. Share Securitised Derivatives and GDR Securitised Derivatives: 13. Debt Instrument Securitised Derivatives: 14. Credit Linked SDs provisions: 15. Currency Securitised Derivatives: 16. Commodity Securitised Derivatives: 17. Interest Rate Securitised Derivatives:

5 Fund Securitised Derivatives: 19. Securitised Derivative Securitised Derivatives: 20. Additional provisions relating to open ended SDs: INTEREST/COUPON 21. Provisions relating to Fixed Rate SDs: 22. Provisions relating to Floating Rate SDs: BASKET 23. Provisions relating to Basket SDs: EXERCISE/REDEMPTION AND SETTLEMENT 24. Issuer option to vary settlement: 25. Cash Settlement Amount (Warrants)/Redemption Amount (Certificates): As set out in the Conditions 26. Settlement Price(s): See Annex I for details of the Settlement Price. 27. Termination or adjustments in the case of increased cost of hedging: As set out in Condition Trigger Early Expiration Option Applicable (a) Outstanding Amount Trigger Level: As set out in the Conditions (b) Early Trigger Level Redemption Amount (Certificates)/Early Trigger Level Termination Amount (Warrants): Fair Market Value 29. Notional Amount: 30. Parity: 31. Valuation Date(s): Initial Valuation Date means 18 April Conversion Rate: 33. Substitute Conversion Rate: Final Valuation Date means 21 January 2033 or, if any such day is not a Trading Day, the immediately succeeding Trading Day.

6 Entitlement: 35. Evidence of Entitlement: 36. Delivery of Entitlement: 37. Reference Period: 38. Reference Range: 39. Exercise provisions applicable to Warrants Applicable 39.1 Exercise: Automatic Exercise 39.2 Exercise Price: SEK0.00 per Warrant 39.3 Minimum Exercise Number: 39.4 Maximum Exercise Number: 40. Provisions applicable to Certificates GENERAL PROVISIONS 41. Business Day Centre: London and Stockholm 42. Trading Day: As set out in the Conditions 43. Date of Board of Directors approval: 44. Minimum Trading Number: One SD 45. Additional selling restrictions: 46. Indicative last trading day: The Expiration Date 47. Distribution: Distribution on a non-syndicated basis 48. Modifications to the Conditions, other terms or special conditions: The Conditions for Swedish SDs apply. LISTING AND ADMISSION TO TRADING APPLICATION These Final Terms comprise the final terms required to list and have admitted to trading the issue of securitised derivatives described herein pursuant to the Securitised Derivatives Programme of Societe Generale Effekten GmbH

7 - 7 - RESPONSIBILITY The Issuer and the Guarantor accept responsibility for the information contained in these Final Terms. Signed on behalf of the Issuer: By: Date: Paris Authorised representatives of Societe Generale Effekten GmbH

8 - 8 - PART B OTHER INFORMATION 1. LISTING (i) Listing: Application has been made for the SDs to be listed on the Nordic Derivatives Exchange, (NDX) a part of the regulated market Nordic Growth Market NGM AB. (ii) Admission to trading: Application has been made for the SDs to be admitted to trading on the Nordic Derivatives Exchange, (NDX) a part of the regulated market Nordic Growth Market NGM, with effect from the Issue Date. 2. RATINGS 3. NOTIFICATION AND AUTHORISATION 4. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save for any fees payable to the Manager, so far as the Issuer is aware, no person involved in the issue of the SDs has an interest material to the offer. 5. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES 6. YIELD 7. HISTORIC INTEREST RATES 8. PERFORMANCE OF UNDERLYING, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING (a) INDEX The SDs (commercial name: Bull Certifikat linked to a foreign index) are designed to track the performance of the Leveraged Strategy (as defined in Annex II), after taking into account deduction of the Commission (as defined in Annex I), and through tracking the performance of the Leveraged Strategy, the SDs provide a daily exposure to the Index to which the applicable Series is linked. The exposure to the relevant Index provided by the SDs is amplified by a Target Daily Exposure (as defined in Annex II). Subject to taking into account the Rate and the Commission (as defined in Annex I), the SDs are designed to

9 - 9 - multiply the daily performance of the applicable Index by a factor (the Target Daily Exposure, as defined in Annex II) of 2 (in relation to Series A), 3 (in relation to Series B), 4 (in relation to Series C), 5 (in relation to Series D), 6 (in relation to Series E), 7 (in relation to Series F), 8 (in relation to Series G), 9 (in relation to Series H), 10 (in relation to Series I), 11 (in relation to Series J) and 12 (in relation to Series K) (except in limited circumstances, where an intra-day restrike of the SDs may be triggered to offer some protection against an extreme fall in the value of the relevant Index). If, for example, on any trading day the price of the relevant Index moves by 1 per cent. from its closing level on the previous trading day, the value of the SDs, subject to the Rate and the Commission on such trading day, will move by approximately 1 per cent. multiplied by the relevant Target Daily Exposure (as defined in Annex II) for such series of SDs. The higher the performance of the Index, the higher the return on the SDs and, conversely, the lower the performance of the Index, the lower the return on the SDs. It is important to note that the exposure of the SDs to the relevant Index are re-set daily. This means that the performance of the SDs with respect to any given trading day is based on how far the level of the applicable Index has risen or fallen from the level it closed at the trading day before. The next trading day, the process starts again from the new closing level of the Index. As a result, over periods of more than one day, movements in the price of the relevant Index are compounded and the performance of the SDs will potentially deviate from two times (in the case of Series A), three times (in the case of Series B), four times (in the case of Series C), five times (in the case of Series D), six times (in the case of Series E), seven times (in the case of Series F), eight times (in the case of Series G), nine times (in the case of Series H), ten times (in the case of Series I), eleven times (in the case of Series J) and twelve times (in the case of Series K) the actual performance of the price of the Index over such period of time depending on the day to day performance of the Index during such period. Further information can be obtained from the website of Societe Generale at (b) SHARE/GDR/BASKET OF SHARES/BASKET OF GDRs/ BASKET OF SHARES and GDRs (c) DEBT INSTRUMENT/BASKET OF DEBT INSTRUMENTS (d) REFERENCE ENTITY AND REFERENCE OBLIGATION/ BASKET OF REFERENCE ENTITIES / OBLIGATIONS (e) RATE OF EXCHANGE/CURRENCIES/BASKET OF CURRENCIES (f) COMMODITY/BASKET OF COMMODITIES

10 (g) SECURITISED DERIVATIVE/BASKET OF SECURITISED DERIVATIVES (h) DYNAMIC BASKET 9. PUBLIC OFFERS 10. OPERATIONAL INFORMATION (a) ISIN Code: In respect of each Series, as set out in Annex IV (b) Local Code: In respect of each Series, as set out in Annex IV (c) Any additional or alternative or Operator or clearing system: Euroclear Sweden AB (d) Agent and specified office: Nordea Bank AB Smålandsgatan 17, A213 SE Stockholm Sweden (e) Calculation Agent: Societe Generale, Paris (f) Secondary trading: Societe Generale or another entity of Societe Generale has a firm commitment to act as intermediary in secondary trading, providing liquidity through bid and offer rates. Societe Generale's commitment as market maker, or that of such relevant entity of the Societe Generale group, implies a commitment to abide by the relevant regulations of the Nordic Derivatives Exchange's regulated market (NDX).

11 ANNEX I SETTLEMENT PRICE Save in the case of an Early Expiration, the Settlement Price will be an amount per Warrant determined for the Final Valuation Date in accordance with the following formula: where: C(T(f)) MAX Issue Price FX T 0 Ratio T f LSCL T f LSCL T 0 C T f ; 0 1 FX T f 1 Ratio or Ratio(t) Means Commission(t) calculated as of the Final Valuation Date. Means, for each calendar day (t), the value of Ratio(t) in respect of each Warrant on such calendar day (t), which shall be the value of Ratio(t) on the calendar day (t-1) unless adjusted by the Calculation Agent in accordance with the below. If, on any calendar day (t) from, but excluding, the Initial Valuation Date to, and including, the Final Valuation Date: C 20%, IV then the Calculation Agent shall adjust the value of Ratio(t) in respect of such calendar day (t) in accordance with the below formula. The Calculation Agent may also, on any calendar day (t) from, but excluding, the Initial Valuation Date to, and including, the Final Valuation Date, elect in its sole discretion to adjust the value of Ratio(t) in respect of such calendar day (t) in accordance with the following formula. If the Calculation Agent adjusts the value of Ratio(t), it shall do so in accordance with the following formula: Ratio t LSCL T 0 Ratio t 1 LSCL t C before Issue Price FX T 0 LSCL t Where C(before) is defined according to the following formula: Ratio(T(0)) Ratio(T)(f)) T(0) T(f) C before C t 1 1 CR t GPR t IV t 365 In relation to any calendar day (t), the value of Ratio(t) will be published on the website in respect of such calendar day (t). Means the value of Ratio(t) on the Initial Valuation Date, which is equal to 1. Means the value of Ratio(t) on the Final Valuation Date. Means the Initial Valuation Date. Means the Final Valuation Date.

12 LSCL(T(0)) LSCL(T(f)) LSCL(t) Intrinsic Value or IV(t) CR(t) GPR(t) Commission(t), Commission or C(t) Means the Leveraged Strategy Closing Level as of the Initial Valuation Date. Means the Leveraged Strategy Closing Level as of the Final Valuation Date. Means, for each calendar day (t), the latest available Leveraged Strategy Closing Level as of such calendar day (t), as such level may be adjusted in accordance with the definition of "Extraordinary Leveraged Strategy Adjustment for Performance Reasons" in Annex IV hereof. Means, in respect of each calendar day (t), an amount determined by the Calculation Agent in accordance with the following formula: IV t MAX Issue Price FX T 0 Ratio t 1 LSCL t LSCL T 0 C t 1 ;0 where: C(t-1) means, in respect of each calendar day (t), the value of C(t) calculated in respect of calendar day (t-1). Means, in respect of each calendar day (t), the annual commission rate as of such calendar day (t). The level of the annual commission rate will be determined by the Calculation Agent from time to time and published on the website subject to a minimum of 0 per cent and maximum of 2 per cent with an initial commission rate of 0.45 per cent at the Initial Valuation Date. Means, for each calendar day (t), the annualised gap premium rate as of such calendar day (t), as determined by the Calculation Agent. The gap premium rate corresponds to the cost that Societe Generale would charge to replicate the performance of the Leveraged Strategy, which includes, inter alia, the costs of hedging the risk of the fair value of the Leveraged Strategy becoming negative. In relation to any calendar day (t), the value of GPR(t) as of such calendar day (t) will be published on the website Means, in respect of each calendar day (t): if (t) is the Initial Valuation Date or a day on which the value of Ratio(t) has been adjusted in accordance with the definition of "Ratio or Ratio(t)" above: 0 and otherwise: the sum of commissions calculated as of such calendar day (t) in the period from, but excluding, the Initial Valuation Date (or where the value of Ratio(t) has been adjusted in accordance with the definition of "Ratio or Ratio(t)", from, but excluding the date of the last such adjustment of Ratio(t)) (such date being T(1) for the purpose of the formula below) to, and including, such calendar day (t), as determined by the Calculation Agent in accordance with the following formula:

13 C t T ;T 1 CR s GPR s IV s 365 where: CR(s) means, in respect of each calendar day (s), the annual commission rate as of such calendar day (s). The level of the annual commission rate will be determined by the Calculation Agent from time to time and published on the website subject to a minimum of 0 per cent and maximum of 2 per cent with an initial commission rate of 0.45 per cent at the Initial Valuation Date. GPR(s) means, for each calendar day (s), the annualised gap premium rate as of such calendar day (s), as determined by the Calculation Agent. The gap premium rate corresponds to the cost that Societe Generale would charge to replicate the performance of the Leveraged Strategy, which includes, inter alia, the costs of hedging the risk of the fair value of the Leveraged Strategy becoming negative. In relation to any calendar day (s), the value of GPR(s) as of such calendar day (s) will be published on the website IV(s) means an amount equal to the Intrinsic Value determined as in respect of calendar day (s). Leveraged Strategy and Leveraged Strategy Closing Level FX(T(0)) Shall be determined as set out in Annex II. Means the closing spot exchange rate to convert SEK into EUR in respect of the Initial Valuation Date, as published by WM Company on its website (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate. If no such rate is available on the Initial Valuation Date, FX(T(0)) shall be the first available closing spot exchange rate to convert SEK into EUR following such day, as published by WM Company on its website (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate. FX(T(f)+1) Means the closing spot exchange rate to convert SEK into EUR in respect of the Index Trading Day immediately following the Final Valuation Date, as published by WM Company on its website (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate. If no such rate is available on the Index Trading Day immediately following the Final Valuation Date, FX(T(f)+1) shall be the first available closing spot exchange rate to convert SEK into EUR following such day, as published by WM Company on its website

14 (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate. In the case of an Early Expiration, the applicable Settlement Price will be an amount per Warrant in the Settlement Currency determined on the Early Expiration Date in accordance with the following formula: MAX Issue Price FX T 0 Ratio EED LSCL EED LSCL T 0 C EED ; 0 1 FX EED 1 where: Ratio(EED) LSCL(EED) C(EED) FX(EED+1) Means the value of Ratio(t) on the Early Expiration Date. Means the latest available Leveraged Strategy Closing Level as of the Early Expiration Date. Means Commission(t) calculated as of the Early Expiration Date. Means the closing spot exchange rate to convert SEK into EUR in respect of the Index Trading Day immediately following the Early Expiration Date, as published by WM Company on its website (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate. If no such rate is available on the Index Trading Day immediately following the Early Expiration Date, FX(EED+1) shall be the first available closing spot exchange rate to convert SEK into EUR following such day, as published by WM Company on its website (Bloomberg page WMCO), or any successor service or page used by the Calculation Agent for the ascertaining such rate.

15 ANNEX II LEVERAGED STRATEGY The strategy to which the performance of the Warrants is linked is the Leveraged Strategy which consists of the Underlying with a Target Daily Exposure and a hypothetical money market instrument. The notional exposure of the Leveraged Strategy to the Underlying is revised on each Trading Day in order to take into account the Leveraged Strategy Closing Level as of the previous Trading Day, as further described hereinafter. Subject to the occurrence of an Intraday Restrike Event (following which the Leveraged Strategy Closing Level will be determined in accordance with Annex III below), for each Trading Day (t), the Leveraged Strategy Closing Level as of such Trading Day (t) is calculated in accordance with the following formula: LSCL t 1 1 E Underlying t Underlying t 1 where LSCL(T(0)) = t 1 1 E Rate t 1 ACT t 1, 360 Subject to the occurrence of an Intraday Restrike Event (following which the Leveraged Strategy Level will be determined in accordance with Annex III below), for each Trading Day (t) and each Valuation Time (v), the Leveraged Strategy Level as of such Valuation Time (v) is calculated in accordance with the following formula: Underlying t, v, LSCL t 1 1 E Underlying t 1 t 1 1 E Rate t 1 ACT t 1, 360 Both the Leveraged Strategy Closing Level and the Leveraged Strategy Level are subject to a minimum of zero. In these Final Terms, for each Trading Day (t), t(-1) means the Trading Day immediately preceding (t) provided that for the determining LSCL(t) on a Trading Day immediately following an Intraday Restrike Event Reference Day, references to (t(-1)) in the formula of LSCL(t) above shall be deemed to be references to (t') (as defined in Annex III below). ACT(t1,t2) CashRate or CashRate(t) Means, for two dates t1 and t2, the number of calendar days from, and including, (i) t1 to, but excluding, (ii) t2. In particular, ACT(t(-1),t) means, for each Trading Day (t), the number of calendar days from, and including, (i) the Trading Day immediately preceding such Trading Day (t) to, but excluding, (ii) such Trading Day (t). Means, for each calendar day (t): (i) the level of the EONIA rate for such calendar day (t) (as displayed on the EONIA= Reuters page, or any successor service or page used by the Calculation Agent for the ascertaining such rate); or (ii) the last available level displayed on the EONIA= Reuters page (or any successor service or page used by the Calculation Agent for the ascertaining such rate), if a level of the EONIA rate dated as of such calendar day (t) is not available on such page,

16 in both cases as determined by the Calculation Agent. Closing Valuation Time Leveraged Strategy Closing Level or LSCL(t) Leveraged Strategy Level or LSL(t,v) Rate or Rate(t) PROVIDED THAT if in the case of (ii) above EONIA rate is not displayed under EONIA= Reuters page (or, if applicable, any successor service or page used by the Calculation Agent for the purpose of ascertaining such rate) for a period of more than 7 calendar days and such rate is, in the opinion of the Calculation Agent, reasonably expected to be discontinued (such rate then being the Discontinued Rate ) then the Calculation Agent shall determine CashRate(t) (a) by selecting a successor rate for such Discontinued Rate which offers similar economic characteristics to the Discontinued Rate or, if the Calculation Agent determines that no such successor rate exists, (b) in good faith and in a commercially reasonable manner on the basis of the cost that Societe Generale would charge or be charged to borrow cash in EUR on an overnight basis and, in both cases (a) and (b), publish the applicable CashRate(t) on the website Means the scheduled closing time of the Exchange (being 17:35, Central European Time, as of the Initial Valuation Date, as may be modified by the Exchange from time to time thereafter.) Means, for any Trading Day (t), the Closing Level of the Leveraged Strategy as of such day (t), as such level may be adjusted in accordance with the terms of Annex III hereto. Means, for any Trading Day (t) and any Valuation Time (v), the latest level of the Leveraged Strategy as of such Valuation Time (v), as such level may be adjusted in accordance with Annex III hereto. Means, for each Trading Day (t), an annualised rate calculated as of such day in accordance with the following formula: Rate(t) = CashRate(t)+Spread(t). Spread or Spread(t) Means 0.50%. Target Daily Exposure or E In respect of each Series, as set out in Annex IV. Underlying The Index applicable to the relevant Series, as set in Annex IV hereto. Underlying(t) Underlying(t,v) Means the official closing level of the relevant Underlying on Trading Day (t) as published on the relevant Reference Page as set out in Annex IV (or any successor service or page used by the Calculation Agent for the ascertaining such levels). Means, for any Trading Day (t) and any Valuation Time (v), the latest level of the relevant Underlying as of such Valuation Time (v), as published on the relevant Reference Page as set out in Annex IV or any successor service or page used by the Calculation Agent for the ascertaining such levels).

17 Valuation Time Means with respect to the Leveraged Strategy, any time between the scheduled opening time of the Exchange and the Closing Valuation Time (being 09:00 and 17:35 Central European time, respectively, as of the Initial Valuation Date, as may be modified by the Exchange from time to time thereafter) provided that the relevant data is available to enable the Calculation Agent to determine the Leveraged Strategy Level.

18 ANNEX III EXTRAORDINARY LEVERAGED STRATEGY ADJUSTMENT FOR PERFORMANCE REASONS If the Calculation Agent determines that an Intraday Restrike Event has occurred at a calculation time (v) during a Trading Day (t), an adjustment (an Extraordinary Leveraged Strategy Adjustment for Performance Reasons) shall take place during such day (t) in accordance with the following provisions. The real time calculation of the Leveraged Strategy shall be suspended during the Intraday Restrike Event Observation Period and resume in accordance with this Annex III within 15 minutes following the end of such Intraday Restrike Event Observation Period (the point of such resumption being the Calculation Resume Time and the day on which such resumption occurs being the Calculation Resume Day or CRD). On each Calculation Resume Day, from the Calculation Resume Time, LSCL (CRD) and LSL(CRD,v) will be determined as follows: For each Valuation Time (v) during such Calculation Resume Day following the end of the Intraday Restrike Event Observation Period, the Leveraged Strategy is calculated according to the following formula: LSL CRD, v LSL t, V REF v Underlying CRD, v 1 E AdjUnderlying t And at the Closing Valuation Time of such Calculation Resume Day: Where : ACT t, CRD 1 1 E Rate t 360 LSCL CRD LSL t, V REF v 1 E Underlying CRD ACT t, CRD 1 1 E Rate t AdjUnderlying t 360 AdjUnderlying(t') Daily Restrike Percentage Intraday Reference Level is determined according to the following formula: AdjUnderlying t Underlying t, V REF v In respect of each Series, as set out in Annex IV Means in respect of Calculation Date(t) and a Valuation Time (v), the Underlying level as of the (i) last Intraday Restrike Event Reference Time preceding and excluding such valuation time or (ii) if no Intraday Restrike Event has occurred on such day, the Underlying Closing Level on the immediately preceding Trading Day.

19 Intraday Restrike Event Intraday Restrike Event Observation Period Intraday Restrike Event Reference Day Intraday Restrike Event Reference Time Intraday Restrike Event Time LSL(t',V REF (v)) Means in respect of a Calculation Date(t), the decrease at a Valuation Time (v) of the Underlying level below the Daily Restrike Percentage (as set out in Annex IV hereto) of the relevant Intraday Reference Level at such valuation time. Means in respect of an Intraday Restrike Event, the period starting on and excluding the Intraday Restrike Event Time and finishing on and including the time falling 15 minutes after the Intraday Restrike Event Time. Where, during such 15 minute period, the Calculation Agent determines that (i) the level of the Underlying is not disseminated by the Underlying Sponsor or (ii) the Exchange or the Related Exchange is not open for continuous trading, the Intraday Restrike Event Observation Period will be extended to the extent necessary until (i) the level of the Underlying is calculated and disseminated by the Underlying Sponsor and (ii) the Exchange and the Related Exchange are open for continuous trading for an aggregate period of 15 minutes. If the Intraday Restrike Event Observation Period would not end by the Closing Valuation Time: (i) such day will not be a Trading Day for the determining any element of the Leveraged Strategy, except (a) for the purpose of calculating LSL(t,v REF (v)) and AdjUnderlying(t ) (and the constituent parts thereof) corresponding to the applicable Intraday Restrike Event and (b) for the purpose of calculating LSL(t,v REF (v)) and AdjUnderlying(t ) (and the constituent parts thereof) with respect to any previous Intraday Restrike Event that has occurred on such day, if any; and (ii) such Intraday Restrike Event Observation Period shall be extended to the following Trading Day to the extent necessary until the Calculation Agent determines that (a) the level of the Underlying is calculated and disseminated by the Underlying Sponsor for an aggregate period of 15 minutes and (b) the Exchange and the Related Exchange are open for continuous trading. For the purpose of determining the Intraday Restrike Event Observation Period only, the Exchange shall not be considered to be open for continuous trading during its closing auction period (as provided under the rules of the Exchange). Means in respect of an Intraday Restrike Event Observation Period, the day on which the Intraday Restrike Event Reference Time occurs Means in respect of an Intraday Restrike Event Observation Period, the Valuation Time on which the Leveraged Strategy Level reaches its lowest value during such period Means in respect of an Intraday Restrike Event, the Valuation Time on which such event occurs. is calculated in accordance with the following formulae: (1) Where, in respect of an Intraday Restrike Event, on day (t ) one or more Intraday Restrike Event Times have previously occurred in respect of other Intraday Restrike Events, then (with the Intraday Restrike Event Reference Time which corresponds to the latest of such Intraday Restrike Events being v1 ):

20 LSL t, V REF v LSL t, v1 1 E Underlying t, V REF v 1 Underlying t, v1 Where: LSL(t',v1) is determined in accordance with this Annex but with V REF (v) replaced by v1. (2) In circumstances other than those set out in (1): LSL t, V REF v LSLREF t REF 1 E Underlying t, V REF v 1 1 E AdjUnderlying t REF ACT t REF, t Rate t REF 360 t(ref) means the latest of (i) the day on which the latest Intraday Restrike Event Time has previously occurred in respect of other Intraday Restrike Events in which case t(ref) is referred to as (t'') and such Intraday Restrike Event Time is referred to as v1 and (ii) the Trading Day which immediately precedes (t ) in which case t(ref) is referred to as t'(-1). LSLREF(t(REF)) means: if t(ref) is the day on which the latest Intraday Restrike Event Time has previously occurred in respect of other Intraday Restrike Events; then LSL t, v1 ; or otherwise LSCL t 1. AdjUnderlying(t(REF)) means: if t(ref) is the day on which the latest Intraday Restrike Event Time has previously occurred in respect of other Intraday Restrike Events; then AdjUnderlying t REF Underlying t, v1 or otherwise: AdjUnderlying t REF Underlying t 1 (t') Underlying(CRD) Underlying(CRD,v) V REF (v) Means the latest Intraday Restrike Event Reference Day preceding, and excluding, Valuation Time (v). Means the official closing level of the Underlying on a day CRD as published on the relevant Reference Page as set out in Annex IV (or any successor service or page used by the Calculation Agent for the ascertaining such levels). Means, for a day CRD and any Valuation Time (v), the latest level of the Underlying as of such Valuation Time (v), as published on the relevant Reference Page as set out in Annex IV (or any successor service or page used by the Calculation Agent for the ascertaining such levels). Means the latest Intraday Restrike Event Reference Time preceding, and excluding, Valuation Time (v).

21 ANNEX IV INFORMATION RELATING TO EACH SERIES Series Number of Warrants purposes of Part A 3) Issue Price per Warrant (SEK) (for the purposes of Part A 7) Exchange Part A 11.3) Related Exchange(s) Part A 11.4) Reference Page(s) Part A 11.5) Target Daily Exposure (for the purposes of Annex II) Daily Restrike Percentage Annex III) ISIN Code Part B 10(a)) Local Code Part B 10(b)) A 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 200% 75% DE000SG3T N03 BULL DAX X2 SG B 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 300% 75% DE000SG3T N11 BULL DAX X3 SG C 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 400% 85% DE000SG3T N29 BULL DAX X4 SG D 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 500% 82% DE000SG3T N37 BULL DAX X5 SG

22 - 2 - Series Number of Warrants purposes of Part A 3) Issue Price per Warrant (SEK) (for the purposes of Part A 7) Exchange Part A 11.3) Related Exchange(s) Part A 11.4) Reference Page(s) Part A 11.5) Target Daily Exposure (for the purposes of Annex II) Daily Restrike Percentage Annex III) ISIN Code Part B 10(a)) Local Code Part B 10(b)) E 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 600% 86% DE000SG3T N45 BULL DAX X6 SG F 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 700% 88% DE000SG3T N52 BULL DAX X7 SG G 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 800% 90% DE000SG3T N60 BULL DAX X8 SG H 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 900% 91% DE000SG3T N78 BULL DAX X9 SG I 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 1,000% 92% DE000SG3T N86 BULL DAX X10 SG

23 - 3 - Series Number of Warrants purposes of Part A 3) Issue Price per Warrant (SEK) (for the purposes of Part A 7) Exchange Part A 11.3) Related Exchange(s) Part A 11.4) Reference Page(s) Part A 11.5) Target Daily Exposure (for the purposes of Annex II) Daily Restrike Percentage Annex III) ISIN Code Part B 10(a)) Local Code Part B 10(b)) J 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 1,100% 93% DE000SG39 Q58 BULL DAX X11 SG K 500, Frankfurter Wertpapierbörse (FWB, the Frankfurt StockExchange) EUREX For information purposes only, details of the level of the Index can be found on Reuters page.gdaxi. Further information about the Index can be found on 1,200% 93% DE000SG39 Q66 BULL DAX X12 SG