DISCLAIMER – IMPORTANT

THE MATERIALS YOU ARE SEEKING TO ACCESS (THE "MATERIALS") ARE BEING MADE AVAILABLE ON THIS WEBSITE BY KOMMUNALBANKEN AS ("KOMMUNALBANKEN") IN GOOD FAITH AND ARE FOR INFORMATION PURPOSES ONLY.

THE MATERIALS ARE NOT DIRECTED AT OR INTENDED TO BE ACCESSIBLE BY PERSONS IN ANY JURISDICTION WHERE THE EXTENSION OF AVAILABILITY OF THE MATERIALS WOULD BREACH ANY APPLICABLE LAW OR REGULATION OR WOULD REQUIRE ANY REGISTRATION OR LICENSING WITHIN SUCH JURISDICTION.

IMPORTANT: You must read the following notice carefully – it applies to all persons who access this website. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site. If you access these Materials on this website, you agree to be bound by the terms and conditions below. If you do not agree to the terms and conditions, do not access this website or view any of these Materials.

Restrictions on access

Viewing the information in these Materials may be restricted and is not for release, publication or distribution, in whole or in part, directly or indirectly, in certain jurisdictions. In other jurisdictions only certain categories of person may be allowed to view these Materials.

The Materials are for information purposes only and do not constitute or form a part of any offer or solicitation to purchase or subscribe to the Instruments to which these Materials relate (the "Instruments") in any jurisdiction in which such offers or sales are unlawful.

The Instruments are being offered and sold (i) outside the United States to non-U.S. persons in reliance on Regulation S ("Regulation S") under the Securities Act of 1933 (as amended, "the Securities Act") (the "Regulation S Instruments") and/or (ii) within the United States to persons who are both "qualified institutional buyers" (each, a "QIB") within the meaning of Rule 144A ("Rule 144A") under the Securities Act and "qualified purchasers" (each, a "QP") within the meaning of Section 2(a)(51)(A) of the U.S. Investment Company Act of 1940 (as amended, the "Investment Company Act"), and the rules and regulations thereunder, in each case acting for their own account or for the account of one or more QIBs who are also QPs in reliance on Rule 144A (the "Rule 144A Instruments"). Prospective purchasers of Instruments are hereby notified that sellers of the Instruments may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.

These Materials are only addressed to and directed at persons in member states of the European Economic Area (the "EEA") who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129), as amended ("Qualified Investors"). In addition, in the United Kingdom, the Materials are being distributed only to, and is directed only at, Qualified Investors who are (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which these Materials relate is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the EEA, and will only be engaged with such persons.

Basis of access

Making press announcements and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy any securities in Kommunalbanken. Further, it does not constitute a recommendation by Kommunalbanken or any other party to sell or buy securities of Kommunalbanken (including the Instruments).

Unless otherwise determined by Kommunalbanken and permitted by applicable law and regulation, copies of these Materials are not being, and must not be, released or otherwise forwarded, distributed or sent in or into any jurisdiction in which offers or sales are unlawful and persons receiving such documents, (including custodians, nominees and trustees) must not distribute or send them in or into the foregoing countries. Any failure to comply with any such restrictions may constitute a violation of the securities laws of such jurisdiction.

If you are not permitted to view Materials on this website or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

These Materials must not be, released or otherwise forwarded, distributed or sent in or into the any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from any jurisdiction in which such offers or sales are unlawful.

General

These Materials do not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained therein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

The information contained in these Materials is not comprehensive. Although care has been taken in the preparation of the information, not all such information may be accurate and up to date in all respects and Kommunalbanken accepts no responsibility to update the information contained in this website. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these Materials or any other document or oral statement or on the completeness, accuracy or fairness of such information and/or opinions therein. All information is provided without any warranties of any kind and Kommunalbanken and its advisers make no representations and disclaim all express and implied warranties and conditions of any kind, including, without limitation, representations, warranties or conditions regarding accuracy, timeliness, completeness, non-infringement, merchantability or fitness for any particular purpose and Kommunalbanken and its advisers assume no responsibility to you or any third party for the consequences of any errors or omissions.

Neither Kommunalbanken nor its advisers accept any liability for any direct or indirect or consequential loss or damages of any kind resulting from any use of this website or any information contained in it. Kommunalbanken accepts no responsibility for any contravention of applicable securities laws and regulations by persons as a result of false information provided by such persons.

Certain information in these Materials is of a historical nature and should be understood to speak from the date of its publication. In addition, past performance is no guide to future performance, whether of Kommunalbanken or its securities.

Certain statements contained in the Materials available on this part of the website constitute forward-looking statements. Forward-looking statements contained in these Materials that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future.

By accessing these Materials, you senst to receiving them in electronic form. Kommunalbanken does not accept any liability or responsibility whatsoever in respect of any difference between the Materials distributed to you in electronic format and any hard copy version.

Confirmation of understanding and acceptance of disclaimer

By clicking on the "I AGREE" button,

If accessing the Materials in connection with Instruments which are Regulation S Instruments issued in, or to be issued in, registered form:

I warrant that: (i) I am located outside the United States; (ii) I am not a U.S. person (within the meaning of Regulation S); (iii) I am not an affiliate of the Issuer or a person acting on behalf of such an affiliate; (iv) I am not resident or located in Australia, Canada or any other jurisdiction where accessing these Materials is unlawful; (v) if resident or located in the United Kingdom, I am or am acting on behalf of a Relevant Person; or (vi) if resident or located in a member state of the EEA, I am or am acting on behalf of a Qualified Investor;
I acknowledge that the Materials relate to a transaction that is not subject to the registration requirements of the Securities Act;
I consent to delivery of the Materials by electronic transmission on the basis that I am a person into whose possession the Materials may be lawfully delivered in accordance with the laws of the jurisdiction in which I am located;
I agree that I will not forward, transfer, transmit or otherwise send (by any means including by electronic transmission) any Materials contained in this website to any person in the United States, Australia, Canada or any other territory where to do so would breach applicable local law or regulation; and
I confirm that I (i) have read and understood the disclaimer set out above and agree to be bound by its terms; (ii) understand that it may affect my rights; (iii) intend to access this website for information purposes only; (iv) am permitted to proceed to the Materials; and (v) understand that breach of these conditions, warranties and agreements could mean that I am in breach of applicable laws or regulations and, further more, agree that Kommunalbanken shall in no case bear liability for any infringement of any such prohibition or restriction.

If accessing the Materials in connection with Instruments which are Rule 144A Instruments issued in, or to be issued in, registered form:

I warrant that (i) I (a) am a QIB that is also a QP, (b) was not formed for the purpose of investing in the Rule 144A Instruments or the Issuer, (c) am not a broker dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities of unaffiliated issuers, (d) am not a participant-directed employee plan such as a 401(k) plan, (e) am acting for my own account, or the account of one or more QIBs each of which is also a QP, and (f) am aware that the sale of the Rule 144A Instruments is being made in reliance on Rule 144A; (ii) I am not resident or located in Australia, Canada or any other jurisdiction where accessing these Materials is unlawful; (iii) if resident or located in the United Kingdom, I am or am acting on behalf of a Relevant Person; or (iv) if resident or located in a member state of the EEA, I am or am acting on behalf of a Qualified Investor;
I acknowledge that the Materials relate to a transaction that is not subject to the registration requirements of the Securities Act;
If I am acting as a fiduciary or agent for one or more investor accounts, (a) each such account is a QIB that is also a QP, (b) I have investment discretion with respect to each account, and (c) I have full power and authority to make, and do make, the representations, warranties, agreements and acknowledgements herein on behalf of each such account;
I consent to delivery of the Materials by electronic transmission on the basis that I am a person into whose possession the Materials may be lawfully delivered in accordance with the laws of the jurisdiction in which I am located;
I agree that I will not forward, transfer, transmit or otherwise send (by any means including by electronic transmission) any Materials to any person in any territory where to do so would breach applicable local law or regulation; and
I confirm that I (i) have read and understood the disclaimer set out above and agree to be bound by its terms; (ii) understand that it may affect my rights; (iii) intend to access this website for information purposes only; (iv) am permitted to proceed to the Materials; and (v) understand that breach of these conditions, warranties and agreements could mean that I am in breach of applicable laws or regulations and, further more, agree that Kommunalbanken shall in no case bear liability for any infringement of any such prohibition or restriction.

If accessing the Materials in connection with Instruments which are Regulation S Instruments issued in, or to be issued in, bearer form:

I warrant that: (i) I am located outside the United States (and its possessions); (ii) I am not a U.S. person (within the meaning of Regulation S); (iii) I am not a United States person as defined for US federal income tax purposes; (iv) I am not an affiliate of the Issuer or a person acting on behalf of such an affiliate; (v) I am not resident or located in Australia, Canada or any other jurisdiction where accessing these Materials is unlawful; (vi) if resident or located in the United Kingdom, I am or am acting on behalf of a Relevant Person; (vii) if resident or located in a member state of the EEA, I am or am acting on behalf of a Qualified Investor;
I acknowledge that the Materials relate to a transaction that is not subject to the registration requirements of the Securities Act;
I consent to delivery of the Materials by electronic transmission on the basis that I am a person into whose possession the Materials may be lawfully delivered in accordance with the laws of the jurisdiction in which I am located;
I agree that I will not forward, transfer, transmit or otherwise send (by any means including by electronic transmission) any Materials to any person in the United States (or its possessions), Australia, Canada or any other territory where to do so would breach applicable local law or regulation; and
I confirm that I (i) have read and understood the disclaimer set out above and agree to be bound by its terms; (ii) understand that it may affect my rights; (iii) intend to access this website for information purposes only; (iv) am permitted to proceed to the Materials; and (v) understand that breach of these conditions, warranties and agreements could mean that I am in breach of applicable laws or regulations and, further more, agree that Kommunalbanken shall in no case bear liability for any infringement of any such prohibition or restriction.

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