Bond KommuneCredit 2.26% ( NO0010779077 ) in NOK

KommuneCredit

100 % ⇌

Denmark

NO0010779077 ( in NOK )

2.26% per year ( payment 1 time a year)

24/11/2031

Prospectus brochure of the bond KommuneKredit NO0010779077 en NOK 2.26%, maturity 24/11/2031

1 000 000 NOK

1 000 000 000 NOK

24/11/2025 ( In 102 days )

KommuneKredit is a Danish municipal loan institution providing financing to Danish municipalities and other public sector entities for various infrastructure and public service projects.

KommuneKredit has issued a NOK 1,000,000,000 bond (ISIN: NO0010779077) maturing on November 24, 2031, with a 2.26% coupon rate, paying annually, currently trading at 100% of par value and having a minimum trading size of NOK 1,000,000.

Final Terms
21 November 2016
NOK 1,000,000,000 2.260 per cent. Fixed Rate Notes
due 24 November 2031 (the "Notes")

Issued under the KommuneKredit
EUR25,000,000,000 Euro Medium Term Note Programme
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 set forth in
the Information Memorandum dated 18 May 2016. These Final Terms must be read in conjunction
with such Information Memorandum.

1.
Issuer:
KommuneKredit
2.
(i)
Series Number:
I16Z126486
(ii)
Tranche Number:
1
3.
Specified Currency or Curren-
Norweigan Kroner ("NOK")
cies:
4.
Aggregate Nominal Amount:

(i)
Series:
NOK 1,000,000,000

(ii)
Tranche:
NOK 1,000,000,000
5.
(i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount

(ii) Net proceeds:
NOK 1,000,000,000
6. (i)
Specified Denomina
NOK 1,000,000
tions:

(ii)
Calculation Amount:
NOK 1,000,000
7.
(i)
Issue Date:
24 November 2016
(ii)
Interest Commence-
Issue Date
ment Date:
8.
Maturity Date:
24 November 2031
9.
Interest Basis:
2.260 per cent. Fixed Rate
(further particulars specified below)
10. Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or Re-
Not Applicable
demption/Payment Basis:
12. Put/Call Options:
Not Applicable
13. Status of Notes:
Senior
14. Listing:
Luxembourg regulated market
15. Method of distribution:
Non-syndicated

Page 1 of 5

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions:
Applicable

(i)
Rate of Interest:
2.260 per cent. per annum payable annually in arrear

(ii)
Specified Interest Pay-
24 November in each year commencing 24 November 2017
ment Date(s):
up to and including the Maturity Date

(iii)
Business Day Conven-
Following Business Day Convention
tion:

(iv) Additional Business
Oslo and TARGET

Centre(s):

(v) Fixed Coupon
SEK 22,600.00 per Calculation Amount

Amount:

(vi) Broken Amount(s):
Not Applicable

(vii) Day Count Fraction:
30/360, unadjusted

(viii) Determination Date(s):
Not Applicable
(ix)
Other terms relating to
Not Applicable
the method of calculat-
ing interest for Fixed
Rate Notes:
17. Floating Rate Note Provisions:
Not Applicable

18. Zero Coupon Note Provisions:
Not Applicable
19. Index-Linked Interest Note
Not Applicable
Provisions:
20. Dual Currency Note Provi-
Not Applicable
sions:
21.
Equity-Linked Interest Note
Not Applicable
Provisions:
22.
Commodity-Linked Interest
Not Applicable
Note Provisions:

PROVISIONS RELATING TO RE-

DEMPTION
23. Issuer Call:
Not Applicable
24. Investor Put:
Not Applicable
25. Final Redemption Amount:
Par
26.
Equity-Linked Redemption
Not Applicable
Note Provisions:
27.
Commodity-Linked Redemp-
Not Applicable
tion Note Provisions:
28. Early Redemption Amount(s)
As set out in the Conditions
payable on redemption for
taxation reasons or on event
of default and/or the method
Page 2 of 5

of calculating the same (if re-
quired or if different from that
set out in the Conditions):

GENERAL PROVISIONS APPLICABLE TO THE NOTES
29.
Form of Notes:
Bearer Notes:

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.
30.
New Global Note:
No
31. Additional Financial Centre(s)
Oslo and TARGET
or other special provisions re-
lating to Payment Dates:
32. Talons for future Coupons or
No
Receipts to be attached to
Definitive Notes (and dates on
which such Talons mature):
33. Details relating to Partly Paid
Not Applicable
Notes: amount of each pay-
ment comprising the Issue
Price and date on which each
payment is to be made and
consequences (if any) of fail-
ure to pay including any right
of the Issuer to forfeit the
Notes and interest due on late
payment:
34. Details relating to Instalment
Not Applicable
Notes: amount of each in-
stalment, date on which each
payment is to be made:
35. Redenomination, renominali-
Not Applicable
sation and reconventioning
provisions:
36. Consolidation provisions:
Not Applicable
37. Other terms or special condi-
Not Applicable
tions:
DISTRIBUTION

38. (i)
If syndicated, names of
Not Applicable

Managers:
(ii)
Stabilising Manager (if
Not Applicable
any):
39. If non-syndicated, name of
Skandinaviska Enskilda Banken AB (publ)
Dealer:
Page 3 of 5

40. Additional selling restrictions:
Not Applicable

OPERATIONAL INFORMATION

41. (i)
ISIN Code:
NO0010779077

(ii)
Valoren Number (Swiss
Not Applicable

Securities Number) (if

applicable):
42. Common Code:
001077907
43. Any clearing system(s) other
VPS
than Euroclear and Clear-
stream, Luxembourg and the
relevant identification num-
ber(s):
44. Delivery:
Delivery against payment
45. Additional Paying Agent(s):

(i)
Additional Paying Agent

(if any):
Not Applicable

(ii)
Swiss Paying Agent:
Not Applicable

46.
Intended to be held in a man-
No
ner which would allow Eu-

rosystem eligibility:

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 in-
tra-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.

Page 4 of 5

LISTING APPLICATION
These Final Terms comprise the details required to list the issue of Notes described herein pursu-
ant to the listing of the EUR 25,000,000,000 Euro Medium Term Note Programme of Kom-
muneKredit.

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

By: .......................................................
Duly authorised
Page 5 of 5