Danske Bank — Capital/Financing Update 2018

Jul 2, 2018

Danske Bank A/S 2-12 Holmens Kanal DK-1092 Copenhagen K Danmark

29 June 2018

Municipality Finance plc - NOK 250,000,000 Floating Rate Notes due July 2023 (ISIN NO0010813884) (the "Notes")

Dear Sirs,

We hereby confirm the settlement instructions regarding the Notes as follows:

-delivery of the Notes representing NOK 250,000,000 in aggregate principal amount to VPS account number 014304900088.

against

• payment of the net proceeds amounting of NOK 270,433,194.44 to

Field 56:	Den Norske Bank, Oslo DNBANOKK
Field 57:	Citibank N.A. London CITIGB2L
Fav:	Municipality Finance Plc, Helsinki MUFIFIHH
IBAN:	GB67CITI18500811929038

• for value 3 July 2018.

For any further settlement details, please contact our VPS Agent, Danske Bank A/S, 3886 Corporate Actions.

Best regards,

Municipality Finance plc

Antti Kontio

By: _________________________ By: _________________________ Matti Kanerva

Senior Legal Counsel

cc: Danske Bank Corporate Actions acting as VPS agent Head of Funding