Chelmsford-Pembroke Programs 4 DAC: 16 December 2023

On the Closing Date, the Issuer will deposit the proceeds of the issue of the Notes into the Cash Custody Account. On each of: (a) the Closing Date; (b) each Note Payment Date falling after the Effective Date; and (c) any other Note Business Day falling after the Effective Date and not less than two Note Business Days prior to a Note Payment Date on which the Available Cash Balance is greater than NOK10mln, the Collateral Administrator shall, on behalf of the Issuer, apply an amount of the Available Cash Balance equal, or as close as reasonably practicable, to the Adjusted Principal Balance of the Notes to purchase Eligible Securities.

Eligible securities (include) any NOK denominated Obligation which: is issued by the government, regional government or municipality of an EU member state or a supranational organisation or a development bank; has a 0% risk weight pursuant to Chapter 2 of Title II of Part Three of Regulation (EU) No 575/2013; has a scheduled maturity date no later than the day that is two Note Business Days prior to the immediately following Note Payment Date.

EU Risk Retention: The Beneficiary (Klarna Bank AB) undertakes that a member of the Beneficiary Consolidated Group will retain, at all times until the Termination Date, a material net economic interest with respect to the Reference Portfolio. Such holding will be achieved by random selection of exposures, equivalent to not less than 5% of the nominal value of the exposures which constitute the Reference Obligations, where such non-securitised exposures would otherwise have been included in the Reference Portfolio.

STS: The Beneficiary, as originator, will procure a notification to be submitted to ESMA, in accordance with Article 27 of the EU Securitisation Regulation, that the requirements of Articles 26(b) to 26(e) of the EU Securitisation Regulation have been satisfied with respect to the Notes.