Pricing Supplement dated 20 January 2005
Credit Suisse First Boston International
Registered as unlimited in England and Wales under No. 2500199 Series Number 2004-529
SKr 250,000,000 Zero Coupon Index-linked Notes due 2008
Issue Price: 110 per cent.
This Pricing Supplement is supplemental to the Programme Memorandum dated 3 June 2004 as supplemented by supplemental listing particulars dated 6 August 2004 and 29 October 2004 (together, the
“Programme Memorandum”) relating to the Debt Issuance Programme of Credit Suisse First Boston International (the “Issuer”).
Application has been made to the Irish Stock Exchange for the above Notes (the “Securities”) to be admitted to the Official List of the Irish Stock Exchange. Application will subsequently be made to the Stockholm Stock Exchange (“Stockholmsbörsen”).
A copy of this document has been delivered to the Registrar of Companies in Ireland.
This Pricing Supplement is supplemental to, and should be read and construed in conjunction with, the Programme Memorandum, and all other documents which are incorporated by reference therein.
Terms defined in the Programme Memorandum have the same meaning in this Pricing Supplement unless otherwise defined in this Pricing Supplement. There is no Product Supplement applicable to the Securities.
In the event of any inconsistency between the Pricing Supplement Terms and the General Conditions, the Pricing Supplement Terms will prevail.
INVESTMENT CONSIDERATIONS
The terms of the Securities provide that the Final Redemption Amount will be dependent upon the performance of each Index (as defined herein). The Final Redemption Amount of each Security is subject to a minimum of its principal amount.
An investment in the Securities is not the same as an investment in any or all of the shares comprised in the Indices or an investment which is directly linked to the Indices.
The Securities involve complex risks, which include, among other things, share price risks, credit risks, interest rate risks, foreign exchange risks and/or political risks.
It is not possible to predict the price at which Securities will trade in the market or whether such market will be liquid or illiquid. The Issuer may, but is not obliged to, purchase Securities at any time at any price in the open market or by tender or private treaty. Any Securities so purchased may be held or resold or surrendered for cancellation. The market for Securities may be limited. The only way in which a holder can realise value from a Security prior to the Maturity Date is to sell it at its then market price in the market.
Fluctuations in the prices of the shares comprised in the Indices and in the level of the Indices may affect the value of the Securities.
Accordingly, an investment in Securities is only suitable for investors who (either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom.
Before making any investment decision with respect to the Securities, any prospective investors should consult their own financial or other advisers as they consider necessary and carefully review and consider such an investment decision in the light of the foregoing and the prospective investor’s personal circumstances.
Except as set out below, the Securities will be subject to the General Conditions set out in the Programme Memorandum and the following Pricing Supplement Terms:
Not Applicable means an item is not applicable in respect of the Securities. Italics in the left column denote a brief explanation of the Pricing Supplement Terms. Words in italics do not form any part of the Pricing Supplement Terms.
1 Series Number: 2004-529
2 Tranche Number
(If fungible with an existing Series, details of that series, including the date on which the Securities become fungible).
Not Applicable
3 Specified Currency or Currencies: Swedish Kronor (“SKr”) 4 Aggregate Nominal Amount:
(i) Series:
(ii) Tranche:
SKr 250,000,000 Not Applicable
5 (i) Issue Price: 110 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds: SKr 275,000,000
6 Specified Denominations: SKr 10,000
7 Issue Date: 20 January 2005
8 Interest Commencement Date (if different from the Issue Date):
Not Applicable
9 Maturity Date: As set out in the Schedule hereto 10 Interest Basis: Not Applicable
11 Redemption/Payment Basis: The Securities will be redeemed in accordance with paragraph 17 below 12 Change of Redemption/Payment Basis: Not Applicable
13 Put/Call Options: Not Applicable PROVISIONS RELATING TO INTEREST
14 Fixed Rate Securities Provisions Not Applicable 15 Floating Rate Provisions Not Applicable 16 Zero Coupon Security Provisions Not Applicable
PROVISIONS RELATING TO REDEMPTION
17 Final Redemption Amount The Final Redemption Amount in respect of each Security will be determined in accordance with the provisions set out in the Schedule below
18 Early Redemption Amount (i) Early Redemption Amount(s) payable on
redemption for taxation or illegality reasons (General Condition 5(c)) or an event of default (General Condition 9) and/or the method of calculating the same (if required or if different from that set out in the General Conditions):
As set out in the General Conditions
19 Call Option Not Applicable
20 Put Option Not Applicable
21 Settlement Currency
(The currency in which the Final Redemption Amount will be paid)
The Specified Currency
GENERAL PROVISIONS
22 Form of Securities: Registered Securities in book entry form in accordance with the Rules (as defined in paragraph 36 below) provided that if the holders of at least 20 per cent. in aggregate principal amount of the Securities (the “Definitive Securities Threshold”) give notice (a “Definitive Securities Request Notice”) to the Issuer that they require their Securities to be in definitive form, all the Securities shall, with effect from such date (not later than 90 days thereafter) as the Issuer shall notify to Securityholders (the “Exchange Date”), be in definitive bearer form and the Securities shall be Bearer Securities. The Issuer shall on the Exchange Date send the definitive Securities by uninsured mail at the risk of the Securityholders to the Securityholders or, as the case may be, any other person entitled to receive the definitive Securities, in each case at their respective addresses appearing in the records of VPC as of the fifteenth day before the Exchange Date. No transfers of Securities as Registered Securities shall be permitted on or after such fifteenth day.
With effect from the Exchange Date the Securities shall cease to be Registered Securities and VPC shall cease to be the
Registrar.
Promptly after receipt of any Definitive Securities Request Notice, the Issuer shall notify VPC and the Fiscal Agent.
On the date of receipt of each Definitive Securities Request Notice the Issuer shall determine whether the Definitive Securities Threshold has been reached on the basis of the aggregate principal amount of Securities held on that date by those Securityholders who have on or prior to that date given a Definitive Securities Request Notice.
(i) Temporary or permanent Global Security/Certificate:
Not Applicable
(ii) Applicable TEFRA exemption: C Rules 23 Additional Business Day Centre(s) (General
Condition 6(h)) or other special provisions relating to payment dates:
London and Stockholm
24 Talons for future Coupons or Receipts to be attached to Definitive Securities (and dates on which such Talons mature):
Not Applicable
25 Details relating to Partly Paid Securities:
amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Securities and interest due on late payment:
Not Applicable
26 Details relating to Instalment Securities: Not Applicable 27 Stock Exchange(s) to which application will
initially be made to list the Securities:
(Application may subsequently be made to other stock exchange(s))
Irish Stock Exchange. Application will subsequently be made to Stockholmsbörsen. If VPC ceases to be the Registrar as described in paragraph 22 above, the Securities will cease to be listed on Stockholmsbörsen.
28 Entities (other than stock exchanges) to which application for listing and/or approval of the Securities will be made:
Not Applicable
29 ISIN Code: SE0001338864
30 SEDOL: Not Applicable
31 Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and the relevant identification number(s):
VPC AB (“VPC”) 556112-8074 Corp.
Reg. No.
32 Calculation Agent: Credit Suisse First Boston International 33 The Agents appointed in respect of the
Securities are:
Fiscal Agent:
JPMorgan Chase Bank, N.A.
Trinity Tower
9 Thomas More Street London E1W 1YT Paying Agent:
J.P. Morgan Bank (Ireland) Plc Chase Manhattan House
International Financial Services Centre Dublin 1
(pursuant to a supplemental agency agreement relating to the Securities) Registrar (Sw. central
värdepappersförvarare under the Swedish Financial Instruments Accounts Act):
VPC AB Box 7822
SE-103 97 Stockholm
Issuing agent (Sw. emissionsinstitut) under the Rules:
SEB Merchant Banking Securities Services SE-106 40 Stockholm
34 Dealer(s):
(The entity which will initially subscribe the Securities)
Credit Suisse First Boston (Europe) Limited
One Cabot Square London E14 4QJ 35 Additional steps that may only be taken
following approval by Extraordinary Resolution in accordance with General Condition 10(a)):
Not Applicable
36 Additional Provisions: So long as VPC is the Registrar in respect of the Securities the following provisions shall apply and, notwithstanding any provisions in the General Conditions, may not be amended, modified or set aside other than in such manner as may be acceptable under the Rules, in the sole opinion of VPC:
(i) Title to the Securities will pass by transfer between accountholders at VPC perfected in accordance with the legislation (including the Swedish Financial Instruments Accounts Act (SFS 1998:1479)), rules and regulations applicable to and/or issued by VPC that are in force and effect from time to time (the “Rules”), and General Condition 2 and the final four paragraphs of General Condition 1 shall not apply.
“Securityholder” and “holder” means a person in whose name a Security is registered in a VPC Account in the book- entry settlement system of VPC or any other person recognised as a holder of Securities pursuant to the Rules and accordingly, where Securities are held through a registered nominee, the nominee shall be deemed to be the holder.
“Register” means the register of VPC.
(ii) No physical notes, such as global temporary or permanent notes or definitive notes, will be issued in respect of the Securities. No Certificates in respect of Securities will be issued and provisions relating to presentation, surrendering or replacement of Certificates in the General Conditions shall not apply.
(iii) Payments in respect of the Securities will be effected in the Settlement Currency in accordance with the Rules and General Condition 6(b) shall not apply. The record date for payment is the fifth Currency Business Day before the due date for payment. Securityholders will not be entitled to any interest or other payment for any delay after the due date in receiving the amount due as a result of the due date for payment not being a Stockholm and London business day.
(iv) The exceptions set out in General Condition 7(i)-(vi) shall not apply.
(v) All Securities will be registered in the book-entry system of VPC.
(vi) The Issuer shall be entitled to obtain from VPC extracts from the book entry registers of VPC (Sw. Skuldbok) relating to the Securities for the purposes of performing its obligations pursuant to paragraph 22 above or General Conditions 10(a) and 13.
(vii) Any notice to the Issuer pursuant to paragraph 22 above shall be given by the relevant Securityholders by notice in writing in English to the Issuer at its registered office, marked for the attention of the General Counsel Europe, Legal and Compliance Department and shall take effect upon receipt.
Signed on behalf of the Issuer:
By: ________________________
Duly authorised
By: ________________________
Duly authorised
SCHEDULE
FINAL REDEMPTION AMOUNT
1 Definitions
The following definitions apply unless the context otherwise requires.
“Banking Day” means, in respect of any city, a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in such city;
“Currency Business Day” means a day which is a Banking Day in Stockholm;
“Disrupted Day” means, in respect of an Index, any Scheduled Trading Day on which (i) in respect of Index(1), the Sponsor fails to publish the level of the relevant Index, or, in respect of Index(2), the Exchange fails to open for trading during its regular trading session, (ii) any Related Exchange in respect of that Index fails to open for trading during its regular trading session, or (iii) on which a Market Disruption Event in respect of that Index has occurred;
“Early Closure” means in respect of an Index the closure on any Exchange Business Day of any relevant Exchange or Related Exchange prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange or Related Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Exchange or Related Exchange on such Exchange Business Day and (ii) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the Valuation Time on such Exchange Business Day;
“Exchange” means, in respect of any securities comprised in an Index, the stock exchange(s) (from time to time) on which, in the determination of the relevant Sponsor for the purposes of the relevant Index, such securities are listed;
“Exchange Business Day” means, in respect of an Index, any Scheduled Trading Day on which each relevant Exchange and Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time;
“Exchange Disruption” means, in respect of an Index, any event (other than an Early Closure) that disrupts or impairs (as determined by the Issuer) the ability of market participants in general (i) to effect transactions in, or obtain market values for, any security comprised in the relevant Index on any relevant Exchange or (ii) to effect transactions in, or obtain market values for, futures or options relating to the relevant Index on any relevant Related Exchange;
“Final Redemption Amount” means, in respect of each Security, an amount determined by the Issuer in accordance with the following formula:
]) x W al Differenti Index
Max[0, x
ion Participat x
(NA NA Amount
Redemption
Final (i) (i)
2 1
∑
=
+
=
i
rounded up to the nearest SKr 1 where:
“NA” means Notional Amount;
“Index Differential(i)” means, in respect of Index(i),
( )
I I F
IND IND
IND − rounded up to two places
of decimals; and
“Participation” means a number not less than 1.20, as the Issuer shall determine in its sole and absolute discretion on 9 March 2005 and notify to the Irish Stock Exchange;
where:
“INDI” means, in respect of an Index, the Index Level on the Initial Setting Date; and
“INDF” means, in respect of an Index, the arithmetic average of the Index Levels on each of the Observation Dates, rounded up to two places of decimals;
“i”, “Index(i)” and “W(i)” mean, respectively:
“i” “Index(i)” “W(i)”
1 FTSE/Xinhua China 25 Index 0.50
2 Nikkei 225 Stock Average Index 0.50
“Index” means Index(1) and/or Index(2) as the context so requires;
“Index Level” means, in respect of an Index, on any relevant Scheduled Trading Day, the level of the relevant Index determined by the Issuer as at the relevant Valuation Time on such Scheduled Trading Day, as calculated and published by the relevant Sponsor, subject to the provisions of this Schedule;
“Initial Setting Date” means, in respect of an Index, subject as provided in paragraph 2 of this Schedule, 9 March 2005 (or, if that day is not a Scheduled Trading Day, the next following Scheduled Trading Day);
“Market Disruption Event” means, in respect of an Index, the occurrence or existence during the one hour period that ends at the relevant Valuation Time on any Scheduled Trading Day of a Trading Disruption or an Exchange Disruption which in either case the Issuer determines is material or an Early Closure provided that the securities comprised in the Index in respect of which an Early Closure, Exchange Disruption and/or Trading Disruption occurs or exists amount, in the determination of the Issuer, in aggregate to 20 per cent. or more of the level of the relevant Index. For the purpose of determining whether a Market Disruption Event exists at any time in respect of a security included in the relevant Index at any time, then the relevant percentage contribution of that security to the level of the relevant Index shall be based on a comparison of (x) the portion of the level of the Index attributable to that security and (y) the overall level of the Index, in each case immediately before the occurrence of such Market Disruption Event, as determined by the Issuer;
“Maturity Date” means the later of 26 September 2008 and the tenth Currency Business Day after the last Final Observation Date;
“Notional Amount” means SKr 10,000;
“Observation Date” means, in respect of an Index, subject as provided in paragraph 2 of this Schedule, each 9 March, 9 June 9 September and 9 December in each year from and including 9 September 2007 to and including 9 September 2008 (the “Final Observation Date”) or, if any such day is not a Scheduled Trading Day, the next following Scheduled Trading Day provided that if the
Final Observation Date is not a Scheduled Trading Day, the preceding Scheduled Trading Day will be the Final Observation Date;
“Related Exchange(s)” means, in respect of an Index, such options or futures exchange(s) as the Issuer may, in its absolute discretion, select and notify to Securityholders in accordance with General Condition 13 or in any such case, any transferee or successor exchange;
“Scheduled Closing Time” means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside the regular trading session hours;
“Scheduled Trading Day” means, in respect of an Index, any day on which the Sponsor publishes the level of the Index and each Related Exchange is scheduled to be open for trading for its regular trading sessions;
“Settlement Currency” means Swedish Kronor;
“Sponsor” means, in relation to an Index, the corporation or other entity as determined by the Issuer that (a) is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments if any, related to the relevant Index, and (b) announces (directly or through an agent) the level of that Index on a regular basis during each Scheduled Trading Day failing whom such person acceptable to the Issuer who calculates and announces the relevant Index or any agent or person acting on behalf of such person;
“Trading Disruption” means, in respect of an Index, any suspension of or limitation imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (i) on any relevant Exchange(s) relating to any security comprised in the relevant Index or (ii) in futures or options contracts relating to that Index on any relevant Related Exchange; and
“Valuation Time” means, in respect of an Index, the time with reference to which the Sponsor calculates the closing level of the relevant Index.
2 Disrupted Days
If the Issuer determines, in respect of an Index, that the Initial Setting Date or any Observation Date (other than the Final Observation Date) is a Disrupted Day in respect of that Index, then the Initial Setting Date or that Observation Date, as the case may be, for that Index, shall be the first succeeding Scheduled Trading Day that is not such a Disrupted Day unless each of the eight Scheduled Trading Days immediately following the original date that, but for the determination by the Issuer of the occurrence of a Disrupted Day, would have been such Initial Setting Date or Observation Date, as the case may be, is such a Disrupted Day. In that case, (i) that eighth Scheduled Trading Day shall be deemed to be the Initial Setting Date or that Observation Date, as the case may be, for that Index, notwithstanding the fact that such day is a Disrupted Day, and (ii) the Issuer shall determine the relevant Index Level as of the relevant Valuation Time on that eighth Scheduled Trading Day in accordance with (subject to the provisions of paragraph 3 of this Schedule) the formula for and method of calculating the relevant Index last in effect prior to the occurrence of the first such Disrupted Day using the Exchange-traded or quoted price as of the Valuation Time on that eighth Scheduled Trading Day of each security comprised in that Index (or, if the Issuer determines that an event giving rise to a Disrupted Day has occurred in respect of the relevant security on that eighth Scheduled Trading Day, its good faith estimate of the value of the relevant security as of the Valuation
Time on that eighth Scheduled Trading Day). If the Issuer determines, in respect of an Index, that the Final Observation Date is a Disrupted Day in respect of that Index, then that Observation Date shall be the immediately preceding Scheduled Trading Day which was not such a Disrupted Day.
3 Modification or Discontinuation of an Index
(a) If an Index is (i) not calculated and announced by its Sponsor but is calculated and announced by a successor sponsor acceptable to the Issuer or (ii) replaced by a successor index using, in the determination of the Issuer, the same or a substantially similar formula for and method of calculation as used in the calculation of the relevant Index, then in each case that index (the
“Successor Index”) shall be deemed to be the relevant Index.
(b) If, in the determination of the Issuer (i) on or before the Initial Setting Date or any Observation Date in respect of an Index the Sponsor announces that it will make a material change in the formula for or the method of calculating the relevant Index or in any other way materially modifies the relevant Index (other than a modification prescribed in that formula or method to maintain the relevant Index in the event of changes in constituent securities and capitalisation and other routine events) (an “Index Modification”) or permanently cancels that Index and no Successor Index exists (an “Index Cancellation”) or (ii) on the Initial Setting Date or any Observation Date in respect of an Index the Sponsor fails to calculate and announce the relevant Index Level (an “Index Disruption” and together with an Index Modification and an Index Cancellation, each an “Index Adjustment Event”), then the Issuer shall calculate the relevant Index Level, using, in lieu of a published level for such Index, the level for such Index as at the Valuation Time on the relevant Initial Setting Date or Observation Date as determined by the Issuer in accordance with the formula for and method of calculating such Index last in effect before that change or failure, but using only those securities that comprised such Index immediately before that Index Adjustment Event (other than those securities that have since ceased to be listed on the relevant Exchange) and shall notify the Fiscal Agent, the Irish Paying Agent, the Registrar and the Securityholders thereof (in accordance with General Condition 13) provided that if the Issuer determines that the modification is solely of a mathematical nature it may in its discretion alternatively use the published level of the relevant Index and make such consequential changes to the method of calculating the Final Redemption Amount, as it may determine to be appropriate to preserve the economic equivalent effect of the Securities. None of the Issuer or the Agents shall have any responsibility in respect of any error or omission or subsequent corrections made in the calculation or publication of an Index, whether caused by negligence or otherwise.
Any material modification or discontinuation made to an Index in accordance with this paragraph 3 shall be notified by or on behalf of the Issuer to the Irish Stock Exchange following such modification or discontinuation.
4 Calculations and Determinations
The Issuer shall have no responsibility for good faith errors or omissions in its calculations and determinations, whether caused by negligence or otherwise. The calculations and determinations of the Issuer shall be made in accordance with these provisions having regard in each case to the criteria stipulated herein and (where relevant) on the basis of information provided to or obtained by employees or officers of the Issuer responsible for making the relevant calculation or determination and shall, in the absence of manifest error, be final, conclusive and binding on Securityholders.
THE FTSE/XINHUA CHINA 25 INDEX
The Composition of the FTSE/Xinhua China 25 Index
The FTSE/Xinhua China 25 Index is a real-time tradable index designed for use as the basis for both on-exchange and OTC derivative products, mutual funds and exchange traded funds. The Index is designed for use by international investors seeking to track the prospects of the largest 25 companies by total market capitalisation in the People’s Republic of China. The Index is a product of FTSE/Xinhua Index Limited, a joint venture between FTSETM and Xinhua Financial Network.
Index Management
The Index is subject to independent governance by the FTSE/Xinhua Index Committee based on a set of Ground Rules available on the website detailed below, and FTSE/Xinhua Index Limited is responsible for the operation of the FTSE/Xinhua China 25 Index. The review of the Index constituents takes place quarterly in January, April, July and October.
The Index consists of companies with shares that trade on the Hong Kong, Shanghai and Shenzhen stock exchanges. Securities in such eligible companies consist of B shares, H shares and red chips.
Constituents
Index constituents are classified according to the sector definitions of the FTSE Global Classification System and the constituents of the FTSE/Xinhua China 25 Index are adjusted for free float and subject to liquidity screens.
A company is inserted into the FTSE/Xinhua China 25 Index at the periodic review if its ranking rises to 15th position or above when the eligible companies are ranked by full market value. A company is deleted if it falls to 36th position or below.
Eligible Securities
Each security is a current constituent of the FTSETM All-WorldTM Index. The entire quoted equity capital of a constituent company is included in the calculation of its market capitalisation, subject to free float restrictions. Free float restrictions include:
(a) trade investments in an index constituent either by another constituent or non-constituent company or entity
(b) significant long term holdings by founders, their families and/or directors (c) employee share schemes (if restricted)
(d) government holdings (e) foreign ownership limits
(f) portfolio investments subject to a lock in clause for the duration of that clause.
The FTSE/Xinhua China 25 Index is periodically reviewed for changes in free float.
Securities must be sufficiently liquid to be eligible. Securities which do not turn over at least 2.0 per cent. of their shares in issue (after the application of any free float restrictions) per month for ten of the twelve months prior to the quarterly review by the FTSE/Xinhua Index Committee are not eligible for inclusion in the FTSE/Xinhua China 25 Index.
Calculation Method
The Index uses actual real-time trade prices for securities and Reuters real-time spot currency rates are used in the index calculation. The Index is published every 15 seconds during the official index period, using last trade prices. The Index is denominated in Hong Kong dollars.
Information as to the methodology, calculation and value of the Index at any given point in time is available on the FTSE Xinhua Index website, www.ftse-xinhua.com. (provided that this website, or any other website referred to in the Listing Particulars, does not form part of the Listing Particulars or the terms and conditions of the Securities) and the value of the Index is available on Bloomberg Code
“FXTID Index” and on Reuters RIC Code “.ftxin25”.
“Listing Particulars” means this Pricing Supplement together with the Programme Memorandum.
The Securities are not in any way sponsored, endorsed, sold or promoted by FTSE/Xinhua Index Limited (“FXI”), FTSE International Limited (“FTSE”) or Xinhua Financial Network Limited (“Xinhua”) or by the London Stock Exchange plc (the “Exchange”) or by The Financial Times Limited (“FT”) and neither FXI, FTSE, Xinhua nor Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE/Xinhua China 25 Index (the “Index”) and/or the figure at which the Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by or on behalf of FXI. However, neither FXI nor FTSE nor Xinhua nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FXI, FTS, Xinhua nor Exchange nor FT shall be under any obligation to advise any person of any error therein.
“FTSE™” is a trade mark jointly owned by the London Stock Exchange plc and The Financial Times Limited. “Xinhua” is a service mark and trade mark of Xinhua Financial Network Limited. All marks are licensed for use by FTSE/Xinhua Index Limited.
NIKKEI 225® STOCK AVERAGE INDEX
General
The Nikkei 225® Stock Average Index (the “Index”) is a modified price-weighted index of the 225 actively traded stocks in the First Section of the Tokyo Stock Exchange. It is calculated and published by Nihon Keizai Shimbun, Inc. and has been calculated continuously since 7 September 1950. The Index is available under Bloomberg Code “NKY Index” and Reuters RIC Code “.N225”.
Constituent Stocks
The Index consists of 225 highly liquid Japanese companies listed on the First Section of the Tokyo Stock Exchange.
Calculation of the Index
The Index is calculated every minute using the Dow Jones method to determine the average price of the 225 Stocks. All the companies are given an equal weighting based on a par value of 50 yen per share and the figure is adjusted to maintain continuity and reduce the effect of external factors not directly related to the market.
Amendments to the Index
The Stocks are reviewed annually and any changes required are made in October. Changes may also be made at other times if necessary.
Disclaimer
THE NIKKEI 225 INDEX IS THE INTELLECTUAL PROPERTY OF NIHON KEIZAI SHIMBUN, INC. (THE “NIKKEI SPONSOR”). “NIKKEI”, “NIKKEI STOCK AVERAGE” AND “NIKKEI 225” ARE THE SERVICE MARKS OF THE NIKKEI SPONSOR. THE NIKKEI SPONSOR RESERVES ALL RIGHTS INCLUDING COPYRIGHT, TO THE NIKKEI 225 INDEX. THE SECURITIES ARE NOT IN ANY WAY SPONSORED, ENDORSED OR PROMOTED BY THE NIKKEI SPONSOR. THE NIKKEI SPONSOR DOES NOT MAKE ANY WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, EITHER AS TO THE RESULTS TO BE OBTAINED FROM THE USE OF THE NIKKEI 225 INDEX OR THE FIGURE AT WHICH THE NIKKEI 225 INDEX STANDS AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY OR OTHERWISE. THE NIKKEI 225 INDEX IS COMPILED AND CALCULATED SOLELY BY THE NIKKEI SPONSOR. HOWEVER, THE NIKKEI SPONSOR SHALL NOT BE LIABLE TO ANY PERSON FOR ANY ERROR IN THE NIKKEI 225 INDEX AND THE NIKKEI SPONSOR SHALL NOT BE UNDER ANY OBLIGATION TO ADVISE ANY PERSON, INCLUDING, WITHOUT LIMITATION, A PURCHASER OR VENDOR OF ANY SECURITIES, OF ANY ERROR THEREIN.
IN ADDITION, THE NIKKEI SPONSOR GIVES NO ASSURANCE REGARDING ANY MODIFICATION OR CHANGE IN ANY METHODOLOGY USED IN CALCULATING THE
NIKKEI 225 INDEX AND IS UNDER NO OBLIGATION TO CONTINUE THE CALCULATION, PUBLICATION AND DISSEMINATION OF THE NIKKEI 225 INDEX.
IRISH SELLING RESTRICTION
Each Dealer and/or Selling Agent has agreed that it will not offer or sell any Securities in Ireland.
CLEARING ARRANGEMENTS
Transfers of Securities may (unless the Securities become Bearer Securities pursuant to paragraph 22 of this Pricing Supplement) only be effected within VPC AB, the Swedish Central Securities Depository and Clearing Organisation, and will be effected in accordance with the rules and procedures of VPC AB and the Swedish Financial Instruments Accounts Act.
MARKET MAKING ARRANGEMENTS
The Issuer will not enter into any contracts with any person to make a market in the Securities.
Hagströmer & Qviberg Fondkommission AB (“H&Q”) a company incorporated in Sweden, will on the last Banking Day in Stockholm of every month provide a purchase price. Such price will only be valid on those dates. The purchase price will be determined at the sole discretion of H&Q and may not reflect the market value of the Securities. H&Q has no contractual obligation to the Issuer to provide a purchase price and may discontinue the provision of purchase prices at any time.
DOCUMENTS AVAILABLE FOR INSPECTION
In addition to the documents specified as being available for inspection under “General Information” in the Programme Memorandum, copies of the supplemental agency agreement referred to in paragraph 33 of this Pricing Supplement will also be available for inspection in the same manner as such other documents.
TAXATION
The following summary of certain tax issues that may arise as a result of holding Securities is based on current Swedish and UK tax legislation and is intended only as general information for holders of Securities, who are resident or domiciled in Sweden for tax purposes. This description does not deal comprehensively with all tax consequences that may occur for holders of Securities, nor does it cover the specific rules where Securities are held by a partnership or are held as current assets in a business operation. Special tax consequences that are not described below may also apply for certain categories of taxpayers, including investment companies, mutual funds and persons who are not resident or domiciled in Sweden. It is recommended that prospective applicants for Securities consult their own tax advisers for information with respect to the special tax consequences that may arise as a result of holding Securities, including the applicability and effect of foreign income tax rules, provisions contained in double taxation treaties and other rules which may be applicable.
Taxation of Individuals Resident in Sweden
For individuals and estates of deceased Swedish individuals, all capital income such as interest and capital gains give rise to capital gains tax. The current tax rate is 30 per cent. of the gain. Taxation occurs when the gain becomes available and, on sale, when the agreement to sell is binding.
The capital gain or loss is equal to the difference between the sales proceeds after deduction of sales costs and the acquisition cost of the Securities. The acquisition cost is calculated according to the so-called average method. This means that the costs of acquiring all Securities of the same type and class are added together and calculated collectively, with respect to changes to the holding.
Alternatively, the so-called standard rule under which the acquisition cost is deemed to be the equivalent of 20 per cent. of the net sales price may be applied on the disposal of the Securities if the Securities are listed when the Securities are sold or redeemed. If the Securities become listed on Stockholmsbörsen’s SOX-list, it is likely that they are considered to be listed for this purpose.
Capital losses on listed Securities are fully deductible against capital gains on shares (both listed and non-listed) during the same fiscal year. Losses may also be offset against capital gains on other securities that are taxed in the same manner as shares that are listed, except for shares in mutual funds containing only Swedish receivables (Swedish interest funds). 70 per cent. of a loss in excess of the above-mentioned gains is deductible from any other income which is derived from capital. In the event that a net loss arises, a reduction of the tax is allowed on income from employment and from business, as well as the tax on real estate. The tax reduction amounts to 30 per cent. of any deficit not exceeding SEK 100,000 and 21 per cent. of any deficit in excess of SEK 100,000. Deficits may not be carried forward to a subsequent fiscal year.
Wealth Tax
The Securities are currently subject to Swedish wealth tax. Such tax is paid by individuals and estates on wealth exceeding SEK 1,500,000 (SEK 3,000,000 for those who are jointly taxed). For listed Securities, 80 per cent. of the latest listed value at the end of the fiscal year is taxable. If the Securities become listed on Stockholmsbörsen’s SOX-list, it is likely that they are considered to be listed for this purpose. For non-listed Securities 100 per cent. of the value is taxable.1
Taxation of Swedish limited liability companies
Limited liability companies and other legal entities, except for estates of deceased Swedish individuals, are taxed on all income (including income from the sale of the Securities) as income from business activities at a flat rate of 28 per cent. See the paragraph above (headed “Taxation of individuals resident in Sweden”) for an indication of how the acquisition cost will be calculated.
Capital losses on Securities incurred by a corporate holder may only be offset against capital gains on shares or other securities that are taxed in the same manner as shares. Such capital losses may also, under certain circumstances, be deductible against capital gains on shares and other securities that are taxed in the same manner as shares within the same group of companies, provided the requirements for group contributions (tax consolidation) are met.
For limited liability companies and economic associations, capital gains on shares and certain share- related rights held for business purposes are tax exempt. As a result, capital losses on shares and share-related rights that are held for business purposes are not deductible. Consequently, capital losses and gains on Securities are not deductible against capital gains and losses on such shares and share-related rights held for business purposes. Capital losses on Securities which are not deducted against capital gains within a certain year, may be carried forward and offset against capital gains in the future. The Securities are not treated as share-related rights held for business purposes.
Certain UK Tax Issues
All payments in respect of the Securities by or on behalf of the Issuer will be free and clear of withholding taxes of the United Kingdom. As at the date hereof such payments would not be subject to any United Kingdom withholding taxes.
1 The Securities may for example under the conditions set forth under paragraphs 22 and 27 in this Pricing Supplement, cease to be listed on Stockholmsbörsen and cease to be registered with VPC.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of the knowledge and belief of the Issuer, the information contained in this document, when read together with the Programme Memorandum, is in accordance with the facts and does not omit anything likely to affect the import of such information.
The delivery of this Pricing Supplement at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof.
Tilläggsprospekt daterat 20 januari 2005
Credit Suisse First Boston International
(Registrerat i England och Wales under nr 2500199, med obegränsat ägaransvar)
Svenskt tilläggsprospekt till
Pricing Supplement
Serienummer 2004-529
Skr 250.000.000 Indexrelaterade Nollkupongsobligationer med förfallodag 2008
Detta tilläggsprospekt innehåller den svenska tilläggsinformationen till pricing supplement av den 20 januari 2005 (“Pricing Supplement”) utgivet av Credit Suisse First Boston International (“Emittenten”) under dess låneemissionsprogram av obegränsad programstorlek beskrivet i Programme Memorandum, daterat den 3 juni 2004 såsom detta kompletterats genom Supplemental Listing Particulars daterade den 6 augusti 2004 och den 29 oktober 2004 (tillsammans “Programme Memorandum”).
Tilläggsprospektet utgör en integrerad del av Pricing Supplement och informationen i detta Tilläggsprospekt måste läsas i samband med informationen i Pricing Supplement. Emittenten förutsätter att personer som mottager detta Tilläggsprospekt själva informerar sig om innehållet i Pricing Supplement.
Tilläggsprospektet innehåller på de följande sidorna en översättning av den engelska originalversionen av Pricing Supplement. För den händelse att den översatta informationen i detta Tilläggsprospekt inte överensstämmer med relevant information i Pricing Supplement så gäller informationen i Pricing Supplement på dess originalspråk.
Emissionsbilaga daterad 20 januari 2005
Credit Suisse First Boston International
Registrerat i England och Wales under nr 2500199, med obegränsat ägaransvar
Serienummer 2004-529
Skr 250.000.000 Indexrelaterade Nollkupongsobligationer med förfallodag 2008
Emissionskurs: 110 procent
Denna Emissionsbilaga kompletterar Programme Memorandum daterat den 3 juni 2004 såsom detta kompletterats genom Supplemental Listing Particulars daterade den 6 augusti 2004 och den 29 oktober 2004 (tillsammans ”Programme Memorandum”), avseende Credit Suisse First Boston Internationals (”Emittenten”) program.
Ansökan har gjorts till the Irish Stock Exchange för att ovannämnda obligationer (”Obligationerna”) skall bli antagna till the Official List of the Irisk Stock Exchange. Ansökan kommer därefter att göras till
Stockholmsbörsen.
En kopia av detta dokument har givits in till the Registrar of Companies in Ireland.
Denna Emissionsbilaga kompletterar och skall läsas och tolkas tillsammans med Programme Memorandum och alla andra dokument som genom hänvisning är införlivade däri.
Uttryck som är definierade i Programme Memorandum har samma innebörd i denna Emissionsbilaga såvida de inte är definierade på annat sätt i denna Emissionsbilaga. Det finns inte någon Produktbilaga som är tillämplig beträffande dessa Obligationer.
I händelse av bristande överensstämmelse mellan Emissionsvillkoren och de Allmänna Villkoren skall Emissionsvillkoren äga företräde.
INVESTERINGSÖVERVÄGANDEN
Villkoren för Obligationerna anger att det Slutliga Inlösenbeloppet kommer att vara beroende av utvecklingen på vart och ett av de Index (vilka definieras häri). Det Slutliga Inlösenbeloppet för varje Obligation uppgår till minst dess nominella belopp.
En investering i Obligationerna är inte detsamma som en investering i enskild eller samtliga Aktier som omfattas av Indexen eller en investering som är direkt knuten till dessa Index.
Obligationerna innefattar komplexa risker vilka bland annat inkluderar aktiekursrisker, kreditrisker, ränterisker, valutakursrisker och/eller politiska risker.
Det är inte möjligt att förutse kursen till vilken Obligationerna kommer att handlas på marknaden eller om en sådan marknad kommer att vara likvid eller illikvid. Emittenten kan, men är inte skyldig att, köpa Obligationer vid vilken tidpunkt som helst till vilket pris som helst på den öppna marknaden eller genom erbjudande eller privat överenskommelse. Varje Obligation som köpts på det viset må behållas eller vidaresäljas eller överlämnas för annullering. Marknaden för Obligationer kan vara begränsad. Det enda sättet på vilket en innehavare kan realisera värde från en Obligation innan Förfallodagen är att sälja det till då rådande marknadspris på marknaden.
Kursfluktuationer på Aktierna som omfattas av Indexen och på Indexnivåerna kan komma att påverka värdet på Obligationerna.
Följaktligen är en investering i Obligationerna endast lämplig för investerare som (antingen ensamma eller tillsammans med en lämplig finansiell rådgivare) klarar av att utvärdera värdet och riskerna med en sådan investering och vilka har tillräckliga resurser för att kunna klara av varje förlust som kan bli följden.
Innan en eventuell investerare gör ett investeringsbeslut med avseende på Obligationerna bör dessa konsultera sina egna finansiella eller andra rådgivare i den omfattning de finner det nödvändigt och noggrant gå igenom och överväga ett sådant investeringsbeslut i ljuset av det ovan sagda och den eventuella investerarens personliga omständigheter.
Med undantag för vad som anges nedan är Obligationerna underkastade de Allmänna Villkoren som återfinns i Programme Memorandum och följande Emissionsvillkor:
Inte Tillämplig betyder att en punkt inte är tillämplig avseende dessa Obligationer. Kursiveringar i den vänstra kolumnen ger en kort förklaring av Emissionsvillkoren. Kursiverade ord utgör inte en del av Emissionsvillkoren.
1 Serienummer: 2004-529
2 Delserienummer
(Om fungibel med en existerande Serie, information om den Serien, inklusive dag då Obligationerna blir fungibla).
Inte tillämplig
3 Angiven Valuta eller Valutor: Svenska kronor (“Skr”) 4 Sammanlagt Nominellt Belopp:
(i) Serie:
(ii) Delserie:
Skr 250.000.000 Inte tillämplig
5 (i) Emissionskurs: 110 procent av det Sammanlagda Nominella Beloppet
(ii) Emissionslikvid netto: Skr 275.000.000 6 Angivet Nominellt Belopp: Skr 10.000 7 Emissionsdag: 20 januari 2005 8 Startdag för Ränta
(om annan än Emissionsdagen):
Inte tillämplig
9 Förfallodag: Enligt vad som anges i Bilagan nedan 10 Grund för ränta: Inte tillämplig
11 Grund för inlösen/betalning: Obligationerna kommer att lösas in i enlighet med punkt 17 nedan
12 Ändring av grund för inlösen/betalning: Inte tillämplig 13 Inlösenrätt för Innehavare/Emittent: Inte tillämplig
BESTÄMMELSER AVSEENDE RÄNTA
14 Obligationer med Fast Ränta Inte tillämplig 15 Obligationer med Rörlig Ränta Inte tillämplig 16 Nollkupongsobligationer Inte tillämplig
BESTÄMMELSER AVSEENDE INLÖSEN
17 Slutligt Inlösenbelopp Det Slutliga Inlösenbeloppet avseende respektive Obligation kommer att fastställas i enlighet med bestämmelserna i Bilagan nedan.
18 Förtida Inlösenbelopp (i) Förtida Inlösenbelopp att erläggas vid
förtida inlösen på grund av skatteskäl eller lagöverträdelse (Allmänna Villkor punkt 5(c)) eller en Uppsägningsgrundande Händelse (Allmänna Villkor punkt 9) och/eller beräkningsmetod för detsamma (om så erfordras eller är annorlunda än vad som anges i de Allmänna Villkoren):
Enligt vad som anges i de Allmänna Villkoren
19 Frivillig Inlösen av Emittenten Inte tillämplig 20 Frivillig Inlösen av Obligationsinnehavare Inte tillämplig 21 Redovisningsvaluta
(Den valuta i vilken det Slutliga Inlösenbeloppet kommer att erläggas)
Den Angivna Valutan
ÖVRIGA BESTÄMMELSER
22 Obligationernas form: Kontoförda Skuldförbindelser i enlighet med Regelverket (definieras i punkt 36 nedan), dock att om innehavare av minst 20 procent av det sammanlagda kapitalbeloppet för Obligationerna (“Skuldebrevströskeln”) lämnar meddelande (en “Begäran om Skuldebrev”) till Emittenten att de begär att deras Obligationer skall representeras av skuldebrev, så skall samtliga Obligationer med verkan från och med den dag (som inte får infalla senare 90 dagar därefter) som Emittenten meddelar Obligationsinnehavarna
(“Övergångsdagen”), representeras av enskilda skuldebrev och Obligationerna utgöra Skuldebrev. Emittenten skall på Övergångsdagen sända de enskilda Skuldebreven med oförsäkrad post på innehavarnas risk till innehavarnas respektive adress enligt vad som framgår ur VPC:s register per den femtonde dagen före Övergångsdagen. Inga överlåtelser av Kontoförda Skuldförbindelser skall tillåtas på eller efter den femtonde dagen. Med verkan från Övergångsdagen skall Obligationerna
upphöra att vara Kontoförda Skuldförbindelser och VPC skall upphöra att vara Registrar.
När Emittenten har mottagit en Begäran om Skuldebrev, skall Emittenten skyndsamt underrätta VPC och Fiscal Agent.
På dagen för mottagande av varje Begäran om Skuldebrev, skall Emittenten avgöra om Skuldebrevströskeln har nåtts på basis av det sammanlagda kapitalbeloppet av de Obligationer som på den dagen innehas av de Obligationsinnehavare som på den dagen eller tidigare har lämnat en Begäran om Skuldebrev.
(i) Tillfälligt eller permanent Globalt Skuldebrev/Registerbevis:
Inte tillämplig
(ii) Tillämpligt undantag i TEFRA: C Rules 23 Tillkommande Affärscentra avseende
Bankdagar (Allmänna Villkor punkt 6(h)) eller andra särskilda bestämmelser avseende betalningsdagar:
London och Stockholm
24 Talonger för framtida Kuponger eller Avbetalningskvitton att fogas till enskilda Skuldebrev (och dag då sådana Talonger förfaller):
Inte tillämplig
25 Information om Delbetalda Obligationer: belopp för varje betalning utgörande Emissionskursen och dag då varje betalning skall erläggas och följderna (om några) av att inte erlägga betalning, inklusive varje rätt för Emittenten att förklara Obligationerna förverkade samt ränta vid sen betalning:
Inte tillämplig
26 Information avseende Obligationer som inlöses i två eller fler omgångar:
Inte tillämplig
27 Börs(er) till vilka ansökan om inregistrering inledningsvis kommer att inges:
(Ansökan kan senare komma att inges till annan börs(er))
Irish Stock Exchange. Ansökan kommer därefter att inges till Stockholmsbörsen.
Om VPC upphör att vara Registrar på sätt som beskrivs i punkt 22 ovan, kommer Obligationerna att upphöra att vara inregistrerade på Stockholmsbörsen.
28 Organ (andra än börser) till vilka ansökan om notering/godkännande av Obligationerna
Inte tillämplig
notering/godkännande av Obligationerna kommer att inges:
29 ISIN nummer: SE0001338864
30 SEDOL: Inte tillämplig
31 Varje clearingsystem förutom Euroclear och Clearstream, Luxembourg och relevanta identifikationsnummer:
VPC AB (“VPC”), organisationsnummer 556112-8074.
32 Calculation Agent: Credit Suisse First Boston International 33 Agents utsedda avseende Obligationerna är: Fiscal Agent:
JPMorgan Chase Bank, N.A.
Trinity Tower
9 Thomas More Street London E1W 1YT
Paying Agent:
J.P. Morgan Bank (Ireland) Plc J.P Morgan House
International Financial Services Centre Dublin 1
(enligt ett kompletterande agentavtal avseende Obligationerna)
Registrar (central värdepappersförvarare enligt lagen (1998:1479) om kontoföring av finansiella instrument):
VPC AB Box 7822
SE-103 97 Stockholm
Issuing agent (emissionsinstitut enligt Regelverket):
SEB Merchant Banking Securities Services SE-106 40 Stockholm
34 Återförsäljare:
(Det bolag som initialt kommer att teckna sig för Obligationerna)
Credit Suisse First Boston (Europe) Limited
One Cabot Square London E14 4QJ 35 Ytterligare åtgärder som endast får vidtas efter
godkännande genom Extraordinärt Beslut i enlighet med Allmänna Villkor punkt 10(a):
Inte tillämplig
36 Ytterligare bestämmelser: Så länge som VPC är Registrar avseende Obligationerna skall följande
Obligationerna skall följande bestämmelser gälla och oaktat varje bestämmelse i de Allmänna Villkoren, får dessa inte ändras, justeras eller åsidosättas på annat sätt än som är godtagbart enligt Regelverket, enligt VPC:s egen bedömning:
(i) Äganderättsövergång avseende Obligationerna effektueras genom överlåtelse mellan kontohavare hos VPC i enlighet med den lagstiftning (inklusive lagen (1998:1479) om kontoföring av finansiella instrument), regler och förordningar tillämpliga hos och/eller utfärdade av VPC som från tid till annan är i kraft (“Regelverket”) och de Allmänna Villkoren punkt 2 samt de sista fyra styckena av de Allmänna Villkoren punkt 1 skall inte vara tillämpliga.
“Obligationsinnehavare” och “innehavare”
betyder en person i vars namn en Obligation är registrerad på ett konto hos VPC i VPC:s avstämningsregister eller varje annan person som erkännes som innehavare av Obligationerna enligt Regelverket och följaktligen, där Obligationer innehas genom en auktoriserad förvaltare, skall förvaltaren anses som innehavaren.
”Register” betyder VPC:s register.
(ii) Några fysiska värdepapper, såsom globala tillfälliga eller permanenta skuldebrev eller enskilda skuldebrev, kommer inte att utfärdas avseende Obligationerna. Registerbevis avseende Obligationerna kommer inte att utfärdas och bestämmelser avseende presentation, överlämnande eller ersättande av Registerbevis i de Allmänna Villkoren skall inte vara tillämpliga.
(iii) Betalningar avseende Obligationerna kommer att ske i den Angivna Valutan i enlighet med Regelverket och de Allmänna Villkoren punkt 6(b) skall inte vara tillämplig. Avstämningsdag är den
femte Valutabankdagen före dagen då
betalning skall erläggas.
Obligationsinnehavare skall inte vara berättigade till någon ränta eller annan betalning för någon försening efter förfallodagen till följd av att förfallodagen inte är en bankdag i Stockholm och London.
(iv) Undantagen angivna i de Allmänna Villkoren punkt 7(i)-(vi) skall inte vara tillämpliga.
(v) Samtliga Obligationer skall vara registrerade i avstämningsregister hos VPC.
(vi) Emittenten skall vara berättigad att erhålla från VPC utdrag från avstämningsregister hos VPC (Skuldbok) avseende Obligationerna för att kunna fullgöra sina skyldigheter enligt punkt 22 eller de Allmänna Villkoren punkterna 10(a) och 13.
(vii) Varje meddelande till Emittenten enligt punkt 22 ovan skall lämnas av relevanta Obligationsinnehavare skriftligen och på engelska till Emittenten vid dess registrerade huvudkontor, ställt till General Counsel Europe, Legal and Compliance Department och skall träda i kraft vid mottagande.
Undertecknad för Emittentens räkning:
Av: ________________________
Behörig företrädare
Av: ________________________
Behörig företrädare
BILAGA
SLUTLIGT INLÖSENBELOPP
1 Definitioner
Följande definitioner gäller såvida inte sammanhanget kräver något annat.
“Bankdag” betyder, avseende respektive stad, en dag då affärsbanker är öppna för allmän affärsverksamhet (inklusive transaktioner avseende utländsk valuta och inlåning av utländsk valuta) i sådan stad;
“Valutabankdag” betyder en dag som är en Bankdag i Stockholm;
”Påverkad Dag” betyder, beträffande respektive Index, någon Ordinarie Handelsdag då (i) avseende Index(1), Indexgivaren underlåter att offentliggöra nivån för ifrågavarande Index eller, avseende Index(2), Börsen inte förmår hålla öppet för handel under dess ordinarie handelstid, (ii) någon Beroende Börs, beträffande detta Index, underlåter att hålla öppet för handel under sina normala öppettider, eller (iii) en Marknadsstörande Händelse, beträffande detta Index, har inträffat;
”Förtida Stängning” betyder, beträffande respektive Index, stängning av en relevant Börs eller Beroende Börs på en Börshandelsdag före Ordinarie Stängningstid om inte sådan förtida stängning har annonserats av sådan Börs eller Beroende Börs minst en timme före det tidigaste av (i) den faktiska stängningstiden för ordinär handel på sådan Börs eller Beroende Börs på en Börshandelsdag och (ii) den senaste tidpunkten för att lämna in order som ska behandlas i Börsen eller Beroende Börsens ordersystem vid Värderingstidpunkten på sådan Börshandelsdag;
”Börs” betyder avseende värdepapper som omfattas av ett Index sådan(a) börs(er) (från tid till annan) på vilken, enligt den aktuella Indexgivarens fastställande med avseende på Index, sådana värdepapper som är noterade;
”Börshandelsdag” betyder, beträffande respektive Index, varje Ordinarie Handelsdag på vilken varje aktuell Börs och Beroende Börs är öppen för handel under dess respektive normala öppettider, oaktat om någon sådan Börs eller Beroende Börs stänger före dess Ordinarie Stängningstid;
”Börsstörning” betyder, beträffande respektive Index, en händelse (annan än en Förtida stängning) som (enligt Emittentens bedömning) stör eller inverkar på möjligheterna för marknadsaktörer i allmänhet (i) att utföra transaktioner i, eller erhålla marknadsvärderingar av, något värdepapper som omfattas av aktuellt Index vid någon relevant Börs eller (ii) utföra transaktioner i, eller erhålla marknadsvärderingar av, optioner eller terminer hänförliga till relevant Index vid någon relevant Beroende Börs.
“Slutligt Inlösenbelopp” betyder, avseende respektive Obligation, ett belopp fastställt av Emittenten i enlighet med följande formel:
(
TBxAvkastningsfaktorx 2 Max[
0,Indexdifferens(i) x W(i)] )
TB opp Inlösenbel Slutligt
1
∑
=
+
=
i avrundat upp till närmaste Skr 1
där
“TB” betyder Teoretiskt Belopp;
“Indexdifferens(i)” betyder, beträffande Index(i)
( )
I I F
IND IND IND −
avrundat till två decimalers noggrannhet; och
”Avkastningsfaktor” betyder ett nummer inte mindre än 1.20 och fastställs enväldigt av Emittenten den 9 mars 2005 och meddelas Irish Stock Exchange;
där:
”INDI” betyder, beträffande respektive Index, Indexnivån på den Initiala Fastställelsedagen; och
”INDF” betyder, beträffande respektive Index, det aritmetiska genomsnittet av Indexnivåerna på varje Observationsdag, avrundat uppåt till två decimaler;
”i”, ”Index(i)” och ”W(i)” betyder:
”i” ”Index(i)” ”W(i)”
1 FTSE/Xinhua China 25 Index 0.50 2 Nikkei 225 Stock Average Index 0.50
”Index” betyder Index(1) och/eller Index(2), såsom sammanhanget föreskriver;
”Indexnivå” betyder, beträffande respektive Index, på varje relevant Ordinarie Handelsdag, den nivå för aktuellt Index som fastställas av Emittenten per aktuell Värderingstidpunkt på sådan Ordinarie Handelsdag, som detta beräknas och offentliggörs av aktuell Indexgivare, med förbehåll för bestämmelserna i denna Bilaga;
“Initial Fastställelsedag” betyder, beträffande respektive Index, med förbehåll för vad som anges i punkt 2 av denna Bilaga den 9 mars 2005 (eller, om den dagen inte är en Ordinarie Handelsdag, den närmast följande Ordinarie Handelsdagen);
”Marknadsstörande Händelse” betyder, beträffande respektive Index, inträffandet eller förekomsten av en Handelsstörning eller en Börsstörning under den period om en timme som slutar vid Värderingstidpunkten på någon Ordinarie Handelsdag och som enligt Emittentens bedömning i respektive fall är väsentlig eller en Förtida Stängning under förutsättning att de värdepapper som omfattas av Index beträffande vilka en Tidig Stängning, Börsstörning eller Handelsstörning inträffar eller föreligger, uppgår till, enligt Emittentens bedömning, sammantaget 20 procent eller mer av nivån för aktuellt Index. För att fastställa om en Marknadsstörande Händelse föreligger vid en given tidpunkt avseende ett värdepapper som omfattas av aktuellt Index skall den relativa procentandel av det värdepapprets bidrag till nivån för aktuellt Index baseras på en jämförelse mellan (x) den andel av nivån för relevant Index som är hänförlig till det värdepappret och (y) den övergripande nivån för Index, i varje fall omedelbart före inträffandet av en Marknadsstörande Händelse, såsom fastställes av Emittenten.
“Förfallodagen” betyder den senare av den 26 september 2008 och den tionde Valutabankdagen efter den Sista Observationsdagen som infaller sist;
“Teoretiskt Belopp” betyder Skr 10.000;
”Observationsdag” betyder, beträffande respektive Index, med förbehåll för vad som anges i punkt 2 i denna Bilaga, den 9 mars, 9 juni, 9 september och den 9 december varje år från och med den 9 september 2007 till och med den 9 september 2008 (”Sista Observationsdagen”) eller, om någon
sådan dag inte är en Ordinarie Handelsdag, den närmast följande Ordinarie Handelsdagen förutsatt att om inte Sista Observationsdagen är en Ordinarie Handelsdag, skall föregående Ordinarie Handelsdag vara Sista Observationsdag;
“Beroende Börs(er)” betyder, beträffande respektive Index, sådana options- eller terminsbörser som Emittenten enligt eget tycke må välja och meddela Obligationsinnehavarna i enlighet med de Allmänna Villkoren 13 eller i varje sådant fall, varje övertagande eller efterträdande börs;
”Ordinarie Stängningstid” betyder avseende en Börs eller en Beroende Börs och en Ordinarie Handelsdag, den förutbestämda ordinarie dagliga stängningstiden för sådan Börs eller Beroende Börs på sådan Ordinarie Handelsdag, utan till hänsyn till efterhandel eller någon annan handel utanför de normala öppettiderna
“Ordinarie Handelsdag” betyder, beträffande respektive Index, varje dag som Indexgivaren av Index publicerar nivån för Index och på vilken alla Beroende Börser har planerat att hålla öppet för handel under normala öppettider;
“Redovisningsvaluta” betyder svenska kronor;
”Indexgivare” betyder, avseende ett Index, det bolag eller den organisation som enligt Emittenten är (a) ansvarigt för att fastställa och övervaka de regler och procedurer och de beräkningsmetoder och justeringar hänförliga till aktuellt Index, och (b) regelbundet på varje Ordinarie Handelsdag offentliggör (direkt eller via ombud) nivån för aktuellt Index eller, om denne underlåter att göra detta, sådan person som är godtagbar för Emittenten och som beräknar och offentliggör aktuellt Index eller varje ombud eller person som agerar för denne persons räkning;
”Handelsstörning” betyder, beträffande respektive Index, någon avstängning eller begränsning som införts beträffande handeln på den relevanta Börsen eller Beroende Börsen eller annorledes på grund av prisrörelser överstigande de gränser som tillåts av den relevanta Börsen eller Beroende Börsen eller annorledes avseende (i) på någon relevant Börs något värdepapper som omfattas av aktuellt Index eller (ii) något options- eller terminskontrakt avseende aktuellt Index på en eller flera av de relevanta Börserna; och
“Värderingstidpunkt” betyder, beträffande respektive Index, tidpunkten per vilken Indexgivaren beräknar stängningsnivån för aktuellt Index.
2 Påverkade Dagar
Om Emittenten fastställer, beträffande respektive Index, att den Initiala Fastställelsedagen eller någon Observationsdag (utom den Sista Observationsdagen) är en Påverkad Dag, beträffande aktuellt Index, skall den Initiala Fastställelsedagen eller den Observationsdagen, vilket det än må vara, beträffande aktuellt Index, vara den första kommande Ordinarie Handelsdagen som inte är en sådan Påverkad Dag såvida inte samtliga de åtta Ordinarie Handelsdagarna som följer omedelbart efter sådan dag, och som om Emittenten inte hade fastställt att det var en Påverkad Dag skulle ha varit den Initiala Fastställelsedagen eller Observationsdagen, är en sådan Påverkad Dag. I sådant fall ska (i) den relevanta Initiala Fastställelsedagen eller Observationsdagen vara den åttonde Ordinarie Handelsdagen för aktuellt Index oaktat att sådan dag är en Påverkad Dag och (ii) Emittenten ska fastställa den aktuella Indexnivån vid den relevanta Värderingstidpunkten på den åttonde Ordinarie Handelsdagen i enlighet med (med beaktande av bestämmelserna i punkten 3 i denna Bilaga) den formel och beräkningsmetod för aktuellt Index som senast gällde före den första sådana Påverkade Dagen med användande av Börshandlade eller noterade priser vid Värderingstidpunkten på den åttonde Ordinarie Handelsdagen för varje värdepapper som omfattas av aktuellt Index (eller, om Emittenten fastställer att en händelse som orsakat en Påverkad Dag har inträffat
