PF Finans / Clarinova

CLARINOVA Limited

Prospectus regarding listing of EUR 200,000,000 7,5% Bonds 2011/2021

IMPORTANT INFORMATION

This Prospectus has been prepared by the Board of Directors of Clarinova Ltd in relation to the application for listing of Clarinova's EUR 200,000,000 7,5% Bonds 2011/2021,(the “ Bonds ”) to list the Bonds on the Corporate Bond List at NASDAQ OMX, Stockholm (the “Listing”).

This Prospectus is not an offer for sale or a solicitation of an offer to purchase securities in any jurisdiction. It has been prepared purely for the purpose of the Listing.

The Board of Directors; Mr Bertil Olsson and Mr Bo Falkman hereby declare that, to the best of their knowledge, the information provided in the Prospectus is accurate and that, to the best of their knowledge, this Prospectus is not subject to any omissions that may serve to distort the picture, this Prospectus is to provide, including that all relevant information in the minutes of Board of Directors’ meetings, auditors’ records and other internal documents is included in this Prospectus. This Prospectus has been prepared in accordance with the Swedish Financial Instruments Trading Act (1991:980) ( Sw: lag (1991:980) om handel med finansiella instrument ) and Commission Regulation (EC) No. 809/2004 of April 29, 2004. This Prospectus has been approved by and registered with the Swedish Financial Supervisory Authority in accordance with the requirements of Chapter 2, Sections 25 and 26 of the Swedish Financial Instruments Trading Act (1991:980). It should be noted that such approval and such registration does not constitute a guarantee from the Swedish Financial Supervisory Authority that the information in the Prospectus is accurate or complete.

The Prospectus is governed by Swedish law. Disputes concerning the contents of this Prospectus and associated legal conditions shall be the exclusive jurisdiction of the courts of Sweden.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Prospectus contains “forward-looking statements”. All statements other than statements of historical facts included in this Prospectus, including without limitation, those regarding the Company’s financial position, business strategy, the Company’s management’s, or as appropriate the Directors’, plans, objectives, goals, strategies and future operations and performance and the assumptions underlying these statements are forward-looking statements. Such forward-looking statements and information reflect the current views and beliefs of the Board of Directors or are assumptions based on information available to the Company. When used in this Prospectus, words like "aims", "anticipates", "believes", "estimates", "expects", “may”, “plans” and “wants” and other similar expressions, as they relate to the Company or its management, are intended to identify forward- looking statements and should be regarded as forecasts of or indications of future events,

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