PF Finans / Clarinova

Contents SUMMARY…………………………………………………………………………………………………………………………………………………………………….4 RISK FACTORS……………………………………………………………………………………………………………………………………..………………………10 THE BONDS IN BRIEF………………………………………………………………………………………………………………………………………………16 THE BOARD’S DECLARATION REGARDING THE PROSPECTUS……………………………………………………………………..………………..18 FINANCIAL INFORMATION OF CLARINOVA …………………………………………….…………………………………………………………………..19 INDUSTRY OVERVIEW………………………………………………………………………………………………………………………………………………….36 BUSINESS OF CLARINOVA……………………………………………………………………………………………………………………………………………39 BOARD OF DIRECTORS, SENIOR EXECUTIVES AND INDEPENDENT AUDITORS……………………………………………………………….40 SHARE CAPITAL AND OWNERSHIP STRUCTURAL………………………………………………………………………………………………………….44 TAXATION……………………………………………………………………………………………………………………………………………………………………45 LEGALMATTERS AND SUPPLEMENTARY INFORMATION………………………………………………………………………………………………46 MEMORANDUM AND ARTICLES OF ASSOCIATION……………………………………………………………………………………………………….47 ADDRESSES………………………………………………………………………………………………………………………………………………………………… 53 DEFINITIONS AND EXPLANATIONS………………………………………………………………………………………………………………………………54 TERMS AND CONDITIONS FOR THE BONDS……………………………………………………………………………………………..………………….55

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