PF Finans / Clarinova

Summary

The following summary should only be read as an introduction to the Prospectus, and does not necessarily contain all information for an investment decision. Any decision to invest in Bonds should therefore be based on a consideration of the Prospectus as a whole. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might have to bear the costs of translating the Prospectus. Civil liability attaches to those persons responsible for the preparation of the summary, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus.

Terms and Conditions of the Bonds in brief

The information contained in this table is a summary of certain provisions of the Terms and Conditions for the Bonds only and should not be considered a complete description of the particular provision summarised. The summaries below are qualified by reference to the complete Terms and Conditions for the Bonds as set out in “Terms and Conditions for the Bonds”.

Issuer:

Clarinova Ltd, (Company registration no: 492065)

Loan Amount:

EUR 200.000.000

Coupon:

7,5% semi-annually

Denomination:

EUR 50.000

Issue Date:

1 March 2011

Maturity Date:

1 March 2021

First Trading Day:

The Company intends to apply for a listing of the Bonds on the Corporate Bond list at Nasdaq OMX, Stockholm. The first trading day is expected to take place latest in the first quarter of 2012;

Transfer Restrictions:

The Bonds may be transferred without restriction;

Bond:

A debt instrument ( Sw. skuldförbindelse ) as defined in Chapter 1, Section 3 of the Swedish Financial Instrument Accounts Act (SFS 1998:1479) and which has been issued by the Company pursuant to the Terms and Conditions for the Bonds in Annex B;

Security:

Portfolio of SLS

Interest Payment Dates:

1st of March and 1st of September each year and the Maturity Date (if that day is not a Banking Day, payment of interest will occur on the next following Banking Day, but as calculated on the lnterest Payment Date, unless it would thereby fall into the next calendar month, in which event interest shall be payable on the immediately preceding Banking Day);

4