PF Finans / Clarinova

Period of Limitations:

The Bonds and the right to receive payment thereunder shall become void unless presented for payment within a period of ten (10) years (in the case of principal) and three (3) years (in the case of interest) of the Maturity Date;

Change of Control:

Occurs if: (i)

any person or persons, acting together, acquires or acquire Control of the Company; or a public offer is made in respect of the shares of the Company and such offer has been declared unconditional and the offeror, and any person or persons acting together with the offeror, acquire or acquires Control of the Company; or

(ii)

(iii) a De-Listing Event occurs;

Registration on Euroclear Account:

The Bonds will be registered on behalf of the Holders on a Euroclear Account. Payments of principal and interest are made by Euroclear, Euroclear Sweden AB, P.O Box 7822, SE-103 97 Stockholm. Phone number: +46 8 402 90 00;

Agent:

Ahlford Advokatbyrå AB

Visiting address: Kungsgatan 16, 652 24 Karlstad, Swe den

Mail address: Box 644, 651 14 Karlstad, Sweden

Legal advisor

Mason Hayes+Curran

South Bank House, Barrow Dublin 4, Ireland

Auditors:

MKO Partners, Chartered accountants

6, The Courtyyard Building, Carmanhall Road

Sandyford, Dublin 18, Ireland

ISIN code:

SE0003725324

Information:

The Company undertakes to publish quarterly interim financial reports beginning the 1 st quarter of 2012;

Tax Aspects:

There is no tax deduction at source (i.e. by the Company) with regard to payment of interest or redemption amounts. Euroclear or the Swedish nominee(in case of nominee registered securities) withholds preliminary tax on interest paid in cash to individuals who are resident in Sweden for tax purposes. A description of the material Swedish tax consequences that may arise in relation to the Bonds is included in the section “Taxation”;

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