PF Finans / Clarinova

The Bonds in brief

This section contains a general and broad description of the Bonds. It does not claim to be comprehensive or cover all details of the Bonds. Potential investors should therefore carefully consider the Prospectus as a whole including documents incorporated by reference before a decision is made to invest in the Bonds. The full terms for the Bonds can be found in Annex B “Terms and Conditions for the Bonds”. Concepts and terms that are defined in that section or anywhere else in the Prospectus are used with the same meaning in the summary unless otherwise is explicitly understood from the context.

The Bonds are debt instruments ( Sw.skuldförbindelse ). The Bonds constitute direct, unconditional, secured and unsubordinated obligations of the Company.

The Bonds are denominated in EUR and the ISIN code is SE0003725324. The Bonds have been issued in accordance with Swedish law. The Bonds are connected with the account-based system of Euroclear. This means that the Bonds are registered on behalf of the Holders on a Euroclear account or custodian account and no physical notes will be issued. Payment of principal and interest as well as, if applicable, withholding of preliminary tax will be made by Euroclear, Euroclear Sweden AB, P.O Box 7822, SE-103 97 Stockholm. Phone number: +46 8 402 90 00. The Company and the agent are entitled to obtain information from the register kept by the CSD in respect of the Bonds ( Sw. skuldbok ). The Bonds will bear interest at the Interest Rate (7,5 per cent per annum) payed semi-anually from, but excluding, the Issue Date up to and including the Maturity Date (or any earlier Redemption Date). Interest shall be paid semiannually in arrears on the Interest Payment Dates, commencing on the first Interest Payment Date falling after the Issue Date. Interest shall be calculated on a 30E/360-days basis. The Company undertakes to pay the principal amount of, and interest on, the Bonds on the dates and in the manner provided for in the Terms and Conditions. The Company may elect to redeem all of the Bonds (but not less than all) on any Banking Day falling after 1 July 2011. The Company shall give the Holders at least 30 days but not more than 60 days notice of such redemption. Such notice shall be irrevocable and state the Redemption Date and the relevant Record Date. The Bonds shall be redeemed at the following redemption prices, expressed as percentages of the Nominal Amount as set out below: (a) 104.00 per cent during the period from, but excluding, 1 March 2012 up to and including 1 November 2012; (b) 102.50 per cent during the period from, but excluding, 1 March 2013 up to and including 1 November 2015; (c) 101.00 per cent during the period from, but excluding, 1 March 2016 up to and including 30 November 2020 together in the case of any such redemption with accrued interest from, but excluding, the latest Interest Payment Date up to and including the relevant Redemption Date. Unless previously redeemed, or purchased and cancelled in accordance with the Terms and Conditions for the Bonds, the Bonds shall be redeemed at the Nominal Amount on the Maturity Date. Payment of Nominal Amount and interest will be made to the person who is a Holder on

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