PF Finans / Clarinova

The Board’s declaration regarding the Prospectus This Prospectus has been prepared in accordance with the European Commissions Regulation (EC) on Prospectuses No. 809/2004 of April 29, 2004 and has been approved and registered by the Swedish Financial Supervisory Authority in accordance with Chapter 2, Section 25 and 26 of the Financial Instruments Trading Act (1991:980). The estimated first day of trading of the Bonds on NASDAQ OMX Stockholm following the Listing is the first Quarter of 2012 Further information is available in this Prospectus, which has been prepared by the Board of Directors in conjunction with the Listing. Certain information in this Prospectus derives from third parties, such as central banks, statistic institutes and research companies. To the best of the Board of Directors’ knowledge, this information has been correctly represented and no information has been omitted which may serve to render the information misleading or incorrect. The Board of Directors is responsible for the contents of this Prospectus. The Board of Directors hereby provides assurance that they have taken all reasonable care to ensure that the information contained in this Prospectus is, to the best of their knowledge, in accordance with actual conditions and that nothing has been omitted that may serve to distort the picture of Clarinova Ltd created by this Prospectus.

Stockholm, 31 January 2012 Clarinova Ltd

The Board of Directors

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