PF Finans / Clarinova

Credit rating

The Company does not have a credit rating from an international credit rating institute.

Cost of listing The estimated cost for the listing of the Bonds is estimated to € 60.000

Provision of documents

The Articles of Association, the terms & Conditions of the Bond, the Agreement with the Agent and the non-statutory financial statements for the period 30 November 2010 to 31 October 2011 all information which has been made public and is available in electronic form at the Company’s website www.clarinova.eu. Future financial information about the Company may also be ordered from the Company directly. Memorandum and Articles of Association (including a general description the Companies Acts, 1963 to 2009) General The Company was incorporated under the Companies Acts, 1963 to 2009 on 15 November 2010 under the name “Clarinova Limited” with company registration number 492065. The Company is a private limited liability company under the laws of Ireland. The Company’s registered office is at Blair House, Upper O´Connell Street, Ennis, Co. Clare, Ireland. The liability of each member arising from the shareholding in the Company is limited to the amount (if any) unpaid on it. Currently, there are no Shares that are issued but not fully paid up. Set out below is a description of certain rights attaching to the Shares and related material provisions of the Articles of Association. This information is not exhaustive and reference should be made to the Articles of Association and to Irish law.

Memorandum of Association

The Memorandum of Association of the Company does not restrict the activities of the Company and thus the Company has unlimited legal capacity. A copy of the Memorandum of Association is available for review at the address specified in the section “Legal matters and supplementary information”.

Articles of Association

The current Articles of Association were adopted on 15 November 2010. A copy of the Articles of Association is available for review at the address specified in the section “Legal matters and supplementary information”.

The Articles of Association may only be amended with the sanction of a special resolution of the

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