PF Finans / Clarinova

and Conditions.

2.3 The Company undertakes to secure the Bonds withare secured by a Portfolio of SLS.

3 lnterest

The Bonds will bear interest at the lnterest Rate from, but excluding, the lssue Date up to and including the Maturity Date (or any earlier Redemption Date). lnterest shall be paid semiannually in arrears on the lnterest Payment Dates, commencing on the first lnterest Payment Date falling after the lssue Date. lnterest shall be calculated on a 30E/360-days basis.

4 Bonds in book-entry form

4.1 The Bonds will be registered on behalf of the Holders on a Euroclear Account and no physical notes will be issued. Registration requests relating to the Bonds shall be directed to an Account Operator. Anyone who, pursuant to an assignment, pledge or by operation of the provisions of the Swedish Children and Parents Code (Sw: Föräldrabalken), conditions of will or deed of gift or otherwise have acquired a right to receive payments in respect of a Bond shall register such entitlement to receive payment. 4.2 The Company and the Agent shall be entitled to obtain information from the register kept by the CSD in respect of the Bonds (Sw. skuldbok).

5 Redemption of the Bonds and payments

5.1 Redemption at maturity and Holders eligible for payments

Unless previously redeemed, or purchased and cancelled in accordance with these Terms and Conditions, 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 the fifth Banking Day prior to the respective payment date or on such other Banking Day falling nearer such payment date which may generally be applied in the Swedish bond market ("Record Date").

5.2 Company's purchase of Bonds

The Company shall be entitled to purchase each and all of the Bonds in the market.

5.3 Redemption at the Company’s option

The Company may elect to redeem all of the Bonds (but not less than all) on any Banking Day falling after 1 July 2011Mars 2012. 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. and made in acc ordance with p. 15 in the Terms and Conditions. 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, 1st of March 2Q122012 up to and including 1st of November 2012;

(b) 102.50 per cent during the period from, but excluding, 1st March 2013 up to and including 1st of

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