PF Finans / Clarinova

November 201 5;

(c) 101 .00 per cent during the period from, but excluding, 1st of March 2016 up to and including 30 of November 2020 together in the case of any such redemption with accrued interest from, but excluding, the latest lnterest Payment Date up to and including the relevant Redemption Date.

5.4 Payments of principal and interest

lf a Holder has, through an Account Operator, designated a certain bank account for payments of principal and interest, the CSD will on the relevant payment dates transfer the relevant payment to the account so designated. ln other cases, payments will be made by the CSD transferring the payment to the Holder at the address registered with the CSD on the Record Date. lf a day on which an amount becomes due and payable in accordance with these Terms and Conditions is not a Banking Day, payment will be made as aforesaid on the following Banking Day. lnterest only accrues, however, up to and including the relevant due date. Should the CSD, due to a delay on behalf of the Company or some other obstacle, not be able to effect the payment of amounts as aforesaid, the CSD will pay such amount to the Holders on the Record Date as soon as possible after such obstacle has been removed. lf a person to whom payment has been made in accordance with the above was not entitled to receive such payment, the Company and the CSD shall nevertheless be deemed to have fulfilled their obligations, provided that the Company and/or the CSD did not have knowledge that such payment was made to a person not entitled to receive such amount and provided the Company and/or the CSD acted with normal care.

6 Default interest

6.1 lf the Company fails to pay any amount payable by it under these Terms and Conditions on its due date, the Company shall pay default interest on such amount at a rate corresponding to the applicable lnterest Rate plus the applicable Default Rate from, but excluding, the date such payment was due up to and including the time of actual payment. Accrued default interest shall not be capitalized" 6.2 lf the delay is due to an existence of an obstacle for the lssuing Agent or the CSD, respectively, as set out in Clause 18.1 , the default interest shall not exceed the relevant lnterest Rate.

7 Prescription

7.1 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. The Company is entitled to any funds set aside for payments in respect of which the Holders right to receive payment has become void as aforesaid. 7.2 lf the periods of limitation set out in Clause 7.1 are duly interrupted, in accordance with the Swedish Act on Limitations (SFS 1981 :130), a new period of ten and three years, respectively, will commence, in both cases calculated from the date of interruption of the relevant period of limitation, as such date is determined pursuant with the provisions of the Swedish Act on Limitations.

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