Bankruptcy Events:

1. Bankruptcy proceedings in respect of the Reference Entity are declared commenced by a court of law pursuant to the Finnish Bankruptcy Code (1868, as amended);
2. company reorganisation proceedings in respect of the Reference Entity are declared commenced by a court of law pursuant to the Finnish Act on Company Reorganisation (1993, as amended);
3. the Reference Entity is placed into liquidation by a resolution passed by the shareholders of the Reference Entity pursuant to the Finnish Companies Act (1978, as amended);
4. the Reference Entity is placed into liquidation by a judgment or order of a Finnish court of law pursuant to the Finnish Companies Act (1978, as amended);
5. any event with consequences similar or analogous to any of those referred to in (i) to (iv) (inclusive) above occurs in any jurisdiction outside Finland in relation to the Reference Entity;