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GLOBAL FIDELITY INSURANCE

TS 4

2007-06-01

GLOBAL FIDELITY INSURANCE
An asterisk * indicates that the term is defined in 18, Definitions This being a translation, the original Swedish wording shall always prevail

CONTENTS: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Insureds and Insured activity Geographical scope When the Insurance applies What the insurance covers What is not covered by the insurance Security regulations Sum insured Deductible Incorrect and incomplete information Claims procedure Indemnity rules Subrogation War or riot Force majeure Adjustment of premium Cancellation of the insurance Procedure in the event of a dispute and choice of law Definitions

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1. INSUREDS AND INSURED ACTIVITY 1.1 Insureds
The insurance covers the policyholder and co-insured companies*.

1.2 Insured activity
Except as otherwise stated in the policy, the insurance applies to the activity carried on by the Insured during the policy period. The insurance also applies to activities previously carried out by the Insured, unless otherwise agreed.

1.3 Cover for additional companies or activities
An additional activity arising during the policy period will be covered by the insurance. The insurance also covers any company acquired or established during the policy period where the Insured's share of the votes exceeds 50% from the time of acquisition or establishment (see, however, 1.4 Increase in risk). It is the responsibility of the policyholder to notify TeliaSonera Insurance Company Ltd as soon as possible of any such change.

1.4 Increase in risk
When an additional activity or company has a degree of risk exposure or a claims experience which entails an increased risk, an agreement about the insurance conditions and the premium shall be reached within ninety days of the start of the activity or the acquisition or establishment of the company. If no agreement is reached, TeliaSonera Insurance Company Ltd will be entitled to cancel retroactively the cover for an additional activity or company.

1.5 Cover for companies disposed of
Unless otherwise agreed, the insurance cover will cease to apply to an insured company which is disposed of during the policy period. Cover will cease from the time of disposal.

2. GEOGRAPHICAL SCOPE
The insurance covers loss which occurs in the geographical scope specified in the policy.

3. WHEN THE INSURANCE APPLIES
The insurance covers loss discovered during the policy period or not later than twelve months after the insurance contract expires (extended period of discovery). The act which resulted in the loss must have been committed after the inception date of the insurance or other point in time specified in the policy (retroactive date). In the case of discovery during the extended discovery period, the act must have been committed during the period when the insurance was in force. If the act was committed during the retroactive period*, the insurance will only apply if the Insured is able to show that he was not aware on the inception date of the circumstance underlying the loss.

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The policy period starts from 00.00 hours local time on the inception date and is one year, unless otherwise stated in the policy. If P & C Insurance's liability will commence at the start of the policy period, provided that the premium is paid within fourteen days after it has sent out the premium notice. If payment is made later, If P & C Insurance's liability will not commence until the day after payment.

4. WHAT THE INSURANCE COVERS 4.1 Undertaking
In the event of a loss arising from a criminal act* covered by the insurance which exceeds the agreed deductible, TeliaSonera Insurance Company Ltd undertakes to provide indemnity for the loss specified in clauses 4.1.1 and 4.1.2. In the event of claims for damages referred to tin clauses 4.1.1 and 4.1.2, TeliaSonera Insurance Company Ltd also undertakes to investigate whether liability exists, to negotiate with the party claiming damages ant to represent the Insured in legal or arbitration proceedings and tin this connection pay any court or arbitration costs which the Insured incurs or is ordered to pay and which cannot be obtained from the opposite party or from any other party.

4.1.1 Crime committed by an employee*
Loss - including liability for damages under the current national legislation relating to damages - which an employee (see, however, 5.1.8 Persons excluded) of an Insured inflicts on the latter as a result of a criminal act in the course of his employment if the act was committed for the purpose of personal financial gain (see, however, 5.1.9. Emoluments) for someone other than the Insured. A condition of the loss being covered by the insurance is that the employee has been convicted of the crime by due process of law or - in the absence of such conviction - the investigation presented by the Insured makes it probable beyond all reasonable doubts that the crime was committed by an employee of the Insured. With regard to loss arising from trade involving any kind of securities, currencies, commercial goods, raw materials and similar products and with regard to loss due to any kind of credit, indemnity will be provided for the loss only if the employee intended to inflict such loss on the Insured or other person and to secure personal financial gain for himself ant the act also resulted in such financial gain (see, however, 5.1.9 Emoluments).

4.1.2 Computer crime* committed by third party*
Loss - including liability for damages under current national legislation relating to damages - which a third party inflicts on the Insured as a result of computer crime if the crime was committed for the purpose of personal financial gain for someone other than the Insured.

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5. WHAT IS NOT COVERED BY THE INSURANCE 5.1 Exclusions 5.1.1 Previous criminal acts
The insurance does not apply when an employee who has previously committed a criminal act for which indemnity would have been payable under these conditions and of which the Insured's supervisory or works management is aware recommits such an act.

5.1.2 Subsequent criminal acts
If the Insured's supervisory or works management has discovered that a particular employee has committed a criminal act in the course of his employment, the insurance will not apply to criminal acts subsequently committed by the employee.

5.1.3 Interests etc.
The insurance does not cover loss of interest or other financial consequential loss arising as a loss of money or securities.

5.1.4 Shrinkage
The insurance does not cover loss which is discovered only in the course of an inventory, unless a specific occasion on which a crime was committed can be established.

5.1.5 Investigational and auditing costs
The insurance does not cover investigational and auditing costs incurred for the purpose of determining whether a loss qualifying for indemnity exists or for the purpose of determining the extent of the loss, even if these costs have arisen in connection with legal proceedings. This does not apply in the event of a claim for damages against the Insured.

5.1.6 Indirect losses etc.
The insurance does not cover indirect losses such as loss of profit, income or interest, loss of computer use or time, goodwill, or damages and penalties payable under contract law.

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5.1.7 Other insurance
The insurance does not cover loss which is covered by another insurance.

5.1.8 Persons excluded
The insurance does not cover loss caused by someone who has more then 15% of the voting power of the Insured's shares.

5.1.9 Emoluments
The insurance does not apply when the financial gain consists only of salary or wages, a fee, a commission, a bonus, promotion or similar emolument.

5.1.10 Authorisation
The insurance does not cover loss caused by an employee if it results from the fact that the employee has been given authorisation to reconcile an account for which he has also been authorised to issue cheques without a counter-signature or to request transactions on his own.

5.1.11 Extortion
The insurance does not cover loss caused by an employee as a result of his being subject to extortion by someone who is not an employee.

6. SECURITY REGULATIONS 6.1
At least once during each policy period the Insured shall carry out an inventory of stock, machinery and equipment and, in general, conduct the audits and controls that are customary in his line of business (see further 6.5).

6.2
The Insured shall ensure that a system of access control is observed (see further 6.5).

6.3
The Insured shall ensure that there is a written data security policy issued by the management (see further 6.5).

6.4
The Insured shall ensure the observance of written rules governing the documentation of systems, programs and computer operation and the observance of written rules governing procedures and the responsibility for the modification, distribution and storage of this documentation (see further 6.5).

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6.5
if the Insured neglects his obligations in clauses 6.1-6.4, TeliaSonera Insurance Company Ltd will be entitled to reduce the amount of indemnity or to exemption from liability insofar as the negligence has been to is disadvantages.

7. SUM INSURED
The sum insured stated in the policy is the maximum aggregate amount payable for each loss. Where the policy specifies a "total sum insured", this refers to the total amount payable for all losses during the policy period. With regard to claims for damages, the sum insured comprises the total costs thereof, including interest, investigations, negotiations, arbitration and legal proceedings. If a particular employee has committed criminal acts on different occasions and these acts are considered to be identical in kind, they shall be regarded as one and the same loss, with If P & C Insurance's liability being limited to a single sum insured.

8. DEDUCTIBLE
The deductible specified in the policy shall, in each case of loss, be deducted from the amount of the claims.

9. INCORRECT AND INCOMPLETE INFORMATION
The premium and insurance conditions are based on the information supplied when the insurance was taken out or renewed. If the Insured has supplied information that he knew or should have known to be incorrect or incomplete, resulting in too low a premium or too favourable conditions, If P & C Insurance's liability will be limited to that it correspond to the premium paid and the conditions which should, in fact, have applied. If If P & C Insurance, being aware of the actual circumstances, would not granted insurance, it will be exempt from liability.

10. CLAIMS PROCEDURE 10.1 Notification of loss
If the Insured discovers that a criminal act has been committed which may result in loss, he shall inform TeliaSonera Insurance Company Ltd of this event without delay. The Insured shall take any measures within his power to limit or avert the loss.

10.2 Indemnity claim
The Insured shall - except in the event of a claim for damages - investigate the size of the loss.

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The Insured shall also make available all documents and provide other particulars that have a bearing on the assessment by TeliaSonera Insurance Company Ltd of the indemnity claim. In the event of a claim for damages, the Insured shall also carry out any enquiries, analyses and investigations which have a bearing on the assessment of the loss and the liability of the Insured and which can be carried out within the Insured's business. The Insured shall request a police investigation if TeliaSonera Insurance Company Ltd considers this to be necessary.

10.3 Neglect of obligations
If the Insured neglects his obligations as set out in clauses 10.1 and 10.2 above, TeliaSonera Insurance Company Ltd will be entitles to reduce the amount of indemnity or to exemption from liability insofar as the negligence has been to its disadvantage.

10.4 Settlement of action
The Insured is not entitled without the consent of TeliaSonera Insurance Company Ltd to admit liability for damages, approve a claim for compensation or to pay compensation. Should the Insured fail to comply with this provisions, TeliaSonera Insurance Company Ltd will be exempted from liability unless the claim was clearly founded in law. If TeliaSonera Insurance Company Ltd has declared itself willing to reach a settlement with the claimant, it will be exempted from any liability to pay compensation in excess of the amount at which a settlement could have been reached as well as to meet any costs arising thereafter and to undertake a further investigation.

10.5 Fraudulent information
If the Insured fraudulently states, omits to mention or conceals anything that has a bearing on the assessment of the loss, the right to indemnity may be affected or be forfeited.

11. INDEMNITY RULES 11.1 Recovered property
The policyholder has a prior right over TeliaSonera Insurance Company Ltd to benefit from the value of property (including money) which is recovered to the extent that the total amount of the claim exceeds the sum insured plus the deductible. TeliaSonera Insurance Company Ltd is entitled to benefit from the remainder, up to the amount of indemnity paid out. Finally, the Insured is entitled to benefit from indemnity corresponding to the deductible paid. If property for which indemnity has been paid is recovered, it shall be placed at If P & C Insurance's disposal as soon as possible. However, the Insured may keep the property if he repays without delay the indemnity received for it.

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11.2 Claim by an employee
When calculation the size of the claim, a deduction shall be made - to the extent this is legally possible - for any claim on the Insured held by the employee who has committed the act.

12. SUBROGATION
To the extent that it has paid indemnity, TeliaSonera Insurance Company Ltd assumes the right of the Insured to claim compensation from the party responsible for the loss.

13. WAR OR RIOT
No indemnity will be paid for loss whose origin or extent is directly or indirectly caused by or connected with war, hostilities, civil war, revolution, rebellion or riot.

14. FORCE MAJEURE
No indemnity will be paid for loss which may arise if the investigation of the claim, the payment of indemnity or repair of damaged property is delayed because of war, hostilities, civil war, revolution or rebellion or as a result of the action of the authorities, strike, lockout, blockade or other similar event.

15. ADJUSTMENT OF PREMIUM
Except as otherwise stated in the policy, the premium paid at the start of each policy period is provisional and will be adjusted after the expiry of the policy period. The final premium is calculated on the basis of particulars requested by If P & C Insurance. These particulars shall be supplies by the Insured within five months of TeliaSonera Insurance Company Ltd requesting them.

16. CANCELLATION OF THE INSURANCE 16.1
In the event of a delay in the payment of premium, TeliaSonera Insurance Company Ltd will be entitled to cancel the insurance at three days' notice.

16.2
In the event of a claim, both the policyholder and TeliaSonera Insurance Company Ltd will be entitled to cancel the contract at ninety days' notice.

16.2.1
If the insurance is cancelled by If TeliaSonera Insurance Company Ltd, the premium paid for the remainder of the policy period shall be repaid.

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16.2.2
If the insurance is cancelled by the policyholder, TeliaSonera Insurance Company Ltd shall repay 75% of the premium which relates to the remainder of the policy period.

17. PROCEDURE IN THE EVENT OF A DISPUTE AND CHOICE OF LAW
Any dispute about the existence and vality of the insurance contract or about the application and interpretation of the conditions of the insurance contract shall be resolved by arbitration in accordance with the Insurance Arbitration Rules of the Arbitration Institute of the Stockholm Chamber or Commerce. Swedish law will apply.

18. DEFINITIONS 18.1 Co-insured companies
Co-insured companies is understood to mean companies in which the Insured at the inception of the insurance controls more than 50% of the votes.

18.2 Retroactive period
Retroactive period is understood to mean the period of time from the retroactive date specified in the policy to the inception date of the insurance.

18.3 Criminal act
Criminal act is understood to mean an act which, according to current national legislation, constitutes a crime for which the perpetrator has been convicted by due process of law or - in the absence of such conviction - in respect of which the investigation presented by the Insured makes it probable beyond reasonable doubt that the crime was committed by the perpetrator.

18.4 Employee
An employee is understood to mean an individual who performs duties in the Insured's normal business if payment for his work is made by the Insured, a student doing practical work for the Insured, a board member, insofar as he is carrying out his duties on behalf of the Insured, an individual who is temporarily made available to the Insured by an employment office or similar agency for the performance of duties normally carried out by employees. However, the insurance only covers loss caused by such a person if no indemnity for it is obtainable under another insurance taken out by the agency supplying the labour on behalf of the Insured.

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An employee is also understood to mean anyone previously employed by the Insured, provided that no more than thirty days have elapsed since the employment ceased.

18.5 Computer crime
Computer crime is understood to mean a criminal act caused by an unauthorised person gaining access to, recording, modifying, withholding, removing or erasing data or computer programs in the Insured's computer system.

18.6 Third party
A third party is understood to mean an individual who is not to be regarded as an employee.

18.7 Computer system
A computer system is understood to mean the Insured's computers, terminals, input media, input, data communication lines and modems, documentation, computer programs and output.

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