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                             DEUTSCHE BANK AG LONDON

                       UBS AG, acting through its business
                                group UBS WARBURG

                            PREEM HOLDINGS AB (PUBL)

                                EURO 250,000,000

                      10.625% Senior Secured Notes due 2011

                               PURCHASE AGREEMENT

                                                                   April 3, 2001

DEUTSCHE BANK AG LONDON
Winchester House
1 Great Winchester Street
London EC2N 2DB
England

UBS AG, acting through its
  business group UBS WARBURG
1 Finsbury Avenue
London EC2M 2PP

Ladies and Gentlemen:

                  Preem Holdings AB (publ), a Swedish corporation (the
"COMPANY"), proposes to issue and sell EURO 250,000,000 aggregate principal
amount of its 10.625% Senior Secured Notes due 2011 (the "SECURITIES"). The
Securities will be issued pursuant to an Indenture to be dated as of April
10, 2001 (the "INDENTURE") between the Company and Bankers Trust Company, as
trustee (the "TRUSTEE"). The Company hereby confirms its agreement with
Deutsche Bank AG London and UBS AG, acting through its business group UBS
Warburg (collectively, the "INITIAL PURCHASERS") concerning the purchase of
the Securities from the Company by the Initial Purchasers.

                  The Securities will be offered and sold to the Initial
Purchasers without being registered under the Securities Act of 1933, as amended
(the "SECURITIES ACT"), in reliance upon an exemption therefrom, and resold by
the Initial Purchasers (i) in the United States pursuant to Rule 144A under
Securities Act (the "U.S. Offering") and (ii) outside the United States in

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reliance on Regulation S under the Securities Act (the "International Offering,"
and together with the U.S. Offering, the "Offering"). The Company has prepared a
preliminary offering memorandum dated March 19, 2001 (the "PRELIMINARY OFFERING
MEMORANDUM") and will prepare an offering memorandum dated the date hereof (the
"OFFERING MEMORANDUM") setting forth information concerning the Company and the
Securities. Copies of the Preliminary Offering Memorandum have been, and copies
of the Offering Memorandum will be, delivered by the Company to the Initial
Purchasers pursuant to the terms of this Agreement. Any references herein to the
Preliminary Offering Memorandum and the Offering Memorandum shall be deemed to
include all amendments and supplements thereto, unless otherwise noted. The
Company hereby confirms that it has authorized the use of the Preliminary
Offering Memorandum and the Offering Memorandum in connection with the offering
and resale of the Securities by the Initial Purchasers in accordance with
Section II.

                  Holders of the Securities (including the Initial Purchasers
and their respective direct and indirect transferees) will be entitled to the
benefits of an Exchange and Registration Rights Agreement, substantially in the
form attached hereto as Annex A (the "REGISTRATION RIGHTS AGREEMENT"), pursuant
to which the Company will agree to file with the Securities and Exchange
Commission (the "COMMISSION") a registration statement under the Securities Act
(the "EXCHANGE OFFER REGISTRATION STATEMENT") registering an issue of senior
secured notes of the Company (the "EXCHANGE SECURITIES") which are identical in
all material respects to the Securities (except that the Exchange Securities
will not contain terms with respect to transfer restrictions) and under certain
circumstances, a shelf registration statement pursuant to Rule 415 under the
Securities Act (the "SHELF REGISTRATION STATEMENT").

                  Pursuant to the Share Pledge Agreement, dated as of the
Closing Date, between the Company and Bankers Trust Company as Trustee (the
"SHARE PLEDGE AGREEMENT") and the Security Assignment Agreement, dated as of the
Closing Date, between the Company and Bankers Trust Company as Trustee (the
"SECURITY ASSIGNMENT AGREEMENT," and together with the Share Pledge Agreement,
the "SECURITY AGREEMENTS"), the Securities will be secured by a first priority
security interest in the capital stock of Preem Petroleum AB and certain
proceeds from time to time received, receivable or otherwise distributed in
respect thereof, and a first priority assignment of a subordinated shareholder
loan (collectively, the "COLLATERAL"). The Company and certain of its creditors,
including the Trustees acting on behalf of the holders of the Securities, will
enter into certain debt restructuring agreements substantially in the form
attached hereto as Annex B (the "RESTRUCTURING AGREEMENTS"), pursuant to which
the creditor parties thereto will establish their relative rights regarding
repayment of indebtedness owed by the Company to each such creditor and the
treatment of certain shareholder loans.

                  Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Offering Memorandum.

I.       REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY. The Company
         represents and warrants to, and agrees with, each Initial Purchaser on
         and as of the date hereof and the Closing Date (as defined in Section
         III) that:

         1.       Each of the Preliminary Offering Memorandum and the Offering
                  Memorandum, as of its respective date, did not, and on the
                  Closing Date the Offering

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                  Memorandum will not, contain any untrue statement of a
                  material fact or omit to state a material fact required to
                  be stated therein or necessary in order to make the
                  statements therein, in the light of the circumstances under
                  which they were made, not misleading; PROVIDED that the
                  Company makes no representation or warranty as to
                  information contained in or omitted from the Preliminary
                  Offering Memorandum or the Offering Memorandum in reliance
                  upon and in conformity with written information relating to
                  the Initial Purchasers furnished to the Company by or on
                  behalf of the Initial Purchasers specifically for use
                  therein (the "INITIAL PURCHASERS' INFORMATION").

         2.       Each of the Preliminary Offering Memorandum and the Offering
                  Memorandum, as of its respective date, contains all of the
                  information that, if requested by a prospective purchaser of
                  the Securities, would be required to be provided to such
                  prospective purchaser pursuant to Rule 144A(d)(4) under the
                  Securities Act.

         3.       Assuming the accuracy of the representations and warranties of
                  the Initial Purchasers contained in Section II and their
                  compliance with the agreements set forth therein, it is not
                  necessary, in connection with the issuance and sale of the
                  Securities to the Initial Purchasers and the offer, resale and
                  delivery of the Securities by the Initial Purchasers in the
                  manner contemplated by this Agreement and the Offering
                  Memorandum, to register the Securities under the Securities
                  Act or to qualify the Indenture under the Trust Indenture Act
                  of 1939, as amended (the "TRUST INDENTURE ACT").

         4.       The Company and each of its subsidiaries (except for certain
                  immaterial subsidiaries which the Company is in the process of
                  dissolving) have been duly incorporated and are validly
                  existing as corporations under the laws of their respective
                  jurisdictions of incorporation, are duly qualified to do
                  business as foreign corporations in each jurisdiction in which
                  their respective ownership or lease of property or the conduct
                  of their respective businesses requires such qualification,
                  and have all power and authority necessary to own or hold
                  their respective properties and to conduct the businesses in
                  which they are engaged, except where the failure to so qualify
                  or have such power or authority would not, singularly or in
                  the aggregate, have a material adverse effect on the condition
                  (financial or otherwise), results of operations, business or
                  prospects of the Company and its subsidiaries taken as a whole
                  (a "MATERIAL ADVERSE EFFECT").

         5.       The information set forth set forth in the Offering Memorandum
                  under the heading "Capitalization" is accurate and all of the
                  outstanding shares of capital stock of the Company have been
                  duly and validly authorized and issued and are fully paid and
                  non-assessable. Except as expressly set forth in the Offering
                  Memorandum, all of the outstanding shares of capital stock of
                  each material subsidiary of the Company have been duly and
                  validly authorized and issued, are fully paid and
                  non-assessable and are owned directly or indirectly by the
                  Company, free and clear of any lien, charge, encumbrance,
                  security interest, restriction upon voting or transfer or any
                  other claim of any third party, except for

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                  such liens, charges, encumbrances, security interests,
                  restrictions and claims which would not, singularly or in
                  the aggregate, have a Material Adverse Effect.

         6.       The Company has full corporate power and authority to execute
                  and deliver this Agreement, the Indenture, the Securities, the
                  Registration Rights Agreement, the Security Agreements and the
                  Restructuring Agreements (collectively, the "TRANSACTION
                  DOCUMENTS") and to perform its obligations hereunder and
                  thereunder; and all corporate action required to be taken by
                  the Company and, to the extent relevant, its shareholders,
                  subsidiaries and affiliates, for the due and proper
                  authorization, execution and delivery of each of the
                  Transaction Documents and the consummation of the transactions
                  contemplated thereby have been duly and validly taken.

         7.       This Agreement has been duly authorized, executed and
                  delivered by the Company.

         8.       The Registration Rights Agreement has been duly authorized by
                  the Company and, when duly executed and delivered in
                  accordance with its terms by each of the parties thereto, will
                  constitute a valid and legally binding agreement of the
                  Company enforceable against the Company in accordance with its
                  terms, except to the extent that such enforceability may be
                  limited by applicable bankruptcy, insolvency, fraudulent
                  conveyance or transfer, reorganization, moratorium and other
                  similar laws affecting creditors' rights generally and by
                  general equitable principles (whether considered in a
                  proceeding in equity or at law) and except that rights to
                  indemnification and contribution may be limited by concerns of
                  public policy.

         9.       Each of the Security Agreements has been duly authorized by
                  the Company and, when duly executed and delivered in
                  accordance with its respective terms by each of the parties
                  thereto, will create a valid security interest over, and upon
                  delivery of the share certificates of Preem Petroleum AB
                  pursuant to the Share Pledge Agreement and delivery of the
                  original Loan Note pursuant to the Security Assignment
                  Agreement, the Security Agreements will constitute a perfected
                  security interest in, all right, title and interest of the
                  Company in the Collateral and will constitute a valid and
                  legally binding agreement of the Company enforceable against
                  the Company in accordance with its terms, except to the extent
                  that such enforceability may be limited by applicable
                  bankruptcy, insolvency, fraudulent conveyance or transfer,
                  reorganization, moratorium and other similar laws affecting
                  creditors' rights generally and by general equitable
                  principles (whether considered in a proceeding in equity or at
                  law).

         10.      The Indenture has been duly authorized by the Company and,
                  when duly executed and delivered in accordance with its terms
                  by the Trustee thereunder, will constitute a valid and legally
                  binding agreement of the Company enforceable against the
                  Company in accordance with its terms, except to the extent
                  that such enforceability may be limited by applicable
                  bankruptcy, insolvency, fraudulent conveyance or transfer,
                  reorganization, moratorium and other similar laws

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                  affecting creditors' rights generally and by general equitable
                  principles (whether considered in a proceeding in equity or at
                  law). On the Closing Date, the Indenture will conform in all
                  material respects to the requirements of the Trust Indenture
                  Act and the rules and regulations of the Commission applicable
                  to an indenture which is qualified thereunder.

         11.      The Securities have been duly authorized by the Company and,
                  when duly executed, authenticated, issued and delivered as
                  provided in the Indenture and paid for as provided herein,
                  will be duly and validly issued and outstanding and will
                  constitute valid and legally binding obligations of the
                  Company entitled to the benefits of the Indenture and
                  enforceable against the Company in accordance with their
                  terms, except to the extent that such enforceability may be
                  limited by applicable bankruptcy, insolvency, fraudulent
                  conveyance or transfer, reorganization, moratorium and other
                  similar laws affecting creditors' rights generally and by
                  general equitable principles (whether considered in a
                  proceeding in equity or at law).

         12.      Each of the Restructuring Agreements has been duly authorized,
                  executed and delivered by the Company and, when duly executed
                  and delivered in accordance with its terms by each of the
                  parties thereto, will constitute a valid and legally binding
                  agreement of the Company enforceable against the Company in
                  accordance with its terms, except to the extent that such
                  enforceability may be limited by applicable bankruptcy,
                  insolvency, fraudulent conveyance or transfer, reorganization,
                  moratorium and other similar laws affecting creditors' rights
                  generally and by general equitable principles (whether
                  considered in a proceeding in equity or at law).

         13.      Each Transaction Document conforms in all material respects to
                  the description thereof contained in the Offering Memorandum.

         14.      The execution, delivery and performance by the Company of each
                  of the Transaction Documents, the issuance, authentication,
                  sale and delivery of the Securities and compliance by the
                  Company with the terms thereof and the consummation of the
                  transactions contemplated by the Transaction Documents will
                  not (i) conflict with or result in a breach or violation of
                  any of the terms or provisions of, or (ii) constitute a
                  default under, or (iii) result in the creation or imposition
                  of any lien, charge or encumbrance upon any property or assets
                  of the Company or any of its subsidiaries (except for the
                  liens, charges and encumbrances created by the Security
                  Agreements) pursuant to, in each case, any indenture,
                  mortgage, deed of trust, loan agreement or other agreement or
                  instrument to which the Company or any of its subsidiaries is
                  a party or by which the Company or any of its subsidiaries is
                  bound or to which any of the property or assets of the Company
                  or any of its subsidiaries is subject, except for such
                  conflicts, breaches, defaults, liens, charges and encumbrances
                  which would not, singularly or in the aggregate, have a
                  Material Adverse Effect, nor will such actions result in any
                  violation of the provisions of the memorandum of association
                  (if applicable) or articles of association (or other similar
                  organizational document)

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                  of the Company or any of its subsidiaries or any statute or
                  any judgment, order, decree, rule or regulation of any
                  court or arbitrator or governmental agency or body having
                  jurisdiction over the Company or any of its subsidiaries or
                  any of their material properties or assets, except for such
                  violations of statutes, judgments, orders, decrees, rules
                  and regulations which would not, singularly or in the
                  aggregate, have a Material Adverse Effect; and no consent,
                  approval, authorization, order, decree, registration or
                  qualification of or filing of or with any court or
                  arbitrator or governmental agency or body having
                  jurisdiction over the Company or any of its subsidiaries or
                  any of their respective material properties or assets under
                  any such statute, judgment, order, decree, rule or
                  regulation is required for the execution, delivery and
                  performance by the Company of each of the Transaction
                  Documents, the issuance, authentication, sale and delivery
                  of the Securities and compliance by the Company with the
                  terms thereof and the consummation of the transactions
                  contemplated by the Transaction Documents, except for such
                  consents, approvals, authorizations, orders, decrees,
                  registrations, qualifications or filings which shall have
                  been obtained or made prior to the Closing Date and as may
                  be required to be obtained or made with respect to the
                  Registration Rights Agreement under the Securities Act, and
                  applicable state securities laws as provided in that
                  agreement.

         15.      KPMG, Stockholm are independent certified public accountants
                  with respect to the Company and its subsidiaries within the
                  meaning of Rule 101 of the Code of Professional Conduct of the
                  American Institute of Certified Public Accountants ("AICPA")
                  and its interpretations and rulings thereunder. The historical
                  financial statements (including the related notes) of Preem
                  Petroleum AB and Preem Holdings AB contained in the Offering
                  Memorandum comply in all material respects with the
                  requirements applicable to a registration statement on Form
                  F-1 under the Securities Act; such financial statements and
                  related notes have been prepared in accordance with generally
                  accepted accounting principles in Sweden consistently applied
                  throughout the periods covered thereby and fairly present the
                  financial position of the entities purported to be covered
                  thereby at the respective dates indicated and the results of
                  their operations and their cash flows for the respective
                  periods indicated; and the financial information contained in
                  the Offering Memorandum under the headings "Summary--Summary
                  Consolidated Financial Information", "Capitalization,"
                  "Selected Consolidated Financial Data" and "Management's
                  Discussion and Analysis of Financial Conditions and Results of
                  Operations" are derived from the accounting records of Preem
                  Petroleum AB and Preem Holdings AB and their respective
                  subsidiaries and fairly present the information purported to
                  be shown thereby. The PRO FORMA financial information
                  contained in the Offering Memorandum has been prepared on a
                  basis consistent with the historical financial statements
                  contained in the Offering Memorandum (except for the PRO FORMA
                  adjustments specified therein), includes all material
                  adjustments to the historical financial information required
                  by Rule 11-02 of Regulation S-X under the Securities Act and
                  the Exchange Act of 1934, as amended (the "EXCHANGE ACT") to
                  reflect the transactions described in the Offering Memorandum,
                  gives effect to assumptions made on a reasonable basis and
                  fairly presents the historical and proposed transactions
                  contemplated by the Offering Memorandum and the

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                  Transaction Documents. The other historical financial and
                  statistical information and data included in the Offering
                  Memorandum are, in all material respects, fairly presented.

         16.      Except as described in the Offering Memorandum, there are no
                  judicial, legal, arbitral, rule-making, administrative or
                  governmental proceedings pending to which the Company or any
                  of its subsidiaries is a party or of which any property or
                  assets of the Company or any of its subsidiaries is the
                  subject which, (A) singularly or in the aggregate, if
                  determined adversely to the Company or any of its
                  subsidiaries, could reasonably be expected to have a Material
                  Adverse Effect or (B) question the validity or enforceability
                  of any of the Transaction Documents or any action taken or to
                  be taken pursuant thereto. To the best knowledge of the
                  Company, no such proceedings are threatened or contemplated by
                  governmental authorities or others.

         17.      No action has been taken and no statute, rule, regulation or
                  order has been enacted, adopted or issued by any governmental
                  agency or body having jurisdiction over the Company which
                  prevents the issuance of the Securities or suspends the sale
                  of the Securities in any jurisdiction; no injunction,
                  restraining order or order of any nature by any federal or
                  state court of competent jurisdiction has been issued with
                  respect to the Company or any of its subsidiaries that would
                  prevent or suspend the issuance or sale of the Securities or
                  the use of the Preliminary Offering Memorandum or the Offering
                  Memorandum in any jurisdiction; and the Company has complied
                  with any and all requests to it by any securities authority in
                  any jurisdiction for additional information to be included in
                  the Preliminary Offering Memorandum and the Offering
                  Memorandum.

         18.      Neither the Company nor any of its subsidiaries is in
                  violation of its memorandum of association (if applicable) or
                  articles of association (or other similar organizational
                  document) or in default, and no event has occurred which, with
                  notice or lapse of time or both, would constitute a default,
                  in the due performance or observance of any term, covenant or
                  condition contained in any indenture, mortgage, deed of trust,
                  loan agreement or other agreement or instrument to which it is
                  a party or by which it is bound or to which any of its
                  property or assets is subject or in violation in any respect
                  of any law, ordinance, governmental rule, regulation or court
                  decree to which it or its property or assets may be subject,
                  except where such violation or default, as the case may be,
                  would not, singularly or in the aggregate, have a Material
                  Adverse Effect.

         19.      The Company and each of its subsidiaries possess all material
                  licenses, certificates, authorizations and permits issued by,
                  and have made all declarations and filings with, the
                  appropriate supra-national, federal, regional, local or
                  foreign regulatory agencies or bodies which are necessary or
                  desirable for the ownership of their respective properties or
                  the conduct of their respective businesses as described in the
                  Offering Memorandum, except where the failure to possess or
                  make the same would not, singularly or in the aggregate, have
                  a Material Adverse Effect, and neither the Company nor any of
                  its subsidiaries has received

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                  notification of any revocation or modification of any such
                  license, certificate, authorization or permit or has any
                  reason to believe that any such license, certificate,
                  authorization or permit will not be renewed in the ordinary
                  course.

         20.      Except as described in the Offering Memorandum, the Company
                  and each of its subsidiaries have filed (or have received an
                  extension for filing with respect to) all supra-national,
                  federal, regional, local and foreign income and franchise tax
                  returns required to be filed through the date hereof (except
                  when any failure to so file would not be likely to have a
                  Material Adverse Effect) and have paid (or made adequate
                  reserves for) all taxes shown to be due thereon, and no tax
                  deficiency has been determined adversely to the Company or any
                  of its subsidiaries which has had (nor does the Company or any
                  of its subsidiaries have any knowledge of any tax deficiency
                  which, if determined adversely to the Company or any of its
                  subsidiaries, could reasonably be expected to have) a Material
                  Adverse Effect.

         21.      Neither the Company nor any of its subsidiaries is subject to
                  regulation as an "investment company" under the Investment
                  Company Act of 1940, as amended (the "INVESTMENT COMPANY
                  ACT"), and the rules and regulations of the Commission
                  thereunder, or a company "controlled by" an investment company
                  subject to regulation under the Investment Company Act and the
                  rules and regulations of the Commission thereunder, or a
                  "holding company" or a "subsidiary company" of a holding
                  company or an "affiliate" thereof within the meaning of the
                  Public Utility Holding Company Act of 1935, as amended.

         22.      The Company and each of its material subsidiaries maintains a
                  system of internal accounting controls sufficient to provide
                  reasonable assurance that: transactions are executed in
                  accordance with management's general or specific
                  authorizations; transactions are recorded as necessary to
                  permit preparation of financial statements in conformity with
                  generally accepted accounting principles in Sweden and to
                  maintain asset accountability; access to assets is permitted
                  only in accordance with management's general or specific
                  authorization; and the recorded accountability for assets is
                  compared with the existing assets at reasonable intervals and
                  appropriate action is taken with respect to any difference.

         23.      The Company and each of its subsidiaries have insurance
                  covering their respective properties, operations, personnel
                  and businesses, which insurance is in amounts and insures
                  against such losses and risks as the Company has reasonably
                  concluded is sufficient based upon experience and industry
                  practice. Neither the Company nor any of its subsidiaries has
                  received notice from any insurer or agent of such insurer that
                  material capital improvements or other material expenditures
                  are necessary to be made in order to continue insurance at
                  substantially current levels.

         24.      The Company and each of its subsidiaries own or possess
                  adequate rights to use all material patents, patent
                  applications, trademarks, service marks, trade names,
                  trademark registrations, service mark registrations,
                  copyrights, licenses and know-

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                  how (including trade secrets and other unpatented and/or
                  unpatentable proprietary or confidential information,
                  systems or procedures) necessary for the conduct of their
                  respective businesses; and the conduct of their respective
                  businesses will not conflict in any respect with, and the
                  Company and its subsidiaries have not received any notice
                  of any claim of conflict with, any such rights of others
                  which singularly or in the aggregate, if the subject of an
                  unfavorable decision, ruling or finding, would result in a
                  Material Adverse Effect.

         25.      The Company and each of its subsidiaries have good and
                  marketable title to, or have valid rights to lease or
                  otherwise use, all items of real and personal property which
                  are material to the business of the Company and its
                  subsidiaries, in each case free and clear of all liens (except
                  liens created pursuant to the Security Agreements),
                  encumbrances, claims and defects and imperfections of title
                  except such as do not materially interfere with the use made
                  and proposed to be made of such property by the Company and
                  its subsidiaries or could not reasonably be expected to have a
                  Material Adverse Effect.

         26.      No labor disturbance by or dispute with the employees of the
                  Company or any of its subsidiaries exists or, to the best
                  knowledge of the Company, is threatened.

         27.      Except as described in the Offering Memorandum, there has been
                  no storage, generation, transportation, handling, treatment,
                  disposal, discharge, emission or other release of any kind of
                  Hazardous Materials by, due to or caused by the Company or any
                  of its subsidiaries (or, to the best knowledge of the Company,
                  any other entity (including any predecessor) for whose acts or
                  omissions the Company or any of its subsidiaries is or could
                  reasonably be expected to be liable) upon any of the property
                  now or previously owned or leased by the Company or any of its
                  subsidiaries, or upon any other property in violation of any
                  statute or any ordinance, rule, regulation, order, judgment,
                  decree or permit or which would, under any applicable statute
                  or any ordinance, rule (including rule of common law),
                  regulation, order, judgment, decree or permit, give rise to
                  any liability, except for any violation or liability that
                  could not reasonably be expected to have, singularly or in the
                  aggregate with all such violations and liabilities, a Material
                  Adverse Effect; and except as described in the Offering
                  Memorandum, there has been no disposal, discharge, emission or
                  other release of any kind onto such property or into the
                  environment surrounding such property of any Hazardous
                  Materials with respect to which the Company has any knowledge,
                  except for any such disposal, discharge, emission or other
                  release of any kind which could not reasonably be expected to
                  have, singularly or in the aggregate with all such discharges
                  and other releases, a Material Adverse Effect. The term
                  "Hazardous Materials" includes, without limitation, (a) any
                  petroleum or petroleum product, (b) any polychlorinated
                  biphenyl and (c) any pollutant or contaminant or hazardous,
                  dangerous or toxic chemical, material, waste or substance
                  regulated under or within the meaning of any other
                  Environmental Law. The term "Environmental Law" means every
                  supra-national, federal, regional, local and foreign law and
                  regulation relating to the protection of human health or the
                  environment or imposing liability or requiring standards of
                  conduct concerning

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                  any occupational safety and health, wages, hours or terms
                  of employment. Except as disclosed in the Offering
                  Memorandum and except as would not singularly or in the
                  aggregate, reasonably be expected to have a Material
                  Adverse Effect, the Company and each of its subsidiaries is
                  in material compliance with all applicable existing
                  Environmental Laws. Except as disclosed in the Offering
                  Memorandum, none of the Company or any of its subsidiaries
                  has received any written notice and there is no pending or,
                  to the best knowledge of the Company, threatened action,
                  suit or proceeding before or by any court or governmental
                  agency or body alleging liability (including, without
                  limitation, alleged or potential liability for
                  investigatory costs, cleanup costs, governmental response
                  costs, natural resources damages, property damages,
                  personal injuries, or penalties) of the Company or any of
                  its subsidiaries arising out of, based on or resulting from
                  (A) the presence or release into the environment of any
                  Hazardous Material at any location owned or operated by the
                  Company or any of its subsidiaries or previously owned by
                  the Company or any of its subsidiaries or (B) any violation
                  or alleged violation of any Environmental Law, in either
                  case which alleged or potential liability, singularly or in
                  the aggregate, would reasonably be expected to have a
                  Material Adverse Effect.

         28.      Neither the Company, any of its subsidiaries, any of its
                  direct or indirect shareholders, nor any director, officer,
                  agent, employee or other person acting on behalf of the
                  Company or any of its subsidiaries has (i) used any corporate
                  funds for any unlawful contribution, gift, entertainment or
                  other unlawful expense relating to political activity, (ii)
                  made any direct or indirect unlawful payment to any foreign or
                  domestic government official or employee from corporate funds
                  or (iii) made any unlawful bribe, rebate, payoff, influence
                  payment, kickback or other unlawful payment.

         29.      On and immediately after the Closing Date, the Company (after
                  giving effect to the issuance of the Securities and to the
                  other transactions related thereto as described in the
                  Offering Memorandum) will be Solvent. As used in this
                  paragraph, the term "Solvent" means, with respect to a
                  particular date, that on such date, the present fair market
                  value (or present fair saleable value) of the assets of the
                  Company is not less than the total amount required to pay the
                  probable liabilities of the Company on its total existing
                  debts and liabilities (including contingent liabilities) as
                  they become absolute and matured; the Company is able to
                  realize upon its assets and pay its debts and other
                  liabilities, contingent obligations and commitments as they
                  mature and become due in the normal course of business,
                  assuming the sale of the Securities as contemplated by this
                  Agreement and the Offering Memorandum; the Company is not
                  incurring debts or liabilities beyond its ability to pay as
                  such debts and liabilities mature; and the Company is not
                  engaged in any business or transaction, and is not about to
                  engage in any business or transaction, for which its property
                  would constitute unreasonably small capital after giving due
                  consideration to the prevailing practice in the industry in
                  which the Company is engaged. In computing the amount of such
                  contingent liabilities at any time, it is intended that such
                  liabilities will be computed at the amount that, in the light
                  of all the facts and circumstances

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                                                                            11

                  existing at such time, represents the amount that can
                  reasonably be expected to become an actual or matured
                  liability.

         30.      Except as set forth in the Offering Memorandum, neither the
                  Company nor any of its subsidiaries is a party to any
                  contract, agreement or understanding with any person that
                  would give rise to a valid claim against the Company or any
                  Initial Purchaser for a brokerage commission, finder's fee or
                  like payment in connection with the offering and sale of the
                  Securities.

         31.      The Securities satisfy the eligibility requirements of Rule
                  144A(d)(3) under the Securities Act.

         32.      None of the Company, any of its affiliates or any person
                  acting on its or their behalf has engaged or will engage in
                  any directed selling efforts (as such term is defined in
                  Regulation S under the Securities Act ("REGULATION S")), and
                  all such persons have complied and will comply with the
                  offering restrictions requirement of Regulation S to the
                  extent applicable. The Company reasonably believes there is no
                  "substantial U.S. market interest" (within the meaning of
                  Regulation S).

         33.      Neither the Company nor any of its affiliates (as defined in
                  Rule 501(b) of Regulation D under the Securities Act
                  ("REGULATION D")) has, directly or through any agent, sold,
                  offered for sale, solicited offers to buy or otherwise
                  negotiated in respect of, any security (as such term is
                  defined in the Securities Act), which is or will be integrated
                  with the sale of the Securities in a manner that would require
                  registration of the Securities under the Securities Act.

         34.      None of the Company or any of its affiliates (as defined in
                  Rule 501(b) of Regulation D) or any other person acting on its
                  or their behalf has engaged, in connection with the Offering
                  in any form of general solicitation or general advertising
                  within the meaning of Rule 502(c) under the Securities Act.

         35.      There are no securities of the Company registered under the
                  United States Securities Exchange Act of 1934, as amended (the
                  "EXCHANGE ACT") or listed on a United States national
                  securities exchange or quoted in a U.S. automated inter-dealer
                  quotation system. No holder of securities of the Company
                  (other than holders of the Securities) will be entitled to
                  have such securities registered under either the Exchange
                  Offer Registration Statement or the Shelf Registration
                  Statement.

         36.      The Company believes that no forward-looking statement (within
                  the meaning of Section 27A of the Securities Act and Section
                  21E of the Exchange Act) contained in the Preliminary Offering
                  Memorandum or the Offering Memorandum has been made or
                  reaffirmed without a reasonable basis or has been disclosed
                  other than in good faith.

         37.      The indemnification and contribution provisions set forth in
                  Sections IX and X of this Agreement do not contradict Swedish
                  law or public policy.

<Page>

                                                                           12

         38.      Since the date as of which information is given in the
                  Offering Memorandum, except as otherwise disclosed therein:
                  there has been no material adverse change or any development
                  involving a prospective material adverse change in the
                  condition, financial or otherwise, or in the earnings,
                  business affairs, management or business prospects of the
                  Company and its subsidiaries, taken as a whole, whether or not
                  arising in the ordinary course of business; neither the
                  Company nor any of its subsidiaries has incurred any liability
                  or obligation, direct or contingent, that is material to the
                  Company and its subsidiaries as a whole other than in the
                  ordinary course of business; neither the Company nor any of
                  its subsidiaries has entered into any transaction other than
                  in the ordinary course of business that is material to the
                  Company and its subsidiaries as a whole; and there has not
                  been any change in the capital stock or long-term debt of the
                  Company, or the consolidated long-term debt of the Company and
                  its subsidiaries taken as a whole, or any dividend or
                  distribution of any kind declared, paid or made by the Company
                  on any class of its capital stock that is material to the
                  Company and its subsidiaries as a whole.

         39.      No stamp or other issuance or transfer taxes or duties,
                  value-added tax, documentary tax, registration tax and no
                  withholding or other taxes are payable by or on behalf of the
                  Initial Purchasers in connection with (a) the issuance of
                  Securities, (b) the sale, transfer and delivery of the
                  Securities to the Initial Purchasers pursuant to this
                  Agreement or for the resale of the Securities placed by or at
                  the direction of the Initial Purchasers or (c) the execution
                  and delivery of this Agreement or any of the other Transaction
                  Documents or the consummation of any of the transactions
                  contemplated hereby or thereby.

         40.      Under the laws of the Kingdom of Sweden, the submission by the
                  Company to the jurisdiction of any United States federal or
                  state court sitting in the State of New York and the
                  designation of the law of the State of New York to apply to
                  this Agreement and the other Transaction Documents will be
                  binding upon the Company and would be the basis of a judgment
                  in any related judicial or administrative proceeding initiated
                  in the Kingdom of Sweden.

         41.      The form of certificates for the Securities to be sold
                  pursuant to this Agreement conforms to the corporate law of
                  the Kingdom of Sweden.

         42.      To the extent applicable, none of the Company, its
                  subsidiaries, nor any person or entity controlling the Company
                  has made an "investment," as defined in the United States
                  federal Iran And Libya Sanctions Act of 1996 (the "SANCTIONS
                  ACT"), subject to the Sanctions Act. To the extent applicable,
                  none of the Company, its subsidiaries, nor any person or
                  entity controlling the Company has exported, transferred or
                  otherwise provided to Libya or any agency or instrumentality
                  of Libya any goods, services, technology or other items
                  subject to the Sanctions Act. To the extent applicable, none
                  of the Company, its subsidiaries, nor any person or entity
                  controlling the Company has taken any

<Page>

                                                                           13

                  action in violation of the Iraq Sanctions Act of 1990, or
                  applicable regulations or orders thereunder.

         43.      Except as otherwise disclosed in the Offering Memorandum,
                  there are no business relationships or other related-party
                  transactions of the nature described in Item 7.B of Form 20-F
                  of the Commission ("ITEM 7.B") involving the Company or any
                  other party referred to in Item 7.B, except for transactions
                  that would be considered immaterial under Item 7.B.

II.      PURCHASE AND RESALE OF THE SECURITIES. On the basis of the
         representations, warranties and agreements contained herein, and
         subject to the terms and conditions set forth herein, the Company
         agrees to issue and sell to the Initial Purchasers, and each Initial
         Purchaser agrees, severally and not jointly, to purchase from the
         Company, the principal amount of Securities set forth opposite the name
         of such Initial Purchaser on Schedule 1 hereto at a purchase price
         equal to 97.50% of the principal amount thereof for each Note. The
         Company shall not be obligated to deliver any of the Securities except
         upon payment for all of the Securities to be purchased as provided
         herein.

         1.       The Initial Purchasers have advised the Company that they
                  propose to offer the Securities for resale upon the terms and
                  subject to the conditions set forth herein and in the Offering
                  Memorandum. Each Initial Purchaser represents, warrants and
                  agrees that (i) it is purchasing the Securities pursuant to a
                  private sale exempt from registration under the Securities
                  Act, (ii) it has not solicited offers for, or offered or sold,
                  and will not solicit offers for, or offer or sell, the
                  Securities by means of any form of general solicitation or
                  general advertising within the meaning of Rule 502(c) of
                  Regulation D or in any manner involving a public offering
                  within the meaning of Section 4(2) of the Securities Act and
                  (iii) it has solicited and will solicit offers for the
                  Securities only from, and has offered or sold and will offer,
                  sell or deliver the Securities, as part of their initial
                  offering, only (A) within the United States to persons whom it
                  reasonably believes to be qualified institutional buyers
                  ("QUALIFIED INSTITUTIONAL BUYERS"), as defined in Rule 144A
                  under the Securities Act ("RULE 144A"), or if any such person
                  is buying for one or more institutional accounts for which
                  such person is acting as fiduciary or agent, only when such
                  person has represented to it that each such account is a
                  Qualified Institutional Buyer to whom notice has been given
                  that such sale or delivery is being made in reliance on Rule
                  144A and in each case, in transactions in accordance with Rule
                  144A and (B) outside the United States to persons other than
                  U.S. persons in reliance on Regulation S.

         2.       In connection with the offer and sale of Securities in
                  reliance on Regulation S, each Initial Purchaser represents,
                  warrants and agrees that:

                  A.       The Securities have not been registered under the
                           Securities Act and may not be offered or sold within
                           the United States or to, or for the account or
                           benefit of, U.S. persons except pursuant to an
                           exemption from, or in transactions not subject to,
                           the registration requirements of the Securities Act.

<Page>

                                                                           14

                  B.       It has offered and sold the Securities, and will
                           offer and sell the Securities, (A) as part of its
                           distribution at any time and (B) otherwise until 40
                           days after the later of the commencement of the
                           offering of the Securities and the Closing Date, only
                           in accordance with Rule 903 of Regulation S or Rule
                           144A or any other available exemption from
                           registration under the Securities Act.

                  C.       Neither such Initial Purchaser nor any of its
                           affiliates or any other person acting on its or their
                           behalf has engaged or will engage in any directed
                           selling efforts with respect to the Securities, and
                           all such persons have complied and will comply with
                           the offering restrictions requirement of Regulation
                           S.

                  D.       At or prior to the confirmation of sale of any
                           Securities sold in reliance on Regulation S, it will
                           have sent to each distributor, dealer or other person
                           receiving a selling concession, fee or other
                           remuneration that purchase Securities from it during
                           the restricted period a confirmation or notice to
                           substantially the following effect:

                           "The Securities covered hereby have not been
                           registered under the U.S. Securities Act of 1933, as
                           amended (the "SECURITIES ACT"), and may not be
                           offered or sold within the United States or to, or
                           for the account or benefit of U.S. persons (i) as
                           part of their distribution at any time or (ii)
                           otherwise until 40 days after the later of the
                           commencement of the offering of the Securities and
                           the date of original issuance of the Securities,
                           except in accordance with Regulation S or Rule 144A
                           or any other available exemption from registration
                           under the Securities Act. Terms used above have the
                           meanings given to them by Regulation S."

                  E.       It has not and will not enter into any contractual
                           arrangement with any distributor with respect to the
                           distribution of the Securities, except with its
                           affiliates or with the prior written consent of the
                           Company.

         Terms used in this Section II(2) have the meanings given to them by
Regulation S.

         3.       Each Initial Purchaser represents, warrants and agrees that
                  (i) it has not offered or sold and prior to the date six
                  months after the Closing Date will not offer or sell any
                  Securities to persons in the United Kingdom except to persons
                  whose ordinary activities involve them in acquiring, holding,
                  managing or disposing of investments (as principal or agent)
                  for the purposes of their businesses or otherwise in
                  circumstances which have not resulted and will not result in
                  an offer to the public in the United Kingdom within the
                  meaning of the Public Offers of Securities Regulations 1995;
                  (ii) it has complied and will comply with all applicable
                  provisions of the Financial Services Act 1986 and the Public
                  Offers of Securities Regulations 1995 with respect to anything
                  done by it in relation to the Securities in, from or otherwise
                  involving the United Kingdom; and (iii) it has

<Page>

                                                                           15

                  only issued or passed on and will only issue or pass on in
                  the United Kingdom any document received by it in
                  connection with the issue of the Securities to a person who
                  is of a kind described in Article 11(3) of the Financial
                  Services Act 1986 (Investment Advertisements) (Exemptions)
                  Order 1996 or is a person to whom such document may
                  otherwise lawfully be issued or passed on.

         4.       Each Initial Purchaser agrees that, prior to or simultaneously
                  with the confirmation of sale by it to any purchaser of any of
                  the Securities purchased by such Initial Purchaser from the
                  Company pursuant hereto, such Initial Purchaser shall furnish
                  to that purchaser a copy of the Offering Memorandum (and any
                  amendment or supplement thereto that the Company shall have
                  furnished to such Initial Purchaser prior to the date of such
                  confirmation of sale). In addition to the foregoing, each
                  Initial Purchaser acknowledges and agrees that the Company
                  and, for purposes of the opinions to be delivered to the
                  Initial Purchasers pursuant to Section V(4) and (7), counsel
                  for the Company and for the Initial Purchasers, respectively,
                  may rely upon the accuracy of the representations and
                  warranties of such Initial Purchaser and its compliance with
                  its agreements contained in this Section II, and each Initial
                  Purchaser hereby consents to such reliance.

         5.       The Company acknowledges and agrees that the Initial
                  Purchasers may sell Securities to any of their affiliates and
                  that any such affiliate may sell Securities purchased by it to
                  any Initial Purchaser.

         6.       Each Initial Purchaser agrees that it will not directly or
                  indirectly purchase, offer, sell or deliver any Securities or
                  have in its possession or distribute or publish the
                  Preliminary Offering Memorandum or Offering Memorandum (or any
                  amendment or supplement thereto) or any other offering
                  material in or from any country or jurisdiction except under
                  circumstances that will result in compliance with any
                  applicable laws and regulations.

         7.       Each Initial Purchaser represents, warrants and agrees that,
                  because neither the Preliminary Offering Memorandum nor the
                  Offering Memorandum has or will be registered with the Swedish
                  Financial Supervisory Authority: (i) neither the Preliminary
                  Offering Memorandum nor the Offering Memorandum shall be made
                  available, and (ii) the Securities shall not otherwise be
                  marketed or offered for sale in Sweden, unless any of the
                  foregoing actions are deemed not to be an offer to the public
                  in Sweden under the Financial Instruments Trading Act
                  (1991:980).

III.     DELIVERY OF AND PAYMENT FOR THE SECURITIES. Delivery of and payment for
         the Securities shall be made at the offices of Simpson Thacher &
         Bartlett, London, England, or at such other place as shall be agreed
         upon by the Initial Purchasers and the Company, at 10:00 A.M., London
         time, on April 10, 2001, or at such other time or date, not later than
         seven full business days thereafter, as shall be agreed upon by the
         Initial Purchasers and the Company (such date and time of payment and
         delivery being referred to herein as the "CLOSING DATE").

<Page>

                                                                           16

         1.       On the Closing Date, payment of the purchase price for the
                  Securities shall be made to the Company by wire or book-entry
                  transfer of same-day funds in Euro to such account or accounts
                  as the Company shall specify prior to the Closing Date or by
                  such other means as the parties hereto shall agree prior to
                  the Closing Date against delivery to the Initial Purchasers of
                  the certificates evidencing the Securities. Time shall be of
                  the essence, and delivery at the time and place specified
                  pursuant to this Agreement is a further condition of the
                  obligations of the Initial Purchasers hereunder. Upon
                  delivery, the Securities shall be in global form, registered
                  in such names and in such denominations as the Initial
                  Purchasers shall have requested in writing not less than two
                  full business days prior to the Closing Date. The Company
                  agrees to make one or more global certificates evidencing the
                  Securities available for inspection by the Initial Purchasers
                  in London, England at least 24 hours prior to the Closing
                  Date.

IV.      FURTHER AGREEMENTS OF THE COMPANY. The Company agrees with each Initial
         Purchaser:

         1.       prior to the completion of the Offering of the Securities by
                  the Initial Purchasers, to advise each Initial Purchaser
                  promptly and, if requested, confirm such advice in writing, of
                  the happening of any event which makes any statement of a
                  material fact made in the Offering Memorandum untrue or which
                  requires the making of any additions to or changes in the
                  Offering Memorandum (as amended or supplemented from time to
                  time) in order to make the statements therein, in the light of
                  the circumstances under which they were made, not misleading;
                  to advise each Initial Purchaser promptly of any order
                  preventing or suspending the use of the Offering Memorandum,
                  of any suspension of the qualification of the Securities for
                  offering or sale in any jurisdiction and of the initiation or
                  threatening of any proceeding for any such purpose; and to use
                  its best efforts to prevent the issuance of any such order
                  preventing or suspending the use of the Offering Memorandum or
                  suspending any such qualification and, if any such suspension
                  is issued, to obtain the lifting thereof at the earliest
                  possible time;

         2.       to furnish promptly to each Initial Purchaser and counsel for
                  each Initial Purchaser, without charge, as many copies of the
                  Preliminary Offering Memorandum and the Offering Memorandum
                  (and any amendments or supplements thereto) as may be
                  reasonably requested;

         3.       prior to making any amendment or supplement to the Offering
                  Memorandum, to furnish a copy thereof to each Initial
                  Purchaser and counsel for each Initial Purchaser and not to
                  effect any such amendment or supplement to which such Initial
                  Purchaser shall reasonably object by notice to the Company
                  after a reasonable period to review;

         4.       if, at any time prior to completion of the Offering of the
                  Securities by the Initial Purchasers, any event shall occur or
                  condition exist as a result of which it is necessary, in the
                  opinion of counsel for the Initial Purchasers or counsel for
                  the Company, to amend or supplement the Offering Memorandum in
                  order that the

<Page>

                                                                           17

                  Offering Memorandum will not include an untrue statement of
                  a material fact or omit to state a material fact necessary
                  in order to make the statements therein, in the light of
                  the circumstances existing at the time it is delivered to a
                  purchaser, not misleading, or if it is necessary to amend
                  or supplement the Offering Memorandum to comply with
                  applicable law, promptly to prepare such amendment or
                  supplement as may be necessary to correct such untrue
                  statement or omission or so that the Offering Memorandum,
                  as so amended or supplemented, will comply with applicable
                  law;

         5.       for so long as the Securities are outstanding and are
                  "restricted securities" within the meaning of Rule 144(a)(3)
                  under the Securities Act, to furnish to holders of the
                  Securities and prospective purchasers of the Securities
                  designated by such holders, upon request of such holders or
                  such prospective purchasers, the information required to be
                  delivered pursuant to Rule 144A(d)(4) under the Securities
                  Act, unless the Company is then subject to and in compliance
                  with Section 13 or 15(d) of the Exchange Act or exempt from
                  reporting pursuant to Rule 12g3-2(b) thereunder (the foregoing
                  agreement being for the benefit of the holders from time to
                  time of the Securities and prospective purchasers of the
                  Securities designated by such holders);

         6.       prior to completion of the Offering of the Securities,
                  promptly to take from time to time such actions as the Initial
                  Purchasers may reasonably request to qualify the Securities
                  for offering and sale under the securities or Blue Sky laws of
                  such jurisdictions as the Initial Purchasers may designate and
                  to continue such qualifications in effect for so long as
                  required for the resale of the Securities; and to arrange for
                  the determination of the eligibility for investment of the
                  Securities under the laws of such jurisdictions as the Initial
                  Purchasers may reasonably request; PROVIDED that the Company
                  and its subsidiaries shall not be obligated to qualify as
                  foreign corporations in any jurisdiction in which they are not
                  so qualified or to file a general consent to service of
                  process in any jurisdiction;

         7.       [Intentionally left blank]

         8.       to cause the Securities to be listed on the Luxembourg Stock
                  Exchange in accordance with the rules and regulations thereof
                  as promptly as practicable and to maintain the listing of the
                  Securities on such exchange for so long as any Security is
                  outstanding (or on such other exchange as is reasonably
                  acceptable to the applicable Trustee);

         9.       not to, and to cause its affiliates not to, sell, offer for
                  sale or solicit offers to buy or otherwise negotiate in
                  respect of any security (as such term is defined in the
                  Securities Act) which could be integrated with the sale of the
                  Securities in a manner which would require registration of the
                  Securities under the Securities Act;

         10.      except following the effectiveness of the Exchange Offer
                  Registration Statement or the Shelf Registration Statement, as
                  the case may be, not to, and to cause its

<Page>

                                                                           18

                  affiliates not to, and not to authorize or knowingly permit
                  any person acting on their behalf to, solicit any offer to
                  buy or offer to sell the Securities by means of any form of
                  general solicitation or general advertising within the
                  meaning of Regulation D or in any manner involving a public
                  offering within the meaning of Section 4(2) of the
                  Securities Act; and not to offer, sell, contract to sell or
                  otherwise dispose of, directly or indirectly, any
                  securities under circumstances in which such offer, sale,
                  contract or disposition would cause the exemption afforded
                  by Section 4(2) of the Securities Act to cease to be
                  applicable to the offering and sale of the Securities as
                  contemplated by this Agreement and the Offering Memorandum;

         11.      other than pursuant to and in accordance with the Registration
                  Rights Agreement, for a period of 180 days from the date of
                  the Offering Memorandum, not to offer for sale, sell, contract
                  to sell or otherwise dispose of, directly or indirectly, or
                  file a registration statement for, or announce any offer,
                  sale, contract for sale of or other disposition of any debt
                  securities issued or guaranteed by the Company or any of its
                  subsidiaries (other than the Securities) without the prior
                  written consent of the Initial Purchasers;

         12.      during the period from the Closing Date until two years after
                  the Closing Date, without the prior written consent of each of
                  the Initial Purchasers, not to, and not permit any of its
                  affiliates (as defined in Rule 144 under the Securities Act)
                  to, resell any of the Securities that have been reacquired by
                  them, except for Securities purchased by the Company or any of
                  its affiliates and resold in a transaction registered under
                  the Securities Act, or in a transaction outside the United
                  States in accordance with Regulation S;

         13.      not to, for so long as the Securities are outstanding, be or
                  become, or be or become owned by, an open-end investment
                  company, unit investment trust or face-amount certificate
                  company that is or is required to be registered under Section
                  8 of the Investment Company Act, and not to be or become, or
                  be or become owned by, a closed-end investment company
                  required to be registered, but not registered thereunder;

         14.      in connection with the offering of the Securities, until the
                  Initial Purchasers shall have notified the Company of the
                  completion of the offering of the Securities, not to, and to
                  cause its affiliated purchasers (as defined in Regulation M
                  under the Exchange Act) not to, either alone or with one or
                  more other persons, bid for or purchase, for any account in
                  which it or any of its affiliated purchasers has a beneficial
                  interest, any Securities, or attempt to induce any person to
                  purchase any Securities; and not to, and to cause its
                  affiliated purchasers not to, make bids or purchase for the
                  purpose of creating actual, or apparent active trading in or
                  of raising the price of the Securities;

         15.      to furnish to the Initial Purchasers on the date hereof a copy
                  of the independent accountants' report included in the
                  Offering Memorandum signed by the accountants rendering such
                  report;

<Page>

                                                                           19

         16.      to do and perform all things required to be done and performed
                  by it under this Agreement that are within its control prior
                  to or after the Closing Date, and to use its best efforts to
                  satisfy all conditions precedent on its part to the delivery
                  of the Securities;

         17.      except as expressly contemplated by the Offering Memorandum,
                  to not take any action from the date hereof until the
                  execution and delivery of the Indenture which, if taken after
                  such execution and delivery, would have violated any of the
                  covenants contained in the Indenture;

         18.      to not take any action prior to the Closing Date which would
                  require the Offering Memorandum to be amended or supplemented
                  pursuant to Section IV(4);

         19.      from the date hereof until the Closing Date, not to issue any
                  press release or other communication directly or indirectly or
                  hold any press conference with respect to the Company, its
                  condition, financial or otherwise, or earnings, business
                  affairs or business prospects (except for routine oral
                  marketing communications in the ordinary course of business
                  and consistent with the past practices of the Company and of
                  which each Initial Purchaser is notified), without the prior
                  written consent of the Initial Purchasers, unless in the
                  judgment of the Company and its counsel, and after
                  notification to each Initial Purchaser, such press release or
                  communication is required by law;

         20.      to apply the net proceeds from the sale of the Securities as
                  set forth in the Offering Memorandum under the heading "Use of
                  Proceeds"; and

         21.      to pay and, to the extent permitted by applicable law,
                  indemnify and hold harmless each Initial Purchaser against any
                  stamp or other issuance or transfer taxes or duties,
                  value-added tax, documentary tax, registration tax,
                  withholding or other taxes are payable by or on behalf of any
                  Initial Purchaser in connection with (i) the issuance of
                  Securities, (ii) the sale, transfer and delivery of the
                  Securities to the Initial Purchasers pursuant to this
                  Agreement or for the resale of the Securities placed by or at
                  the direction of the Initial Purchasers or (iii) the execution
                  and delivery of this Agreement or any of the other Transaction
                  Documents or the consummation of any of the transactions
                  contemplated hereby or thereby.

V.       CONDITIONS OF INITIAL PURCHASERS' OBLIGATIONS. The obligations of the
         Initial Purchasers hereunder are subject to the accuracy, on and as of
         the date hereof and the Closing Date, of the representations and
         warranties of the Company contained herein, to the accuracy of the
         statements of the Company and its officers made in any certificates
         delivered pursuant hereto, to the performance by the Company of its
         obligations hereunder, and to each of the following additional terms
         and conditions:

         1.       The Offering Memorandum (and any amendments or supplements
                  thereto) shall have been printed and copies distributed to the
                  Initial Purchasers as promptly as practicable on or following
                  the date of this Agreement or at such other date

<Page>

                                                                           20

                  and time as to which the Initial Purchasers may agree; and
                  no stop order suspending the sale of the Securities in any
                  jurisdiction shall have been issued and no proceedings for
                  such purpose shall have been commenced or shall be pending
                  or threatened.

         2.       The Initial Purchasers shall not have discovered and disclosed
                  to the Company on or prior to the Closing Date that the
                  Offering Memorandum or any amendment or supplement thereto
                  contains an untrue statement of a fact which, in the opinion
                  of counsel for the Initial Purchasers, is material or omits to
                  state any fact which, in the opinion of such counsel is
                  material and is required to be stated therein or is necessary
                  to make the statements therein, in the light of the
                  circumstances under which they were made, not misleading.

         3.       All corporate proceedings and other legal matters incident to
                  the authorization, form and validity of each of the
                  Transaction Documents and the Offering Memorandum, and all
                  other legal matters relating to the Transaction Documents and
                  the transactions contemplated thereby, including all such
                  corporate proceedings and legal matters in relation to the
                  Company, Corral Petroleum Holdings AB and Preem Petroleum AB,
                  shall be satisfactory in all material respects to the Initial
                  Purchasers, and the Company, Corral Petroleum Holdings AB and
                  Preem Petroleum AB shall have furnished to each Initial
                  Purchaser all documents and information that it or their
                  counsel may reasonably request to enable them to pass upon
                  such matters.

         4.       Akin, Gump, Strauss, Hauer & Feld shall have furnished to the
                  Initial Purchasers their written opinion, as counsel to the
                  Company, addressed to the Initial Purchasers and dated the
                  Closing Date, in form and substance reasonably satisfactory to
                  the Initial Purchasers, substantially to the effect set forth
                  in Annex C hereto.

         5.       Mannheimer & Swartling Advokatbyra AB shall have furnished to
                  the Initial Purchasers their written opinion, as special
                  Swedish counsel to the Company, addressed to the Initial
                  Purchasers and dated the Closing Date, in form and substance
                  reasonably satisfactory to the Initial Purchasers,
                  substantially to the effect set forth in Annex D hereto.

         6.       Per Behm shall have furnished to the Initial Purchasers his
                  written opinion, as in-house counsel to Preem Holdings AB,
                  addressed to the Initial Purchasers and dated the Closing
                  Date, in form and substance reasonably satisfactory to the
                  Initial Purchasers, substantially to the effect set forth in
                  Annex E hereto.

         7.       The Initial Purchasers shall have received from Simpson
                  Thacher & Bartlett, counsel for the Initial Purchasers, such
                  opinion or opinions, dated the Closing Date, with respect to
                  such matters as the Initial Purchasers may reasonably require,
                  and the Company shall have furnished to such counsel such
                  documents and information as they request for the purpose of
                  enabling them to pass upon such matters.

<Page>

                                                                           21

         8.       The Company shall have furnished to the Initial Purchasers a
                  letter (the "INITIAL LETTER") of KPMG, Stockholm, addressed to
                  the Initial Purchasers and dated the date hereof, in form and
                  substance satisfactory to the Initial Purchasers,
                  substantially to the effect set forth in Annex F hereto.

         9.       The Company shall have furnished to the Initial Purchasers a
                  letter (the "BRING-DOWN LETTER") of KPMG, Stockholm, addressed
                  to the Initial Purchasers and dated the Closing Date,
                  confirming that they are independent public accountants with
                  respect to the Company and its subsidiaries within the meaning
                  of Rule 101 of the Code of Professional Conduct of the AICPA
                  and its interpretations and rulings thereunder, stating, as of
                  the date of the Bring-Down Letter (or, with respect to matters
                  involving changes or developments since the respective dates
                  as of which specified financial information is given in the
                  Offering Memorandum, as of a date not more than three business
                  days prior to the date of the Bring-Down Letter), that the
                  conclusions and findings of such accountants with respect to
                  the financial information and other matters covered by the
                  Initial Letter are accurate and confirming in all material
                  respects the conclusions and findings set forth in the Initial
                  Letter.

         10.      The Company and Preem Petroleum AB shall each have furnished
                  to the Initial Purchasers a certificate, dated the Closing
                  Date, of their respective chief executive officers and its
                  chief financial officers, stating that (A) such officers have
                  carefully examined the Offering Memorandum, (B) in their
                  opinion, the Offering Memorandum, as of its date, did not
                  include any untrue statement of a material fact and did not
                  omit to state a material fact required to be stated therein or
                  necessary in order to make the statements therein, in the
                  light of the circumstances under which they were made, not
                  misleading, and since the date of the Offering Memorandum, no
                  event has occurred which should have been set forth in a
                  supplement or amendment to the Offering Memorandum so that the
                  Offering Memorandum (as so amended or supplemented) would not
                  include any untrue statement of a material fact and would not
                  omit to state a material fact required to be stated therein or
                  necessary in order to make the statements therein, in the
                  light of the circumstances under which they were made, not
                  misleading and (C) as of the Closing Date, the representations
                  and warranties of the Company in this Agreement are true and
                  correct and the Company has complied with all agreements and
                  satisfied all conditions on its part to be performed or
                  satisfied hereunder on or prior to the Closing Date.

         11.      The Initial Purchasers shall have received a counterpart of
                  the Registration Rights Agreement which shall have been
                  executed and delivered by a duly authorized officer of the
                  Company.

         12.      Each of the Security Agreements shall have been duly executed
                  and delivered by the Company and the other parties thereto by
                  duly authorized officers of the Company and such parties, and
                  the Company shall have furnished to the Initial Purchasers a
                  certificate, dated the Closing Date, of the Company's
                  corporate

<Page>

                                                                           22

                  secretary stating that such execution and delivery has been
                  duly authorized and attaching the resolutions authorizing
                  such execution and delivery; and all actions contemplated
                  by each Security Document to have been completed on or
                  before the Closing Date shall have been consummated in
                  accordance with the provisions of such documents and
                  without waiver thereof.

         13.      Each of the Restructuring Agreements shall have been duly
                  executed and delivered by the Company and the other parties
                  thereto by duly authorized officers of the Company and such
                  parties, and the Initial Purchasers shall have received from
                  each of such parties as are affiliated with the Company a
                  certificate, dated the Closing Date, of such party's corporate
                  secretary stating that such execution and delivery has been
                  duly authorized and attaching the resolutions authorizing such
                  execution and delivery; and all actions contemplated by each
                  of the Restructuring Agreements to have been completed on or
                  before the Closing Date shall have been consummated in
                  accordance with the provisions of such agreements and without
                  waiver thereof.

         14.      The Indenture shall have been duly executed and delivered by
                  the Company and the Trustee thereunder, and the Securities
                  shall have been duly executed and delivered by the Company and
                  duly authenticated by the applicable Trustee.

         15.      [Intentionally left blank]

         16.      The Securities shall have been approved for listing on the
                  Luxembourg Stock Exchange.

         17.      If any event shall have occurred that requires the Company
                  under Section IV(4) to prepare an amendment or supplement to
                  the Offering Memorandum, such amendment or supplement shall
                  have been prepared, the Initial Purchasers shall have been
                  given a reasonable opportunity to comment thereon, and copies
                  thereof shall have been delivered to each Initial Purchaser
                  reasonably in advance of the Closing Date.

         18.      Subsequent to the execution and delivery of this Agreement or,
                  if earlier, the dates as of which information is given in the
                  Offering Memorandum (exclusive of any amendment or supplement
                  thereto), except as expressly contemplated by the Offering
                  Memorandum, there shall not have been any change in the
                  capital stock or long-term debt or any change, or any
                  development involving a prospective change, in or affecting
                  the condition (financial or otherwise), results of operations,
                  business or prospects of the Company and its subsidiaries
                  taken as a whole, the effect of which, in any such case
                  described above, is, in the judgment of the Initial
                  Purchasers, so material and adverse as to make it
                  impracticable or inadvisable to proceed with the sale or
                  delivery of the Securities on the terms and in the manner
                  contemplated by this Agreement and the Offering Memorandum
                  (exclusive of any amendment or supplement thereto).

<Page>

                                                                           23

         19.      No action shall have been taken and no statute, rule,
                  regulation or order shall have been enacted, adopted or issued
                  by any governmental agency or body which would, as of the
                  Closing Date, prevent the issuance or sale of the Securities
                  as contemplated by the Offering Memorandum; and no injunction,
                  restraining order or order of any other nature by any
                  supra-national, federal, regional, local or foreign court of
                  competent jurisdiction shall have been issued as of the
                  Closing Date which would prevent the issuance or sale of the
                  Securities.

         20.      Subsequent to the execution and delivery of this Agreement, no
                  downgrading shall have occurred in the rating accorded the
                  Securities or any of the Company's other debt securities or
                  preferred stock by a "nationally recognized statistical rating
                  organization," as such term is defined by the Commission for
                  purposes of Rule 436(g)(2) of the rules and regulations of the
                  Commission under the Securities Act, and no such organization
                  shall have publicly announced that it has under surveillance
                  or review (other than an announcement with positive
                  implications of a possible upgrading), its rating of the
                  Securities or any of the Company's other debt securities or
                  preferred stock.

         21.      Subsequent to the execution and delivery of this Agreement,
                  there shall not have occurred any of the following: (i)
                  trading in securities generally on the Stockholm Stock
                  Exchange, the Luxembourg Stock Exchange, the New York Stock
                  Exchange, the American Stock Exchange or the over-the-counter
                  markets in the United States shall have been suspended or
                  limited, or minimum prices shall have been established on any
                  such exchange or market by the Commission, by any such
                  exchange or by any other regulatory body or governmental
                  authority having jurisdiction; (ii) trading in any securities
                  of the Company on any exchange or in the over-the-counter
                  market shall have been suspended; (iii) any moratorium on
                  commercial banking activities shall have been declared by
                  Swedish, Luxembourg or United States federal, regional and
                  local authorities; (iv) an outbreak or escalation of
                  hostilities or a declaration by the United States, Sweden or
                  Luxembourg of a national emergency or war; or (v) (I) a
                  material adverse change in general economic, political or
                  financial conditions the effect of which is, or (II) the
                  effect of international conditions on the financial markets in
                  the United States, Sweden or Luxembourg is, in the case of
                  this clause (v), in the judgment of the Initial Purchasers, so
                  material and adverse as to make it impracticable or
                  inadvisable to proceed with the sale or the delivery of the
                  Securities on the terms and in the manner contemplated by this
                  Agreement and in the Offering Memorandum (exclusive of any
                  amendment or supplement thereto).

         22.      The Initial Purchasers shall have received evidence reasonably
                  satisfactory to them that the appointment of CT Corporation
                  System as agent for service of process of the Company pursuant
                  to Section XVIII hereof and under the Indenture has been
                  accepted by such agent.

         On or before the Closing Date, the Initial Purchasers and their counsel
         shall have received such further documents, opinions, certificates,
         letters, schedules, evidence or instruments relating to the business,
         corporate, legal or financial affairs of the Company

<Page>

                                                                           24

         as they shall have heretofore reasonably requested in connection with
         the consummation of the transactions contemplated hereby and by the
         other Transaction Documents.

         All documents, opinions, certificates, letters, schedules, evidence or
         instruments mentioned above or elsewhere in this Agreement shall be
         deemed to be in compliance with the provisions hereof only if they are
         in form and substance reasonably satisfactory to counsel for the
         Initial Purchasers.

VI.      TERMINATION. The obligations of the Initial Purchasers hereunder may be
         terminated by the Initial Purchasers, in their absolute discretion, by
         notice given to and received by the Company prior to delivery of and
         payment for the Securities if, prior to that time, any of the events
         described in Section V (19), (20), (21) or (22) shall have occurred and
         be continuing.

VII.     DEFAULTING INITIAL PURCHASERS. If, on the Closing Date, either Initial
         Purchaser defaults in the performance of its obligations under this
         Agreement, the non-defaulting Initial Purchaser may make arrangements
         for the purchase of the Securities which such defaulting Initial
         Purchaser agreed but failed to purchase by other persons satisfactory
         to the Company and the non-defaulting Initial Purchasers, but if no
         such arrangements are made within 36 hours after such default, this
         Agreement shall terminate without liability on the part of the
         non-defaulting Initial Purchasers or the Company, except that the
         Company will continue to be liable for the payment of expenses to the
         extent set forth in Sections IX and XII and except that the provisions
         of Sections IX and X shall not terminate and shall remain in effect. As
         used in this Agreement, the term "Initial Purchasers" includes, for all
         purposes of this Agreement unless the context otherwise requires, any
         party not listed in Schedule 1 hereto that, pursuant to this Section
         VII, purchases Securities which a defaulting Initial Purchaser agreed
         but failed to purchase. Nothing contained herein shall relieve a
         defaulting Initial Purchaser of any liability it may have to the
         Company or any non-defaulting Initial Purchaser for damages caused by
         its default. If other persons are obligated or agree to purchase the
         Securities of a defaulting Initial Purchaser, either the non-defaulting
         Initial Purchasers or the Company may postpone the Closing Date for up
         to seven full business days in order to effect any changes that in the
         opinion of counsel for the Company or counsel for the Initial
         Purchasers may be necessary in the Offering Memorandum or in any other
         document or arrangement, and the Company agrees to promptly prepare any
         amendment or supplement to the Offering Memorandum that effects any
         such changes.

VIII.    REIMBURSEMENT OF INITIAL PURCHASERS' EXPENSES. If (a) this Agreement
         shall have been terminated pursuant to Section VI, (b) the Company
         shall fail to tender the Securities for delivery to the Initial
         Purchasers for any reason permitted under this Agreement or (c) the
         Initial Purchasers shall decline to purchase the Securities for any
         reason permitted under this Agreement, the Company shall reimburse the
         Initial Purchasers for such out-of-pocket expenses (excluding fees and
         disbursements of counsel) as shall have been reasonably incurred by the
         Initial Purchasers in connection with this Agreement and the proposed
         purchase and resale of the Securities.

<Page>

                                                                           25

IX.      INDEMNIFICATION.

         1.       The Company shall indemnify and hold harmless each Initial
                  Purchasers, its respective affiliates, their respective
                  officers, directors, employees, representatives and agents,
                  and each person, if any, who controls any Initial Purchaser
                  within the meaning of the Securities Act or the Exchange Act
                  (collectively referred to for purposes of this Section IX(1)
                  and Section X as an Initial Purchaser), from and against any
                  loss, claim, damage or liability, joint or several, or any
                  action in respect thereof (including, without limitation, any
                  loss, claim, damage, liability or action relating to purchases
                  and sales of the Securities), to which any Initial Purchaser
                  may become subject, whether commenced or threatened, under the
                  Securities Act, the Exchange Act, any other supra-national,
                  federal, regional, local and foreign statutory law or
                  regulation, at common law or otherwise, insofar as such loss,
                  claim, damage, liability or action arises out of, or is based
                  upon, (i) any untrue statement or alleged untrue statement of
                  a material fact contained in the Preliminary Offering
                  Memorandum or the Offering Memorandum or in any amendment or
                  supplement thereto or in any information provided by the
                  Company pursuant to Section IV (5) or (ii) the omission or
                  alleged omission to state therein a material fact required to
                  be stated therein or necessary in order to make the statements
                  therein, in the light of the circumstances under which they
                  were made, not misleading, and shall reimburse each Initial
                  Purchaser promptly upon demand for any legal or other costs,
                  charges and expenses reasonably incurred by any Initial
                  Purchaser in connection with investigating or defending or
                  preparing to defend against or appearing as a third party
                  witness in connection with any such loss, claim, damage,
                  liability or action as such expenses are incurred; PROVIDED,
                  HOWEVER, that the Company shall not be liable in any such case
                  to the extent that any such loss, claim, damage, liability or
                  action arises out of, or is based upon, an untrue statement or
                  alleged untrue statement in or omission or alleged omission
                  from any of such documents in reliance upon and in conformity
                  with any Initial Purchasers' Information; and PROVIDED,
                  FURTHER, that with respect to any such untrue statement in or
                  omission from the Preliminary Offering Memorandum, the
                  indemnity agreement contained in this Section IX(1) shall not
                  inure to the benefit of an Initial Purchaser to the extent
                  that the sale to the person asserting any such loss, claim,
                  damage, liability or action was an initial resale by such
                  Initial Purchaser and any such loss, claim, damage, liability
                  or action of or with respect to such Initial Purchaser results
                  from the fact that both (A) to the extent required by
                  applicable law, a copy of the Offering Memorandum was not sent
                  or given to such person at or prior to the written
                  confirmation of the sale of such Securities to such person and
                  (B) the untrue statement in or omission from the Preliminary
                  Offering Memorandum was corrected in the Offering Memorandum
                  unless, in either case, such failure to deliver the Offering
                  Memorandum was a result of non-compliance by the Company with
                  Section IV(2).

         2.       The Initial Purchasers shall, severally and not jointly,
                  indemnify and hold harmless the Company, its affiliates, their
                  respective officers, directors, employees, representatives and
                  agents, and each person, if any, who controls the

<Page>

                                                                           26

                  Company within the meaning of the Securities Act or the
                  Exchange Act (collectively referred to for purposes of this
                  Section IV(2) and Section X as the Company), from and
                  against any loss, claim, damage or liability, joint or
                  several, or any action in respect thereof, to which the
                  Company may become subject, whether commenced or
                  threatened, under the Securities Act, the Exchange Act, any
                  other federal or state statutory law or regulation, at
                  common law or otherwise, insofar as such loss, claim,
                  damage, liability or action arises out of, or is based
                  upon, (i) any untrue statement or alleged untrue statement
                  of a material fact contained in the Preliminary Offering
                  Memorandum or the Offering Memorandum or in any amendment
                  or supplement thereto or (ii) the omission or alleged
                  omission to state therein a material fact required to be
                  stated therein or necessary in order to make the statements
                  therein, in the light of the circumstances under which they
                  were made, not misleading, but in each case only to the
                  extent that the untrue statement or alleged untrue
                  statement or omission or alleged omission was made in
                  reliance upon and in conformity with any Initial
                  Purchasers' Information, and shall reimburse the Company
                  for any legal or other costs, charges and expenses
                  reasonably incurred by the Company in connection with
                  investigating or defending or preparing to defend against
                  or appearing as a third party witness in connection with
                  any such loss, claim, damage, liability or action as such
                  expenses are incurred.

         3.       Promptly after receipt by an indemnified party under this
                  Section IX of notice of any claim or the commencement of any
                  action, the indemnified party shall, if a claim in respect
                  thereof is to be made against the indemnifying party pursuant
                  to Section IX(1) or IX(2), notify the indemnifying party in
                  writing of the claim or the commencement of that action;
                  PROVIDED, HOWEVER, that the failure to notify the indemnifying
                  party shall not relieve it from any liability which it may
                  have under this Section IX except to the extent that it has
                  been materially prejudiced (including, without limitation,
                  through the forfeiture of substantive rights or defenses) by
                  such failure; and, PROVIDED, FURTHER, that the failure to
                  notify the indemnifying party shall not relieve it from any
                  liability which it may have to an indemnified party otherwise
                  than under this Section IX. If any such claim or action shall
                  be brought against an indemnified party, and it shall notify
                  the indemnifying party thereof, the indemnifying party shall
                  be entitled to participate therein and, to the extent that it
                  wishes, jointly with any other similarly notified indemnifying
                  party, to assume the defense thereof with counsel reasonably
                  satisfactory to the indemnified party. After notice from the
                  indemnifying party to the indemnified party of its election to
                  assume the defense of such claim or action, the indemnifying
                  party shall not be liable to the indemnified party under this
                  Section IX for any legal or other expenses subsequently
                  incurred by the indemnified party in connection with the
                  defense thereof other than reasonable costs of investigation;
                  PROVIDED, HOWEVER, that an indemnified party shall have the
                  right to employ its own counsel in any such action, but the
                  fees, expenses and other charges of such counsel for the
                  indemnified party will be at the expense of such indemnified
                  party unless (1) the employment of counsel by the indemnified
                  party has been authorized in writing by the indemnifying
                  party, (2) the indemnified party has reasonably concluded
                  (based upon advice of counsel to the

<Page>

                                                                           27

                  indemnified party) that there may be legal defenses
                  available to it or other indemnified parties that are
                  different from or in addition to those available to the
                  indemnifying party, (3) a conflict or potential conflict
                  exists (based upon advice of counsel to the indemnified
                  party) between the indemnified party and the indemnifying
                  party (in which case the indemnifying party will not have
                  the right to direct the defense of such action on behalf of
                  the indemnified party) or (4) the indemnifying party has
                  not in fact employed counsel reasonably satisfactory to the
                  indemnified party to assume the defense of such action
                  within a reasonable time after receiving notice of the
                  commencement of the action, in each of which cases the
                  reasonable fees, disbursements and other charges of counsel
                  will be at the expense of the indemnifying party or
                  parties. It is understood that the indemnifying party or
                  parties shall not, in connection with any proceeding or
                  related proceedings in the same jurisdiction, be liable for
                  the reasonable fees, disbursements and other charges of
                  more than one separate firm of attorneys (in addition to
                  any local counsel) at any one time for all such indemnified
                  party or parties. Each indemnified party, as a condition of
                  the indemnity agreements contained in Sections IX(1) and
                  IX(2), shall use all reasonable efforts to cooperate with
                  the indemnifying party in the defense of any such action or
                  claim. No indemnifying party shall be liable for any
                  settlement of any such action effected without its written
                  consent (which consent shall not be unreasonably withheld),
                  but if settled with its written consent or if there be a
                  final judgment for the plaintiff in any such action, the
                  indemnifying party agrees to indemnify and hold harmless
                  any indemnified party from and against any loss or
                  liability by reason of such settlement or judgment. No
                  indemnifying party shall, without the prior written consent
                  of the indemnified party (which consent shall not be
                  unreasonably withheld), effect any settlement of any
                  pending or threatened proceeding in respect of which any
                  indemnified party is or could have been a party and
                  indemnity could have been sought hereunder by such
                  indemnified party unless such settlement includes an
                  unconditional release of such indemnified party from all
                  liability on claims that are the subject matter of such
                  proceedings.

         The obligations of the Company and the Initial Purchasers in this
         Section IX and in Section X are in addition to any other liability that
         the Company or the Initial Purchasers, as the case may be, may
         otherwise have, including in respect of any breaches of
         representations, warranties and agreements made herein by any such
         party.

X.       CONTRIBUTION. If the indemnification provided for in Section IX is
         unavailable or insufficient to hold harmless an indemnified party under
         Section IX(1) or IX(2), then each indemnifying party shall, in lieu of
         indemnifying such indemnified party, contribute to the amount paid or
         payable by such indemnified party as a result of such loss, claim,
         damage or liability, or action in respect thereof, (i) in such
         proportion as shall be appropriate to reflect the relative benefits
         received by the Company on the one hand and the Initial Purchasers on
         the other from the offering of the Securities or (ii) if the allocation
         provided by clause (i) above is not permitted by applicable law, in
         such proportion as is appropriate to reflect not only the relative
         benefits referred to in clause (i) above but also the relative fault of
         the Company on the one hand and the Initial Purchasers on the other
         with respect to the statements or omissions that resulted in such

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                                                                           28

         loss, claim, damage or liability, or action in respect thereof, as
         well as any other relevant equitable considerations. The relative
         benefits received by the Company on the one hand and the Initial
         Purchasers on the other with respect to such offering shall be
         deemed to be in the same proportion as the total net proceeds from
         the offering of the Securities purchased under this Agreement
         (before deducting expenses) received by or on behalf of the Company,
         on the one hand, and the total discounts and commissions received by
         the Initial Purchasers with respect to the Securities purchased
         under this Agreement, on the other, bear to the total gross proceeds
         from the sale of the Securities under this Agreement, in each case
         as set forth in the table on the cover page of the Offering
         Memorandum. The relative fault shall be determined by reference to,
         among other things, whether the untrue or alleged untrue statement
         of a material fact or the omission or alleged omission to state a
         material fact relates to the Company or information supplied by the
         Company on the one hand or to any Initial Purchasers' Information on
         the other, the intent of the parties and their relative knowledge,
         access to information and opportunity to correct or prevent such
         untrue statement or omissions. The Company and the Initial
         Purchasers agree that it would not be just and equitable if
         contributions pursuant to this Section X were to be determined by
         PRO RATA allocation or by any other method of allocation that does
         not take into account the equitable considerations referred to
         herein. The amount paid or payable by an indemnified party as a
         result of the loss, claim, damage or liability, or action in respect
         thereof, referred to above in this Section X shall be deemed to
         include, for purposes of this Section X, any legal or other expenses
         reasonably incurred by such indemnified party in connection with
         investigating or defending or preparing to defend any such action or
         claim. Notwithstanding the provisions of this Section X, the Initial
         Purchasers shall not be required to contribute any amount in excess
         of the amount by which the total discounts and commissions received
         by the Initial Purchasers with respect to the Securities purchased
         by it under this Agreement exceeds the amount of any damages which
         the Initial Purchasers have otherwise paid or become liable to pay
         by reason of any untrue or alleged untrue statement or omission or
         alleged omission. No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any person who was not guilty of such
         fraudulent misrepresentation.

XI.      PERSONS ENTITLED TO BENEFIT OF AGREEMENT. This Agreement shall inure to
         the benefit of and be binding upon the Initial Purchasers, the Company
         and their respective successors. This Agreement and the terms and
         provisions hereof are for the sole benefit of only those persons,
         except as provided in Sections IX and X with respect to affiliates of
         the Company and the Initial Purchasers, and officers, directors,
         employees, representatives, agents and controlling persons of such
         affiliates, the Company and the Initial Purchasers and in Section IV(5)
         with respect to holders and prospective purchasers of the Securities.
         Nothing in this Agreement is intended or shall be construed to give any
         person, other than the persons referred to in this Section XI, any
         legal or equitable right, remedy or claim under or in respect of this
         Agreement or any provision contained herein.

XII.     EXPENSES. The Company agrees with the Initial Purchasers to pay (a) the
         costs incident to the authorization, issuance, sale, preparation and
         delivery of the Securities and any taxes payable in that connection;
         (b) the costs incident to the preparation, printing and

<Page>

                                                                           29

         distribution of the Preliminary Offering Memorandum, the Offering
         Memorandum and any amendments or supplements thereto; (c) the costs
         of reproducing and distributing each of the Transaction Documents;
         (d) the costs incident to the preparation, printing and delivery of
         the certificates evidencing the Securities, including amounts
         payable pursuant to Section IV(21) hereof; (e) the fees and expenses
         of the Company's counsel and independent accountants; (f) the fees
         and expenses of qualifying the Securities under the securities laws
         of the several jurisdictions as provided in Section IV(6) and of
         preparing, printing and distributing Blue Sky Memoranda (including
         related fees and expenses of counsel for the Initial Purchaser); (g)
         the costs and expenses incident to any "road show" undertaken in
         connection with the marketing of the offering of the Securities; (h)
         any fees charged by rating agencies in connection with rating the
         Securities; (i) the fees and expenses of the Trustee or any paying
         or transfer agents (including related fees and expenses of any
         counsel to such parties); (j) all expenses and application and
         listing fees incurred in connection with the application for the
         listing of the Securities on the Luxembourg Stock Exchange and the
         approval of the Securities for book-entry transfer by Euroclear
         and/or Clearstream Banking; (k) all other out-of-pocket expenses
         (including reasonable fees and disbursements of counsel) reasonably
         incurred by the Initial Purchasers or any of their affiliates in
         connection with, or arising out of, the offering and sale of the
         Securities; PROVIDED, HOWEVER, that the reasonable fees and expenses
         of counsel for the Initial Purchaser shall be paid or reimbursed by
         the Company in an amount not to exceed US$350,000 and only if the
         Closing occurs; and (l) all other costs and expenses incident to the
         performance of the obligations of the Company under this Agreement
         which are not otherwise specifically provided for in this Section
         XII.

XIII.    SURVIVAL. The respective indemnities, rights of contribution,
         representations, warranties and agreements of the Company and the
         Initial Purchasers contained in this Agreement or made by or on behalf
         of the Company or the Initial Purchasers pursuant to this Agreement or
         any certificate delivered pursuant hereto shall survive the delivery of
         and payment for the Securities and shall remain in full force and
         effect, regardless of any termination or cancellation of this Agreement
         or any investigation made by or on behalf of any of them or any of
         their respective affiliates, officers, directors, employees,
         representatives, agents or controlling persons.

XIV.     NOTICES, ETC. All statements, requests, notices and agreements
         hereunder shall be in writing, and:

         1.       if to the Initial Purchasers, shall be delivered or sent by
                  mail or telecopy transmission to: (i) Deutsche Bank AG London,
                  Winchester House, 1 Great Winchester Street, London, EC2N 2DB,
                  England, Attention: Gareth Noonan (telecopier number:
                  +44-20-7547-2704); and (ii) UBS AG, acting through its
                  business group UBS Warburg, 1 Finsbury Avenue, London EC2M
                  2PP, Attention: Christianne Smart (telecopier number:
                  +44-20-7568-4537); or

         2.       if to the Company, shall be delivered or sent by mail or
                  telecopy transmission to the address of the Company set forth
                  in the Offering Memorandum, Attention: President and Chief
                  Executive Officer (telecopier number: +46-8-663-4923), with

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                                                                           30

                  a copy to Akin, Gump, Strauss, Hauer & Feld, One Angel Court,
                  London EC2R 7HJ, Attention: Stephen Hatfield (telecopier:
                  +44-20-7726-9610);

         PROVIDED that any notice to the Initial Purchasers pursuant to Section
         IX(3) shall also be delivered or sent by mail to the Initial Purchasers
         at their respective addresses set forth on the signature page hereof.
         Any such statements, requests, notices or agreements shall take effect
         at the time of receipt thereof.

XV.      DEFINITION OF TERMS. For purposes of this Agreement, (a) the term
         "business day" means any day on which the Nasdaq National Market System
         is open for trading, (b) the term "subsidiary" has the meaning set
         forth in Rule 405 under the Securities Act and (c) except where
         otherwise expressly provided, the term "affiliate" has the meaning set
         forth in Rule 405 under the Securities Act.

XVI.     INITIAL PURCHASERS' INFORMATION. The parties hereto acknowledge and
         agree that, for all purposes of this Agreement, the Initial Purchasers'
         Information consists solely of the following information in the
         Preliminary Offering Memorandum and the Offering Memorandum: the
         statements concerning the Initial Purchasers contained in the first,
         second and seventh paragraphs under the heading "Plan of Distribution."

XVII.    GOVERNING LAW. This Agreement shall be governed by and construed in
         accordance with the laws of the State of New York.

XVIII.   SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE. To the
         fullest extent permitted by applicable law, the Company irrevocably
         submits to the non-exclusive jurisdiction of any federal or state court
         in the Borough of Manhattan in the City of New York, County and State
         of New York, United States of America, in any suit or proceeding based
         on or arising under this Agreement or any of the transactions
         contemplated hereby, and irrevocably agrees that all claims in respect
         of such suit or proceeding may be determined in any such court. The
         Company, to the fullest extent permitted by applicable law, irrevocably
         and fully waives the defense of an inconvenient forum to the
         maintenance of such suit or proceeding and hereby irrevocably
         designates and appoints CT Corporation (the "AUTHORIZED AGENT"), as its
         authorized agent upon whom process may be served in any such suit or
         proceeding. The Company represents that it has notified the Authorized
         Agent of such designation and appointment and that the Authorized Agent
         has accepted the same in writing. The Company hereby irrevocably
         authorizes and directs its Authorized Agent to accept such service. The
         Company further agrees that service of process upon its Authorized
         Agent and written notice of said service to the Company mailed by first
         class mail or delivered to its Authorized Agent shall be deemed in
         every respect effective service of process upon the Company in any such
         suit or proceeding. Nothing herein shall affect the right of any person
         to serve process in any other manner permitted by law. The Company
         agrees that a final action in any such suit or proceeding shall be
         conclusive and may be enforced in other jurisdictions by suit on the
         judgment or in any other lawful manner. Notwithstanding the foregoing,
         any action against the Company arising out of or based on this
         Agreement or the transactions contemplated hereby may also be
         instituted by any Initial Purchaser, its respective officers and
         employees or any person who controls such

<Page>

                                                                           31

         Initial Purchaser within the meaning of the Securities Act in any
         competent court in the Kingdom of Sweden and the Company expressly
         accepts the jurisdiction of any such court in any such action.

XIX.     JUDGMENT CURRENCY. The Company agrees to indemnify the Initial
         Purchasers against any loss incurred as a result of any judgment or
         order being given or made for any amount due under this Agreement and
         such judgment or order being expressed or paid in a currency (the
         "JUDGMENT CURRENCY") other than Euros and as a result of any variation
         as between (i) the rate of exchange at which the Euro amount is
         converted into such Judgment Currency for the purposes of such judgment
         or order and (ii) the spot rate of exchange in the City of New York at
         which any such person on the date of payment of such judgment or order
         is able to purchase Euros with the amount of the Judgment Currency
         actually received by such person. The foregoing indemnity shall
         continue in full force and effect notwithstanding any such judgment or
         order as aforesaid. The term "spot rate of exchange" shall include any
         premiums or costs of exchange payable in connection with the purchase
         of, or conversion into, Euros.

XX.      COUNTERPARTS. This Agreement may be executed in one or more
         counterparts (which may include counterparts delivered by telecopier)
         and, if executed in more than one counterpart, the executed agreement,
         counterparts shall each be deemed to be an original, but all such
         counterparts shall together constitute one and the same instrument.

XXI.     AMENDMENTS. No amendment or waiver of any provision of this Agreement,
         nor any consent or approval to any departure therefrom, shall in any
         event be effective unless the same shall be in writing and signed by
         the parties hereto.

XXII.    HEADINGS. The headings herein are inserted for convenience of reference
         only and are not intended to be part of, or to affect the meaning or
         interpretation of, this Agreement.

         [THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY]

<Page>

                                                                           32

                  If the foregoing is in accordance with your understanding of
our agreement, kindly sign and return to us a counterpart hereof, whereupon this
instrument will become a binding agreement between the Company and the Initial
Purchasers in accordance with its terms.

                                            Very truly yours,

PREEM HOLDINGS AB (PUBL)                    PREEM HOLDINGS AB (PUBL)

By    /s/ Richard Ohman                     By  /s/ John P. Oswald
    --------------------------------           -------------------------------
    Name:                                      Name:
    Title:                                     Title:

Accepted:

DEUTSCHE BANK AG LONDON

By     /s/ Gareth Noonan
   ---------------------------------
     Authorized Signatory

By     /s/ Brian Bassett
   ---------------------------------
     Authorized Signatory

Address for notices pursuant to Section IX(3):
Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
Attention:  Legal Department
Telecopier No.: +44-20-7547-2704

UBS AG, acting through its business group
UBS WARBURG

By    /s/ Marcus Stub
   -----------------------------------------
     Authorized Signatory

By    /s/ Jeffrey Lubin
   -----------------------------------------
     Authorized Signatory

Address for notices pursuant to Section IX(3):
UBS AG, acting through its business group
UBS Warburg
1 Finsbury Avenue,
London EC2M 2PP
Attention:  Legal Department
Telecopier No.: +44-20-7568-4537

<Page>

         SCHEDULE 1

<Table>
<Caption>

                                                      Principal
Initial Purchaser                                      Amount
-----------------                                   of Securities
                                                    -------------
<S>                                                 <C>

Deutsche Bank AG London                                EURO

UBS AG, acting through its business                    EURO
group UBS Warburg

     Total                                             EURO

</Table>

<Page>

                                                                         ANNEX A

--------------------------------------------------------------------------

                    EURO ___ [ ]% Senior Secured Notes due 2011

                          REGISTRATION RIGHTS AGREEMENT

                            Dated as of April o, 2001

                                      Among

                            Preem Holdings AB (publ),
                            Deutsche Bank AG London,
                                       and
                                UBS Warburg Ltd.

--------------------------------------------------------------------------

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>

<S>                                                                                                            PAGE
                                                                                                               <C>
1.       Definitions..............................................................................................3

2.       Exchange Offer...........................................................................................6

3.       Shelf Registration Statement.............................................................................9

4.       Liquidated Damages......................................................................................10

5.       Registration Procedures.................................................................................12

6.       Registration Expenses...................................................................................19

7.       Indemnification and Contribution........................................................................20

8.       Rule 144A...............................................................................................23

9.       Underwritten Registrations..............................................................................23

10.      Miscellaneous...........................................................................................24

         (a)      No Inconsistent Agreements.....................................................................24

         (b)      Adjustments Affecting Transfer Restricted Securities...........................................24

         (c)      Amendments and Waivers.........................................................................24

         (d)      Notices........................................................................................24

         (e)      Successors and Assigns.........................................................................26

         (f)      Counterparts...................................................................................26

         (g)      Headings.......................................................................................26

         (h)      Governing Law..................................................................................26

         (i)      Remedies.......................................................................................26

         (j)      Submission to Jurisdiction; Appointment of Agent for Service; Waiver...........................26

         (k)      Currency Indemnity.............................................................................27

         (l)      Severability...................................................................................28

         (m)      Securities Held by the Company or Its Affiliates...............................................28

                                       i

<Page>

         (n)      Third Party Beneficiaries......................................................................28

         (o)      Entire Agreement...............................................................................28

</Table>

                                       ii

<Page>

                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (the "AGREEMENT") is dated
as of April ?, 2001, among Preem Holdings AB (publ), a company organized under
the laws of the Kingdom of Sweden (the "COMPANY") and Deutsche Bank AG London
and UBS Warburg Ltd. (together, the "INITIAL PURCHASERS").

                  This Agreement is entered into in connection with the Purchase
Agreement, dated as of March ?, 2001, among the Company and the Initial
Purchasers (the "PURCHASE AGREEMENT"), which provides for the sale by the
Company to the Initial Purchasers of its EURO225,000,000% [ ] Senior Secured
Notes due 2011 (the "Securities"). The Securities are to be issued under an
indenture dated as of April ?, 2001 (the "INDENTURE"), between the Company and
Bankers Trust Company, as Trustee. In order to induce the Initial Purchasers to
enter into the Purchase Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement for the benefit of the Initial
Purchasers and their direct and indirect transferees and assigns.

                  The parties hereby agree as follows:

1.                DEFINITIONS

                  Unless otherwise defined herein, terms defined in the
Indenture shall be used herein as defined therein. As used in this Agreement,
the following terms shall have the following meanings:

                  "ADVICE":  As defined in Section 5 hereof.

                  "AGREEMENT":  As defined in the first introductory paragraph
         hereof.

                  "APPLICABLE PERIOD":  As defined in Section 2(b) hereof.

                   "BUSINESS DAY": A day other than a Saturday, Sunday, or other
         day in which commercial banking institutions are authorized or required
         by law to close in New York City, Stockholm, Sweden, London or
         Luxembourg.

                  "CLEARSTREAM":  Clearstream Banking, SOCIETE ANONYME.

                  "COMMON DEPOSITARY":  As defined in Section 5(i) hereof.

                  "COMPANY":  As defined in the first introductory paragraph
         hereto.

                  "EFFECTIVENESS PERIOD":  As defined in Section 3(a) hereof.

                  "EFFECTIVENESS TARGET DATE":  The 180th day after the Issue
         Date.

                  "EUROCLEAR":  Morgan Guaranty Trust Company of New York,
         Brussels office, as operator of the Euroclear System.

                  "EVENT DATE":  As defined in Section 4(b) hereof.

                       MANNHEIMER SWARTLING ADVOKATBYRA

<Page>

                  "EXCHANGE ACT":  The Securities Exchange Act of 1934, as
         amended, and the rules and regulations of the SEC promulgated
         thereunder.

                  "EXCHANGE OFFER":  As defined in Section 2(a) hereof.

                  "EXCHANGE OFFER REGISTRATION STATEMENT":  As defined in
         Section 2(a) hereof.

                  "EXCHANGE SECURITIES":  As defined in Section 2(a) hereof.

                  "FILING DATE":  The 75th day after the Issue Date.

                  "HOLDER":  Any holder of Transfer Restricted Securities.

                  "INDENTURE":  As defined in the second introductory paragraph
         hereto.

                  "INITIAL PURCHASERS":  As defined in the first introductory
         paragraph hereto.

                  "INSPECTORS":  As defined in Section 5(o) hereof.

                  "ISSUE DATE":  The date of the issuance of the Securities
         under the Indenture.

                  "LIQUIDATED DAMAGES":  As defined in Section 4(a) hereof.

                  "NASD":  As defined in Section 5(s) hereof.

                  "PARTICIPANT":  As defined in Section 7(a) hereof.

                  "PARTICIPATING BROKER-DEALER":  As defined in Section 2(b)
         hereof.

                  "PERSON": An individual, trustee, corporation, partnership,
         limited liability company, joint stock company, trust, unincorporated
         association, union, business association, firm or other legal entity.

                  "PRIVATE EXCHANGE":  As defined in Section 2(b) hereof.

                  "PRIVATE EXCHANGE SECURITIES":  As defined in Section 2(b)
         hereof.

                  "PROSPECTUS": The prospectus included in any Registration
         Statement (including, without limitation, any prospectus subject to
         completion and a prospectus that includes any information previously
         omitted from a prospectus filed as part of an effective registration
         statement in reliance upon Rule 430A promulgated under the Securities
         Act), as amended or supplemented by any prospectus supplement, and all
         other amendments and supplements to the Prospectus, including
         post-effective amendments, and all material incorporated by reference
         or deemed to be incorporated by reference in such Prospectus.

                  "PURCHASE AGREEMENT":  As defined in the second introductory
         paragraph hereto.

                  "RECORDS":  As defined in Section 5(o) hereof.

<Page>

                  "REGISTRATION STATEMENT": Any registration statement of the
         Company, including, but not limited to, the Exchange Offer Registration
         Statement or the Shelf Registration Statement, filed with the SEC
         pursuant to the provisions of this Agreement, including the Prospectus,
         amendments and supplements to such registration statement, including
         post-effective amendments, all exhibits, and all material incorporated
         by reference or deemed to be incorporated by reference in such
         registration statement.

                  "RULE 144": Rule 144 promulgated under the Securities Act, as
         such Rule may be amended from time to time, or any similar rule (other
         than Rule 144A) or regulation hereafter adopted by the SEC providing
         for offers and sales of securities made in compliance therewith
         resulting in offers and sales by subsequent holders that are not
         affiliates of an issuer of such securities being free of the
         registration and prospectus delivery requirements of the Securities
         Act.

                  "RULE 144A": Rule 144A promulgated under the Securities Act,
         as such Rule may be amended from time to time, or any similar rule
         (other than Rule 144) or regulation hereafter adopted by the SEC.

                  "RULE 415": Rule 415 promulgated under the Securities Act, as
         such Rule may be amended from time to time, or any similar rule or
         regulation hereafter adopted by the SEC.

                  "SEC":  The U.S. Securities and Exchange Commission.

                  "SECURITIES":  As defined in the second introductory paragraph
         hereto.

                  "SECURITIES ACT":  The United States Securities Act of 1933,
         as amended, and the rules and regulations of the SEC promulgated
         thereunder.

                  "SHELF NOTICE":  As defined in Section 2(c) hereof.

                  "SHELF REGISTRATION STATEMENT":  As defined in Section 3(a)
         hereof.

                  "TRANSFER RESTRICTED SECURITIES": Each Security until the
         earliest to occur of (i) the date on which such Security has been
         exchanged by a Person (other than a Participating Broker-Dealer) for
         Exchange Securities in the Exchange Offer, (ii) following the exchange
         by a Participating Broker-Dealer in the Exchange Offer of such Security
         for one or more Exchange Securities, the date on which such Exchange
         Securities are sold to a purchaser who receives from such Participating
         Broker-Dealer on or prior to the date of such sale a copy of the
         Prospectus, (iii) the date on which such Security has been effectively
         registered under the Securities Act and disposed of in accordance with
         the Shelf Registration Statement or (iv) the date on which such
         Security is eligible for distribution to the public pursuant to Rule
         144 under the Securities Act.

                  "TRUST INDENTURE ACT":  The Trust Indenture Act of 1939, as
         amended.

                  "TRUSTEE": The trustee, in its capacity as such, under the
         Indenture and, if existent, the trustees under any indenture governing
         the Exchange Securities and Private Exchange
<Page>

         Securities (if any); the trustee under the Indenture for the Securities
         shall initially be Bankers Trust Company.

                  "UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING": A
         registration in which securities of the Company are sold to an
         underwriter for reoffering to the public.

2.                EXCHANGE OFFER

                  (a) The Company agrees to file at its sole cost and expense
with the SEC no later than the Filing Date, unless prohibited by applicable law
or SEC policy, an offer to exchange (the "EXCHANGE OFFER") any and all of the
Transfer Restricted Securities (other than Private Exchange Securities, if any)
for a like aggregate principal amount of Securities of the Company, which are
substantially identical in all material respects to the Securities (the
"EXCHANGE SECURITIES") and which are entitled to the benefits of the Indenture
or a trust indenture which is substantially identical in all material respects
to the Indenture (other than such changes to such Indenture or any such
identical trust indenture as are necessary to comply with any requirements of
the SEC to effect or maintain the qualification thereof under the Trust
Indenture Act) and which, in either case, has been qualified under the Trust
Indenture Act, except that the Exchange Securities (other than Private Exchange
Securities, if any) shall have been registered pursuant to an effective
Registration Statement under the Securities Act and shall contain no restrictive
legend thereon. The Exchange Offer shall be registered under the Securities Act
on the appropriate form (the "EXCHANGE OFFER REGISTRATION STATEMENT") and shall
comply with all applicable tender offer rules and regulations under the Exchange
Act. The Company agrees to (i) file (or submit on a confidential basis) the
Exchange Offer Registration Statement with the SEC on or prior to 75 days after
the Issue Date; (ii) use its reasonable best efforts to cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act on or
before the Effectiveness Target Date; (iii) (A) file all pre-effective
amendments to such Registration Statement as may be necessary in order to cause
such Registration Statement to become effective, (B) file, if applicable, a
post-effective amendment to such Registration Statement pursuant to Rule 430A
under the Securities Act and (C) cause all necessary filings in connection with
the registration and qualifications of the Exchange Securities to be made under
the blue sky laws of such jurisdictions as are necessary to permit consummation
of the Exchange Offer; and (iv) use its reasonable best efforts to consummate
the Exchange Offer on or prior to 30 days after the date on which the Exchange
Offer Registration Statement is declared effective by the SEC. Upon the Exchange
Offer Registration Statement being declared effective, the Company will offer
the Exchange Securities in exchange for surrender of the Securities. If after
such Exchange Offer Registration Statement is declared effective by the SEC, the
Exchange Offer or the issuance of the Exchange Securities thereunder is
interfered with by any stop order, injunction or other order or requirement of
the SEC or any other governmental agency or court, such Exchange Offer
Registration Statement shall be deemed not to have become effective for purposes
of this Agreement. Each Holder who participates in the Exchange Offer will be
required to represent that (i) any Exchange Securities received by it will be
acquired in the ordinary course of its business, (ii) it has no arrangement or
understanding with any Person to participate in the distribution (within the
meaning of the Securities Act) of the Exchange Securities, (iii) it is not an
"affiliate" (as defined in Rule 405 under the Securities Act) of the Company or,
if it is such an affiliate, it will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable and (iv) it
is not acting on behalf of any Person who could not truthfully

<Page>

make the foregoing representations. If such Holder is not a broker-dealer,
such Holder will be required to represent that it is not engaged in, and does
not intend to engage in, the distribution of the Exchange Securities. If such
Holder is a broker-dealer that will receive Exchange Securities for its own
account in exchange for Securities that were acquired as a result of
market-making activities or other trading activities, it will be required to
acknowledge that it will deliver a prospectus in connection with any resale
of such Exchange Securities. Upon consummation of the Exchange Offer in
accordance with this Section 2, the Company shall have no further obligation
to register Transfer Restricted Securities (other than Private Exchange
Securities and other than in respect of any Exchange Securities as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. No securities
other than the Exchange Securities shall be included in the Exchange Offer
Registration Statement.

                  (b) The Company shall include within the Prospectus contained
in the Exchange Offer Registration Statement a section entitled "Plan of
Distribution," reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the Staff
of the SEC with respect to the potential "underwriter" status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of Exchange Securities received by such broker-dealer in the
Exchange Offer (a "PARTICIPATING BROKER-DEALER"), whether such positions or
policies have been publicly disseminated by the Staff of the SEC or such
positions or policies, in the judgment of the Initial Purchasers, represent the
prevailing views of the Staff of the SEC. Such "Plan of Distribution" section
shall also expressly permit the use of the Prospectus by all Persons subject to
the prospectus delivery requirements of the Securities Act, including all
Participating Broker-Dealers (unless such Participating Broker-Dealer will be
reselling an unsold allotment from the original sale of the Securities), and
include a statement describing the means by which Participating Broker-Dealers
may resell the Exchange Securities.

                  After the consummation of the Exchange Offer, the Company
shall use its best efforts to keep the Exchange Offer Registration Statement
effective and to amend and supplement the Prospectus contained therein, in order
to permit such Prospectus to be lawfully delivered by any Participating
Broker-Dealer subject to the prospectus delivery requirements of the Securities
Act and other Persons, if any, with similar prospectus delivery requirements for
such period of time as is necessary to comply with applicable law in connection
with any resale of the Exchange Securities; PROVIDED, HOWEVER, that such period
shall not exceed 180 days after the consummation of the Exchange Offer (or such
longer period if extended pursuant to the last paragraph of Section 5 hereof)
(the "APPLICABLE PERIOD").

                  If, prior to consummation of the Exchange Offer, the Initial
Purchasers hold any Securities acquired by them and having, or which are
reasonably likely to be determined to have, the status of an unsold allotment in
the initial distribution, the Company, upon the written request of the Initial
Purchasers simultaneously with the delivery of the Exchange Securities in the
Exchange Offer, shall issue and deliver to the Initial Purchasers in exchange
(the "PRIVATE EXCHANGE") for such Securities held by the Initial Purchasers a
like principal amount of Securities of the Company, that are substantially
identical in all material respects to the Exchange Securities (the "PRIVATE
EXCHANGE SECURITIES") (and which are issued pursuant to the same indenture as
the Exchange Securities) except for the placement of a restrictive legend on
such Private Exchange Securities. The Private Exchange Securities shall bear the
same CUSIP number, if any, ISIN number and Common Code as

<Page>

the Exchange Securities to the extent permitted by the CUSIP Service Bureau
of Standard & Poor's and other applicable organizations.

                  Interest on the Exchange Securities and the Private Exchange
Securities will accrue from the last interest payment date on which interest was
paid on the Securities surrendered in exchange therefor or if no interest has
been paid on the Securities from the Issue Date.

                  In connection with the Exchange Offer, the Company shall:

                  (1) mail to each Holder a copy of the Prospectus forming part
of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents;

                  (2) utilize the services of a depositary for the Exchange
Offer with an address in London, England, which may be either the Trustee or an
affiliate of the Trustee;

                  (3) permit Holders to withdraw tendered Securities at any
time prior to the close of business, London time, on the last business day on
which the Exchange Offer shall remain open; and

                  (4) otherwise comply in all material respects with all
applicable laws, rules and regulations.

                  As soon as practicable after the close of the Exchange Offer
or the Private Exchange, as the case may be, the Company shall:

                  (1) accept for exchange all Securities tendered and not
validly withdrawn pursuant to the Exchange Offer or the Private Exchange;

                  (2) deliver to the Trustees or Authenticating Agent for
cancellation of all Securities so accepted for exchange; and

                  (3) cause each Trustee promptly to authenticate and deliver to
each Holder of the Securities, Exchange Securities or Private Exchange
Securities, as the case may be, in global form in aggregate principal amount
equal to the respective Securities so accepted for exchange, as further set
forth in the Indenture.

                  The Exchange Securities and the Private Exchange Securities
may be issued under (i) the Indenture or (ii) indenture substantially identical
in all material respects to the Indenture which in either event shall provide
that (1) the Exchange Securities shall not be subject to the transfer
restrictions set forth in the Indenture and (2) the Private Exchange Securities
shall be subject to the transfer restrictions set forth in the Indenture. The
Indenture or such indenture substantially identical in all material respects to
the Indenture shall provide that the Exchange Securities, Private Exchange
Securities and Securities shall vote and consent together on all matters as one
class and that none of the Exchange Securities, Private Exchange Securities or
Securities will have the right to vote or consent as a separate class on any
matter.

<Page>

                  (c) If (i) the Company is not permitted to file the Exchange
Offer Registration Statement or to consummate the Exchange Offer because the
Exchange Offer is not permitted by applicable law or SEC policy, (ii) any Holder
of Transfer Restricted Securities that is a "qualified institutional buyer" (as
defined in Rule 144A under the Securities Act) notifies the Company at least 20
Business Days prior to the consummation of the Exchange Offer that (a)
applicable law or SEC policy prohibits such Holder from participating in the
Exchange Offer, (b) such Holder may not resell the Exchange Securities acquired
by it in the Exchange Offer to the public without delivering a prospectus and
the prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales by such Holder or (c) such Holder is a
broker-dealer and holds Securities acquired directly from the Company or an
affiliate of the Company, (iii) the Exchange Offer is not for any other reason
consummated within 210 days after the Issue Date, or (iv) the Exchange Offer has
been completed and in the opinion of counsel for the Initial Purchasers a
Registration Statement must be filed and a prospectus must be delivered by the
Initial Purchasers in connection with any offering or sale of Transfer
Restricted Securities, then the Company shall promptly deliver written notice
thereof (the "SHELF NOTICE") to the Trustees and in the case of clauses (i) and
(iii), all Holders and, in the case of clauses (ii) and (v) the affected
Holders, and shall at its own cost file a Shelf Registration Statement pursuant
to Section 3 hereof.

3.                SHELF REGISTRATION STATEMENT

                  If a Shelf Notice is delivered as contemplated by Section 2(c)
hereof, then:

                  (a) The Company will use its reasonable best efforts to: (A)
file with the SEC a Registration Statement for an offering to be made on a
continuous basis pursuant to Rule 415 covering all of the Transfer Restricted
Securities (the "SHELF REGISTRATION STATEMENT"), within 90 days of the earliest
to occur of clauses (i) through (iv) in Section 2(c) above and (B) cause the
Shelf Registration Statement to be declared effective by the SEC on or prior to
the 150th day after such obligation arises; PROVIDED, HOWEVER, that if the
Company files a Shelf Registration Statement pursuant to this Section 3(a), it
need not abandon the attempt to cause the SEC to declare the Exchange Offer
Registration Statement effective, and it may satisfy its obligations to register
the Securities pursuant to this Agreement either by complying with Section 2
and/or Section 3. If the Company shall not have yet filed an Exchange Offer
Registration Statement, the Company shall use its best efforts to file with the
SEC the Shelf Registration Statement on or prior to the Filing Date. The Shelf
Registration Statement shall be on Form F-1 or another appropriate form
permitting registration of such Transfer Restricted Securities for resale by
Holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings), or may be an amendment to the
Exchange Offer Registration Statement. The Company shall not permit any
securities other than the Transfer Restricted Securities to be included in the
Shelf Registration Statement.

                  The Company shall use its reasonable best efforts to keep the
Shelf Registration Statement continuously effective, supplemented and amended to
ensure that it is available for resales of Securities by the holders of Transfer
Restricted Securities entitled to this benefit and to ensure that such Shelf
Registration Statement conforms and continues to conform with the requirements
of this Agreement, the Securities Act and the policies, rules and regulations of
the SEC, as announced from time to time, until the second anniversary of the
Issue Date, subject to extension pursuant to the last paragraph of Section 5
hereof (the "EFFECTIVENESS PERIOD"), or such

<Page>

shorter period ending when all Transfer Restricted Securities covered by the
Shelf Registration Statement have been sold in the manner set forth and as
contemplated in the Shelf Registration Statement or when the Transfer
Restricted Securities become eligible for resale pursuant to Rule 144 under
the Securities Act without volume restrictions, if any.

                  (b) If the Shelf Registration Statement ceases to be effective
for any reason at any time during the Effectiveness Period (other than because
of the sale of all of the securities registered thereunder), the Company shall
use its best efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof.

                  (c) The Company shall promptly supplement and amend the Shelf
Registration Statement if required by the rules, regulations or instructions
applicable to the registration form used for such Shelf Registration Statement,
if required by the Securities Act, or if reasonably requested by the Holders of
a majority in aggregate principal amount of the Transfer Restricted Securities
covered by such Registration Statement or by any underwriter of such Transfer
Restricted Securities based on a reasonable belief that such supplement or
amendment is required by law.

4.                LIQUIDATED DAMAGES

                                    (a)     The Company and the Initial
         Purchasers agree that the Holders of Securities will suffer damages if
         the Company fails to fulfill its obligations under Section 2 or Section
         3 hereof and that it would not be feasible to ascertain the extent of
         such damages with precision. Accordingly, the Company agrees to pay, as
         liquidated damages, additional interest on the Securities ("LIQUIDATED
         DAMAGES") under the circumstances and to the extent set forth below
         (each of which shall be given independent effect and shall not be
         duplicative):

                           (i) if neither the Exchange Offer Registration
         Statement nor the Shelf Registration Statement has been filed on or
         prior to the Filing Date, then, commencing on the 76th day after the
         Issue Date, Liquidated Damages shall accrue on the Securities over and
         above the stated interest at a rate of 0.50% per annum for the first 90
         days immediately following the Filing Date, such Liquidated Damages
         rate increasing by an additional 0.50% per annum at the beginning of
         each subsequent 90-day period, or part thereof;

                           (ii) if neither the Exchange Offer Registration
         Statement nor the Shelf Registration Statement is declared effective by
         the SEC on or prior to the Effectiveness Target Date, then, commencing
         on the 181st day after the Issue Date, Liquidated Damages shall accrue
         on the Securities included or which should have been included in such
         Registration Statement over and above the stated interest at a rate of
         0.50% per annum for the first 90 days immediately following the
         Effectiveness Target Date, such Liquidated Damages rate increasing by
         an additional 0.50% per annum at the beginning of each subsequent
         90-day period, or part thereof; or

                           (iii) if the Exchange Offer has not been consummated
         within 30 days after the Effectiveness Target Date with respect to the
         Exchange Offer Registration Statement,

<Page>

         Liquidated Damages shall accrue on the Securities over and above the
         stated interest at a rate of 0.50% per annum for the first 90 days
         commencing on the 31st day after the Effectiveness Target Date, such
         Liquidated Damages rate increasing by an additional 0.50% per annum
         at the beginning of each subsequent 90-day period, or part thereof;
         or

                           (iv) (A) the Exchange Offer Registration Statement is
         filed and declared effective but thereafter ceases to be effective or
         fails to be usable for its intended purpose at any time prior to the
         time that the Exchange Offer is consummated and is not succeeded within
         5 Business Days by an additional Registration Statement filed and
         declared effective or (B) the Shelf Registration Statement is filed and
         declared effective but thereafter ceases to be effective or fails to be
         usable for its intended purpose at any time during the Effectiveness
         Period and is not succeeded within 5 Business Days by an additional
         Registration Statement filed and declared effective, Liquidated Damages
         shall accrue on the Securities over and above the stated interest rate
         at a rate of 0.50% per annum for the first 90 days commencing on the
         day the applicable Registration Statement ceases to be effective or
         usable for its intended purpose without being declared effective again
         within 5 Business Days, such Liquidated Damages rate increasing by an
         additional 0.50% per annum at the beginning of each such subsequent
         90-day period, or part thereof (it being understood and agreed that,
         notwithstanding any provision to the contrary, so long as any Note that
         is the subject of a Shelf Notice is then covered by an effective Shelf
         Registration Statement, no Liquidated Damages shall accrue on such
         Note); PROVIDED, HOWEVER, that Liquidated Damages may accrue at a
         maximum rate of 2% per annum of the principal amount of Securities; and
         PROVIDED, FURTHER, that (1) upon the filing of the Exchange Offer
         Registration Statement or a Shelf Registration Statement as required
         hereunder (in the case of clause (i) of this Section 4(a)), (2) upon
         the effectiveness of the Exchange Offer Registration Statement or the
         Shelf Registration Statement as required hereunder (in the case of
         clause (ii) of this Section 4(a)), (3) upon the consummation of the
         Exchange Offer (in the case of clause (iii) of this Section 4(a)), and
         (4) upon the effectiveness or usability of the Exchange Offer
         Registration Statement which had ceased to remain effective or be
         usable (in the case of clause (iv)(A) of this Section 4(a)), or upon
         the effectiveness or usability of the Shelf Registration Statement
         which had ceased to remain effective or be usable (in the case of
         clause (iv)(B) of this Section 4(a)), Liquidated Damages on the
         affected Securities as a result of such clause (or the relevant
         subclause thereof), as the case may be, shall cease to accrue.

                           (b)      The Company shall notify the Trustee and
each Paying Agent within 5 Business Days after each and every date on which an
event occurs in respect of which Liquidated Damages is required to be paid (an
"EVENT DATE"). Any amounts of Liquidated Damages due pursuant to (a)(i),
(a)(ii), (a)(iii) or (a)(iv) of this Section 4 will be payable as set forth in
the Indenture and the Notes semi-annually on each April 15 and October 15 (to
the holders of record on the April 1 and October 1 immediately preceding such
dates), commencing with the first such date occurring after any such Liquidated
Damages commences to accrue. The amount of Liquidated Damages will be determined
by multiplying the applicable Liquidated Damages rate by the principal amount of
the affected Securities of such Holders, multiplied by a fraction, the numerator
of which is the number of days such Liquidated Damages rate was applicable
during such period (determined on the basis of a 360-day year comprised of
twelve 30-day months and, in the case of a partial month, the actual number of
days elapsed), and the denominator of which is 360. The

<Page>

Company shall notify the Trustee within 5 Business Days of the cessation of
any requirement to pay Liquidated Damages hereunder.

                           (c)      Upon both commencement and completion of the
Exchange Offer, the Company will provide notice thereof (if and so long as the
Securities are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require) by publication in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT).

5.                REGISTRATION PROCEDURES

                  In connection with the filing of any Registration Statement
pursuant to Sections 2 or 3 hereof, the Company shall effect such
registration(s) to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Company hereunder the Company shall:

                      (a)  Prepare and file with the SEC prior to the Filing
Date, a Registration Statement or Registration Statements as prescribed by
Sections 2 or 3 hereof, and use its best efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; PROVIDED,
HOWEVER, that, if (1) such filing is pursuant to Section 3 hereof, or (2) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, before filing any Registration Statement or Prospectus or any
amendments or supplements thereto, the Company shall furnish to and afford the
Holders of the Transfer Restricted Securities covered by such Registration
Statement or each such Participating Broker-Dealer, as the case may be, their
counsel and the managing underwriters, if any, a reasonable opportunity to
review copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be filed
(in each case at least 5 Business Days prior to such filing).

                  (b) Prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such
Registration Statement continuously effective for the Effectiveness Period or
the Applicable Period or until consummation of the Exchange Offer, as the case
may be; cause the related Prospectus to be supplemented by any Prospectus
supplement required by applicable law, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provisions then in force) promulgated under
the Securities Act; and comply with the provisions of the Securities Act and the
Exchange Act applicable to it with respect to the disposition of all securities
covered by such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being
sold by a Participating Broker-Dealer covered by any such Prospectus.
Notwithstanding the foregoing, if the Board of Directors of the Company
determines in good faith that it is in the best interests of the Company not to
disclose the existence of or facts surrounding any proposed or pending material
event or transaction involving the Company or its subsidiaries, the Company may
(i) in the event a Shelf Registration Statement has been filed, allow the Shelf
Registration Statement to fail to be effective or usable as a result of such
nondisclosure for up to 60 days during the Effectiveness

<Page>

Period, but in no event for any period in excess of 30 consecutive days, and
(ii) in the event the Exchange Offer is consummated, allow the Exchange Offer
Registration Statement to fail to be effective or usable as a result of such
non-disclosure for up to 15 days during the Applicable Period. The Company
shall be deemed not to have used its best efforts to keep a Registration
Statement effective during the Applicable Period if it voluntarily takes any
action that would result in selling Holders of the Transfer Restricted
Securities covered thereby or Participating Broker-Dealers seeking to sell
Exchange Securities not being able to sell such Transfer Restricted
Securities or such Exchange Securities during that period unless such action
is required by applicable law or unless the Company complies with this
Agreement, including without limitation, the provisions of paragraph 5(k)
hereof and the last paragraph of this Section 5.

                  (c) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in an Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Securities during the Applicable Period, notify the Holders of
Transfer Restricted Securities, or each such Participating Broker-Dealer, as the
case may be, their counsel and the managing underwriters, if any, promptly (but
in any event within 5 Business Days), and, if requested by such Persons, confirm
such notice in writing, (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective
under the Securities Act (including in such notice a written statement that any
Holder may, upon request, obtain, at the sole expense of the Company, one
conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed
to be incorporated by reference and exhibits), (ii) of the issuance by the SEC
of any stop order suspending the effectiveness of a Registration Statement or of
any order preventing or suspending the use of any preliminary prospectus or the
initiation of any proceedings for that purpose, (iii) if at any time when a
prospectus is required by the Securities Act to be delivered in connection with
sales of the Transfer Restricted Securities or resales of Exchange Securities by
Participating Broker-Dealers, the representations and warranties of the Company
contained in any agreement (including any underwriting agreement), contemplated
by Section 5(n) hereof cease to be true and correct, (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of a Registration Statement or any of the
Transfer Restricted Securities or the Exchange Securities to be sold by any
Participating Broker-Dealer for offer or sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose, (v) of the
happening of any event, the existence of any condition or any information
becoming known that makes any statement made in such Registration Statement or
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making
of any changes in or amendments or supplements to such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and
(vi) of the determination by the Company that a post-effective amendment to a
Registration Statement would be appropriate.

<Page>

                  (d) Use its best efforts to prevent the issuance of any order
suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of a Prospectus or suspending the qualification
(or exemption from qualification) of any of the Transfer Restricted Securities
or the Exchange Securities for sale in any jurisdiction, and, if any such order
is issued, to use its best efforts to obtain the withdrawal of any such order at
the earliest possible moment.

                  (e) If a Shelf Registration Statement is filed pursuant to
Section 3 and if requested by the managing underwriter or underwriters (if any),
or the Holders of a majority in aggregate principal amount of the Transfer
Restricted Securities being sold in connection with an underwritten offering or
any Participating Broker-Dealer, (i) promptly incorporate in a prospectus
supplement or post-effective amendment such information as the managing
underwriter or underwriters (if any), such Holders, any Participating
Broker-Dealer or counsel for any of them determines is necessary to be included
therein, (ii) make all required filings of such prospectus supplement or such
post-effective amendment as soon as practicable after the Company has received
notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment and (iii) supplement or make amendments to such
Registration Statement.

                  (f) If (l) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in an Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Securities during the Applicable Period, furnish to each
selling Holder of Transfer Restricted Securities and to each such Participating
Broker-Dealer who so requests and to counsel and each managing underwriter, if
any, at the sole expense of the Company, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules, and, if requested, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits.

                  (g) If (l) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in an Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Securities during the Applicable Period, deliver to each Holder
of Transfer Restricted Securities, or each such Participating Broker-Dealer, as
the case may be, their respective counsel, and the underwriters, if any, at the
sole expense of the Company, as many copies of the Prospectus or Prospectuses
(including each form of preliminary prospectus) and each amendment or supplement
thereto and any documents incorporated by reference therein as such Persons may
reasonably request; and, subject to the last paragraph of this Section 5, the
Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the Holders of Transfer Restricted Securities or
each such Participating Broker-Dealer, as the case may be, and the underwriters
or agents, if any, and dealers (if any), in connection with the offering and
sale of the Transfer Restricted Securities covered by, or the sale by
Participating Broker-Dealers of the Exchange Securities pursuant to, such
Prospectus and any amendment or supplement thereto.

                  (h) Prior to any public offering of Transfer Restricted
Securities or Exchange Securities or any delivery of a Prospectus contained in
the Exchange Offer Registration Statement by any Participating Broker-Dealer who
seeks to sell Exchange Securities during the Applicable Period, use its
reasonable best efforts to register or qualify (and to cooperate with selling
Holders of

<Page>

Transfer Restricted Securities or each such Participating Broker-Dealer, as
the case may be, the managing underwriter or underwriters, if any, and their
respective counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Transfer
Restricted Securities) for offer and sale under the securities or Blue Sky
laws of such jurisdictions within the United States as any selling Holder,
Participating Broker-Dealer, or the managing underwriter or underwriters
reasonably request; PROVIDED, HOWEVER, that where Exchange Securities held by
Participating Broker-Dealers or Transfer Restricted Securities are offered
other than through an underwritten offering, the Company agrees to cause its
counsel to perform Blue Sky investigations and file registrations and
qualifications required to be filed pursuant to this Section 5(h); keep each
such registration or qualification (or exemption therefrom) effective during
the period such Registration Statement is required to be kept effective and
do any and all other acts or things reasonably necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Securities held
by Participating Broker-Dealers or the Transfer Restricted Securities covered
by the applicable Registration Statement; PROVIDED, HOWEVER, that the Company
shall not be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action that
would subject it to general service of process in any such jurisdiction where
it is not then so subject or (C) subject itself to taxation in any such
jurisdiction where it is not then so subject.

                  (i) If a Shelf Registration Statement is filed pursuant to
Section 3 hereof, cooperate with the selling Holders of Transfer Restricted
Securities and the managing underwriter or underwriters, if any, to facilitate
the timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold, which certificates shall not bear any
restrictive legends and shall be in a form eligible for deposit with the Common
Depositary; and enable such Transfer Restricted Securities to be in such
denominations and registered in such names as the managing underwriter or
underwriters, if any, or Holders may request.

                  (j) Use its reasonable best efforts to cause the Transfer
Restricted Securities covered by the Registration Statement and the Exchange
Securities to be registered with or approved by such other governmental agencies
or authorities as may be necessary to enable the selling Holders thereof or the
underwriter or underwriters, if any, to dispose of such Transfer Restricted
Securities or Exchange Securities, except as may be required solely as a
consequence of the nature of a selling Holder's business, in which case the
Company will cooperate in all reasonable respects with the filing of such
Registration Statement and the granting of such approvals.

                  (k) If (l) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in an Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Securities during the Applicable Period, upon the occurrence of
any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as
practicable prepare and (subject to Section 5(b) hereof) file with the SEC, at
the sole expense of the Company, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, or file any
other required document so that, as thereafter delivered to the purchasers of
the Transfer Restricted Securities being sold thereunder or to the purchasers of
the Exchange Securities to whom such Prospectus will be delivered by a
Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated

<Page>

therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

                  (l) Unless the rating in effect for the Securities is equally
applicable and in effect for the Exchange Securities and the Transfer Restricted
Securities, use its best efforts to cause the Transfer Restricted Securities
covered by a Registration Statement or the Exchange Securities, as the case may
be, to be rated with the appropriate rating agencies.

                  (m) Prior to the effective date of the first Registration
Statement relating to the Transfer Restricted Securities, provide a CUSIP
number, ISIN Code and Common Code for the Transfer Restricted Securities or
Exchange Securities, as the case may be.

                  (n) In connection with any underwritten offering of Transfer
Restricted Securities pursuant to a Shelf Registration Statement, enter into an
underwriting agreement as is customary in underwritten offerings of debt
securities similar to the Securities and take all such other actions as are
reasonably requested by the managing underwriter or underwriters in order to
facilitate the registration or the disposition of such Transfer Restricted
Securities and, in such connection, (i) make such representations and warranties
to, and covenants with, the underwriters with respect to the business of the
Company and its subsidiaries (including any acquired business, properties or
entity, if applicable) and the Registration Statement, Prospectus and documents,
if any, incorporated or deemed to be incorporated by reference therein, in each
case, as are customarily made by issuers to underwriters in underwritten
offerings of debt securities similar to the Securities, and confirm the same in
writing if and when requested; (ii) obtain the written opinion of counsel to the
Company and written updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter or underwriters, addressed to the
underwriters covering the matters customarily covered in opinions requested in
underwritten offerings of debt similar to the Securities and such other matters
as may be reasonably requested by the managing underwriter or underwriters;
(iii) obtain "comfort" letters and updates thereof in form, scope and substance
reasonably satisfactory to the managing underwriter or underwriters from the
independent certified public accountants of the Company (and, if necessary, any
other independent certified public accountants of any subsidiary of the Company
or of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included or incorporated by reference
in the Registration Statement), addressed to each of the underwriters, such
letters to be in customary form and covering matters of the type customarily
covered in "comfort" letters in connection with underwritten offerings of debt
similar to the Securities and such other matters as reasonably requested by the
managing underwriter or underwriters; and (iv) if an underwriting agreement is
entered into, the same shall contain indemnification provisions and procedures
no less favorable than those set forth in Section 7 hereof (or such other
provisions and procedures acceptable to Holders of a majority in aggregate
principal amount of Transfer Restricted Securities covered by such Registration
Statement and the managing underwriter or underwriters or agents) with respect
to all parties to be indemnified pursuant to said Section, including, without
limitation, the Holders of Transfer Restricted Securities and the underwriters.
The above shall be done at each closing under such underwriting agreement, or as
and to the extent required thereunder.

                  (o) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in an Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who

<Page>

seeks to sell Exchange Securities during the Applicable Period, make
available for inspection by any selling Holder of such Transfer Restricted
Securities being sold, or each such Participating Broker-Dealer, as the case
may be, any underwriter participating in any such disposition of Transfer
Restricted Securities, if any, and any attorney, accountant or other agent
retained by any such selling Holder or each such Participating Broker-Dealer,
as the case may be, or underwriter (collectively, the "INSPECTORS"), at the
offices where normally kept, during reasonable business hours, all financial
and other records, pertinent corporate documents and instruments of the
Company and its subsidiaries (collectively, the "RECORDS") as shall be
reasonably necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the
Company and its subsidiaries to supply all information reasonably requested
by any such Inspector in connection with such Registration Statement. Records
that the Company determines, in good faith, to be confidential and any
Records that it notifies the Inspectors are confidential shall not be
disclosed by the Inspectors unless (i) the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in such Registration
Statement, (ii) the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction, (iii) disclosure of
such information is, in the opinion of counsel for any Inspector, necessary
or advisable in connection with any action, claim, suit or proceeding,
directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, relating to, or involving this Agreement, or any
transactions contemplated hereby or arising hereunder or (iv) the information
in such Records has been made generally available to the public. Each selling
Holder of such Transfer Restricted Securities and each such Participating
Broker-Dealer will be required to agree that information obtained by it as a
result of such inspections shall be deemed confidential and shall not be used
by it as the basis for any market transactions in the securities of the
Company unless and until such information is generally available to the
public. Each selling Holder of such Transfer Restricted Securities and each
such Participating Broker-Dealer or underwriter, as the case may be, will be
required further to agree that it will, upon learning that disclosure of such
Records is sought in a court of competent jurisdiction, give notice to the
Company and allow the Company at its sole expense to undertake appropriate
action to prevent disclosure of the Records deemed confidential.

                  (p) Provide an indenture trustee for the Transfer Restricted
Securities or the Exchange Securities, as the case may be, and cause the
applicable Indenture or the trust indenture provided for in Section 2(a) hereof,
as the case may be, to be qualified under the Trust Indenture Act not later than
the effective date of the first Registration Statement relating to the Transfer
Restricted Securities; and in connection therewith, cooperate with the trustee
under any such indenture and the Holders of the Transfer Restricted Securities,
to effect such changes to such indenture as may be required for such indenture
to be so qualified in accordance with the terms of the Trust Indenture Act;
furnish the trustee with an officer's certificate certifying that such indenture
has been so qualified under the Trust Indenture Act and that the Transfer
Restricted Securities are the subject of a Registration Statement; and execute,
and use its reasonable best efforts to cause such trustee to execute, all
documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so
qualified in a timely manner.

                  (q) Comply with all applicable rules and regulations of the
SEC and make generally available to its securityholders earnings statements
satisfying the provisions of Section 11(a) of the

<Page>

Securities Act and Rule 158 thereunder (or any similar rule promulgated under
the Securities Act) no later than 45 days after the end of any 12-month
period (or 90 days after the end of any 12-month period if such period is a
fiscal year) (i) commencing at the end of any fiscal quarter in which
Transfer Restricted Securities are sold to underwriters in a firm commitment
or best efforts underwritten offering and (ii) if not sold to underwriters in
such an offering, commencing on the first day of the first fiscal quarter of
the Company after the effective date of a Registration Statement, which
statements shall cover said 12-month periods.

                  (r) If an Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Transfer Restricted Securities by Holders to
the Company (or to such other Person as directed by the Company) in exchange for
the Exchange Securities or the Private Exchange Securities, as the case may be,
the Company shall mark, or cause to be marked, on such Transfer Restricted
Securities that such Transfer Restricted Securities are being cancelled in
exchange for the Exchange Securities or the Private Exchange Securities, as the
case may be; in no event shall such Transfer Restricted Securities be marked as
paid or otherwise satisfied.

                  (s) Cooperate with each seller of Transfer Restricted
Securities covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Transfer Restricted Securities and
their respective counsel in connection with any filings required to be made with
the National Association of Securities Dealers, Inc. (the "NASD").

                  (t) Use its best efforts to take all other steps necessary or
advisable to effect the registration of the Exchange Securities and/or Transfer
Restricted Securities covered by a Registration Statement contemplated hereby.

                  (u) Make an application to list the Exchange Securities on the
Luxembourg Stock Exchange and to use its best efforts to have the Exchange
Securities admitted to trading on the Luxembourg Stock Exchange as promptly as
practicable and thereafter maintained such listing.

                  The Company may require each seller of Transfer Restricted
Securities as to which any Shelf Registration Statement is being effected to (i)
furnish to the Company such information regarding such seller and the
distribution of such Transfer Restricted Securities and (ii) make such
representations, in each case as the Company may, from time to time, reasonably
request. The Company may exclude from such registration the Transfer Restricted
Securities of any seller who unreasonably fails to furnish such information or
make such representations within a reasonable time after receiving such request.
Each seller as to which any Shelf Registration Statement is being effected
agrees to furnish promptly to the Company all information required to be
disclosed in order to make the information previously furnished to the Company
by such seller not materially misleading.

                  Each Holder of Transfer Restricted Securities and each
Participating Broker-Dealer agrees by acquisition of such Transfer Restricted
Securities or Exchange Securities to be sold by such Participating
Broker-Dealer, as the case may be, that, upon actual receipt of any notice from
the Company of the happening of any event of the kind described in Section
5(c)(ii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such Holder will forthwith
discontinue disposition of such Transfer Restricted Securities covered by such
Registration Statement or Prospectus or Exchange Securities to be sold by such
Holder or Participating Broker-Dealer, as the case may be, until such Holder's
or

<Page>

Participating Broker-Dealer's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(k) hereof, or until it is
advised in writing (the "ADVICE") by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any
amendments or supplements thereto. In the event the Company shall give any
such notice, each of the Effectiveness Period and the Applicable Period shall
be extended by the number of days during such periods from and including the
date of the giving of such notice to and including the date when each seller
of Transfer Restricted Securities covered by such Registration Statement or
Exchange Securities to be sold by such Participating Broker-Dealer, as the
case may be, shall have received (x) the copies of the supplemented or
amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice.

6.                REGISTRATION EXPENSES

                         (a) All fees and expenses incident to the performance
of or compliance with this Agreement by the Company shall be borne by the
Company whether or not the Exchange Offer Registration Statement or a Shelf
Registration Statement is filed or becomes effective, including, without
limitation, (i) all registration and filing fees (including, without limitation,
(A) fees with respect to filings required to be made with the NASD in connection
with an underwritten offering, (B) fees and expenses of compliance with state
securities or Blue Sky laws (including, without limitation, reasonable fees and
disbursements of counsel in connection with Blue Sky qualifications of the
Transfer Restricted Securities or Exchange Securities and determination of the
eligibility of the Transfer Restricted Securities or Exchange Securities for
investment under the laws of such jurisdictions (x) where the holders of
Transfer Restricted Securities are located, in the case of the Exchange
Securities, or (y) as provided in Section 5(h) hereof, in the case of Transfer
Restricted Securities or Exchange Securities to be sold by a Participating
Broker-Dealer during the Applicable Period)), and (C) all expenses and fees in
connection with the obtaining of any approval from any relevant authority in
Sweden; (ii) printing expenses, including, without limitation, the printing of
prospectuses if the printing of prospectuses is requested by the managing
underwriter or underwriters, if any, by the Holders of a majority in aggregate
principal amount of the Transfer Restricted Securities included in any
Registration Statement or by any Participating Broker-Dealer, as the case may
be, (iii) fees and disbursements of counsel for the Company and fees and
disbursements of special counsel for the sellers of Transfer Restricted
Securities (subject to the provisions of Section 6(b) hereof), (iv) fees and
disbursements of all independent certified public accountants referred to in
Section 5(n)(iii) hereof (including, without limitation, the expenses of any
special audit and "cold comfort" letters required by or incident to such
performance), (v) rating agency fees, if any, and any fees associated with
making the Exchange Securities eligible for trading through Euroclear and
Clearstream Banking, (vi) Securities Act liability insurance, if the Company
desires such insurance, (vii) reasonable fees and expenses of all other Persons
retained by the Company, (viii) internal expenses of the Company (including,
without limitation, all salaries and expenses of officers and employees of the
Company performing legal or accounting duties), (ix) the expense of any annual
audit, (x) the fees and expenses incurred in connection with the listing of the
securities to be registered on any securities exchange, including, without
limitation, the Luxembourg Stock Exchange, and (xi) the expenses relating to
printing, word processing and distributing all Registration Statements,
underwriting agreements, securities sales agreements, indentures and any other
documents necessary in order to comply with this Agreement.

<Page>

                  (b) The Company shall reimburse the Holders of the Transfer
Restricted Securities being registered in a Shelf Registration Statement for the
fees and disbursements of not more than one counsel (in addition to appropriate
local counsel) chosen by the Holders of a majority in aggregate principal amount
of the Transfer Restricted Securities to be included in such Registration
Statement (which counsel shall be Simpson Thacher & Bartlett unless otherwise
affirmatively stated by the Holders) and other out-of-pocket expenses of such
Holders of Transfer Restricted Securities incurred in connection with the
registration and sale of the Transfer Restricted Securities pursuant to a Shelf
Registration Statement or the exchange of Transfer Restricted Securities
pursuant to the Exchange Offer.

7.                INDEMNIFICATION AND CONTRIBUTION

                         (a) The Company shall indemnify and hold harmless each
Holder of Transfer Restricted Securities offered pursuant to a Shelf
Registration Statement, each Participating Broker-Dealer selling Exchange
Securities during the Applicable Period and the Initial Purchasers, and their
respective affiliates, their respective officers, directors, employees,
representatives and agents, and each Person, if any, who controls any such
Person within the meaning of the Securities Act or the Exchange Act (each a
"PARTICIPANT"), from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof (including, without limitation, any
loss, claim, damage, liability or action relating to purchases and sales of
Transfer Restricted Securities and Exchange Securities as the case may be) to
which any such Holder, Broker-Dealer or Initial Purchaser may become subject,
whether commenced or threatened under the Securities Act, the Exchange Act, any
other supra-national, federal, regional, local and foreign statutory law or
regulation at common law or otherwise, insofar a such loss, claim, damage,
liability or action arises out of, or is based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus, or any amendment or supplement thereto, or any related
preliminary prospectus, or in any blue sky application or other document
prepared or executed by the Company (or based upon any written information
furnished by the Company) specifically for the purpose of qualifying any or all
of the Transfer Restricted Securities under the securities laws of any state or
other jurisdiction (such application, document or information being hereinafter
called a "BLUE SKY APPLICATION"), or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, and shall reimburse each
Participant promptly upon demand for any legal or other costs, charges and
expenses reasonably incurred by that Participant in connection with
investigating or defending or preparing to defend against or appearing as a
third party witness in connection with any such loss, claim, damage, liability
or action as such expenses are incurred; PROVIDED, HOWEVER, that the Company
shall not be liable in any such case to the extent that any such loss, claim,
damage, liability or action arises out of, or is based upon, an untrue statement
or alleged untrue statement in or omission or alleged omission from the
Registration Statement or Prospectus, or in any such amendment or supplement, or
in any Blue Sky Application in reliance upon and in conformity with the written
information furnished to the Company by or on behalf of any Participant
specifically for inclusion therein; and PROVIDED, FURTHER, that with respect to
any such untrue statement in or omission from any preliminary prospectus the
indemnity agreement contained in this Section 7(a) shall not inure to the
benefit of any such Participant to the extent that the sale to the Person
asserting any such loss, claim, damage, liability or action was an initial
resale by such Participant and any such loss, claim, damage, liability or action
of or with respect to such

<Page>

Participant results from the fact that both (A) to the extent required by
applicable law, a copy of the Prospectus was not sent or given to such Person
at or prior to the written confirmation of the sale of such securities to
such Person and (B) the untrue statement in or omission from such preliminary
prospectus was corrected in the Prospectus unless, in either case, such
failure to deliver the Prospectus was a result of non-compliance by the
Company with Section 5(g) of this Agreement.

                  (b) Each Holder of Transfer Restricted Securities offered
pursuant to a Shelf-Registration Statement, each Participating Broker-Dealer
selling Exchange Securities during the Applicable Period and the Initial
Purchasers (each a "PARTICIPANT INDEMNIFYING PARTY") severally and not jointly,
shall indemnify and hold harmless the Company, its affiliates, their respective
officers, directors, employees, representatives and agents, and each Person, if
any, who controls the Company within the meaning of the Securities Act or the
Exchange Act (collectively referred to for purposes of this Section 7(b) and
Section 7(d) as the Company), from and against any loss, claim, damage or
liability, joint or several, or any action in respect thereof, to which the
Company or any such director, officer or controlling Person may become subject,
whether commenced or threatened under the Securities Act, the Exchange Act, any
other federal or state statutory law or regulation, at common law or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is
based upon, (i) any untrue statement or alleged untrue statement of a material
fact contained (A) in any preliminary prospectus or the Registration Statement
or Prospectus, or in any amendment or supplement thereto, or (B) in any Blue Sky
Application or (ii) the omission or alleged omission to state therein, a
material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, but in each case only to the extent that the untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with the written information furnished to the
Company by that Participant Indemnifying Party specifically for inclusion
therein, and shall reimburse the Company for any legal or other costs, charges
and expenses reasonably incurred by the Company in connection with investigating
or defending or preparing to defend against or appearing as a third party
witness in connection with any such loss, claim, damage, liability or action as
such expenses are incurred.

                  (c) Promptly after the receipt by an indemnified party under
this Section 7 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party pursuant to Section 7, notify the indemnifying party in
writing of the claim or the commencement of that action; PROVIDED, HOWEVER, that
the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 7 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and, PROVIDED, FURTHER, that the failure to notify
the indemnifying party shall not relieve it from any liability which it may have
to an indemnified party otherwise than under this Section 7. If any such claim
or action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it wishes, jointly with any other
similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the
indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 7 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs

<Page>

of investigation; PROVIDED, HOWEVER, that an indemnified party shall have the
right to employ its own counsel in any such action, but the fees, expenses
and other charges of such counsel for the indemnified party will be at the
expense of such indemnified party unless (1) the employment of counsel by the
indemnified party has been authorized in writing by the indemnifying party,
(2) the indemnified party has reasonably concluded (based upon advice of
counsel to the indemnified party) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to
those available to the indemnifying party, (3) a conflict or potential
conflict exists (based upon advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the
indemnifying party will not have the right to direct the defense of such
action on behalf of the indemnified party) or (4) the indemnifying party has
not in fact employed counsel reasonably satisfactory to the indemnified party
to assume the defense of such action within a reasonable time after receiving
notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable
fees, disbursements and other charges of more than one separate firm of
attorneys (in addition to any local counsel) at any one time for all such
indemnified party or parties. Each indemnified party, as a condition of the
indemnity agreements contained in sections 7(a) and 7(b) shall use all
reasonable efforts to cooperate with the indemnifying party in the defense of
any such action or claim. No indemnifying party shall be liable for any
settlement of any such action effected without its written consent (which
consent shall not be unreasonably withheld), but if settled with its written
consent or if there be a final judgment for the plaintiff in any such action,
the indemnifying party agrees to indemnify and hold harmless any indemnified
party from and against any loss or liability by reason of such settlement or
judgment. No indemnifying party shall, without the prior written consent of
the indemnified party (which consent shall not be unreasonably withheld),
effect any settlement of any pending or threatened proceeding in respect of
which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement
includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceedings.

                  (d) If the indemnification provided for in this Section 7
shall for any reason be unavailable to or insufficient to hold harmless an
indemnified party under Section 7(a) or 7(b), then each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim,
damage or liability, or action in respect thereof, (i) in such proportion as
shall be appropriate to reflect the relative benefits received by the Company on
the one hand and the Participants on the other from the offering of the
Securities or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and the Participants on the other with
respect to the statements or omissions which resulted in such loss, claim,
damage or liability, or action in respect thereof, as well as any other relevant
equitable considerations. The relative benefits received by the Company on the
one hand and the Participants on the other shall be deemed to be in the same
proportion as the total net proceeds from the offering of the Securities (before
deducting expenses) received by or on behalf of the Company bear on the one
hand, and the total underwriting discounts and commissions received by the
Initial Purchasers with respect to the Securities purchased under the Purchase
Agreement, on the other hand, bear to the total gross

<Page>

proceeds from the offering of the Securities under the Purchase Agreement.
The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to the Company
or information supplied by the Company on the one hand or the Participants on
the other, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The Company and the Participants agree that it would not be just
and equitable if contributions pursuant to this Section 7(d) were to be
determined by PRO RATA allocation (even if the Participants were treated as
one entity for such purpose) or by any other method of allocation that does
not take into account the equitable considerations referred to herein. The
amount paid or payable by an indemnified party as a result of the loss,
claim, damage or liability, or action in respect thereof, referred to above
in this Section 7(d) shall be deemed to include, for purposes of this Section
7(d), any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending or preparing to defend
any such action or claim. Notwithstanding the provisions of this Section
7(d), no Participant shall be required to contribute any amount in excess of
the amount by which the total price at which the Securities purchased by it
were resold exceeds the amount of any damages which such Purchaser has
otherwise paid or become liable to pay by reason of any untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The Participant's obligations to
contribute as provided in this Section 7(d) are several in proportion to
their respective purchase obligations and not joint.

                  The obligations of the Company and any Participant
Indemnifying Party in this Section 7 are in addition to any other liability that
the Company or any Participant Indemnifying Party, as the case may be, may
otherwise have, including in respect of any breaches of representations,
warranties and agreements made herein by any such party.

8.                RULE 144A

                  The Company covenants to furnish to the holders of the
Securities and to prospective investors, upon the request of such holder, any
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act so long as the Securities are not freely transferable under the
Securities Act.

9.                UNDERWRITTEN REGISTRATIONS

                  If any of the Transfer Restricted Securities covered by any
Shelf Registration Statement are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will manage
the offering will be selected by the Holders of a majority in aggregate
principal amount of such Transfer Restricted Securities included in such
offering and shall be reasonably acceptable to the Company.

                  No Holder of Transfer Restricted Securities may participate in
any underwritten registration hereunder unless such Holder (a) agrees to sell
such Holder's Transfer Restricted Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers

<Page>

of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

10.               MISCELLANEOUS

                           (a)  NO INCONSISTENT AGREEMENTS.  The Company
represents, warrants and agrees that it has not, as of the date hereof, nor will
it, after the date of this Agreement, enter into any agreement with respect to
any of its securities that is inconsistent with the rights granted to the
Holders of Transfer Restricted Securities in this Agreement or otherwise
conflicts with the provisions hereof. The Company will not enter into any
agreement with respect to any of its securities which will grant to any Person
piggy-back registration rights with respect to the Exchange Offer Registration
Statement or the Shelf Registration Statement.

                           (b) ADJUSTMENTS AFFECTING TRANSFER RESTRICTED
                  SECURITIES. The Company shall not, directly or indirectly,
                  take any action with respect to the Transfer Restricted
                  Securities as a class that would adversely affect the ability
                  of the Holders of Transfer Restricted Securities to include
                  such Transfer Restricted Securities in a registration
                  undertaken pursuant to this Agreement.

                           (c) AMENDMENTS AND WAIVERS. The provisions of this
         Agreement may not be amended, modified or supplemented, and waivers or
         consents to departures from the provisions hereof may not be given,
         otherwise than with the prior written consent of (A) the Holders of not
         less than a majority in aggregate principal amount of the then
         outstanding Transfer Restricted Securities with respect to the Transfer
         Restricted Securities and (B) in circumstances that would adversely
         affect the Participating Broker-Dealers, the Participating
         Broker-Dealers holding not less than a majority in aggregate principal
         amount of the Exchange Securities held by all Participating
         Broker-Dealers with respect to Exchange Securities; PROVIDED, HOWEVER,
         that Section 7 and this Section 10(c) may not be amended, modified or
         supplemented without the prior written consent of each Holder and each
         Participating Broker-Dealer (including any Person who was a Holder or
         Participating Broker-Dealer of Transfer Restricted Securities or
         Exchange Securities, as the case may be, disposed of pursuant to any
         Registration Statement). Notwithstanding the foregoing, a waiver or
         consent to depart from the provisions hereof with respect to a matter
         that relates exclusively to the rights of Holders of the Transfer
         Restricted Securities whose securities are being sold pursuant to a
         Registration Statement and that does not directly or indirectly affect,
         impair, limit or compromise the rights of other Holders of Transfer
         Restricted Securities may be given by Holders of at least a majority in
         aggregate principal amount of the Transfer Restricted Securities being
         sold by such Holders pursuant to such Registration Statement; PROVIDED,
         HOWEVER, that the provisions of this sentence may not be amended,
         modified or supplemented except in accordance with the provisions of
         the immediately preceding sentence.

                           (d) NOTICES. All notices and other communications
         (including, without limitation, any notices or other communications to
         either Trustee) provided for or permitted hereunder shall be made in
         writing by hand-delivery, registered first-class mail, next-day air
         courier or facsimile:

<Page>

                  (1) if to a Holder of the Transfer Restricted Securities or
         any Participating Broker-Dealer, at the most current address of such
         Holder or Participating Broker-Dealer, as the case may be, set forth on
         the records of the registrar under the applicable Indenture, with a
         copy in like manner to the Initial Purchasers as follows:

                                    Deutsche Bank AG London
                                    Winchester House
                                    1 Great Winchester Street
                                    London, England  EC2N 2DB
                                    United Kingdom
                                    Facsimile No:  [          ]
                                    Attention:  [          ]

                                    UBS Warburg Ltd.
                                    1 Finsbury Avenue
                                    London
                                    EC2M 2PP
                                    Facsimile No:  [          ]
                                    Attention:  [          ]

         with a copy to:

                                    Simpson Thacher & Bartlett
                                    One Ropemaker Street
                                    21st Floor
                                    London  EC2Y 9HU
                                    Facsimile No: 44-207-275-6502
                                    Attention: Gregory W. Conway, Esq.

         (2)      if to the Initial Purchasers, at the addresses specified in
Section 10(d)(1);

         (3)      if to the Company, as follows:
                                    Preem Holdings AB (publ)
                                    Sandhamnsgatan 51
                                    S-11560 Stockholm
                                    Sweden
                                    Facsimile No:  [          ]
                                    Attention:  [          ]

         with a copy to:

<Page>

                                    Akin, Gump, Strauss, Hauer & Feld
                                    One Angel Court
                                    London EC2R 7HJ
                                    Facsimile No.:  44 020 7726 9610
                                    Attention: Stephen Hatfield, Esq.

                  Any such statements, requests, notices or agreements shall
take effect at the time of receipt thereof. The Company shall be entitled to act
and rely upon any request, consent, notice or agreement given or made on behalf
of the Initial Purchasers.

                  Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to each Trustee at
the address and in the manner specified in each Indenture.

         (e) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
         of and be binding upon the successors and assigns of each of the
         parties hereto and the Holders; PROVIDED, HOWEVER, that this Agreement
         shall not inure to the benefit of or be binding upon a successor or
         assign of a Holder unless and to the extent such successor or assign
         holds Transfer Restricted Securities.

         (f) COUNTERPARTS. This Agreement may be executed in any number of
         counterparts and by the parties hereto in separate counterparts, each
         of which when so executed shall be deemed to be an original and all of
         which taken together shall constitute one and the same agreement.

         (g) HEADINGS. The headings in this Agreement are for convenience of
         reference only and shall not limit or otherwise affect the meaning
         hereof.

         (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
         ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         (i) REMEDIES. In the event of a breach by the Company or by any Holder
         of any of their obligations under this Agreement, each Holder or the
         Company, as the case may be, in addition to being entitled to exercise
         all rights granted by law, including recovery of damages (other than
         the recovery of damages for a breach by the Company of its obligations
         under Sections 2 or 3 hereof for which liquidated damages have been
         paid pursuant to Section 4 hereof), will be entitled to specific
         performance of its rights under this Agreement. The Company and each
         Holder agree that monetary damages would not be adequate compensation
         for any loss incurred by reason of a breach by it of any of the
         provisions of this Agreement and hereby further agree that, in the
         event of any action for specific performance in respect of such breach,
         it shall waive the defense that a remedy at law would be adequate.

         (j) SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE;
         WAIVER. To the fullest extent permitted by applicable law, the Company
         irrevocably submits to the non-exclusive jurisdiction of any federal or
         state court in the Borough of Manhattan in the City

<Page>

         of New York, County and State of New York, United States of America,
         in any suit or proceeding based on or arising under this Agreement,
         and irrevocably agrees that all claims in respect of such suit or
         proceeding may be determined in any such court. The Company, to the
         fullest extent permitted by applicable law, irrevocably and fully
         waives the defense of an inconvenient forum to the maintenance of
         such suit or proceeding and hereby irrevocably designates and
         appoints CT Corporation (the "Authorized Agent"), for the later of a
         period of ten years or until such time as no Notes are outstanding
         as its authorized agent upon whom process may be served in any such
         suit or proceeding. The Company represents that it has notified the
         Authorized Agent of such designation and appointment and that the
         Authorized Agent has accepted the same in writing. The Company
         hereby irrevocably authorizes and directs its Authorized Agent to
         accept such service. The Company further agrees that service of
         process upon its Authorized Agent and written notice of said service
         to the Company mailed by first class mail or delivered to its
         Authorized Agent shall be deemed in every respect effective service
         of process upon the Company in any such suit or proceeding. Nothing
         herein shall affect the right of any person to serve process in any
         other manner permitted by law. The Company agrees that a final
         action in any such suit or proceeding shall be conclusive and may be
         enforced in other jurisdictions by suit on the judgment or in any
         other lawful manner. Notwithstanding the foregoing, any action
         against the Company arising out of or based on this Agreement or the
         transactions contemplated hereby may also be instituted by any of
         the Initial Purchasers, their respective officers and employees or
         any person who controls any of the Initial Purchasers within the
         meaning of the Securities Act in any competent court in the Kingdom
         of Sweden, and the Company expressly accepts the jurisdiction of any
         such court in any such action.

                  The Company hereby irrevocably waives, to the extent permitted
by law, any immunity to jurisdiction to which it may otherwise be entitled
(including, without limitation, immunity to pre-judgment attachment,
post-judgment attachment and execution) in any legal suit, action or proceeding
against it arising out of or based on this Agreement or the transactions
contemplated hereby.

                  The provisions of this Section 10(i) are intended to be
effective upon the execution of this Agreement without any further action by the
Company or the Initial Purchasers and the introduction of a true copy of this
Agreement into evidence shall be conclusive and final evidence as to such
matters.

         (k) CURRENCY INDEMNITY. The Company shall indemnify each Participant
         against any loss incurred by it as a result of any judgment or order
         being given or made and expressed and paid in a currency (the "Judgment
         Currency") other than Euros and as a result of any variation as between
         (i) the rate of exchange at which the Euro amount is converted into the
         Judgment Currency for the purpose of such judgment or order and (ii)
         the spot rate of exchange in New York, New York at which such
         Participant on the date of payment of such judgment or order is able to
         purchase Euros with the amount of the Judgment Currency actually
         received by such Participant. If the Euros so purchased are greater
         than the amount originally due to such Participant hereunder, such
         Participant agrees to pay to the Company an amount equal to the excess
         of the Euros so purchased over the amount originally due to such
         Participant hereunder. The foregoing shall constitute a separate and
         independent

<Page>

         obligation of the Company and the Participant, as the case may be,
         and shall continue in full force and effect notwithstanding any such
         judgment or order as aforesaid. The term "spot rate of exchange"
         shall include any premiums and costs of exchange payable in
         connection with the purchase of, or conversion into, Euros.

         (l) SEVERABILITY. The remedies provided herein are cumulative and not
         exclusive of any remedies provided by law. If any term, provision,
         covenant or restriction of this Agreement is held by a court of
         competent jurisdiction to be invalid, illegal, void or unenforceable,
         the remainder of the terms, provisions, covenants and restrictions set
         forth herein shall remain in full force and effect and shall in no way
         be affected, impaired or invalidated, and the parties hereto shall use
         their best efforts to find and employ an alternative means to achieve
         the same or substantially the same result as that contemplated by such
         term, provision, covenant or restriction. It is hereby stipulated and
         declared to be the intention of the parties that they would have
         executed the remaining terms, provisions, covenants and restrictions
         without including any of such that may be hereafter declared invalid,
         illegal, void or unenforceable.

         (m) SECURITIES HELD BY THE COMPANY OR ITS AFFILIATES. Whenever the
         consent or approval of Holders of a specified percentage of Transfer
         Restricted Securities is required hereunder, Transfer Restricted
         Securities held by the Company or its "affiliates" (as such term is
         defined in Rule 405 under the Securities Act) shall not be counted in
         determining whether such consent or approval was given by the Holders
         of such required percentage.

         (n) THIRD PARTY BENEFICIARIES. Holders of Transfer Restricted
         Securities and Participating Broker-Dealers are intended third party
         beneficiaries of this Agreement, and this Agreement may be enforced by
         such Persons.

         (o) ENTIRE AGREEMENT. This Agreement, together with the Purchase
         Agreement and each Indenture, is intended by the parties as a final and
         exclusive statement of the agreement and understanding of the parties
         hereto in respect of the subject matter contained herein and therein
         and any and all prior oral or written agreements, representations, or
         warranties, contracts, understandings, correspondence, conversations
         and memoranda between the Initial Purchasers on the one hand and the
         Company on the other, or between or among any agents, representatives,
         parents, subsidiaries, affiliates, predecessors in interest or
         successors in interest with respect to the subject matter hereof and
         thereof are merged herein and replaced hereby.

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.

                                   PREEM HOLDINGS AB (PUBL)

                                   By:
                                      -----------------------------------------
                                        Name:
                                        Title:

                                   By:
                                      -----------------------------------------
                                        Name:
                                        Title:

<Page>

                                   DEUTSCHE BANK AG LONDON

                                            By:
                                               --------------------------------
                                                AUTHORIZED REPRESENTATIVE

                                   UBS WARBURG LTD.

                                            By:
                                               --------------------------------
                                                AUTHORIZED REPRESENTATIVE

<Page>

                                                                         ANNEX B

                          DEBT RESTRUCTURING AGREEMENT

                                  10 APRIL 2001

                                      AMONG

                       CORRAL PETROLEUM HOLDINGS AB (PUBL)

                                       AND

                            PREEM HOLDINGS AB (PUBL)

                                       AND

                               PREEM PETROLEUM AB

<Page>

         This DEBT RESTRUCTURING AGREEMENT is dated as of 10 April 2001 among:

         CORRAL PETROLEUM HOLDINGS AB (PUBL), reg. no. 556477-1284, ("CORRAL");

         PREEM HOLDINGS AB (PUBL), reg. no. 556206-9673, ("HOLDINGS"); and

         PREEM PETROLEUM AB, reg. no. 556072-6977, ("PREEM PETROLEUM").

XXIII.   Definitions and interpretation

         1.   DEFINITIONS

                                "AGREEMENT" means this Debt Restructuring
              Agreement.

                                "ASSIGNED SHAREHOLDER LOAN AMOUNT" means the
              outstanding amount under the Existing Shareholder Loan less the
              Repaid Shareholder Loan Amount.

                                "BUSINESS DAY" means a day (other than a
              Saturday or Sunday) which is not a public holiday and on which
              banks are open for general business in Stockholm.

                                "EFFECTIVE DATE" means the day on which the
              Gross Note Proceeds, after deduction of fees payable and expenses
              reimbursable pursuant to the terms of the Purchase Agreement, are
              payable to Holdings pursuant to the terms of the Purchase
              Agreement.

                                "EURO" or "EUR" means the single currency of the
              member states of the European Union that adopt the euro as its
              currency in accordance with legislation of the European Union
              relating to European Economic and Monetary Union.

                                "EXISTING SHAREHOLDER LOAN" means the
              shareholder loan from Corral to Preem Petroleum in the total
              principal amount of SEK 2,259 million, as evidenced by a loan
              agreement dated 31 December 2000.

                                "GROSS NOTE PROCEEDS" means the total gross
              amount payable to the Initial Purchasers (as defined in the
              Purchase Agreement) upon the issuance of the Notes.

                                "NET NOTE PROCEEDS" means the Gross Note
              Proceeds after deduction of (i) all fees, discounts, costs and
              expenses incurred in connection

<Page>

              with the issuance of the Notes, and (ii) an amount equal to
              one interest payment on the Notes.

                                "NEW SHAREHOLDER LOAN NO. 1A" means the loan
              under the Shareholder Loan Agreement No. 1A entered into on or
              about the date hereof between Holdings as lender and Preem
              Petroleum as borrower.

                                "NEW SHAREHOLDER LOAN NO. 1B" means any present
              and future loan under the Shareholder Loan Agreement No. 1B
              entered into on or about the date hereof between Holdings as
              lender and Preem Petroleum as borrower.

                                "NEW SHAREHOLDER LOAN NO. 2" means the loan
              under the Shareholder Loan Agreement No. 2 entered into on or
              about the date hereof between Corral as lender and Holdings as
              borrower.

                                "NOTES" means the notes issued under the
              Indenture dated on or about the date hereof between Holdings and
              the Trustee.

                                "PAYMENT AMOUNT" means SEK 2,259 million less
              the SEK Equivalent of the difference between the Gross Note
              Proceeds and the Net Note Proceeds.

                                "PURCHASE AGREEMENT" means the purchase
              agreement dated 10 April 2001 among Holdings, Deutsche Bank AG,
              London and UBS AG, acting through its business group UBS Warburg.

                                "REPAID SHAREHOLDER LOAN AMOUNT" means so much
              of the outstanding amount under the Existing Shareholder Loan as
              is equal to the Payment Amount.

                                "SEK EQUIVALENT" means an amount in euro
              converted into Swedish Kronor at the spot rate of exchange for
              purchasing Swedish Kronor with payment in euro and with delivery
              on the Effective Date.

                                "SWEDISH KRONOR" or "SEK" means the lawful
              currency of Sweden.

                                "TRUSTEE" means Bankers Trust Company.

         2.   INTERPRETATION

              A.           A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to a statute or any provision
                           thereof shall refer also to that statute or provision
                           as amended or re-enacted.

<Page>

              B.           A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to an agreement or document shall
                           refer also to such agreement or document as amended,
                           varied or supplemented and shall include all
                           appendices and other attachments.

XXIV.    Disbursements

         1.       Holdings shall use the SEK Equivalent of the Net Note Proceeds
                  as a disbursement to Preem Petroleum for a part of the amount
                  of the New Shareholder Loan No. 1A.

         2.       Preem Petroleum shall use an amount disbursed by Holdings
                  pursuant to Clause 2.1 equal to the Payment Amount to repay
                  the Repaid Shareholder Loan Amount to Corral.

         3.       All rights to the Assigned Shareholder Loan Amount shall be
                  assigned by Corral to Holdings on the Effective Date, so that
                  the Assigned Shareholder Loan Amount is owed by Preem
                  Petroleum to Holdings.

         4.       The amount disbursed by Holdings to Preem Petroleum pursuant
                  to Clause 2.1 together with a part of the Assigned Shareholder
                  Loan Amount equal to the SEK Equivalent of the difference
                  between the Gross Note Proceeds and the Net Note Proceeds
                  shall constitute the New Shareholder Loan No. 1A.

         5.       Any remaining amount of the Assigned Shareholder Loan Amount
                  (after deduction of the amount referred to in Clause 2.4)
                  shall constitute the New Shareholder Loan No. 1B.

         6.       In consideration of the assignment of the Assigned Shareholder
                  Loan Amount pursuant to Clause 2.3, Holdings shall agree to
                  repay to Corral an amount equal to the Assigned Shareholder
                  Loan Amount. Such debt shall constitute the New Shareholder
                  Loan No. 2.

         7.       Following the transactions described in Clauses 2.1 to 2.6,
                  the following loans shall be in place:

                  (a) The New Shareholder Loan No. 1A owed by Preem Petroleum to
                      Holdings.

                  (b) The New Shareholder Loan No. 1B owed by Preem Petroleum to
                      Holdings.

                  (c) The New Shareholder Loan No. 2 owed by Holdings to Corral.

<Page>

         8.       Upon completion of the transactions described in Clauses 2.1
                  to 2.6, there shall be no debt owed directly by Preem
                  Petroleum to Corral in respect of the Existing Shareholder
                  Loan.

XXV.     Payment instructions and calculations

         1.       On the Effective Date the SEK Equivalent of the Net Note
                  Proceeds shall be paid to Preem Petroleum for value on such
                  date (at such time as is customary for the settlement of
                  transactions in Swedish Kronor) and in immediately available
                  funds to the account at such bank as Preem Petroleum has
                  designated.

         2.       Upon receipt of the SEK Equivalent of the Net Note Proceeds,
                  Preem Petroleum shall pay an amount equal to the Payment
                  Amount to Corral for value on the same date (at such time as
                  is customary for the settlement of transactions in Swedish
                  Kronor) and in immediately available funds to the account at
                  such bank as Corral has designated.

         3.       Any designation by Preem Petroleum or Corral of a bank account
                  shall be notified to the other parties before the Effective
                  Date.

         4.       On the Effective Date all parties shall sign a confirmation in
                  the form of SCHEDULE 1 setting out the exact amounts for the
                  transactions described in Clause 2 (Disbursements). Existing
                  loan notes evidencing the Existing Shareholder Loan shall be
                  cancelled on the Effective Date.

XXVI.    Miscellaneous

         1.       No party may assign, transfer, novate or dispose of any of, or
                  any interest in, its rights and/or obligations under this
                  Agreement.

         2.       No amendment to this Agreement shall be effective against any
                  party unless made in writing and signed by such party.

         3.       No delay or omission in exercising any powers or privileges
                  hereunder shall be construed as a waiver thereof or an
                  acquiescence therewith. Any exercise of any part of the rights
                  shall not preclude subsequent enforcement of any such rights
                  which have not, or have not fully, been exercised.

XXVII.   Notices

         1.       All notices or other communications under or in connection
                  with this Agreement shall be in the English language and be
                  given by letter or by telefax (and, in the case of telefax,
                  confirmed by letter). Any such notice will be deemed to be
                  given as follows:

<Page>

                  (a) if by letter, when delivered to the address notified in
                      accordance with Clause 5.3; and

                  (b) if by telefax, when received.

         2.       Any notice received on a non-working day or after business
                  hours in the place of receipt will only be deemed to be given
                  on the next working day in that place.

         3.       The address and telefax number of each party for all notices
                  under or in connection with this Agreement are:

                              Corral:       Corral Petroleum Holdings AB (publ)
                                   Attention: Managing Director
                                   Biblioteksgatan 29
                                   P.O. Box 5785
                                   SE-114 87 Stockholm
                                   Sweden
                                   Telephone: +46 8 614 13 00
                                   Telefax: +46 8 614 13 14

                              Holdings:     Preem Holdings AB (publ)
                                   Attention: Richard Ohman
                                   Biblioteksgatan 29
                                   P.O. Box 5785
                                   SE-114 87 Stockholm
                                   Sweden
                                   Telephone: +46 8 614 13 00
                                   Telefax: +46 8 614 13 14

                              Preem Petroleum:       Preem Petroleum AB
                                   Attention: Chief Financial Officer
                                   Sandhamnsgatan 51
                                   P.O. Box 27800
                                   SE-115 90 Stockholm
                                   Sweden
                                   Telephone: +46 8 450 10 00
                                   Telefax: +46 8 450 10 55

              or any other address notified by one party to the other parties by
              not less than five (5) Business Days' notice.

XXVIII.  Governing law and jurisdiction

         1.       This Agreement shall be governed by and construed in
                  accordance with Swedish law.

<Page>

         2.       The courts of Sweden shall have non-exclusive jurisdiction
                  over matters arising out of or in connection with this
                  Agreement. The City Court of Stockholm shall be court of first
                  instance.

                                -----------------

<Page>

                  IN WITNESS WHEREOF, this Agreement has been signed in thee (3)
originals, of which the parties have received one each.

                  CORRAL PETROLEUM HOLDINGS AB (publ)

                  -------------------------
                  Name: Richard Ohman

PREEM HOLDINGS AB (publ)

                  -----------------------   -------------------------
                  Name: Karim Karaman       Name: Lars Nelson

                  PREEM PETROLEUM AB

                  -----------------------   -------------------------
                  Name: Richard Ohman       Name: Lars Nelson

<Page>

                                                                      SCHEDULE 1

                              FORM OF CONFIRMATION

                  This CONFIRMATION is entered into in connection with the Debt
Restructuring Agreement entered into among Corral Petroleum Holdings AB (publ),
Preem Holdings AB (publ) and Preem Petroleum AB on 10 April 2001 (the
"AGREEMENT"). Terms defined in the Agreement shall have the same meanings when
used herein.

(a)      The Effective Date is: [DATE]

(b)      The Gross Note Proceeds amount to: EUR [AMOUNT]

(c)      The Net Note Proceeds amount to: EUR [AMOUNT]

(d)      The spot rate of exchange for EUR/SEK is: [FIGURE]

(e)      The Repaid Shareholder Loan Amount is: SEK [PAYMENT AMOUNT]

(f)      The Assigned Shareholder Loan Amount is: SEK [EXISTING SHAREHOLDER LOAN
         LESS REPAID SHAREHOLDER LOAN]

(g)      The New Shareholder Loan No. 1A amounts to: SEK [SEK EQUIVALENT OF
         GROSS NOTE PROCEEDS]

(h)      The New Shareholder Loan No. 1B amounts to: SEK [ZERO]

(i)      The New Shareholder Loan No. 2 amounts to: SEK [ASSIGNED SHAREHOLDER
         LOAN]

                       MANNHEIMER SWARTLING ADVOKATBYRA
                              STOCKHOLM, SWEDEN

<Page>

PREEM HOLDINGS AB (publ)                  CORRAL PETROLEUM HOLDINGS AB (publ)

                  ---------------------------    ---------------------------
                  Name:                              Name:

                  --------------------------
                  Name:

PREEM PETROLEUM AB

                  ---------------------------
                  Name:

                  ---------------------------
                  Name

<Page>

                        SHAREHOLDER LOAN AGREEMENT NO. 1A

                                  10 APRIL 2001

                                     BETWEEN

                            PREEM HOLDINGS AB (PUBL)
                                    AS LENDER

                                       AND

                               PREEM PETROLEUM AB
                                   AS BORROWER

<Page>

         This SHAREHOLDER LOAN AGREEMENT is dated as of 10 April 2001 between:

         PREEM HOLDINGS AB (PUBL), reg. no. 556206-9673, (the "LENDER"); and

         PREEM PETROLEUM AB, reg. no. 556072-6977, (the "BORROWER").

XXIX.    Definitions and interpretation

         1.       DEFINITIONS

                                "AGREEMENT" means this Shareholder Loan
              Agreement, including the Loan Note issued hereunder.

                                "AUTHORISED SIGNATORIES" means representatives
              of the Borrower authorised and registered as signatories of the
              Borrower with the Swedish Patent and Registration Office (Sw:
              PATENT- OCH REGISTRERINGSVERKET).

                                "BUSINESS DAY" means a day (other than a
              Saturday or Sunday) which is not a public holiday and on which
              banks are open for general business in Stockholm.

                                "CONFIRMATION OF SUBORDINATION" means an
              agreement in the form of SCHEDULE 2 entered into by the Borrower,
              the Lender and one or several Confirmed Creditors.

                                "CONFIRMED CREDITORS" means the banks, financial
              institutions and other lenders from time to time providing
              financing to the Borrower and the Subsidiaries, and which are
              parties to Confirmations of Subordination, and "CONFIRMED
              CREDITOR" means any of them.

                                "DEBT RESTRUCTURING AGREEMENT" means the Debt
              Restructuring Agreement entered into on or about the date hereof
              among the Borrower, the Lender and the Parent for the purpose of
              restructuring and assigning existing shareholder debt owed by the
              Borrower.

                                "EFFECTIVE DATE" means the date defined as such
              in the Debt Restructuring Agreement.

                                "EVENT OF DEFAULT" means any of the events
              specified in Clauses 4.2 to 4.9.

<Page>

              "FINANCIAL INDEBTEDNESS" means any indebtedness in respect of:

              (a)      moneys borrowed and debit balances at banks and other
                   financial institutions;

              (b)      any debenture, bond, note or other debt instrument;

              (c)      the acquisition cost of any asset to the extent payable
                   before or after the time of acquisition or possession by the
                   party liable where the advance or deferred payment is
                   arranged primarily as a method of raising finance or
                   financing the acquisition of that asset;

              (d)      leases entered into primarily as a method of raising
                   finance or financing the leased asset;

              (e)      any acceptance or documentary credit;

              (f)      receivables sold or discounted (otherwise than on a
                   non-recourse basis);

              (g)      any swaps, foreign exchange transactions, cap, floor,
                   collar or option transactions or any other interest or
                   currency derivatives transactions entered into in connection
                   with the management of risks related to financial
                   indebtedness (the value of any such transactions shall be
                   calculated by reference only to a mark-to-market valuation);

              (h)      any amount raised under any other transaction having the
                   commercial effect of a borrowing or raising of money; or

               (i)     any guarantee, indemnity or similar assurance against
                   financial loss of any person.

                                "LOAN" means the total principal amount advanced
              by the Lender under Clause 2 (Shareholder Loan), or the total
              principal amount outstanding hereunder at any time. The Loan shall
              be denominated in Swedish Kronor.

                                "LOAN NOTE" means the loan note evidencing the
              Loan, issued pursuant to Clause 2.2 in the form of SCHEDULE 1 and
              signed by Authorised Signatories.

                                "NOTEHOLDERS" means the holders from time to
              time of the Notes.

                                "NOTES" means the 10 5/8 % senior secured notes
              due 2011 and any additional notes issued under the indenture
              governing the Notes, dated as

<Page>

              of 10 April 2001, by and between the Pledgor, Deutsche Bank AG
              London, as principal paying agent, and the Trustee.

                                "PARENT" means Corral Petroleum Holdings AB
              (publ), reg. no. 556477-1284.

                                "SECURITY ASSIGNMENT" means the agreement
              entered into on or about the date hereof under which security is
              provided by the Lender to the Trustee on behalf of the Noteholders
              over the Lender's rights under this Agreement.

                                "SECURITY INTEREST" means any mortgage, pledge,
              lien, charge, assignment by way of security, hypothecation,
              security interest, title retention (other than in respect of goods
              purchased in the ordinary course of trading), sale and repurchase
              or sale and lease-back arrangement or any other agreement or
              arrangement in each case having the effect of conferring security.

                                "SENIOR CREDITORS" means the Confirmed Creditors
              and all other creditors (including trade creditors) of the
              Borrower and the Subsidiaries (other than the Lender), and their
              assignees from time to time, and "SENIOR CREDITOR" means any of
              them.

                                "SENIOR DEBT" means all present and future
              liabilities of the Borrower and the Subsidiaries to the Senior
              Creditors, absolute or contingent, whether or not matured,
              including, without limitation, principal, interest, damages and
              costs.

                                "SHAREHOLDER LOAN NO. 1B" means the Shareholder
              Loan Agreement No. 1B entered into on or about the date hereof
              between the Lender as lender and the Borrower as borrower.

                                "SHAREHOLDER LOAN NO. 2" means the Shareholder
              Loan Agreement No. 2 entered into on or about the date hereof
              between the Lender as borrower and the Parent as lender.

                                "STIBOR" means the Stockholm Interbank Offered
              Rate as quoted on the Reuters screen SIOR (or such other screen as
              may replace that screen) at or about 11.00 a.m. (Stockholm time)
              on the relevant date or, if the relevant rate does not appear, the
              average (rounded upwards to four decimal places) of the rates
              which prime banks were offering to other prime banks in the
              Stockholm interbank market for deposits in Swedish Kronor as of
              11.00 a.m. (Stockholm time) on the relevant date, in each case for
              a period of thirty (30) days.

                                "SUBORDINATED DEBT" means (i) the indebtedness
              of the Borrower to the Lender hereunder, and (ii) any other
              Financial Indebtedness of the Borrower to the Lender which is duly
              and effectively subordinated on

<Page>

              substantially the same terms, including, without limitation, in
              respect of maturity, right to interest payments and the
              provisions of Clauses 4.11, 10 and 11. For the avoidance of
              doubt, Shareholder Loan No. 1B is Subordinated Debt for the
              purposes of this Agreement.

                                "SUBORDINATION PERIOD" means the period from the
              Effective Date until the earlier of (i) the date falling 179 days
              after the date on which the Loan shall be repaid pursuant to
              Clause 3.1 (Repayment), (ii) the date on which all Senior Debt has
              been fully and finally satisfied, and (iii) the date falling 179
              days after the date on which the Lender has given a notice in
              accordance with Clause 4.10 to each of the Confirmed Creditors.

                                "SUBSIDIARY" means any Swedish or foreign legal
              entity (whether incorporated or not), which is a subsidiary (Sw:
              DOTTERBOLAG) of the Borrower, directly or indirectly, in
              accordance with the Swedish Companies Act (Sw: AKTIEBOLAGSLAGEN).

                                "SWEDISH KRONOR" or "SEK" means the lawful
              currency of Sweden.

                                "TAXES" means all types (whether now existing or
              introduced in the future) of income and other taxes, levies,
              imposts, deductions, charges and withholdings whatsoever together
              with interest thereon and penalties and surcharges with respect
              thereto, if any, and any payments made on or in respect thereof,
              and "TAX" and "TAXATION" shall be construed accordingly.

                                "TRUSTEE" means Bankers Trust Company, as
              Trustee under the indenture governing the Notes, dated as of 10
              April 2001, by and between the Pledgor, Deutsche Bank AG London,
              as principal paying agent, and the Trustee.

2.       INTERPRETATION

         A.                A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to a statute or any provision
                           thereof shall refer also to that statute or provision
                           as amended or re-enacted.

         B.                A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to an agreement or document shall
                           refer also to such agreement or document as amended,
                           varied or supplemented and shall include all
                           appendices and other attachments.

XXX.     Shareholder loan

<Page>

         1.       On the Effective Date the Lender shall provide the Borrower
                  with a loan subject to the terms of this Agreement. The amount
                  of such loan shall be determined in accordance with the Debt
                  Restructuring Agreement. Such loan amount shall be disbursed
                  subject to and in accordance with the terms of the Debt
                  Restructuring Agreement and shall constitute Subordinated
                  Debt.

         2.       The Loan shall be evidenced by one Loan Note signed by
                  Authorised Signatories. The Loan Note shall be executed on the
                  Effective Date and delivered to the Trustee. For as long as
                  the Security Assignment is effective and not enforced, the
                  Loan Note shall be held by the Trustee, who shall be entitled
                  to receive payment when due under the Loan Note. Upon an
                  enforcement of the Security Assignment, the Trustee may sell
                  the Loan Note or any part of the Loan publicly or privately,
                  provided the purchaser agrees to be bound by the terms of this
                  Agreement as lender.

         3.       Nothing in this Agreement shall prevent the Borrower from
                  incurring other debt owed to the Lender which is not
                  Subordinated Debt (to the extent this is not prohibited under
                  other agreements binding on the Borrower and the Lender), from
                  repaying such other debt or from paying interest on such other
                  debt.

XXXI.    Repayment

         1.       The Borrower shall repay the Loan in full on 31 March 2011.
                  The Borrower shall not prepay the Loan before such date,
                  except as otherwise expressly provided in Clause 4 (Events of
                  Default), or with the prior written consent of the Confirmed
                  Creditors.

         2.       The Loan shall only be repaid upon presentation of the Loan
                  Note. If the Loan is partially repaid, a new Loan Note for the
                  remaining amount shall be executed.

XXXII.   Events of default

         1.       Subject to any express exceptions, each of the events set out
                  in Clauses 4.2 to 4.9 below is an Event of Default (whether or
                  not caused by any reason whatsoever outside the control of the
                  Borrower or any other person).

<Page>

         2.       NON-PAYMENT: The Borrower does not pay on the due date, any
                  amount due and payable by it hereunder in the currency and in
                  the manner specified, provided that it shall not constitute an
                  Event of Default if such failure is due solely to technical
                  errors , as determined in good faith by the Lender, and the
                  Borrower remedies the same within three (3) Business Days of
                  the due date for payment.

         3.       CROSS-DEFAULT:

                (a)      Any Financial Indebtedness of the Borrower or any
                         Subsidiary is not paid when due or within the
                         applicable grace period (if any).

                (b)      Any Financial Indebtedness of the Borrower or any
                         Subsidiary is declared prematurely due and payable or
                         is placed on demand, in either case as a result of an
                         event of default (howsoever described) under the
                         document relating to that Financial Indebtedness.

                (c)      Any commitment for, or underwriting of, any Financial
                         Indebtedness of the Borrower or any Subsidiary is
                         cancelled or suspended as a result of an event of
                         default (howsoever described) under the document
                         relating to that Financial Indebtedness.

                (d)      The circumstances in this Clause 4.3 will only
                         constitute an Event of Default if the amount of
                         Financial Indebtedness referred to exceeds SEK
                         150,000,000 in aggregate.

4.       INSOLVENCY:

                (a)      The Borrower is, or is deemed for the purposes of any
                         law to be, insolvent or admits in writing its
                         inability to pay its debts as they fall due.

                (b)      The Borrower suspends making payments on all or any
                         class of its debts or announces an intention to do so,
                         or a moratorium is declared in respect of any of its
                         indebtedness.

                (c)      The Borrower commences negotiations with any one or
                         more of its creditors with a view to the general
                         readjustment or rescheduling of its indebtedness, or
                         makes a composition or an arrangement with its
                         creditors or any similar proceeding, arrangement or
                         assignment.

<Page>

5.       INSOLVENCY PROCEEDINGS:

                (a)      The Borrower takes any corporate action or any order is
                         made or resolution passed for the suspension of
                         payments, business reorganisation (Sw:
                         FORETAGSREKONSTRUKTION), liquidation or bankruptcy of
                         the Borrower (except in the context of a solvent
                         reconstruction with the Borrower as surviving entity).

                (b)      A liquidator, receiver, insolvency manager,
                         reconstruction manager (Sw: FORETAGSREKONSTRUKTOR) or
                         similar officer is appointed in respect of the Borrower
                         or in respect of all or substantially all of its
                         assets.

6.       CREDITORS' PROCESS: Any distress or execution is levied against, or
         an encumbrancer takes possession of, an asset or certain of the
         assets of the Borrower the value of which asset or assets exceeds
         SEK 50,000,000, unless such distress, execution or taking possession
         is stayed, discharged, struck out or given up within thirty (30)
         days of being levied or taking place or is thereafter being
         contested in good faith and by appropriate means.

7.       CESSATION OF BUSINESS: The Borrower ceases or threatens to cease to
         carry on all or a substantial part of its business.

8.       REPUDIATION:  The Borrower repudiates this Agreement.

9.       UNLAWFULNESS: At any time it is or becomes unlawful for the Borrower to
         perform or comply with any material or all of its obligations under
         this Agreement or any of the obligations of the Borrower under this
         Agreement are not or cease to be legal, valid and binding, in either
         case in any material respect.

10.      In case of an Event of Default, provided such Event of Default has not
         been cured or waived, the Lender shall provide all Confirmed Creditors
         with a written notice specifying the Event of Default. Following such
         notice the Lender shall consult with the Confirmed Creditors with a
         view to curing such Event of Default.

11.      On and at any time after the occurrence of an Event of Default,
         provided such Event of Default has not been cured or waived, the Lender
         may, by notice to the Borrower declare the Loan due and payable,
         whereupon it shall become due and payable on the date specified by the
         Lender, provided, however, that the date so specified shall not fall
         before the expiry of the Subordination Period.

XXXIII.  Interest

<Page>

                                                                           8(8)

         1.       Neither the Loan nor any other amount which may be payable
                  hereunder shall carry interest before the date on which such
                  amount is due and payable.

         2.       If the Borrower fails to pay an amount payable by it under
                  this Agreement on the due date, it shall forthwith on demand
                  by the Lender pay interest on the overdue amount from the due
                  date up to the date of actual payment at a rate determined by
                  adding a margin of two (2) percentage units to STIBOR on the
                  due date. Interest shall be compounded at the end of each
                  thirty (30) day period during which the overdue amount remains
                  outstanding.

XXXIV.   Payments

         1.       All payments by the Borrower under this Agreement shall be
                  made for value on the due date (at such time as is customary
                  for the settlement of transactions in the relevant currency)
                  and in immediately available funds to the account at such
                  office or bank as the Lender may designate from time to time.
                  Any such designation shall be notified to the Borrower not
                  later than five (5) Business Days before the payment is due.

         2.       All payments made by the Borrower under this Agreement shall
                  be made without set-off or counterclaim.

         3.       If a payment is due on a day which is not a Business Day, the
                  due date for that payment shall instead be the following
                  Business Day.

         4.       A repayment or prepayment of the Loan is payable in Swedish
                  Kronor. Amounts payable in respect of costs, expenses and
                  Taxes and the like are payable in the currency in which they
                  are incurred.

         5.       If Swedish Kronor is replaced as legal tender in Sweden by the
                  euro, all references to Swedish Kronor in this Agreement shall
                  be deemed to be references to the euro, provided that the
                  Lender, acting reasonably and in good faith and after having
                  consulted with the Borrower, shall determine at what time such
                  replacement shall be made for the purpose of this Agreement in
                  the event that such replacement includes a transition period.
                  In case of any such change of currency, this Agreement shall
                  be amended to the extent the Lender specifies to be necessary
                  to reflect the change in currency and to put the Lender and
                  the Borrowers in the same position, so far as possible, that
                  they would have been in if no change of currency had occurred.

<Page>

                                                                           9(9)

XXXV.    Withholdings

         1.       All payments to be made by the Borrower hereunder shall be
                  made free and clear of any deduction or withholding.

         2.       If the Borrower is required by law to make any deduction or
                  withholding on account of Tax or otherwise from any payment to
                  the Lender hereunder, the sum due from it in respect of such
                  payment shall be increased to the extent necessary to ensure
                  that, after making of such deduction or withholding, the
                  Lender receives a net sum equal to the sum which it would have
                  received had no deduction or withholding been made.

         3.       This Clause 7 (Withholdings) shall not apply in the case of
                  deductions or withholdings to be made with reference to income
                  tax on its overall income ultimately due by the Lender by
                  operation of applicable laws.

XXXVI.   Indemnities

         1.       If the Lender receives an amount in respect of the Borrower's
                  liability under this Agreement or if that liability is
                  converted into a claim, proof, judgement or order in a
                  currency other than the currency in which such obligation is
                  due (the "CONTRACTUAL CURRENCY"):

                (a)           the Borrower shall on demand indemnify the Lender
                         as an independent obligation against any loss or
                         liability arising out of or as a result of the
                         conversion;

                (b)           if the amount received by the Lender, when
                         converted into the Contractual Currency at a market
                         rate in the usual course of its business, is less than
                         the amount owed in the Contractual Currency, the
                         Borrower shall on demand pay to the Lender an amount
                         in the Contractual Currency equal to the deficit; and

                (c)           the Borrower shall on demand pay to the Lender
                         any exchange costs and Taxes payable in connection
                         with any such conversion.

         2.       The Borrower shall on demand indemnify the Lender against any
                  cost, expense, loss or liability, as determined by the Lender,
                  which it incurs as a consequence of the occurrence of any
                  Event of Default (taking into account, where appropriate, any
                  amounts received by the Lender under Clause 5.2).

<Page>

                                                                         10(10)

XXXVII.  Representations and warranties

                              The Borrower represents and warrants that:

                (a)           it is a limited liability company, duly
                         incorporated and validly existing under the laws of
                         Sweden, with full power and authority to carry on its
                         business as it is being conducted and to execute and
                         perform all of its obligations under this Agreement
                         and all action required to authorise such execution
                         and performance has been duly taken;

                (b)           the execution and performance of this Agreement
                         will not violate any applicable law or regulation or
                         contravene any provision of its Articles of
                         Association; and

                (c)           subject to the qualifications in the legal
                         opinions as to matters of law in force on the date of
                         this Agreement and not fact, this Agreement constitutes
                         its legal, valid and binding obligations enforceable in
                         accordance with its terms.

XXXVIII. Restrictions in relation to the Loan

         1.       The Borrower undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Confirmed Creditors, it will not,
                  and will procure that no Subsidiary will:

                (a)           pay, prepay or repay, discharge by way of
                         set-off, or acquire, any Subordinated Debt;

                (b)           pay interest on any Subordinated Debt;

                (c)           create or permit to subsist, any Security
                         Interest or other encumbrance over any of its assets,
                         or give any financial support, for any Subordinated
                         Debt; or

                (d)           take or omit to take any action whereby the
                         ranking and/or subordination of the Subordinated Debt
                         contemplated by this Agreement may be impaired.

         2.       The Lender undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Confirmed Creditors, it will not:

<Page>

                                                                          11(11)

                (a)           demand or receive payment, prepayment or
                         repayment, or accept discharge by way of set-off, of
                         any Subordinated Debt;

                (b)           demand or receive any payment of interest on any
                         Subordinated Debt;

                (c)           receive or permit to subsist, any Security
                         Interest or other encumbrance, or give any financial
                         support, for any Subordinated Debt (for the avoidance
                         of doubt, any Security Interest created by the Lender
                         over any Subordinated Debt owed hereunder, in order to
                         secure the Notes shall not constitute a breach
                         hereunder);

                (d)           assign, transfer or otherwise dispose of any
                         Subordinated Debt to a third party, provided, however,
                         that (i) the Lender may assign Subordinated Debt to
                         the Parent or a wholly-owned subsidiary of the Parent
                         in accordance with Clause 14.2 (provided this is
                         permissible under other agreements binding on the
                         Lender), and (ii) the Lender may assign its rights
                         hereunder by way of security to Trustee on behalf of
                         the Noteholders under the Security Assignment; or

                (e)           commence any proceedings against the Borrower or
                         any Subsidiary in respect of any Subordinated Debt
                         (including, without limitation, applying for
                         enforcement of any amount outstanding or for the
                         liquidation, bankruptcy or re-organisation of the
                         Borrower or any Subsidiary).

XXXIX.   Subordination in case of insolvency

         1.       In an insolvency or bankruptcy of the Borrower or any
                  Subsidiary initiated during the Subordination Period, the
                  Lender shall endeavour to procure that any distributions with
                  respect to the Subordinated Debt by the bankruptcy
                  administrator or liquidator, or any other person making the
                  distribution, are made to the Senior Creditors to the extent
                  necessary to repay all the Senior Debt in full.

         2.       Any release, discharge or settlement between Lender and the
                  Senior Creditors (or any of them) shall be conditional upon no
                  security, disposition or payment to any Senior Creditor being
                  void, set aside or ordered to be refunded pursuant to any law
                  relating to bankruptcy, liquidation or insolvency, or for any
                  other reason whatsoever, and if such condition shall not be
                  fulfilled the Senior Creditors shall be entitled to enforce
                  this Agreement subsequently as if such release, discharge or
                  settlement had not occurred and any such payment had not been
                  made.

<Page>

                                                                          12(12)

XL.      Redistribution of payments

         1.       In the event that any payment in respect of Subordinated Debt
                  is received by the Lender, in cash or in kind, by way of
                  set-off or otherwise, in violation of this Agreement, the
                  Lender shall hold such payment, up to the amount of the Senior
                  Debt, separated and for the account of the Senior Creditors,
                  and promptly pay and distribute it to the Senior Creditors for
                  application towards the Senior Debt.

         2.       If the Senior Debt is partially paid out of any proceeds
                  received in respect of or on account of any Subordinated Debt,
                  the Lender will not be entitled to exercise any subrogation
                  right to the Senior Debt until the Senior Debt has been
                  irrevocably paid and discharged in full.

XLI.     Further assurances of subordination

         1.       The Borrower and the Lender shall enter into Confirmations of
                  Subordination with the other lenders to the Borrower from time
                  to time to confirm that such lenders have the benefit of the
                  subordination provisions in this Agreement and qualify as
                  "Confirmed Creditors" hereunder.

         2.       Each of the Lender and the Borrower undertakes, at its own
                  expense, from time to time, upon reasonable request, to do all
                  such acts and execute all such documents as may be necessary
                  for giving full effect to the subordination of the
                  Subordinated Debt to the Senior Debt as envisaged by this
                  Agreement and securing to the Senior Creditors the full
                  benefit of the rights, powers and remedies conferred upon them
                  in this Agreement.

XLII.    Assignment

         1.       The Borrower may not assign, transfer, novate or dispose of
                  any of, or any interest in, its rights and/or obligations
                  under this Agreement.

         2.       The Lender may at any time assign all or any part of its
                  rights and obligations under this Agreement to the Trustee
                  pursuant to the Security Assignment or to the Parent or a
                  wholly-owned subsidiary of the Parent which adheres to this
                  Agreement (if such subsidiary ceases to be so owned, the
                  rights and obligations shall be reassigned to the Lender),
                  provided this is permissible under other agreements binding on
                  the Lender.

<Page>

                                                                          13(13)

XLIII.   Miscellaneous

         1.       No amendment to this Agreement shall be effective against any
                  party unless made in writing and signed by such party.

         2.       No delay or omission in exercising any powers or privileges
                  hereunder shall be construed as a waiver thereof or an
                  acquiescence therewith. Any exercise of any part of the rights
                  shall not preclude subsequent enforcement of any such rights
                  which have not, or have not fully, been exercised.

XLIV.    Notices

         1.       All notices or other communications under or in connection
                  with this Agreement shall be in the English language and be
                  given by letter or by telefax (and, in the case of telefax,
                  confirmed by letter) with a copy to the Trustee. Any such
                  notice will be deemed to be given as follows:

                (a)           if by letter, when delivered to the address
                       notified in accordance with Clause 16.3; and

                (b)           if by telefax, when received.

         2.       Any notice received on a non-working day or after business
                  hours in the place of receipt will only be deemed to be given
                  on the next working day in that place.

         3.       The address and telefax number of each party for all notices
                  under or in connection with this Agreement are:

                                The Lender:            Preem Holdings AB (publ)
                                     Attention: Richard Ohman
                                     Biblioteksgatan 29
                                     P.O. Box 5785
                                     SE-114 87 Stockholm, Sweden
                                     Telephone: +46 8 614 13 00
                                     Telefax: +46 8 614 13 14

<Page>

                                                                          14(14)

                                The Borrower: Preem Petroleum AB
                                     Attention: Chief Financial Officer
                                     Sandhamnsgatan 51
                                     P.O. Box 27800
                                     SE-115 90 Stockholm, Sweden
                                     Telephone: +46 8 450 10 00
                                     Telefax: +46 8 450 10 55

               The Trustee:     Bankers Trust Company
                                Four Albany Street
                                Corporate Trust and Agency Services
                                New York, NY 10006, USA
                                Attention: Carol Ng
                                                Telephone: +1 212 250 61 47
                                              Telefax: +1 212 250 09 33

              or any other address notified by one party to the other parties by
              not less than five (5) Business Days' notice.

XLV.     Governing law and jurisdiction

         1.       This Agreement shall be governed by and construed in
                  accordance with Swedish law.

         2.       The courts of Sweden shall have non-exclusive jurisdiction
                  over matters arising out of or in connection with this
                  Agreement. The City Court of Stockholm shall be court of first
                  instance.

                                -----------------

<Page>

                                                                          15(15)

                  IN WITNESS WHEREOF, this Agreement has been signed in two (2)
originals, of which the parties have received one each.

                  PREEM HOLDINGS AB (publ)
                  as Lender

                  -------------------------   ------------------------
                  Name: Karim Karaman         Name: Lars Nelson

PREEM PETROLEUM AB
as Borrower

                  -------------------------   -------------------------
                  Name: Richard Ohman         Name: Lars Nelson

<Page>

                                                                            1(1)

                                                                      SCHEDULE 1

                                FORM OF LOAN NOTE

                  PRINCIPAL AMOUNT: SEK [AMOUNT]

                  The principal amount set out above (the "LOAN") is on the date
hereof owed by us to Preem Holdings AB (publ) (the "LENDER") or order. The terms
and conditions for the Loan are set out in Shareholder Loan Agreement No. 1A
entered into between ourselves and the Lender on 10 April 2001 (the
"AGREEMENT").

                  The Loan is subordinated to all other indebtedness owed by us
from time to time, except for Subordinated Debt, as defined in the Agreement,
and does not carry any interest before the due date. The Loan is repayable on
[DATE] and may only be accelerated in special circumstances and subject to a
waiting period of one hundred and seventy nine (179) days, all as more fully set
out in the Agreement.

                  We confirm that we have no right of set-off or counterclaim
which may reduce the amount payable by us in respect of the Loan.

                  The Loan shall be evidenced by this loan note, which is
subject to all terms and conditions of the Agreement.

By executing this loan note we confirm that we have been notified that the Loan
has been assigned by way of security, by the Lender to Bankers Trust Company
(the "TRUSTEE") acting on behalf of the Noteholders (as defined in the
Agreement) from time to time pursuant to a Security Assignment Agreement dated
10 April 2001. For as long as the Security Assignment (as defined in the
Agreement) is effective and not enforced, (i) all amounts payable by us in
respect of the Loan may only be paid to the Trustee or order, unless and until
we are otherwise notified by the Trustee, and (ii) the terms of the Loan may
only be amended or varied with the consent of the Trustee.

                  This loan note and the Agreement are governed by Swedish law.

<Page>

Date: [DATE]

PREEM PETROLEUM AB

                  ---------------------------        ------------------------
                  Name:                              Name:

<Page>

                       MANNHEIMER SWARTLING ADVOKATBYRA
                              STOCKHOLM, SWEDEN

<Page>

                                                                      SCHEDULE 2

                      FORM OF CONFIRMATION OF SUBORDINATION

                  This CONFIRMATION OF SUBORDINATION is entered into in
connection with the Shareholder Loan Agreement No.1A entered into between Preem
Holdings AB (publ) (the "JUNIOR LENDER") and Preem Petroleum AB (the "BORROWER")
on 10 April 2001 (the "AGREEMENT"). Terms defined in the Agreement shall have
the same meanings when used herein.

                  The Agreement contains provisions to the effect that the Loan
shall during the Subordination Period be subordinated to the Borrower's other
indebtedness, except other Subordinated Indebtedness. The Agreement also
provides the Senior Creditors to the Borrower with certain rights as Confirmed
Creditors, provided they have entered into Confirmations of Subordination.
[NAME] (the "SENIOR LENDER") is a lender to the Borrower and has requested to
have the benefit of the rights conferred upon the Confirmed Creditors in the
Agreement.

                  The parties hereby agree that the Senior Lender shall have the
benefit of all rights conferred upon the Confirmed Creditors as Senior Creditors
in the Agreement. All indebtedness owed by the Borrower to the Senior Lender
shall constitute Senior Debt under the Agreement. The parties further agree that
any amendment of, variation or modification to, or termination of, the Agreement
(including the waiver of any right under the Agreement) shall require the prior
written consent of the Senior Lender, and prior written notice to the Trustee.

                  The address and telefax number of the Senior Lender for all
notices under or in connection with this Confirmation of Subordination are:

                                       [ADDRESS]
                                       Attention: [TITLE]
                                       Telephone: [NUMBER]
                                       Telefax: [NUMBER]

or any other address notified by the Senior Lender to the other parties by not
less than five (5) Business Days' notice. The addresses and telefax numbers of
the Junior Lender and the Borrower are set out in the Agreement.

                  All notices or other communications under or in connection
with this Confirmation of Subordination shall be in the English language and be
given by letter or by telefax (and, in the case of telefax, confirmed by
letter). Any such notice will be deemed to be given, if by letter, when

                      MANNHEIMER SWARTLING ADVOKATBYRA
                             STOCKHOLM, SWEDEN

<Page>

delivered to the address notified in accordance with the above, and, if by
telefax, when received. Any notice received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the
next working day in that place.

                  This Confirmation of Subordination shall be governed by and
construed in accordance with Swedish law. The courts of Sweden shall have
non-exclusive jurisdiction over matters arising out of or in connection with
this Confirmation of Subordination. The City Court of Stockholm shall be court
of first instance.

Date: [DATE]

PREEM PETROLEUM AB                       PREEM HOLDINGS AB (publ)
as Borrower                                  as Junior Lender

               ---------------------------          ---------------------------
               Name:                                Name:

               ---------------------------          ---------------------------
               Name:                                Name:

[NAME]
as Senior Lender

                  ---------------------------
                  Name:

                  ---------------------------
                  Name:
<Page>

                        SHAREHOLDER LOAN AGREEMENT NO. 1B

                                  10 APRIL 2001

                                     BETWEEN

                            PREEM HOLDINGS AB (PUBL)
                                    AS LENDER

                                       AND

                               PREEM PETROLEUM AB
                                   AS BORROWER
<Page>

                  This SHAREHOLDER LOAN AGREEMENT is dated as of 10 April 2001
between:

                  PREEM HOLDINGS AB (PUBL), reg. no. 556206-9673, (the
"LENDER"); and

                  PREEM PETROLEUM AB, reg. no. 556072-6977, (the "BORROWER").

XLVI.    Definitions and interpretation

         1.       DEFINITIONS

                                "AGREEMENT" means this Shareholder Loan
              Agreement including the Loan Notes issued hereunder.

                                "AUTHORISED SIGNATORIES" means representatives
              of the Borrower authorised and registered as signatories of the
              Borrower with the Swedish Patent and Registration Office (Sw:
              PATENT- OCH REGISTRERINGSVERKET).

                                "BUSINESS DAY" means a day (other than a
              Saturday or Sunday) which is not a public holiday and on which
              banks are open for general business in Stockholm.

                                "CONFIRMATION OF SUBORDINATION" means an
              agreement in the form of SCHEDULE 2 entered into by the Borrower,
              the Lender and one or several Confirmed Creditors.

                                "CONFIRMED CREDITORS" means the banks, financial
              institutions and other lenders from time to time providing
              financing to the Borrower and the Subsidiaries, and which are
              parties to Confirmations of Subordination, and "CONFIRMED
              CREDITOR" means any of them.

                                "DEBT RESTRUCTURING AGREEMENT" means the Debt
              Restructuring Agreement entered into on or about the date hereof
              among the Borrower, the Lender and the Parent for the purpose of
              restructuring and assigning existing shareholder debt owed by the
              Borrower.

                                "EFFECTIVE DATE" means the date defined as such
              in the Debt Restructuring Agreement.

                                "EVENT OF DEFAULT" means any of the events
              specified in Clauses 4.2 to 4.9.
<Page>

                                                                           2(2)

              "FINANCIAL INDEBTEDNESS" means any indebtedness in respect of:

(j)      moneys borrowed and debit balances at banks and other financial
         institutions;

(k)      any debenture, bond, note or other debt instrument;

(l)      the acquisition cost of any asset to the extent payable before or after
         the time of acquisition or possession by the party liable where the
         advance or deferred payment is arranged primarily as a method of
         raising finance or financing the acquisition of that asset;

(m)      leases entered into primarily as a method of raising finance or
         financing the leased asset;

(n)      any acceptance or documentary credit;

(o)      receivables sold or discounted (otherwise than on a non-recourse
         basis);

(p)      any swaps, foreign exchange transactions, cap, floor, collar or option
         transactions or any other interest or currency derivatives transactions
         entered into in connection with the management of risks related to
         financial indebtedness (the value of any such transactions shall be
         calculated by reference only to a mark-to-market valuation);

(q)      any amount raised under any other transaction having the commercial
         effect of a borrowing or raising of money; or

(r)      any guarantee, indemnity or similar assurance against financial loss of
         any person.

                                "LOAN" means the total principal amount assigned
              to or to be advanced by the Lender under Clause 2 (Shareholder
              Loans) in one or several disbursements, or the total principal
              amount outstanding hereunder at any time. The Loan shall be
              denominated in Swedish Kronor.

                                "LOAN NOTE" means a loan note evidencing the
              Loan or a part thereof, issued pursuant to Clause 2.5 in the form
              of SCHEDULE 1 and signed by Authorised Signatories.

                                "NOTEHOLDERS" means the holders from time to
              time of the Notes.

                                "NOTES" means the 10 5/8 % senior secured notes
              due 2011 and any additional notes issued under the indenture
              governing the Notes, dated as
<Page>

                                                                           3(3)

              of 10 April 2001, by and between the Lender, Deutsche Bank AG
              London, as principal paying agent, and the Trustee.

                                "PARENT" means Corral Petroleum Holdings AB
              (publ), reg. no. 556477-1284.

                                "SECURITY INTEREST" means any mortgage, pledge,
              lien, charge, assignment by way of security, hypothecation,
              security interest, title retention (other than in respect of goods
              purchased in the ordinary course of trading), sale and repurchase
              or sale and lease-back arrangement or any other agreement or
              arrangement in each case having the effect of conferring security.

              "SENIOR CREDITORS" means the Confirmed Creditors and all other
              creditors (including trade creditors) of the Borrower and the
              Subsidiaries (other than the Lender), and their assignees from
              time to time, and "SENIOR CREDITOR" means any of them.

              "SENIOR DEBT" means all present and future liabilities of the
              Borrower and the Subsidiaries to the Senior Creditors, absolute or
              contingent, whether or not matured, including, without limitation,
              principal, interest, damages and costs.

                                "SHAREHOLDER LOAN NO. 1A" means the Shareholder
              Loan Agreement No. 1A entered into on or about the date hereof
              between the Lender as lender and the Borrower as borrower.

                                "STIBOR" means the Stockholm Interbank Offered
              Rate as quoted on the Reuters screen SIOR (or such other screen as
              may replace that screen) at or about 11.00 a.m. (Stockholm time)
              on the relevant date or, if the relevant rate does not appear, the
              average (rounded upwards to four decimal places) of the rates
              which prime banks were offering to other prime banks in the
              Stockholm interbank market for deposits in Swedish Kronor as of
              11.00 a.m. (Stockholm time) on the relevant date, in each case for
              a period of thirty (30) days.

                                "SUBORDINATED DEBT" means (i) the indebtedness
              of the Borrower to the Lender hereunder, and (ii) any other
              Financial Indebtedness of the Borrower to the Lender which is duly
              and effectively subordinated on substantially the same terms,
              including, without limitation, in respect of maturity, right to
              interest payments and the provisions of Clauses 4.11, 10 and 11.
              For the avoidance of doubt, Shareholder Loan No. 1A is not, for
              the purposes of this Agreement, Subordinated Debt.

              "SUBORDINATION PERIOD" means the period from the Effective Date
              until the earlier of (i) the date on which all Senior Debt has
              been fully and finally satisfied, and (ii) the date falling 179
              days after the date on which the Lender
<Page>

                                                                           4(4)

              has given a notice in accordance with Clause 4.10 to each of
              the Confirmed Creditors.

              "SUBSIDIARY" means any Swedish or foreign legal entity (whether
              incorporated or not), which is a subsidiary (Sw: DOTTERBOLAG) of
              the Borrower, directly or indirectly, in accordance with the
              Swedish Companies Act (Sw: AKTIEBOLAGSLAGEN).

                                "SWEDISH KRONOR" or "SEK" means the lawful
              currency of Sweden.

                                "TAXES" means all types (whether now existing or
              introduced in the future) of income and other taxes, levies,
              imposts, deductions, charges and withholdings whatsoever together
              with interest thereon and penalties and surcharges with respect
              thereto, if any, and any payments made on or in respect thereof,
              and "TAX" and "TAXATION" shall be construed accordingly.

                                "TRUSTEE" means Bankers Trust Company, as
              Trustee under the indenture governing the Notes, dated as of 10
              April 2001, by and between the Lender, Deutsche Bank AG London, as
              principal paying agent, and the Trustee.

         2.       INTERPRETATION

                  A.       A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to a statute or any provision
                           thereof shall refer also to that statute or provision
                           as amended or re-enacted.

                  B.       A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to an agreement or document shall
                           refer also to such agreement or document as amended,
                           varied or supplemented and shall include all
                           appendices and other attachments.

XLVII.   Shareholder loans

         1.       On the Effective Date the Lender may provide the Borrower with
                  a loan subject to the terms of this Agreement. The amount of
                  such loan, if any, shall be determined in accordance with the
                  Debt Restructuring Agreement. Such loan amount shall
                  constitute Subordinated Debt.
<Page>

                                                                           5(5)

         2.       The Lender and the Borrower may agree that the Lender shall
                  provide the Borrower with additional financing in the form of
                  Subordinated Debt. Such additional financing shall be
                  disbursed as agreed between the parties.

         3.       Any distributions from the Borrower to the Lender by way of
                  group contributions (Sw: KONCERNBIDRAG), made in order to
                  obtain the most favourable tax position within the group
                  (including the Parent) in Sweden, shall be distributed in the
                  form of loans hereunder from the Lender to the Borrower, so
                  that the amount of such loan shall constitute Subordinated
                  Debt, unless the parties agree otherwise (provided this is
                  permissible under other agreements binding on the Borrower and
                  the Lender).

         4.       Nothing in Clause 2.3 shall restrict the Borrower from paying
                  dividends in cash to the Lender, provided such dividends are
                  permissible under other agreements binding on the Borrower and
                  the Lender.

         5.       The Loan shall be evidenced by one or several Loan Notes
                  signed by Authorised Signatories. A Loan Note shall be
                  executed promptly after a disbursement is made in accordance
                  with this Clause 2.

         6.       Nothing in this Agreement shall prevent the Borrower from
                  incurring other debt owed to the Lender which is not
                  Subordinated Debt (to the extent this is not prohibited under
                  other agreements binding on the Borrower and the Lender), from
                  repaying such other debt or from paying interest on such other
                  debt.

XLVIII.  Repayment and conversion

         1.       The Borrower shall not repay the Loan, except as expressly
                  provided in Clause 4 (Events of Default), or with the prior
                  written consent of the Confirmed Creditors.

         2.       To the extent that may be required to avoid the Borrower being
                  obligated to enter into liquidation (Sw: LIKVIDATION), the
                  board of the Borrower may decide that the Loan (or part
                  thereof, as the case may be) shall be utilised in meeting
                  losses of the Borrower by writing down the principal amount of
                  the Loan by the amount required to avoid liquidation and
                  converting such amount into a conditional capital contribution
                  (Sw: VILLKORAT AKTIEAGARTILLSKOTT). The rights of the Lender
                  in respect of the converted amount will thereupon be converted
                  into rights of a provider of capital contributions. Upon
                  utilisation of any part of the Loan pursuant to this Clause
                  3.2, the Borrower shall give notice to the Lender.
<Page>

                                                                           6(6)

         3.       The Loan shall be repaid only upon presentation of the
                  relevant Loan Note(s). If the Loan is partially repaid, a new
                  Loan Note for the remaining amount shall be executed.

XLIX.    Events of default

         1.       Subject to any express exceptions, each of the events set out
                  in Clauses 4.2 to 4.9 below is an Event of Default (whether or
                  not caused by any reason whatsoever outside the control of the
                  Borrower or any other person).

         2.       NON-PAYMENT: The Borrower does not pay on the due date, any
                  amount due and payable by it hereunder in the currency and in
                  the manner specified, provided that it shall not constitute an
                  Event of Default if such failure is due solely to technical
                  errors and the Borrower remedies the same within three (3)
                  Business Days of the due date for payment.

         3.       CROSS-DEFAULT:

                  (e)         Any Financial Indebtedness of the Borrower or any
                         Subsidiary is not paid when due or within the
                         applicable grace period (if any).

                  (f)         Any Financial Indebtedness of the Borrower or any
                         Subsidiary is declared prematurely due and payable or
                         is placed on demand, in either case as a result of an
                         event of default (howsoever described) under the
                         document relating to that Financial Indebtedness.

                  (g)         Any commitment for, or underwriting of, any
                         Financial Indebtedness of the Borrower or any
                         Subsidiary is cancelled or suspended as a result of an
                         event of default (howsoever described) under the
                         document relating to that Financial Indebtedness.

                  (h)         The circumstances in this Clause 4.3 will only
                         constitute an Event of Default if the amount of
                         Financial Indebtedness referred to exceeds SEK
                         150,000,000 in aggregate.

         4.       INSOLVENCY:

                  (d)         The Borrower is, or is deemed for the purposes
                         of any law to be, insolvent or admits in writing its
                         inability to pay its debts as they fall due.
<Page>

                                                                           7(7)

                  (e)         The Borrower suspends making payments on all or
                         any class of its debts or announces an intention to
                         do so, or a moratorium is declared in respect of any
                         of its indebtedness.

                  (f)         The Borrower commences negotiations with any
                         one or more of its creditors with a view to the
                         general readjustment or rescheduling of its
                         indebtedness, or makes a composition or an
                         arrangement with its creditors or any similar
                         proceeding, arrangement or assignment.

         5.       INSOLVENCY PROCEEDINGS:

                  (c)         The Borrower takes any corporate action or any
                         order is made or resolution passed for the
                         suspension of payments, business reorganisation (Sw:
                         FORETAGSREKONSTRUKTION), liquidation or bankruptcy
                         of the Borrower (except in the context of a solvent
                         reconstruction with the Borrower as surviving
                         entity).

                  (d)         A liquidator, receiver, insolvency manager,
                         reconstruction manager (Sw: FORETAGSREKONSTRUKTOR) or
                         similar officer is appointed in respect of the Borrower
                         or in respect of all or substantially all of its
                         assets.

         6.       CREDITORS' PROCESS: Any distress or execution is levied
                  against, or an encumbrancer takes possession of, an asset or
                  certain of the assets of the Borrower the value of which asset
                  or assets exceeds SEK 50,000,000, unless such distress,
                  execution or taking possession is stayed, discharged, struck
                  out or given up within thirty (30) days of being levied or
                  taking place or is thereafter being contested in good faith
                  and by appropriate means.

         7.       CESSATION OF BUSINESS: The Borrower ceases or threatens to
                  cease to carry on all or a substantial part of its business.

         8.       REPUDIATION:  The Borrower repudiates this Agreement.

         9.       UNLAWFULNESS: At any time it is or becomes unlawful for the
                  Borrower to perform or comply with any material or all of its
                  obligations under this Agreement or any of the obligations of
                  the Borrower under this Agreement are not or cease to be
                  legal, valid and binding, in either case in any material
                  respect.

         10.      In case of an Event of Default, provided such Event of Default
                  has not been cured or waived, the Lender shall provide all
                  Confirmed Creditors with a written notice specifying the Event
                  of Default. Following such notice the Lender shall consult
                  with the Confirmed Creditors with a view to curing such Event
                  of Default.

 <Page>

                                                                            8(8)

         11.      On and at any time after the occurrence of an Event of
                  Default, provided such Event of Default has not been cured or
                  waived, the Lender may, by notice to the Borrower declare the
                  Loan due and payable, whereupon it shall become due and
                  payable on the date specified by the Lender, provided,
                  however, that the date so specified shall not fall before the
                  expiry of the Subordination Period.

L.       Interest

         1.       Neither the Loan nor any other amount which may be payable
                  hereunder shall carry interest before the date on which such
                  amount is due and payable.

         2.       If the Borrower fails to pay an amount payable by it under
                  this Agreement on the due date, it shall forthwith on demand
                  by the Lender pay interest on the overdue amount from the due
                  date up to the date of actual payment at a rate determined by
                  adding a margin of two (2) percentage units to STIBOR on the
                  due date. Interest shall be compounded at the end of each
                  thirty (30) day period during which the overdue amount remains
                  outstanding.

LI.      Payments

         1.       All payments by the Borrower under this Agreement shall be
                  made for value on the due date (at such time as is customary
                  for the settlement of transactions in the relevant currency)
                  and in immediately available funds to the account at such
                  office or bank as the Lender may designate from time to time.
                  Any such designation shall be notified to the Borrower not
                  later than five (5) Business Days before the payment is due.

         2.       All payments made by the Borrower under this Agreement shall
                  be made without set-off or counterclaim.

         3.       If a payment is due on a day which is not a Business Day, the
                  due date for that payment shall instead be the following
                  Business Day.

         4.       A repayment or prepayment of the Loan is payable in Swedish
                  Kronor. Amounts payable in respect of costs, expenses and
                  Taxes and the like are payable in the currency in which they
                  are incurred.

         5.       If Swedish Kronor is replaced as legal tender in Sweden by the
                  euro, all references to Swedish Kronor in this Agreement shall
                  be deemed to be

<Page>

                                                                            9(9)

                  references to the euro, provided that the Lender, acting
                  reasonably and in good faith and after having consulted with
                  the Borrower, shall determine at what time such replacement
                  shall be made for the purpose of this Agreement in the event
                  that such replacement includes a transition period. In case
                  of any such change of currency, this Agreement shall be
                  amended to the extent the Lender specifies to be necessary
                  to reflect the change in currency and to put the Lender and
                  the Borrowers in the same position, so far as possible, that
                  they would have been in if no change of currency had occurred.

LII.     Withholdings

         1.       All payments to be made by the Borrower hereunder shall be
                  made free and clear of any deduction or withholding.

         2.       If the Borrower is required by law to make any deduction or
                  withholding on account of Tax or otherwise from any payment to
                  the Lender hereunder, the sum due from it in respect of such
                  payment shall be increased to the extent necessary to ensure
                  that, after making of such deduction or withholding, the
                  Lender receives a net sum equal to the sum which it would have
                  received had no deduction or withholding been made.

         3.       This Clause 7 (Withholdings) shall not apply in the case of
                  deductions or withholdings to be made with reference to income
                  tax on its overall income ultimately due by the Lender by
                  operation of applicable laws.

LIII.    Indemnities

         1.       If the Lender receives an amount in respect of the Borrower's
                  liability under this Agreement or if that liability is
                  converted into a claim, proof, judgement or order in a
                  currency other than the currency in which such obligation is
                  due (the "CONTRACTUAL CURRENCY"):

                  (d)         the Borrower shall on demand indemnify the Lender
                         as an independent obligation against any loss or
                         liability arising out of or as a result of the
                         conversion;

                  (e)         if the amount received by the Lender, when
                         converted into the Contractual Currency at a market
                         rate in the usual course of its business, is less than
                         the amount owed in the Contractual Currency, the
                         Borrower shall on demand pay to the Lender an amount
                         in the Contractual Currency equal to the deficit; and

<Page>

                                                                          10(10)

                  (f)       the Borrower shall on demand pay to the Lender any
                         exchange costs and Taxes payable in connection with
                         any such conversion.

         2.       The Borrower shall on demand indemnify the Lender against any
                  cost, expense, loss or liability, as determined by the Lender,
                  which it incurs as a consequence of the occurrence of any
                  Event of Default (taking into account, where appropriate, any
                  amounts received by the Lender under Clause 5.2).

LIV.     Representations and warranties

                          The Borrower represents and warrants that:

                  (d)       it is a limited liability company, duly incorporated
                         and validly existing under the laws of Sweden, with
                         full power and authority to carry on its business as it
                         is being conducted and to execute and perform all of
                         its obligations under this Agreement and all action
                         required to authorise such execution and performance
                         has been duly taken;

                  (e)       the execution and performance of this Agreement
                         will not violate any applicable law or regulation or
                         contravene any provision of its Articles of
                         Association; and

                  (f)       subject to the qualifications in the legal opinions
                         as to matters of law in force on the date of this
                         Agreement and not fact, this Agreement constitutes its
                         legal, valid and binding obligations enforceable in
                         accordance with its terms.

LV.      Restrictions in relation to the Loan

         1.       The Borrower undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Confirmed Creditors, it will not,
                  and will procure that no Subsidiary will:

                  (e)       pay, prepay or repay, discharge by way of set-off,
                         or acquire, any Subordinated Debt;

                  (f)       pay interest on any Subordinated Debt;

<Page>

                                                                          11(11)

                  (g)       create or permit to subsist, any Security Interest
                         or other encumbrance over any of its assets, or give
                         any financial support, for any Subordinated Debt; or

                  (h)       take or omit to take any action whereby the ranking
                         and/or subordination of the Subordinated Debt
                         contemplated by this Agreement may be impaired.

         2.       The Lender undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Confirmed Creditors, it will not:

                  (f)       demand or receive payment, prepayment or repayment,
                         or accept discharge by way of set-off, of any
                         Subordinated Debt;

                  (g)       demand or receive any payment of interest on any
                         Subordinated Debt;

                  (h)       receive or permit to subsist, any Security Interest
                         or other encumbrance, or give any financial support,
                         for any Subordinated Debt (for the avoidance of doubt,
                         any Security Interest created by the Lender over its
                         rights under the Shareholder Loan No. 1A, in order to
                         secure the Notes shall not constitute a breach
                         hereunder);

                  (i)       assign, transfer or otherwise dispose of any
                         Subordinated Debt to a third party, provided, however,
                         that (i) the Lender may assign Subordinated Debt to the
                         Parent or a wholly-owned subsidiary of the Parent in
                         accordance with Clause 14.2 (provided this is
                         permissible under other agreements binding on the
                         Lender), and (ii) the Lender may assign its rights
                         under the Shareholder Loan No. 1A by way of security to
                         Trustee on behalf of the Noteholders; or

                  (j)       commence any proceedings against the Borrower or
                         any Subsidiary in respect of any Subordinated Debt
                         (including, without limitation, applying for
                         enforcement of any amount outstanding or for the
                         liquidation, bankruptcy or re-organisation of the
                         Borrower or any Subsidiary).

LVI.     Subordination in case of insolvency

<Page>

                                                                          12(12)

         1.       In an insolvency or bankruptcy of the Borrower or any
                  Subsidiary initiated during the Subordination Period, the
                  Lender shall endeavour to procure that any distributions with
                  respect to the Subordinated Debt by the bankruptcy
                  administrator or liquidator, or any other person making the
                  distribution, are made to the Senior Creditors to the extent
                  necessary to repay all the Senior Debt in full.

         2.       Any release, discharge or settlement between Lender and the
                  Senior Creditors (or any of them) shall be conditional upon no
                  security, disposition or payment to any Senior Creditor being
                  void, set aside or ordered to be refunded pursuant to any law
                  relating to bankruptcy, liquidation or insolvency, or for any
                  other reason whatsoever, and if such condition shall not be
                  fulfilled the Senior Creditors shall be entitled to enforce
                  this Agreement subsequently as if such release, discharge or
                  settlement had not occurred and any such payment had not been
                  made.

LVII.    Redistribution of payments

         1.       In the event that any payment in respect of Subordinated Debt
                  is received by the Lender, in cash or in kind, by way of
                  set-off or otherwise, in violation of this Agreement, the
                  Lender shall hold such payment, up to the amount of the Senior
                  Debt, separated and for the account of the Senior Creditors,
                  and promptly pay and distribute it to the Senior Creditors for
                  application towards the Senior Debt.

         2.       If the Senior Debt is partially paid out of any proceeds
                  received in respect of or on account of any Subordinated Debt,
                  the Lender will not be entitled to exercise any subrogation
                  right to the Senior Debt until the Senior Debt has been
                  irrevocably paid and discharged in full.

LVIII.   Further assurances of subordination

         1.       The Borrower and the Lender shall enter into Confirmations of
                  Subordination with the other lenders to the Borrower from time
                  to time to confirm that such lenders have the benefit of the
                  subordination provisions in this Agreement and qualify as
                  "Confirmed Creditors" hereunder.

         2.       Each of the Lender and the Borrower undertakes, at its own
                  expense, from time to time, upon reasonable request, to do all
                  such acts and execute all such documents as may be necessary
                  for giving full effect to the

<Page>

                                                                          13(13)

                  subordination of the Subordinated Debt to the Senior Debt
                  as envisaged by this Agreement and securing to the Senior
                  Creditors the full benefit of the rights, powers and remedies
                  conferred upon them in this Agreement.

LIX.     Assignment

         1.       The Borrower may not assign, transfer, novate or dispose of
                  any of, or any interest in, its rights and/or obligations
                  under this Agreement.

         2.       The Lender may at any time assign all or any part of its
                  rights and obligations under this Agreement to the Parent or a
                  wholly-owned subsidiary of the Parent which adheres to this
                  Agreement (if such subsidiary ceases to be so owned, the
                  rights and obligations shall be reassigned to the Lender),
                  provided this is permissible under other agreements binding on
                  the Lender.

LX.      Miscellaneous

         1.       No amendment to this Agreement shall be effective against any
                  party unless made in writing and signed by such party.

         2.       No delay or omission in exercising any powers or privileges
                  hereunder shall be construed as a waiver thereof or an
                  acquiescence therewith. Any exercise of any part of the rights
                  shall not preclude subsequent enforcement of any such rights
                  which have not, or have not fully, been exercised.

LXI.     Notices

         1.       All notices or other communications under or in connection
                  with this Agreement shall be in the English language and be
                  given by letter or by telefax (and, in the case of telefax,
                  confirmed by letter). Any such notice will be deemed to be
                  given as follows:

                  (c)      if by letter, when delivered to the address notified
                         in accordance with Clause 16.3; and

                  (d)      if by telefax, when received.

<Page>

                                                                          14(14)

         2.       Any notice received on a non-working day or after business
                  hours in the place of receipt will only be deemed to be given
                  on the next working day in that place.

         3.       The address and telefax number of each party for all notices
                  under or in connection with this Agreement are:

                                 The Lender:   Preem Holdings AB (publ)
                                      Attention: Richard Ohman
                                      Biblioteksgatan 29
                                      P.O. Box 5785
                                      SE-114 87 Stockholm
                                      Sweden
                                      Telephone: +46 8 614 13 00
                                      Telefax: +46 8 614 13 14

                                 The Borrower: Preem Petroleum AB
                                      Attention: Chief Financial Officer
                                      Sandhamnsgatan 51
                                      P.O. Box 27800
                                      SE-115 90 Stockholm
                                      Sweden
                                      Telephone: +46 8 450 10 00
                                      Telefax: +46 8 450 10 55

              or any other address notified by one party to the other parties by
              not less than five (5) Business Days' notice.

LXII.    Governing law and jurisdiction

         1.       This Agreement shall be governed by and construed in
                  accordance with Swedish law.

         2.       The courts of Sweden shall have non-exclusive jurisdiction
                  over matters arising out of or in connection with this
                  Agreement. The City Court of Stockholm shall be court of first
                  instance.

                                -----------------

<Page>

                                                                          15(15)

                  IN WITNESS WHEREOF, this Agreement has been signed in two (2)
originals, of which the parties have received one each.

                  PREEM HOLDINGS AB (publ)
                  as Lender

                  -------------------------   ------------------------
                  Name: Karim Karaman         Name: Lars Nelson

                  PREEM PETROLEUM AB
                  as Borrower

                  -------------------------   -------------------------
                  Name: Richard Ohman         Name: Lars Nelson

<Page>

                                                                    SCHEDULE 2

                      FORM OF CONFIRMATION OF SUBORDINATION

                  This CONFIRMATION OF SUBORDINATION is entered into in
connection with the Shareholder Loan Agreement No. 1B entered into between Preem
Holdings AB (publ) (the "JUNIOR LENDER") and Preem Petroleum AB (the "BORROWER")
on 10 April 2001 (the "AGREEMENT"). Terms defined in the Agreement shall have
the same meanings when used herein.

                  The Agreement contains provisions to the effect that the Loan
shall during the Subordination Period be subordinated to the Borrower's other
indebtedness, except other Subordinated Debt and Shareholder Loan No. 1A. The
Agreement also provides the Senior Creditors to the Borrower with certain rights
as Confirmed Creditors, provided they have entered into Confirmations of
Subordination. [NAME] (the "SENIOR LENDER") is a lender to the Borrower and has
requested to have the benefit of the rights conferred upon the Confirmed
Creditors in the Agreement.

                  The parties hereby agree that the Senior Lender shall have the
benefit of all rights conferred upon the Confirmed Creditors as Senior Creditors
in the Agreement. All indebtedness owed by the Borrower to the Senior Lender
shall constitute Senior Debt under the Agreement. The parties further agree that
any amendment of, variation or modification to, or termination of, the Agreement
(including the waiver of any right under the Agreement) shall require the prior
written consent of the Senior Lender.

                  The address and telefax number of the Senior Lender for all
notices under or in connection with this Confirmation of Subordination are:

                                       [ADDRESS]
                                       Attention: [TITLE]
                                       Telephone: [NUMBER]
                                       Telefax: [NUMBER]

or any other address notified by the Senior Lender to the other parties by not
less than five (5) Business Days' notice. The addresses and telefax numbers of
the Junior Lender and the Borrower are set out in the Agreement.

                  All notices or other communications under or in connection
with this Confirmation of Subordination shall be in the English language and be
given by letter or by telefax (and, in the case of telefax, confirmed by
letter). Any such notice will be deemed to be given, if by letter, when
delivered to the address notified in accordance with the above, and, if by
telefax, when received. Any notice received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the
next working day in that place.

<Page>

                  This Confirmation of Subordination shall be governed by and
construed in accordance with Swedish law. The courts of Sweden shall have
non-exclusive jurisdiction over matters arising out of or in connection with
this Confirmation of Subordination. The City Court of Stockholm shall be court
of first instance.

Date: [DATE]

PREEM PETROLEUM AB                       PREEM HOLDINGS AB (publ)

as Borrower                              as Junior Lender

   ---------------------------              ---------------------------
   Name:                                    Name:

   --------------------------               ----------------------------
   Name:                                    Name:

[NAME]
as Senior Lender

   ---------------------------
   Name:

   ---------------------------
   Name:
<Page>

                        SHAREHOLDER LOAN AGREEMENT NO. 2

                                  10 APRIL 2001

                                     BETWEEN

                       CORRAL PETROLEUM HOLDINGS AB (PUBL)

                                    AS LENDER

                                       AND

                            PREEM HOLDINGS AB (PUBL)

                                   AS BORROWER
<Page>

                  This SHAREHOLDER LOAN AGREEMENT is dated as of 10 April 2001
between:

                  CORRAL PETROLEUM HOLDINGS AB (PUBL), reg. no. 556477-1284,
(the "LENDER"); and

                  PREEM HOLDINGS AB (PUBL), reg. no. 556206-9673, (the
"BORROWER").

LXIII.   Definitions and interpretation

1.       DEFINITIONS

                                "AGREEMENT" means this Shareholder Loan
              Agreement.

                                "BUSINESS DAY" means a day (other than a
              Saturday or Sunday) which is not a public holiday and on which
              banks are open for general business in Stockholm.

                                "CONFIRMATION OF SUBORDINATION" means an
              agreement in the form of SCHEDULE 1 entered into by the Borrower,
              the Lender and the Trustee.

                                "DEBT RESTRUCTURING AGREEMENT" means the Debt
              Restructuring Agreement entered into on or about the date hereof
              among the Borrower, the Lender and Preem Petroleum for the purpose
              of restructuring and assigning existing shareholder debt owed by
              Preem Petroleum.

                                "EFFECTIVE DATE" means the date defined as such
              in the Debt Restructuring Agreement.

                                "INDENTURE" means the indenture between the
              Borrower and the Trustee governing the Notes, dated on or about
              the date hereof.

                                "LOAN" means the total principal amount advanced
              or to be advanced by the Lender under Clause 2 (Shareholder Loans)
              in one or several disbursements, or the total principal amount
              outstanding hereunder at any time. The Loan shall be denominated
              in Swedish Kronor.

                                "NOTEHOLDERS" means the holders from time to
              time of the Notes.

                                "NOTES" means the 10 5/8 % senior secured notes
              due 2011 and any additional notes issued under the indenture
              governing the Notes, dated as
<Page>

                                                                          2(2)

              of 10 April 2001, by and between the Lender, Deutsche Bank AG
              London, as principal paying agent, and the Trustee.

                                "PREEM PETROLEUM" means Preem Petroleum AB, reg.
              no. 556072-6977.

                                "SECURITY INTEREST" means any mortgage, pledge,
              lien, charge, assignment by way of security, hypothecation,
              security interest, title retention (other than in respect of goods
              purchased in the ordinary course of trading), sale and repurchase
              or sale and lease-back arrangement or any other agreement or
              arrangement in each case having the effect of conferring security.

              "SENIOR DEBT" means all present and future liabilities of the
              Borrower to the Noteholders under the Notes and the Indenture,
              absolute or contingent, whether or not matured, including, without
              limitation, principal, interest, damages and costs.

                                "SHAREHOLDER LOAN NO. 1B" means the Shareholder
              Loan Agreement No. 1B entered into on or about the date hereof
              between the Borrower as lender and Preem Petroleum as borrower.

                                "STIBOR" means the Stockholm Interbank Offered
              Rate as quoted on the Reuters screen SIOR (or such other screen as
              may replace that screen) at or about 11.00 a.m. (Stockholm time)
              on the relevant date or, if the relevant rate does not appear, the
              average (rounded upwards to four decimal places) of the rates
              which prime banks were offering to other prime banks in the
              Stockholm interbank market for deposits in Swedish Kronor as of
              11.00 a.m. (Stockholm time) on the relevant date, in each case for
              a period of thirty (30) days.

                                "SUBORDINATED DEBT" means (i) the indebtedness
              of the Borrower to the Lender hereunder, and (ii) any other
              indebtedness of the Borrower to the Lender, absolute or
              contingent, whether or not matured, including, without limitation,
              principal, interest, damages and costs.

              "SUBORDINATION PERIOD" means the period from the Effective Date
              until the date on which all Senior Debt has been fully and finally
              satisfied.

              "SUBSIDIARY" means any Swedish or foreign legal entity (whether
              incorporated or not), which is a subsidiary (Sw: DOTTERBOLAG) of
              the Borrower, directly or indirectly, in accordance with the
              Swedish Companies Act (Sw: AKTIEBOLAGSLAGEN).

                                "SWEDISH KRONOR" or "SEK" means the lawful
              currency of Sweden.
<Page>

                                                                          3(3)

                                "TAXES" means all types (whether now existing or
              introduced in the future) of income and other taxes, levies,
              imposts, deductions, charges and withholdings whatsoever together
              with interest thereon and penalties and surcharges with respect
              thereto, if any, and any payments made on or in respect thereof,
              and "TAX" and "TAXATION" shall be construed accordingly.

                                "TRUSTEE" means Bankers Trust Company, as
              Trustee under the indenture governing the Notes, dated as of 10
              April 2001, by and between the Lender, Deutsche Bank AG London, as
              principal paying agent, and the Trustee.

         2.       INTERPRETATION

                  A.       A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to a statute or any provision
                           thereof shall refer also to that statute or provision
                           as amended or re-enacted.

                  B.       A reference in this Agreement or in any other
                           document referred to herein or delivered in
                           connection herewith to an agreement or document shall
                           refer also to such agreement or document as amended,
                           varied or supplemented and shall include all
                           appendices and other attachments.

LXIV.    Shareholder loans

         1.       On the Effective Date the Lender shall provide the Borrower
                  with a loan, subject to the terms of this Agreement. The
                  amount of such loan shall be determined in accordance with the
                  Debt Restructuring Agreement. Such loan amount shall
                  constitute Subordinated Debt.

         2.       Any further indebtedness owed by the Borrower to the Lender
                  shall also constitute Subordinated Debt, unless the parties
                  agree otherwise (provided this is permissible pursuant to the
                  terms of the Notes and the Indenture). Such further
                  indebtedness shall be incurred as agreed between the parties.

         3.       Any distributions from Preem Petroleum to the Borrower by way
                  of group contributions (Sw: KONCERNBIDRAG) which are made in
                  the form of subordinated loans from the Borrower to Preem
                  Petroleum under Clause 2.3 of the Shareholder Loan Agreement
                  No. 1B, shall be further distributed from the Borrower to the
                  Lender as group contributions in the form of loans hereunder
                  from the Lender to the Borrower, so that the amount of such
                  loans shall constitute Subordinated Debt.
<Page>

                                                                          4(4)

         4.       Nothing in this Agreement shall prevent the Borrower from
                  incurring other debt owed to the Lender which is not
                  Subordinated Debt (to the extent this is not prohibited under
                  the terms of the Notes or the Indenture), from repaying such
                  other debt or from paying interest on such other debt.

LXV.     Repayment

                                The Borrower shall not repay the Loan during the
              Subordination Period, except with the prior written consent of the
              Trustee.

LXVI.    Interest

         1.       Neither the Loan nor any other amount which may be payable
                  hereunder shall carry interest before the date on which such
                  amount is due and payable.

         2.       If the Borrower fails to pay an amount payable by it under
                  this Agreement on the due date, it shall forthwith on demand
                  by the Lender pay interest on the overdue amount from the due
                  date up to the date of actual payment at a rate determined by
                  adding a margin of two (2) percentage units to STIBOR on the
                  due date. Interest shall be compounded at end of each thirty
                  (30) day period during which the overdue amount remains
                  outstanding.

LXVII.   Payments

         1.       All payments by the Borrower under this Agreement shall be
                  made for value on the due date (at such time as is customary
                  for the settlement of transactions in the relevant currency)
                  and in immediately available funds to the account at such
                  office or bank as the Lender may designate from time to time.
                  Any such designation shall be notified to the Borrower not
                  later than five (5) Business Days before the payment is due.

         2.       All payments made by the Borrower under this Agreement shall
                  be made without set-off or counterclaim.

         3.       If a payment is due on a day which is not a Business Day, the
                  due date for that payment shall instead be the following
                  Business Day.
<Page>

                                                                          5(5)

         4.       A repayment or prepayment of the Loan is payable in Swedish
                  Kronor. Amounts payable in respect of costs, expenses and
                  Taxes and the like are payable in the currency in which they
                  are incurred.

         5.       If Swedish Kronor is replaced as legal tender in Sweden by the
                  euro, all references to Swedish Kronor in this Agreement shall
                  be deemed to be references to the euro, provided that the
                  Lender, acting reasonably and in good faith and after having
                  consulted with the Borrower, shall determine at what time such
                  replacement shall be made for the purpose of this Agreement in
                  the event that such replacement includes a transition period.
                  In case of any such change of currency, this Agreement shall
                  be amended to the extent the Lender specifies to be necessary
                  to reflect the change in currency and to put the Lender and
                  the Borrowers in the same position, so far as possible, that
                  they would have been in if no change of currency had occurred.

LXVIII.  Withholdings

         1.       All payments to be made by the Borrower hereunder shall be
                  made free and clear of any deduction or withholding.

         2.       If the Borrower is required by law to make any deduction or
                  withholding on account of Tax or otherwise from any payment to
                  the Lender hereunder, the sum due from it in respect of such
                  payment shall be increased to the extent necessary to ensure
                  that, after making of such deduction or withholding, the
                  Lender receives a net sum equal to the sum which it would have
                  received had no deduction or withholding been made.

         3.       This Clause 6 (Withholdings) shall not apply in the case of
                  deductions or withholdings to be made with reference to income
                  tax on its overall income ultimately due by the Lender by
                  operation of applicable laws.

LXIX.    Indemnities

         If the Lender receives an amount in respect of the Borrower's liability
under this Agreement or if that liability is converted into a claim, proof,
judgement or order in a currency other than the currency in which such
obligation is due (the "CONTRACTUAL CURRENCY"):

                  (a)       the Borrower shall on demand indemnify the Lender
                         as an independent obligation against any loss or
                         liability arising out of or as a result of the
                         conversion;
<Page>

                                                                          6(6)

                  (b)       if the amount received by the Lender, when converted
                         into the Contractual Currency at a market rate in the
                         usual course of its business, is less than the amount
                         owed in the Contractual Currency, the Borrower shall on
                         demand pay to the Lender an amount in the Contractual
                         Currency equal to the deficit; and

                  (c)       the Borrower shall on demand pay to the Lender any
                         exchange costs and Taxes payable in connection with
                         any such conversion.

LXX.     Representations and warranties

                                The Borrower represents and warrants that:

                  (a)       it is a limited liability company, duly incorporated
                         and validly existing under the laws of Sweden, with
                         full power and authority to carry on its business as it
                         is being conducted and to execute and perform all of
                         its obligations under this Agreement and all action
                         required to authorise such execution and performance
                         has been duly taken;

                  (b)       the execution and performance of this Agreement will
                         not violate any applicable law or regulation or
                         contravene any provision of its Articles of
                         Association; and

                  (c)       subject to the qualifications in the legal opinions
                         as to matters of law in force on the date of this
                         Agreement and not fact, this Agreement constitutes its
                         legal, valid and binding obligations enforceable in
                         accordance with its terms.

LXXI.    Restrictions in relation to the Loan

         1.       The Borrower undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Trustee, it will not, and will
                  procure that no Subsidiary will:

                  (a)       pay, prepay or repay, discharge by way of set-off,
                         or acquire, any Subordinated Debt;

                  (b)       pay interest on any Subordinated Debt;

                  (c)       create or permit to subsist, any Security Interest
                         or other encumbrance over any of its assets, or give
                         any financial support, for any Subordinated Debt; or
<Page>

                                                                          7(7)

                  (d)       take or omit to take any action whereby the ranking
                         and/or subordination of the Subordinated Debt
                         contemplated by this Agreement may be impaired.

         2.       The Lender undertakes that, during the Subordination Period,
                  except as expressly permitted by this Agreement or with the
                  prior written consent of the Trustee, it will not:

                  (a)       demand or receive payment, prepayment or repayment,
                         or accept discharge by way of set-off, of any
                         Subordinated Debt;

                  (b)       demand or receive any payment of interest on any
                         Subordinated Debt;

                  (c)       receive or permit to subsist, any Security Interest
                         or other encumbrance, or give any financial support,
                         for any Subordinated Debt;

                  (d)       assign, transfer or otherwise dispose of any
                         Subordinated Debt to a third party; or

                  (e)       commence any proceedings against the Borrower or any
                         Subsidiary in respect of any Subordinated Debt
                         (including, without limitation, applying for
                         enforcement of any amount outstanding or for the
                         liquidation, bankruptcy or re-organisation of the
                         Borrower or any Subsidiary).

LXXII.   Subordination in case of insolvency

         1.       In the insolvency or bankruptcy of the Borrower or any
                  Subsidiary initiated during the Subordination Period, the
                  Lender shall endeavour to procure that any distributions with
                  respect to the Subordinated Debt by the bankruptcy
                  administrator or liquidator, or any other person making the
                  distribution, are made to the Trustee on behalf of the
                  Noteholders to the extent necessary to repay all the Senior
                  Debt in full.

         2.       Any release, discharge or settlement between Lender and the
                  Trustee on behalf of the Noteholders (or any of them) shall be
                  conditional upon no security, disposition or payment to any
                  Noteholder being void, set aside or ordered to be refunded
                  pursuant to any law relating to bankruptcy, liquidation or
                  insolvency, or for any other reason whatsoever, and if such
                  condition shall not be fulfilled the Trustee on behalf of the
                  Noteholders shall be entitled to enforce this Agreement
                  subsequently as if such release,
<Page>

                                                                          8(8)

                  discharge or settlement had not occurred and any such payment
                  had not been made.

LXXIII.  Redistribution of payments

         1.       In the event that any payment in respect of Subordinated Debt
                  is received by the Lender, in cash or in kind, by way of
                  set-off or otherwise, in violation of this Agreement, the
                  Lender shall hold such payment, up to the amount of the Senior
                  Debt, separated and for the account of the Noteholders, and
                  promptly pay it to the Trustee for distribution to the
                  Noteholders for application towards the Senior Debt.

         2.       If the Senior Debt is partially paid out of any proceeds
                  received in respect of or on account of any Subordinated Debt,
                  the Lender will not be entitled to exercise any subrogation
                  right to the Senior Debt until the Senior Debt has been
                  irrevocably paid and discharged in full.

LXXIV.   Further assurances of subordination

         1.       The Borrower, the Lender and the Trustee shall enter into a
                  Confirmation of Subordination to confirm that Trustee on
                  behalf of the Noteholders has the benefit of the subordination
                  provisions in this Agreement.

         2.       Each of the Lender and the Borrower undertakes, at its own
                  expense, from time to time, upon reasonable request, to do all
                  such acts and execute all such documents as may be necessary
                  for giving full effect to the subordination of the
                  Subordinated Debt to the Senior Debt as envisaged by this
                  Agreement and securing to the Trustee on behalf of the
                  Noteholders the full benefit of the rights, powers and
                  remedies conferred upon them in this Agreement.

LXXV.    Assignment

         1.       The Borrower may not assign, transfer, novate or dispose of
                  any of, or any interest in, its rights and/or obligations
                  under this Agreement.

         2.       The Lender may not assign, transfer, novate or dispose of any
                  of, or any interest in, its rights and/or obligations under
                  this Agreement.

LXXVI.   Miscellaneous
<Page>

                                                                          9(9)

         1.       No amendment to this Agreement shall be effective against any
                  party unless made in writing and signed by such party.

         2.       No delay or omission in exercising any powers or privileges
                  hereunder shall be construed as a waiver thereof or an
                  acquiescence therewith. Any exercise of any part of the rights
                  shall not preclude subsequent enforcement of any such rights
                  which have not, or have not fully, been exercised.

LXXVII.  Notices

         1.       All notices or other communications under or in connection
                  with this Agreement shall be in the English language and be
                  given by letter or by telefax (and, in the case of telefax,
                  confirmed by letter). Any such notice will be deemed to be
                  given as follows:

                  (a)       if by letter, when delivered to the address
                  notified in accordance with Clause 15.3; and

                  (b)       if by telefax, when received.

         2.       Any notice received on a non-working day or after business
                  hours in the place of receipt will only be deemed to be given
                  on the next working day in that place.

         3.       The address and telefax number of each party for all notices
                  under or in connection with this Agreement are:

                               The Lender:   Corral Petroleum Holdings AB (publ)
                                    Attention: Managing Director
                                    Biblioteksgatan 29
                                    P.O. Box 5785
                                    SE-114 87 Stockholm
                                    Sweden
                                    Telephone: +46 8 614 13 00
                                    Telefax: +46 8 614 13 14

                     The Borrower: Preem Holdings AB (publ)

                                    Attention: Richard Ohman
                                    Biblioteksgatan 29
                                    P.O. Box 5785
                                    SE-114 87 Stockholm
                                    Sweden
<Page>

                                                                         10(10)

                                    Telephone: +46 8 614 13 00
                                    Telefax: +46 8 614 13 14

              or any other address notified by one party to the other parties by
              not less than five (5) Business Days' notice.

LXXVIII. Governing law and jurisdiction

         1.       This Agreement shall be governed by and construed in
                  accordance with Swedish law.

         2.       The courts of Sweden shall have non-exclusive jurisdiction
                  over matters arising out of or in connection with this
                  Agreement. The City Court of Stockholm shall be court of first
                  instance.

                                -----------------

                  IN WITNESS WHEREOF, this Agreement has been signed in two (2)
originals, of which the parties have received one each.

                  CORRAL PETROLEUM HOLDINGS AB (publ)
                  as Lender

                  --------------------------
                  Name: Richard Ohman

PREEM HOLDINGS AB (publ)
as Borrower

                  --------------------------   -------------------------
                  Name: Karim Karaman          Name: Lars Nelson

<Page>

                                                                          1(1)

                                                                      SCHEDULE 1

                      FORM OF CONFIRMATION OF SUBORDINATION

                  This CONFIRMATION OF SUBORDINATION is entered into in
connection with the Shareholder Loan Agreement No. 2 entered into between Corral
Petroleum Holdings AB (publ) (the "JUNIOR LENDER") and Preem Holdings AB (publ)
(the "BORROWER") on 10 April 2001 (the "AGREEMENT"). Terms defined in the
Agreement shall have the same meanings when used herein.

                  The Agreement contains provisions to the effect that the Loan
shall be subordinated to the Borrower's indebtedness to the Noteholders during
the Subordination Period. The Agreement also provides Bankers Trust Company (the
"TRUSTEE") acting on behalf of the Noteholders with certain rights.

                  The parties hereby agree that the Trustee, acting on behalf of
the Noteholders, shall have the benefit of all rights conferred upon it in the
Agreement. All indebtedness owed by the Borrower to the Noteholders shall
constitute Senior Debt under the Agreement. The parties further agree that any
amendment of, variation or modification to, or termination of, the Agreement
(including the waiver of any right under the Agreement) shall require the prior
written consent of the Trustee.

                  The address and telefax number of the Trustee for all notices
under or in connection with this Confirmation of Subordination are:

                                       [ADDRESS]
                                       Attention: [TITLE]
                                       Telephone: [NUMBER]
                                       Telefax: [NUMBER]

or any other address notified by the Trustee to the other parties by not less
than five (5) Business Days' notice. The addresses and telefax numbers of the
Junior Lender and the Borrower are set out in the Agreement.

                  All notices or other communications under or in connection
with this Confirmation of Subordination shall be in the English language and be
given by letter or by telefax (and, in the case of telefax, confirmed by
letter). Any such notice will be deemed to be given, if by letter, when
delivered to the address notified in accordance with the above, and, if by
telefax, when received. Any notice received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the
next working day in that place.
<Page>

                                                                           2(2)

                  This Confirmation of Subordination shall be governed by and
construed in accordance with Swedish law. The courts of Sweden shall have
non-exclusive jurisdiction over matters arising out of or in connection with
this Confirmation of Subordination. The City Court of Stockholm shall be court
of first instance.

Date: [DATE]

PREEM HOLDINGS AB (publ)                  CORRAL PETROLEUM HOLDINGS AB (publ)
as Borrower                               as Junior Lender

           ---------------------------    ---------------------------
           Name:                              Name:

           ---------------------------
           Name:

BANKERS TRUST COMPANY
as Trustee

                  ---------------------------
                  Name:

                  ---------------------------
                  Name:
<Page>

                                                                           3(3)

                                                                         ANNEX C

                [Form of Opinion of U.S. Counsel for the Company]

                  Akin, Gump, Strauss, Hauer & Feld shall have furnished to the
Initial Purchasers their written opinion, as United States counsel to the
Company, addressed to the Initial Purchasers and dated the Closing Date, in form
and substance reasonably satisfactory to the Initial Purchasers, substantially
to the effect set forth below:

A.       assuming due authorization, execution and delivery by the Company under
         the laws of the Kingdom of Sweden, this Agreement has been duly
         executed and delivered by the Company;

B.       assuming due authorization, execution and delivery by the Company under
         the laws of the Kingdom of Sweden, the Indenture has been duly executed
         and delivered by the Company and assuming due authorization, execution
         and delivery by the Trustee of the Indenture, the Indenture is a valid
         and binding agreement, enforceable against the Company in accordance
         with its terms, except to the extent that such enforceability may be
         limited by applicable bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium and other similar laws affecting creditors'
         rights generally and by general equitable principles (whether
         considered in a proceeding in equity or at law);

C.       assuming due authorization, execution and delivery by the Company under
         the laws of the Kingdom of Sweden and due authentication in accordance
         with the terms of the Indenture, when delivered to and paid for by the
         Initial Purchasers in accordance with the terms of this Agreement, the
         Securities will have been duly executed and issued by the Company and
         will be valid and binding obligations of the Company, enforceable
         against the Company in accordance with their terms and entitled to the
         benefits of the Indenture, except to the extent that such
         enforceability may be limited by applicable bankruptcy, insolvency,
         fraudulent conveyance, reorganization, moratorium and other similar
         laws affecting creditors' rights generally and by general equitable
         principles (whether considered in a proceeding in equity or at law);
<Page>

D.       assuming due authorization, execution and delivery by the Company under
         the laws of the Kingdom of Sweden, each of the other Transaction
         Documents has been duly executed and delivered by the Company and
         assuming due authorization, execution and delivery by the other parties
         thereto, each such Transaction Document is a valid and binding
         agreement, enforceable against the Company in accordance with its
         terms, except to the extent that such enforceability may be limited by
         applicable bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium and other similar laws affecting creditors'
         rights generally and by general equitable principles (whether
         considered in a proceeding in equity or at law);

E.       the issuance and sale by the Company at the Closing Date of the
         Securities, the compliance by the Company with the terms thereof and of
         the Transaction Documents and the consummation of the transactions
         contemplated by the Transaction Documents do not and will not conflict
         with or result in a violation of (a) any existing applicable statutory
         law, rule or regulation of any court or governmental agency or body of
         the United States or the State of New York (other than state securities
         or "Blue Sky" laws as to which we have not been requested to express
         any opinion) or (b) any order, known to us, of any government,
         government instrumentality or court of the United States or the State
         of New York having jurisdiction over the Company or any of its
         subsidiaries or any of their properties or assets;

F.       assuming due authorization, execution and delivery by the Company under
         the laws of the Kingdom of Sweden, the Security Agreements create in
         favor of the Trustee for the benefit of the holders of the Securities
         an enforceable security interest under the Uniform Commercial Code as
         in effect in the State of New York in the Collateral;(1)

G.       no consent, approval, authorization, order, decree, registration or
         qualification of or filing of or with any United States Federal or New
         York governmental agency or body is required for the execution,
         delivery and performance by the Company of each of the Transaction
         Documents, the issuance, authentication, sale and delivery of the
         Securities and compliance by the Company with the terms thereof and the
         consummation of the transactions contemplated by the Transaction
         Documents, except such as may be required by state securities or Blue
         Sky laws; no opinion need be expressed, however, as to (a) the laws of
         any jurisdiction outside the United States and (b) laws other than
         those that, in the experience of such counsel, are normally applicable
         to transactions of the type provided for by this Agreement;

H.       each Transaction Document conforms in all material respects to the
         description thereof contained in the Offering Memorandum;

--------
(1)      Note that if the Collateral is held in New York, the Initial Purchasers
         will require an opinion relating to perfection as well.
<Page>

I.       the statements made in the Prospectus under the headings "Description
         of the Notes" and "Certain Swedish and United States Federal Income Tax
         Consequence--United States," insofar as they purport to summarize
         matters of U.S. federal law, constitute accurate summaries of such law
         in all material respects;

J.       neither the Company nor any of its subsidiaries is (a) an "investment
         company" or a company "controlled by" an investment company within the
         meaning of the Investment Company Act and the rules and regulations of
         the Commission thereunder or (b) a "holding company" or a "subsidiary
         company" of a holding company or an "affiliate" thereof within the
         meaning of the Public Utility Holding Company Act of 1935, as amended;

K.       neither the consummation of the transactions contemplated by this
         Agreement nor the sale, issuance, execution or delivery of the
         Securities will violate Regulation G, T, U or X of the Federal Reserve
         Board;

L.       no registration of the Securities under the Securities Act or
         qualification of the Indenture under the Trust Indenture Act is
         required for the offer and sale of the Securities by the Company to the
         Initial Purchasers or the reoffer, resale and delivery of the
         Securities by the Initial Purchasers to the initial purchasers
         therefrom in the manner contemplated by this Agreement, the Indenture
         and the Offering Memorandum;

M.       the Indenture conforms in all material respects with the requirements
         of the Trust Indenture Act and the rules and regulations of the
         Commission applicable to an indenture which is qualified thereunder;

N.       there are no stamp or other issuance or transfer taxes or duties,
         value-added taxes, documentary taxes, capital gains, income,
         withholding or other taxes payable in New York State or New York City
         by or on behalf of the Initial Purchasers in connection with (a) the
         issuance of Securities, (b) the sale, transfer and delivery of the
         Securities to the Initial Purchasers pursuant to this Agreement or for
         the resale of the Securities placed by or at the direction of the
         Initial Purchasers or (c) the execution and delivery of this Agreement
         or any of the other Transaction Documents or the consummation of any of
         the transactions contemplated hereby or thereby; and

O.       assuming the validity of such actions under the laws of the Kingdom of
         Sweden, under the laws of the State of New York relating to submission
         to personal jurisdiction, the Company has, pursuant to Section XVIII of
         this Agreement, legally, validly and irrevocably submitted to the
         personal jurisdiction of any state or federal court located in the
         Borough of Manhattan, The City of New York, New York in any action
         based on or arising under this Agreement or the transactions
         contemplated thereby, and has legally, validly and effectively
         appointed the Authorized Agent as
<Page>

         its authorized agent for the purposes described in Section XVIII of
         this Agreement, and the Company has validly and irrevocably waived
         (a) the defense of an inconvenient forum to the maintenance of any
         such suit or proceeding and (b) any immunity to jurisdiction to which
         it may otherwise be entitled in any such suit or proceeding.

                  Such counsel shall also state that they have participated in
conferences with representatives of the Company, representatives of its
independent accountants and counsel and representatives of the Initial
Purchasers and their counsel at which conferences the contents of the
Preliminary Offering Memorandum and the Offering Memorandum and any amendment
and supplement thereto and related matters were discussed and, although such
counsel assumes no responsibility for the accuracy, completeness or fairness of
the Offering Memorandum or any amendment or supplement thereto (except as
expressly provided above), nothing has come to the attention of such counsel to
cause such counsel to believe that the Offering Memorandum or any amendment or
supplement thereto (other than the financial statements and other financial
information contained therein, as to which such counsel need express no belief),
as of the date thereof and as of the Closing Date, contained or contains any
untrue statement of a material fact or omitted or omits to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

                  In such opinion, such counsel may rely (a) as to matters
involving the applicable laws of the Kingdom of Sweden, upon the opinion of
Mannheimer & Swartling, Swedish counsel to the Company and (b) as to factual
matters, upon certificates obtained from officers of the Company and from public
officials.
<Page>

                                                                         ANNEX D

          [Form of Opinion of Special Swedish Counsel for the Company]

         Mannheimer & Swartling shall have furnished to the Initial Purchasers
their written opinion, as special Swedish counsel to the Company, addressed to
the Initial Purchasers and dated the Closing Date, in form and substance
reasonably satisfactory to the Initial Purchasers, substantially to the effect
set forth below:

i.       the Company and each of its Swedish subsidiaries has been duly
         organized and is validly existing as a corporation in good standing
         under the laws of the Kingdom of Sweden, is duly qualified to do
         business and is in good standing as a foreign corporation in each
         jurisdiction in which its ownership or lease of property or the conduct
         of its businesses requires such qualification, and has all power and
         authority necessary to own or hold its properties and to conduct the
         businesses in which it is engaged, except where the failure to so
         qualify or have such power or authority would not, singularly or in the
         aggregate, have a Material Adverse Effect;

ii.      the Company has full corporate power and authority to execute and
         deliver each of the Transaction Documents and to perform its
         obligations thereunder, and all corporate action required to be taken
         for the due and proper authorization, execution and delivery of each of
         the Transaction Documents and the consummation of the transactions
         contemplated thereby has been duly and validly taken;

iii.     assuming the due authorization, execution and delivery of this
         Agreement by the parties hereto other than the Company and assuming the
         validity of this Agreement and the enforceability accorded its terms
         under the laws of the State of New York, this Agreement is a valid and
         legally binding agreement, enforceable against the Company in
         accordance with its terms, except to the extent that such
         enforceability may be limited by applicable bankruptcy, insolvency,
         fraudulent conveyance, reorganization, moratorium and other similar
         laws affecting creditors' rights generally and by general equitable
         principles (whether considered in a proceeding in equity or at law);

iv.      the Indenture has been duly authorized, executed and delivered by the
         Company and, assuming the due authorization, execution and delivery of
         the Indenture by the Trustee and assuming the validity of the Indenture
         and the enforceability accorded its terms under the laws of the State
         of New York, then the Indenture is a valid and legally binding
         agreement, enforceable against the Company in accordance with its
         terms, except to the extent that such enforceability may be limited by
         applicable bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium and other similar laws affecting creditors'
         rights generally and by general equitable principles (whether
         considered in a proceeding in equity or at law);
<Page>

v.       assuming the validity of the Securities and the enforceability accorded
         their terms under the laws of the State of New York and due
         authentication in accordance with the terms of the Indenture, when
         delivered to and paid for by the Initial Purchasers in accordance with
         the terms of this Agreement, the Securities will have been duly
         authorized, executed and issued by the Company and will be valid and
         binding obligations of the Company, enforceable against the Company in
         accordance with their terms and entitled to the benefits of the
         Indenture, except to the extent that such enforceability may be limited
         by applicable bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium and other similar laws affecting creditors'
         rights generally and by general equitable principles (whether
         considered in a proceeding in equity or at law);

vi.      each of the other Transaction Documents has been duly authorized,
         executed and delivered by the Company and, assuming the due
         authorization, execution and delivery of each such respective
         Transaction Documents by the parties thereto other than the Company,
         and assuming the validity of each such Transaction Document and the
         enforceability accorded its respective terms under the laws of the
         State of New York, then each such Transaction Document is a valid and
         legally binding agreement, enforceable against the Company in
         accordance with its terms, except to the extent that such
         enforceability may be limited by applicable bankruptcy, insolvency,
         fraudulent conveyance, reorganization, moratorium and other similar
         laws affecting creditors' rights generally and by general equitable
         principles (whether considered in a proceeding in equity or at law);

vii.     no consent, approval, authorization, order, decree, registration or
         qualification of or filing of or with any court or arbitrator or
         governmental agency or body having jurisdiction over the Company or any
         of its Swedish subsidiaries or any of their respective properties or
         assets under any statute, judgment, order, decree, rule or regulation
         is required for the execution, delivery and performance by the Company
         of each of the Transaction Documents, the issuance, authentication,
         sale and delivery of the Securities and compliance by the Company with
         the terms thereof and the consummation of the transactions contemplated
         by the Transaction Documents, except for such consents, approvals,
         authorizations, orders, decrees, registrations, qualifications or
         filings as have been obtained or made prior to the Closing Date;

viii.    the execution and delivery by the Company of each of the Transaction
         Documents, the issuance, authentication, sale and delivery of the
         Securities and compliance by the Company with the terms thereof and the
         performance by the Company of its obligations under, and the
         consummation of the transactions contemplated by, the Transaction
         Documents will not conflict with or result in a material breach or
         violation of any of the terms or provisions of, or constitute a default
         under, or result
<Page>

         in the creation or imposition of any lien, charge or encumbrance
         upon any property or assets of the Company or any of its Swedish
         subsidiaries pursuant to, any material indenture, mortgage, deed of
         trust, loan agreement or other material agreement or instrument to
         which the Company or any of its Swedish subsidiaries is a party or
         by which the Company or any of its Swedish subsidiaries is bound or
         to which any of the property or assets of the Company or any of its
         Swedish subsidiaries is subject, nor will such actions conflict with
         or result in any violation of the provisions of the memorandum of
         association (if applicable) or articles of association (or other
         similar organizational document) of the Company or any of its
         Swedish subsidiaries or any statute or any judgment, order, decree,
         rule or regulation of any court or arbitrator or governmental agency
         or body having jurisdiction over the Company or any of its Swedish
         subsidiaries or any of their properties or assets;

ix.      the Company has an authorized capitalization as set forth in the
         Offering Memorandum, and all of the outstanding shares of capital stock
         of the Company and each of its Swedish subsidiaries have been duly and
         validly authorized and issued and are fully paid and non-assessable;
         and the capital stock of the Company conforms in all material respects
         to the description thereof contained in the Offering Memorandum;

x.       all of the issued shares of capital stock of each Swedish subsidiary of
         the Company are (except as set forth in the Offering Memorandum or as
         would be permitted by the terms of the Indenture) owned directly or
         indirectly by the Company, free and clear of all liens, encumbrances,
         equities or claims of record;

xi.      the descriptions in the Offering Memorandum of Swedish statutes, legal
         and governmental proceedings and contracts and other documents governed
         by Swedish law are accurate in all material respects; the statements
         set forth in the Offering Memorandum under the captions "Note on
         Certain Regulatory Issues related to Sweden," "Risk Factors--We are
         subject to governmental and environmental regulations...," "Risk
         Factors - We may be liable for environmental damages...," "Risk factors
         - Legal action by the Swedish Competition Authority and the European
         Union Competition Authority...," ["Risk Factors - Certain of our
         subsidiaries are subject to restrictions on distributions...,"] "Risk
         Factors - We were a dormant subsidiary of Preem Petroleum AB...," "Risk
         Factors - If Preem Holdings AB or Preem Petroleum AB incurs substantial
         operating losses or a reduction in the value of its assets...," "Risk
         Factors--Swedish insolvency laws differ from U.S. insolvency laws...,"
         "Business -- Enforcement of Civil Liabilities," "Description of Certain
         Indebtedness," ["Description of the Notes--Payment of Additional
         Amounts,"] and "Certain Swedish and United States Federal Income Tax
         Consequences--Sweden," to the extent they represent statements or
         summaries of Swedish legal matters, constitute accurate summaries of
         such legal matters in all material respects;]
<Page>

xii.     the Initial Purchasers would be permitted to commence proceedings
         against the Company in Swedish courts of competent jurisdiction based
         upon this Agreement and the holders of Securities (or the Trustee
         acting on their behalf) would be permitted to commence proceedings
         against the Company in Swedish courts of competent jurisdiction based
         upon the Transaction Documents and such Swedish courts would recognize
         the laws of the State of New York as the governing law of all such
         documents;

xiii.    the Company has the power, and has taken all necessary corporate
         action, to submit to the non-exclusive jurisdiction of the Federal and
         New York State courts sitting in New York City and the waiver by the
         Company of any objection to the venue of the proceedings in any of such
         court is valid under Swedish law and Swedish courts would give effect
         to such a submission and waiver;

xiv.     assuming that the method of service of process set forth in this
         Agreement constitutes a valid and legally binding obligation of the
         Company under the laws of the State of New York, and provided the
         relevant agent has accepted its appointment, then Swedish courts will
         give effect to such method of service of process;

xv.      a final and conclusive judgment (with no further right of appeal) of a
         court of competent jurisdiction sitting in New York City arising out of
         or in relation to the obligations of the Company under any of the
         Transaction Documents would be enforceable by fresh proceedings brought
         in the courts of the Kingdom of Sweden against the Company, subject to
         the discussion of enforceability of judgments set forth in the Offering
         Memorandum under the caption, "Service of Process and Enforcement of
         Civil Liabilities";

xvi.     under Swedish law, no holder of any Securities will be, purely on
         account of such holding, subject to any liability in respect of any
         liability of the Company, and there are no restrictions under Swedish
         law on sale or transfer of the Securities;

xvii.    the Company can sue and be sued in its own name; the Company is not
         entitled to any immunity as a defense to any suit or action brought or
         maintained in respect of its obligations under any of the Transaction
         Documents;

xviii.   to ensure the legality, validity, enforceability or admissibility into
         evidence of any of the Transaction Documents, it is not necessary that,
         prior to seeking enforcement thereof, any such document be filed or
         recorded with any court or other authority in the Kingdom of Sweden or
         that any Swedish stamp or other issuance or transfer taxes or duties,
         value-added taxes, documentary taxes, registration taxes, capital
         gains, income, withholding or other taxes imposed by any governmental
         department or other taxing authority of or in the Kingdom of Sweden be
         paid;
<Page>

xix.     the certificates used to evidence the Securities are in due and proper
         form and comply with all applicable requirements of law in the Kingdom
         of Sweden; and

xx.      no provision of this Agreement, the Indenture, Securities or any other
         Transaction Document will contradict any provision of the laws, or any
         public policy, of the Kingdom of Sweden.

                  Such counsel shall also state that each of Akin, Gump,
Strauss, Hauer & Feld and Simpson Thacher & Bartlett may rely thereon in giving
the opinions discussed in this agreement.
<Page>

                                                                         ANNEX E

              [Form of Opinion of In-house Counsel for the Company]

                  Per Behm shall have furnished to the Initial Purchasers his
written opinion, as in-house counsel to the Company, addressed to the Initial
Purchasers and dated the Closing Date, in form and substance reasonably
satisfactory to the Initial Purchasers, substantially to the effect set forth
below:

                  i.       neither the Company nor any of its subsidiaries is
                           (a) in violation of its memorandum of association
                           (if applicable) or articles of association (or
                           other similar organizational document), (b) in
                           default in any material respect, and no event has
                           occurred which, with notice or lapse of time or
                           both, would constitute such a default, in the due
                           performance or observance of any term, covenant or
                           condition contained in any material indenture,
                           mortgage, deed of trust, loan agreement or other
                           material agreement or instrument to which it is a
                           party or by which it is bound or to which any of
                           its property or assets is subject or (c) in
                           violation in any material respect of any law,
                           ordinance, governmental rule, regulation or court
                           decree to which it or its property or assets may
                           be subject;

                 ii.      there are no judicial, legal, arbitral,
                           rule-making, administrative or governmental
                           proceedings pending or, to the best of such
                           counsel's knowledge, threatened in the Kingdom of
                           Sweden to which the Company or any of its
                           subsidiaries is a party or of which any property
                           or assets of the Company or any of its
                           subsidiaries is the subject which (a) singularly
                           or in the aggregate, if determined adversely to
                           the Company or any of its subsidiaries, would have
                           a Material Adverse Effect or (b) questions the
                           validity or enforceability of any of the
                           Transaction Documents or any action taken or to be
                           taken pursuant thereto; and

                iii.       the Company and each of its subsidiaries possess all
                           material licenses, certificates, authorizations
                           and permits issued by, and have made all
                           declarations and filings with, the appropriate
                           supranational, federal, [provincial] or foreign
                           regulatory agencies or bodies which are necessary
                           or desirable for the ownership of their respective
                           properties or the conduct of their respective
                           businesses as described in the Offering
                           Memorandum, except where the failure to possess or
                           make the same would not, singularly or in the
                           aggregate, have a Material Adverse Effect, and
                           neither the Company nor any of its subsidiaries
                           has received notification of any revocation or
                           modification of any such license, certificate,
                           authorization or permit or has any reason to
                           believe that any such license, certificate,
                           authorization or permit will not be renewed in the
                           ordinary course.
<Page>

                                                                         ANNEX F

April 3, 2001

The Board of Directors of
Preem Holdings AB
Sandharnnsgatan 51
SE-115 90 Stockholm
Sweden

Deutsche Bank AG London
UBS Warburg Limited
c/o Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom

We have audited the consolidated balance sheet of Preem Petroleum AB and
subsidiaries (the "Company") as of December 31, 1999 and 2000, and the related
consolidated statements of operations and cash flows for each of the years in
the three-year period ended December 31, 2000 included in the Offering
Memorandum of the Company, dated April 3, 2001, relating to EURO 250,000,000
10 5/8% Senior Secured Notes Due 2011, (the "Notes"); our report with respect
thereto is also included in that Offering Memorandum. The Offering Memorandum,
dated April 3, 2001, is herein referred to as the Offering Memorandum. We have
also audited the balance sheet of Preem Holdings AB as of December 31, 1999 and
2000 and the related statements of operations and cash flow for each of the
years in the three-year period ended December 31, 2000.

This letter is being furnished in reliance upon your representation to us that:

a.       You are knowledgeable with respect to the due diligence review process
         that would be performed if this placement of securities were being
         registered pursuant to the Securities Act of 1933 (the "Act").

b.       In connection with the offering of the Notes, the review process that
         you have performed is substantially consistent with the due diligence
         review process that you would have performed if this placement of
         securities were being registered pursuant to the Act.

In connection with the Offering Memorandum:

1.       We are independent certified public accountants with respect to the
         Company under the Rule 101 of the AICPA's Code of Professional Conduct
         and its interpretations and rulings as well as under the applicable
         published rules and regulations in Sweden.

2.       We have not audited any consolidated financial statements of the
         Company as of any date or for any period subsequent to December 31,
         2000; although we have conducted an audit for the year ended December
         31, 2000. The purpose (and therefore the scope) of the

<Page>

         audit was to enable us to express our opinion on the consolidated
         financial statements for any interim period within that year.
         Therefore, we are unable to and do not express any opinion on the
         financial position, results of operations, or cash flows as of any
         date or for any period subsequent to December 31, 2000.

3.       For purposes of this letter, we have read the 2001 minutes of meetings
         of the Board of Directors of the Company as set forth in the minute
         books at April 3, 2001, officials of the Company having advised us that
         the minutes of all such meetings through that date were set forth
         therein.

4.       Company officials have advised us that no consolidated financial
         statements as of any date or for any period subsequent to December 31,
         2000, are available. We have inquired of certain officials of the
         Company who have responsibility for financial and accounting matters
         whether (a) at April 3, 2001, there was any change in the capital
         stock, increase in consolidated long-term debt, or decrease in
         consolidated net current assets or shareholders' equity of the
         consolidated companies as compared with amounts shown on the December
         31, 2000, consolidated balance sheet included in the Offering
         Memorandum or (b) for the period from January 1, 2001, to April 3,
         2001, there were any decreases, as compared with the corresponding
         period in the preceding year, in consolidated net sales and operating
         revenues, in operating income or in the total amounts of consolidated
         net earnings. On the basis of these inquiries and our reading of the
         minutes as described in 3, nothing came to our attention that cause us
         to believe that there was any such change, increase, or decrease,
         except in all instances for changes, increases, or decreases that the
         Offering Memorandum discloses have occurred or may occur.

5.       For purposes of this letter, we have also read the items identified by
         you on the attached copy of selected pages from the Offering Memorandum
         and have performed the following procedures, which were applied as
         indicated with respect to the symbols explained below. With respect to
         these items, we make no comments as to the Company's determination as
         to what constitutes the appropriate presentations, disclosures,
         explanations or causal relationships for such items.

         a.       Compared the amount or percentage to or recalculated the
                  amount or percentage from the corresponding amount or
                  percentage appearing in the Company's audited consolidated
                  financial statements and notes thereto, included in the
                  Offering Memorandum, and found them to be in agreement.

         b.       Recalculated the percentage or amount from and/or compared the
                  amount to a corresponding amount appearing on a schedule or
                  report prepared by the Company and found them to be in
                  agreement. Management of the Company have represented to as
                  that the schedules were derived from the regularly maintained
                  accounting record of the Company.

         c.       Recalculated the Euro amount based on the corresponding
                  Swedish Kronor and Euro, as applicable, amount appearing in or
                  derived from the audited consolidated financial statements
                  included in the Offering Circular, a schedule prepared by the
                  Company, using the December 31, 2001 exchange rates as
                  specified in the "Exchange Rate Information" section page (iv)
                  of the Offering Memorandum. This conversion does not
                  necessarily result in the same Euro amount as would

<Page>

                  have arisen if the conversion had been performed in
                  accordance with US GAAP. We make no representations as to the
                  appropriateness of the exchange rates used.

         d.       Recalculated the amount from corresponding amounts appearing
                  in the audited consolidated financial statements included in
                  the Offering Circular, or a schedule prepared by the Company
                  based upon the definition of "EBITDA" as described in note 5
                  on page 10 of the Offering Memorandum. We make no
                  representations as to the appropriateness of such definition
                  or whether it reflects an appropriate measure of the debt
                  service ability of the Company.

         e.       Recalculated the amounts under "As Adjusted" in section of the
                  Offering Memorandum entitled "Capitalization" based on
                  applicable assumptions specified in the Offering Memorandum
                  and found them to be in agreement. However, we make no comment
                  as to the reasonableness of those assumptions nor as to the
                  successful completion of the offering, the amount or
                  application of proceeds to be received therefrom, or whether
                  such use will actually take place.

         f.       Recalculated the amount under the heading "Pro forma 2000" in
                  the section of the Offering Memorandum entitled "Summary
                  Historical and Pro Forma Consolidated Financial Information of
                  the Company" based on the applicable assumptions specified in
                  the Offering Memorandum and found them to be in agreement.
                  However, we make no comment as the reasonableness of those
                  assumptions nor as to the successful completion of the
                  offering, the interest rate of the bonds to be issued, the
                  amount or the application of proceeds to be received, or
                  whether such use will actually take place.

For the purposes of reporting our findings, in those instances in which one or
more of the compared amounts or percentages stated were rounded to some degree
and the amounts or percentages were in agreement, except that they were not
rounded to the same degree, we have nevertheless stated that we found the
compared amounts and percentages to be in agreement.

6.       Our audit of the consolidated financial statements for the periods
         referred to in the introductory paragraph of this letter comprised
         audit tests and procedures deemed necessary for the purpose of
         expressing an opinion on such financial statements taken as a whole.
         For none of the periods referred to therein, or any other period, did
         we perform audit tests for the purpose of expressing an opinion on
         individual balances of amounts or summaries of selected transactions
         such as those enumerated above and, accordingly, we express no opinion
         thereon.

7.       It should be understood that we make no representations regarding
         questions of legal interprotation or regarding the sufficiency for your
         purposes of the procedures enumerated in paragraph 5; also, such
         procedures would not necessarily reveal any material misstatement of
         the amounts or percentages listed above. Further, we have addressed
         ourselves solely to the foregoing data as set forth in the Offering
         Memorandum and make no representations regarding the adequacy of
         disclosure or regarding whether any material facts have been omitted.

8.       This letter is solely for the information of the addresses and to
         assist the initial Purchasers (as defined in the Offering Memorandum)
         in conducting and documenting their

<Page>

         investigation of the affairs of the Company in connection with the
         offering of the securities covered by the Offering Memorandum, and
         is not to be used, circulated, quoted, or otherwise referred to
         within or without the underwriting group for any purpose, including
         but not limited to the registration, purchase, or sale of
         securities, nor is it to be filed with or referred to in whole or in
         part in the Offering Memorandum or any other document, except that
         reference may be made to it in any list of closing documents
         pertaining to the offering of the securities covered by the Offering
         Memorandum.

Yours truly,
KPMG

/s/ Cronie Wallquist

Cronie Wallquist
Partner<Page>

                                                                  EXECUTION COPY

--------------------------------------------------------------------------------

                            PREEM HOLDINGS AB (PUBL)

                                   as Issuer,

                                       and

                              BANKERS TRUST COMPANY

                            as Trustee, Registrar and
                                  Paying Agent,

                                       and

                            DEUTSCHE BANK AG LONDON,

                  as Principal Paying Agent and Transfer Agent

                          ----------------------------

                                    INDENTURE

                           Dated as of April 10, 2001

                          ----------------------------

                      10-5/8% Senior Secured Notes due 2011

--------------------------------------------------------------------------------

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>

                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE..............................................................1
         SECTION 1.1           Definitions........................................................................1
         SECTION 1.2           Incorporation by Reference of TIA.................................................29
         SECTION 1.3           Rules of Construction.............................................................30

ARTICLE II THE NOTES.............................................................................................30
         SECTION 2.1           Form and Dating...................................................................30
         SECTION 2.2           Execution and Authentication......................................................31
         SECTION 2.3           Registrar and Paying Agent........................................................33
         SECTION 2.4           Paying Agent To Hold Assets in Trust..............................................34
         SECTION 2.5           List of Holders...................................................................34
         SECTION 2.6           Book-Entry Provisions for Global Notes............................................34
         SECTION 2.7           Registration of Transfer and Exchange.............................................35
         SECTION 2.8           Replacement Notes.................................................................40
         SECTION 2.9           Outstanding Notes.................................................................40
         SECTION 2.10          Treasury Notes....................................................................41
         SECTION 2.11          Temporary Notes...................................................................41
         SECTION 2.12          Cancellation......................................................................41
         SECTION 2.13          Defaulted Interest................................................................42
         SECTION 2.14          CUSIP, ISIN and Common Code Numbers...............................................42
         SECTION 2.15          Deposit of Moneys.................................................................42
         SECTION 2.16          Certain Matters Relating to Global Notes..........................................43

ARTICLE III REDEMPTION...........................................................................................43
         SECTION 3.1           Optional Redemption...............................................................43
         SECTION 3.2           Notices to Trustee................................................................43
         SECTION 3.3           Selection of Notes to Be Redeemed.................................................43
         SECTION 3.4           Notice of Redemption..............................................................44
         SECTION 3.5           Effect of Notice of Redemption....................................................45
         SECTION 3.6           Deposit of Redemption Price.......................................................45
         SECTION 3.7           Notes Redeemed in Part............................................................46

ARTICLE IV COVENANTS.............................................................................................46
         SECTION 4.1           Payment of Notes..................................................................46
         SECTION 4.2           Maintenance of Office or Agency...................................................46
         SECTION 4.3           Limitation on Indebtedness........................................................47
         SECTION 4.4           Limitation on Restricted Payments.................................................49
         SECTION 4.5           Corporate Existence...............................................................53
         SECTION 4.6           Payment of Taxes and Other Claims.................................................53
         SECTION 4.7           Maintenance of Properties and Insurance...........................................53
         SECTION 4.8           Limitation on Shareholder Loans...................................................54
         SECTION 4.9           Compliance with Laws..............................................................54

<Page>

         SECTION 4.10          Limitation on Liens...............................................................54
         SECTION 4.11          Waiver of Stay; Extension or Usury Laws...........................................54
         SECTION 4.12          Limitation on Sale/Leaseback Transactions.........................................55
         SECTION 4.13          Limitation on Restrictions on Distributions from Restricted Subsidiaries..........55
         SECTION 4.14          Limitation on Sales of Assets and Subsidiary Stock................................57
         SECTION 4.15          Limitation on Affiliate Transactions..............................................60
         SECTION 4.16          Limitation on Sales of Capital Stock of Restricted Subsidiaries...................61
         SECTION 4.17          SEC Reports.......................................................................61
         SECTION 4.18          Limitation on Lines of Business...................................................62
         SECTION 4.19          Change of Control.................................................................62
         SECTION 4.20          Additional Amounts................................................................64
         SECTION 4.21          Payment of Non-Income Taxes and Similar Charges...................................64
         SECTION 4.22          Compliance Certificate; Notice of Default.........................................65
         SECTION 4.23          Impairment of Security Interest...................................................65
         SECTION 4.24          Security Interest.................................................................66
         SECTION 4.25          Limitations on the Issuer and Preem...............................................66
         SECTION 4.26          Limitation on Investment Company Activities.......................................66

ARTICLE V SUCCESSOR CORPORATION..................................................................................66
         SECTION 5.1           Consolidation, Merger, and Sale of Assets.........................................66
         SECTION 5.2           Successor Corporation Substituted.................................................66

ARTICLE VI DEFAULT AND REMEDIES..................................................................................67
         SECTION 6.1           Events of Default.................................................................67
         SECTION 6.2           Acceleration......................................................................71
         SECTION 6.3           Other Remedies....................................................................71
         SECTION 6.4           The Trustee May Enforce Claims Without Possession of Securities...................71
         SECTION 6.5           Rights and Remedies Cumulative....................................................71
         SECTION 6.6           Delay or Omission Not Waiver......................................................72
         SECTION 6.7           Waiver of Past Defaults...........................................................72
         SECTION 6.8           Control by Majority...............................................................72
         SECTION 6.9           Limitation on Suits...............................................................72
         SECTION 6.10          Rights of Holders to Receive Payment..............................................73
         SECTION 6.11          Collection Suit by Trustee........................................................73
         SECTION 6.12          Trustee May File Proofs of Claim..................................................73
         SECTION 6.13          Priorities........................................................................74
         SECTION 6.14          Restoration of Rights and Remedies................................................74
         SECTION 6.15          Undertaking for Costs.............................................................74
         SECTION 6.16          Compliance Certificate; Notices of Default........................................74

ARTICLE VII TRUSTEE..............................................................................................75
         SECTION 7.1           Duties of Trustee.................................................................75
         SECTION 7.2           Rights of Trustee.................................................................76
         SECTION 7.3           Individual Rights of Trustee......................................................77
         SECTION 7.4           Trustee's Disclaimer..............................................................77
         SECTION 7.5           Notice of Default.................................................................77

<Page>

         SECTION 7.6           Report by Trustee to Holders......................................................78
         SECTION 7.7           Compensation and Indemnity........................................................78
         SECTION 7.8           Replacement of Trustee............................................................79
         SECTION 7.9           Successor Trustee by Merger, ETC..................................................80
         SECTION 7.10          Corporate Trustee Required; Eligibility...........................................80
         SECTION 7.11          Disqualification; Conflicting Interests...........................................81
         SECTION 7.12          Preferential Collection of Claims Against Company.................................81

ARTICLE VIII SATISFACTION AND DISCHARGE OF INDENTURE.............................................................81
         SECTION 8.1           Option to Effect Legal Defeasance or Covenant Defeasance..........................81
         SECTION 8.2           Legal Defeasance and Discharge....................................................81
         SECTION 8.3           Covenant Defeasance...............................................................81
         SECTION 8.4           Conditions to Legal or Covenant Defeasance........................................82
         SECTION 8.5           Satisfaction and Discharge of Indenture...........................................84
         SECTION 8.6           Survival of Certain Obligations...................................................84
         SECTION 8.7           Acknowledgment of Discharge by Trustee............................................84
         SECTION 8.8           Application of Trust Moneys.......................................................84
         SECTION 8.9           Repayment to the Company; Unclaimed Money.........................................85
         SECTION 8.10          Reinstatement.....................................................................85

ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS...................................................................86
         SECTION 9.1           Without Consent of Holders of Notes...............................................86
         SECTION 9.2           With Consent of Holders of Notes..................................................87
         SECTION 9.3           Compliance with TIA...............................................................88
         SECTION 9.4           Revocation and Effect of Consents.................................................88
         SECTION 9.5           Notation on or Exchange of Notes..................................................88
         SECTION 9.6           Trustee to Sign Amendments, etc...................................................89

ARTICLE X SECURITY...............................................................................................89
         SECTION 10.1          Security..........................................................................89
         SECTION 10.2          Recording and Opinions............................................................89
         SECTION 10.3          Release of Collateral.............................................................90
         SECTION 10.4          Certificates of the Company.......................................................91
         SECTION 10.5          Authorization of Actions To Be Taken by the Trustee...............................91
         SECTION 10.6          Authorization of Receipt of Funds by the Trustee Under the Security Documents.....91
         SECTION 10.7          Termination of Security Interest..................................................92

ARTICLE XI MISCELLANEOUS.........................................................................................92
         SECTION 11.1          TIA Controls......................................................................92
         SECTION 11.2          Notices...........................................................................92
         SECTION 11.3          Communications by Holders with Other Holders......................................94
         SECTION 11.4          Certificate and Opinion as to Conditions Precedent................................94
         SECTION 11.5          Statements Required in Certificate or Opinion.....................................95
         SECTION 11.6          Rules by Trustee, Paying Agent (Including Principal Paying Agent), Registrar......95
         SECTION 11.7          Legal Holidays....................................................................95

<Page>

         SECTION 11.8          Governing Law.....................................................................95
         SECTION 11.9          Submission to Jurisdiction; Appointment of Agent for Service......................95
         SECTION 11.10         No Adverse Interpretation of Other Agreements.....................................96
         SECTION 11.11         No Personal Liability of Directors, Officers, Employees, Incorporators or
                                 Stockholders....................................................................96
         SECTION 11.12         Currency Indemnity................................................................96
         SECTION 11.13         Successors........................................................................97
         SECTION 11.14         Counterpart Originals.............................................................97
         SECTION 11.15         Severability......................................................................97
         SECTION 11.16         Table of Contents, Headings, etc..................................................97

EXHIBITS

Exhibit A   -   Form of Initial Global Note
Exhibit B   -   Form of Initial Definitive Note
Exhibit C   -   Form of Exchange Global Note
Exhibit D   -   Form of Exchange Definitive Note
Exhibit E   -   Form of Transfer Certificate for Transfer from Rule 144A Global
                Note to Regulation S Global Note
Exhibit F   -   Form of Transfer Certificate for Transfer from Regulation S
                Global Note to Rule 144A Global Note

</Table>

NOTE:  This Table of Contents shall not, for any purpose, be deemed to be part
       of this Indenture.

<Page>

                             CROSS-REFERENCE TABLE

<Table>
<Caption>

       TIA                                                                                         Indenture
     Section                                                                                        Section
     -------                                                                                       ---------
<S>                                                                                              <C>
310   (a)(1).................................................................................    7.10
      (a)(2).................................................................................    7.10
      (a)(3).................................................................................    NA
      (a)(4).................................................................................    NA
      (a)(5).................................................................................    7.8; 7.11
      (b)....................................................................................    7.8; 7.11
      (c)....................................................................................    NA
311   (a)....................................................................................    7.12
      (b)....................................................................................    7.12
      (c)....................................................................................    NA
312   (a)....................................................................................    2.5
      (b)....................................................................................    11.3
      (c)....................................................................................    11.3
313   (a)....................................................................................    7.6
      (b)(1).................................................................................    11.3
      (b)(2).................................................................................    7.6
      (c)....................................................................................    7.6; 11.2
      (d)....................................................................................    7.6
314   (a)....................................................................................    4.17; 4.23;
                                                                                                 11.2; 11.4
      (b)....................................................................................    11.2
      (c)(1).................................................................................    7.2; 11.4
      (c)(2).................................................................................    7.2; 11.4
      (c)(3).................................................................................    NA
      (d)....................................................................................    11.3;11.4; 11.5
      (e)....................................................................................    11.5
      (f)....................................................................................    NA
315   (a)....................................................................................    7.1(c)
      (b)....................................................................................    7.5; 11.2
      (c)....................................................................................    7.1(a)
      (d)....................................................................................    6.8; 7.1(c)
      (e)....................................................................................    6.15
316   (a)(last sentence).....................................................................    2.9
      (a)(1)(A)..............................................................................    6.8
      (a)(1)(B)..............................................................................    6.7
      (a)(2).................................................................................    NA
      (b)....................................................................................    6.10
317   (a)(1).................................................................................    6.11
      (a)(2).................................................................................    6.12
      (b)....................................................................................    2.4
318   (a)....................................................................................    11.1
      (c)....................................................................................    11.1

</Table>

------------------------
NA means Not Applicable.
NOTE:  This Cross-Reference Table shall not, for any purpose, be deemed to be a
       part of this Indenture.

<Page>

                                                                              1

         INDENTURE, dated as of April 10, 2001, between PREEM HOLDINGS AB
(PUBL), a company organized under the laws of The Kingdom of Sweden, and having
its corporate seat in Stockholm, Sweden (the "COMPANY"), Bankers Trust Company,
a banking corporation organized under the laws of the State of New York, as
Trustee, Registrar and Paying Agent, and Deutsche Bank AG London as Principal
Paying Agent and transfer agent.

         The Company has duly authorized the creation and issuance of its (i)
10-5/8% Senior Secured Notes due 2011 issued on the date hereof (the "ORIGINAL
NOTES"), (ii) Additional Notes (as defined herein) that may be issued on any
Issue Date (all such notes referred to in clauses (i) and (ii) being referred to
as the "Initial Notes") and (iii) 10-5/8% Senior Secured Notes due 2011 to be
issued in exchange for Initial Notes pursuant to a Registration Rights Agreement
(the "EXCHANGE NOTES" and, together with the Initial Notes, the "NOTES"); and,
to provide therefor, the Company has duly authorized the execution and delivery
of this Indenture. Except as otherwise provided herein, E 250,000,000 in
aggregate principal amount of Notes shall be initially issued on the date
hereof.

         The Company and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the Notes:

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.1     DEFINITIONS. For purposes of this Indenture, unless
otherwise specifically indicated herein, the term "consolidated" with respect
to any Person refers to such Person consolidated with its Restricted
Subsidiaries, and excludes from such consolidation any Unrestricted
Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such
Person. In addition, for purposes of the following definitions and this
Indenture generally, all calculations and determinations shall be made in
accordance with Swedish GAAP and shall be based upon the consolidated
financial statements of the Company and its subsidiaries prepared in
accordance with Swedish GAAP. As used in this Indenture, the following terms
shall have the following meanings:

         "Acquired Debt" means, with respect to any specified Person: (1)
Indebtedness of any other Person existing at the time such other Person is
merged, consolidated, amalgamated or otherwise combined with or into, or becomes
a Subsidiary of such specified Person, whether or not such Indebtedness is
incurred in connection with, or in contemplation of, such other Person merging,
consolidating, amalgamating or combining with or into, or becoming a Subsidiary
of, such specified Person; and (2) Indebtedness secured by a Lien encumbering
any asset acquired by such specified Person.

         "Additional Amounts" shall have the meaning set forth in Section 4.20
hereof.
<Page>

                                                                             2

         "Additional Assets" means:

         (1)      any property or assets (other than Indebtedness and Capital
         Stock) to be used by the Company or a Restricted Subsidiary in a
         Related Business;

         (2)      the Capital Stock of a Person that becomes a Restricted
         Subsidiary as a result of the acquisition of such Capital Stock by the
         Company or a Restricted Subsidiary of the Company; or

         (3)      Capital Stock constituting a minority interest in any Person
         that at such time is a Restricted Subsidiary of the Company;

PROVIDED, HOWEVER, that, in the case of clauses (2) and (3), such Restricted
Subsidiary is primarily engaged in a Related Business.

         "Additional Notes" means additional principal amounts of 10-5/8% Senior
Secured Notes due 2011 issued under the terms of this Indenture after the
Closing Date.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing;
PROVIDED that beneficial ownership of 10% or more of the Voting Stock of a
Person shall be deemed to be control.

         "Affiliate Transaction" shall have the meaning set forth in Section
4.15.

         "Agent" means the Principal Paying Agent, any Registrar, Paying Agent,
Authenticating Agent or co-Registrar.

         "Agent Members" shall have the meaning set forth in Section 2.16.

         "Asset Disposition" means any direct or indirect sale, lease (other
than an operating lease entered into in the ordinary course of business),
transfer, issuance or other disposition, or a series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of shares
of Capital Stock of a Subsidiary (other than directors' qualifying shares),
property or other assets (each referred to for the purposes of this definition
as a "disposition") by the Company or any of its Restricted Subsidiaries,
including any disposition by means of a merger, consolidation or similar
transaction. Notwithstanding the preceding, the following items shall not be
deemed to be Asset Dispositions:

         (1) a disposition by a Restricted Subsidiary to the Company or by the
         Company or a Restricted Subsidiary to a Wholly-Owned Subsidiary of
         either thereof;

         (2)      the sale of Cash Equivalents in the ordinary course of
         business;
<Page>

                                                                             3

         (3)      a disposition of inventory in the ordinary course of business;

         (4)      a disposition of obsolete or worn out equipment or equipment
         that is no longer useful in the conduct of the business of the Company
         and its Restricted Subsidiaries and that is disposed of in each case in
         the ordinary course of business;

         (5)      consolidations, mergers, conveyances, transfers or leases
         that do not constitute a Default under Section 6.1(3) hereof;

         (6)      for purposes of Section 4.14 hereof only, the making of a
         Permitted Investment or a disposition subject to Section 4.4 hereof;

         (7)      an issuance of Capital Stock by a Restricted Subsidiary of
         the Company to the Company or a Wholly-Owned Subsidiary;

         (8) dispositions of assets with an aggregate fair market value since
         the Closing Date of less than E10.0 million; and

         (9)      dispositions in connection with Permitted Liens.

         "Asset Sale Offer" shall have the meaning set forth in Section 4.14.

         "Asset Sale Offer Amount" shall have the meaning set forth in Section
         4.14.

         "Asset Sale Offer Period" shall have the meaning set forth in Section
         4.14.

         "Attributable Indebtedness" in respect of a Sale/Leaseback Transaction
means, as at the time of determination, the present value (discounted at the
interest rate borne by the Notes, compounded semi-annually) of the total
obligations of the lessee for rental payments during the remaining term of the
lease included in such Sale/Leaseback Transaction (including any period for
which such lease has been extended).

         "Authenticating Agent" shall have the meaning set forth in Section 2.2.

         "Average Life" means, as of the date of determination, with respect to
any Indebtedness or Preferred Stock, the quotient obtained by dividing:

         (1) the sum of the products of the numbers of years from the date of
         determination to the dates of each successive scheduled principal
         payment of such Indebtedness or redemption or similar payment with
         respect to such Preferred Stock or Indebtedness multiplied by the
         amount of such payment, by

         (2)      the sum of all such payments.

         "Bankruptcy Law" means (i) for purposes of the Company, any bankruptcy,
insolvency or other similar statute (including, without limitation, the Swedish
Bankruptcy Act ("SW. KONKURSLAGEN"), the Swedish Corporate Reorganization Act
("FORETAGSREKONSTRUKTION ENLIGT LAGEN OM FORETAGSREKONSTRUKTION") and any
similar statute), regulation or provision of any
<Page>

                                                                             4

jurisdiction in which the Company is organized or conducting business and
(ii) for purposes of the Trustee and the Holders, Title 11, U.S. Code or any
similar United States Federal, state or foreign law for the relief of
creditors.

         "Board of Directors" means, as to any Person, the board of directors of
such Person or any duly authorized committee thereof or any equivalent governing
body charged under the laws of the jurisdiction of such Person with equivalent
powers and responsibilities to supervise and direct the affairs of such person.

         "Board Resolution" means a duly authorized resolution of the Board of
Directors certified by an Officer and delivered to the Trustee.

         "Borrowing Base" means, as of the date of determination, an amount
equal to:

         (1) 90% of the book value of all accounts receivable owned by the
         Company and its Restricted Subsidiaries that are not more than 90 days
         past due; plus

         (2) 90% of the book value of all inventory owned by the Company and its
         Restricted Subsidiaries, or scheduled for delivery against letters of
         credit issued under Credit Facilities,

in each case determined in accordance with Swedish GAAP, consistent with past
practice (except to the extent of changes in Swedish GAAP). To the extent that
information is not available as to the amount of accounts receivable or
inventory as of a specific date, the Company may rely on the most recent
available management accounts (unless the Company has reason to believe that
such management accounts overstate the amount of accounts receivable or
inventory as of the date of determination, in which case the amounts shall be
such lesser amounts as the Company determines do not overstate such items).

         "Business Day" means a day other than a Saturday, Sunday or other day
on which commercial banking institutions are authorized or required by law to
close in New York City, Stockholm or London.

         "Capital Stock" of any Person means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including any Preferred
Stock, but excluding any debt securities convertible into such equity.

         "Capitalized Lease Obligations" means an obligation that is required to
be classified and accounted for as a capitalized lease for financial reporting
purposes in accordance with Swedish GAAP, and the amount of Indebtedness
represented by such obligation will be the capitalized amount of such obligation
at the time any determination thereof is to be made determined in accordance
with Swedish GAAP, and the Stated Maturity thereof will be the date of the last
payment of rent or any other amount due under such lease prior to the first date
such lease may be terminated without penalty.

         "Cash Equivalents" means:
<Page>

                                                                             5

         (1) securities issued or directly and fully guaranteed or insured by
         the United States Government or The Kingdom of Sweden or any agency or
         instrumentality thereof, having maturities of not more than one year
         from the date of acquisition;

         (2) marketable general obligations issued by any state of the United
         States of America or province of The Kingdom of Sweden or any political
         subdivision of any such state or any public instrumentality thereof
         maturing within one year from the date of acquisition thereof and, at
         the time of acquisition thereof, having a credit rating of "A" or
         better from either Standard & Poor's Ratings Group or Moody's Investors
         Service, Inc.;

         (3) certificates of deposit, time deposits, Eurocurrency time deposits,
         overnight bank deposits, or bankers' acceptances having maturities of
         not more than one year from the date of acquisition thereof issued by
         any commercial bank having combined capital and surplus in excess of
         $560.0 million;

         (4) repurchase obligations with a term of not more than seven days for
         underlying securities of the types described in clauses (1), (2) and
         (3) entered into with any bank meeting the qualifications specified in
         clause (3), above;

         (5) commercial paper rated at the time of acquisition thereof at least
         "A-1" or the equivalent thereof by Standard & Poor's Ratings Group or
         "P-1" or the equivalent thereof by Moody's Investors Service, Inc., or
         carrying an equivalent rating by a nationally recognized rating agency
         in the United States, if both of the two named rating agencies cease
         publishing ratings of investments, and in either case maturing within
         one year after the date of acquisition thereof; and

         (6) interests in any money market fund that invests solely in
         instruments of the type specified in clauses (1) through (5), above.

         "Change of Control" " means:

         (1) any "person" (as such term is used in Sections 13(d) and 14(d) of
         the Exchange Act), other than one or more Permitted Holders, is or
         becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under
         the Exchange Act), directly or indirectly, of more than 35% of the
         total voting power of the Voting Stock of the Company (or its successor
         by merger, consolidation or purchase of all or substantially all of its
         assets); and (B) the Permitted Holders "beneficially own" (for purposes
         of Rules 13d-3 and 13d-5 under the Exchange Act), directly or
         indirectly, in the aggregate a lesser percentage of the total voting
         power of the Voting Stock of the Company (or its successor by merger,
         consolidation or purchase of all or substantially all of its assets)
         than such other person and do not have the right or ability by voting
         power, contract or otherwise to elect or designate for election a
         majority of the Board of Directors of the Company or such successor, as
         the case may be (for the purposes of this clause, a person shall be
         deemed to beneficially own any voting Capital Stock of a specified
         entity held by an entity, if such other person beneficially owns (for
         purposes of Rules
<Page>

                                                                             6

         13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
         more than 35% of the voting power of the voting Capital Stock of
         such entity and no other person beneficially owns (for purposes of
         Rules 13d-3 and 13d-5 under the Exchange Act), directly or
         indirectly, in the aggregate a greater percentage of the voting
         power of the voting Capital Stock of such entity or has the right or
         ability by voting power, contract or otherwise to elect or designate
         for election a majority of the Board of Directors of such parent
         entity); PROVIDED that, a Change of Control shall not be deemed to have
         occurred hereunder if, upon and after the death of Mohammed Hussein
         Al-Amoudi, (A) beneficial ownership of his Voting Stock of the Company
         is transferred to his spouse or any of his descendants (including any
         trust controlled by and maintained for the sole benefit of such
         spouse or descendant) or the estate of any of the foregoing and (B)
         individuals who at the time of his death constituted the Board of
         Directors of the Company continue to constitute a majority thereof,
         and individuals who at the time of his death constituted the Board
         of Directors of Corral continue to constitute a majority thereof,
         subject to clause (a) and not clause (b) of the parenthetical set
         forth in paragraph (2) below; or

                  (2) during any period of two consecutive years, individuals
         who at the beginning of such period constituted the Board of Directors
         of the Company (together with any new directors (a) whose election by
         such Board of Directors or whose nomination for election by the
         shareholders of the Company, as the case may be, was approved by a
         vote of at least a majority of the directors of the Company then still
         in office who were either directors at the beginning of such period or
         whose election or nomination for election was previously so approved
         and (b) who are designees of the Permitted Holders or were nominated
         or elected by such Permitted Holders or any of their designees) cease
         for any reason to constitute a majority of the Board of Directors of
         the Company then in office; or

         (3) the sale, lease, transfer, conveyance or other disposition (other
         than by way of merger or consolidation), in one or a series of related
         transactions, of all or substantially all of the assets of the Company
         and its Restricted Subsidiaries taken as a whole to any "person" (as
         such term is used in Sections 13(d) and 14(d) of the Exchange Act)
         other than a Permitted Holder; or

         (4) the adoption by the stockholders or Board of Directors of the
         Company, as the case may be, of a plan or proposal for the liquidation
         or dissolution of the Company.

         "Change of Control Offer" shall have the meaning set forth in Section
         4.19.

         "Change of Control Payment" shall have the meaning set forth in Section
         4.19.

         "Change of Control Payment Date" shall have the meaning set forth in
         Section 4.19.

         "Clearing Agency" means one or more of Euroclear, Clearstream Banking,
or the successor of either of them, in each case acting directly, or through a
custodian, nominee or depository, as registered Holder of a Global Note.

         "Clearstream Banking" means Clearstream Banking, SOCIETE ANONYME.

         "Closing Date" means the date of this Indenture.
<Page>

                                                                             7

         "Code" means the United States Internal Revenue Code of 1986, as
amended.

         "Collateral" means the collateral that secures the obligations under
the Notes pursuant to the Security Documents.

         "Commission" means the United States Securities and Exchange
Commission, or any successor entity thereof from time to time.

         "Common Depositary" means the common depositary for Euroclear and
Clearstream Banking, or its nominee.

         "Company" means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture and thereafter means such
successor.

         "Company Order" means a written order or request signed in the name of
the Company by two Officers of the Company, one of whom must be the President,
the Chief Financial Officer or the Finance Director of the Company or any other
Officer so authorized and delivered to the Trustee.

         "Consolidated Coverage Ratio" means as of any date of determination
with respect to any Person, the ratio of (i) the aggregate amount of
Consolidated EBITDA of such Person for the period of the most recent four
consecutive fiscal quarters ending prior to the date of such determination for
which internal financial statements are in existence to (ii) Consolidated
Interest Expense for such four fiscal quarters (it being agreed and understood
that until the fiscal quarter ending on March 31, 2002, such ratio shall be
calculated on a PRO FORMA basis, to the extent necessary, as if the Company had
acquired the Capital Stock of Preem on the first day of the first quarter
necessary for making such calculation); PROVIDED, HOWEVER, that:

         (1)      if the Company or any Restricted Subsidiary:

                  (a) has Incurred any Indebtedness since the beginning of such
                  period that remains outstanding on such date of determination
                  or if the transaction giving rise to the need to calculate the
                  Consolidated Coverage Ratio is an Incurrence of Indebtedness,
                  Consolidated EBITDA and Consolidated Interest Expense for such
                  period will be calculated after giving effect on a PRO FORMA
                  basis to such Indebtedness as if such Indebtedness had been
                  Incurred on the first day of such period (except that in
                  making such computation, the amount of Indebtedness under any
                  revolving credit facility outstanding on the date of such
                  calculation will be computed based on (x) the average daily
                  balance of such Indebtedness during such four fiscal quarters
                  or such shorter period for which such facility was outstanding
                  or (y) if such facility was created after the end of such four
                  fiscal quarters, the average daily balance of such
                  Indebtedness during the period from the date of creation of
                  such facility to the date of such calculation) and the
                  discharge of any other Indebtedness repaid, repurchased,
                  defeased or otherwise discharged with the proceeds of such new
                  Indebtedness as if such discharge had occurred on the first
                  day of such period; or
<Page>

                                                                             8

                  (b) has repaid, repurchased, defeased or otherwise discharged
                  any Indebtedness since the beginning of the period or if the
                  transaction giving rise to the need to calculate the
                  Consolidated Coverage Ratio involves a discharge of
                  Indebtedness (in each case other than Indebtedness incurred
                  under any revolving credit facility unless such Indebtedness
                  has been permanently repaid and the related commitment
                  terminated), Consolidated EBITDA and Consolidated Interest
                  Expense for such period will be calculated after giving effect
                  on a PRO FORMA basis to such discharge of such Indebtedness,
                  including with the proceeds of such new Indebtedness, as if
                  such discharge had occurred on the first day of such period;

         (2) if since the beginning of such period the Company or any Restricted
         Subsidiary has made any Asset Disposition or if the transaction giving
         rise to the need to calculate the Consolidated Coverage Ratio is an
         Asset Disposition, the Consolidated EBITDA for such period will be
         reduced by an amount equal to the Consolidated EBITDA (if positive)
         directly attributable to the assets which are the subject of such Asset
         Disposition for such period or increased by an amount equal to the
         Consolidated EBITDA (if negative) directly attributable thereto for
         such period and Consolidated Interest Expense for such period will be
         reduced by an amount equal to the Consolidated Interest Expense
         directly attributable to any Indebtedness of the Company or any
         Restricted Subsidiary repaid, repurchased, defeased or otherwise
         discharged with respect to the Company and its continuing Restricted
         Subsidiaries (including the assumption of such Indebtedness by the
         transferee) in connection with such Asset Disposition for such period
         (or, if the Capital Stock of any Restricted Subsidiary is sold, the
         Consolidated Interest Expense for such period directly attributable to
         the Indebtedness of such Restricted Subsidiary to the extent the
         Company and its continuing Restricted Subsidiaries are no longer liable
         for such Indebtedness after such sale);

         (3) if since the beginning of such period the Company or any Restricted
         Subsidiary (by merger or otherwise) will have made an Investment in any
         Restricted Subsidiary (or any Person which becomes a Restricted
         Subsidiary or is merged with or into the Company) or an acquisition of
         assets, including any acquisition of assets occurring in connection
         with a transaction causing a calculation to be made hereunder, which
         constitutes all or substantially all of an operating unit, division or
         line of business, Consolidated EBITDA and Consolidated Interest Expense
         for such period will be calculated after giving PRO FORMA effect
         thereto (including the Incurrence of any Indebtedness and including PRO
         FORMA expense and cost reductions calculated on a basis consistent with
         Regulation S-X under the Securities Act) as if such Investment or
         acquisition occurred on the first day of such period; and

         (4) if since the beginning of such period any Person that subsequently
         became a Restricted Subsidiary or was merged with or into the Company
         or any Restricted Subsidiary since the beginning of such period will
         have made any Asset Disposition or any Investment or acquisition of
         assets that would have required an adjustment pursuant to clause (2) or
         (3), above, if made by the Company or a Restricted Subsidiary during
         such period, Consolidated EBITDA and Consolidated Interest Expense for
         such period
<Page>

                                                                             9

         will be calculated after giving PRO FORMA effect thereto as if such
         Asset Disposition or Investment occurred on the first day of such
         period.

For purposes of this definition, whenever PRO FORMA effect is to be given to an
Investment or acquisition of assets and the amount of income or earnings
relating thereto and the amount of Consolidated Interest Expense associated with
any Indebtedness Incurred in connection therewith, the PRO FORMA calculations
will be determined in good faith by a responsible financial or accounting
officer of the Company (including giving PRO FORMA effect to cost reductions
that would be permitted by the Commission to be reflected in PRO FORMA financial
statements included in a registration statement filed with the Commission). If
any Indebtedness bears a floating rate of interest and is being given PRO FORMA
effect, the interest expense on such Indebtedness will be calculated as if the
rate in effect on the date of determination had been the applicable rate for the
entire period (taking into account any Interest Rate Agreement applicable to
such Indebtedness if such Interest Rate Agreement has a remaining term in excess
of 12 months).

         "Consolidated EBITDA" for any period means, without duplication, the
Consolidated Net Income for such period, plus the following, to the extent
deducted in calculating such Consolidated Net Income:

         (1)      Consolidated Income Taxes;

         (2)      Consolidated Interest Expense;

         (3)      consolidated depreciation expense;

         (4)      consolidated amortization of intangibles; and

         (5) other non-cash charges reducing Consolidated Net Income, including,
         without limitation, non-cash charges arising from (A) period end
         remeasurement of the Indebtedness evidenced by the Notes and (B)
         minority interests (but excluding any non-cash charge to the extent it
         represents an accrual of or reserve for cash charges in any future
         period or amortization of a prepaid cash expense that was paid in a
         prior period not included in the calculation).

Notwithstanding the foregoing, clause (1) and clauses (3) through (5) relating
to amounts of a Restricted Subsidiary of a Person will be added to Consolidated
Net Income to compute Consolidated EBITDA of such Person only to the extent (and
in the same proportion) that the net income of such Subsidiary was included in
calculating the Consolidated Net Income of such Person and only if a
corresponding amount would be permitted at the date of determination to be
dividended to the Company by such Restricted Subsidiary without prior approval
(that has not been obtained), pursuant to the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to that Restricted Subsidiary or its
stockholders.

         "Consolidated Income Taxes" means, with respect to any Person for any
period, taxes imposed upon such Person or other payments required to be made by
such Person by any governmental authority which taxes or other payments are
calculated by reference to the income or profits of such Person or such Person
and its Restricted Subsidiaries (to the extent such
<Page>

                                                                            10

income or profits were included in computing Consolidated Net Income for such
period), regardless of whether such taxes or payments are required to be
remitted to any governmental authority.

         "Consolidated Interest Expense" means, for any period, without
duplication, the total interest expense of the Company and its consolidated
Restricted Subsidiaries, whether paid or accrued plus, to the extent not
included in such interest expense:

         (1) interest expense attributable to Capitalized Lease Obligations and
         the interest portion of rent expense associated with Attributable
         Indebtedness in respect of the relevant lease giving rise thereto,
         determined as if such lease were a capitalized lease in accordance with
         Swedish GAAP and the interest component of any deferred payment
         obligations;

         (2)      amortization of debt discount;

         (3)      accrued interest;

         (4)      non-cash interest expense;

         (5) commissions, discounts and other fees and charges owed with respect
         to letters of credit and bankers' acceptance financing;

         (6) interest paid on any Indebtedness of any other Person as a result
         of such Indebtedness being Guaranteed by the Company or any Restricted
         Subsidiary;

         (7)      net costs associated with Hedging Obligations (including
         amortization of fees);

         (8)      the consolidated interest expense of such Person and its
         Restricted Subsidiaries that was capitalized during such period;

         (9) all dividend payments, whether or not in cash (other than any such
         non-cash dividend in the form of Capital Stock which does not provide
         for the payment of cash dividends prior to any stated maturity of the
         principal of the Notes), on any series of Disqualified Stock of such
         Person or on Preferred Stock of its Restricted Subsidiaries payable to
         a party other than the Company or a Wholly-Owned Subsidiary; and

         (10) the cash contributions to any employee stock ownership plan or
         similar trust to the extent such contributions are used by such plan or
         trust to pay interest or fees to any Person (other than the Company) in
         connection with Indebtedness Incurred by such plan or trust; PROVIDED,
         HOWEVER, that there will be excluded therefrom any such interest
         expense of any Unrestricted Subsidiary to the extent the related
         Indebtedness is not Guaranteed or paid by the Company or any Restricted
         Subsidiary.

For purposes of the foregoing, total interest expense will be determined after
giving effect to any net payments made or received by the Company and its
Subsidiaries with respect to Interest Rate Agreements. Notwithstanding the
foregoing, for as long as interest on the Shareholder Loans is
<Page>

                                                                              11

subordinated to the prior payment in full of all amounts payable with respect
to the Notes, the amount of such interest shall not be included in
Consolidated Interest Expense.

         "Consolidated Net Income" means, for any period, the net income (loss)
of the Company and its consolidated Restricted Subsidiaries, determined in
accordance with Swedish GAAP; PROVIDED, HOWEVER, that there will not be included
in such Consolidated Net Income:

         (1) any net income (loss) of any Person if such Person is not a
         Restricted Subsidiary, except that:

                  (a) subject to the limitations contained in (4), (5) and (6),
                  below, the Company's equity in the net income of any such
                  Person for such period will be included in such Consolidated
                  Net Income up to the aggregate amount of cash actually
                  distributed by such Person during such period to the Company
                  or a Restricted Subsidiary as a dividend or other distribution
                  (subject, in the case of a dividend or other distribution to a
                  Restricted Subsidiary, to the limitations contained in clause
                  (3), below); and

                  (b) the Company's equity in a net loss of any such Person
                  (other than an Unrestricted Subsidiary) for such period will
                  be included in determining such Consolidated Net Income to the
                  extent such loss has been funded with cash from the Company or
                  a Restricted Subsidiary;

         (2) any net income (loss) of any Person acquired by the Company or a
         Subsidiary in a pooling of interests transaction for any period prior
         to the date of such acquisition;

         (3) any net income of any Restricted Subsidiary if such Subsidiary is
         subject to restrictions, directly or indirectly, on the payment of
         dividends or the making of distributions by such Restricted Subsidiary,
         directly or indirectly, to the Company, except that:

                  (a) subject to the limitations contained in (4), (5) and (6),
                  below, the Company's equity in the net income of any such
                  Restricted Subsidiary for such period will be included in such
                  Consolidated Net Income up to the aggregate amount of cash
                  that could have been distributed by such Restricted Subsidiary
                  during such period to the Company or another Restricted
                  Subsidiary as a dividend (subject, in the case of a dividend
                  to another Restricted Subsidiary, to the limitation contained
                  in this clause); and

                  (b) the Company's equity in a net loss of any such Restricted
                  Subsidiary for such period will be included in determining
                  such Consolidated Net Income;

         (4) any gain (loss) realized upon the sale or other disposition of any
         property, plant or equipment of the Company or its consolidated
         Restricted Subsidiaries (including pursuant to any Sale/Leaseback
         Transaction) which is not sold or otherwise disposed of in the ordinary
         course of business and any gain (loss) realized upon the sale or other
         disposition of any Capital Stock of any Person;

<Page>

                                                                              12

         (5) any extraordinary gain or loss;

         (6) the cumulative effect of a change in accounting principles;

         (7) the tax effect of any of the items described in clauses (1)
         through (6), above; and

         (8) any non-cash amount attributable to income tax which is deducted
         from such net income on the Company's consolidated statement of
         operations in accordance with Swedish GAAP (other than amounts
         attributable to deferred taxes) and which does not reflect taxes
         imposed on and legally payable by the Company; PROVIDED that such
         deduction shall not exceed the product of (A) the Company's taxable
         income and (B) the applicable Swedish tax rate.

         "Consolidated Net Worth" means the total of the amounts shown on the
balance sheet of the Company and the Restricted Subsidiaries, determined on a
consolidated basis and in accordance with Swedish GAAP, as of the end of the
most recent fiscal quarter of the Company ending at least 45 days prior to the
taking of any action for the purpose of which the determination is being made,
as (i) the par or stated value of all outstanding Capital Stock of the Company
plus (ii) paid-in capital or capital surplus relating to such Capital Stock plus
(iii) any retained earnings or earned surplus, less (A) any accumulated deficit
and (B) any amounts attributable to Disqualified Stock.

         "Corral" means Corral Petroleum Holdings AB (publ).

         "Corporate Trust Office" means the address of the Trustee specified in
Section 11.2, or such other address as to which the Trustee may, from time to
time, give written notice to the Company.

         "Covenant Defeasance" shall have the meaning set forth in Section 8.3.

         "Credit Facility" means one or more credit facilities, including
Existing Credit Facilities, with one or more banks, providing for revolving
credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from
such lenders against such receivables) or letters of credit, in each case, as
amended, restated, modified, renewed, refunded, replaced or refinanced in whole
or in part from time to time (and whether or not with the original
administrative agent and lenders or another administrative agent or agents or
other lenders).

         "Currency Agreement" means, in respect of a Person, any foreign
exchange contract, currency swap agreement or other similar agreement as to
which such Person is a party or a beneficiary.

         "Custodian" means any receiver, trustee, assignee, liquidator,
sequestration or similar official under any Bankruptcy Law.

         "Default" means any event which is, or after notice or passage of time
or both would be, an Event of Default.

<Page>

                                                                              13

         "Default Interest Payment Date" shall have the meaning set forth in
Section 2.13.

         "Definitive Notes" means Notes in definitive registered form
substantially in the form of Exhibits B and D.

         "Disqualified Stock" means, with respect to any Person, any Capital
Stock of such Person which by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable) or upon the happening
of any event:

         (1) matures or is mandatorily redeemable pursuant to a sinking
         fund obligation or otherwise;

         (2) is convertible or exchangeable for Indebtedness or Disqualified
         Stock (excluding Capital Stock which is convertible or exchangeable
         solely at the option of the Company or a Restricted Subsidiary); or

         (3) is redeemable at the option of the holder thereof, in whole
         or in part, in each case on or prior to the Stated Maturity of the
         Notes;

in each case on or prior to the date that is 91 days after the date (a) on which
the Notes mature or (b) on which there are no Notes outstanding; PROVIDED, that
only the portion of Capital Stock that so matures or is mandatorily redeemable,
is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such Stated Maturity will be deemed to be Disqualified
Stock; and PROVIDED, FURTHER, that any Capital Stock that would constitute
Disqualified Stock solely because the holders thereof have the right to require
the Company to repurchase such Capital Stock upon the occurrence of a change of
control or asset sale (each defined in a substantially identical manner to the
corresponding definitions in this Indenture) shall not constitute Disqualified
Stock if the terms of such Capital Stock (and all such securities into which it
is convertible or for which it is ratable or exchangeable) provide that the
Company may not repurchase or redeem any such Capital Stock (and all such
securities into which it is convertible or for which it is ratable or
exchangeable) pursuant to such provision prior to compliance by the Company with
the provisions of Sections 4.14 and 4.19 hereof and such repurchase or
redemption complies with Section 4.4 hereof.

         "Euroclear" means Euroclear Bank S.A./N.V.

         "Event of Default" shall have the meaning set forth in Section 6.1.

         "Excess Proceeds" shall have the meaning set forth in Section 4.14.

         "Exchange Act" means the United States Securities Exchange Act of 1934,
as amended, or any similar federal statute then in effect, and a reference to a
particular section thereof shall be deemed to include a reference to the
comparable section, if any, of any such similar federal statute.

         "Exchange Global Notes" means one or more Global Notes that do not and
are not required to bear the Private Placement Legend.

         "Exchange Notes" have the meaning provided in the preamble to this
Indenture.

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                                                                              14

         "Exchange Offer" means an offer by the Company, pursuant to a
Registration Rights Agreement, to Holders of Initial Notes, to issue and deliver
to such Holders, in exchange for their Initial Notes, a like aggregate principal
amount of Exchange Notes registered under the Securities Act.

         "Existing Affiliate Agreements" means the following agreements:

         (1) the payment of a fee to Capital Trust SA or one of its wholly-
         owned subsidiaries equal to 1.5% of the gross proceeds of the offering
         of the Notes;

         (2) the Framework Co-Operation Agreement between Preem Raffinaderi AB
         Preemraff and Midroc Engineering AB, dated October 5, 2000 and October
         16, 2000, and the existing agreements thereunder in effect on the
         Closing Date;

         (3) the Framework Co-Operation Agreement between Preem Raffinaderi AB
         Preemraff and Metalock Engineering AB, dated November 30, 2000, and the
         existing agreements thereunder in effect on the Closing Date;

         (4) the Framework Co-Operation Agreement between Preem Raffinaderi AB
         Preemraff and Midroc Electro AB, dated January 23, 2001 and January 26,
         2001, and the existing agreements thereunder in effect on the Closing
         Date;

         (5) the Prolongation Agreement between Skandinaviska Raffinaderi AB
         Scanraff and Rodoverken AB, related to Agreement No. I-260, dated
         February 18, 2000, and the existing agreements thereunder in effect on
         the Closing Date;

         (6) the Framework Agreement, No. 276 between Skandinaviska
         Raffinaderi AB Scanraff and GP Stallningar AB, dated June 13, 2000 and
         June 19, 2000, and the existing agreements thereunder in effect on the
         Closing Date;

         (7) the Framework Agreement, No. 253 between Skandinaviska
         Raffinaderi AB Scanraff and Midroc Engineering AB, dated September 3,
         2000 and September 14, 2000, and the existing agreements thereunder in
         effect on the Closing Date;

         (8) the Short-Term Credit Facility Agreement between Preem Petroleum AB
         and Svenska Petroleum Exploration AB, dated August 29, 1997; and

         (9) the Short-Term Credit Facility Agreement between Preem Petroleum AB
         and Svenska Petroleum Exploration AB, dated October 1, 2000.

         "Existing Credit Facility" means one or more Credit Facilities of Preem
in existence on the date of this Indenture, as the same may be amended from time
to time on terms that are not, taken as a whole, adverse to the Holders of the
Notes.

         "Global Note" shall mean one or more Regulation S Global Notes, Rule
144A Global Notes or Exchange Global Notes.

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                                                                              15

         "Guarantee" means any obligation, contingent or otherwise, of any
Person directly or indirectly guaranteeing any Indebtedness of any other Person
and any obligation, direct or indirect, contingent or otherwise, of such Person:

         (1) to purchase or pay (or advance or supply funds for the purchase or
         payment of) such Indebtedness of such other Person (whether arising by
         virtue of partnership arrangements, or by agreement to keep-well, to
         purchase assets, goods, securities or services, to take-or-pay, or to
         maintain financial statement conditions or otherwise); or

         (2) entered into for purposes of assuring in any other manner the
         obligee of such Indebtedness of the payment thereof or to protect such
         obligee against loss in respect thereof (in whole or in part);

PROVIDED, HOWEVER, that the term "Guarantee" will not include endorsements for
collection or deposit in the ordinary course of business. The term "Guarantee"
used as a verb has a corresponding meaning.

         "Hedging Obligations" of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement, Currency Agreement or Oil
Commodities Contract.

         "Holder" means a Person in whose name a Note is registered on the
Registrar's books.

         "Incur" means issue, create, assume, Guarantee, incur or otherwise
become, contingently or otherwise, liable for; PROVIDED, HOWEVER, that any
Indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be
deemed to be incurred by such Restricted Subsidiary at the time it becomes a
Restricted Subsidiary; and the terms "Incurred" and "Incurrence" have meanings
correlative to the foregoing. Indebtedness Incurred by the Company or a
Restricted Subsidiary and a Guarantee in respect thereof, in each case otherwise
permitted by this Indenture to be Incurred by the Company or a Restricted
Subsidiary, shall not constitute separate Incurrences of Indebtedness.

         "Indebtedness" means, with respect to any Person on any date of
determination (without duplication):

         (1) the principal of and premium (if any) in respect of
         indebtedness of such Person for borrowed money;

         (2) the principal of and premium (if any) in respect of obligations of
         such Person evidenced by bonds, debentures, notes or other similar
         instruments (excluding trade payables);

         (3) the principal component of all obligations of such Person in
         respect of letters of credit, bankers' acceptances or other similar
         instruments (including reimbursement obligations with respect thereto),
         excluding letters of credit or similar instruments supporting trade
         payables in the ordinary course of business that are not overdue by 90
         days or more or are being contested in good faith by appropriate
         proceedings promptly instituted and diligently conducted;

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                                                                              16

         (4) the principal component of all obligations of such Person to pay
         the deferred and unpaid purchase price of property or services (except
         trade payables), which purchase price is due more than six months after
         the date of placing such property in service or taking delivery and
         title thereto or the completion of such services;

         (5) all Capitalized Lease Obligations and all Attributable
         Indebtedness of such Person;

         (6) the amount of all obligations of such Person with respect to the
         redemption, repayment or other repurchase of any Disqualified Stock or,
         with respect to any Subsidiary, any Preferred Stock (but excluding, in
         each case, any accrued dividends);

         (7) the principal component of all Indebtedness of other Persons
         secured by a Lien on any asset of such Person, whether or not such
         Indebtedness is assumed by such Person; PROVIDED, HOWEVER, that the
         amount of such Indebtedness will be the lesser of (a) the fair market
         value of such asset at such date of determination and (b) the amount of
         such Indebtedness of such other Persons;

         (8) the principal component of all Indebtedness of other Persons
         to the extent Guaranteed by such Person; and

         (9) to the extent not otherwise included in this definition, net
         obligations of such Person under Currency Agreements, Interest Rate
         Agreements and Oil Commodities Contracts (the amount of any such
         obligations to be equal at any time to the termination value of such
         agreement or arrangement giving rise to such obligation that would be
         payable by such Person at such time).

The amount of Indebtedness of any Person at any date will be the outstanding
balance at such date of all unconditional obligations as described above and the
maximum liability, upon the occurrence of the contingency giving rise to the
obligation, of any contingent obligations at such date. For purposes of the
preceding sentence, the maximum fixed repurchase price of any redeemable stock
or Preferred Stock of a Subsidiary that does not have a fixed repurchase price
shall be calculated in accordance with the terms of such redeemable stock or
Preferred Stock as if such redeemable stock or Preferred Stock were repurchased
on any date on which Indebtedness shall be required to be determined hereunder.
In addition, "Indebtedness" of any Person shall include Indebtedness described
in the foregoing paragraph that would not appear as a liability on the balance
sheet of such Person if:

         (1) such Indebtedness is the obligation of a partnership or joint
         venture that is not a Restricted Subsidiary (a "Joint Venture");

         (2) such Person or a Restricted Subsidiary is a general partner
         of the Joint Venture (a "General Partner"); and

         (3) there is recourse, by contract or operation of law, with respect to
         the payment of such Indebtedness to property or assets of such Person
         or a Restricted Subsidiary of such Person; and such Indebtedness shall
         be included in an amount not to exceed (a) the greater of (x) the net
         assets of the General Partner and (y) the amount of such obligations

<Page>

                                                                              17

         to the extent that there is recourse, by contract or operation of law,
         to the property or assets of such Person or a Restricted Subsidiary of
         such Person (other than the General Partner) or (b) if less than the
         amount determined pursuant to clause (a) immediately above, the actual
         amount of such Indebtedness that is recourse to such Person, if the
         Indebtedness is evidenced by a writing and is for a determinable amount
         and the related interest expense shall be included in Consolidated
         Interest Expense to the extent paid by the Company or its Restricted
         Subsidiaries.

         "Indenture" means this Indenture, as amended, modified or supplemented
from time to time in accordance with the terms hereof.

         "Initial Global Notes" means the Regulation S Global Note and the Rule
144A Global Note.

         "Initial Notes" shall have the meaning set forth in the preamble to
this Indenture.

         "Initial Purchasers" means Deutsche Bank AG and UBS Warburg Ltd.

         "Interest Rate Agreement" means, with respect to any Person, any
interest rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or
other similar agreement or arrangement as to which such Person is party or a
beneficiary.

         "Investment" means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates) in the form of any direct or
indirect advance, loan (other than advances to customers in the ordinary course
of business) or other extension of credit (including by way of Guarantee or
similar arrangement, but excluding any debt or extension of credit represented
by a bank deposit other than a time deposit), or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition of Capital Stock, Indebtedness or other similar instruments issued
by, such Person and all other items that are or would be classified as
investments on a balance sheet prepared in accordance with Swedish GAAP;
PROVIDED that the following shall not be deemed to be an Investment:

         (1) Hedging Obligations entered into in the ordinary course of
         business and in compliance with this Indenture;

         (2) endorsements of negotiable instruments and documents in the
         ordinary course of business; and

         (3) an acquisition of assets, Capital Stock or other securities by the
         Company for consideration consisting exclusively of common equity
         securities of the Company.

         For purposes of Section 4.4 hereof:

         (1) "Investment" will include the portion (proportionate to the
         Company's equity interest in a Restricted Subsidiary to be designated
         as an Unrestricted Subsidiary) of the

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                                                                              18

         fair market value of the net assets of such Restricted Subsidiary of
         the Company at the time that such Restricted Subsidiary is
         designated an Unrestricted Subsidiary; PROVIDED, HOWEVER, that upon
         a redesignation of such Subsidiary as a Restricted Subsidiary, the
         Company will be deemed to continue to have a permanent "Investment"
         in an Unrestricted Subsidiary in an amount (if positive) equal to
         (a) the Company's "Investment" in such Subsidiary at the time of
         such redesignation less (b) the portion (proportionate to the
         Company's equity interest in such Subsidiary) of the fair market
         value of the net assets of such Subsidiary at the time that such
         Subsidiary is so re-designated a Restricted Subsidiary; and

         (2) any property transferred to or from an Unrestricted Subsidiary will
         be valued at its fair market value at the time of such transfer, in
         each case as determined in good faith by the Board of Directors of the
         Company. If the Company or any Restricted Subsidiary of the Company
         sells or otherwise disposes of any Capital Stock of any Restricted
         Subsidiary of the Company such that, after giving effect to any such
         sale or disposition, such entity is no longer a Subsidiary of the
         Company, the Company shall be deemed to have made an Investment on the
         date of any such sale or disposition equal to the fair market value of
         the Capital Stock of such Subsidiary not sold or disposed of.

         "Issue Date" means the date on which Notes are originally issued under
this Indenture.

         "Legal Defeasance" shall have the meaning set forth in Section 8.2.

         "Lien" means any mortgage, pledge, security interest, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention
agreement or lease in the nature thereof).

         "Liquidated Damages" has the meaning set forth in the Registration
Rights Agreement.

         "Loan Assignment" shall mean a first priority security assignment of
the Preem Pledged Loan.

         "Maturity Date" means March 31, 2011.

         "Net Available Cash" from an Asset Disposition means cash payments
received (including any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as
and when received, but excluding any other consideration received in the form of
assumption by the acquiring person of Indebtedness or other obligations relating
to the properties or assets that are the subject of such Asset Disposition or
received in any other noncash form) therefrom, in each case net of:

         (1) all legal, accounting, investment banking, title and recording tax
         expenses, commissions and other fees and expenses incurred, and all
         Federal, state, provincial, foreign and local taxes required to be paid
         or accrued as a liability under Swedish GAAP (after taking into account
         any available tax credits or deductions and any tax sharing
         arrangements), as a consequence of such Asset Disposition;

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                                                                              19

         (2) all payments made with respect to any Indebtedness which is secured
         by any assets subject to such Asset Disposition, in accordance with the
         terms of any Lien upon such assets, or which must by its terms, or in
         order to obtain a necessary consent to such Asset Disposition, or by
         applicable law be repaid out of the proceeds from such Asset
         Disposition;

         (3) all distributions and other payments required to be made to
         minority interest holders in Subsidiaries or joint ventures as a result
         of such Asset Disposition; and

         (4) appropriate amounts to be provided by the seller as a reserve, in
         accordance with Swedish GAAP, against any liabilities associated with
         the assets disposed of in such Asset Disposition and retained by the
         Company or any Restricted Subsidiary after such Asset Disposition.

         "Net Cash Proceeds," with respect to any issuance or sale of Capital
Stock, means the cash proceeds of such issuance or sale net of attorneys' fees,
accountants' fees, underwriters' or placement agents' fees, discounts or
commissions and brokerage, consultant and other fees actually incurred in
connection with such issuance or sale and net of taxes paid or payable as a
result of such issuance or sale (after taking into account any available tax
credits or deductions and any tax sharing arrangements).

         "Non-Recourse Debt" means Indebtedness:

         (1) as to which neither the Company nor any Restricted Subsidiary (a)
         provides any guarantee or credit support of any kind (including any
         undertaking, guarantee, indemnity, agreement or instrument that would
         constitute Indebtedness) or (b) is directly or indirectly liable (as a
         guarantor or otherwise);

         (2) no default with respect to which (including any rights that the
         holders thereof may have to take enforcement action against an
         Unrestricted Subsidiary) would permit (upon notice, lapse of time or
         both) any holder of any other Indebtedness of the Company or any
         Restricted Subsidiary to declare a default under such other
         Indebtedness or cause the payment thereof to be accelerated or payable
         prior to its stated maturity; and

         (3) the explicit terms of which provide there is no recourse against
         any of the assets of the Company or its Restricted Subsidiaries.

         "Notes" shall have the meaning set forth in the preamble of this
Indenture.

         "Officer" means the Chairman of the Board, the President, any Vice
President, the Vice Chairman, the Chief Financial Officer or the Finance
Director of the Company.

         "Officers' Certificate" means a certificate signed by two Officers or
by an Officer and either an Assistant Treasurer or an Assistant Secretary of the
Company.

         "Oil Commodities Contract" means, in respect of a Person, any option,
futures or forward hedging contract, derivative instrument or other similar
agreement designed to protect such

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                                                                              20

Person against fluctuations in the price of crude oil, other feedstocks and
refined petroleum products, as the case may be.

         "Opinion of Counsel" means a written opinion from legal counsel who is
acceptable to the Trustee. The counsel may be outside counsel to the Company.

         "Original Notes" shall have the meaning set forth in the preamble to
this Indenture.

         "Paying Agent" shall have the meaning set forth in Section 2.3.

         "Permitted Holders" means Mohammed Hussein Al-Amoudi or any Related
         Party thereof.

         "Permitted Investment" means an Investment by the Company or any
Restricted Subsidiary in:

         (1) the Company, a Restricted Subsidiary or a Person that will, upon
         the making of such Investment, become a Restricted Subsidiary;
         PROVIDED, HOWEVER, that the primary business of such Restricted
         Subsidiary is a Related Business;

         (2) another Person if as a result of such Investment such other Person
         is merged or consolidated with or into, or transfers or conveys all or
         substantially all its assets to, the Company or a Restricted
         Subsidiary; PROVIDED, HOWEVER, that such Person's primary business is a
         Related Business;

         (3) cash and Cash Equivalents;

         (4) receivables owing to the Company or any Restricted Subsidiary
         created or acquired in the ordinary course of business and payable or
         dischargeable in accordance with customary trade terms;

         (5) payroll, travel and similar advances to cover matters that are
         expected at the time of such advances ultimately to be treated as
         expenses for accounting purposes and that are made in the ordinary
         course of business;

         (6) loans or advances to employees made in the ordinary course of
         business, consistent with past practices of the Company or such
         Restricted Subsidiary and in an aggregate amount not to exceed
         E 5.0 million at any time outstanding;

         (7) loans or advances to employees the proceeds of which are used to
         purchase Capital Stock of the Company, in an aggregate amount not in
         excess of E 2.0 million at any one time outstanding;

         (8) stock, obligations or securities received in settlement of debts
         created in the ordinary course of business and owing to the Company or
         any Restricted Subsidiary or in satisfaction of judgments or pursuant
         to any plan of reorganization or similar arrangement upon the
         bankruptcy or insolvency of a debtor or upon foreclosure actions in
         favor of the Company or a Restricted Subsidiary;

<Page>

                                                                             21

         (9)  Investments made as a result of the receipt of non-cash
         consideration from an Asset Disposition that was made pursuant to and
         in compliance with Section 4.14 hereof

         (10) Investments in existence on the Closing Date;

         (11) Investments by the Company or any of its Restricted Subsidiaries
         in an aggregate amount not to exceed E 20.0 million outstanding at
         any one time (plus, to the extent not previously reinvested, any return
         of capital not previously realized made pursuant to this clause (11));

         (12) Currency Agreements, Interest Rate Agreements, Oil Commodities
         Contracts and related Hedging Obligations, which transactions or
         obligations are Incurred in compliance with Section 4.3 hereof; and

         (13) prepaid expenses, negotiable instruments held for collection, and
         lease, utility, workers' compensation, performance and similar
         deposits, in each case, in the ordinary course of business.

         "Permitted Liens" means, with respect to any Person:

         (1) pledges or deposits by such Person under workmen's compensation
         laws, unemployment insurance laws or similar legislation, or in
         connection with bids, tenders, contracts (other than for the payment of
         Indebtedness) or leases to which such Person is a party, or to secure
         public or statutory obligations of such Person or deposits or cash or
         United States or Swedish government bonds to secure bid, surety or
         appeal bonds to which such Person is a party, or for contested taxes or
         import or custom duties or for the payment of rent, in each case
         Incurred in the ordinary course of business;

         (2) Liens imposed by law, including carriers', warehousemen's,
         mechanics' suppliers', materialmen and repairmen Liens and Liens in
         favor of customs authorities arising as a matter of law to secure
         payment of customs duties in connection with the importation of goods,
         in each case for sums not yet due or being contested in good faith by
         appropriate proceedings, if a reserve or other appropriate provision,
         if any, as shall be required by Swedish GAAP shall have been made in
         respect thereof;

         (3) Liens for taxes, assessments or other governmental charges not yet
         subject to penalties for non-payment or which are being contested in
         good faith by appropriate proceedings provided reserves required
         pursuant to Swedish GAAP have been taken on the books of the Company or
         its Restricted Subsidiaries;

         (4) Liens in favor of issuers of bid, surety or performance bonds or
         bankers' acceptances or letters of credit issued pursuant to the
         request of and for the account of such Person in the ordinary course of
         its business; PROVIDED, HOWEVER, that such letters of credit do not
         constitute Indebtedness;

         (5) encumbrances, easements or reservations of, or rights of others
         for, licenses, rights of way, sewers, electric lines, telegraph and
         telephone lines and other similar purposes, or zoning or other
         restrictions as to the use of real properties or liens incidental

<Page>

                                                                             22

         to the conduct of the business of such Person or to the ownership of
         its properties that were not Incurred in connection with Indebtedness
         and that do not in the aggregate materially adversely affect the value
         of said properties or materially impair their use in the operation of
         the business of such Person;

         (6) Liens securing a Hedging Obligation, so long as the related
         Indebtedness is, and is permitted to be under this Indenture, secured
         by a Lien on the same property securing the Interest Rate Protection
         Agreement, Currency Agreement or Oil Commodities Contract, as the case
         may be;

         (7) leases and subleases of real property and equipment appurtenant
         thereto which do not materially interfere with the ordinary conduct of
         the business of the Company or any of its Restricted Subsidiaries;

         (8) judgment Liens not giving rise to an Event of Default so long as
         such Lien is adequately bonded and any appropriate legal proceedings
         which may have been duly initiated for the review of such judgment have
         not been finally terminated or the period within which such proceedings
         may be initiated has not expired;

         (9) Liens for the purpose of securing the payment (or the refinancing
         of the payment) of all or a part of the purchase price of, or
         Capitalized Lease Obligations with respect to, assets or property
         acquired or constructed in the ordinary course of business provided
         that (x) the aggregate principal amount of Indebtedness secured by such
         Liens is otherwise permitted to be Incurred under this Indenture and
         does not exceed the cost of the assets or property so acquired or
         constructed and (y) such Liens are created within 90 days of
         construction or acquisition of such assets or property and do not
         encumber any other assets or property of the Company or any Restricted
         Subsidiary other than such assets or property and assets affixed or
         appurtenant thereto;

         (10) Liens arising solely by virtue of any statutory or common law
         provision relating to banker's Liens, rights of set-off or similar
         rights and remedies as to deposit accounts or other funds maintained
         with a depository institution; PROVIDED that (x) such deposit account
         is not a pledged cash collateral account and (y) such deposit account
         is not intended by the Company or any Restricted Subsidiary to provide
         collateral to the depository institution;

         (11) Liens arising from filings or other methods of protection of
         interests regarding operating leases entered into by the Company and
         its Restricted Subsidiaries in the ordinary course of business;

         (12)     Liens existing on the Closing Date;

         (13) Liens on property or shares of stock of a Person at the time such
         Person becomes a Subsidiary; PROVIDED, HOWEVER, that such Liens are not
         created, incurred or assumed in connection with, or in contemplation
         of, such other Person becoming a Subsidiary; PROVIDED FURTHER, HOWEVER,
         that any such Lien may not extend to any other property owned by the
         Company or any Restricted Subsidiary;

<Page>

                                                                             23

         (14) Liens on property at the time the Company or a Subsidiary acquired
         the property, including any acquisition by means of a merger or
         consolidation with or into the Company or any Restricted Subsidiary;
         PROVIDED, HOWEVER, that, such Liens may not extend to any other
         property owned by the Company or any Restricted Subsidiary;

         (15) Liens securing Indebtedness or other obligations of a
         Subsidiary owing to the Company or a Restricted Subsidiary;

         (16) Liens securing the Notes;

         (17) Liens securing Refinancing Indebtedness permitted under this
         Indenture incurred to Refinance Indebtedness that was previously so
         secured, PROVIDED that (a) such Liens are not more restrictive than the
         Liens in respect of the Indebtedness being Refinanced and (b) any such
         Lien is limited to all or part of the same property or assets (plus
         improvements, accessions, proceeds or dividends or distributions in
         respect thereof) that secured (or, under the written arrangements under
         which the original Lien arose, could secure) the obligations to which
         such Liens relate;

         (18) To the extent that the principal amount of any Sale/Leaseback
         Indebtedness is permanently repaid and the Liens securing such
         Indebtedness are released, then new Liens may be incurred on assets of
         a Restricted Subsidiary to secure Indebtedness of the Company or a
         Restricted Subsidiary under Credit Facilities, PROVIDED that the
         principal amount of such Indebtedness does not exceed the amount of
         Sale/Leaseback Indebtedness so permanently repaid, and PROVIDED FURTHER
         that such Indebtedness is permitted to be Incurred under Section 4.3
         hereof;

         (19) Liens arising out of consignment or similar arrangements for the
         sale of goods entered into by the Company or any Restricted Subsidiary
         in the ordinary course of business;

         (20) Liens on accounts receivable, inventory and related working
         capital assets of the Company or any Restricted Subsidiary, in each
         case securing Indebtedness Incurred under Credit Facilities pursuant to
         clause (1) in paragraph (b) of Section 4.3 hereof; or

         (21) Liens securing Indebtedness, when taken together with all other
         Liens made pursuant to this clause (21) that are at the time
         outstanding, not in excess of E 2.0 million.

         "Permitted Preem Loan Payment" means the payment or payments made to
Corral not to exceed in the aggregate E 236 million, PROVIDED, HOWEVER, that
unless the Company furnishes the Trustee with an Officers' Certificate
confirming that the Company has, and on the first interest payment date will
have, funds available to satisfy the payments due on the Notes on such date,
together with an Opinion of Counsel confirming the Company's ability to pay such
amount to Holders out of legally available funds on such date, then prior to
making such payment, the Company may only make a Permitted Preem Loan Payment up
to E 223 million.

         "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company, government or any agency or political subdivision hereof or
any other entity.

<Page>

                                                                             24

         "Pledges" means the Stock Pledge and the Loan Assignment, collectively.

         "Preem" means Preem Petroleum AB, a Subsidiary of the Company.

         "Preem Pledged Loan" means that certain Shareholder Loan Agreement No.
1A, dated the date hereof, between the Company, as lender, and Preem, as
borrower, representing subordinated shareholder debt owed to the Company by
Preem in a principal amount equal to the Swedish Krona equivalent of the
aggregate gross proceeds of the Notes offered on the date hereof.

         "Preferred Stock," as applied to the Capital Stock of any corporation,
means Capital Stock of any class or classes (however designated) that is
preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such
corporation.

         "Private Placement Legend" means the legend set forth in
Section 2.7(g).

         "Public Equity Offering" means an underwritten primary public offering
of ordinary shares of either of the Company or Corral pursuant to (i) an
effective registration statement under the Securities Act (other than public
offerings on Forms S-4, F-4 or S-8) or (ii) a placement outside the United
States and/or pursuant to Rule 144A under the Securities Act involving the
distribution of an offering circular to at least 100 BONA FIDE prospective
purchasers and listing of such ordinary shares on a Recognized Stock Exchange.

         "Qualified Institutional Buyer" or "QIB" shall have the meaning
specified in Rule 144A under the Securities Act.

         "Recognized Stock Exchange" means the Stockholm Stock Exchange, EASDAQ,
the Luxembourg Stock Exchange or a national securities exchange in the United
States.

         "Record Date" means the Record Dates specified in the Notes.

         "Redemption Date" when used with respect to any Note to be redeemed,
means the date fixed for such redemption pursuant to this Indenture and
Paragraph 8 of the Initial Notes and Paragraphs 7 of the Exchange Notes.

         "Redemption Price" when used with respect to any Note to be redeemed,
means the price fixed for such redemption pursuant to this Indenture and
Paragraphs 8 and 9 of the Initial Notes and Paragraphs 7 and 8 of the Exchange
Notes.

         "Refinancing Indebtedness" means Indebtedness that is Incurred to
refund, refinance, replace, renew or repay (including pursuant to any defeasance
or discharge mechanism) (collectively, "refinance", "refinances", and
"refinanced" shall have a correlative meaning) any Indebtedness Incurred in
compliance with this Indenture (including Indebtedness of the Company that
refinances Indebtedness of any Restricted Subsidiary) including Indebtedness
that refinances Refinancing Indebtedness, PROVIDED, HOWEVER, that:

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                                                                             25

         (1) the Refinancing Indebtedness has a Stated Maturity no
         earlier than the Stated Maturity of the Indebtedness being refinanced;

         (2) the Refinancing Indebtedness has an Average Life at the time such
         Refinancing Indebtedness is Incurred that is equal to or greater than
         the Average Life of the Indebtedness being refinanced;

         (3) such Refinancing Indebtedness is Incurred in an aggregate principal
         amount (or if issued with original issue discount, an aggregate issue
         price) that is equal to or less than the sum of the aggregate principal
         amount (or if issued with original issue discount, the aggregate
         accreted value) then outstanding (plus accrued interest, fees and
         expenses, including the costs of refinancing and any premium and
         defeasance costs) of the Indebtedness being refinanced;

         (4) if the Indebtedness being extended, refinanced, replaced, defeased
         or refunded is subordinated in right of payment to the Notes, such
         Refinancing Indebtedness is subordinated in right of payment to the
         Notes to at least the same extent, and in the same manner, as the
         Indebtedness being extended, refinanced, renewed, replaced, defeased or
         refunded; and

         (5) in no case shall Refinancing Indebtedness include any Indebtedness
         that is Incurred to refinance a Shareholder Loan.

         "Registrar" shall have the meaning set forth in Section 2.3.

         "Registration Rights Agreement" means (i) the Registration Rights
Agreement among the Company and the Initial Purchasers, relating to the Original
Notes and dated as of April 10, 2001, as the same may be amended, supplemented
or modified from time to time in accordance with the terms thereof and (ii) any
similar registration rights agreement relating to Additional Notes, as the same
may be amended, supplemented or modified from time to time in accordance with
the terms thereof.

         "Regulation S" means Regulation S (including any successor regulation
thereto) under the Securities Act, as it may be amended from time to time.

         "Regulation S Global Note" shall have the meaning set forth in Section
2.1.

         "Regulation S Note" shall have the meaning set forth in Section 2.1.

         "Related Business" means, with respect to the Company and its
Restricted Subsidiaries, (i) the business of the acquisition, processing,
marketing, refining, storage and/or transportation of hydrocarbons and royalty
or other interests in crude oil or associated products, (ii) the acquisition,
operation, improvement, leasing and other use of retail service stations and
attached or appurtenant convenience stores and other similar retail sales
operations in connection therewith and (iii) any business that is the same as or
reasonably related to any of the businesses of the Company and its Restricted
Subsidiaries on the date of this Indenture or reasonable extensions,
developments or expansions thereof except such extensions, developments or
expansions of businesses other than those described in clauses (i) and (ii),
above; PROVIDED that,

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                                                                             26

it is expressly agreed and understood that the term "Related Business" shall
include an expansion into other areas of the energy sector such as the
generation, transmission, marketing and sale of electricity; and, PROVIDED,
FURTHER, that the term "Related Business" shall not include "upstream"
exploration and production of crude oil or associated products except to the
extent, and only to the extent, that the Company or one of its Restricted
Subsidiaries engages in such exploration and production on the Closing Date
without any extension, development or expansion thereof.

         "Related Business Assets" means assets used or useful in a Related
Business.

         "Related Party" with respect to any Permitted Holder means (A) any
Subsidiary of such Permitted Holder or (B) any trust, corporation, partnership
or other entity, the beneficiaries, stockholders, partners, owners or Persons
beneficially holding a majority controlling interest of which consist of such
Permitted Holder and/or such other Persons referred to in the immediately
preceding clause (A).

         "Restricted Dividends and Distributions" shall have the meaning set
forth in Section 6.1(11) hereof.

         "Restricted Investment" means any Investment that is not a Permitted
Investment.

         "Restricted Period" shall have the meaning set forth in Section 2.7(b)
hereof.

         "Restricted Subsidiary" means any Subsidiary of the Company other than
an Unrestricted Subsidiary.

         "Rule 144" means Rule 144 (including any successor regulation thereto)
under the Securities Act, as it may be amended from time to time.

         "Rule 144A" means Rule 144A (including any successor regulation
thereto) under the Securities Act, as it may be amended from time to time.

         "Rule 144A Global Note" shall have the meaning set forth in Section 2.1
hereof.

         "Rule 144A Notes" shall have the meaning set forth in Section 2.1
hereof.

         "S&P" means Standard & Poor's Ratings Group and its successors.

         "Sale/Leaseback Indebtedness" means Indebtedness in an amount not to
exceed SEK1,200,000,000 under the Term Loan Facility for Syrhola Handelsbolag
arranged by Enskilda Debt Capital Markets, dated February 3, 1998, as amended,
restated, modified, renewed, refunded, replaced or refinanced in whole or in
part from time to time (and whether or not with the original agent, arranger and
lenders or other agents, arrangers or lenders).

         "Sale/Leaseback Transaction" means an arrangement relating to property
now owned or hereafter acquired whereby the Company or a Restricted Subsidiary
transfers such property to a Person and the Company or a Subsidiary leases it
from such Person.

         "SEC" means the Securities and Exchange Commission.

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                                                                             27

         "Securities Act" means the United States Securities Act of 1933, as
amended, or any similar federal statute then in effect, and a reference to a
particular section thereof shall be deemed to include a reference to the
comparable section, if any, of any such similar federal statute.

         "Security Documents" means, collectively, (i) this Indenture, (ii) the
Share Pledge Agreement, dated the date hereof, between the Company, as pledgor,
and the Trustee, in its capacity as Trustee for the Holders (including the
intercreditor arrangements in favor of the Trustee in respect thereof), (iii)
the Security Assignment Agreement, dated the date hereof, between the Company,
as assignor, and the Trustee, in its capacity as Trustee for the Holders
(including the intercreditor arrangements in favor of the Trustee in respect
thereof) and (iv) all security agreements, mortgages, deeds of trust, collateral
assignments and other instruments evidencing or creating any security interest
in favor of the Trustee in all or any portion of the Collateral, in each case,
as amended, supplemented or modified from time to time in accordance with their
terms and the terms of this Indenture.

      "Senior Indebtedness" means all Indebtedness other than Subordinated
Obligations.

         "Shareholder Loan" means the Loan Agreement, dated as of October 31,
2000, between Preem and Corral, as restructured in connection with issuance of
the Notes as Shareholder Loan No. 2 dated as of the date of this Indenture, and
providing for obligations from the Company to Corral, and any future similar
agreement (including any shareholder loan made pursuant to and in accordance
with clause (b)(8) of Section 4.4 hereof or any amendment to any of the
foregoing).

         "Significant Subsidiary" means any Subsidiary that would be a
"Significant Subsidiary" of the Company within the meaning of Rule 1-02 under
Regulation S-X promulgated by the SEC.

         "Stated Maturity" means, with respect to any security, the date
specified in such security as the fixed date on which the payment of principal
of such security is due and payable, not taking into account any contingent
obligations to repay, redeem, or repurchase any such principal prior to the date
originally scheduled for the payment thereof.

         "Stock Pledge" shall mean a first priority pledge of all of the Capital
Stock of Preem.

         "Subordinated Obligation" means any Indebtedness of the Company
(whether outstanding on the Issue Date or thereafter Incurred) which is
subordinate or junior in right of payment to the Notes pursuant to a written
agreement.

         "Subsidiary" of any Person means any corporation, association,
partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by (1) such Person, (2) such Person
and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of
such Person; PROVIDED that, Skandinaviska Kracker AB Scancracker and Goteborgs
Smorjmedelsfabrik (Scanlube) AB shall

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                                                                             28

each be deemed a "Subsidiary" of the Company for purposes of the Notes.
Unless otherwise specified herein, each reference to a Subsidiary will refer
to a Subsidiary of the Company.

         "Successor Company" shall have the meaning set forth in Section
6.1(3)(a).

         "Swedish GAAP" means generally accepted accounting principles in The
Kingdom of Sweden as in effect as of the date hereof; PROVIDED, HOWEVER, that
all reports and other financial information provided by the Company to the
Holders, the Trustee and/or the Commission shall be prepared in accordance with
Swedish GAAP, as in effect on the date of such report or other financial
information. All ratios and computations based on Swedish GAAP contained in this
Indenture will be computed in conformity with Swedish GAAP.

         "Tax Redemption Date" when used with respect to any Note to be
redeemed, means the date fixed for such redemption pursuant to this Indenture
and Paragraph 9 of the Initial Notes and Paragraphs 8 of the Exchange Notes.

         "Taxes" shall have the meaning set forth in Section 4.20.

         "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. Sections
         77aaa-77bbbb), as it may be amended from time to time.

         "Trust Officer" means any officer within Corporate Trust and Agency
Services (or any successor group of the Trustee), including any director,
managing director, vice president, assistant vice president, corporate trust
officer, assistant corporate trust officer associate or any other officer or
assistant officer of the Trustee customarily performing functions similar to
those performed by the persons who at that time shall be such officers, and also
means, with respect to a particular corporate trust matter, any other officer to
whom such trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.

         "Trustee" means the party named as such in this Indenture until a
successor replaces it in accordance with the provisions of this Indenture and
thereafter means such successor.

         "Unrestricted Subsidiary" " means:

         (1) any Subsidiary of the Company that at the time of determination
         shall be designated an Unrestricted Subsidiary by the Board of
         Directors of the Company in the manner provided below; and

         (2) any Subsidiary of an Unrestricted Subsidiary.

The Board of Directors of the Company may designate any Subsidiary of the
Company (including any newly acquired or newly formed Subsidiary or a Person
becoming a Subsidiary through merger or consolidation or Investment therein) to
be an Unrestricted Subsidiary only if:

         (1) such Subsidiary does not own any Capital Stock of, or own or hold
         any Lien on any property of, any other Subsidiary of the Company which
         is not a Subsidiary of the Subsidiary to be so designated or otherwise
         an Unrestricted Subsidiary;

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                                                                             29

         (2) all the Indebtedness of such Subsidiary and its Subsidiaries shall,
         at the date of designation, and will at all times thereafter, consist
         of Non-Recourse Debt;

         (3) the Company certifies that such designation complies with the
         limitations of Section 4.4 hereof;

         (4) such Subsidiary, either alone or in the aggregate with all other
         Unrestricted Subsidiaries, does not operate, directly or indirectly,
         all or substantially all of the business of the Company and its
         Subsidiaries;

         (5) such Subsidiary does not, directly or indirectly, own any
         Indebtedness of or Capital Stock of, and has no investments in, the
         Company or any Restricted Subsidiary; and

         (6) such Subsidiary is a Person with respect to which neither the
         Company nor any of its Restricted Subsidiaries has any direct or
         indirect obligation (a) to subscribe for additional Capital Stock of
         such Person or (b) to maintain or preserve such Person's financial
         condition or to cause such Person to achieve any specified levels of
         operating results.

Any such designation by the Board of Directors of the Company shall be evidenced
to the Trustee by filing with the Trustee a Board Resolution of the Company
giving effect to such designation and an Officers' Certificate certifying that
such designation complied with the foregoing conditions. If, at any time, any
Unrestricted Subsidiary would fail to meet the foregoing requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes hereof and any Indebtedness of such Subsidiary shall be
deemed to be Incurred as of such date. The Board of Directors of the Company may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; PROVIDED
that immediately after giving effect to such designation, no Default or Event of
Default shall have occurred and be continuing or would occur as a consequence
thereof and the Company could incur at least E 1.00 of additional Indebtedness
under paragraph (a) of Section 4.3 hereof on a PRO FORMA basis taking into
account such designation.

         "U.S. Person" means a "U.S. person" as defined in Rule 902 under the
         Securities Act or any successor rule.

         "Voting Stock" of a corporation means all classes of Capital Stock of
such corporation then outstanding and normally entitled to vote in the election
of directors.

         "Wholly-Owned Subsidiary" means a Restricted Subsidiary of the Company,
all of the Capital Stock of which (other than directors' qualifying shares) is
owned by the Company or another Wholly-Owned Subsidiary.

         SECTION 1.2  INCORPORATION BY REFERENCE OF TIA.  This Indenture is
subject to the mandatory provisions of the TIA which as of the date hereof
and thereafter as in effect are incorporated by reference in, and made a part
of, this Indenture. The following TIA terms used in this Indenture have the
following meanings:

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                                                                             30

         "Commission" means the SEC;

         "indenture securities" means the Notes;

         "indenture security holder" means a Holder;

         "indenture to be qualified" means this Indenture;

         "indenture trustee" or "institutional trustee" means the Trustee; and

         "obligor" on the indenture securities means the Company or any other
         obligor on the Notes.

         All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule and not
otherwise defined herein have the meanings assigned to them therein.

         SECTION 1.3  RULES OF CONSTRUCTION.  Unless the context otherwise
requires:

         (a)  a term has the meaning assigned to it;

         (b)  an accounting term not otherwise defined has the meaning
         assigned to it in accordance with Swedish GAAP;

         (c)  "or" is not exclusive;

         (d)  words in the singular include the plural, and words in the plural
         include the singular;

         (e)  provisions apply to successive events and transactions; and

         (f) "herein," "hereof" and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision.

                                  ARTICLE II

                                  THE NOTES

         SECTION 2.1  FORM AND DATING.  The Initial Notes and the notation
relating to the Trustee's certificate of authentication thereof, shall be
substantially in the form of Exhibits A or B, as applicable. The Exchange
Notes, and the notation relating to the Trustee's certificate of
authentication thereof, shall be substantially in the form of Exhibits C or D,
as applicable. The Notes may have notations, legends or endorsements required
by law, stock exchange rule or usage. The Company and the Trustee shall
approve the form of the Notes and any notation, legend or endorsement on
them. Each Note shall be dated the date of its issuance and shall show the
date of its authentication.

         The terms and provisions contained in the Notes, annexed hereto as
Exhibits A, B, C, D shall constitute, and are hereby expressly made, a part of
this Indenture and, to the extent

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                                                                             31

applicable, the Company, the Trustee and the Principal Paying Agent, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. The Notes will initially be represented
by the Initial Global Notes.

         As long as the Notes are in global form, the Principal Paying Agent (in
lieu of the Trustee) shall be responsible for:

         (i)  paying sums due on the Global Notes; and

         (ii) arranging on behalf of and at the expense of the Company for
notices to be communicated to Holders in accordance with the terms of this
Indenture.

Each reference in this Indenture to the performance of duties set forth in
clauses (i) and (ii), above, by the Trustee includes performance of such duties
by the Principal Paying Agent.

         Notes offered and sold in their initial distribution in reliance on
Regulation S shall be initially issued as one or more global notes, in
registered global form without interest coupons, substantially in the form of
Exhibit A hereto, with such applicable legends as are provided in Exhibit A
hereto, except as otherwise permitted herein. Such Initial Global Notes shall be
referred to collectively herein as the "REGULATION S GLOBAL NOTE." The aggregate
principal amount of the Regulation S Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
hereinafter provided (or by the issue of a further Regulation S Global Note), in
connection with a corresponding decrease or increase in the aggregate principal
amount of the Rule 144A Global Note or in consequence of the issue of Definitive
Notes or additional Regulation S Notes, as hereinafter provided. The Regulation
S Global Note and all other Initial Notes that are not Rule 144A Global Notes
shall collectively be referred to herein as the "REGULATION S NOTES."

         Notes offered and sold in their initial distribution in reliance on
Rule 144A shall be initially issued as one or more global notes in registered,
global form without interest coupons, substantially in the form of Exhibit A
hereto, with such applicable legends as are provided in Exhibit A, except as
otherwise permitted herein. Such Initial Global Notes shall be referred to
collectively herein as the "RULE 144A GLOBAL NOTE." The aggregate principal
amount of the Rule 144A Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as hereinafter
provided (or by the issue of a further Rule 144A Global Note), in connection
with a corresponding decrease or increase in the aggregate principal amount of
the Regulation S Global Note or in consequence of the issue of Definitive Notes
or additional Rule 144A Notes, as hereinafter provided. The Rule 144A Global
Note and all other Initial Notes, if any, evidencing the debt, or any portion of
the debt, initially evidenced by such Rule 144A Global Note, shall collectively
be referred to herein as the "RULE 144A NOTES."

         SECTION 2.2  EXECUTION AND AUTHENTICATION.  Two Officers shall sign,
or one Officer and one member of the Board of Directors shall sign, or one
Officer shall sign and one Officer or an Assistant Secretary (each of whom
shall, in each case, have been duly authorized by all requisite corporate
actions) shall attest to, the Notes for the Company by manual or facsimile
signature.

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                                                                             32

         If an Officer or Director whose signature is on a Note was an Officer
or Director at the time of such execution but no longer holds that office or
position at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless.

         A Note shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Note. The signature
shall be conclusive evidence that the Note has been authenticated under this
Indenture.

         Except as otherwise provided herein, the aggregate principal amount of
Notes which may be outstanding at any time under this Indenture is not limited
in amount. The Trustee shall authenticate such Notes which shall consist of (i)
Original Notes for original issue on the Closing Date in an aggregate principal
amount not to exceed E 250,000,000, (ii) Additional Notes from time to time
for issuance after the Closing Date to the extent otherwise permitted hereunder
(including, without limitation, under Section 4.3 hereof) and (iii) Exchange
Notes from time to time for issue in principal amount for issuance in exchange
for a like principal amount of Initial Notes pursuant to an exchange offer
registration statement under the Securities Act, in each case upon receipt of a
Company Order in the form of an Officers' Certificate. Exchange Notes may have
such distinctive series designation, and such changes in the form thereof, as
are specified in the written order referred to in the preceding sentence.
Additional Notes will be treated as the same series of Notes as the Original
Notes for all purposes under this Indenture, including, without limitation, for
purposes of waivers, amendments, redemptions and offers to purchase. Such
Company Order shall specify the aggregate principal amount of Notes to be
authenticated, the series and type of Notes, the date on which the Notes are to
be authenticated, the issue price and the date from which interest on such Notes
shall accrue, whether the Notes are to be Original Notes, Additional Notes or
Exchange Notes, whether the Notes are to be issued as Definitive Notes or Global
Notes and whether or not the Notes shall bear the Private Placement Legend, or
such other information as the Trustee may reasonably request. In authenticating
the Notes and accepting the responsibilities under this Indenture in relation to
the Notes, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the form and terms
thereof have been established in conformity with the provisions of this
Indenture. Upon receipt of a Company Order, the Trustee shall authenticate Notes
in substitution of Notes originally issued to reflect any name change of the
Company.

         The Trustee may appoint an authenticating agent ("AUTHENTICATING
AGENT") reasonably acceptable to the Company to authenticate Notes. Unless
otherwise provided in the appointment, an Authenticating Agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such Authenticating
Agent. An Authenticating Agent has the same rights as an Agent to deal with the
Company and Affiliates of the Company.

         The Notes shall be issuable only in denominations of E 1,000 and any
integral multiple thereof.

         SECTION 2.3  REGISTRAR AND PAYING AGENT.  The Company shall maintain
an office or agency in the Borough of Manhattan, The City of New York where
Global Notes may be registered ("REGISTRAR"). The Company shall maintain an
office or agency in London, England, where (i) Global Notes may be presented
or surrendered for payment ("PAYING AGENT") and

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                                                                             33

(iii) notices and demands in respect of such Global Notes and this Indenture
may be served. In the event that Definitive Notes are issued, (x) Definitive
Notes may be presented or surrendered for registration of transfer or for
exchange, (y) Definitive Notes may be presented or surrendered for payment
and (z) notices and demands in respect of the Definitive Notes and this
Indenture may be served at an office of the Registrar or the Paying Agent, as
applicable, in the Borough of Manhattan, The City of New York, and, if and so
long as the Notes are listed on the Luxembourg Stock Exchange and the rules
of such stock exchange so require, the Company shall appoint Deutsche Bank
Luxembourg S.A., or such other Person located in Luxembourg and reasonably
acceptable to the Trustee, as an additional Paying Agent. The Registrar shall
keep a register of the Notes and of their transfer and exchange. The Company,
upon notice to the Trustee, may have one or more co-Registrars and one or
more additional Paying Agents reasonably acceptable to the Trustee. The term
"REGISTRAR" includes any co-Registrar and the term "PAYING AGENT" includes
any additional Paying Agent. The Company initially appoints Bankers Trust
Company as Registrar and Paying Agent until such time as Bankers Trust
Company has resigned or a successor has been appointed. In the event that a
Paying Agent or transfer agent is replaced, the Company will provide notice
thereof (so long as the Notes are Global Notes) published in a leading
newspaper having general circulation in New York City (which is expected to
be THE WALL STREET JOURNAL) and (if and so long as the Notes are listed on
the Luxembourg Stock Exchange and the rules of such stock exchange shall so
require) published in a newspaper having a general circulation in Luxembourg
(which is expected to be the LUXEMBURGER WORT) and (in the case of Definitive
Notes), in addition to such publication, mailed by first-class mail to each
Holder's registered address. The Company may change any Registrar without
notice to the Holders. Payment of principal will be made upon the surrender
of Definitive Notes at the office of the Paying Agent, including, if any, the
Paying Agent in Luxembourg. In the case of a transfer of a Definitive Note in
part, upon surrender of the Definitive Note to be transferred, a Definitive
Note shall be issued to the transferee in respect of the principal amount
transferred and a Definitive Note shall be issued to the transferor in
respect of the balance of the principal amount of the transferred Definitive
Note at the office of any transfer agent, including, if any, the transfer
agent in Luxembourg.

         If the Notes are listed on the Luxembourg Stock Exchange and the rules
of such stock exchange so require, the Company will appoint Deutsche Bank
Luxembourg S.A., or such other Person located in Luxembourg and reasonably
acceptable to the Trustee, as an additional Paying Agent and transfer agent. For
the avoidance of doubt, upon the issuance of Definitive Notes, Holders will be
able to receive principal and interest on the Notes and will be able to transfer
Definitive Notes at the Luxembourg office of such paying and transfer agent,
subject to the right of the Company to mail payments in accordance with the
terms of this Indenture.

         Claims against the Company for payment of principal, interest,
Additional Amounts, if any, and Liquidated Damages, if any, on the Notes will
become void unless presentment for payment is made (where so required herein)
within, in the case of principal, Additional Amounts, if any, and Liquidated
Damages, if any, a period of ten years or, in the case of interest, a period of
five years, in each case from the applicable original payment date therefor.

         SECTION 2.4  PAYING AGENT TO HOLD ASSETS IN TRUST.  The Company
shall require each Paying Agent other than the Trustee and the Principal
Paying Agent to agree in writing that each Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all assets held by

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                                                                             34

the Paying Agent for the payment of principal of, Additional Amounts, if any,
Liquidated Damages, if any, premium, if any, or interest on, the Notes, and
shall notify the Trustee of any Default by the Company in making any such
payment. The Company at any time may require a Paying Agent to distribute all
assets held by it to the Trustee and account for any assets disbursed and the
Trustee may at any time during the continuance of any payment Default, upon
written request to a Paying Agent, require such Paying Agent to distribute
all assets held by it to the Trustee and to account for any assets
distributed. Upon distribution to the Trustee of all assets that shall have
been delivered by the Company to the Paying Agent, the Paying Agent shall
have no further liability for such assets.

         SECTION 2.5  LIST OF HOLDERS.  The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Holders. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee before each Record Date
and at such other times as the Trustee may request in writing a list as of
such date and in such form as the Trustee may reasonably require of the names
and addresses of Holders, which list may be conclusively relied upon by the
Trustee.

         SECTION 2.6  BOOK-ENTRY PROVISIONS FOR GLOBAL NOTES.  (a) The Global
Notes initially shall (i) be registered in the name of the Clearing Agency or
its nominee, (ii) be delivered to the Clearing Agency or its custodian and
(iii) bear legends as set forth in Section 2.7(g) hereto.

         (b) Notwithstanding any other provisions of this Indenture, a Global
Note may not be transferred as a whole except by the Clearing Agency to a
nominee of the Clearing Agency or by a nominee of the Clearing Agency to the
Clearing Agency or another successor of the Clearing Agency or a nominee of such
successor. Interests of beneficial owners in the Global Notes may be transferred
or exchanged for Definitive Notes in accordance with the rules and procedures of
the Clearing Agency and the provisions of Section 2.7. All Global Notes shall be
exchanged by the Company (with authentication by the Trustee) for one or more
Definitive Notes, if (a) any Clearing Agency (i) has notified the Company that
it is unwilling or unable to continue as a clearing agency and (ii) a successor
to the Clearing Agency is not able to be appointed by the Company within 120
days of such notification, (b) any Clearing Agency so requests following an
Event of Default hereunder or (c) in whole (but not in part) at any time if the
Company in its sole discretion determines. If an Event of Default occurs and is
continuing, the Company shall, at the written request delivered through a
Clearing Agency of the Holder thereof or of the holder of an interest therein,
exchange all or part of a Global Note for one or more Definitive Notes (with
authentication by the Trustee); PROVIDED, HOWEVER, that the principal amount at
maturity of such Definitive Notes and such Global Note after such exchange shall
be EURO 1,000 or integral multiples thereof. Whenever all of a Global Note is
exchanged for one or more Definitive Notes, it shall be surrendered by the
Holder thereof to the Trustee for cancellation. Whenever a part of a Global Note
is exchanged for one or more Definitive Notes, the Global Note shall be
surrendered by the Holder thereof to the Trustee who shall cause an adjustment
to be made to Schedule A of such Global Note such that the principal amount of
such Global Note will be equal to the portion of such Global Note not exchanged
and shall thereafter return such Global Note to such Holder. A Global Note may
not be exchanged for a Definitive Note other than as provided in this Section
2.6(b).

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                                                                             35

         (c) In connection with the transfer of Global Notes as an entirety to
beneficial owners pursuant to paragraph (b) of this Section 2.6, the Global
Notes shall be deemed to be surrendered to the Trustee for cancellation, and the
Company shall execute, and the Trustee shall upon written instructions from the
Company authenticate and make available for delivery, to each beneficial owner
in exchange for its beneficial interest in the Global Notes, an equal aggregate
principal amount of Definitive Notes of authorized denominations.

         (d) Any Definitive Note constituting a Rule 144A Note delivered in
exchange for an interest in a Global Note pursuant to paragraph (b) of this
Section 2.6 shall, except as otherwise provided by Section 2.8, bear the Private
Placement Legend.

         SECTION REGISTRATION OF TRANSFER AND EXCHANGE. (a) Notwithstanding any
provision to the contrary herein, so long as a Note remains outstanding,
transfers of beneficial interests in Global Notes or transfers of Definitive
Notes, in whole or in part, shall be made only in accordance with this Section
2.7.

         (b) If a holder of a beneficial interest in the Rule 144A Global Note
wishes at any time to exchange its interest in such Rule 144A Global Note for an
interest in the Regulation S Global Note, or to transfer its interest in such
Rule 144A Global Note to a Person who wishes to take delivery thereof in the
form of an interest in such Regulation S Global Note, such holder may, subject
to the rules and procedures of the Clearing Agency, to the extent applicable,
and to the requirements set forth in the following sentence, exchange or cause
the exchange or transfer or cause the transfer of such interest for an
equivalent beneficial interest in such Regulation S Global Note. Upon receipt by
the Principal Paying Agent, as transfer agent, at its office in London, England
of (1) written instructions given in accordance with the procedures of the
Clearing Agency, to the extent applicable, from or on behalf of a holder of a
beneficial interest in the Rule 144A Global Note, directing the Trustee, as
transfer agent, to credit or cause to be credited a beneficial interest in the
Regulation S Global Note in an amount equal to the beneficial interest in the
Rule 144A Global Note to be exchanged or transferred, (2) a written order given
in accordance with the procedures of the Clearing Agency, to the extent
applicable, containing information regarding the account to be credited with
such increase and the name of such account, and (3) a certificate in the form of
Exhibit E given by the holder of such beneficial interest stating that the
exchange or transfer of such interest has been made pursuant to and in
accordance with Rule 903 or Rule 904 of Regulation S or Rule 144 under the
Securities Act, the Trustee, as transfer agent, shall promptly deliver
appropriate instructions to the Clearing Agency, to reduce or reflect on its
records a reduction of the Rule 144A Global Note by the aggregate principal
amount of the beneficial interest in such Rule 144A Global Note to be so
exchanged or transferred from the relevant participant, and the Trustee, as
transfer agent, shall promptly deliver appropriate instructions to the Clearing
Agency concurrently with such reduction, to increase or reflect on its records
an increase of the principal amount of such Regulation S Global Note by the
aggregate principal amount of the beneficial interest in such Rule 144A Global
Note to be so exchanged or transferred, and to credit or cause to be credited to
the account of the Person specified in such instructions of a beneficial
interest in such Regulation S Global Note equal to the reduction in the
principal amount of such Rule 144A Global Note.

         (c) If a holder of a beneficial interest in the Regulation S Global
Note wishes at any time to exchange its interest in such Regulation S Global
Note for an interest in the Rule 144A Global

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                                                                             36

Note, or to transfer its interest in such Regulation S Global Note to a
Person who wishes to take delivery thereof in the form of an interest in such
Rule 144A Global Note, such holder may, subject to the rules and procedures
of the Clearing Agency, to the extent applicable, and to the requirements set
forth in the following sentence, exchange or cause the exchange or transfer
or cause the transfer of such interest for an equivalent beneficial interest
in such Rule 144A Global Note. Upon receipt by the Principal Paying Agent, as
transfer agent, at its Corporate Trust Office in London, England of (l)
instructions given in accordance with the procedures of the Clearing Agency,
to the extent applicable, from or on behalf of a beneficial owner of an
interest in the Regulation S Global Note directing the Trustee, as transfer
agent, to credit or cause to be credited a beneficial interest in the Rule
144A Global Note in an amount equal to the beneficial interest in the
Regulation S Global Note to be exchanged or transferred, (2) a written order
given in accordance with the procedures of the Clearing Agency, to the extent
applicable, containing information regarding the account to be credited with
such increase and the name of such account, and (3) prior to or on the 40th
day after the later of the commencement of the offering of the Notes and the
relevant Issue Date (the "RESTRICTED PERIOD"), a certificate in the form of
Exhibit F given by the holder of such beneficial interest and stating that
the Person transferring such interest in such Regulation S Global Note
reasonably believes that the Person acquiring such interest in such Rule 144A
Global Note is a Qualified Institutional Buyer (as defined in Rule 144A) and
is obtaining such beneficial interest in a transaction meeting the
requirements of Rule 144A and any applicable securities laws of any state of
the United States or any other jurisdiction, the Trustee, as transfer agent,
shall promptly deliver appropriate instructions to the Clearing Agency to
reduce or reflect on its records a reduction of the Regulation S Global Note
by the aggregate principal amount of the beneficial interest in such
Regulation S Global Note to be exchanged or transferred, and the Trustee, as
transfer agent, shall promptly deliver appropriate instructions to the
Clearing Agency concurrently with such reduction, to increase or reflect on
its records an increase of the principal amount of such Rule 144A Global Note
by the aggregate principal amount of the beneficial interest in such
Regulation S Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions a beneficial interest in such Rule 144A Global Note equal to the
reduction in the principal amount of such Regulation S Global Note. After the
expiration of the Restricted Period, the certification requirement set forth
in clause (3) of the second sentence of this Section 2.7(c) will no longer
apply to such transfers.

         (d) Any beneficial interest in one of the Global Notes that is
transferred to a Person who takes delivery in the form of an interest in the
other Global Note will, upon transfer, cease to be an interest in such Global
Note and become an interest in the other Global Note and, accordingly, will
thereafter be subject to all transfer restrictions and other procedures
applicable to beneficial interests in such other Global Note for as long as it
remains such an interest.

         (e) In the event that a Global Note is exchanged for Definitive Notes
in registered form without interest coupons, pursuant to Section 2.6(b), or a
Definitive Note in registered form without interest coupons is exchanged for
another such Definitive Note in registered form without interest coupons, or a
Definitive Note is exchanged for a beneficial interest in a Global Note, such
Notes may be exchanged or transferred for one another only in accordance with
such procedures as are substantially consistent with the provisions of Sections
2.7(b) and (c) above (including the certification requirements intended to
ensure that such exchanges or transfers

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                                                                             37

comply with Rule 144, Rule 144A or Regulation S, as the case may be) and as
may be from time to time adopted by the Company and the Trustee.

         (f) Prior to the expiration of the Restricted Period, beneficial
interests in the Regulation S Global Note may only be exchanged or transferred
in accordance with the certification requirements hereof.

         (g) Each Note issued hereunder shall, upon issuance, bear the legend
set forth herein and such legend shall not be removed from such Note except as
provided in the next sentence. The legend required for a Rule 144A Note may be
removed from a Rule 144A Note if there is delivered to the Company and the
Trustee such satisfactory evidence, which may include an opinion of independent
counsel licensed to practice law in the State of New York, as may be reasonably
required by the Company and the Trustee, that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers
of such Note will not violate the registration requirements of the Securities
Act. Upon provision of such satisfactory evidence, the Trustee, at the written
direction of the Company, shall authenticate and deliver in exchange for such
Note another Note or Notes having an equal aggregate principal amount that does
not bear such legend. If such a legend required for a Rule 144A Note has been
removed from a Rule 144A Note as provided above, no other Note issued in
exchange for all or any part of such Note shall bear such legend, unless the
Company has reasonable cause to believe that such other Note is a "restricted
Security" within the meaning of Rule 144 and instructs the Trustee to cause a
legend to appear thereon.

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                                                                             38

                  The Initial Notes shall bear the following legend (the
"PRIVATE PLACEMENT LEGEND") on the face thereof:

                  THIS SECURITY OF PREEM HOLDINGS AB (PUBL) (THE "ISSUER") HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

         THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF
TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
LAST DAY ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE ISSUER, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE BY THE
U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT SUBJECT TO
THE ISSUER'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND PRIOR TO
ANY OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (A) THROUGH (E) TO REQUIRE THE
TRANSFER CERTIFICATIONS REQUIRED PURSUANT TO THE INDENTURE. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

         (h) By its acceptance of any Note bearing the Private Placement Legend,
each Holder of such a Note acknowledges the restrictions on transfer of such
Note set forth in this Indenture and in the Private Placement Legend and agrees
that it will transfer such Note only as provided in this Indenture.

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                                                                             39

         Neither the Trustee nor the Principal Paying Agent shall have any
obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note (including any
transfers between or among Agent Members or beneficial owners of interest in any
Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

         The Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 2.6 or this Section 2.7. The
Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Registrar.

         (i) Any Initial Notes which are presented to the Registrar for exchange
pursuant to the Exchange Offer shall be exchanged for Exchange Notes of equal
principal amount upon surrender to the Registrar of the Initial Notes to be
exchanged; PROVIDED, HOWEVER, that the Initial Notes so surrendered for exchange
shall be duly endorsed and accompanied by a letter of transmittal or written
instrument of transfer in form satisfactory to the Company, the Trustee and the
Registrar duly executed by the Holder thereof or his attorney who shall be duly
authorized in writing to execute such document. Whenever any Initial Notes are
so surrendered for exchange, the Company shall execute, and upon receipt of the
Company Order provided for in Section 2.2, the Trustee shall authenticate and
deliver to the Holder the same aggregate principal amount of Exchange Notes as
those Initial Notes that have been surrendered.

         (j) Definitive Notes shall be transferable only upon the surrender of a
Definitive Note for registration of transfer. When a Definitive Note is
presented to the Registrar or a co-registrar with a request to register a
transfer, the Registrar shall register the transfer as requested if its
requirements for such transfers are met. When Definitive Notes are presented to
the Registrar or a co-registrar with a request to exchange them for an equal
principal amount of Definitive Notes of other denominations, the Registrar shall
make the exchange as requested if the same requirements are met. To permit
registration of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate Definitive Notes at the Registrar's or co-registrar's
request.

         (k) The Company shall not be required to make, and the Registrar need
not register transfers or exchanges of, Definitive Notes (i) that has been
selected for redemption (except, in the case of Definitive Notes to be redeemed
in part, the portion thereof not to be redeemed), (ii) for a period of 15 days
prior to any date fixed for the redemption of the Notes, (iii) for a period of
15 days prior to the date fixed for selection of Notes to be redeemed in part,
(iv) for a period of 15 days prior to the Record Date with respect to any
interest payment date or (v) that the Holder of such Notes has tendered (and not
withdrawn) for repurchase in connection with a Change of Control Offer or an
Asset Sale Offer.

         (l) Prior to the due presentation for registration of transfer of any
Definitive Note, the Company, the Trustee, the Paying Agent, the Registrar or
any co-registrar may deem and treat the Person in whose name a Definitive Note
is registered as the absolute owner of such

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                                                                             40

Definitive Note for the purpose of receiving payment of principal, interest,
Additional Amounts, if any, or Liquidated Damages, if any, on such Definitive
Note and for all other purposes whatsoever, whether or not such Definitive
Note is overdue, and none of the Company, the Trustee, the Paying Agent, the
Registrar or any co-registrar shall be affected by notice to the contrary.

         (m) The Company may require payment of a sum sufficient to pay all
taxes, assessments or other governmental charges in connection with any transfer
or exchange pursuant to this Section 2.7 (other than in respect of an Exchange
Offer, except as otherwise provided in a Registration Rights Agreement).

         (n) All Notes issued upon any transfer or exchange pursuant to the
terms of this Indenture will evidence the same debt and will be entitled to the
same benefits under this Indenture as the Notes surrendered upon such transfer
or exchange.

         (o) Holders of Initial Notes (or holders of interests therein) and
prospective purchasers designated by such Holders (or holders of interests
therein) will have the right to obtain from the Company upon request by such
Holders (or holders of interests therein) or prospective purchasers, during any
period in which the Company is not subject to Section 13 or 15(d) of the
Exchange Act, or is exempt from reporting pursuant to 12g3-2(b) under the
Exchange Act, the information required by paragraph d(4)(i) of Rule 144A in
connection with any transfer or proposed transfer of such Notes.

         SECTION 2.8  REPLACEMENT NOTES.  If a mutilated Definitive Note is
surrendered to the Registrar, if a mutilated Global Note is surrendered to
the Company or if the Holder of a Note claims that such Note has been lost,
destroyed or wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Note in such form as the Note being replaced if
the requirements of the Trustee, the Registrar and the Company are met. If
required by the Trustee, the Registrar or the Company, such Holder must
provide an indemnity bond or other indemnity, sufficient in the judgment of
the Company, the Registrar and the Trustee, to protect the Company, the
Registrar, the Trustee and any Agent from any loss which any of them may
suffer if a Note is replaced. The Company may charge such Holder for its
reasonable, out-of-pocket expenses in replacing a Note, including reasonable
fees and expenses of counsel. Every replacement Note is an additional
obligation of the Company. The provisions of this Section 2.8 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of mutilated, destroyed, lost, stolen or taken
Notes.

         SECTION 2.9  OUTSTANDING NOTES.  Notes outstanding at any time are
all the Notes that have been authenticated by the Trustee except those
canceled by it, those delivered to it for cancellation, those reductions in
the Global Note effected in accordance with the provisions hereof and those
described in this Section as not outstanding. Subject to Section 2.10, a Note
does not cease to be outstanding because the Company or any of its Affiliates
holds the Note.

         If a Note is replaced pursuant to Section 2.8 (other than a mutilated
Note surrendered for replacement), it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a
BONA FIDE purchaser. A mutilated Note ceases to be outstanding upon surrender of
such Note and replacement thereof pursuant to Section 2.8.

<Page>

                                                                            41

         If the principal amount of any Note is considered paid under Section
4.1 hereof, it ceases to be outstanding and interest, Additional Amounts, if any
and Liquidated Damages, if any, on it cease to accrue.

         If on a Redemption Date or the Maturity Date the Paying Agent holds
cash in Euros sufficient to pay all of the principal and interest due on the
Notes payable on that date, then on and after that date such Notes cease to be
outstanding and interest, Additional Amounts, if any, and Liquidated Damages, if
any, on such Notes cease to accrue.

         SECTION 2.10  TREASURY NOTES.  In determining whether the Holders of
the required principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company or its Affiliates shall be
disregarded, except that, for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes that a Trust Officer of the Trustee actually knows are so owned shall
be disregarded.

         The Company shall notify the Trustee, in writing, when it or any of its
Affiliates repurchases or otherwise acquires Notes of the aggregate principal
amount of such Notes so repurchased or otherwise acquired. The Trustee may
require an Officers' Certificate listing Notes owned by the Company, a
Subsidiary of the Company or an Affiliate of the Company.

         SECTION 2.11  TEMPORARY NOTES.  Until permanent Definitive Notes are
ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Definitive Notes upon receipt of a Company Order in
the form of an Officers' Certificate. The Officers' Certificate shall specify
the amount of temporary Definitive Notes to be authenticated and the date on
which the temporary Definitive Notes are to be authenticated. Temporary
Definitive Notes shall be substantially in the form of permanent Definitive
Notes but may have variations that the Company considers appropriate for
temporary Definitive Notes. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate upon receipt of a Company Order
pursuant to Section 2.2 permanent Definitive Notes in exchange for temporary
Definitive Notes.

         SECTION 2.12  CANCELLATION.  The Company at any time may deliver
Notes to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Notes surrendered to them for transfer,
exchange or payment. The Trustee, or at the direction of the Trustee, the
Registrar or the Paying Agent, and no one else, shall cancel and, at the
written direction of the Company, shall dispose of (subject to the record
retention requirements of the Exchange Act) all Notes surrendered for
transfer, exchange, payment or cancellation; PROVIDED, HOWEVER, that the
Trustee may, but shall not be required to, destroy such canceled Notes.
Subject to Section 2.7, the Company may not issue new Notes to replace Notes
that it has paid or delivered to the Trustee for cancellation. If the Company
shall acquire any of the Notes, such acquisition shall not operate as a
redemption or satisfaction of the Indebtedness represented by such Notes
unless and until the same are surrendered to the Trustee for cancellation
pursuant to this Section 2.12.

         SECTION 2.13  DEFAULTED INTEREST.  If the Company defaults in a
payment of interest on the Notes, it shall pay the defaulted interest, plus
(to the extent lawful) any interest

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                                                                            42

payable on the defaulted interest, to the Holder thereof on a subsequent
special Record Date, which date shall be the fifteenth day next preceding the
date fixed by the Company for the payment of defaulted interest. The Company
shall notify the Trustee and Paying Agent in writing of the amount of
defaulted interest proposed to be paid on each Note and the date of the
proposed payment (a "DEFAULT INTEREST PAYMENT DATE"), and at the same time
the Company shall deposit with the Trustee or Paying Agent an amount of money
equal to the aggregate amount proposed to be paid in respect of such
defaulted interest or shall make arrangements satisfactory to the Trustee or
Paying Agent for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such defaulted interest as in this Section 2.13; PROVIDED,
HOWEVER, that in no event shall the Company deposit monies proposed to be
paid in respect of defaulted interest later than 11:00 a.m. New York City
time on the proposed Default Interest Payment Date with respect to defaulted
interest to be paid on the Note. At least 15 days before the subsequent
special Record Date, the Company shall mail to each Holder, with a copy to
the Trustee, a notice that states the subsequent special Record Date, the
payment date and the amount of defaulted interest, and interest payable on
such defaulted interest, if any, to be paid.

         SECTION 2.14  CUSIP, ISIN AND COMMON CODE NUMBERS.  The Company in
issuing the Notes may use a "CUSIP", "ISIN" or "COMMON CODE" number, and if
so, the Trustee shall use the CUSIP, ISIN and Common Code number in notices
of redemption or exchange as a convenience to Holders; PROVIDED, HOWEVER,
that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP, ISIN and Common Code number printed in
the notice or on the Notes, and that reliance may be placed only on the other
identification numbers printed on the Notes. The Company shall promptly
notify the Trustee of any change in any CUSIP, ISIN or Common Code number.

         SECTION 2.15  DEPOSIT OF MONEYS.  Prior to 10:00 a.m. London time on
the Business Day immediately preceding each interest payment date and
Maturity Date, the Company shall have deposited with the Trustee or its
designated Paying Agent (which shall be the Principal Paying Agent unless
otherwise notified to the Company by the Trustee) in immediately available
funds money sufficient to make cash payments, if any, due on such interest
payment date or Maturity Date, as the case may be, on all Notes then
outstanding. Such payments shall be made by the Company in a timely manner
which permits the Paying Agent to remit payment to the Holders on such
Interest Payment Date or Maturity Date, as the case may be. The Company
shall, prior to 10:00 a.m. London time on the second Business Day prior to
the date on which the Principal Paying Agent receives payment, procure that
the bank effecting payment for it confirms by tested telex or SWIFT MT100
message to the Principal Paying Agent that an irrevocable payment instruction
has been given.

         SECTION 2.16  CERTAIN MATTERS RELATING TO GLOBAL NOTES.  (a) Members
of or participants in a Clearing Agency ("Agent Members") shall have no
rights under this Indenture with respect to any Global Note held on their
behalf by the Clearing Agency or under the Global Note, and the Clearing
Agency or its nominee may be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner of the Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Clearing Agency or impair, as

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                                                                            43

between the Clearing Agency and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Note.

         (b) The Holder of any Global Note may grant proxies and otherwise
authorize any person, including Euroclear and Clearstream Banking and their
Agent Members and persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Notes.

                                  ARTICLE III

                                  REDEMPTION

         SECTION 3.1  OPTIONAL REDEMPTION.  The Company may redeem all or any
portion of the Notes, upon the terms and at the redemption prices set forth
in each of the Notes. Any redemption pursuant to this Section 3.1 shall be
made pursuant to the provisions of this Article III.

         SECTION 3.2  NOTICES TO TRUSTEE.  If the Company elects to redeem
Initial Notes pursuant to Paragraphs 8 or 9 of such Notes or Exchange Notes
pursuant to Paragraphs 7 or 8 thereof, it shall notify the Trustee and the
Principal Paying Agent in writing of the Redemption Date and the principal
amount of Notes to be redeemed at least 15 days prior to the giving of the
notice contemplated by Section 3.4 (or such shorter period as the Trustee in
its sole discretion shall determine). The Company shall give notice of
redemption as required under the relevant paragraph of the Notes pursuant to
which such Notes are being redeemed.

         SECTION 3.3  SELECTION OF NOTES TO BE REDEEMED.  If less than all of
the Notes are to be redeemed at any time, selection of such Notes for
redemption will be made by the Trustee in compliance with the requirements of
the principal securities exchange, if any, on which such Notes are listed,
and/or in compliance with the requirements of each Clearing Agency, or if
such Notes are not so listed or such exchange prescribes no method of
selection and the Notes are not held through a Clearing Agency or such
Clearing Agency prescribes no method of selection, on a PRO RATA basis, by
lot or by such other method as the Trustee in its sole discretion shall deem
fair and appropriate (and in such manner as complies with applicable legal
and exchange requirements); PROVIDED, HOWEVER, that no Note of E 1,000 in
aggregate principal amount or less shall be redeemed in part. In the event of
partial redemption by lot, the particular Notes to be redeemed shall be
selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the Redemption Date by the Trustee from the outstanding Notes
not previously called for redemption.

         SECTION 3.4  NOTICE OF REDEMPTION.  At least 30 days but not more
than 60 days before a Redemption Date, the Company shall, so long as the
Notes are in global form, publish in a leading newspaper having a general
circulation in New York (which is expected to be THE WALL STREET JOURNAL)
(and, if and so long as the Notes are listed on the Luxembourg Stock Exchange
and the rules of such stock exchange shall so require, a newspaper having a
general circulation in Luxembourg (which is expected to be the LUXEMBURGER
WORT)) or in the case of Definitive Notes, in addition to such publication,
mail to Holders by first-class mail, postage prepaid, at their respective
addresses as they appear on the registration books of the Registrar. At the
Company's

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                                                                            44

request made at least 45 days before the Redemption Date (or such shorter
period as the Trustee in its sole discretion shall determine), the Trustee
shall give the notice of redemption in the Company's name and at the
Company's expense; PROVIDED, HOWEVER, that the Company shall deliver to the
Trustee an Officers' Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in
the following items. Each notice for redemption shall identify the Notes to
be redeemed and shall state:

         (a)   the Redemption Date;

         (b) the Redemption Prices and the amount of accrued and unpaid
interest, if any, Additional Amounts, if any, and Liquidated Damages, if any, to
be paid (subject to the right of Holders of record on the relevant Record Date
to receive interest, Additional Amounts, if any, and Liquidated Damages, if any,
due on the relevant interest payment date);

         (c)   the name and address of the Paying Agent;

         (d) that Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price plus accrued and unpaid interest, if any,
Additional Amounts, if any, and Liquidated Damages, if any;

         (e) that, unless the Company defaults in making the redemption payment,
interest, Additional Amounts, if any, and Liquidated Damages, if any, on Notes
called for redemption cease to accrue on and after the Redemption Date, and the
only remaining right of the Holders of such Notes is to receive payment of the
Redemption Price upon surrender to the Paying Agent of the Notes redeemed;

         (f) (i) if any Global Note is being redeemed in part, the portion of
the principal amount of such Note to be redeemed and that, after the Redemption
Date, interest, Additional Amounts, if any, and Liquidated Damages, if any,
shall cease to accrue on the portion called for redemption, and upon surrender
of such Global Note, the Global Note with a notation on Schedule A thereof
adjusting the principal amount thereof to be equal to the unredeemed portion,
will be returned and (ii) if any Definitive Note is being redeemed in part, the
portion of the principal amount of such Note to be redeemed, and that, after the
Redemption Date, upon surrender of such Definitive Note, a new Definitive Note
or Notes in aggregate principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof, upon cancellation of the
original Note;

         (g) if fewer than all the Notes are to be redeemed, the identification
of the particular Notes (or portion thereof) to be redeemed, as well as the
aggregate principal amount of Notes to be redeemed and the aggregate principal
amount of Notes to be outstanding after such partial redemption;

         (h)   the paragraph of the Notes pursuant to which the Notes are to be
redeemed; and

         (i) the CUSIP, ISIN or Common Code number, and that no representation
is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code
number, if any, listed in such notice or printed on the Notes.

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                                                                            45

         SECTION 3.5  EFFECT OF NOTICE OF REDEMPTION.  Once notice of
redemption is given in accordance with Section 3.4, Notes called for
redemption become due and payable on the Redemption Date and at the
Redemption Price plus accrued and unpaid interest, if any, Additional
Amounts, if any, and Liquidated Damages, if any. Upon surrender to the
Trustee or Paying Agent, such Notes called for redemption shall be paid at
the Redemption Price (which shall include accrued and unpaid interest
thereon, if any, Additional Amounts, if any, and Liquidated Damages, if any,
to the Redemption Date), but installments of interest, the maturity of which
is on or prior to the Redemption Date, shall be payable to Holders of record
at the close of business on the relevant Record Dates.

         SECTION 3.6  DEPOSIT OF REDEMPTION PRICE.  Prior to 10:00 a.m.
London time on the Business Day immediately preceding the Redemption Date,
the Company shall deposit with the Trustee or its designated Paying Agent
(which shall be the Principal Paying Agent unless otherwise notified to the
Company by the Trustee) cash in Euros sufficient to pay the Redemption Price
plus accrued and unpaid interest, if any, Additional Amounts, if any, and
Liquidated Damages, if any, of all Notes to be redeemed on that date. The
Paying Agent (including the Principal Paying Agent) shall promptly return to
the Company any cash in Euros so deposited which is not required for that
purpose upon the written request of the Company. The Company shall, prior to
10:00 a.m. London time on the second Business Day prior to the date on which
the Principal Paying Agent receives payment, procure that the bank effecting
payment for it confirms by tested telex or SWIFT MT100 message to the
Principal Paying Agent that an irrevocable payment instruction has been given.

         If the Company complies with the preceding paragraph, then, unless the
Company defaults in the payment of such Redemption Price plus accrued and unpaid
interest, if any, Additional Amounts, if any, and Liquidated Damages, if any,
interest, Additional Amounts and Liquidated Damages on the Notes to be redeemed
will cease to accrue on and after the applicable Redemption Date, whether or not
such Notes are presented for payment. With respect to Definitive Notes, if a
Definitive Note is redeemed on or after an interest Record Date but on or prior
to the related interest payment date, then any accrued and unpaid interest,
Additional Amounts, if any, and Liquidated Damages, if any, shall be paid to the
Person in whose name such Note was registered at the close of business on such
Record Date. If any Note called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest, Additional Amounts, if any, and Liquidated
Damages, if any, shall be paid on the unpaid principal, from the Redemption Date
until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.1.

         SECTION 3.7  NOTES REDEEMED IN PART.  Upon surrender and
cancellation of a Definitive Note that is redeemed in part, the Company shall
execute and the Trustee shall authenticate for the Holder (at the Company's
expense) a new Definitive Note equal in principal amount to the unredeemed
portion of the Definitive Note surrendered and canceled; PROVIDED, HOWEVER,
that each such Definitive Note shall be in a principal amount at maturity of
E 1,000 or an integral multiple thereof. Upon surrender of a Global Note that
is redeemed in part, the Paying Agent shall forward such Global Note to the
Trustee who shall make a notation on Schedule A thereof to reduce the
principal amount of such Global Note to an amount equal to the

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                                                                            46

unredeemed portion of the Global Note surrendered; PROVIDED, HOWEVER, that
each such Global Note shall be in a principal amount at maturity of
E 1,000 or an integral multiple thereof.

                                  ARTICLE IV

                                  COVENANTS

         SECTION 4.1  PAYMENT OF NOTES.  (a) The Company shall pay the
principal, premium, if any, interest, Additional Amounts, if any, and
Liquidated Damages, if any, on the Notes in the manner provided in such Notes
and this Indenture. An installment of principal of or interest on the Notes
shall be considered paid on the date it is due if the Trustee or Paying Agent
(including the Principal Paying Agent) holds prior to 10:00 a.m. London time
on that date money deposited by the Company in immediately available funds
and designated for, and sufficient to pay the installment in full and is not
prohibited from paying such money to the Holders pursuant to the terms of
this Indenture.

         (b) The Company shall pay, to the extent such payments are lawful,
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and on overdue installments of interest
(without regard to any applicable grace periods), on any Additional Amounts, and
on any Liquidated Damages, from time to time on demand at the rate borne by the
Notes plus 1.5% per annum. Interest will be computed on the basis of a 360-day
year comprised of twelve 30-day months.

         SECTION 4.2  MAINTENANCE OF OFFICE OR AGENCY.  The Company shall
maintain the office or agency (which office may be an office of the Trustee
or an affiliate of the Trustee, Registrar or co-Registrar) required under
Section 2.3 where Notes may be surrendered for registration of transfer or
for exchange and where notices and demands to or upon the Company in respect
of the Notes and this Indenture may be served. The Company shall give prompt
written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the address of the Trustee set forth in
Section 11.2. The Company hereby initially designates the office of CT
Corporation System, located at 1633 Broadway, New York, New York, 10019, as
its office or agency outside The Kingdom of Sweden as required under Section
2.3 hereof. If the Notes are listed on the Luxembourg Stock Exchange and the
rules of such exchange so require, the Company will appoint Deutsche Bank
Luxembourg S.A., or such other Person located in Luxembourg and reasonably
acceptable to the Trustee, as an additional paying and transfer agent. The
Company hereby designates the Corporate Trust Office of the Trustee as one
such office or agency of the Company.

         SECTION 4.3  LIMITATION ON INDEBTEDNESS.  (a) The Company will not,
and will not permit any of its Restricted Subsidiaries to, Incur any
Indebtedness; PROVIDED, HOWEVER, that the Company or a Restricted Subsidiary
may Incur Indebtedness if on the date thereof:

         (1) the Consolidated Coverage Ratio for the Company for the Company's
         most recently ended four full fiscal quarters for which internal
         financial statements are

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                                                                            47

         available immediately preceding the date on which such Indebtedness is
         Incurred is at least 2.25 to 1.00; and

         (2) no Default or Event of Default will have occurred and be continuing
         or would occur as a consequence thereof.

         (b) The first paragraph of this covenant will not prohibit the
Incurrence of the following Indebtedness:

         (1) The Incurrence under one or more Credit Facilities (including
         Credit Facilities constituting Acquired Debt) by the Company and any of
         its Restricted Subsidiaries of Indebtedness and letters of credit;
         PROVIDED that the aggregate principal amount outstanding at the time of
         Incurrence under all such Credit Facilities under this clause (b)(1)
         (with letters of credit being deemed to have a principal amount equal
         to the maximum potential liability of the Company and its Restricted
         Subsidiaries thereunder) does not exceed the Borrowing Base;

         (2) Indebtedness of the Company owing to and held by any Restricted
         Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held
         by the Company or another Restricted Subsidiary; PROVIDED, HOWEVER,
         that (a) if the Company is the obligor on such Indebtedness, such
         Indebtedness is expressly subordinated to the prior payment in full in
         cash of all obligations with respect to the Notes and (b) (x) any
         subsequent issuance or transfer of Capital Stock or any other event
         that results in any such Indebtedness being beneficially held by a
         Person other than the Company or a Restricted Subsidiary of the Company
         and (y) any sale or other transfer of any such Indebtedness to a Person
         that is not either the Company or a Restricted Subsidiary of the
         Company shall be deemed, in each case, to constitute an Incurrence of
         such Indebtedness by the Company or such Subsidiary, as the case may
         be;

         (3) Indebtedness represented by: (a) the Notes (including notes issued
         in exchange for the Notes pursuant to the Exchange Offer but excluding
         Additional Notes), (b) any Indebtedness (other than the Indebtedness
         described in clause (1) or (2)) outstanding on the Closing Date and (c)
         any Refinancing Indebtedness Incurred in respect of any Indebtedness
         described in this clause (3), clause (4), Incurred as Additional Notes
         or Incurred pursuant to paragraph (a), above;

         (4) Indebtedness of a Restricted Subsidiary Incurred and outstanding on
         the date on which such Restricted Subsidiary was acquired by the
         Company (other than Indebtedness Incurred (a) to provide all or any
         portion of the funds utilized to consummate the transaction or series
         of related transactions pursuant to which such Restricted Subsidiary
         became a Restricted Subsidiary or was otherwise acquired by the Company
         or (b) otherwise in connection with, or in contemplation of, such
         acquisition); PROVIDED, HOWEVER, that at the time such Restricted
         Subsidiary is acquired by the Company, the Company would have been able
         to Incur E 1.00 of additional Indebtedness pursuant to Section
         4.3(a), above, after giving effect to the Incurrence of such
         Indebtedness pursuant to this clause (4);

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                                                                            48

         (5) Indebtedness under Currency Agreements, Interest Rate Agreements
         and Oil Commodities Contracts; PROVIDED, HOWEVER, that such Currency
         Agreements, Interest Rate Agreements and Oil Commodities Contracts (i)
         are entered into for BONA FIDE hedging purposes of the Company or its
         Restricted Subsidiaries (as determined in good faith by the Board of
         Directors or senior management of the Company), (ii) correspond at the
         time of Incurrence in terms of notional amount, duration, currencies
         and interest rates, as applicable, substantially to Indebtedness of the
         Company or its Restricted Subsidiaries Incurred without violation of
         this Indenture or to business transactions of the Company or its
         Restricted Subsidiaries on customary terms entered into in the ordinary
         course of business and (iii) do not increase Indebtedness of the
         Company or any Restricted Subsidiary outstanding at any time other than
         as a result of fluctuations in foreign currency exchange rates,
         interest rates or prices of crude oil, other feedstocks and refined
         petroleum products, as the case may be;

         (6) Indebtedness represented by Capitalized Lease Obligations, mortgage
         financings or purchase money obligations with respect to assets other
         than Capital Stock or other Investments, in each case incurred for the
         purpose of financing all or any part of the purchase price or cost of
         construction or improvements of property used in the business of the
         Company or such Restricted Subsidiary, in an aggregate principal amount
         not to exceed E 20.0 million at any time outstanding;

         (7) Indebtedness Incurred in respect of workers' compensation claims
         and self-insurance obligations provided by the Company or a Restricted
         Subsidiary in the ordinary course of business;

         (8) Indebtedness Incurred in respect of performance, surety, appeal and
         similar bonds, bankers' acceptances, letters of credit or bills of
         exchange provided by the Company or a Restricted Subsidiary in the
         ordinary course of business and that do not secure other Indebtedness
         and that, when added to all other Indebtedness Incurred pursuant to
         this clause (8) and then outstanding, does not exceed E 10.0 million;

         (9) Indebtedness arising from agreements of the Company or a Restricted
         Subsidiary providing for indemnification, adjustment of purchase price
         or similar obligations, in each case, incurred or assumed in connection
         with the disposition of any business, assets or Capital Stock of a
         Restricted Subsidiary, PROVIDED that the maximum aggregate liability in
         respect of all such Indebtedness shall at no time exceed the gross
         proceeds actually received by the Company and its Restricted
         Subsidiaries in connection with such disposition;

         (10) Indebtedness arising from the honoring by a bank or other
         financial institution of a check, draft or similar instrument (except
         in the case of daylight overdrafts) drawn against insufficient funds in
         the ordinary course of business, PROVIDED, HOWEVER, that such
         Indebtedness is extinguished within five business days of Incurrence;

         (11) Indebtedness of the Company owing to Corral; PROVIDED, HOWEVER,
         that such Indebtedness is expressly subordinated to the prior payment
         in full in cash of all obligations with respect to the Notes pursuant
         to or on the same terms as the intercreditor

<Page>

                                                                            49

         arrangements existing on the Closing Date in respect of the existing
         Shareholder Loans, is without maturity, and carries no interest; and

         (12) Indebtedness of the Company in an aggregate outstanding principal
         amount which, when taken together with the principal amount of all
         other Indebtedness Incurred pursuant to this clause (12) and then
         outstanding, will not exceed E 25.0 million.

         (c) The Company will not Incur any Indebtedness under Section 4.3(b),
above, if the proceeds thereof are used, directly or indirectly, to refinance
any Subordinated Obligations of the Company unless such Indebtedness will be
subordinated to the Notes to at least the same extent as such Subordinated
Obligations. No Restricted Subsidiary will incur any Indebtedness if the
proceeds thereof are used to refinance Indebtedness of the Company. The Company
will not permit any Restricted Subsidiary to issue any Preferred Stock to any
Person other than the Company or a Wholly-Owned Subsidiary of the Company.

         (d) For purposes of determining compliance with, and the outstanding
principal amount of any particular Indebtedness Incurred pursuant to and in
compliance with, this covenant:

         (1) in the event that Indebtedness meets the criteria of more than one
         of the types of Indebtedness described in Section 4.3(b), above, the
         Company, in its sole discretion, will designate such item of
         Indebtedness on the date of Incurrence, and may, from time to time,
         redesignate such item of Indebtedness, and only be required to include
         the amount and type of such Indebtedness in one of such clauses; and

         (2) if Indebtedness is issued at a price less than the principal amount
         thereof, the amount of such Indebtedness for purposes of the above
         limitations shall equal the amount of the liability as determined in
         accordance with Swedish GAAP; accrual of interest, accrual of
         dividends, the accretion of accreted value and the payment of interest
         in the form of additional Indebtedness and the payment of dividends in
         the form of additional shares of Preferred Stock will not be deemed to
         be an incurrence of Indebtedness for purposes of this covenant.

         SECTION 4.4  LIMITATION ON RESTRICTED PAYMENTS  (a) The Company will
         not, and will not permit any of its Restricted Subsidiaries, directly
         or indirectly, to:

         (1) purchase, repurchase, redeem, defease or otherwise acquire or
         retire for value, prior to scheduled maturity, scheduled repayment or
         scheduled sinking fund payment, any Subordinated Obligations (other
         than the purchase, repurchase or other acquisition of Subordinated
         Obligations purchased in anticipation of satisfying a sinking fund
         obligation, principal installment, mandatory repurchase or final
         maturity, in each case due within one year of the date of purchase,
         repurchase or acquisition) or make any payment on the Shareholder
         Loans; or

         (2) make any Investment (other than a Permitted Investment) in
         any Person;

(any such purchase, redemption, repurchase, defeasance, other acquisition,
retirement or Investment referred to in clauses (1) or (2) being herein referred
to as a "Restricted Payment"), if at the time the Company or such Restricted
Subsidiary makes such Restricted Payment:

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                                                                            50

                  (a) a Default shall have occurred and be continuing (or
                  would result therefrom); or

                  (b) the Company is not able to incur an additional E 1.00
                  of Indebtedness pursuant to Section 4.3(a) hereof after giving
                  effect to such Restricted Payment; or

                  (c) the aggregate amount of such Restricted Payment and all
                  other Restricted Payments and Restricted Dividends and
                  Distributions declared or made subsequent to the Closing Date
                  would exceed the sum of:

                           (i) 50% of Consolidated Net Income during the period
                           (treated as one accounting period) from the Closing
                           Date to the end of the most recent fiscal quarter
                           ending prior to the date of such Restricted Payment
                           as to which internal financial statements are
                           available (or, in case such Consolidated Net Income
                           is a deficit, minus 100% of such deficit);

                           (ii) the aggregate Net Cash Proceeds received by the
                           Company from the issue or sale of its Capital Stock
                           (other than Disqualified Stock) or other capital
                           contributions subsequent to the Closing Date (other
                           than Net Cash Proceeds received from an issuance or
                           sale of such Capital Stock to a Subsidiary of the
                           Company or an employee stock ownership plan or
                           similar trust to the extent such sale to an employee
                           stock ownership plan or similar trust is financed by
                           loans from or guaranteed by the Company or any
                           Restricted Subsidiary unless such loans have been
                           repaid with cash on or prior to the date of
                           determination);

                           (iii) the amount by which Indebtedness of the Company
                           (other than amounts under the Shareholder Loans) is
                           reduced on the Company's balance sheet upon the
                           conversion or exchange (other than by a Subsidiary of
                           the Company) subsequent to the Closing Date of any
                           Indebtedness of the Company convertible or
                           exchangeable for Capital Stock (other than
                           Disqualified Stock) of the Company (less the amount
                           of any cash, or other property, distributed by the
                           Company upon such conversion or exchange);

                           (iv) the amount equal to the net reduction in
                           Restricted Investments made by the Company or any of
                           its Restricted Subsidiaries in any Person resulting
                           from:

                                    (A) repurchases or redemptions of such
                                    Restricted Investments by such Person,
                                    proceeds realized upon the sale of such
                                    Restricted Investment to unaffiliated
                                    purchasers, repayments of loans or advances
                                    or other transfers of assets (including by
                                    way of dividend or distribution) by such
                                    Person to the Company or any Restricted
                                    Subsidiary of the Company, or

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                                                                            51

                                    (B) the redesignation of Unrestricted
                                    Subsidiaries as Restricted Subsidiaries
                                    (valued in each case as provided in the
                                    definition of "Investment") not to exceed,
                                    in the case of any Unrestricted Subsidiary,
                                    the amount of Investments previously made by
                                    the Company or any Restricted Subsidiary in
                                    such Unrestricted Subsidiary, which amount
                                    in each case under this clause (iv) was
                                    included in the calculation of the amount of
                                    Restricted Payments; PROVIDED, HOWEVER, that
                                    no amount will be included under this clause
                                    (iv) to the extent it is already included in
                                    Consolidated Net Income; and

                           (v)      the sum of E 10.0 million.

         (b) The provisions of Section 4.4(a) will not prohibit:

         (1) any purchase or redemption of Capital Stock or Subordinated
         Obligations of the Company made by exchange for, or out of the proceeds
         of, the substantially concurrent sale of, Capital Stock of the Company
         (other than Disqualified Stock and other than Capital Stock issued or
         sold to a Subsidiary or an employee stock ownership plan or similar
         trust to the extent such sale to an employee stock ownership plan or
         similar trust is financed by loans from or guaranteed by the Company or
         any Restricted Subsidiary unless such loans have been repaid with cash
         on or prior to the date of determination); PROVIDED, HOWEVER, that (i)
         such purchase or redemption will be excluded in subsequent calculations
         of the amount of Restricted Payments and (ii) the Net Cash Proceeds
         from such sale will be excluded from clause (4)(c)(ii) of the preceding
         subsection (a);

         (2) any purchase or redemption of Subordinated Obligations of the
         Company (other than Shareholder Loans) made by exchange for, or out of
         the proceeds of, the substantially concurrent sale of, Subordinated
         Obligations of the Company that qualifies as Refinancing Indebtedness
         permitted to be incurred pursuant to clause (b)(3) of Section 4.3
         hereof; PROVIDED, HOWEVER, that such purchase or redemption will be
         excluded in subsequent calculations of the amount of Restricted
         Payments;

         (3) so long as no Default or Event of Default has occurred and is
         continuing, any purchase or redemption of Subordinated Obligations
         (other than Shareholder Loans) from Net Available Cash to the extent
         permitted under Section 4.14 hereof; PROVIDED, HOWEVER, that such
         purchase or redemption will be excluded in subsequent calculations of
         the amount of Restricted Payments;

         (4) dividends paid within 60 days after the date of declaration if at
         such date of declaration such dividend would have complied with this
         provision and Section 6.1(11) hereof; PROVIDED, HOWEVER, that such
         dividends will be included in subsequent calculations of the amount of
         Restricted Payments and Restricted Dividends and Distributions except
         that, with respect to a cash dividend of SEK1,000 million pursuant to
         the group contribution declared on February 20, 2001, such dividend
         will not be subject to the preceding 60-day requirement nor will it be
         included in subsequent calculations of the amount of Restricted
         Payments;

<Page>

                                                                            52

         (5) so long as no Default or Event of Default has occurred and is
         continuing, the purchase, redemption or other acquisition, cancellation
         or retirement for value of Capital Stock, or options, warrants, equity
         appreciation rights or other rights to purchase or acquire Capital
         Stock of the Company or any Restricted Subsidiary of the Company or any
         parent of the Company held by any existing or former employees or
         management of the Company or any Subsidiary of the Company or their
         assigns, estates or heirs, in each case in connection with the
         repurchase provisions under employee stock option or stock purchase
         agreements or other agreements to compensate management employees;
         PROVIDED that such redemptions or repurchases pursuant to this clause
         will not exceed E 2.5 million in the aggregate during any calendar
         year (with unused amounts in any calendar year being carried over to
         succeeding calendar years) and E 5.0 million in the aggregate for
         all such redemptions and repurchases; PROVIDED, HOWEVER, that the
         amount of any such repurchase or redemption will be included in
         subsequent calculations of the amount of Restricted Payments;

         (6) repurchases of Capital Stock deemed to occur upon the exercise of
         stock options if such Capital Stock represents a portion of the
         exercise price thereof or withholding taxes paid thereon; PROVIDED,
         HOWEVER, that such repurchases will be excluded from subsequent
         calculations of the amount of Restricted Payments;

         (7) so long as no Default or Event of Default has occurred and is
         continuing, the Permitted Preem Loan Payment; PROVIDED, HOWEVER, that
         the Permitted Preem Loan Payment will be excluded from subsequent
         calculations of the amount of Restricted Payments; and

         (8) so long as no Event of Default has occurred and is continuing, any
         non-cash payment recorded in the books of the Company as paid or
         payable to Corral or deemed for tax or accounting purposes to be paid
         or payable to Corral as a result of the group contribution (which
         effects a book-entry transfer to Corral recorded as a "group
         contribution") to effect consolidation of accounts for Swedish tax
         purposes, consistent with past practice between Corral and Preem, to
         the extent, but only to the extent, that Corral simultaneously makes a
         shareholder loan in the same amount to the Company on terms similar to
         those of the Shareholder Loans (including those in favor of the Trustee
         on behalf of the holders of Notes on the Closing Date); PROVIDED,
         HOWEVER, that such payment or deemed payment will be excluded in
         subsequent calculations of the amount of Restricted Payments.

The amount of all Restricted Payments (other than cash) and in-kind Restricted
Dividends and Distributions shall be the fair market value on the date of such
Restricted Payment of the asset(s) or securities proposed to be paid,
transferred or issued by the Company or such Restricted Subsidiary, as the case
may be, pursuant to such Restricted Payment. The fair market value of any cash
Restricted Payment and in-kind Restricted Dividends and Distributions shall be
its face amount and any non-cash Restricted Payment shall be determined
conclusively by the Board of Directors of the Company acting in good faith whose
resolution with respect thereto shall be delivered to the Trustee. Not later
than the date of making any Restricted Payment or Restricted Dividends and
Distributions, the Company shall deliver to the Trustee an Officers' Certificate
stating that such

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                                                                            53

Restricted Payment or Restricted Dividend or Distribution is permitted and
setting forth the basis upon which the calculations required by Section 4.4
hereof were computed.

         SECTION 4.5  CORPORATE EXISTENCE.  Except as otherwise permitted by
Article V, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the
corporate, partnership, limited liability or other existence of each of its
Restricted Subsidiaries in accordance with the respective organizational
documents (as the same may be amended from time to time) of each Restricted
Subsidiary and the rights (charter and statutory) of the Company and each of
its Restricted Subsidiaries; PROVIDED, HOWEVER, that the Company shall not be
required to preserve any such right, or the corporate, partnership, limited
liability or other existence of any Restricted Subsidiary, if the Board of
Directors of the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and each of
its Restricted Subsidiaries, taken as a whole, and that the loss thereof is
not, and will not be, adverse in any material respect to the Holders.

         SECTION 4.6  PAYMENT OF TAXES AND OTHER CLAIMS.  The Company shall
pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (i) all material taxes, assessments and governmental
charges levied or imposed upon it or any of its Restricted Subsidiaries or
upon the income, profits or property of it or any of its Restricted
Subsidiaries and (ii) all lawful claims for labor, materials and supplies
which, in each case, if unpaid, might by law become a material liability or
Lien upon the property of it or any of its Restricted Subsidiaries; PROVIDED,
HOWEVER, that the Company shall not be required to pay or discharge or cause
to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings and for which appropriate provision has been made.

         SECTION 4.7  MAINTENANCE OF PROPERTIES AND INSURANCE.  (a) The
Company shall cause all material properties owned by or leased by it or any
of its Restricted Subsidiaries useful and necessary to the conduct of its
business or the business of any of its Restricted Subsidiaries to be improved
or maintained and kept in normal condition, repair and working order and
shall cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in its judgment may be
necessary, so that the business carried on in connection therewith may be
properly conducted at all times; PROVIDED, HOWEVER, that nothing in this
Section 4.7 shall prevent the Company or any of its Restricted Subsidiaries
from discontinuing the use, operation or maintenance of any of such
properties, or disposing of any of them, if such discontinuance or disposal
is, in the judgment of the Board of Directors or of the board of directors of
any Restricted Subsidiary of the Company concerned, or of an officer (or
other agent employed by the Company or of any of its Subsidiaries) of the
Company or any of its Restricted Subsidiaries having managerial
responsibility for any such property, desirable in the conduct of the
business of the Company or any Restricted Subsidiary of the Company, and if
such discontinuance or disposal is not adverse in any material respect to the
Holders.

         (b) To the extent available at commercially reasonable rates, the
Company shall maintain, and shall cause its Subsidiaries to maintain, insurance
with responsible carriers against such risks and in such amounts, and with such
deductibles, retentions, self-insured amounts and co-insurance provisions, as
are customarily carried by similar businesses of similar size.

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                                                                            54

         SECTION 4.8  LIMITATION ON SHAREHOLDER LOANS.  Except as may be
permitted by Section 4.4 hereof, neither the Company nor any Restricted
Subsidiary will at any time repay any principal amount of the Shareholder
Loans if, as a result thereof, the aggregate amount of such Shareholder Loans
would be less than the sum of such Shareholder Loans on the Closing Date or
any date thereafter, nor will the Company at any time amend any Shareholder
Loan to provide for intercreditor arrangements any less favorable to the
Trustee, on behalf of the Holders of the Notes than those existing on the
Closing Date in respect of the existing Shareholder Loans (including with
respect to maturity and payment of interest).

         SECTION 4.9  COMPLIANCE WITH LAWS.  The Company shall comply, and
shall cause each of its Subsidiaries to comply, with all applicable statutes,
rules, regulations, orders of the relevant jurisdiction in which they are
incorporated and/or in which they carry on business, all political
subdivisions thereof, and of any relevant governmental regulatory authority,
in respect of the conduct of their respective businesses and the ownership of
their respective properties, except for such noncompliances as would not in
the aggregate have a material adverse effect on the financial condition or
results of operations of the Company and its Subsidiaries taken as a whole.

         SECTION 4.10  LIMITATION ON LIENS.  The Company will not, and will
not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, Incur or suffer to exist any Lien (other than Permitted Liens) upon
any of its property or assets (including Capital Stock), whether owned on the
date of this Indenture or thereafter acquired, securing any Indebtedness,
unless contemporaneously therewith effective provision is made to secure the
Indebtedness due under this Indenture and the Notes equally and ratably with
(or prior to in the case of Liens with respect to Subordinated Obligations of
the Company) the Indebtedness secured by such Lien for so long as such
Indebtedness is so secured; PROVIDED that in no event may any portion of the
obligations owed under any Shareholder Loan be secured.

         SECTION 4.11  WAIVER OF STAY; EXTENSION OR USURY LAWS.  The Company
covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other
law that would prohibit or forgive the Company from paying all or any portion
of the principal of and/or interest on the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect
the covenants or the performance of this Indenture, and (to the extent that
it may lawfully do so) the Company hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had
been enacted.

         SECTION 4.12  LIMITATION ON SALE/LEASEBACK TRANSACTIONS.  The Company
will not, and will not permit any of its Restricted Subsidiaries to, enter into
any Sale/Leaseback Transaction UNLESS:

         (1) the Company or such Restricted Subsidiary, as the case may be,
         receives consideration at the time of such Sale/Leaseback Transaction
         at least equal to the fair market value (as determined in good faith
         by, and evidenced by a resolution of, the Board

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                                                                            55

         of Directors of the Company delivered to the Trustee) of the property
         subject to such transaction;

         (2) the Company or such Restricted Subsidiary with respect thereto
         could have Incurred Indebtedness in an amount equal to the Attributable
         Indebtedness in respect of such Sale/Leaseback Transaction pursuant to
         Section 4.3 hereof;

         (3) the Company or such Restricted Subsidiary would be permitted to
         create a Lien on the property subject to such Sale/Leaseback
         Transaction without securing the Notes by Section 4.10 hereof; and

         (4) the Sale/Leaseback Transaction is treated as an Asset Disposition
         and all of the conditions herein described in Section 4.14 hereof
         (including the provisions concerning the application of Net Available
         Cash) are satisfied with respect to such Sale/Leaseback Transaction,
         treating all of the consideration received in such Sale/Leaseback
         Transaction as Net Available Cash for purposes of such covenant.

         SECTION 4.13  LIMITATION ON RESTRICTIONS ON DISTRIBUTIONS FROM
RESTRICTED SUBSIDIARIES.  The Company will not, and will not permit any
Restricted Subsidiary to, create or otherwise cause or permit to exist or
become effective any consensual encumbrance or consensual restriction on the
ability of any Restricted Subsidiary to:

         (1) pay dividends or make any other distributions on its Capital Stock
         or pay any Indebtedness or other obligations owed to the Company or any
         Restricted Subsidiary;

         (2)      make any loans or advances to the Company or any Restricted
         Subsidiary; or

         (3)      transfer any of its property or assets to the Company or any
         Restricted Subsidiary.

         The preceding provisions will not prohibit:

                  (a) any encumbrance or restriction pursuant to an agreement in
                  effect at or entered into on the date hereof (including,
                  without limitation, pursuant hereto);

                  (b) any encumbrance or restriction with respect to a
                  Restricted Subsidiary pursuant to an agreement relating to any
                  Indebtedness Incurred by a Restricted Subsidiary on or prior
                  to the date on which such Restricted Subsidiary was acquired
                  by the Company (other than Indebtedness Incurred as
                  consideration in, or to provide all or any portion of the
                  funds utilized to consummate, the transaction or series of
                  related transactions pursuant to which such Restricted
                  Subsidiary became a Restricted Subsidiary or was acquired by
                  the Company or in contemplation thereof) and outstanding on
                  such date;

                  (c) any encumbrance or restriction with respect to a
                  Restricted Subsidiary pursuant to an agreement effecting a
                  refinancing of Indebtedness Incurred pursuant to an agreement
                  referred to in clause (a) or (b) of this paragraph or this
                  clause (c) or contained in any amendment to an agreement
                  referred to in clause (a) or (b) of this paragraph or this
                  clause (c); PROVIDED, HOWEVER, that the

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                                                                            56

                  encumbrances and restrictions with respect to such Restricted
                  Subsidiary contained in any such agreement or amendment are no
                  more restrictive than those encumbrances and restrictions
                  contained in such agreements referred to in clauses (a) and
                  (b), above;

                  (d) in the case of clause (3), above, any encumbrance or
                  restriction:

                           (i) that restricts in a customary manner the
                           subletting, assignment or transfer of any property or
                           asset that is subject to a lease, license or similar
                           contract, or the assignment or transfer of any such
                           lease, license or other contract;

                           (ii) contained in mortgages, pledges or other
                           security agreements securing Indebtedness of the
                           Company or a Restricted Subsidiary to the extent such
                           encumbrances or restrictions restrict the transfer of
                           the property subject to such mortgages, pledges or
                           other security agreements; PROVIDED that such
                           mortgage, pledge or other security agreement is
                           permitted under this Indenture; or

                           (iii) pursuant to customary provisions restricting
                           dispositions of real property interests set forth in
                           any reciprocal easement agreements of the Company or
                           any Restricted Subsidiary;

                  (e) purchase money obligations for property acquired in the
                  ordinary course of business that impose restrictions of the
                  nature described in clause (3), above, on the property so
                  acquired;

                  (f) any restriction with respect to a Restricted Subsidiary
                  (or any of its property or assets) imposed pursuant to an
                  agreement entered into for the direct or indirect sale or
                  disposition of all or substantially all the Capital Stock or
                  assets of such Restricted Subsidiary (or the property or
                  assets that are subject to such restriction) pending the
                  closing of such sale or disposition; and

                  (g) encumbrances or restrictions arising or existing by reason
                  of applicable law or any applicable rule, regulation or order.

         SECTION 4.14  LIMITATION ON SALES OF ASSETS AND SUBSIDIARY STOCK.
(a) The Company will not, and will not permit any of its Restricted Subsidiaries
to, make any Asset Disposition unless:

         (1) the Company or such Restricted Subsidiary receives consideration at
         the time of such Asset Disposition at least equal to the fair market
         value, as determined in good faith by the Board of Directors of the
         Company (including as to the value of all non-cash consideration), of
         the shares and assets subject to such Asset Disposition;

         (2) at least 75% of the consideration thereof received by the Company
         or such Restricted Subsidiary is in the form of cash or Cash
         Equivalents; and

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                                                                            57

         (3) an amount equal to 100% of the Net Available Cash from such Asset
         Disposition is applied, at the election of the Company, by the Company
         or such Restricted Subsidiary, as the case may be:

                           (i) FIRST, to the extent the Company or any
                           Restricted Subsidiary, as the case may be, elects (or
                           is required by the terms of any Senior Indebtedness),
                           to prepay, repay or purchase Senior Indebtedness or
                           Indebtedness (other than any Preferred Stock lacking
                           rights to preferential treatment in the event of a
                           bankruptcy, insolvency or reorganization) of a
                           Restricted Subsidiary (in each case other than
                           Indebtedness owed to the Company or an Affiliate of
                           the Company) within 360 days from the later of the
                           date of such Asset Disposition or the receipt of such
                           Net Available Cash; PROVIDED, HOWEVER, that, in
                           connection with any prepayment, repayment or purchase
                           of Indebtedness pursuant to this clause (a), the
                           Company or such Restricted Subsidiary will retire
                           such Indebtedness and will cause the related
                           commitment (if any) to be permanently reduced in an
                           amount equal to the principal amount so prepaid,
                           repaid or purchased; and

                           (ii) SECOND, to the extent of the balance of such Net
                           Available Cash after application in accordance with
                           clause (a), to the extent the Company or such
                           Restricted Subsidiary elects, (A) to invest in
                           Additional Assets or (B) to repay Indebtedness
                           Incurred prior to such Asset Disposition and used to
                           acquire Additional Assets in contemplation of such
                           Asset Disposition within 360 days, in the case of
                           either (A) or (B), above, from the later of the date
                           of such Asset Disposition or the receipt of such Net
                           Available Cash;

PROVIDED, HOWEVER, that, in no event will the Company make, or permit any of its
Restricted Subsidiaries to make, any Asset Disposition of all or substantially
all of the property or assets of Preem Raffinaderi AB or Skandinaviska
Raffinaderi AB Scanraff (or all or substantially all of the Capital Stock of any
of such Person), directly or indirectly (including through the sale of the
Capital Stock of any Person which holds such assets), including, without
limitation, any series of related Asset Dispositions that are part of a common
plan, unless, if the Company or such Restricted Subsidiary chooses to invest in
Additional Assets or repay Indebtedness pursuant to Section 4.14(a)(3)(ii)
above, such Additional Assets are located primarily in Sweden or, if such
Additional Assets are shares of Capital Stock of a Restricted Subsidiary, such
Restricted Subsidiary must be based in, and its business must be conducted
primarily in, Sweden.

         Any Net Available Cash from Asset Dispositions that is not applied or
invested as provided in the preceding Section 4.14(a)(3)(i) or Section
4.14(a)(3)(ii) will be deemed to constitute "Excess Proceeds." On the 361st day
after an Asset Disposition, if the aggregate amount of Excess Proceeds exceeds
E 10.0 million, the Company will be required to make an offer ("Asset Sale
Offer") to all Holders of Notes and to the extent required by the terms thereof,
to all holders of other Indebtedness (other than Subordinated Obligations)
outstanding with similar provisions requiring the Company to make an offer to
purchase such Indebtedness with the proceeds from any Asset Disposition ("Pari
Passu Notes"), to purchase the maximum

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                                                                            58

principal amount of Notes and any such Pari Passu Notes to which the Asset
Sale Offer applies that may be purchased out of the Excess Proceeds, at an
offer price in cash in an amount equal to 100% of the principal amount
thereof plus accrued and unpaid interest, Additional Amounts, if any, and
Liquidated Damages, if any, to the date of purchase (and subject to the right
of Holders of record on a Record Date to receive interest on the relevant
interest payment date, Additional Amounts, if any, and Liquidated Damages, if
any, in respect thereof), in accordance with the procedures set forth herein
or the agreements governing the Pari Passu Notes, as applicable. To the
extent that the aggregate amount of Notes and Pari Passu Notes so validly
tendered and not properly withdrawn pursuant to an Asset Sale Offer is less
than the Excess Proceeds, the Company may use any remaining Excess Proceeds
for general corporate purposes (or to repurchase Subordinated Obligations).
If the aggregate principal amount of Notes surrendered by Holders thereof and
holders of other Pari Passu Notes surrendered by holders or lenders thereof,
collectively, exceeds the amount of Excess Proceeds, the Trustee shall select
the Notes and Pari Passu Notes to be purchased on a PRO RATA basis on the
basis of the aggregate principal amount of tendered Notes and Pari Passu
Notes. Upon completion of such Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero.

         The Asset Sale Offer will remain open for a period of 20 Business Days
following its commencement, except to the extent that a longer period is
required by applicable law (the "Asset Sale Offer Period"). No later than five
Business Days after the termination of the Asset Sale Offer Period (the "Asset
Sale Purchase Date"), the Company will purchase the principal amount of Notes
and Pari Passu Notes required to be purchased pursuant to this covenant (the
"Asset Sale Offer Amount") or, if less than the Asset Sale Offer Amount has been
so validly tendered, all Notes and Pari Passu Notes validly tendered in response
to the Asset Sale Offer.

         If the Asset Sale Purchase Date is on or after a Record Date and on or
before the related interest payment date, any accrued and unpaid interest will
be paid to the Person in whose name a Note is registered at the close of
business on such Record Date, and no additional interest will be payable to
Holders who tender Notes pursuant to the Asset Sale Offer.

         On or before the Asset Sale Purchase Date, the Company will, to the
extent lawful, accept for payment, on a PRO RATA basis to the extent necessary,
the Asset Sale Offer Amount of Notes and Pari Passu Notes or portions thereof so
validly tendered and not properly withdrawn pursuant to the Asset Sale Offer, or
if less than the Asset Sale Offer Amount has been validly tendered and not
properly withdrawn, all Notes and Pari Passu Notes so validly tendered and not
properly withdrawn. The Company will deliver to the Trustee an Officers'
Certificate stating that such Notes or portions thereof were accepted for
payment by the Company in accordance with the terms of this covenant and, in
addition, the Company will deliver all certificates and notes required, if any,
by the agreements governing the Pari Passu Notes. The Company or the applicable
Paying Agent, as the case may be, will promptly (but in any case not later than
five Business Days after the Asset Sale Purchase Date) mail or deliver to each
tendering Holder of Notes or holder or lender of Pari Passu Notes, as the case
may be, an amount equal to the purchase price of the Notes or Pari Passu Notes
so validly tendered and not properly withdrawn by such holder or lender, as the
case may be, and accepted by the Company for purchase, and the Company will
promptly issue a new Note, and the Trustee, upon delivery of an Officers'
Certificate from the Company, will authenticate and mail or deliver such new
Note to such Holder, in a principal amount equal to any unpurchased portion of
the Note surrendered. In

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                                                                            59

addition, the Company will take any and all other actions required by the
agreements governing the Pari Passu Notes. Any Note not so accepted will be
promptly mailed or delivered by the Company to the Holder thereof.

         For the purposes of this covenant, the following will be deemed to be
cash:

         (1) the assumption by the transferee of Indebtedness (other than
         Subordinated Obligations) of the Company or any Restricted Subsidiary
         of the Company and the release of the Company or such Restricted
         Subsidiary from all liability on such Indebtedness in connection with
         such Asset Disposition (in which case the Company will, without further
         action, be deemed to have applied such deemed cash to Indebtedness in
         accordance with clause 3(i), above); and

         (2) securities, notes or other obligations received by the Company or
         any Restricted Subsidiary of the Company from the transferee that are
         promptly converted by the Company or such Restricted Subsidiary into
         cash.

         Notwithstanding the foregoing, the Company and its Restricted
Subsidiaries will be permitted to consummate an Asset Disposition without
complying with clauses (2) and (3) of the first paragraph of this Section 4.14
if at least 75% of the consideration received by the Company and its Restricted
Subsidiaries from such Asset Disposition constitutes Related Business Assets,
cash and Cash Equivalents; PROVIDED that (i) any consideration constituting cash
or Cash Equivalents received by the Company or any of its Restricted
Subsidiaries in connection with any Asset Disposition permitted to be
consummated pursuant to this sentence shall constitute Net Available Cash
subject to the provisions of this covenant, including, without limitation,
clause (3) of the first paragraph hereof and (ii) if the Company or one of its
Restricted Subsidiaries receives as such Related Business Assets equity
interests in a Person, such Person shall constitute a Restricted Subsidiary of
the Company; PROVIDED, FURTHER, HOWEVER, that, in no event will the Company
make, or permit any of its Restricted Subsidiaries to make, any Asset
Disposition of all or substantially all of the property or assets of Preem
Raffinaderi AB or Skandinaviska Raffinaderi AB Scanraff (or all or substantially
all of the Capital Stock of any of such Person), directly or indirectly
(including through the sale of the Capital Stock of any Person which holds such
assets), including, without limitation, any series of related Asset Dispositions
that are part of a common plan, unless the Company or such Restricted Subsidiary
receives as consideration therefor either (i) cash which is immediately invested
in Additional Assets, (ii) Additional Assets or (iii) a combination thereof,
which Additional Assets are located primarily in Sweden or, if such Additional
Assets are shares of Capital Stock of a Restricted Subsidiary, such Restricted
Subsidiary must be based in, and its business must be conducted primarily in,
Sweden.

         The Company will comply, to the extent applicable, with the
requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations in connection with the repurchase of Notes pursuant hereto. To
the extent that the provisions of any securities laws or regulations conflict
with provisions of this covenant, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations hereunder by virtue thereof.

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                                                                            60

         For the avoidance of doubt, no obligation under a Shareholder Loan may
be repaid with the Net Available Cash from any Asset Disposition under any
circumstances.

         SECTION 4.15  LIMITATION ON AFFILIATE TRANSACTIONS.  The Company
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, enter into or conduct any transaction or series of related
transactions (including the purchase, sale, lease or exchange of any property
or the rendering of any service) with any Affiliate of the Company or a
Restricted Subsidiary (an "Affiliate Transaction") unless:

         (1) the terms of such Affiliate Transaction are no less favorable to
         the Company or such Restricted Subsidiary, as the case may be, than
         those that could be obtained in a comparable transaction at the time of
         such transaction in arms'-length dealings with a Person who is not such
         an Affiliate;

         (2) in the event such Affiliate Transaction involves an aggregate
         amount in excess of E 5.0 million, the terms of such transaction
         have been approved by a majority of the members of the Board of
         Directors of the Company and by a majority of the members of such Board
         having no personal stake in such transaction, if any (and such majority
         or majorities, as the case may be, determines that such Affiliate
         Transaction satisfies the criteria in (1), above); and

         (3) in the event such Affiliate Transaction involves an aggregate
         amount in excess of E 10.0 million (or an amount in excess of
         E 5.0 million and a majority of the members of the Board of
         Directors of the Company has a personal interest in such transaction),
         the Company has received a written opinion from a major independent
         investment banking firm of internationally recognized standing that
         such Affiliate Transaction is fair to the Company or such Restricted
         Subsidiary, as the case may be, from a financial point of view.

         (b) The foregoing Section 4.15(a) will not apply to:

         (1) any Restricted Payment (other than Restricted Investments
         (excluding Shareholder Loans made pursuant to and in compliance with
         clause (b)(8) under Section 4.4 hereof)) permitted to be made pursuant
         to Section 4.4 hereof;

         (2) any issuance of securities, or other payments, awards or grants in
         cash, securities or otherwise pursuant to, or the funding of,
         employment arrangements, stock options and stock ownership plans and
         other reasonable fees, compensation, benefits and indemnities paid or
         entered into by the Company or its Restricted Subsidiaries in the
         ordinary course of business to or with officers, directors or employees
         of the Company and its Restricted Subsidiaries;

         (3) loans or advances to employees in the ordinary course of business
         of the Company or any of its Restricted Subsidiaries and permitted
         under Section 4.4 hereof;

         (4) any transaction between the Company and a Restricted
         Subsidiary or between Restricted Subsidiaries;

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                                                                            61

         (5) any issuance of Capital Stock (other than Disqualified Stock)
         of the Company;

         (6) any Existing Affiliate Agreements;

         (7) the Permitted Preem Loan Payment; and

         (8) arms'-length transactions by a Restricted Subsidiary entered into
         in the ordinary course of its business with a minority shareholder of a
         Restricted Subsidiary that is not a Permitted Holder or an Affiliate
         thereof.

         SECTION 4.16  LIMITATION ON SALES OF CAPITAL STOCK OF RESTRICTED
SUBSIDIARIES.  The Company will not, and will not permit any Restricted
Subsidiary of the Company to, transfer, convey, sell, lease or otherwise
dispose of any Voting Stock of any Restricted Subsidiary or to issue any of a
Restricted Subsidiary's Voting Stock (other than, if necessary, shares of its
Voting Stock constituting directors, qualifying shares) to any Person, except:

         (1) to the Company or a Restricted Subsidiary;

         (2) in compliance with Section 4.14 hereof and immediately after giving
         effect to such issuance or sale, such Restricted Subsidiary either
         continues to be a Restricted Subsidiary or if such Restricted
         Subsidiary would no longer be a Restricted Subsidiary, then the
         Investment of the Company in such Person (after giving effect to such
         issuance or sale) would have been permitted to be made under Section
         4.4 hereof as if made on the date of such issuance or sale; or

         (3) Voting Stock issued to existing shareholders of Restricted
         Subsidiaries that are not Wholly-Owned Subsidiaries; PROVIDED that such
         Voting Stock is issued PRO RATA on the basis of the number of shares
         held by such existing shareholders.

Notwithstanding the foregoing, the Company may sell all the Voting Stock of a
Subsidiary as long as the Company is in compliance with the terms of Section
4.14 hereof.

         SECTION 4.17  SEC REPORTS.  Notwithstanding that the Company may not
be subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, for so long as any Notes are outstanding, to the extent
permitted by the Exchange Act, the Company will file with the Commission, and
provide the Trustee and the Holders of the Notes with, (i) all annual and
quarterly financial information that would be required to be filed on a Form
20-F and 10-Q (or any successor forms) as if the Company were required to
file such forms and, with respect to the annual financial information, a
report thereon by the Company's certified independent accountants and (ii)
all information that would be required to be contained in current reports
that would be required to be filed with the Commission on Form 8-K if the
Company were required to file such reports; PROVIDED, HOWEVER, that (A)
quarterly financial information for the first and third fiscal quarters need
not contain any reconciliation to generally accepted accounting principles in
the United States but must be prepared in accordance with Swedish GAAP, (B)
such quarterly information shall be furnished within 60 days of the end of
the fiscal quarter of the Company and may be provided in a report on a Form
6-K, (C) such annual information shall be furnished within 120 days of the
end of the fiscal year of the Company and (D) such information that would be
required to be contained in a report of Form 8-K may be provided in a report
on Form 6-K but must be submitted promptly. In

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                                                                            62

addition, whether or not required by the rules and regulations of the
Commission, the Company will file a copy of all such information and reports
with the Commission for public availability (unless the Commission will not
accept such a filing). The Company will also furnish to the Holders of Notes
and to prospective investors, upon the requests of such Holders and
prospective investors, any information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely
transferable under the Securities Act by Persons not "affiliates" under the
Securities Act.

         SECTION 4.18  LIMITATION ON LINES OF BUSINESS.  The Company will
not, and will not permit any Restricted Subsidiary to, engage in any business
other than a Related Business, except for any business other than a Related
Business, that, if aggregated together in one legal entity with all other
such businesses that are not Related Businesses, would not cause such entity
to constitute or become a Significant Subsidiary.

         SECTION 4.19  CHANGE OF CONTROL.  If a Change of Control occurs,
each Holder of a Note will have the right to require the Company to
repurchase all or any part (equal to E 1,000, or an integral multiple
thereof) of such Holder's Notes at a purchase price in cash equal to 101% of
the principal amount of the Notes plus accrued and unpaid interest, if any,
Additional Amounts, if any, and Liquidated Damages, if any, to the date of
purchase (subject to the right of Holders of record on the relevant Record
Date to receive interest, Additional Amounts, if any, and Liquidated Damages,
if any, on the relevant interest payment date).

         Within 30 days following any Change of Control, the Company will mail a
notice (the "Change of Control Offer") to each Holder of Notes with a copy to
the Trustee (and such notice shall (i) so long as the Notes are in global form,
be published in a leading newspaper having general circulation in New York City
(which is expected to be THE WALL STREET JOURNAL), (ii) if and so long as the
Notes are listed on the Luxembourg Stock Exchange and the rules of such stock
exchange shall so require, be published in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT) and
(iii) in the case of Definitive Notes, in addition to such publication, be
mailed by first-class mail to each Holder's registered address) stating:

         (1) that a Change of Control has occurred and that such Holder has the
         right to require the Company to purchase such Holder's Notes at a
         purchase price in cash equal to 101% of the principal amount thereof
         plus accrued and unpaid interest, if any, Additional Amounts, if any,
         and Liquidated Damages, if any, to the date of purchase (subject to the
         right of Holders of record on a Record Date to receive interest,
         Additional Amounts, if any, and Liquidated Damages, if any, on the
         relevant interest payment date) (the "Change of Control Payment");

         (2) the repurchase date (which shall be no earlier than 30 days nor
         later than 60 days from the date such notice is mailed) ("Change of
         Control Payment Date");

         (3) the circumstances and relevant facts regarding such Change of
         Control; and

         (4) the procedures determined by the Company, consistent with this
         Indenture, that a Holder of Notes must follow in order to have its
         Notes repurchased.

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                                                                            63

         On the Change of Control Payment Date, the Company will, to the extent
lawful:

         (1) accept for payment all Notes or portions thereof (equal to
         E 1,000 or an integral multiple thereof) properly tendered pursuant
         to the Change of Control Offer;

         (2) deposit with the Paying Agent an amount equal to the Change of
         Control Payment in respect of all Notes or portions thereof so
         tendered; and

         (3) deliver or cause to be delivered to the Trustee the Notes so
         accepted together with an Officers' Certificate stating the aggregate
         principal amount of Notes or portions thereof being purchased by the
         Company.

         The Paying Agent will promptly mail to each Holder of Notes so tendered
the Change of Control Payment for such Notes and the Trustee will promptly
authenticate and mail (or cause to be transferred by book-entry) to each Holder
a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; PROVIDED that each such new Note will be in a principal
amount of E 1,000 or an integral multiple thereof.

         If the Change of Control Payment Date is on or after an interest Record
Date and on or before the related interest payment date, any accrued and unpaid
interest, if any, will be paid to the Person in whose name a Note is registered
at the close of business on such Record Date, and no additional interest will be
payable to Holders who tender pursuant to the Change of Control Offer.

         The Change of Control provisions described above will be applicable
whether or not any other provisions of this Indenture are applicable.

         The Company will not be required to make a Change of Control Offer upon
a Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth
herein applicable to a Change of Control Offer made by the Company and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer.

         The Company will comply, to the extent applicable, with the
requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations in connection with the repurchase of Notes pursuant to this
covenant, including any securities laws of The Kingdom of Sweden and Luxembourg
and the requirements of the Luxembourg Stock Exchange or any other securities
exchange on which the Notes are listed. To the extent that the provisions of any
securities laws or regulations conflict with provisions hereof, the Company will
comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations described herein by virtue thereof.

         The Company will not be required to make a Change of Control Offer upon
a Change of Control if a third party makes a Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth
in this Section 4.19 applicable to a Change of Control Offer made by the Company
and repurchases all Notes validly tendered and not withdrawn under such Change
of Control Offer.

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                                                                            64

         SECTION 4.20  ADDITIONAL AMOUNTS.  At least 10 days prior to the
first date on which payment of principal, premium, if any, or interest on the
Notes is to be made, and at least 10 days prior to any subsequent such date
if there has been any change with respect to the matters set forth in the
Officers' Certificate described in this Section 4.20, the Company will
furnish the Trustee and the Paying Agent, if other than the Trustee, with an
Officers' Certificate instructing the Trustee and the Paying Agent whether
such payment of principal, premium, if any, or interest on the Notes (whether
or not in the form of Definitive Notes) shall be made to the Holders without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"TAXES") imposed or levied by or on behalf of the United States, The United
Kingdom of Sweden or any jurisdiction in which the Company or any Successor
Company is organized or is otherwise resident for tax purposes or any
political subdivision thereof or any authority having power to tax therein or
any jurisdiction from or through which payment is made (each, a "RELEVANT
TAXING JURISDICTION"), unless the withholding or deduction of Taxes is then
required by law. If any deduction or withholding for, or on account of, any
Taxes of any Relevant Taxing Jurisdiction shall at any time be required on
any payments made by the Company with respect to the Notes, including
payments of principal, redemption price, Liquidated Damages, interest or
premium, the Company will pay to the Trustee or the Paying Agent such
additional amounts pursuant to paragraph 3 of the Initial Notes and paragraph
2 of the Exchange Notes, as applicable (the "ADDITIONAL AMOUNTS") and, if
paid to a Paying Agent other than the Trustee, shall provide the Trustee with
documentation evidencing the payment of such Additional Amounts. Copies of
such documentation shall be made available to the Holders upon request. The
Company shall indemnify the Trustee and the Paying Agent for, and hold them
harmless against, any loss, liability or expense incurred without negligence
or bad faith on their part arising out of or in connection with actions taken
or omitted by any of them in reliance on any Officers' Certificate furnished
to them pursuant to this Section 4.20.

         SECTION 4.21  PAYMENT OF NON-INCOME TAXES AND SIMILAR CHARGES.  The
Company will pay any present or future stamp, court or documentary taxes, or
any other excise or property taxes, charges or similar levies which arise in
any jurisdiction from the execution, delivery or registration of the Notes or
any other document or instrument referred to therein, or the receipt of any
payments with respect to the Notes, excluding any such taxes, charges or
similar levies imposed by any jurisdiction outside The Kingdom of Sweden, the
United States of America or any jurisdiction in which a Paying Agent is
located, other than those resulting from, or required to be paid in
connection with, the enforcement of the Notes or any other such document or
instrument following the occurrence of any Event of Default with respect to
the Notes.

         SECTION 4.22  COMPLIANCE CERTIFICATE; NOTICE OF DEFAULT.  (a) The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year, an Officers' Certificate stating that a review of the activities
of the Company and its Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining
whether it has kept, observed, performed and fulfilled, and has caused each
of its Subsidiaries to keep, observe, perform and fulfill its obligations
under this Indenture and further stating, as to each such Officer signing
such certificate, that, to the best of his or her knowledge, the Company
during such preceding fiscal year has kept, observed, performed and
fulfilled, and has caused each of its Subsidiaries to keep, observe, perform
and fulfill each and every such

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                                                                            65

covenant contained in this Indenture and no Default occurred during such year
and at the date of such certificate there is no Default which has occurred
and is continuing or, if such signers do know of such Default, the
certificate shall describe its status, with particularity and that, to the
best of his or her knowledge, no event has occurred and remains by reason of
which payments on the account of the principal of or interest, if any,
Additional Amounts, if any, or Liquidated Damages, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what
action each is taking or proposes to take with respect thereto. The Officers'
Certificate shall also notify the Trustee should the Company elect to change
the manner in which it fixes its fiscal year end. Upon becoming aware of, and
as of such time that the Company should reasonably have become aware of, a
Default, the Company also shall deliver to the Trustee, within 30 days
thereafter, written notice of any events which would constitute a Default,
their status and what action the Company is taking or proposes to take in
respect thereof.

         The annual financial statements delivered pursuant to Section 4.17
shall include, so long as not contrary to the then current recommendations of
the American Institute of Certified Public Accountants, a written report of the
Company's independent accountants (who shall be a firm of established
international reputation) that in conducting their audit of such financial
statements nothing has come to their attention that would lead them to believe
that the Company has violated any provisions of Articles IV, V or VI of this
Indenture or, if any such violation has occurred, specifying the nature and
period of existence thereof, it being understood that such accountants shall not
be liable directly or indirectly to any Person for any failure to obtain
knowledge of any such violation.

         SECTION 4.23  IMPAIRMENT OF SECURITY INTEREST.  Neither the Company
nor any of its Subsidiaries will take or omit to take any action which action
or omission would have the result of adversely affecting or impairing the
security interest in favor of the Trustee, on behalf of the Holders of the
Notes, with respect to the Collateral, and neither the Company nor any of its
Subsidiaries shall grant to any Person or suffer any Person (other than the
Company) to have (other than the Trustee on behalf of the Holders of the
Notes) any interest whatsoever in the Collateral other than Liens permitted
by the Security Documents. Neither the Company nor any of its Subsidiaries
will enter into any agreement or instrument that by its terms requires the
proceeds received from any sale of Collateral to be applied to repay, redeem,
defease or otherwise acquire or retire any Indebtedness of any Person, other
than pursuant hereto, to the Notes and to the Security Documents.

         SECTION 4.24  SECURITY INTEREST.  The Company will, and will cause
each of its Restricted Subsidiaries to, undertake to deliver or cause to be
delivered to the Trustee from time to time such other documentation,
consents, authorizations, approvals and orders in form and substance
reasonably satisfactory to the Trustee including as the Trustee shall deem
necessary or advisable to perfect or maintain the security interest in the
Collateral for the benefit of the Trustee on behalf of the Holders of the
Notes until any such Collateral is released in accordance with the terms
hereof.

         SECTION 4.25  LIMITATIONS ON THE ISSUER AND PREEM.  Notwithstanding
anything herein to the contrary, including Section 4.3 hereof, (i) for so
long as any Shareholder Loan from Corral is outstanding, the Company shall at
all times remain a majority-owned Subsidiary of Corral and (ii) the Company
shall not Incur any Indebtedness other than Additional Notes, other

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public Indebtedness of a maturity not less than five years, unsecured
Indebtedness pursuant to a Credit Facility or Shareholder Loans. If the
Company at any time sells, transfers or otherwise disposes of 50% or more of
the Voting Stock of Preem, then the Company will be required to make a Change
of Control Offer to each Holder of a Note and otherwise to comply with all
the provisions set forth in Section 4.19 hereof as if such sale, transfer or
disposition was a Change of Control.

         SECTION 4.26  LIMITATION ON INVESTMENT COMPANY ACTIVITIES.  The
Company will not, and will not permit any of its Restricted Subsidiaries or
controlled Affiliates to, conduct its business in a fashion that would cause
the Company to become subject to regulation under the U.S. Investment Company
Act of 1940, as amended (the "Investment Company Act"). For purposes of
establishing the Company's compliance with this Section 4.26, any exemption
which is or would become available under Section 3(c)(1) or Section 3(c)(7)
of the Investment Company Act will be disregarded.

                                   ARTICLE V

                             SUCCESSOR CORPORATION

         SECTION 5.1  CONSOLIDATION, MERGER, AND SALE OF ASSETS.  If the
Company consolidates with or merges with or into, or conveys, transfers or
leases all or substantially all its assets to, any Person, at any time and in
any circumstance when the conditions set forth in Sections 6.1(3)(a) through
6.1(3)(f) are not satisfied, then such transaction shall consti
                                    tute an Event
of Default.

         SECTION 5.2  SUCCESSOR CORPORATION SUBSTITUTED.  If any such
consolidation, merger, assignment, conveyance, lease, transfer or other
disposition is consummated without causing an Event of Default, then the
Successor Company will succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same
effect as if such Successor Company had been named as the Company herein, and
thereafter (except in the case of a sale, assignment, transfer, lease,
conveyance or other disposition) the predecessor corporation will be relieved
of all further obligations and covenants under this Indenture and the Notes.

                                  ARTICLE VI

                             DEFAULT AND REMEDIES

         SECTION 6.1  EVENTS OF DEFAULT.  Whenever used herein with respect
to the Notes, "EVENT OF DEFAULT" means any one of the following events which
shall have occurred and be continuing:

         (1) a default in any payment of interest or Additional Amounts, if any,
         or Liquidated Damages, if any, on any Note under this Indenture when
         due, continued for 30 days;

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                                                                            67

         (2) a default in the payment of principal of or premium, if any, on any
         Note under this Indenture when due at its Stated Maturity, upon
         optional redemption, upon required repurchase, upon declaration or
         otherwise;

         (3) any consolidation of the Company with, or merger of the Company
         with or into, or any conveyance, transfer or lease by the Company of
         all or substantially all of its assets to any Person, UNLESS:

                  (a) the resulting, surviving or transferee Person (the
                  "Successor Company") is a corporation, partnership, trust or
                  limited liability company organized and existing under the
                  laws of the Kingdom of Sweden, any member of the European
                  Union as of the date of this Indenture or any state of the
                  United States of America or the District of Columbia and the
                  Successor Company (if not the Company) expressly assumes, by
                  supplemental indenture, executed and delivered to the Trustee,
                  in form satisfactory to the Trustee, all the obligations of
                  the Company under the Notes and this Indenture;

                  (b) immediately after giving effect to such transaction (and
                  treating any Indebtedness that becomes an obligation of the
                  Successor Company or any Subsidiary of the Successor Company
                  as a result of such transaction as having been Incurred by the
                  Successor Company or such Restricted Subsidiary at the time of
                  such transaction), no other Default or Event of Default shall
                  have occurred and be continuing;

                  (c) immediately after giving effect to such transaction, the
                  Successor Company is able to Incur at least an additional
                  E 1.00 of Indebtedness pursuant to Section 4.3(a) hereof;

                  (d) the Company has delivered to the Trustee an Officers'
                  Certificate and an Opinion of Counsel, each stating that such
                  consolidation, merger or transfer and such supplemental
                  indenture (if any) comply with this Indenture;

                  (e) the Company has delivered to the Trustee opinions of tax
                  counsel reasonably acceptable to it stating that (A) any
                  payment of principal, Redemption Price or purchase price of,
                  interest, premium, if any, Additional Amounts, if any, and
                  Liquidated Damages, if any, on the Notes by the Successor
                  Company to a holder of Notes (or beneficial owner, if not a
                  holder) after the consolidation, merger, conveyance, transfer
                  or lease of assets will be exempt from the Taxes and (B) no
                  other taxes on income (including taxable capital gains) will
                  be payable under the laws of the Relevant Taxing Jurisdiction
                  by a Holder (or beneficial owner, if not a Holder) who is not
                  and is not deemed to be a resident of the Relevant Taxing
                  Jurisdiction and does not carry on a trade in the Relevant
                  Taxing Jurisdiction through a branch, agency or permanent
                  establishment to which the Notes of that holder are
                  attributable (or, as the case may be, does not carry on any
                  business activities through a branch, agency or permanent
                  establishment in such Relevant Taxing Jurisdiction) in respect
                  of the acquisition, ownership or disposition of Notes,

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                                                                            68

                  including the receipt of principal, interest, premium, if any,
                  Additional Amounts, if any, or Liquidated Damages, if any,
                  pursuant to such Notes; and

                  (f) immediately after giving effect to such transaction, the
                  Successor Company has Consolidated Net Worth in an amount
                  which is not less than the Consolidated Net Worth of the
                  Company immediately prior to such transaction.

            For purposes of this clause (3), the sale, lease, conveyance,
            assignment, transfer or other disposition of all or substantially
            all of the properties and assets of one or more Subsidiaries of the
            Company to a Person other than a Restricted Subsidiary, which
            properties and assets, if held by the Company instead of such
            Subsidiaries, would constitute all or substantially all of the
            properties and assets of the Company on a consolidated basis, shall
            be deemed to be the transfer of all or substantially all of the
            properties and assets of the Company; PROVIDED that, if any such
            sale, lease, conveyance, assignment, transfer or other disposition
            is made from a Wholly-Owned Subsidiary or a Restricted Subsidiary to
            a Restricted Subsidiary that is not a Wholly-Owned Subsidiary, (i)
            such Restricted Subsidiary shall not be subject to any encumbrances
            or restrictions described in the first paragraph of Section 4.13
            hereof, (ii) the Company shall have first received a written opinion
            from a major independent investment banking firm of internationally
            recognized standing that such sale, lease, conveyance, assignment,
            transfer or other disposition is fair to the Company from a
            financial point of view, and (iii) such sale, lease, conveyance,
            assignment, transfer or other disposition to such Restricted
            Subsidiary shall not be deemed to be a transaction subject to
            clauses (3)(a) through (3)(f) above.

            Notwithstanding the foregoing clause (3)(c), (x) any Restricted
            Subsidiary of the Company may consolidate with, merge into or
            transfer all or part of its properties and assets to the Company and
            (y) the Company may merge with an Affiliate incorporated solely for
            the purpose of reincorporating the Company in another jurisdiction
            to realize tax or other benefits.

         (4) failure by the Company to comply for 30 days after receiving notice
         by the Trustee or the Holders of 25% or more of the aggregate principal
         amount of the Notes with any of its obligations under Article IV hereof
         (in each case, other than a failure to purchase Notes which will
         constitute an Event of Default under clause (2), above);

         (5) the failure by the Company to comply for 60 days after receiving
         notice by the Trustee or Holders of 25% or more of the aggregate
         principal amount of the Notes with its other agreements contained in
         this Indenture;

         (6) default under any mortgage, indenture or instrument under which
         there may be issued or by which there may be secured or evidenced any
         Indebtedness for money borrowed by the Company or any of its Restricted
         Subsidiaries (or the payment of which is guaranteed by the Company or
         any of its Restricted Subsidiaries), other than Indebtedness owed to
         the Company or a Restricted Subsidiary, whether such Indebtedness or
         guarantee now exists, or is created after the date hereof, which
         default:

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                                                                            69

                  (a) is caused by a failure to pay principal of or premium, if
                  any, on such Indebtedness prior to the expiration of the grace
                  period provided in such Indebtedness ("payment default"); or

                  (b) results in the acceleration of such Indebtedness
                  prior to its maturity (the "cross acceleration provision");

         and, in each case, the principal amount of any such Indebtedness,
         together with the principal amount of any other such Indebtedness under
         which there has been a payment default or the maturity of which has
         been so accelerated, aggregates E 10.0 million or more;

         (7) (A) a court having jurisdiction in the premises enters a decree or
         order for (i) relief in respect of the Company or any of its
         Significant Subsidiaries or a group of Restricted Subsidiaries that,
         taken together (as of the latest audited consolidated financial
         statements of the Company and its Restricted Subsidiaries) would
         constitute a Significant Subsidiary in an involuntary case under any
         applicable bankruptcy, insolvency or other similar law now or hereafter
         in effect, (ii) appointment of a receiver, liquidator, assignee,
         custodian, trustee, sequestration or similar official of the Company or
         any of its Significant Subsidiaries or a group of Restricted
         Subsidiaries that, taken together (as of the latest audited
         consolidated financial statements of the Company and its Restricted
         Subsidiaries) would constitute a Significant Subsidiary or for all or
         substantially all of the property and assets of the Company or any of
         its Significant Subsidiaries or a group of Restricted Subsidiaries
         that, taken together (as of the latest audited consolidated financial
         statements of the Company and its Restricted Subsidiaries) would
         constitute a Significant Subsidiary or (iii) the winding up or
         liquidation of the affairs of the Company or any of its Significant
         Subsidiaries or a group of Restricted Subsidiaries that, taken together
         (as of the latest audited consolidated financial statements of the
         Company and its Restricted Subsidiaries) would constitute a Significant
         Subsidiary and, in each case, such decree or order shall remain
         unstayed and in effect for a period of 30 consecutive days; or (B) the
         Company or any of its Significant Subsidiaries or a group of Restricted
         Subsidiaries that, taken together (as of the latest audited
         consolidated financial statements of the Company and its Restricted
         Subsidiaries) would constitute a Significant Subsidiary (i) commences a
         voluntary case under any applicable bankruptcy, insolvency or other
         similar law now or hereafter in effect, or consents to the entry of an
         order for relief in an involuntary case under any such law, (ii)
         consents to the appointment of or taking possession by a receiver,
         liquidator, assignee, custodian, trustee, sequestration or similar
         official of the Company or any of its Significant Subsidiaries or a
         group of Restricted Subsidiaries that, taken together (as of the latest
         audited consolidated financial statements of the Company and its
         Restricted Subsidiaries) would constitute a Significant Subsidiary or
         for all or substantially all of the property and assets of the Company
         or any of its Significant Subsidiaries or a group of Restricted
         Subsidiaries that, taken together (as of the latest audited
         consolidated financial statements of the Company and its Restricted
         Subsidiaries) would constitute a Significant Subsidiary or (iii)
         effects any general assignment for the benefit of creditors; or

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                                                                            70

         (8) failure by the Company or any Significant Subsidiary or group of
         Restricted Subsidiaries that, taken together (as of the latest audited
         consolidated financial statements for the Company and its Restricted
         Subsidiaries) would constitute a Significant Subsidiary to pay final
         judgments aggregating in excess of E 15.0 million (net of any
         amounts with respect to which a reputable and creditworthy insurance
         company has acknowledged liability in writing); which judgments are not
         paid, discharged or stayed for a period of 60 days (the "judgment
         default provision");

         (9) any of the Security Documents ceases to be in full force and effect
         (other than in accordance with their respective terms or the terms
         hereof) or any of the Security Documents ceases to give the Trustee the
         Liens purported to be created thereby or any Security Document is
         declared null or void;

         (10) a default under the Preem Pledged Loan; or

         (11) the declaration or payment by the Company or any Restricted
         Subsidiary of any dividend or the making of any distribution on or in
         respect of its Capital Stock, either in cash or other property
         (including any payment in connection with any merger or consolidation
         involving the Company or any of its Restricted Subsidiaries) except:

                  (a) dividends or distributions payable in its Capital Stock
                  (other than Disqualified Stock) or in options, warrants or
                  other rights to purchase such Capital Stock, PROVIDED that
                  such dividends or distributions are not convertible into
                  Indebtedness; and

                  (b) dividends or distributions payable to the Company or a
                  Restricted Subsidiary of the Company (and, if such Restricted
                  Subsidiary is not a Wholly-Owned Subsidiary, to its other
                  holders of Capital Stock on a PRO RATA basis);

         or the purchase, redemption, retirement or other acquisition for value
         of any Capital Stock of the Company or any direct or indirect parent of
         the Company held by Persons other than the Company or a Restricted
         Subsidiary of the Company (other than in exchange for its Capital Stock
         (other than Disqualified Stock));

         at any time and in any circumstance when any such dividend,
         distribution purchase, redemption, retirement or other acquisition for
         value (together, "Restricted Dividends and Distributions") would not be
         permitted under Section 4.4 hereof if each such Restricted Dividend and
         Distribution constituted a Restricted Payment.

         SECTION 6.2  ACCELERATION.  If an Event of Default (other than an
Event of Default described in clause (7) of Section 6.1 hereof) occurs and is
continuing, the Trustee, by notice to the Company, or the Holders of at least
25% in principal amount of the outstanding Notes, by notice to the Company
and the Trustee, may, and the Trustee at the request of such Holders shall,
declare the principal of, premium, if any, accrued and unpaid interest, if
any, Additional Amounts, if any, and Liquidated Damages, if any, on all the
Notes to be due and payable. Upon such a declaration, such principal,
premium, accrued and unpaid interest, Additional Amounts and Liquidated
Damages will be due and payable immediately. In the event

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                                                                            71

of a declaration of acceleration of the Notes because an Event of Default
described in clause (6) of Section 6.1 hereof has occurred and is continuing,
the declaration of acceleration of the Notes shall be automatically annulled
if the event of default or payment default triggering such Event of Default
pursuant to clause (6) shall be remedied or cured by the Company or a
Restricted Subsidiary of the Company or waived by the holders of the relevant
Indebtedness within 20 days after the declaration of acceleration with
respect thereto and if (1) the annulment of the acceleration of the Notes
would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default, except nonpayment of
principal, premium, interest, Additional Amounts or Liquidated Damages on the
Notes that became due solely because of the acceleration of the Notes, have
been cured or waived. If an Event of Default described in clause (7) of
Section 6.1 hereof occurs and is continuing, the principal of, premium, if
any, accrued and unpaid interest, Additional Amounts, if any, and Liquidated
Damages, if any, on all the Notes will become and be immediately due and
payable without any declaration or other act on the part of the Trustee or
any Holders of Notes.

         SECTION 6.3  OTHER REMEDIES.  If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy by proceeding at law
or in equity to collect the payment of principal of or, premium, if any,
interest, Additional Amounts, if any, or Liquidated Damages, if any, on the
Notes or to enforce the performance of any provision of the Notes or this
Indenture.

         SECTION 6.4  THE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES.  All rights of action and claims under this Indenture or the
Notes may be prosecuted and enforced by the Trustee without the possession of
any of the Notes or the production thereof in any proceeding relating thereto.

         SECTION 6.5  RIGHTS AND REMEDIES CUMULATIVE.  Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in Section 2.8, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders of Notes is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent or subsequent
assertion or employment of any other appropriate right or remedy.

         SECTION 6.6  DELAY OR OMISSION NOT WAIVER.  No delay or omission of
the Trustee or of any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to
the Holders of Notes may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders of Notes.

         SECTION 6.7  WAIVER OF PAST DEFAULTS.  Subject to Sections 6.10 and
9.2, at any time after a declaration of acceleration with respect to the
Notes as described in Section 6.1, the Holders of at least a majority in
principal amount of the outstanding Notes by written notice to the Company
and to the Trustee, may waive all past defaults (except with respect to
nonpayment of principal, premium, interest and other monetary obligations on
the Notes) and rescind and

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                                                                              72

annul a declaration of acceleration and its consequences if (i) all existing
Events of Default, other than the nonpayment of the principal of, premium, if
any, interest and other monetary obligations on the Notes that have become
due solely by such declaration of acceleration, have been cured or waived and
(ii) the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction. Such waiver shall not excuse a continuing Event of
Default in the payment of interest, premium, if any, principal, Additional
Amounts, if any, or Liquidated Damages, if any, on such Note held by a
non-consenting Holder, or in respect of a covenant or a provision which
cannot be amended or modified without the consent of all Holders. The Company
shall deliver to the Trustee an Officers' Certificate stating that the
requisite percentage of Holders has consented to such waiver and attaching
copies of such consents. When a Default or Event of Default is waived, it is
cured and ceases.

         SECTION 6.8 CONTROL BY MAJORITY. Subject to Section 2.10, the
Holders of not less than a majority in principal amount of the outstanding
Notes may, by written notice to the Trustee, direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on it. Subject to Section 7.1,
however, the Trustee may refuse to follow any direction that conflicts with
any law or this Indenture or that the Trustee determines is unduly
prejudicial to the rights of another Holder of Notes, or that would involve
the Trustee in personal liability; PROVIDED, HOWEVER, that the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent
with such direction. Prior to taking any action under this Indenture, the
Trustee will be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking
such action.

         SECTION 6.9 LIMITATION ON SUITS. Except to enforce the right to
receive payment of principal, premium, if any, interest, Additional Amounts,
if any, or Liquidated Damages, if any, when due, no Holder of Notes may
pursue any remedy with respect to this Indenture or the Notes UNLESS:

         (1)  such Holder has previously given the Trustee notice that an Event
      of Default is continuing;

         (2)  Holders of at least 25% in principal amount of the outstanding
      Notes have requested the Trustee to pursue the remedy;

         (3)  such Holders have offered the Trustee reasonable security or
      indemnity against any loss, liability or expense;

         (4) the Trustee has not complied with such request within 60 days after
      the receipt of the request and the offer of security or indemnity; and

         (5) the Holders of a majority in principal amount of the outstanding
      Notes have not given the Trustee a direction that, in the opinion of the
      Trustee, is inconsistent with such request within such 60-day period.

         SECTION 6.10 RIGHTS OF HOLDERS TO RECEIVE PAYMENT. Notwithstanding
any other provision of this Indenture (including, without limitation, Section
8.9 hereof), the right of any

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                                                                              73

Holder to receive payment of principal of, premium, if any, interest,
Additional Amounts, if any and Liquidated Damages, if any, on a Note, on or
after the respective due dates expressed in such Note, or to bring suit for
the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder.

         SECTION 6.11 COLLECTION SUIT BY TRUSTEE. If an Event of Default in
payment of principal, premium, if any, interest, Additional Amounts, if any
or Liquidated Damages, if any, specified in clause (1) or clause (2) of
Section 6.1 occurs and is continuing, the Trustee may recover judgment in its
own name and as trustee of an express trust against the Company or any other
obligor on the Notes for the whole amount of principal and accrued interest
remaining unpaid, together with interest on overdue principal and, to the
extent that payment of such interest is lawful, interest on overdue
installments of interest, in each case at the rate per annum borne by the
Notes and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.7.

         SECTION 6.12 TRUSTEE MAY FILE PROOFS OF CLAIM. The Trustee may file
such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, accountants and experts) and the Holders
allowed in any judicial proceedings relating to the Company, its creditors or
its property or other obligor on the Notes, its creditors and its property
and shall be entitled and empowered to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute
the same, and any Custodian in any such judicial proceedings is hereby
authorized by each Holder to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agent
and counsel, and any other amounts due the Trustee under Section 7.7. To the
extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.7 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties which the Holders of the
Notes may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise.

         SECTION 6.13 PRIORITIES.  If the Trustee collects any money or property
pursuant to this Article VI, it shall pay out the money or property in the
following order:

         First:  to the Trustee, the Agents and their agents and attorneys for
         amounts due under Section 7.7, including payment of all compensation,
         fees, expense and liabilities incurred, and all advances made, by the
         Trustee and the costs and expenses of collection;

         Second: to Holders for amounts due and unpaid on the Notes for
         principal, premium, if any, interest, Additional Amounts, if any and
         Liquidated Damages, if any, ratably, without preference or priority of
         any kind, according to the amounts due and payable on

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         the Notes for principal, premium, if any, interest, Additional Amounts,
         if any, and Liquidated Damages, if any, respectively; and

         Third:  to the Company or any other obligor on the Notes, as their
         interests may appear, or as a court of competent jurisdiction may
         direct.

         The Trustee, upon prior notice to the Company, may fix a record date
and payment date for any payment to Holders pursuant to this Section 6.13;
PROVIDED that the failure to give any such notice shall not affect the
establishment of such record date or payment date for Holders pursuant to this
Section 6.13.

         SECTION 6.14 RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or
any Holder of any Note has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or
to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders of Notes shall be
restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders of Notes
shall continue as though no such proceeding had been instituted.

         SECTION 6.15 UNDERTAKING FOR COSTS. In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys' fees and expenses,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section
6.15 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.10, or a suit by a Holder or Holders of more than 10% in principal
amount of the outstanding Notes.

         SECTION 6.16 COMPLIANCE CERTIFICATE; NOTICES OF DEFAULT. If a
Default occurs and is continuing and is known to the Trustee, the Trustee
must mail to each Holder of Notes notice of the Default within 90 days after
it occurs. Except in the case of a Default in the payment of principal of,
premium, if any, interest, Additional Amounts, if any, or Liquidated Damages,
if any, on any Note, the Trustee may withhold notice if and so long as the
Trustee in good faith determines that withholding notice is in the interests
of such Holders of Notes.

                                   ARTICLE VII

                                     TRUSTEE

         SECTION 7.1 DUTIES OF TRUSTEE. (a) If an Event of Default actually
known to a Trust Officer of the Trustee has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs. Subject to such provisions, the Trustee will be
under no obligation to exercise any of its rights or powers under this
Indenture at the request of any of the Holders of

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Notes, unless they shall have offered to the Trustee reasonable security and
indemnity against any loss, liability or expense.

         (b) Except during the continuance of an Event of Default actually known
to the Trustee:

         (1) The Trustee and the Agents will perform only those duties as are
         specifically set forth herein and no others and no implied covenants or
         obligations shall be read into this Indenture against the Trustee or
         the Agents.

         (2) In the absence of bad faith on their part, the Trustee and the
         Agents may conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions and such other documents delivered to them pursuant to Section
         11.4 furnished to the Trustee and conforming to the requirements of
         this Indenture. However, in the case of any such certificates or
         opinions which by any provision hereof are required to be furnished to
         the Trustee, the Trustee shall examine the certificates and opinions to
         determine whether or not they conform to the requirements of this
         Indenture.

         (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

         (1) This paragraph does not limit the effect of subsection (b) of this
         Section 7.1.

         (2) Neither the Trustee nor Agent shall be liable for any error of
         judgment made in good faith by a Trust Officer of such Trustee or
         Agent, unless it is proved that the Trustee or such Agent was negligent
         in ascertaining the pertinent facts.

         (3) The Trustee shall not be liable with respect to any action it takes
         or omits to take in good faith in accordance with a direction received
         by it pursuant to Section 6.8.

         (d) No provision of this Indenture shall require the Trustee or any
Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or to take or omit to take any
action under this Indenture or take any action at the request or direction of
Holders if it shall have reasonable grounds for believing that repayment of such
funds is not assured to it or it does not receive an indemnity satisfactory to
it in its sole discretion against such risk, liability, loss, fee or expense
which might be incurred by it in compliance with such request or direction.

         (e) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to subsections
(a), (b), (c) and (d) of this Section 7.1.

         (f) Neither the Trustee nor the Agents shall be liable for interest on
any money received by it except as the Trustee and any Agent may agree in
writing with the Company. Money held in trust by the Trustee or any Agent need
not be segregated from other funds except to the extent required by law.

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         (g) Any provision hereof relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 7.1 and, upon qualification of this Indenture under
the TIA, the TIA.

         SECTION 7.2 RIGHTS OF TRUSTEE.  Subject to Section 7.1:

         (a) The Trustee and each Agent may rely conclusively on and shall be
protected from acting or refraining from acting based upon any document believed
by them to be genuine and to have been signed or presented by the proper person.
Neither the Trustee nor any Agent shall be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent order, approval,
appraisal, bond, debenture, note, coupon, security or other paper or document,
but the Trustee or its Agent, as the case may be, in its discretion, may make
reasonable further inquiry or investigation into such facts or matters stated in
such document and if the Trustee or its Agent as the case may be, shall
determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, at reasonable times
during normal business hours, personally or by agent or attorney. The Trustee
shall not be deemed to have notice or any knowledge of any matter (including
without limitation Defaults or Events of Default) unless a Trust Officer
assigned to and working in the Trustee's Corporate Trust and Agency Services
office has actual knowledge thereof or unless written notice thereof is received
by the Trustee, attention: Corporate Trust and Agency Services and such notice
references the Notes generally, the Company or this Indenture;

         (b) Any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers' Certificate or Company
Order and any resolution of the Board of Directors of the Company, as the case
may be, may be sufficiently evidenced by a Board Resolution;

         (c) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both, which shall conform to
the provisions of Sections 11.4 and 11.5. Neither the Trustee nor any Agent
shall be liable for any action it takes or omits to take in good faith in
reliance on such certificate or opinion.

         (d) The Trustee and any Agent may act through their attorneys and
agents and shall not be responsible for the misconduct or negligence of any
agent (other than an agent who is an employee of the Trustee or such Agent)
appointed with due care.

         (e) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it reasonably believes to be authorized or within its
rights or powers conferred upon it by this Indenture; PROVIDED, HOWEVER, that
the Trustee's conduct does not constitute willful misconduct, negligence or bad
faith.

         (f) The Trustee or any Agent may consult with counsel of its selection
and the advice or opinion of such counsel as to matters of law shall be full and
complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

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         (g) Subject to Section 9.2 hereof, the Trustee may (but shall not be
obligated to), without the consent of the Holders, give any consent, waiver or
approval required by the terms hereof, but shall not without the consent of the
Holders of not less than a majority in aggregate principal amount of the Notes
at the time outstanding (i) give any consent, waiver or approval or (ii) agree
to any amendment or modification of this Indenture, in each case, that shall
have a material adverse effect on the interests of any Holder. The Trustee shall
be entitled to request and conclusively rely on an Opinion of Counsel with
respect to whether any consent, waiver, approval, amendment or modification
shall have a material adverse effect on the interests of any Holder.

         SECTION 7.3 INDIVIDUAL RIGHTS OF TRUSTEE. The Trustee or any Agent
in its respective individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company, its Subsidiaries,
or their respective Affiliates with the same rights it would have if it were
not the Trustee or an Agent. However, in the event that the Trustee acquires
any conflicting interest it must eliminate such conflict within 90 days,
apply to the SEC for permission to continue as trustee or resign. Any Agent
may do the same with like rights. The Trustee must comply with Sections 7.10
and 7.11.

         SECTION 7.4 TRUSTEE'S DISCLAIMER. The Trustee and the Agents shall
not be responsible for and make no representation as to the validity,
effectiveness or adequacy of this Indenture, the Security Documents, the
Collateral, the offering materials related to the Notes or the Notes; it
shall not be accountable for the Company's use of the proceeds from the Notes
or any money paid to the Company or upon the Company's direction under any
provision hereof; it shall not be responsible for the use or application of
any money received by any Agent and it shall not be responsible for any
statement or recital herein of the Company, or any document issued in
connection with the sale of Notes, the Security Documents or the Collateral
or any statement in the Notes other than the Trustee's certificate of
authentication.

         SECTION 7.5 NOTICE OF DEFAULT. If an Event of Default occurs and is
continuing and a Trust Officer of the Trustee receives actual notice of such
event, the Trustee shall mail to each Holder, as their names and addresses
appear on the list of Holders described in Section 2.5, notice of the uncured
Default or Event of Default within 90 days after the Trustee receives such
notice. Except in the case of a Default or Event of Default in payment of
principal of, premium, if any, interest, Additional Amounts, if any, or
Liquidated Damages, if any, on any Note, including the failure to make
payment on (i) the Change of Control Payment Date pursuant to a Change of
Control Offer or (ii) the date required for payment pursuant to an Asset Sale
Offer, the Trustee may withhold the notice if and so long as a committee of
its Trust Officers in good faith determines that withholding the notice is in
the interest of the Holders.

         SECTION 7.6 REPORT BY TRUSTEE TO HOLDERS. This Section 7.6 shall not
be operative as a part of this Indenture until this Indenture is qualified
under the TIA, and, until such qualification, this Indenture shall be
construed as if this Section 7.6 were not contained herein.

         Within 60 days after each April 10 beginning with April 10, 2002, the
Trustee shall, to the extent that any of the events described in TIA Section
313(a) occurred within the previous twelve months, but not otherwise, mail to
each Holder a brief report dated as of such date that

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complies with TIA Section 313(a). The Trustee also shall comply with TIA
Sections 313(b), 313(c) and 313(d).

         A copy of each report at the time of its mailing to Holders shall be
mailed to the Company and filed with the SEC and each securities exchange, if
any, on which the Notes are listed.

         The Company shall promptly notify the Trustee if subsequent to the date
hereof the Notes become listed on any securities exchange or of any delisting
thereof.

         SECTION 7.7 COMPENSATION AND INDEMNITY. The Company shall pay to the
Trustee and Agents from time to time such compensation as the Company and the
Trustee shall from time to time agree in writing for its acceptance of this
Indenture and services hereunder. The Trustee's and the Agents' compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee and Agent's upon request for
all reasonable disbursements, expenses and advances (including reasonable
fees and expenses of counsel) incurred or made by it in addition to the
compensation for their services, except any such disbursements, expenses and
advances as may be attributable to the Trustee's or any Agent's negligence or
bad faith. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee's and Agents' accountants, experts
and counsel and any taxes or other expenses incurred by a trust created
pursuant to Section 8.4 hereof.

         The Company agrees to pay the fees and expenses of the Trustee's legal
counsel, White & Case LLP, no later than the Closing Date in connection with its
review, preparation and delivery of this Indenture and related documentation.

         The Company shall indemnify each of the Trustee, any predecessor
Trustee and the Agents (which, for purposes of this paragraph, include such
Trustee's and Agents' officers, directors, employees and agents) for, and hold
them harmless against, any and all loss, damage, claim, expense or liability
including taxes (other than taxes based on the income of the Trustee) incurred
by the Trustee or an Agent without negligence, willful misconduct or bad faith
on its part in connection with acceptance of administration of this trust and
performance of its duties under this Indenture and the Security Documents,
including the reasonable expenses and attorneys' fees and expenses of defending
itself against any claim of liability arising hereunder. The Trustee and the
Agents shall notify the Company promptly of any claim asserted against the
Trustee or such Agent for which it may seek indemnity. However, the failure by
the Trustee or the Agent to so notify the Company shall not relieve the Company
of its obligations hereunder. The Company shall defend the claim and the Trustee
or such Agent shall cooperate in the defense (and may employ its own counsel
reasonably satisfactory to the Trustee) at the Company's expense. The Trustee or
such Agent may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement
made without its written consent, which consent shall not be unreasonably
withheld.

         To secure the Company's payment obligations in this Section 7.7, the
Trustee and the Agents shall have a senior Lien prior to the Notes against all
money or property held or collected by the Trustee and the Agents, in its
capacity as Trustee or Agent, except money or property held in trust to pay
principal or premium, if any, Additional Amounts, if any, Liquidated Damages, if

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any, or interest on particular Notes and except for the Collateral subject to
the Security Documents.

         When the Trustee or an Agent incurs expenses or renders services after
the occurrence of an Event of Default specified in clause (7) of Section 6.1,
the expenses (including the reasonable fees and expenses of its agents and
counsel) and the compensation for the services shall be preferred over the
status of the Holders in a proceeding under any Bankruptcy Law and are intended
to constitute expenses of administration under any Bankruptcy Law. The Company's
obligations under this Section 7.7 and any claim arising hereunder shall survive
the termination of this Indenture and the Security Documents, the resignation or
removal of any Trustee or Agent, the discharge of the Company's obligations
pursuant to Article VIII and any rejection or termination under any Bankruptcy
Law.

         SECTION 7.8 REPLACEMENT OF TRUSTEE. The Trustee and any Agent may
resign at any time by so notifying the Company in writing. The Holders of a
majority in principal amount of the outstanding Notes may remove the Trustee
by so notifying the Company and the Trustee in writing and may appoint a
successor trustee with the Company's consent. A resignation or removal of the
Trustee or any Agent and appointment of a successor Trustee or Agent, as the
case may be, shall become effective only upon the successor Trustee's
acceptance of appointment as provided in this section. The Company may remove
the Trustee if:

         (1) the Trustee fails to comply with Section 7.10;

         (2) the Trustee is adjudged a bankrupt or an insolvent or an order for
         relief is entered with respect to the Trustee under any Bankruptcy Law;

         (3) a receiver or other public officer takes charge of the  Trustee or
         its property; or

         (4) the Trustee becomes incapable of acting with respect to its duties
         hereunder.

         If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company shall notify each Holder of such
event and shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of
the then outstanding Notes may, with the Company's consent, appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately after that,
the retiring Trustee shall transfer, after payment of all sums then owing to the
Trustee pursuant to Section 7.7, all property held by it as Trustee to the
successor Trustee, subject to the Lien provided in Section 7.7, the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. A successor Trustee shall mail notice of its succession to each
Holder.

         If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of at least 10% in principal amount of the then outstanding Notes may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

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         If the Trustee after written request by any Holder who has been a
Holder for at least six months fails to comply with Section 7.10, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

         Notwithstanding replacement of the Trustee pursuant to this Section
7.8, the Company's obligations under Section 7.7 shall continue for the benefit
of the retiring Trustee and the Company shall pay to any replaced or removed
Trustee all amounts owed under Section 7.7 upon such replacement or removal.

         SECTION 7.9 SUCCESSOR TRUSTEE BY MERGER, ETC. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall, if such resulting, surviving or transferee corporation is
otherwise eligible hereunder, be the successor Trustee. In case any Notes
shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by consolidation, merger or conversion to such
authenticating Trustee may adopt such authentication and deliver the Notes so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes.

         SECTION 7.10 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall be
at all times a Trustee hereunder which shall be eligible to act as Trustee
under the TIA and shall have a combined capital and surplus of at least
50,000,000 and have its Corporate Trust Office in the Borough of Manhattan,
The City of New York. If such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of a Federal, State or
District of Columbia supervising or examining authority within the United
States of America, then for the purposes of this Section, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

         The Trustee under this Indenture shall always satisfy the requirements
of TIA Sections 310(a)(1), (2) and (5). The Trustee shall comply with Section
310(b) of the TIA; provided, however, that there shall be excluded from the
operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of
the Company are outstanding if the requirements for such exclusion set forth in
TIA Section 310(b)(1) are met.

         SECTION 7.11 DISQUALIFICATION; CONFLICTING INTERESTS. If the Trustee
has or shall acquire a conflicting interest within the meaning of the TIA,
the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the TIA and this
Indenture.

         SECTION 7.12 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. The
Trustee, in its capacity as Trustee hereunder, shall comply with TIA Section
311(a), excluding any creditor relationship listed in TIA Section 311(b). A
Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated.

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                                  ARTICLE VIII

                     SATISFACTION AND DISCHARGE OF INDENTURE

         SECTION 8.1 OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT
DEFEASANCE. The Company may, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers' Certificate, at any time,
with respect to the Notes, elect to have either Section 8.2 or 8.3 be applied
to all outstanding Notes upon compliance with the conditions set forth below
in this Article VIII.

         SECTION 8.2 LEGAL DEFEASANCE AND DISCHARGE. Upon the Company's
exercise under Section 8.1 of the option applicable to this Section 8.2, the
Company shall be deemed to have been discharged from its obligations with
respect to all outstanding Notes on the date the conditions set forth below
are satisfied (hereinafter, "LEGAL DEFEASANCE"). For this purpose, such Legal
Defeasance means that the Company shall be deemed to have paid and discharged
all the obligations relating to the outstanding Notes and the Notes shall
thereafter be deemed to be "outstanding" only for the purposes of Section
8.6, Section 8.8 and the other Sections of this Indenture referred to below
in this Section 8.2, and to have satisfied all of their other obligations
under such Notes and this Indenture and cured all then existing Events of
Default (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of Holders of outstanding Notes to receive payments
in respect of the principal of, premium, if any, interest, Additional
Amounts, if any, and Liquidated Damages, if any, on such Notes when such
payments are due or on the Redemption Date solely out of the trust created
pursuant to this Indenture; (b) the Company's obligations with respect to
Notes concerning issuing temporary Notes, or, where relevant, registration of
such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of
an office or agency for payment and money for security payments held in
trust; (c) the rights, powers, trusts, duties and immunities of the Trustee,
and the Company's obligations in connection therewith; and (d) this Article
VIII and the obligations set forth in Section 8.6 hereof.

         Subject to compliance with this Article VIII, the Company may exercise
its option under Section 8.2 notwithstanding the prior exercise of its option
under Section 8.3 with respect to the Notes.

         SECTION 8.3 COVENANT DEFEASANCE. Upon the Company's exercise under
Section 8.1 of the option applicable to this Section 8.3, the Company shall
be released from any obligations under the covenants contained in Sections
4.3, 4.4, 4.8, 4.10, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 4.23, 4.24,
4.25 and 4.26 hereof with respect to the outstanding Notes on and after the
date the conditions set forth below are satisfied (hereinafter, "COVENANT
DEFEASANCE"), and the Notes shall thereafter be deemed not "outstanding" for
the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed "outstanding" for all other
purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, such Covenant
Defeasance means that, (i) with respect to the outstanding Notes, the Company
may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or

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indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision
herein or in any other document and (ii) payment on the Notes may not be
accelerated because of an Event of Default specified in clause (3) (but only
if such Event of Default is triggered solely by a failure to comply with the
conditions set forth in clauses (c) and (f) thereof), (4) (insofar as it
relates to Sections 4.3, 4.4, 4.8, 4.10, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17,
4.18, 4.23, 4.24, 4.25 and 4.26 hereof), (6), (7) (with respect to a
Significant Subsidiary), (8) or (11) of Section 6.1 hereof.

         SECTION 8.4 CONDITIONS TO LEGAL OR COVENANT DEFEASANCE. The
following shall be the conditions to the application of either Section 8.2 or
Section 8.3 to the outstanding Notes:

         (1) the Company must irrevocably deposit with the Trustee, in trust,
         for the benefit of the Holders cash in Euro in such amounts as will be
         sufficient, in the opinion of an internationally recognized firm of
         independent public accountants, to pay the principal of, premium, if
         any, interest, Additional Amounts, if any, and Liquidated Damages, if
         any, on the Notes on the stated date for payment thereof or on the
         applicable redemption date, as the case may be;

         (2) in the case of legal defeasance, the Company shall have delivered
         to the Trustee (x) an Opinion of Counsel in the United States
         reasonably acceptable to the Trustee confirming that (A) the Company
         has received from, or there has been published by, the Internal Revenue
         Service a ruling or (B) since the date hereof, there has been a change
         in the applicable United States federal income tax law, in either case,
         to the effect that, and based thereon such Opinion of Counsel shall
         confirm that, the Holders will not recognize income, gain or loss for
         United States federal income tax purposes as a result of such legal
         defeasance and will be subject to United States federal income tax on
         the same amounts, in the same manner and at the same times as would
         have been the case if such legal defeasance had not occurred and (y) an
         Opinion of Counsel in The Kingdom of Sweden reasonably acceptable to
         the Trustee to the effect that (A) Holders will not recognize income,
         gain or loss for Swedish income tax purposes as a result of the such
         legal defeasance and will be subject to Swedish income tax on the same
         amounts, in the same manner and at the same times as would have been
         the case if such legal defeasance had not occurred and (B) payments
         from the defeasance trust will be free and exempt from any and all
         withholding and other income taxes of whatever nature imposed or levied
         by or on behalf of The Kingdom of Sweden or any political subdivision
         thereof or therein having the power to tax;

         (3) in the case of covenant defeasance, the Company shall have
         delivered to the Trustee (x) an Opinion of Counsel in the United States
         reasonably acceptable to the Trustee confirming that the Holders will
         not recognize income, gain or loss for United States federal income tax
         purposes as a result of such covenant defeasance and will be subject to
         United States federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         covenant defeasance had not occurred and (y) an Opinion of Counsel in
         The Kingdom of Sweden reasonably acceptable to the Trustee to the
         effect that (A) Holders will not recognize income, gain or loss for
         Swedish income tax purposes as a result of such covenant defeasance and
         will be subject to Swedish income tax on the same amounts, in the same
         manner and at the same

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                                                                              83

         times as would have been the case if such covenant defeasance had
         not occurred and (B) payments from the defeasance trust will be free
         and exempt from any and all withholding and other income taxes of
         whatever nature imposed or levied by or on behalf of The Kingdom of
         Sweden or any political subdivision thereof or therein having the
         power to tax;

         (4) no Default or Event of Default shall have occurred and be
         continuing on the date of such deposit or insofar as Events of Default
         from bankruptcy or insolvency events are concerned, at any time in the
         period ending on the 91st day after the date or deposit;

         (5) such legal defeasance or covenant defeasance shall not result in a
         breach or violation of, or constitute a default under this Indenture or
         any other material agreement or instrument to which the Company or any
         of its Restricted Subsidiaries is a party or by which the Company or
         any of its Restricted Subsidiaries is bound;

         (6) the Company shall have delivered to the Trustee an Officers'
         Certificate stating that the deposit was not made by the Company with
         the intent of preferring the Holders over any other creditors of the
         Company or with the intent of defeating, hindering, delaying or
         defrauding any other creditors of the Company or others;

         (7) the Company shall have delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that all conditions
         precedent provided for or relating to the legal defeasance or the
         covenant defeasance have been complied with;

         (8) the Company shall have delivered to the Trustee an Opinion of
         Counsel in the United States (subject to customary exceptions) to the
         effect that (A) the trust funds will not be subject to any rights of
         holders of Indebtedness, including, without limitation, those arising
         under this Indenture and (B) after the 181st day following the deposit,
         the trust funds will not be subject to the effect of any applicable
         bankruptcy, insolvency, reorganization or similar laws affecting
         creditors' rights generally under any applicable Swedish or United
         States federal or state law and that the Trustee has a perfected
         security interest in such trust funds for the ratable benefit of the
         Holders; and

         (9) certain other customary conditions precedent are satisfied.

         Notwithstanding the foregoing, the Opinion of Counsel required by
clause (ii), above, with respect to a legal defeasance need not be delivered if
all such Notes not therefore delivered to the Trustee for cancellation (x) have
become due and payable, (y) will become due and payable on the maturity date
within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company.

         SECTION 8.5 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
will be discharged and will cease to be of further effect as to all Notes
issued thereunder when either (i) all such Notes theretofore authenticated
and delivered (except lost, stolen or destroyed Notes which have been
replaced or paid and Notes for whose payment money has theretofore been
deposited in trust and thereafter repaid to the Company) have been delivered
to the Trustee for

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                                                                              84

cancellation or (ii) (A) all such Notes not theretofore delivered to the
Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise or will become due and payable within
one year and the Company has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust an amount of money sufficient to pay
and discharge the entire indebtedness on such Notes not theretofore delivered
to the Trustee for cancellation for principal, premium, if any, and accrued
and unpaid interest, Additional Amounts, if any, and Liquidated Damages, if
any, to the date of maturity or redemption, (B) no Default with respect to
this Indenture or the Notes shall have occurred and be continuing on the date
of such deposit or shall occur as a result of such deposit and such deposit
will not result in a breach or violation of, or constitute a default under,
any other instrument to which the Company is a party or by which it is bound,
(C) the Company has paid, or caused to be paid, all sums payable by it under
this Indenture, and (D) the Company has delivered irrevocable instructions to
the Trustee under this Indenture to give the notice of redemption and apply
the deposited money toward the payment of such Notes at maturity or the
Redemption Date, as the case may be. In addition, the Company must deliver an
Officers' Certificate and an Opinion of Counsel to the Trustee stating that
all conditions precedent to satisfaction and discharge have been satisfied.

         SECTION 8.6 SURVIVAL OF CERTAIN OBLIGATIONS. Notwithstanding the
satisfaction and discharge of this Indenture and of the Notes referred to in
Section 8.1, 8.2, 8.3, 8.4 or 8.5, the respective obligations of the Company
and the Trustee under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.9, 2.10, 2.11,
2.12, 2.13, 2.14, 4.1, 4.2, 4.5, 4.21, 6.10, Article VII and Article VIII
shall survive until the Notes are no longer outstanding, and thereafter the
obligations of the Company and the Trustee under Articles VII and VIII shall
survive. Nothing contained in this Article VIII shall abrogate any of the
obligations or duties of the Trustee under this Indenture.

         SECTION 8.7 ACKNOWLEDGMENT OF DISCHARGE BY TRUSTEE. Subject to
Section 8.10, after (i) the conditions of Section 8.4 or 8.5 have been
satisfied, (ii) the Company has paid or caused to be paid all other sums
payable hereunder by the Company and (iii) the Company has delivered to the
Trustee an Officers' Certificate and an Opinion of Counsel, each stating that
all conditions precedent referred to in clause (i) above relating to the
satisfaction and discharge of this Indenture have been complied with, the
Trustee upon written request shall acknowledge in writing the discharge of
all of the Company's obligations under this Indenture except for those
surviving obligations specified in this Article VIII.

         SECTION 8.8 APPLICATION OF TRUST MONEYS. All cash in Euros deposited
with the Trustee pursuant to Section 8.4 or 8.5 in respect of Notes shall be
held in trust and applied by it, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Holders of the Notes of all
sums due and to become due thereon for principal, premium, if any, interest,
Additional Amounts, if any, and Liquidated Damages, if any, but such money
need not be segregated from other funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash deposited pursuant to
Section 8.4 or 8.5 or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of
the Holders of outstanding Notes.

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                                                                              85

         SECTION 8.9 REPAYMENT TO THE COMPANY; UNCLAIMED MONEY. The Trustee
and any Paying Agent shall promptly pay or return to the Company upon Company
Order any cash held by them at any time that are not required for the payment
of the principal of, premium, if any, interest, Additional Amounts, if any,
and Liquidated Damages, if any, on the Notes for which cash has been
deposited pursuant to Section 8.4 or 8.5.

         Any money held by the Trustee or any Paying Agent under this Article,
in trust for the payment of the principal of, premium, if any, interest,
Additional Amounts, if any, and Liquidated Damages, if any, on any Note and
remaining unclaimed for two years after such principal, premium, if any,
interest, Additional Amounts, if any, and Liquidated Damages, if any, has become
due and payable shall be paid to the Company upon Company Order or if then held
by the Company shall be discharged from such trust; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, shall thereupon cease; PROVIDED, HOWEVER, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company give notice to the Holders or cause to be
published notice once, in a leading newspaper having a general circulation in
New York (which is expected to be THE WALL STREET JOURNAL) (and, if and so long
as the Notes are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require, a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)) or in the case of
Definitive Notes, in addition to such publication, mail to Holders by
first-class mail, postage prepaid, at their respective addresses as they appear
on the registration books of the Registrar (and, if and so long as the Notes are
listed on the Luxembourg Stock Exchange and the rules of such Stock Exchange
shall so require, publish in a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)), that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such notification, any unclaimed balance of
such money then remaining will be repaid to the Company.

         Claims against the Company for the payment of principal or interest,
Additional Amounts, if any, or Liquidated Damages, if any, on the Notes will
become void unless presentment for payment is made (where so required in the
Indenture) within, in the case of principal, Additional Amounts, if any, or
Liquidated Damages, if any, a period of ten years, or, in the case of interest,
a period of five years, in each case from the applicable original payment date
therefor.

         SECTION 8.10 REINSTATEMENT. If the Trustee or Paying Agent is unable
to apply any cash in accordance with Section 8.2, 8.3, 8.4 or 8.5 by reason
of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.2, 8.3, 8.4 or 8.5 until such time as the Trustee or Paying Agent
is permitted to apply all such cash in accordance with Section 8.2, 8.3, 8.4
or 8.5; PROVIDED, HOWEVER, that if the Company has made any payment of
interest on, premium, if any, principal, Additional Amounts, if any, and
Liquidated Damages, if any, of any Notes because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or
Paying Agent.

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                                                                              86

                                    ARTICLE IX

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

         SECTION 9.1 WITHOUT CONSENT OF HOLDERS OF NOTES. Notwithstanding
Section 9.2 hereof, the Company, the Trustee and the Principal Paying Agent
together may amend or supplement this Indenture or the Notes without the
consent of any Holder of a Note to:

         (1) cure any ambiguity, omission, defect or inconsistency;

         (2) provide for the assumption by a successor corporation, partnership,
         trust or limited liability company of the obligations of the Company
         under and pursuant to this Indenture;

         (3) provide for uncertificated Notes in addition to or in place of
         certificated Notes (PROVIDED that the uncertificated Notes are issued
         in registered form for purposes of Section 163(f) of the Code, or in a
         manner such that the uncertificated Notes are described in Section
         163(f)(2)(B) of the Code);

         (4) add Guarantees with respect to the Notes;

         (5) grant additional security for the Notes;

         (6) add to the covenants of the Company for the benefit of the Holders
         or to surrender any right or power conferred upon the Company;

         (7) make any change that does not adversely affect the rights of any
         Holder of Notes under this Indenture;

         (8) evidence and provide for the acceptance and appointment under this
         Indenture by the successor trustee; or

         (8) comply with any requirement of the Commission in connection with
         the qualification of this Indenture under the Trust Indenture Act.

         Upon the request of the Company, accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of the documents described in Section 9.6, the
Trustee shall join with the Company in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations which may be
therein contained, but the Trustee shall not be obligated to enter into such
amended or supplemental indenture which adversely affects its own rights, duties
or immunities hereunder or otherwise.

         SECTION 9.2 WITH CONSENT OF HOLDERS OF NOTES. The Company and the
Trustee may amend or supplement this Indenture, the Notes, any Security
Document or any amended or supplemental indenture with the written consent of
the Holders of at least a majority in principal amount of the Notes then
outstanding (including consents obtained in connection with a tender offer or
exchange offer for the Notes), and, subject to Sections 6.7 and 6.10, any
existing Default

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                                                                              87

or Event of Default and its consequences or compliance with any provision of
this Indenture or the Notes may be waived with the consent of the Holders of
at least a majority in principal amount of the Notes then outstanding
(including consents obtained in connection with a tender offer or exchange
offer for the Notes). However, without the consent of each Holder affected,
an amendment or waiver may not (with respect to any Notes held by a
non-consenting Holder of Notes):

         (1) reduce the amount of Notes whose Holders must consent to an
         amendment;

         (2) reduce the stated rate of or extend the stated time for payment
         of interest on any such Note;

         (3) reduce the principal of or extend the Stated Maturity of any such
         Note;

         (4) reduce the premium payable upon the redemption or repurchase of any
         such Note or change the time at which any such Note may be redeemed or
         repurchased as described under paragraph 8 of the Initial Notes or
         paragraph 7 of the Exchange Notes, Section 4.14 or Section 4.19 hereof
         or any similar provision;

         (5) make any such Note payable in money other than that stated in such
         Note;

         (6) impair the right of any Holder of such Note to receive payment of
         principal of, premium, if any, interest, Additional Amounts, if any,
         and Liquidated Damages, if any, on such Holder's Notes on or after the
         due dates therefor or to institute suit for the enforcement of any
         payment on or with respect to such Holder's Notes;

         (7) make any change in the amendment provisions which require each
         Holder's consent or in the waiver provisions;

         (8) make any change in the provisions of this Indenture described under
         Section 4.20 hereof that adversely affects the rights of any Holder of
         the Notes or amends the terms of such Notes in a way that would result
         in a loss of an exemption from any of the Taxes described thereunder or
         an exemption from any obligation to withhold or deduct Taxes so
         described thereunder unless the Company agrees to pay Additional
         Amounts, if any, in respect thereof; or

         (9) directly or indirectly release the Pledges except as permitted by
         the Security Documents.

         Upon the request of the Company, accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of
the documents described in Section 9.6, the Trustee shall join with the Company
in the execution of such amended or supplemental indenture unless such amended
or supplemental indenture adversely affects the Trustee's own rights, duties or
immunities hereunder or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or
supplemental indenture.

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                                                                              88

         It shall not be necessary for the consent of the Holders of Notes under
this Section 9.2 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

         After an amendment, supplement or waiver under this Section becomes
effective, the Company shall mail to the Holders of Notes a notice briefly
describing the amendment, supplement or waiver. Any failure of the Company to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amended or supplemental indenture or waiver.

         SECTION 9.3 COMPLIANCE WITH TIA. From the date on which this
Indenture is qualified under the TIA, every amendment, waiver or supplement
of this Indenture or the Notes shall comply with the TIA as then in effect.

         SECTION 9.4 REVOCATION AND EFFECT OF CONSENTS. Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note
is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting
Holder's Note, even if notation of the consent is not made on any Note.
However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder of a Note.

         The Company may fix a record date for determining which Holders of the
Notes must consent to such amendment, supplement or waiver. If the Company fixes
a record date, the record date shall be fixed at (i) the later of 30 days prior
to the first solicitation of such consent or the date of the most recent list of
Holders of Notes furnished to the Trustee prior to such solicitation pursuant to
Section 2.5 or (ii) such other date as the Company shall designate.

         SECTION 9.5 NOTATION ON OR EXCHANGE OF NOTES. The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note
thereafter authenticated. The Company in exchange for all Notes may issue and
the Trustee shall authenticate new Notes that reflect the amendment,
supplement or waiver.

         Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment, supplement or waiver.

         SECTION 9.6 TRUSTEE TO SIGN AMENDMENTS, ETC. The Trustee shall
execute any amendment, supplement or waiver authorized pursuant to this
Article IX; PROVIDED, HOWEVER, that the Trustee may, but shall not be
obligated to, execute any such amendment, supplement or waiver which
adversely affects the Trustee's own rights, duties or immunities under this
Indenture. The Trustee shall be entitled to receive indemnity reasonably
satisfactory to it, and shall be fully protected in relying upon, an Opinion
of Counsel and an Officers' Certificate each stating that the execution of
any amendment, supplement or waiver authorized pursuant to this Article IX is
authorized or permitted by this Indenture and constitutes the legal, valid
and

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                                                                              89

binding obligations of the Company enforceable in accordance with its terms.
Such Opinion of Counsel shall not be an expense of the Trustee.

                                    ARTICLE X

                                    SECURITY

         SECTION 10.1 SECURITY. In order to secure the due and punctual
payment of the principal of, premium, if any, interest, Additional Amounts,
if any, and Liquidated Damages, if any, on the Notes when and as the same
shall be due and payable, whether on an interest payment date, at maturity,
by acceleration, repurchase, call for redemption or otherwise, and interest
on the overdue principal, interest and Additional Amounts, if any (to the
extent permitted by law), of the Notes and performance of all other
obligations of the Company to the Holders or the Trustee under this Indenture
and the Notes, according to the terms hereof or thereof, the Company will
make an assignment and pledge of its right, title and interest in and to the
Collateral to the Trustee pursuant to the Security Documents and to the
extent therein provided, no later than the date of the first issuance of the
Notes hereunder. At the time the Security Documents are executed, the Company
will have full right, power and lawful authority to grant, bargain, sell,
release, convey, hypothecate, assign, mortgage, transfer and confirm,
absolutely, the property constituting the Collateral in the manner and form
done, or intended to be done, in the Security Documents, free and clear of
all Liens whatsoever, and (a) will for so long as any Notes are outstanding,
warrant and defend the title to the same against the claims of all Persons
whatsoever, (b) will execute, acknowledge and deliver to the Trustee such
further assignments, transfers, assurances or other instruments as the
Trustee may require or request and (c) will do or cause to be done all such
acts and things as may be necessary or proper, or as may be required by the
Trustee, to assure and confirm to the Trustee (acting on behalf of the
Holders of the Notes) the security interest in the Collateral contemplated
hereby and by the Security Documents, or any part thereof, as from time to
time constituted, so as to render the same available for the security and
benefit of this Indenture and of the Notes secured hereby, according to the
intent and purposes herein expressed. The Company shall take any and all
actions required to cause the Security Documents to create and maintain, as
security for the obligations of the Company hereunder, a valid and
enforceable perfected first priority Lien in and on all the Collateral with
respect to the Notes, in favor of the Trustee (acting on behalf of the
Holders of the Notes) for the benefit of the Holders of such Notes, superior
to and prior to the rights of all third Persons and subject to no other
Liens. The Security Documents create such a Lien on the property constituting
the Collateral.

         SECTION 10.2 RECORDING AND OPINIONS. The Company will cause, at its
own expense, the Security Documents, this Indenture and all amendments or
supplements thereto to be registered, recorded and filed or re-recorded,
refiled and renewed in such manner and in such place or places, if any, as
may be required by law in order fully to preserve and protect the Liens
created by the Security Documents on all parts of the Collateral and to
effectuate and preserve the security of the Holders and all rights of the
Trustee.

         The Company shall furnish to the Trustee: (a) simultaneously with the
execution and delivery of this Indenture, an Opinion of Counsel either (I)
stating that, in the opinion of such counsel, this Indenture and the assignment
and pledge of the Collateral intended to be made by

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                                                                              90

the Security Documents and all other instruments of further assurance or
amendment have been properly recorded, registered and filed, and all action
has been taken in respect thereof, to the extent necessary to make effective
the Lien intended to be created by the Security Documents, and reciting with
respect to the security interests in the Collateral the details of such
action, and stating that, as to the Security Documents, such recordings,
registering and filings necessary to give notice thereof are the only
recordings, registerings and filings necessary to give notice thereof and
that no re-recordings, re-registering or refilings are necessary to maintain
such notice, and further stating that all financing statements and
continuation statements have been executed and filed that are necessary fully
to preserve and protect the rights of the Holders and the Trustee hereunder
and under the Security Documents, or (II) stating that, in the opinion of
such counsel, no such action is necessary to make such Lien and assignment
and pledge effective; and (b) within 30 days after April 10 in each year
beginning with April 10, 2002, an Opinion of Counsel, dated as of such date,
either (a) stating that, in the opinion of such counsel, such action has been
taken with respect to the recording, registering, filing, re-recording,
reregistering and refiling of all supplemental indentures, financing
statements, continuation statements or other instruments of further assurance
as is necessary to maintain the Lien of the Security Documents and reciting,
with respect to the security interests of the Collateral, the details of such
action or referring to prior Opinions of Counsel in which details are given,
and stating that all financing statements and continuation statements have
been executed and filed that are necessary as of such date and during the
succeeding 12 months fully to preserve and protect the rights of the Holders
and the Trustee hereunder and under the Security Documents, or (b) stating
that, in the opinion of such counsel, no such action is necessary to maintain
such Lien and assignment and pledge.

         SECTION 10.3 RELEASE OF COLLATERAL. (a) Subject to subsections (b),
(c) and (d) of this Section 10.3, Collateral may be released from the Lien
and security interest created by the Security Documents only in accordance
with the provisions of the Security Documents.

         (b) Except to the extent that any Lien on proceeds of Collateral is
automatically released by operation of law, no Collateral shall be released from
the Lien and security interest created by the Security Documents pursuant to the
provisions of the Security Documents, other than pursuant to the terms thereof,
unless there shall have been delivered to the Trustee the certificate required
by Section 10.3(d) and Section 10.4.

         (c) At any time when an Event of Default shall have occurred and be
continuing and the maturity of the Notes shall have been accelerated (whether by
declaration or otherwise), no Collateral shall be released pursuant to the
provisions of the Security Documents, and no release of Collateral in
contravention of this Section 10.3(c) shall be effective as against the Holders
of Notes, except for disbursement to the Trustee on behalf of the Holders of the
Notes.

         (d) The release of any Collateral from the Liens and security interests
created by the Security Documents shall not be deemed to impair the security
under the Security Documents in contravention of the provisions hereof if and to
the extent the Collateral is released pursuant to the terms hereof or, subject
to complying with the requirements of this Section 10.3, and Section 10.4
pursuant to the terms of the Security Documents. To the extent applicable, the
Company shall cause Section 314(d) of the TIA relating to the release of
property or securities from the Lien and security interest of the Security
Documents to be complied with. Any certificate or

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                                                                              91

opinion required by Section 314(d) of the TIA may be made by an Officer of
the Company except in cases where Section 314(d) of the TIA requires that
such certificate or opinion be made by an independent Person, which Person
shall be an independent engineer, appraiser or other expert selected by the
Company.

         SECTION 10.4 CERTIFICATES OF THE COMPANY. The Company shall furnish
to the Trustee, prior to any proposed release of the Collateral other than
pursuant to the express terms of the Security Documents, (i) all documents
required by Section 314(d) of the TIA and (ii) an Opinion of Counsel to the
effect that such accompanying documents constitute all documents required by
Section 314(d) of the TIA. The Trustee may, to the extent permitted by
Sections 7.1 and 7.2, accept as conclusive evidence of compliance with the
foregoing provisions the appropriate statements contained in such documents
and such Opinion of Counsel.

         SECTION 10.5 AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE.
(a) Subject to the provisions of Sections 7.1 and 7.2 hereof, the Trustee
upon the written direction of the Holders of majority in principal amount of
the Notes then outstanding may, on behalf of the Holders of such Notes, take
all actions as so directed in order to (i) enforce any of the terms of the
Security Documents and (ii) collect and receive any and all amounts payable
in respect of the obligations of the Company hereunder. The Trustee shall
have power to institute and to maintain suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts which may
be unlawful or in violation of the Security Documents or this Indenture, and
such suits and proceedings as the Trustee may deem expedient to preserve or
protect its interests and the interests of the Holders in the Collateral
(including power to institute and maintain suits or proceedings to restrain
the enforcement of or compliance with any legislative or governmental
enactment, rule, or order that may be unconstitutional or otherwise invalid
if the enforcement of, or compliance with, such enactment, rule or order
would impair the security hereunder or under the Security Documents or be
prejudicial to the interest of the Trustee).

         (b) The Trustee shall have the power and is hereby authorized to enter
into the Security Documents for itself and on behalf of the Holders and to make
certain agreements, covenants and representations on behalf of the Holders.

         (c) All enforcement rights of the Holders under this Indenture which
may be exercised by the Trustee on behalf of the Holders shall from and after
the time of issuance of the Notes be held by the Trustee on behalf of the
Holders as express INTER VIVOS trust for the benefit of the Holders from time to
time.

         SECTION 10.6 AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER
THE SECURITY DOCUMENTS. The Trustee is authorized to receive any funds and
assets for the benefit of the Holders of Notes disbursed under the Security
Documents and to make further distributions of such funds and assets to the
Holders of Notes according to the provisions of this Indenture.

         SECTION 10.7 TERMINATION OF SECURITY INTEREST. Upon the earliest to
occur of (i) the payment in full of all obligations of the Company under this
Indenture and the Notes, (ii) Legal Defeasance pursuant to Section 8.2
hereof, (iii)Covenant Defeasance pursuant to Section 8.3 hereof and (iv)
satisfaction and discharge pursuant to Section 8.5 hereof, the Trustee shall,
at

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                                                                              92

the written request of the Company, release the Liens pursuant to the
Security Documents upon the Company's compliance with the provisions of the
TIA pertaining to release of collateral.

         The Trustee shall not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the
perfection of any security interest in the Collateral.

         The Trustee shall not be responsible for the existence, genuineness or
value of any of the Collateral or for the validity, perfection, priority or
enforceability of the Liens in any of the Collateral, whether impaired by
operation of law or by reason of any action or omission to act on its part
hereunder, for the validity or sufficiency of the Collateral or any agreement or
assignment contained therein, for the validity of the title of the Company to
the Collateral, for insuring the Collateral or for the payment of taxes,
charges, assessments or Liens upon the Collateral or otherwise as to the
maintenance of the Collateral.

                                    ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 TIA CONTROLS. If any provision of this Indenture
limits, qualifies, or conflicts with the duties imposed by operation of
Section 3.18(c) of the TIA, the imposed duties shall control. If any
provision of this Indenture modifies or excludes any provision of the TIA
that can be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or excluded, as the case may be.

         SECTION 11.2 NOTICES. Any notices or other communications required
or permitted hereunder shall be in writing, and shall be sufficiently given
if made by hand delivery, by telecopier or first-class mail, postage prepaid,
addressed as follows:

     if to the Company:

         Attention:  Mr. Richard Ohman
         Preem Holdings AB (Publ)
         Biblioteksgaten 29
         P.O. Box 5785
         SE-114 87 Stockholm
         Sweden
         Telecopier:  +46-8-614-1314

         with a copy to:

         Attention:  Mr. J. Stephen Hatfield
         Akin, Gump, Strauss, Hauer & Feld
         One Angel Court
         London EC2R 7HJ
         England
         Telecopier:  +44-207-726-9610

<Page>

                                                                              93

     if to the Trustee:

         Attention to:  Ms. Carol Ng
         Corporate Trust and Agency Services
         Bankers Trust Company, as Trustee, Registrar or Paying Agent
         Four Albany Street
         New York, New York 10006
         Telecopier:  +1-212-250-0933
         Telephone:  +1-212-250-6147

         with a copy to:

         Attention to:  Mr. Dan Chipko
         Bankers Trust Company, as Trustee, Registrar or Paying Agent
         Four Albany Street
         New York, New York 10006
         Telecopier:  +1-212-250-0933
         Telephone:  +1-212-250-6519

     if to the Principal Paying Agent:

         Attention to: Corporate Trust and Agency Services (CPF-Administration)
         Deutsche Bank AG London as Principal Paying Agent and Transfer Agent
         Winchester House
         1 Great Winchester Street
         London EC2N 2DB
         England
         Telecopier: +44-207-547-3665

         Each of the Company and the Trustee by written notice to each other
such Person may designate additional or different addresses for notices to such
Person. Any notice or communication to the Company and the Trustee, shall be
deemed to have been given or made as of the date so delivered if personally
delivered; when receipt is acknowledged, if telecopied; and five (5) calendar
days after mailing if sent by first class mail, postage prepaid (except that a
notice of change of address and a Notice to the Trustee shall not be deemed to
have been given until actually received by the addressee).

         Any notice or communication mailed to a Holder shall be mailed to such
Person by first-class mail or other equivalent means at such Person's address as
it appears on the registration books of the Registrar and shall be sufficiently
given to him if so mailed within the time prescribed.

         Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. If a notice
or communication is mailed in the manner provided above, it is duly given,
whether or not the addressee receives it.

<Page>

                                                                              94

         Notices regarding the Notes will be published in a leading newspaper
having a general circulation in New York (which is expected to be THE WALL
STREET JOURNAL) (and, if and so long as the Notes are listed on the Luxembourg
Stock Exchange and the rules of such stock exchange shall so require, a
newspaper having a general circulation in Luxembourg (which is expected to be
the LUXEMBURGER WORT)) or, in the case of Definitive Notes, in addition to such
publication, mailed to Holders by first-class mail at their respective addresses
as they appear on the registration books of the Registrar. Notices given by
publication will be deemed given on the first date on which publication is made
and notices given by first-class mail, postage prepaid, will be deemed given
five calendar days after mailing.

         SECTION 11.3 COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS. Holders
may communicate pursuant to Section 312(b) of the TIA with other Holders with
respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and any other person shall have the protection of
Section 312(c) of the TIA.

         SECTION 11.4 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.
Upon any request or application by the Company to the Trustee or an Agent to
take any action under this Indenture, the Company shall furnish to the
Trustee at the request of the Trustee:

         (1) an Officers' Certificate, in form and substance reasonably
      satisfactory to the Trustee (which shall include the statements set forth
      in Section 11.5), stating that, in the opinion of the signers, all
      conditions precedent and covenants, if any, provided for in this Indenture
      relating to the proposed action have been satisfied or complied with; and

         (2) an Opinion of Counsel in form and substance reasonably satisfactory
      to the Trustee or such Agent (which shall include the statements set forth
      in Section 11.5) stating that, in the opinion of such counsel, all such
      conditions precedent and covenants have been satisfied or complied with.

         In any case where several matters are required to be certified by, or
covered by an Opinion of Counsel of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the Opinion of Counsel of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an Opinion of Counsel with
respect to some matters and one or more such Persons as to other matters, and
any such Person may certify or give an Opinion of Counsel as to such matters in
one or several documents.

         Any certificate of an Officer of the Company may be based, insofar as
it relates to legal matters, upon an Opinion of Counsel, unless such Officer
knows, or in the exercise of reasonable care should know, that such Opinion of
Counsel with respect to the matters upon which his certificate is based are
erroneous. Any Opinion of Counsel may be based, and may state that it is so
based, insofar as it relates to factual matters, upon a certificate of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or representations with respect to such matters are
erroneous.

<Page>

                                                                              95

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         SECTION 11.5 STATEMENTS REQUIRED IN CERTIFICATE OR OPINION. Each
certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

         (1)  a statement that the Person making such certificate or opinion
         has read such covenant or condition;

         (2) a brief statement as to the nature and scope of the examination or
      investigation upon which the statements or opinions contained in such
      certificate or opinion are based;

         (3) a statement that, in the opinion of such Person, such Person has
      made such examination or investigation as is necessary to enable such
      Person to express an informed opinion as to whether or not such covenant
      or condition has been complied with; and

         (4) a statement as to whether or not, in the opinion of each such
      Person, such condition or covenant has been complied with.

         SECTION 11.6 RULES BY TRUSTEE, PAYING AGENT (INCLUDING PRINCIPAL
PAYING AGENT), REGISTRAR. The Trustee, Paying Agent (including the Principal
Paying Agent) or Registrar may make reasonable rules for its functions.

         SECTION 11.7 LEGAL HOLIDAYS. If a payment date is not a Business
Day, payment may be made on the next succeeding day that is a Business Day,
and no interest shall accrue for the intervening period.

         SECTION 11.8 GOVERNING LAW. THIS INDENTURE AND THE NOTES, AND THE
RIGHTS AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 11.9 SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR
SERVICE. To the fullest extent permitted by applicable law, the Company
irrevocably submits to the non-exclusive jurisdiction of and venue in any
federal or state court in the Borough of Manhattan in the City of New York,
County and State of New York, United States of America, in any suit or
proceeding based on or arising under this Indenture or any of the
transactions contemplated hereby, and irrevocably agrees that all claims in
respect of such suit or proceeding may be determined in any such court. The
Company, to the fullest extent permitted by applicable law, irrevocably and
fully waives the defense of an inconvenient forum to the maintenance of such
suit or proceeding and hereby irrevocably designates and appoints CT
Corporation (the "AUTHORIZED AGENT"), as its authorized agent upon whom
process may be served in any such suit or proceeding. The Company represents
that it has notified the Authorized Agent of such designation and appointment
and that the Authorized Agent has accepted the same in writing. The Company
hereby irrevocably authorizes and directs its Authorized Agent to accept such
service. The Company further agrees that service of process upon its
Authorized Agent and written notice of said service to the Company mailed by
first class mail or delivered to its

<Page>

                                                                              96

Authorized Agent shall be deemed in every respect effective service of
process upon the Company in any such suit or proceeding. Nothing herein shall
affect the right of any person to serve process in any other manner permitted
by law. The Company agrees that a final action in any such suit or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other lawful manner. Notwithstanding the foregoing, any
action against the Company arising out of or based on this Indenture or the
transactions contemplated hereby may also be instituted in any competent
court in The Kingdom of Sweden and the Company expressly accepts the
jurisdiction of any such court in any such action. The Company hereby
irrevocably waives, to the extent permitted by law, any immunity to
jurisdiction to which it may otherwise be entitled (including, without
limitation, immunity to pre-judgment attachment, post-judgment attachment and
execution) in any legal suit, action or proceeding against it arising out of
or based on this Indenture, the Notes or the transactions contemplated
hereby. The provisions of this Section 11.9 are intended to be effective upon
the execution of this Indenture and the Notes without any further action by
the Company or the Trustee and the introduction of a true copy of this
Indenture into evidence shall be conclusive and final evidence as to such
matters.

         SECTION 11.10 NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. This
Indenture may not be used to interpret another indenture, loan or debt
agreement of any of the Company or any of its Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

         SECTION 11.11 NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES, INCORPORATORS OR STOCKHOLDERS. No director, officer, employee,
incorporator or stockholder of the Company, as such, shall have any liability
for any obligations of the Company under the Notes. The Security Documents or
this Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Holder of the Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes.

         SECTION 11.12 CURRENCY INDEMNITY. The Euro is the sole currency of
account and payment for all sums payable by the Company under or in
connection with the Notes, including damages. Any amount received or
recovered in a currency other than euro (whether as a result of, or the
enforcement of, a judgment or order of a court of any jurisdiction, in the
winding-up or dissolution of the Company or otherwise) by any Holder of a
Note or the Trustee in respect of any sum expressed to be due to it from the
Company will only constitute a discharge to the Company to the extent of the
Euro amount which the recipient is able to purchase with the amount so
received or recovered in that other currency on the date of that receipt or
recovery (or, if it is not practicable to make that purchase on that date, on
the first date on which it is practicable to do so). If that Euro amount is
less than the Euro amount expressed to be due to the recipient under any Note
or the Trustee, the Company will indemnify them against any loss sustained by
them as a result. In any event, the Company will indemnify the recipient
against the cost of making any such purchase. For the purposes of this
Section 11.12, it will be sufficient for the Holder of a Note or the Trustee
to certify in a satisfactory manner (indicating the sources of information
used) that it would have suffered a loss had an actual purchase of Euro been
made with the amount so received in that other currency on the date of
receipt or recovery (or, if a purchase of euro on such date had not been
practicable, on the first date on which it would have

<Page>

                                                                              97

been practicable, it being required that the need for a change of date be
certified in the manner mentioned above). These indemnities constitute a
separate and independent obligation from the Company's other obligations,
will give rise to a separate and independent cause of action, will apply
irrespective of any indulgence granted by any Holder of a Note or the Trustee
and will continue in full force and effect despite any other judgment, order,
claim or proof for a liquidated amount in respect of any sum due under any
Note or the Trustee.

         SECTION 11.13 SUCCESSORS.  All agreements of the Company in this
Indenture and the Notes shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successor.

         SECTION 11.14 COUNTERPART ORIGINALS. All parties hereto may sign any
number of copies of this Indenture. Each signed copy or counterpart shall be
an original, but all of them together shall represent one and the same
agreement.

         SECTION 11.15 SEVERABILITY. In case any one or more of the
provisions in this Indenture or in the Notes shall be held invalid, illegal
or unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions shall not in any way be affected or impaired thereby, it
being intended that all of the provisions hereof shall be enforceable to the
full extent permitted by law.

         SECTION 11.16 TABLE OF CONTENTS, HEADINGS, ETC. The Table of
Contents, Cross-Reference Table and Headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and shall in no way modify or
restrict any of the terms or provisions hereof.

<Page>

                                                                              98

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed, as of the date first written above.

                             PREEM HOLDINGS AB (PUBL)

                             By:    /s/ Karim Karaman
                                 -----------------------------
                             Name:    Karim Karaman
                             Title:   President

                             By:    /s/ Richard Ohman
                                 -----------------------------
                             Name:    Richard Ohman
                             Title:   Director

                             BANKERS TRUST COMPANY, as Trustee,
                             Registrar and Paying Agent

                             By:    /s/ Wanda Camacho
                                 -----------------------------
                             Name:    Wanda Camacho
                             Title:   Vice President

                             DEUTSCHE BANK AG LONDON, as Principal
                             Paying Agent and Transfer Agent

                             By:    /s/ C.A. Morris
                                 -----------------------------
                             Name:    C.A. Morris
                             Title:   Vice President

                             By:    /s/ A. McCormack
                                 -----------------------------
                             Name:    A. McCormack
                             Title: Assistant Vice President

<Page>

                                                                       EXHIBIT A
                                                                TO THE INDENTURE

                  [FORM OF FACE OF INITIAL GLOBAL NOTE]

                  THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO.

                  THIS SECURITY OF PREEM HOLDINGS AB (PUBL) (THE "ISSUER") HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF
TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
LAST DAY ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE ISSUER, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE BY THE
U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT SUBJECT TO
THE ISSUER'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND PRIOR TO
ANY OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (A) THROUGH (E) TO REQUIRE THE
TRANSFER CERTIFICATIONS REQUIRED PURSUANT TO THE INDENTURE. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

                                       A-1
<Page>

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                                                       Common Code No.: ________

                                                              ISIN No.: ________

[If Regulation S Security - CINS Number _________]

No.____                                   EURO____________

                  PREEM HOLDINGS AB (PUBL), a company organized under the laws
of The Kingdom of Sweden (the "Company", which term includes any successor
corporation), for value received promises to pay _____ or registered assigns
upon surrender hereof the principal sum indicated on Schedule A hereof, on March
31, 2011.

                  Interest Payment Dates: March 31 and September 31, commencing
September 31, 2001

                  Record Dates: March 15 and September 15

                  Reference is made to the further provisions of this Note
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                                       A-2
<Page>

                  IN WITNESS WHEREOF, the Company has caused this Note to be
signed manually or by facsimile by its duly authorized officers.

                                              PREEM HOLDINGS AB (PUBL)

                                              By: _________________________
                                              Name:
                                              Title:

                                              By: __________________________
                                              Name:
                                              Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

BANKERS TRUST COMPANY, as Trustee,

By:      _____________________
Name:
Title:

Dated:

                                       A-3

<Page>

                                [FORM OF REVERSE]

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                  1. INTEREST. PREEM HOLDINGS AB (PUBL), a company organized
under the laws of The Kingdom of Sweden (the "Company"), promises to pay
interest on the principal amount of this Note at the rate and in the manner
specified below. Interest on the Notes will accrue at 10-5/8% per annum on the
principal amount then outstanding, and be payable semi-annually in arrears on
each March 31 and September 30, or if any such day is not a Business Day, on the
next succeeding Business Day, commencing September 30, 2001, to the Holder
hereof. Notwithstanding any exchange of this Note for a Definitive Note during
the period starting on a Record Date relating to such Definitive Note and ending
on the immediately succeeding interest payment date, the interest due on such
interest payment date shall be payable to the Person in whose name this Global
Note is registered at the close of business on the Record Date for such
interest. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from April 10, 2001.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  The Company shall pay interest on overdue principal and on
overdue installments of interest (without regard to any applicable grace
periods), on any Additional Amounts, and on any Liquidated Damages, from time to
time on demand at the rate borne by the Notes plus 1.5% per annum to the extent
lawful. Any interest paid on this Note shall be increased to the extent
necessary to pay Additional Amounts as set forth herein.

                  2. LIQUIDATED DAMAGES. Pursuant to a Registration Rights
Agreement between the Company and the Initial Purchasers on behalf of Holders of
the Initial Notes, the Company has agreed to use its reasonable best efforts to
consummate an exchange offer pursuant to which the Holder of this Note shall
have the right to exchange this Note for the Company's 10-5/8% Senior Secured
Notes due 2011 (the "Exchange Notes"), which have then been registered under the
Securities Act, in like principal amount and having substantially identical
terms in all material respects as the Initial Notes. The Holders shall be
entitled to receive payment of additional interest ("Liquidated Damages") in the
event such exchange offer is not consummated and in certain other events,
subject, in each case, to certain conditions, all pursuant to and in accordance
with the terms of the Registration Rights Agreement. Liquidated Damages which
may be payable pursuant to the Registration Rights Agreement shall be payable in
the same manner as set forth herein with respect to the stated interest. The
provisions of the Registration Rights Agreement relating to such Liquidated
Damages are incorporated herein by reference and made a part hereof as if set
forth herein in full. The Company shall provide written notice to the Trustee of
the accrual and amount of Liquidated Damages, if any, not less than ten (10)
Business Days prior to each interest payment date. Absent such notice, the
Trustee shall be conclusively entitled to presume that no Liquidated Damages
have accrued and are owing.

                                       A-4
<Page>

                  3. ADDITIONAL AMOUNTS. All payments made by the Company on the
Notes (whether or not in the form of Definitive Notes) will be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"Taxes") imposed or levied by or on behalf of the United States, The Kingdom of
Sweden or any jurisdiction in which the Company or any Successor Company (as
defined in the Indenture) is organized or is otherwise resident for tax purposes
or any political subdivision thereof or any authority having power to tax
therein or any jurisdiction from or through which payment is made (each a
"Relevant Taxing Jurisdiction"), unless the withholding or deduction of Taxes is
then required by law. If any deduction or withholding for, or on account of, any
Taxes of any Relevant Taxing Jurisdiction shall at any time be required on any
payments made by the Company with respect to the Notes, including payments of
principal, Redemption Price, Liquidated Damages, interest or premium, the
Company will pay such additional amounts (the "Additional Amounts") as may be
necessary in order that the net amounts received in respect of such payments by
the Holders of the Notes or the Trustee, as the case may be, after such
withholding or deduction, equal the respective amounts which would have been
received in respect of such payments in the absence of such withholding or
deduction; except that no Additional Amounts will be payable with respect to:

         (1) any Taxes that would not have been imposed but for the Holder or
         beneficial owner having some connection with the Relevant Taxing
         Jurisdiction (including being a citizen or resident or national of, or
         carrying on a business or maintaining a permanent establishment in, or
         being physically present in, the Relevant Taxing Jurisdiction) other
         than by the mere holding of such Note or enforcement of rights
         thereunder or the receipt of payments in respect thereof;

         (2) any Taxes that are imposed or withheld by reason of the failure of
         the Holder or beneficial owner of the Note to comply with a request of
         the Company addressed to the Holder to provide information concerning
         the nationality, residence or identity of such Holder or beneficial
         owner or to make any declaration or similar claim or satisfy any
         information or reporting requirement, which is required or imposed by a
         statute, treaty, regulation, protocol, or administrative practice of
         the Relevant Taxing Jurisdiction as a precondition to exemption from
         all or part of such Taxes;

         (3) except in the case of the winding up of the Company, any Note
         presented for payment (where presentation is required) in the Relevant
         Taxing Jurisdiction (unless by reason of the Company's actions
         presentment could not have been made elsewhere and except to the extent
         that the Holder would have been entitled to Additional Amounts had the
         Notes not been so presented);

         (4) any Note presented for payment (where presentation is required)
         more than 30 days after the relevant payment is first made available
         for payment to the Holder (except to the extent that the Holder would
         have been entitled to Additional Amounts had the Note been presented on
         the last day of such 30 day period);

         (5) any Note where withholding taxes or any other deductions are
         imposed on a payment to an individual and are required to be made
         pursuant to any European Union Directive on the taxation of savings
         implementing the conclusions of the ECOFIN Council

                                       A-5
<Page>

         meeting of November 26-27, 2000 or any law implementing or complying
         with, or introduced in order to conform to, such directive; or

         (6) any Note presented for payment by or on behalf of a holder of the
         Notes who would have been able to avoid such withholding taxes or any
         other deductions by presenting the relevant Note to another Paying
         Agent in a member state of the European Union.

         Such Additional Amounts will also not be payable where, had the
beneficial owner of the Note been the Holder of the Note, it would not have been
entitled to payment of Additional Amounts by reason of clauses (1) to (4)
inclusive, above.

         Upon request, the Company will provide the Trustee with documentation
satisfactory to the Trustee evidencing the payment of Additional Amounts. Copies
of such documentation will be made available to the Holders upon request.

                  4. METHOD OF PAYMENT. The Company shall pay interest on the
Notes (except defaulted interest) to the Person in whose name this Note is
registered at the close of business on the Record Date for such interest.
Holders must surrender Notes to a Paying Agent to collect principal payments.
The Company shall pay principal and interest in Euros. Immediately available
funds for the payment of the principal of (and premium, if any), interest,
Additional Amounts, if any, and Liquidated Damages, if any, on this Note due on
any interest payment date, Maturity Date, Redemption Date or other repurchase
date will be made available to the Paying Agent to permit the Paying Agent to
pay such funds to the Holders on such respective dates.

                  5. PAYING AGENT AND REGISTRAR. Initially, Bankers Trust
Company will act as Paying Agent and Registrar and Deutsche Bank AG London will
act as Principal Paying Agent. In the event that a Paying Agent or transfer
agent is replaced, the Company will provide notice thereof (so long as the Notes
are Global Notes) published in a leading newspaper having general circulation in
New York City (which is expected to be THE WALL STREET JOURNAL) and (if and so
long as the Notes are listed on the Luxembourg Stock Exchange and the rules of
such stock exchange shall so require) published in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT) and (in
the case of Definitive Notes), in addition to such publication, mailed by
first-class mail to each Holder's registered address. The Company may change any
Registrar without notice to the Holders. The Company or any of its Subsidiaries
may, subject to certain exceptions, act in any such capacity.

                  6. INDENTURE. The Company issued the Notes under an Indenture,
dated as of April 10, 2001 (the "Indenture"), among the Company, Bankers Trust
Company (the "Trustee") and Deutsche Bank AG London, as Principal Paying Agent
and transfer agent. This Note is one of a duly authorized issue of Notes (as
defined in the Indenture) of the Company designated as its 10-5/8% Senior
Secured Notes due 2011 (the "Initial Notes"). The Notes include the Initial
Notes and the Exchange Notes issued in exchange for the Initial Notes pursuant
to the Indenture. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939 (15 U.S. Code Sections 77aaa-77bbbb) (the "TIA "), as in effect on the date
of the Indenture until such time as the Indenture is qualified under the TIA,
and thereafter as in effect on the date on which the Indenture is qualified
under the TIA.

                                       A-6
<Page>

Notwithstanding anything to the contrary herein, the Notes are subject to all
such terms, and Holders of Notes are referred to the Indenture and the TIA
for a statement of them. The Notes are general obligations of the Company.
The Notes are not limited in aggregate principal amount and Additional Notes
(as defined in the Indenture) may be issued from time to time under the
Indenture, in each case subject to the terms of the Indenture; provided that
the aggregate principal amount of Initial Notes that will be issued on the
Closing Date (as defined in the Indenture) will not exceed EURO 250,000,000.
Each Holder, by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture, as the same may be amended from time to time.

                  7. RANKING AND SECURITY. The Notes will be general obligations
of the Company and will rank senior in right of payment to all existing and
future indebtedness of the Company that is, by its terms or by the terms of the
agreement or instrument governing such indebtedness, expressly subordinated in
right of payment to the Notes and PARI PASSU in right of payment with all
existing and future senior indebtedness of the Company. In addition, the Notes
are secured by the Collateral pursuant to the terms of the Security Documents
(as such terms are defined in the Indenture).

                  8. OPTIONAL REDEMPTION. The Notes will be redeemable, at the
Company's option, in whole or in part, on and after March 31, 2006 upon not less
than 30 nor more than 60 days' prior notice at the redemption prices (expressed
as a percentage of principal amount) set forth below, plus accrued and unpaid
interest, if any, Additional Amounts, if any, and Liquidated Damages, if any
(each, a "Redemption Price"), to the date fixed by the Company for redemption (a
"Redemption Date") (subject to the right of Holders of record on the relevant
Record Date to receive interest, Additional Amounts, if any, and Liquidated
Damages, if any, due on the relevant interest payment date), if redeemed during
the twelve-month period beginning on March 31 of each of the years indicated
below:

<Table>
<Caption>
          YEAR                                             NOTES
          ----                                             -----

<S>                                                        <C>
          2006.....................................        105.313%
          2007.....................................        103.542%
          2008.....................................        101.771%
          2009 and thereafter......................         100.00%
</Table>

                  In addition, at any time prior to March 31, 2004, the Company
may on any one or more occasions redeem up to 35% of the original principal
amount of the Notes with the Net Cash Proceeds (as defined in the Indenture) of
one or more Public Equity Offerings (as defined in the Indenture) at a
redemption price of 110-5/8% of the principal amount thereof, plus accrued and
unpaid interest, if any, Additional Amounts, if any, and Liquidated Damages, if
any (each, a "Redemption Price"), to the date fixed by the Company for
redemption (a "Redemption Date") (subject to the right of Holders of record on
the relevant Record Date to receive interest, Additional Amounts, if any, and
Liquidated Damages, if any, due on the relevant interest payment date); PROVIDED
that (i) at least 65% of the original principal amount of the Notes remains
outstanding after each such redemption and (ii) the redemption occurs within 90
days after the closing of such Public Equity Offering.

                                       A-7
<Page>

                  9. SPECIAL TAX REDEMPTION. The Company, at its option, may
redeem, in whole, but not in part, the Notes at any time upon giving not less
than 30 nor more than 60 days' notice to the Holders of Notes (which notice
shall be irrevocable), at a redemption price equal to the principal amount
thereof, together with accrued and unpaid interest and Liquidated Damages, if
any (a "Redemption Price"), to the date fixed by the Company for redemption (a
"Tax Redemption Date") and all Additional Amounts, if any, then due and which
will become due on the Tax Redemption Date as a result of the redemption or
otherwise, if the Company determines that, as a result of (i) any change in, or
amendment to, the laws or treaties (or any regulations or rulings promulgated
thereunder) of any Relevant Taxing Jurisdiction affecting taxation which becomes
effective on or after the Closing Date, or (ii) any change in position regarding
the application, administration or interpretation of such laws, treaties,
regulations or rulings (including a holding, judgment or order by a court of
competent jurisdiction), which change, amendment, application or interpretation
becomes effective on or after the Closing Date, the Company is, or on the next
interest payment date would be, required to pay Additional Amounts on the Notes,
and the Company determines that such payment obligation cannot be avoided by the
Company's taking reasonable measures. Notwithstanding the foregoing, no such
notice of redemption shall be given earlier than 90 days prior to the earliest
date on which the Company would be obligated to make such payment or withholding
if a payment in respect of such Notes were then due. Prior to the publication
or, where relevant, mailing of any notice of redemption of the Notes pursuant to
the foregoing, the Company will deliver to the Trustee an opinion of a tax
counsel reasonably satisfactory to the Trustee to the effect that the
circumstances referred to above exist. The Trustee shall accept such opinion as
sufficient evidence of the satisfaction of the conditions precedent described
above, in which event it shall be conclusive and binding on the Holders of the
Notes.

                  10. NOTICE OF REDEMPTION. Notice of redemption will be given
at least 30 days but not more than 60 days before the Redemption Date or Tax
Redemption Date, as the case may be, (i) so long as the Notes are in global
form, by publishing in a leading newspaper having a general circulation in New
York (which is expected to be THE WALL STREET JOURNAL) (and, if and so long as
the Notes are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require, a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)) and (ii) in the case
of Definitive Notes, in addition to such publication, by mailing first-class
mail to each Holder's registered address. Notes in denominations of EURO 1,000
may be redeemed only in whole. The Trustee may select for redemption portions
(equal to EURO 1,000 or any integral multiple thereof) of the principal of Notes
that have denominations larger than EURO 1,000.

                  Except as set forth in the Indenture, from and after any
Redemption Date, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such
Redemption Date, then, unless the Company defaults in the payment of such
Redemption Price, the Notes called for redemption will cease to bear interest,
Additional Amounts, if any, or Liquidated Damages, if any, and the only right of
the Holders of such Notes will be to receive payment of the Redemption Price.

                  11. CHANGE OF CONTROL OFFER. Upon the occurrence of a Change
of Control, the Company will be required to make an offer to purchase all or any
part (equal to EURO 1,000 in principal amount and integral multiples thereof) of
the Notes on the Change of Control Payment

                                       A-8
<Page>

Date at a purchase price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest, if any, Additional Amounts,
if any, and Liquidated Damages, if any, to the date of purchase (subject to
the right of Holders of record on the relevant Record Date to receive
interest, Additional Amounts, if any, and Liquidated Damages, if any, on the
relevant interest payment date). Holders of Notes that are subject to an
offer to purchase will receive a Change of Control Offer from the Company
prior to any related Change of Control Payment Date and may elect to have
such Notes purchased by completing the form entitled "Option of Holder to
Elect Purchase" appearing below.

                  12. LIMITATION ON DISPOSITION OF ASSETS. On the 361st day
after an Asset Disposition, the aggregate amount of Excess Proceeds from Asset
Dispositions exceeds EURO 10.0 million, the Company will be required to make an
offer (and "Asset Sale Offer") to all Holders of Notes and to the extent
required by the terms thereof, to all holders of other Indebtedness (other than
Subordinated Obligations) outstanding with similar provisions requiring the
Company to make an offer to purchase such Indebtedness with the proceeds from
any Asset Disposition ("Pari Passu Notes"), to purchase the maximum principal
amount of Notes and any such Pari Passu Notes to which the Asset Sale Offer
applies that may be purchased out of the Excess Proceeds, at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and
unpaid interest, Additional Amounts, if any, and Liquidated Damages, if any, to
the date of purchase (and subject to the right of Holders of record on a Record
Date to receive interest on the relevant interest payment date, Additional
Amounts, if any, and Liquidated Damages, if any, in respect thereof). If the
aggregate principal amount of Notes surrendered by Holders thereof exceeds the
amount of Excess Proceeds, subject to applicable law, the Trustee shall select
the Notes to be redeemed in accordance with the Indenture; PROVIDED, HOWEVER,
that no Notes of EURO 1,000 or less shall be purchased in part. Holders of Notes
that are the subject of an offer to purchase will receive an Asset Sale Offer
from the Company prior to any related purchase date and may elect to have such
Notes purchased by completing the form entitled "Option of Holders to Elect
Purchase" appearing below.

                  13. DENOMINATIONS; FORM.  The Global Notes are in registered
global form, without coupons, in denominations of EURO 1,000 and integral
multiples of EURO 1,000.

                  14. PERSONS DEEMED OWNERS.  The registered Holder of this
Note shall be treated as the owner of it for all purposes, subject to the terms
of the Indenture.

                  15. UNCLAIMED FUNDS. If funds for the payment of principal,
interest, premium, Additional Amounts or Liquidated Damages remain unclaimed for
two years, the Trustee and the Paying Agents will repay the funds to the Company
at its written request. After that, all liability of the Trustee and such Paying
Agents with respect to such funds shall cease.

                  16. LEGAL DEFEASANCE AND COVENANT DEFEASANCE. The Company may
be discharged from its obligations under the Indenture and the Notes except for
certain provisions thereof ("Legal Defeasance"), and may be discharged from its
obligations to comply with certain covenants contained in the Indenture
("Covenant Defeasance"), in each case upon satisfaction of certain conditions
specified in the Indenture.

                                       A-9
<Page>

                  17. AMENDMENT; SUPPLEMENT; WAIVER. Subject to certain
exceptions specified in the Indenture, the Indenture or the Notes may be amended
or supplemented with the written consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, and any existing Default or
Event of Default or compliance with any provision of the Indenture or the Notes
may be waived with the consent of the Holders of a majority in principal amount
of the Notes then outstanding.

                  18. RESTRICTIVE COVENANTS. The Indenture imposes certain
covenants that, among other things, limit the ability of the Company and its
Restricted Subsidiaries to, incur additional Indebtedness, pay dividends or make
other distributions or investments, repurchase its Capital Stock or make certain
other Restricted Payments, enter into certain consolidations or mergers or enter
into certain transactions with Affiliates and consummate certain mergers and
consolidations or sales of all or substantially all assets. The limitations are
subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations.

                  19. SUCCESSORS. When a successor assumes all the obligations
of its predecessor under the Notes and the Indenture in accordance with the
terms of the Indenture, the predecessor will be released from those obligations.

                  20. DEFAULTS AND REMEDIES. If an Event of Default (other than
an Event of Default specified in clause (7) of Section 6.1 of the Indenture)
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately in the manner and with the effect provided in the
Indenture. Holders of Notes may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Notes unless it has received indemnity satisfactory to it. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority
in aggregate principal amount of the Notes then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal, premium, interest, Additional Amounts, if any,
and Liquidated Damages, if any, including an accelerated payment) if it
determines that withholding notice is in their interest.

                  21. TRUSTEE DEALINGS WITH COMPANY. The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or
their respective Affiliates as if it were not the Trustee.

                  22. NO RECOURSE AGAINST OTHERS. No stockholder, director,
officer, employee or incorporator, as such, of the Company shall have any
liability for any obligation of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the
issuance of the Notes.

                  23. AUTHENTICATION. This Note shall not be valid until the
Trustee or authenticating agent signs the certificate of authentication on this
Note.

                                       A-10
<Page>

                  24. ABBREVIATIONS AND DEFINED TERMS. Customary abbreviations
may be used in the name of a Holder of a Note or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Unless otherwise
defined herein, terms defined in the Indenture are used herein as defined
therein.

                  25. CUSIP, ISIN AND COMMON CODE NUMBERS. The Company will
cause CUSIP, ISIN and Common Code numbers to be printed on the Notes immediately
prior to the qualification of the Indenture under the TIA as a convenience to
the Holders of the Notes. No representation is made as to the accuracy of such
numbers as printed on the Notes and reliance may be placed only on the other
identification numbers printed hereon.

                  26. GOVERNING LAW. THE INDENTURE AND THE NOTES, AND THE RIGHTS
AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       A-11
<Page>

                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

                  The initial principal amount at maturity of this Note shall be
EURO ____. The following decreases/increases in the principal amount at maturity
of this Note have been made:

<Table>
<Caption>
                                            Total Principal
                                            Amount at              Notation
              Decrease in    Increase in    Maturity               Made by
Date of       Principal      Principal      Following such         or on
Decrease/     Amount at      Amount at      Decrease/              Behalf of
Increase      Maturity       Maturity       Increase               Trustee
-----------   -----------    -----------    ---------------        ---------

<S>           <C>            <C>            <C>                    <C>
-----------   -----------    -----------    -----------            -----------

-----------   -----------    -----------    -----------            -----------

-----------   -----------    -----------    -----------            -----------

-----------   -----------    -----------    -----------            -----------

-----------   -----------    -----------    -----------            -----------

-----------   -----------    -----------    -----------            -----------

</Table>

                                       A-12
<Page>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Note purchased by the
Company pursuant to Section 4.14 or Section 4.19 of the Indenture, check the
appropriate box:

Section 4.14 [  ] Section 4.19 [  ]

                  If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 4.14 or Section 4.19 of the Indenture, state
the amount: EURO

Date:_____________

Your Signature:________________
(Sign exactly as your name appears on the other side of this Note)

Signature Guarantee:  _____________________________________
Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor program reasonably acceptable to the Trustee)

                                       A-13
<Page>

                                                                       EXHIBIT B
                                                                TO THE INDENTURE

                    [FORM OF FACE OF INITIAL DEFINITIVE NOTE]

                  THIS NOTE IS A DEFINITIVE NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO.

                  THIS SECURITY OF PREEM HOLDINGS AB (PUBL) (THE "ISSUER") HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

                      THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR TO THE DATE (THE
"RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS (OR SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144(K) UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DAY ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS
THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE
ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE BY THE U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT SUBJECT TO THE ISSUER'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM AND PRIOR TO ANY OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSES (A) THROUGH (E) TO REQUIRE THE TRANSFER CERTIFICATIONS REQUIRED
PURSUANT TO THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

                                       B-1
<Page>

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                                                       Common Code No.: ________
                                                              ISIN No.: ________
[If Regulation S Security - CINS Number _________]

No.____                         EURO ____________

                  PREEM HOLDINGS AB (PUBL), a company organized under the laws
of The Kingdom of Sweden (the "Company", which term includes any successor
corporation), for value received promises to pay ________ or registered assigns
upon surrender hereof the principal sum indicated on Schedule A hereof, on March
31, 2011.

                  Interest Payment Dates: March 31 and September 30, commencing
September 30, 2001

                  Record Dates: March 15 and September 15

                  Reference is made to the further provisions of this Note
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                                       B-2
<Page>

                  IN WITNESS WHEREOF, the Company has caused this Note to be
signed manually or by facsimile by its duly authorized officers.

                                          PREEM HOLDINGS AB (PUBL)

                                          By:  _________________________
                                          Name:
                                          Title:

                                          By:  _________________________
                                          Name:
                                          Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

BANKERS TRUST COMPANY, as Trustee,

By:      _________________________
Name:
Title:

Dated:

                                       B-3
<Page>

                                [FORM OF REVERSE]

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                  1. INTEREST. PREEM HOLDINGS AB (PUBL), a company organized
under the laws of The Kingdom of Sweden (the "Company"), promises to pay
interest on the principal amount of this Note at the rate and in the manner
specified below. Interest on the Notes will accrue at 10-5/8% per annum on the
principal amount then outstanding, and be payable semi-annually in arrears on
each March 31 and September 30, or if any such day is not a Business Day, on the
next succeeding Business Day, commencing September 30, 2001, to the Holder
hereof. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from April 10, 2001.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  The Company shall pay interest on overdue principal and on
overdue installments of interest (without regard to any applicable grace
periods), on any Additional Amounts, and on any Liquidated Damages, from time to
time on demand at the rate borne by the Notes plus 1.5% per annum to the extent
lawful. Any interest paid on this Note shall be increased to the extent
necessary to pay Additional Amounts as set forth herein.

                  2. LIQUIDATED DAMAGES. Pursuant to a Registration Rights
Agreement between the Company and the Initial Purchasers on behalf of Holders of
the Initial Notes, the Company has agreed to use its reasonable best efforts to
consummate an exchange offer pursuant to which the Holder of this Note shall
have the right to exchange this Note for the Company's 10-5/8% Senior Secured
Notes due 2011 (the "Exchange Notes"), which have then been registered under the
Securities Act, in like principal amount and having substantially identical
terms in all material respects as the Initial Notes. The Holders shall be
entitled to receive payment of additional interest ("Liquidated Damages") in the
event such exchange offer is not consummated and in certain other events,
subject, in each case, to certain conditions, all pursuant to and in accordance
with the terms of the Registration Rights Agreement. Liquidated Damages which
may be payable pursuant to the Registration Rights Agreement shall be payable in
the same manner as set forth herein with respect to the stated interest. The
provisions of the Registration Rights Agreement relating to such Liquidated
Damages are incorporated herein by reference and made a part hereof as if set
forth herein in full. The Company shall provide written notice to the Trustee of
the accrual and amount of Liquidated Damages, if any, not less than ten (10)
Business Days prior to each interest payment date. Absent such notice, the
Trustee shall be conclusively entitled to presume that no Liquidated Damages
have accrued and are owing.

                  3. ADDITIONAL AMOUNTS. All payments made by the Company on the
Notes (whether or not in the form of Definitive Notes) will be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"Taxes") imposed or levied by or on behalf of the United States,

                                       B-4
<Page>

The Kingdom of Sweden or any jurisdiction in which the Company or any
Successor Company (as defined in the Indenture) is organized or is otherwise
resident for tax purposes or any political subdivision thereof or any
authority having power to tax therein or any jurisdiction from or through
which payment is made (each a "Relevant Taxing Jurisdiction"), unless the
withholding or deduction of Taxes is then required by law. If any deduction
or withholding for, or on account of, any Taxes of any Relevant Taxing
Jurisdiction shall at any time be required on any payments made by the
Company with respect to the Notes, including payments of principal,
Redemption Price, Liquidated Damages, interest or premium, the Company will
pay such additional amounts (the "Additional Amounts") as may be necessary in
order that the net amounts received in respect of such payments by the
Holders of the Notes or the Trustee, as the case may be, after such
withholding or deduction, equal the respective amounts which would have been
received in respect of such payments in the absence of such withholding or
deduction; except that no Additional Amounts will be payable with respect to:

         (1) any Taxes that would not have been imposed but for the Holder or
         beneficial owner having some connection with the Relevant Taxing
         Jurisdiction (including being a citizen or resident or national of, or
         carrying on a business or maintaining a permanent establishment in, or
         being physically present in, the Relevant Taxing Jurisdiction) other
         than by the mere holding of such Note or enforcement of rights
         thereunder or the receipt of payments in respect thereof;

         (2) any Taxes that are imposed or withheld by reason of the failure of
         the Holder or beneficial owner of the Note to comply with a request of
         the Company addressed to the Holder to provide information concerning
         the nationality, residence or identity of such Holder or beneficial
         owner or to make any declaration or similar claim or satisfy any
         information or reporting requirement, which is required or imposed by a
         statute, treaty, regulation, protocol, or administrative practice of
         the Relevant Taxing Jurisdiction as a precondition to exemption from
         all or part of such Taxes;

         (3) except in the case of the winding up of the Company, any Note
         presented for payment (where presentation is required) in the Relevant
         Taxing Jurisdiction (unless by reason of the Company's actions
         presentment could not have been made elsewhere and except to the extent
         that the Holder would have been entitled to Additional Amounts had the
         Notes not been so presented);

         (4) any Note presented for payment (where presentation is required)
         more than 30 days after the relevant payment is first made available
         for payment to the Holder (except to the extent that the Holder would
         have been entitled to Additional Amounts had the Note been presented on
         the last day of such 30 day period);

         (5) any Note where withholding taxes or any other deductions are
         imposed on a payment to an individual and are required to be made
         pursuant to any European Union Directive on the taxation of savings
         implementing the conclusions of the ECOFIN Council meeting of November
         26-27, 2000 or any law implementing or complying with, or introduced in
         order to conform to, such directive; or

                                       B-5
<Page>

         (6) any Note presented for payment by or on behalf of a holder of the
         Notes who would have been able to avoid such withholding taxes or any
         other deductions by presenting the relevant Note to another Paying
         Agent in a member state of the European Union.

                  Such Additional Amounts will also not be payable where, had
the beneficial owner of the Note been the Holder of the Note, it would not have
been entitled to payment of Additional Amounts by reason of clauses (1) to (4)
inclusive, above.

                  Upon request, the Company will provide the Trustee with
documentation satisfactory to the Trustee evidencing the payment of Additional
Amounts. Copies of such documentation will be made available to the Holders upon
request.

                  4. METHOD OF PAYMENT. The Company shall pay interest on the
Notes (except defaulted interest) to the Persons who are the registered Holders
at the close of business on the Record Date immediately preceding the interest
payment date for such interest. Holders must surrender Notes to a Paying Agent
to collect principal payments. The Company shall pay principal and interest in
Euros. The Company may make payments in respect of this Definitive Note of
premium, if any, interest, Additional Amounts, if any, and Liquidated Damages,
if any, by mailing a check to the registered address of each Holder thereof;
provided, however, that such payments in excess of EURO 100,000 to any payee or
group of related payees will be made, at the option of the Holder hereof, by
wire transfer of same day funds to the Paying Agent, who in turn will wire such
funds to the Holder hereof or to such other Person as the Holder hereof may in
writing to the Paying Agent direct if, but only if, the Paying Agent has
received written wire transfer instructions at least 15 days prior to the date
of any such payment.

                  5. PAYING AGENT AND REGISTRAR. Initially, Bankers Trust
Company will act as Paying Agent and Registrar and Deutsche Bank AG London will
act as Principal Paying Agent. In the event that a Paying Agent or transfer
agent is replaced, the Company will provide notice thereof (so long as the Notes
are Global Notes) published in a leading newspaper having general circulation in
New York City (which is expected to be THE WALL STREET JOURNAL) and (if and so
long as the Notes are listed on the Luxembourg Stock Exchange and the rules of
such stock exchange shall so require) published in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT) and (in
the case of Definitive Notes), in addition to such publication, mailed by
first-class mail to each Holder's registered address. The Company may change any
Registrar without notice to the Holders. The Company or any of its Subsidiaries
may, subject to certain exceptions, act in any such capacity.

                  6. INDENTURE. The Company issued the Notes under an Indenture,
dated as of April 10, 2001 (the "Indenture"), among the Company, Bankers Trust
Company (the "Trustee") and Deutsche Bank AG London, as Principal Paying Agent
and transfer agent. This Note is one of a duly authorized issue of Notes (as
defined in the Indenture) of the Company designated as its 10-5/8% Senior
Secured Notes due 2011 (the "Initial Notes"). The Notes include the Initial
Notes and the Exchange Notes issued in exchange for the Initial Notes pursuant
to the Indenture. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939 (15 U.S. Code Sections 77aaa-77bbbb) (the "TIA "), as in effect on the date
of the Indenture until such time as the Indenture is qualified under the

                                       B-6
<Page>

TIA, and thereafter as in effect on the date on which the Indenture is
qualified under the TIA. Notwithstanding anything to the contrary herein, the
Notes are subject to all such terms, and Holders of Notes are referred to the
Indenture and the TIA for a statement of them. The Notes are general
obligations of the Company. The Notes are not limited in aggregate principal
amount and Additional Notes (as defined in the Indenture) may be issued from
time to time under the Indenture, in each case subject to the terms of the
Indenture; provided that the aggregate principal amount of Initial Notes that
will be issued on the Closing Date (as defined in the Indenture) will not
exceed EURO 250,000,000. Each Holder, by accepting a Note, agrees to be bound
by all of the terms and provisions of the Indenture, as the same may be
amended from time to time.

                  7. RANKING AND SECURITY. The Notes will be general obligations
of the Company and will rank senior in right of payment to all future
indebtedness of the Company that is, by its terms or by the terms of the
agreement or instrument governing such indebtedness, expressly subordinated in
right of payment to the Notes and PARI PASSU in right of payment with all
existing and future senior indebtedness of the Company. In addition, the Notes
are secured by the Collateral pursuant to the terms of the Security Documents
(as such terms are defined in the Indenture).

                  8. OPTIONAL REDEMPTION. The Notes will be redeemable, at the
Company's option, in whole or in part, on and after March 31, 2006 upon not less
than 30 nor more than 60 days' prior notice at the redemption prices (expressed
as a percentage of principal amount) set forth below, plus accrued and unpaid
interest, if any, Additional Amounts, if any, and Liquidated Damages, if any
(each, a "Redemption Price"), to the applicable date fixed by the Company for
redemption (a "Redemption Date") (subject to the right of Holders of record on
the relevant Record Date to receive interest, Additional Amounts, if any, and
Liquidated Damages, if any, due on the relevant interest payment date), if
redeemed during the twelve-month period beginning on March 31 of each of the
years indicated below:

<Table>
<Caption>
       YEAR                                                NOTES

<S>                                                        <C>
       2006........................................        105.313%
       2007........................................        103.542%
       2008........................................        101.771%
       2009 and thereafter.........................         100.00%
</Table>

                  In addition, at any time prior to March 31, 2004, the Company
may on any one or more occasions redeem up to 35% of the original principal
amount of the Notes with the Net Cash Proceeds (as defined in the Indenture) of
one or more Public Equity Offerings (as defined in the Indenture) at a
redemption price of 110-5/8% of the principal amount thereof, plus accrued and
unpaid interest, if any, Additional Amounts, if any, and Liquidated Damages, if
any (each, a "Redemption Price"), to the date fixed by the Company for
redemption (a "Redemption Date") (subject to the right of Holders of record on
the relevant Record Date to receive interest, Additional Amounts, if any, and
Liquidated Damages, if any, due on the relevant interest payment date); PROVIDED
that (i) at least 65% of the original principal amount of the Notes remains
outstanding after each such redemption and (ii) the redemption occurs within 90
days after the closing of such Public Equity Offering.

                                       B-7
<Page>

                  9. SPECIAL TAX REDEMPTION. The Company, at its option, may
redeem, in whole, but not in part, the Notes at any time upon giving not less
than 30 nor more than 60 days' notice to the Holders of Notes (which notice
shall be irrevocable), at a redemption price equal to the principal amount
thereof, together with accrued and unpaid interest and Liquidated Damages, if
any (a "Redemption Price"), to the date fixed by the Company for redemption (a
"Tax Redemption Date") and all Additional Amounts, if any, then due and which
will become due on the Tax Redemption Date as a result of the redemption or
otherwise, if the Company determines that, as a result of (i) any change in, or
amendment to, the laws or treaties (or any regulations or rulings promulgated
thereunder) of any Relevant Taxing Jurisdiction affecting taxation which becomes
effective on or after the Closing Date, or (ii) any change in position regarding
the application, administration or interpretation of such laws, treaties,
regulations or rulings (including a holding, judgment or order by a court of
competent jurisdiction), which change, amendment, application or interpretation
becomes effective on or after the Closing Date, the Company is, or on the next
interest payment date would be, required to pay Additional Amounts on the Notes,
and the Company determines that such payment obligation cannot be avoided by the
Company's taking reasonable measures. Notwithstanding the foregoing, no such
notice of redemption shall be given earlier than 90 days prior to the earliest
date on which the Company would be obligated to make such payment or withholding
if a payment in respect of such Notes were then due. Prior to the publication
or, where relevant, mailing of any notice of redemption of the Notes pursuant to
the foregoing, the Company will deliver to the Trustee an opinion of a tax
counsel reasonably satisfactory to the Trustee to the effect that the
circumstances referred to above exist. The Trustee shall accept such opinion as
sufficient evidence of the satisfaction of the conditions precedent described
above, in which event it shall be conclusive and binding on the Holders of the
Notes.

                  10. NOTICE OF REDEMPTION. Notice of redemption will be given
at least 30 days but not more than 60 days before the Redemption Date, or Tax
Redemptions Date, as the case may be, (i) so long as the Notes are in global
form, by publishing in a leading newspaper having a general circulation in New
York (which is expected to be THE WALL STREET JOURNAL) (and, if and so long as
the Notes are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require, a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)) and (ii) in the case
of Definitive Notes, in addition to such publication, by mailing first-class
mail to each Holder's registered address. Notes in denominations of EURO 1,000
may be redeemed only in whole. The Trustee may select for redemption portions
(equal to EURO 1,000 or any integral multiple thereof) of the principal of Notes
that have denominations larger than EURO 1,000.

                  Except as set forth in the Indenture, from and after any
Redemption Date, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such
Redemption Date, then, unless the Company defaults in the payment of such
Redemption Price, the Notes called for redemption will cease to bear interest,
Additional Amounts, if any, or Liquidated Damages, if any, and the only right of
the Holders of such Notes will be to receive payment of the Redemption Price.

                  11. CHANGE OF CONTROL OFFER. Upon the occurrence of a Change
of Control, the Company will be required to make an offer to purchase all or any
part (equal to EURO 1,000 in principal amount and integral multiples thereof) of
the Notes on the Change of Control Payment

                                       B-8
<Page>

Date at a purchase price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest, if any, Additional Amounts,
if any, and Liquidated Damages, if any, to the date of purchase (subject to
the right of Holders of record on the relevant Record Date to receive
interest, Additional Amounts, if any, and Liquidated Damages, if any, on the
relevant interest payment date). Holders of Notes that are subject to an
offer to purchase will receive a Change of Control Offer from the Company
prior to any related Change of Control Payment Date and may elect to have
such Notes purchased by completing the form entitled "Option of Holder to
Elect Purchase" appearing below.

                  12. LIMITATION ON DISPOSITION OF ASSETS. On the 361st day
after an Asset Disposition, the aggregate amount of Excess Proceeds from Asset
Dispositions exceeds EURO 10.0 million, the Company will be required to make an
offer (and "Asset Sale Offer") to all Holders of Notes and to the extent
required by the terms thereof, to all holders of other Indebtedness (other than
Subordinated Obligations) outstanding with similar provisions requiring the
Company to make an offer to purchase such Indebtedness with the proceeds from
any Asset Disposition ("Pari Passu Notes"), to purchase the maximum principal
amount of Notes and any such Pari Passu Notes to which the Asset Sale Offer
applies that may be purchased out of the Excess Proceeds, at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and
unpaid interest, Additional Amounts, if any, and Liquidated Damages, if any, to
the date of purchase (and subject to the right of Holders of record on a Record
Date to receive interest on the relevant interest payment date, Additional
Amounts, if any, and Liquidated Damages, if any, in respect thereof). If the
aggregate principal amount of Notes surrendered by Holders thereof exceeds the
amount of Excess Proceeds, subject to applicable law, the Trustee shall select
the Notes to be redeemed in accordance with the Indenture; PROVIDED, HOWEVER,
that no Notes of EURO 1,000 or less shall be purchased in part. Holders of Notes
that are the subject of an offer to purchase will receive an Asset Sale Offer
from the Company prior to any related purchase date and may elect to have such
Notes purchased by completing the form entitled "Option of Holders to Elect
Purchase" appearing below.

                  13. DENOMINATIONS; FORM. The Definitive Notes are in bearer
form, without coupons, in denominations of EURO 1,000 and integral multiples
of EURO 1,000.

                  14. PERSONS DEEMED OWNERS. The registered Holder of this Note
shall be treated as the owner of it for all purposes, subject to the terms of
the Indenture.

                  15. UNCLAIMED FUNDS. If funds for the payment of principal,
interest, premium, Additional Amounts or Liquidated Damages remain unclaimed for
two years, the Trustee and the Paying Agents will repay the funds to the Company
at its written request. After that, all liability of the Trustee and such Paying
Agents with respect to such funds shall cease.

                  16. LEGAL DEFEASANCE AND COVENANT DEFEASANCE. The Company may
be discharged from its obligations under the Indenture and the Notes except for
certain provisions thereof ("Legal Defeasance"), and may be discharged from its
obligations to comply with certain covenants contained in the Indenture
("Covenant Defeasance"), in each case upon satisfaction of certain conditions
specified in the Indenture.

                                       B-9
<Page>

                  17. AMENDMENT; SUPPLEMENT; WAIVER. Subject to certain
exceptions specified in the Indenture, the Indenture or the Notes may be amended
or supplemented with the written consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, and any existing Default or
Event of Default or compliance with any provision of the Indenture or the Notes
may be waived with the consent of the Holders of a majority in principal amount
of the Notes then outstanding.

                  18. RESTRICTIVE COVENANTS. The Indenture imposes certain
covenants that, among other things, limit the ability of the Company and its
Restricted Subsidiaries to, incur additional Indebtedness, pay dividends or make
other distributions or investments, repurchase its Capital Stock or make certain
other Restricted Payments, enter into certain consolidations or mergers or enter
into certain transactions with Affiliates and consummate certain mergers and
consolidations or sales of all or substantially all assets. The limitations are
subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations.

                  19. SUCCESSORS. When a successor assumes all the obligations
of its predecessor under the Notes and the Indenture in accordance with the
terms of the Indenture, the predecessor will be released from those obligations.

                  20. DEFAULTS AND REMEDIES. If an Event of Default (other than
an Event of Default specified in clause (7) of Section 6.1 of the Indenture)
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately in the manner and with the effect provided in the
Indenture. Holders of Notes may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Notes unless it has received indemnity satisfactory to it. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority
in aggregate principal amount of the Notes then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal, premium, interest, Additional Amounts, if any,
and Liquidated Damages, if any, including an accelerated payment) if it
determines that withholding notice is in their interest.

                  21. TRUSTEE DEALINGS WITH COMPANY. The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of and may otherwise deal with the Company, its Subsidiaries or their
respective Affiliates as if it were not the Trustee.

                  22. NO RECOURSE AGAINST OTHERS. No stockholder, director,
officer, employee or incorporator, as such, of the Company shall have any
liability for any obligation of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the
issuance of the Notes.

                  23. AUTHENTICATION. This Note shall not be valid until the
Trustee or authenticating agent signs the certificate of authentication on this
Note.

                                       B-10
<Page>

                  24. ABBREVIATIONS AND DEFINED TERMS. Customary abbreviations
may be used in the name of a Holder of a Note or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Unless otherwise
defined herein, terms defined in the Indenture are used herein as defined
therein.

                  25. CUSIP, ISIN AND COMMON CODE NUMBERS. The Company will
cause CUSIP, ISIN and Common Code numbers to be printed on the Notes immediately
prior to the qualification of the Indenture under the TIA as a convenience to
the Holders of the Notes. No representation is made as to the accuracy of such
numbers as printed on the Notes and reliance may be placed only on the other
identification numbers printed hereon.

                  26. GOVERNING LAW. THE INDENTURE AND THE NOTES, AND THE RIGHTS
AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       B-11
<Page>

           -----------------------------------------------------------

                                 ASSIGNMENT FORM

To assign this Note fill in the form below:

I or we assign and transfer this Note to

          (Print or type assignee's name, address and zip code)

          (Insert assignee's social security or tax I.D. No.)

and irrevocably appoint                                 agent to transfer
this Note on the books of the Company. The agent may substitute another to
act for him.

--------------------------------------------------------------------

Date:                Your Signature:
      -------------                  ----------------------

--------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Note.

                                     B-12
<Page>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Note purchased by the
Company pursuant to Section 4.14 or Section 4.19 of the Indenture, check the
appropriate box:

Section 4.14 [      ] Section 4.19 [        ]

                  If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 4.14 or Section 4.19 of the Indenture, state
the amount: EURO

Date:
     -------------

Your Signature:
               -------------------
(Sign exactly as your name appears on the other side of this Note)

Signature Guarantee:
                    ---------------------------------------
Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor program reasonably acceptable to the Trustee)

                                     B-13
<Page>

                                                                       EXHIBIT C
                                                                TO THE INDENTURE

                      [FORM OF FACE OF EXCHANGE GLOBAL NOTE]

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
                             HEREINAFTER REFERRED TO.

                            PREEM HOLDINGS AB (PUBL)

                      10-5'/8% Senior Secured Note due 2011

                                                       Common Code No.: ________

                                                              ISIN No.: ________

No.____                  EURO____________

                  PREEM HOLDINGS AB (PUBL), a company organized under the laws
of The Kingdom of Sweden (the "Company", which term includes any successor
corporation), for value received promises to pay to ________ or registered
assigns upon surrender hereof the principal sum indicated on Schedule A hereof,
on March 31, 2011.

                  Interest payment dates:  March 31 and September 30,
commencing September 30, 2001

                  Record Dates:  March 15 and September 15

                  Reference is made to the further provisions of this Note
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                                      C-1
<Page>

                  IN WITNESS WHEREOF, the Company has caused this Note to be
signed manually or by facsimile by its duly authorized officers.

                                                 PREEM HOLDINGS AB (PUBL)

                                                 By:
                                                     ----------------------
                                                 Name:
                                                 Title:

                                                 By:
                                                     ----------------------
                                                 Name:
                                                 Title:

This is one of the Notes referred to in the within-mentioned Indenture:

BANKERS TRUST COMPANY, as Trustee,

By:
     ------------------------
Name:
Title:

Dated:

                                      C-2
<Page>

                                [Form of REVERSE]

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                  1. INTEREST. PREEM HOLDINGS AB (PUBL), a company organized
under the laws of The Kingdom of Sweden (the "Company"), promises to pay
interest on the principal amount of this Note at the rate and in the manner
specified below. Interest on the Notes will accrue at 10-5/8% per annum on the
principal amount then outstanding, and be payable semi-annually in arrears on
each March 31 and September 30, or if any such day is not a Business Day, on the
next succeeding Business Day, commencing September 30, 2001, to the Holder
hereof. Notwithstanding any exchange of this Note for a Definitive Note during
the period starting on a Record Date relating to such Definitive Note and ending
on the immediately succeeding interest payment date, the interest due on such
interest payment date shall be payable to the Person in whose name this Global
Note is registered at the close of business on the Record Date for such
interest. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from April 10, 2001.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  The Company shall pay interest on overdue principal, overdue
installments of interest (without regard to any applicable grace periods) and
any Additional Amounts from time to time on demand at the rate borne by the
Notes plus 1.5% per annum to the extent lawful. Any interest paid on this Note
shall be increased to the extent necessary to pay Additional Amounts as set
forth herein.

                  2. ADDITIONAL AMOUNTS. All payments made by the Company on the
Notes (whether or not in the form of Definitive Notes) will be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"Taxes") imposed or levied by or on behalf of the United States, The Kingdom of
Sweden or any jurisdiction in which the Company or any Successor Company (as
defined in the Indenture) is organized or is otherwise resident for tax purposes
or any political subdivision thereof or any authority having power to tax
therein or any jurisdiction from or through which payment is made (each a
"Relevant Taxing Jurisdiction"), unless the withholding or deduction of Taxes is
then required by law. If any deduction or withholding for, or on account of, any
Taxes of any Relevant Taxing Jurisdiction shall at any time be required on any
payments made by the Company with respect to the Notes, including payments of
principal, Redemption Price, interest or premium, the Company will pay such
additional amounts (the "Additional Amounts") as may be necessary in order that
the net amounts received in respect of such payments by the Holders of the Notes
or the Trustee, as the case may be, after such withholding or deduction, equal
the respective amounts which would have been received in respect of such
payments in the absence of such withholding or deduction; except that no
Additional Amounts will be payable with respect to:

                                      C-3
<Page>

         (1) any Taxes that would not have been imposed but for the Holder or
         beneficial owner having some connection with the Relevant Taxing
         Jurisdiction (including being a citizen or resident or national of, or
         carrying on a business or maintaining a permanent establishment in, or
         being physically present in, the Relevant Taxing Jurisdiction) other
         than by the mere holding of such Note or enforcement of rights
         thereunder or the receipt of payments in respect thereof;

         (2) any Taxes that are imposed or withheld by reason of the failure of
         the Holder or beneficial owner of the Note to comply with a request of
         the Company addressed to the Holder to provide information concerning
         the nationality, residence or identity of such Holder or beneficial
         owner or to make any declaration or similar claim or satisfy any
         information or reporting requirement, which is required or imposed by a
         statute, treaty, regulation, protocol, or administrative practice of
         the Relevant Taxing Jurisdiction as a precondition to exemption from
         all or part of such Taxes;

         (3) except in the case of the winding up of the Company, any Note
         presented for payment (where presentation is required) in the Relevant
         Taxing Jurisdiction (unless by reason of the Company's actions
         presentment could not have been made elsewhere and except to the extent
         that the Holder would have been entitled to Additional Amounts had the
         Notes not been so presented);

         (4) any Note presented for payment (where presentation is required)
         more than 30 days after the relevant payment is first made available
         for payment to the Holder (except to the extent that the Holder would
         have been entitled to Additional Amounts had the Note been presented on
         the last day of such 30 day period); or

         (5) any Note where withholding taxes or any other deductions are
         imposed on a payment to an individual and are required to be made
         pursuant to any European Union Directive on the taxation of savings
         implementing the conclusions of the ECOFIN Council meeting of November
         26-27, 2000 or any law implementing or complying with, or introduced in
         order to conform to, such directive; or

         (6) any Note presented for payment by or on behalf of a holder of the
         Notes who would have been able to avoid such withholding taxes or any
         other deductions by presenting the relevant Note to another Paying
         Agent in a member state of the European Union.

                  Such Additional Amounts will also not be payable where, had
the beneficial owner of the Note been the Holder of the Note, it would not have
been entitled to payment of Additional Amounts by reason of clauses (1) to (4)
inclusive, above.

                  Upon request, the Company will provide the Trustee with
documentation satisfactory to the Trustee evidencing the payment of Additional
Amounts. Copies of such documentation will be made available to the Holders upon
request.

                  3. METHOD OF PAYMENT. The Company shall pay interest on the
Notes (except defaulted interest) to the Person in whose name this Note is
registered at the close of business on the Record Date for such interest.
Holders must surrender Notes to a Paying Agent to collect

                                      C-4
<Page>

principal payments. The Company shall pay principal and interest in Euros.
Immediately available funds for the payment of the principal of (and premium,
if any), interest and Additional Amounts, if any, on this Note due on any
interest payment date, Maturity Date, Redemption Date or other repurchase
date will be made available to the Paying Agent to permit the Paying Agent to
pay such funds to the Holders on such respective dates.

                  4. PAYING AGENT AND REGISTRAR. Initially, Bankers Trust
Company will act as Paying Agent and Registrar and Deutsche Bank AG London will
act as Principal Paying Agent. In the event that a Paying Agent or transfer
agent is replaced, the Company will provide notice thereof (so long as the Notes
are Global Notes) published in a leading newspaper having general circulation in
New York City (which is expected to be THE WALL STREET JOURNAL) and (if and so
long as the Notes are listed on the Luxembourg Stock Exchange and the rules of
such stock exchange shall so require) published in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT) and (in
the case of Definitive Notes), in addition to such publication, mailed by
first-class mail to each Holder's registered address. The Company may change any
Registrar without notice to the Holders. The Company or any of its Subsidiaries
may, subject to certain exceptions, act in any such capacity.

                  5. INDENTURE. The Company issued the Notes under an Indenture,
dated as of April 10, 2001 (the "Indenture"), among the Company, Bankers Trust
Company (the "Trustee") and Deutsche Bank AG London, as Principal Paying Agent
and transfer agent. This Note is one of a duly authorized issue of Exchange
Notes of the Company designated as its 10-5/8% Senior Secured Notes due 2011.
The terms of the Notes include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb) (the "TIA "), as in effect on the date of the Indenture
until such time as the Indenture is qualified under the TIA, and thereafter as
in effect on the date on which the Indenture is qualified under the TIA.
Notwithstanding anything to the contrary herein, the Notes are subject to all
such terms, and Holders of Notes are referred to the Indenture and the TIA for a
statement of them. The Notes are general obligations of the Company. The Notes
are not limited in aggregate principal amount and Additional Notes (as defined
in the Indenture) may be issued from time to time under the Indenture, in each
case subject to the terms of the Indenture; provided that the aggregate
principal amount of Initial Notes that will be issued on the Closing Date (as
defined in the Indenture) will not exceed EURO 250,000,000. Each Holder, by
accepting a Note, agrees to be bound by all of the terms and provisions of the
Indenture, as the same may be amended from time to time.

                  6. RANKING AND SECURITY. The Notes will be general obligations
of the Company and will rank senior in right of payment to all existing and
future indebtedness of the Company that is, by its terms or by the terms of the
agreement or instrument governing such indebtedness, expressly subordinated in
right of payment to the Notes and PARI PASSU in right of payment with all
existing and future senior indebtedness of the Company. In addition, the Notes
are secured by the Collateral pursuant to the terms of the Security Documents
(as such terms are defined in the Indenture).

                  7. OPTIONAL REDEMPTION. The Notes will be redeemable, at the
Company's option, in whole or in part, on and after March 31, 2006 upon not less
than 30 nor more than 60 days' prior notice at the redemption prices (expressed
as a percentage of principal amount) set

                                      C-5
<Page>

forth below, plus accrued and unpaid interest, if any, and Additional
Amounts, if any (each, a "Redemption Price"), to the date fixed by the
Company for redemption (a "Redemption Date") (subject to the right of Holders
of record on the relevant Record Date to receive interest, and Additional
Amounts, if any, due on the relevant interest payment date), if redeemed
during the twelve-month period beginning on March 31 of each of the years
indicated below:

<Table>
<Caption>
                 YEAR                                     NOTES
                 ----                                     -----
                <S>                                   <C>
                 2006................................    105.313%
                 2007................................    103.542%
                 2008................................    101.771%
                 2009 and thereafter.................     100.00%
</Table>

                  In addition, at any time prior to March 31, 2004, the Company
may on any one or more occasions redeem up to 35% of the original principal
amount of the Notes with the Net Cash Proceeds (as defined in the Indenture) of
one or more Public Equity Offerings (as defined in the Indenture) at a
redemption price of 110-5/8% of the principal amount thereof, plus accrued and
unpaid interest, if any, and Additional Amounts, if any (each, a "Redemption
Price"), to the date fixed by the Company for redemption (a "Redemption Date")
(subject to the right of Holders of record on the relevant Record Date to
receive interest and Additional Amounts, if any, due on the relevant interest
payment date); PROVIDED that (i) at least 65% of the original principal amount
of the Notes remains outstanding after each such redemption and (ii) the
redemption occurs within 90 days after the closing of such Public Equity
Offering.

                  8. SPECIAL TAX REDEMPTION. The Company, at its option, may
redeem, in whole, but not in part, the Notes at any time upon giving not less
than 30 nor more than 60 days' notice to the Holders of Notes (which notice
shall be irrevocable), at a redemption price equal to the principal amount
thereof, together with accrued and unpaid interest (a "Redemption Price"), to
the date fixed by the Company for redemption (a "Tax Redemption Date") and all
Additional Amounts, if any, then due and which will become due on the Tax
Redemption Date as a result of the redemption or otherwise, if the Company
determines that, as a result of (i) any change in, or amendment to, the laws or
treaties (or any regulations or rulings promulgated thereunder) of any Relevant
Taxing Jurisdiction affecting taxation which becomes effective on or after the
Closing Date, or (ii) any change in position regarding the application,
administration or interpretation of such laws, treaties, regulations or rulings
(including a holding, judgment or order by a court of competent jurisdiction),
which change, amendment, application or interpretation becomes effective on or
after the Closing Date, the Company is, or on the next interest payment date
would be, required to pay Additional Amounts on the Notes, and the Company
determines that such payment obligation cannot be avoided by the Company's
taking reasonable measures. Notwithstanding the foregoing, no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on
which the Company would be obligated to make such payment or withholding if a
payment in respect of such Notes were then due. Prior to the publication or,
where relevant, mailing of any notice of redemption of the Notes pursuant to the
foregoing, the Company will deliver to the Trustee an opinion of a tax counsel
reasonably satisfactory to the Trustee to the effect that the circumstances
referred to above exist. The Trustee shall accept such opinion as sufficient
evidence of the satisfaction of the conditions precedent described above, in
which event it shall be conclusive and binding on the Holders of the Notes.

                                      C-6
<Page>

                  9. NOTICE OF REDEMPTION. Notice of redemption will be given at
least 30 days but not more than 60 days before the Redemption Date or Tax
Redemption Date, as the case may be, (i) so long as the Notes are in global
form, by publishing in a leading newspaper having a general circulation in New
York (which is expected to be THE WALL STREET JOURNAL) (and, if and so long as
the Notes are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require, a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)) and (ii) in the case
of Definitive Notes, in addition to such publication, by mailing first-class
mail to each Holder's registered address. Notes in denominations of EURO 1,000
may be redeemed only in whole. The Trustee may select for redemption portions
(equal to EURO 1,000 or any integral multiple thereof) of the principal of Notes
that have denominations larger than EURO 1,000.

                  Except as set forth in the Indenture, from and after any
Redemption Date, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such
Redemption Date, then, unless the Company defaults in the payment of such
Redemption Price, the Notes called for redemption will cease to bear interest or
Additional Amounts, if any, and the only right of the Holders of such Notes will
be to receive payment of the Redemption Price.

                  10. CHANGE OF CONTROL OFFER. Upon the occurrence of a Change
of Control, the Company will be required to make an offer to purchase all or any
part (equal to EURO 1,000 in principal amount and integral multiples thereof) of
the Notes on the Change of Control Payment Date at a purchase price in cash
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, and Additional Amounts, if any, to the date of purchase
(subject to the right of Holders of record on the relevant Record Date to
receive interest and Additional Amounts, if any, on the relevant interest
payment date). Holders of Notes that are subject to an offer to purchase will
receive a Change of Control Offer from the Company prior to any related Change
of Control Payment Date and may elect to have such Notes purchased by completing
the form entitled "Option of Holder to Elect Purchase" appearing below.

                  11. LIMITATION ON DISPOSITION OF ASSETS. On the 361st day
after an Asset Disposition, the aggregate amount of Excess Proceeds from Asset
Dispositions exceeds EURO 10.0 million, the Company will be required to make an
offer (and "Asset Sale Offer") to all Holders of Notes and to the extent
required by the terms thereof, to all holders of other Indebtedness (other than
Subordinated Obligations) outstanding with similar provisions requiring the
Company to make an offer to purchase such Indebtedness with the proceeds from
any Asset Disposition ("Pari Passu Notes"), to purchase the maximum principal
amount of Notes and any such Pari Passu Notes to which the Asset Sale Offer
applies that may be purchased out of the Excess Proceeds, at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and
unpaid interest and Additional Amounts, if any, to the date of purchase (and
subject to the right of Holders of record on a Record Date to receive interest
on the relevant interest payment date and Additional Amounts, if any, in respect
thereof). If the aggregate principal amount of Notes surrendered by Holders
thereof exceeds the amount of Excess Proceeds, subject to applicable law, the
Trustee shall select the Notes to be redeemed in accordance with the Indenture;
PROVIDED, HOWEVER, that no Notes of EURO 1,000 or less shall be purchased in
part. Holders of Notes that are the subject of an offer to purchase will receive
an Asset Sale Offer from the Company prior to any related purchase date and may
elect to have

                                      C-7
<Page>

such Notes purchased by completing the form entitled "Option of Holders to
Elect Purchase" appearing below.

                  12. DENOMINATIONS; FORM. The Global Notes are in registered
global form, without coupons, in denominations of EURO 1,000 and integral
multiples of EURO 1,000.

                  13. PERSONS DEEMED OWNERS. The registered Holder of this Note
shall be treated as the owner of it for all purposes, subject to the terms of
the Indenture.

                  14. UNCLAIMED FUNDS. If funds for the payment of principal,
interest, premium, or Additional Amounts remain unclaimed for two years, the
Trustee and the Paying Agents will repay the funds to the Company at its written
request. After that, all liability of the Trustee and such Paying Agents with
respect to such funds shall cease.

                  15. LEGAL DEFEASANCE AND COVENANT DEFEASANCE. The Company may
be discharged from its obligations under the Indenture and the Notes except for
certain provisions thereof ("Legal Defeasance"), and may be discharged from its
obligations to comply with certain covenants contained in the Indenture
("Covenant Defeasance"), in each case upon satisfaction of certain conditions
specified in the Indenture.

                  16. AMENDMENT; SUPPLEMENT; WAIVER. Subject to certain
exceptions specified in the Indenture, the Indenture or the Notes may be amended
or supplemented with the written consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, and any existing Default or
Event of Default or compliance with any provision of the Indenture or the Notes
may be waived with the consent of the Holders of a majority in principal amount
of the Notes then outstanding.

                  17. RESTRICTIVE COVENANTS. The Indenture imposes certain
covenants that, among other things, limit the ability of the Company and its
Restricted Subsidiaries to, incur additional Indebtedness, pay dividends or make
other distributions or investments, repurchase Capital Stock or make certain
other Restricted Payments, enter into certain consolidations or mergers or enter
into certain transactions with Affiliates and consummate certain mergers and
consolidations or sales of all or substantially all assets. The limitations are
subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations.

                  18. SUCCESSORS. When a successor assumes all the obligations
of its predecessor under the Notes and the Indenture in accordance with the
terms of the Indenture, the predecessor will be released from those obligations.

                  19. DEFAULTS AND REMEDIES. If an Event of Default (other than
an Event of Default specified in clause (7) of Section 6.1 of the Indenture)
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately in the manner and with the effect provided in the
Indenture. Holders of Notes may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Notes unless it has received indemnity satisfactory to it. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority
in aggregate principal amount of the Notes

                                      C-8
<Page>

then outstanding to direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders of Notes notice of any continuing
Default or Event of Default (except a Default in payment of principal,
premium, interest and Additional Amounts, if any, including an accelerated
payment) if it determines that withholding notice is in their interest.

                  20. TRUSTEE DEALINGS WITH COMPANY. The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or
their respective Affiliates as if it were not the Trustee.

                  21. NO RECOURSE AGAINST OTHERS. No stockholder, director,
officer, employee or incorporator, as such, of the Company shall have any
liability for any obligation of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the
issuance of the Notes.

                  22. AUTHENTICATION. This Note shall not be valid until the
Trustee or authenticating agent signs the certificate of authentication on this
Note.

                  23. ABBREVIATIONS AND DEFINED TERMS. Customary abbreviations
may be used in the name of a Holder of a Note or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Unless otherwise
defined herein, terms defined in the Indenture are used herein as defined
therein.

                  24. CUSIP, ISIN AND COMMON CODE NUMBERS. The Company will
cause CUSIP, ISIN and Common Code numbers to be printed on the Notes immediately
prior to the qualification of the Indenture under the TIA as a convenience to
the Holders of the Notes. No representation is made as to the accuracy of such
numbers as printed on the Notes and reliance may be placed only on the other
identification numbers printed hereon.

                  25. GOVERNING LAW. THE INDENTURE AND THE NOTES, AND THE RIGHTS
AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                      C-9
<Page>

                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

                  The initial principal amount at maturity of this Note shall be
EURO _____. The following decreases/increases in the principal amount at
maturity of this Note have been made:

<Table>
<Caption>
                                                 Total Principal
                                                 Amount at          Notation
               Decrease in      Increase in      Maturity           Made by
Date of        Principal        Principal        Following such     or on
Decrease/      Amount at        Amount at        Decrease/          Behalf of
Increase       Maturity         Maturity         Increase           Trustee
-----------    -----------      -----------      -----------        -----------

<S>            <C>             <C>              <C>               <C>
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
-----------    -----------      -----------      -----------        -----------
</Table>

                                      C-10
<Page>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Note purchased by the
Company pursuant to Section 4.14 or Section 4.19 of the Indenture, check the
appropriate box:

Section 4.14 [      ] Section 4.19 [        ]

                  If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 4.14 or Section 4.19 of the Indenture, state
the amount: EURO

Date:_____________

Your Signature:________________
(Sign exactly as your name appears on the other side of this Note)

Signature Guarantee:  _____________________________________
Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor program reasonably acceptable to the Trustee)

                                      C-11
<Page>

                                                                       EXHIBIT D
                                                                TO THE INDENTURE

                   [FORM OF FACE OF EXCHANGE DEFINITIVE NOTE]

             THIS NOTE IS A DEFINITIVE NOTE WITHIN THE MEANING OF THE
                       INDENTURE HEREINAFTER REFERRED TO.

                            PREEM HOLDINGS AB (PUBL)

                         10-5/8% Senior Secured due 2011

                                                       Common Code No.: ________
                                                              ISIN No.: ________

No.____                  Euro____________

                  PREEM HOLDINGS AB (PUBL), a company organized under the laws
of The Kingdom of Sweden (the "Company", which term includes any successor
corporation), for value received promises to pay to ________ or registered
assigns upon surrender hereof the principal sum indicated on Schedule A hereof,
on April __, 2011.

                  Interest payment dates:  March 31 and September 30,
commencing September 30, 2001

                  Record Dates:  March 15 and September 15

                  Reference is made to the further provisions of this Note
contained herein, which will for all purposes have the same effect as if set
forth at this place.

                                      D-1
<Page>

                  IN WITNESS WHEREOF, the Company has caused this Note to be
signed manually or by facsimile by its duly authorized officers.

                                            PREEM HOLDINGS AB (PUBL)

                                            By:
                                               ------------------------
                                            Name:
                                            Title:

                                            By:
                                               -----------------------
                                            Name:
                                            Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

BANKERS TRUST COMPANY, as Trustee,

By:
     --------------------------
Name:
Title:

Dated:

                                      D-2
<Page>

                                [Form of REVERSE]

                            PREEM HOLDINGS AB (PUBL)

                      10-5/8% Senior Secured Note due 2011

                  1. INTEREST. PREEM HOLDINGS AB (PUBL), a company organized
under the laws of The Kingdom of Sweden (the "Company"), promises to pay
interest on the principal amount of this Note at the rate and in the manner
specified below. Interest on the Notes will accrue at 10-5/8% per annum on the
principal amount then outstanding, and be payable semi-annually in arrears on
each March 31 and September 30, or if any such day is not a Business Day on the
next succeeding Business Day, commencing September 30, 2001, to the Holder
hereof. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from April 10, 2001.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  The Company shall pay interest on overdue principal and on
overdue installments of interest (without regard to any applicable grace
periods), and on any Additional Amounts, from time to time on demand at the rate
borne by the Notes plus 1.5% per annum to the extent lawful. Any interest paid
on this Note shall be increased to the extent necessary to pay Additional
Amounts as set forth herein.

                  2. ADDITIONAL AMOUNTS. All payments made by the Company on the
Notes (whether or not in the form of Definitive Notes) will be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"Taxes") imposed or levied by or on behalf of the United States, The Kingdom of
Sweden or any jurisdiction in which the Company or any Successor Company (as
defined in the Indenture) is organized or is otherwise resident for tax purposes
or any political subdivision thereof or any authority having power to tax
therein or any jurisdiction from or through which payment is made (each a
"Relevant Taxing Jurisdiction"), unless the withholding or deduction of Taxes is
then required by law. If any deduction or withholding for, or on account of, any
Taxes of any Relevant Taxing Jurisdiction shall at any time be required on any
payments made by the Company with respect to the Notes, including payments of
principal, Redemption Price, interest or premium, the Company will pay such
additional amounts (the "Additional Amounts") as may be necessary in order that
the net amounts received in respect of such payments by the Holders of the Notes
or the Trustee, as the case may be, after such withholding or deduction, equal
the respective amounts which would have been received in respect of such
payments in the absence of such withholding or deduction; except that no
Additional Amounts will be payable with respect to:

         (1) any Taxes that would not have been imposed but for the Holder or
         beneficial owner having some connection with the Relevant Taxing
         Jurisdiction (including being a citizen or resident or national of, or
         carrying on a business or maintaining a permanent establishment in, or
         being physically present in, the Relevant Taxing Jurisdiction) other
         than by the mere holding of such Note or enforcement of rights
         thereunder or the receipt of payments in respect thereof;

                                      D-3
<Page>

         (2) any Taxes that are imposed or withheld by reason of the failure of
         the Holder or beneficial owner of the Note to comply with a request of
         the Company addressed to the Holder to provide information concerning
         the nationality, residence or identity of such Holder or beneficial
         owner or to make any declaration or similar claim or satisfy any
         information or reporting requirement, which is required or imposed by a
         statute, treaty, regulation, protocol, or administrative practice of
         the Relevant Taxing Jurisdiction as a precondition to exemption from
         all or part of such Taxes;

         (3) except in the case of the winding up of the Company, any Note
         presented for payment (where presentation is required) in the Relevant
         Taxing Jurisdiction (unless by reason of the Company's actions
         presentment could not have been made elsewhere and except to the extent
         that the Holder would have been entitled to Additional Amounts had the
         Notes not been so presented);

         (4) any Note presented for payment (where presentation is required)
         more than 30 days after the relevant payment is first made available
         for payment to the Holder (except to the extent that the Holder would
         have been entitled to Additional Amounts had the Note been presented on
         the last day of such 30 day period); or

         (5) any Note where withholding taxes or any other deductions are
         imposed on a payment to an individual and are required to be made
         pursuant to any European Union Directive on the taxation of savings
         implementing the conclusions of the ECOFIN Council meeting of November
         26-27, 2000 or any law implementing or complying with, or introduced in
         order to conform to, such directive; or

         (6) any Note presented for payment by or on behalf of a holder of the
         Notes who would have been able to avoid such withholding taxes or any
         other deductions by presenting the relevant Note to another Paying
         Agent in a member state of the European Union.

                  Such Additional Amounts will also not be payable where, had
the beneficial owner of the Note been the Holder of the Note, it would not have
been entitled to payment of Additional Amounts by reason of clauses (1) to (4)
inclusive, above.

                  Upon request, the Company will provide the Trustee with
documentation satisfactory to the Trustee evidencing the payment of Additional
Amounts. Copies of such documentation will be made available to the Holders upon
request.

                  3. METHOD OF PAYMENT. The Company shall pay interest on the
Notes (except defaulted interest) to the Persons who are the registered Holders
at the close of business on the Record Date for such interest. Holders must
surrender Notes to a Paying Agent to collect principal payments. The Company
shall pay principal and interest in Euros. The Company may make payments in
respect of this Definitive Note of premium, if any, interest, Additional
Amounts, if any, and Liquidated Damages, if any, by mailing a check to the
registered address of each Holder thereof; provided, however, that such payments
in excess of E100,000 to any payee or group of related payees will be made,
at the option of the Holder hereof, by wire transfer of same day funds to the
Paying Agent, who in turn will wire such funds to the Holder hereof or to

                                      D-4
<Page>

such other Person as the Holder hereof may in writing to the Paying Agent direct
if, but only if, the Paying Agent has received written wire transfer
instructions at least 15 days prior to the date of any such payment.

                  4. PAYING AGENT AND REGISTRAR. Initially, Bankers Trust
Company will act as Paying Agent and Registrar and Deutsche Bank AG London will
act as Principal Paying Agent. In the event that a Paying Agent or transfer
agent is replaced, the Company will provide notice thereof (so long as the Notes
are Global Notes) published in a leading newspaper having general circulation in
New York City (which is expected to be THE WALL STREET JOURNAL) and (if and so
long as the Notes are listed on the Luxembourg Stock Exchange and the rules of
such stock exchange shall so require) published in a newspaper having a general
circulation in Luxembourg (which is expected to be the LUXEMBURGER WORT) and (in
the case of Definitive Notes), in addition to such publication, mailed by
first-class mail to each Holder's registered address. The Company may change any
Registrar without notice to the Holders. The Company or any of its Subsidiaries
may, subject to certain exceptions, act in any such capacity.

                  5. INDENTURE. The Company issued the Notes under a Indenture,
dated as of April 10, 2001 (the "Indenture"), among the Company, Bankers Trust
Company (the "Trustee") and Deutsche Bank AG London, as Principal Paying Agent
and transfer agent. This Note is one of a duly authorized issue of Exchange
Notes (as defined in the Indenture) of the Company designated as its 10-5/8%
Senior Secured Notes due 2011. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the "TIA "), as in
effect on the date of the Indenture until such time as the Indenture is
qualified under the TIA, and thereafter as in effect on the date on which the
Indenture is qualified under the TIA. Notwithstanding anything to the contrary
herein, the Notes are subject to all such terms, and Holders of Notes are
referred to the Indenture and the TIA for a statement of them. The Notes are
general obligations of the Company. The Notes are not limited in aggregate
principal amount and Additional Notes (as defined in the Indenture) may be
issued from time to time under the Indenture, in each case subject to the terms
of the Indenture; provided that the aggregate principal amount of Initial Notes
that will be issued on the Closing Date (as defined in the Indenture) will not
exceed E250,000,000. Each Holder, by accepting a Note, agrees to be bound by all
of the terms and provisions of the Indenture, as the same may be amended from
time to time.

                  6. RANKING AND SECURITY. The Notes will be general obligations
of the Company and will rank senior in right of payment to all existing and
future indebtedness of the Company that is, by its terms or by the terms of the
agreement or instrument governing such indebtedness, expressly subordinated in
right of payment to the Notes and PARI PASSU in right of payment with all
existing and future senior indebtedness of the Company. In addition, the Notes
are secured by the Collateral pursuant to the terms of the Security Documents
(as such terms are defined in the Indenture).

                  7. OPTIONAL REDEMPTION. The Notes will be redeemable, at the
Company's option, in whole or in part, on and after March 31, 2006 upon not less
than 30 nor more than 60 days' prior notice at the redemption prices (expressed
as a percentage of principal amount) set forth below, plus accrued and unpaid
interest, if any, and Additional Amounts, if any (each, a "Redemption Price"),
to the date fixed by the Company for redemption (a "Redemption Date")

                                      D-5
<Page>

(subject to the right of Holders of record on the relevant Record Date to
receive interest, and Additional Amounts, if any, due on the relevant interest
payment date), if redeemed during the twelve-month period beginning on March 31
of each of the years indicated below:

<Table>
<Caption>
     YEAR                                                                  NOTES
     ----                                                                  -----

<S>                                                                     <C>
     2006 .......................................................       105.313%
     2007 .......................................................       103.542%
     2008 .......................................................       101.771%
     2009 and thereafter ........................................        100.00%
</Table>

                  In addition, at any time prior to March 31, 2004, the Company
may on any one or more occasions redeem up to 35% of the original principal
amount of the Notes with the Net Cash Proceeds (as defined in the Indenture) of
one or more Public Equity Offerings (as defined in the Indenture) at a
redemption price of 10-5/8% of the principal amount thereof, plus accrued and
unpaid interest, if any, and Additional Amounts, if any (each, a "Redemption
Price"), to the date fixed by the Company for redemption (a "Redemption Date")
(subject to the right of Holders of record on the relevant Record Date to
receive interest and Additional Amounts, if any, due on the relevant interest
payment date); PROVIDED that (i) at least 65% of the original principal amount
of the Notes remains outstanding after each such redemption and (ii) the
redemption occurs within 90 days after the closing of such Public Equity
Offering.

                  8. SPECIAL TAX REDEMPTION. The Company, at its option, may
redeem, in whole, but not in part, the Notes at any time upon giving not less
than 30 nor more than 60 days' notice to the Holders of Notes (which notice
shall be irrevocable), at a redemption price equal to the principal amount
thereof, together with accrued and unpaid interest (a "Redemption Price"), to
the date fixed by the Company for redemption (a "Tax Redemption Date") and all
Additional Amounts, if any, then due and which will become due on the Tax
Redemption Date as a result of the redemption or otherwise, if the Company
determines that, as a result of (i) any change in, or amendment to, the laws or
treaties (or any regulations or rulings promulgated thereunder) of any Relevant
Taxing Jurisdiction affecting taxation which becomes effective on or after the
Closing Date, or (ii) any change in position regarding the application,
administration or interpretation of such laws, treaties, regulations or rulings
(including a holding, judgment or order by a court of competent jurisdiction),
which change, amendment, application or interpretation becomes effective on or
after the Closing Date, the Company is, or on the next interest payment date
would be, required to pay Additional Amounts on the Notes, and the Company
determines that such payment obligation cannot be avoided by the Company's
taking reasonable measures. Notwithstanding the foregoing, no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on
which the Company would be obligated to make such payment or withholding if a
payment in respect of such Notes were then due. Prior to the publication or,
where relevant, mailing of any notice of redemption of the Notes pursuant to the
foregoing, the Company will deliver to the Trustee an opinion of a tax counsel
reasonably satisfactory to the Trustee to the effect that the circumstances
referred to above exist. The Trustee shall accept such opinion as sufficient
evidence of the satisfaction of the conditions precedent described above, in
which event it shall be conclusive and binding on the Holders of the Notes.

                                      D-6
<Page>

                  9. NOTICE OF REDEMPTION. Notice of redemption will be given at
least 30 days but not more than 60 days before the Redemption Date or Tax
Redemption Date, as the case may be, (i) so long as the Notes are in global
form, by publishing in a leading newspaper having a general circulation in New
York (which is expected to be THE WALL STREET JOURNAL) (and, if and so long as
the Notes are listed on the Luxembourg Stock Exchange and the rules of such
stock exchange shall so require, a newspaper having a general circulation in
Luxembourg (which is expected to be the LUXEMBURGER WORT)) and (ii) in the case
of Definitive Notes, in addition to such publication, by mailing first-class
mail to each Holder's registered address. Notes in denominations of E1,000 may
be redeemed only in whole. The Trustee may select for redemption portions (equal
to E1,000 or any integral multiple thereof) of the principal of Notes that have
denominations larger than E1,000.

                  Except as set forth in the Indenture, from and after any
Redemption Date, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such
Redemption Date, then, unless the Company defaults in the payment of such
Redemption Price, the Notes called for redemption will cease to bear interest or
Additional Amounts, if any, and the only right of the Holders of such Notes will
be to receive payment of the Redemption Price.

                  10. CHANGE OF CONTROL OFFER. Upon the occurrence of a Change
of Control, the Company will be required to make an offer to purchase all or any
part (equal to E1,000 in principal amount and integral multiples thereof) of the
Notes on the Change of Control Payment Date at a purchase price in cash equal to
101% of the aggregate principal amount thereof plus accrued and unpaid interest,
if any, and Additional Amounts, if any, to the date of purchase (subject to the
right of Holders of record on the relevant Record Date to receive interest and
Additional Amounts, if any, on the relevant interest payment date). Holders of
Notes that are subject to an offer to purchase will receive a Change of Control
Offer from the Company prior to any related Change of Control Payment Date and
may elect to have such Notes purchased by completing the form entitled "Option
of Holder to Elect Purchase" appearing below.

                  11. LIMITATION ON DISPOSITION OF ASSETS. On the 361st day
after an Asset Disposition, the aggregate amount of Excess Proceeds from Asset
Dispositions exceeds E10.0 million, the Company will be required to make an
offer (and "Asset Sale Offer") to all Holders of Notes and to the extent
required by the terms thereof, to all holders of other Indebtedness (other than
Subordinated Obligations) outstanding with similar provisions requiring the
Company to make an offer to purchase such Indebtedness with the proceeds from
any Asset Disposition ("Pari Passu Notes"), to purchase the maximum principal
amount of Notes and any such Pari Passu Notes to which the Asset Sale Offer
applies that may be purchased out of the Excess Proceeds, at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and
unpaid interest and Additional Amounts, if any, to the date of purchase (and
subject to the right of Holders of record on a Record Date to receive interest
on the relevant interest payment date and Additional Amounts, if any, in respect
thereof). If the aggregate principal amount of Notes surrendered by Holders
thereof exceeds the amount of Excess Proceeds, subject to applicable law, the
Trustee shall select the Notes to be redeemed in accordance with the Indenture;
PROVIDED, HOWEVER, that no Notes of E1,000 or less shall be purchased in part.
Holders of Notes that are the subject of an offer to purchase will receive an
Asset Sale Offer from the Company prior to any related purchase date and may
elect to have

                                      D-7
<Page>

such Notes purchased by completing the form entitled "Option of Holders to Elect
Purchase" appearing below.

                  12. DENOMINATIONS; FORM. The Definitive Notes are in bearer
form, without coupons, in denominations of E1,000 and integral multiples of
E1,000.

                  13. PERSONS DEEMED OWNERS. The Holder of this Note shall be
treated as the owner of it for all purposes, subject to the terms of the
Indenture.

                  14. UNCLAIMED FUNDS. If funds for the payment of principal,
interest, premium or Additional Amounts remain unclaimed for two years, the
Trustee and the Paying Agents will repay the funds to the Company at its written
request. After that, all liability of the Trustee and such Paying Agents with
respect to such funds shall cease.

                  15. LEGAL DEFEASANCE AND COVENANT DEFEASANCE. The Company may
be discharged from its obligations under the Indenture and the Notes except for
certain provisions thereof ("Legal Defeasance"), and may be discharged from its
obligations to comply with certain covenants contained in the Indenture
("Covenant Defeasance"), in each case upon satisfaction of certain conditions
specified in the Indenture.

                  16. AMENDMENT; SUPPLEMENT; WAIVER. Subject to certain
exceptions specified in the Indenture, the Indenture or the Notes may be amended
or supplemented with the written consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, and any existing Default or
Event of Default or compliance with any provision of the Indenture or the Notes
may be waived with the consent of the Holders of a majority in principal amount
of the Notes then outstanding.

                  17. RESTRICTIVE COVENANTS. The Indenture imposes certain
covenants that, among other things, limit the ability of the Company and its
Restricted Subsidiaries to, incur additional Indebtedness, pay dividends or make
other distributions or investments, repurchase Capital Stock or make certain
other Restricted Payments, enter into certain consolidations or mergers or enter
into certain transactions with Affiliates and consummate certain mergers and
consolidations or sales of all or substantially all assets. The limitations are
subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations.

                  18. SUCCESSORS. When a successor assumes all the obligations
of its predecessor under the Notes and the Indenture in accordance with the
terms of the Indenture, the predecessor will be released from those obligations.

                  19. DEFAULTS AND REMEDIES. If an Event of Default (other than
an Event of Default specified in clause (7) of Section 6.1 of the Indenture)
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately in the manner and with the effect provided in the
Indenture. Holders of Notes may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Notes unless it has received indemnity satisfactory to it. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority
in aggregate principal amount of the Notes

                                      D-8
<Page>

then outstanding to direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders of Notes notice of any continuing Default
or Event of Default (except a Default in payment of principal, premium, interest
and Additional Amounts, if any, including an accelerated payment) if it
determines that withholding notice is in their interest.

                  20. TRUSTEE DEALINGS WITH COMPANY. The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or
their respective Affiliates as if it were not the Trustee.

                  21. NO RECOURSE AGAINST OTHERS. No stockholder, director,
officer, employee or incorporator, as such, of the Company shall have any
liability for any obligation of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the
issuance of the Notes.

                  22. AUTHENTICATION. This Note shall not be valid until the
Trustee or authenticating agent signs the certificate of authentication on this
Note.

                  23. ABBREVIATIONS AND DEFINED TERMS. Customary
abbreviations may be used in the name of a Holder of a Note or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). Unless otherwise defined herein, terms defined in the Indenture
are used herein as defined therein.

                  24. CUSIP, ISIN AND COMMON CODE NUMBERS. The Company will
cause CUSIP, ISIN and Common Code numbers to be printed on the Notes immediately
prior to the qualification of the Indenture under the TIA as a convenience to
the Holders of the Notes. No representation is made as to the accuracy of such
numbers as printed on the Notes and reliance may be placed only on the other
identification numbers printed hereon.

                  25. GOVERNING LAW. THE INDENTURE AND THE NOTES, AND THE RIGHTS
AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                      D-9
<Page>

         -----------------------------------------------------------

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to

          (Print or type assignee's name, address and zip code)

          (Insert assignee's social security or tax I.D. No.)

and irrevocably appoint                   agent to transfer this Note on the
books of the Company. The agent may substitute another to act for him.

-----------------------------------------------------------

Date: _____________  Your Signature: ______________________

-----------------------------------------------------------
Sign exactly as your name appears on the other side of this Note.

                                     D-10
<Page>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Note purchased by the
Company pursuant to Section 4.14 or Section 4.19 of the Indenture, check the
appropriate box:

Section 4.14 [      ] Section 4.19 [        ]

                  If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 4.14 or Section 4.19 of the Indenture, state
the amount: EURO

Date:_____________

Your Signature:________________
(Sign exactly as your name appears on the other side of this Note)

Signature Guarantee:  _____________________________________
Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor program reasonably acceptable to the Trustee)

                                     D-11
<Page>

                                                                       EXHIBIT E
                                                                TO THE INDENTURE

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM
RULE 144A GLOBAL NOTE TO REGULATION S GLOBAL NOTE
(Transfers pursuant to Section 2.7(b) of the Indenture)

Preem Holdings AB (Publ)
c/o Bankers Trust Company
Four Albany Street
New York, New York  10006
United States
Attention:  Ms. Carol Ng

         RE:      10-5/8% Senior Secured Notes due 2011
                  (the "Notes") of Preem Holdings AB (Publ)

                  Reference is hereby made to the Indenture dated as of April
10, 2001 (the "Indenture") between Preem Holdings AB (Publ) and Bankers Trust
Company, as Trustee, Registrar and Paying Agent. Capitalized terms used but not
defined herein shall have the meanings given them in the Indenture.

                  This letter relates to EURO _________ (being any integral
multiple of EURO 1,000) principal amount of Notes beneficially held through
interests in the Rule 144A Global Note (ISIN No. XS0127762259; Common Code No.
012776225) with Euroclear and Clearstream Banking in the name of ________(the
"Transferor") account number ________. The Transferor hereby requests that on
[INSERT DATE] such beneficial interest in the Rule 144A Global Note be
transferred or exchanged for an interest in the Regulation S Global Note (ISIN
No. XS0125266527; Common Code No. 012776225) in the same principal denomination
and transfer to _________ (account no. ________). If this is a partial transfer,
a minimum amount of EURO 1,000 and any integral multiple of EURO 1,000 in excess
thereof of the Rule 144A Global Note will remain outstanding.

                  In connection with such request and in respect of such Notes,
the Transferor does hereby certify that such transfer has been effected in
accordance with the transfer restrictions set forth in the Indenture and the
Notes and pursuant to and in accordance with Rule 903 or 904 of Regulation S
under the Securities Act, and accordingly the Transferor further certifies that:

         (A)      (1)  the offer of the Notes was not made to a person in the
                  United States;

                  (2) either (a) at the time the buy order was originated, the
                  transferee was outside the United States or we and any person
                  acting on our behalf reasonably believed that the transferee
                  was outside the United States or (b) the transaction was

                                      E-1
<Page>

                  executed in, on or through the facilities of a designated
                  offshore securities market and neither the Transferor nor any
                  person acting on our behalf knows that the transaction was
                  prearranged with a buyer in the United States,

                  (3) no directed selling efforts have been made in
                  contravention of the requirements of Rule 903(b) or 904(b) of
                  Regulation S, as applicable; and

                  (4) the transaction is not part of a plan or scheme to evade
                  the registration requirements of the Securities Act.

         OR

         (B) such transfer is being made in accordance with Rule 144 under the
Securities Act.

                                      E-2
<Page>

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Company. Terms used in this certificate
and not otherwise defined in the Indenture have the meanings set forth in
Regulation S under the Securities Act.

Dated:  _____________

                                            [Name of Transferor]

                                            By:________________________
                                            Name:
                                            Title:
                                            Telephone No.:

Please print name and address (including zip code number)
                                                          -----------------

                                                          -----------------

                                                          -----------------

                                      E-3
<Page>

                                                                       EXHIBIT F
                                                                TO THE INDENTURE

                 FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM
                REGULATION S GLOBAL NOTE TO RULE 144A GLOBAL NOTE
             (Transfers pursuant to Section 2.7(c) of the Indenture)

Preem Holdings AB (Publ)
c/o Bankers Trust Company
c/o Bankers Trust Company
Four Albany Street
New York, New York  10006
United States
Attention:  Ms. Carol Ng

                  RE:      10-5/8% Senior Secured Notes due 2011
                           (the "Notes") of Preem Holdings AB (Publ)

                  Reference is hereby made to the Indenture dated as of April
10, 2001 (the "Indenture") between Preem Holdings AB (Publ) and Bankers Trust
Company, as Trustee, Registrar and Paying Agent. Capitalized terms used but not
defined herein shall have the meanings given them in the Indenture.

                  This letter relates to EURO __________ (being any integral
multiple of EURO 1,000) principal amount of Notes beneficially held through
_______, as Common Depositary for Euroclear and Clearstream Banking, interests
in the Regulation S Global Note (ISIN No. XS0125266527; Common Code No.
012526652) with [Euroclear] [Clearstream Banking] (Common Code No. _______)
through _______, as Common Depositary for Euroclear and Clearstream Banking, in
the name of _______________ (the "Transferor"), [Euroclear] [Clearstream
Banking] account number _________ . The Transferor hereby requests that on
[INSERT DATE] such beneficial interest in the Regulation S Global Note be
transferred or exchanged for an interest in the Rule 144A Global Note (ISIN No.
XS0127762259; Common Code No. 012776225) in the same principal denomination and
transfer to ______________ (account no. ________). If this is a partial
transfer, a minimum of EURO 1,000 and any integral multiple of EURO 1,000 in
excess thereof of the Regulation S Global Note will remain outstanding.

                  In connection with such request, and in respect of such Notes,
the Transferor does hereby certify that such Notes are being transferred in
accordance with Rule 144A under the Securities Act to a transferee that the
Transfer or reasonably believes is purchasing the Notes for its own account or
an account with respect to which the transferee exercises sole investment
discretion and the transferee and any such account is a "qualified institutional
buyer" within the meaning of Rule 144A, in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction.

                                      F-1
<Page>

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Company.

Dated:_______________

                                            [Name of Transferor]

                                            By:___________________________
                                            Name:
                                            Title:
                                            Telephone No.:

Please print name and address (including zip code number)
                                                          --------------

                                                          --------------

                                                          --------------

                                      F-2

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