Securities Act of 1933
Rule 902(b)

April 25, 2014

RESPONSE OF THE OFFICE OF INTERNATIONAL CORPORATE FINANCE
DIVISION OF CORPORATION FINANCE

Based on the facts presented, the Division will not object if the references to the Stockholm Stock Exchange (now NASDAQ OMX Stockholm AB), the Copenhagen Stock Exchange (now NASDAQ OMX Copenhagen A/S) and the Helsinki Stock Exchange (now NASDAQ OMX Helsinki Ltd.) in Rule 902(b) of Regulation S under the Securities Act of 1933 are deemed to be also references to First North. This position is based on the representations made to the Division in your letter, and any different facts may require a different conclusion.

Pursuant to delegated authority,

Incoming Letter:

The Incoming Letter is in Acrobat format.

http://www.sec.gov/divisions/corpfin/cf-noaction/2014/firstnorth-rule902b-042514.htm