PF Finans / Clarinova

The Company Has a Limited Operating History, Past Performance is Not Indicative of Future Performance The Company has a limited operating history and track record. Accordingly, the Company does not have a significant performance history for a prospective investor to consider in making its decision to invest in the Bonds.

Risks related to the Bonds

Investors in companies holding assets in the financial markets should be aware that these markets are subject to greater risks then industrial markets, including, in some cases, significant legal, economic and political risks. Investors should also note that the financial markets are subject to rapid change and that the information set out in this Prospectus may become outdated relatively quickly. Accordingly, investors should exercise particular care in evaluating the risks involved and must decide for themselves whether, in light of those risks, their investment is appropriate. Priorities of Bonds The Company intends to invest in a potfolio of SLS and secondary in securities and other financial assets. There can be no assurance that the Company's investments will be successful, that its investment objectives will be achieved, that investors will receive their initial investments under the Bonds or that they will receive any return (or avoid any loss, including total loss) on their investment in the Bonds. Prospective investors are therefore advised to review this carefully and should consider, among other things, the following risk factors (along with, among other things, the inherent risks of investment activities) before deciding whether to invest in the Bonds. There is Currently No Market for the Bonds. Currently, no market exists for the Bonds. There can be no assurance that any secondary market for any of the Bonds will develop, or if a secondary market does develop, that it will provide the holders of the Bonds with liquidity of investment or will continue for the life of the Bonds The Bonds Are Not Rated by Any Rating Agency The Bonds are not rated by any rating agency. As a result, no external credit monitoring will occur with respect to the Bonds and no ongoing monitoring of the creditworthiness of the Bonds will occur. The Bonds Are Limited Recourse Obligations of the Company; Investors Must Rely on Available Collections from the investments and Will Have No Other Source for Payment The Bonds are limited recourse obligations of the Company. The Bonds are payable solely from the SLS portfolio and surplus cash, and other financial investments. None of any affiliates or the Company's affiliates or any other person or entity will be obligated to make payments on the Bonds. Consequently, holders of the Bonds must rely solely on distributions on the Assets for payments on the Bonds. If distributions on such Assets are insufficient to make payments on the Bonds, no other assets will be available for payment of the deficiency and all obligations of the Company and any claims against the Company in respect of the Bonds will be extinguished and will not revive.

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