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r - - ~ ~ - - - - - - - - - - - - ~ = = = = ~ = = ~ ~ ~ ; - - - ~ - ~ 1 g ~ 2 ~ 8 r ~ ~ , ~ ~ ~ o ~ ~ ~ ~ ~ V - - - - - - -S£CRtUR'" lADO DO T [ ! O ~ O E ~ 1 N ~ t l C A t:: Il'rR {l U J ... , . . . , .,
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Por d c t c r m i M ~ I O de S.E. 0 MlnlSt:
oU .d1{ j1(J Estaoo =d.1s ~ . n ~ . Gabinete dl
O" TF ~ ANCP t!J sa c:::! 0" ' :> c':t f~ E P:-,',·\!::l.J: .. " , ""
ACllefc do Oati-No 0 IGCP 0 0
lei' ~ G:EARI 0 ARQ. [ J
Conselho de Ac1min'lstf,acAlb D"l.: t . ~
lA
,af. co G : ~ ; M ! F!up. BUldrlra dv! ~ I. SenhoraI .. £ " I i ~ . ' ) Ch d. aablnete de'"'Sua Exeellnea 0 Ministro de: ~ I.r". ~ Fs+f.dO • d l l Financ;as
, • b I J S ~ O ~ ' l l n f a n t t D Henrlque, 1I Said. N. ' - \ 1149-009 LISBOA
: ~ 0 6 . 0 . . ~ 2Q A0 ;Eimo. Stnhor
'!or ~ ~ ,~ ~ua Rellrincia . Sua o m ~ o de. Nossa refe.inc:ia:
1011
Chefe de Gablnete de Sua Excel6ncia 0 Ministro dasObras PUbUCIK, Transport" e Comunica¢esRua de Sio Mamede BO Caldas, 21 - 1°1149-050 LlSBOA
Exmo. Sen norChefe de Gabln8te de Sua ExcetAncia 0 Secretirio da
Estado do Tescuro e F i n a n ~ sAv. Infante O. Henrique, 11149·009 USBOA
Exml. SenhoraCnefe de Gabinete de Sua Excel6ncia 0 Seeretario deEstado Adjunto, das Obras Publicas e das
Comunlclc;6esRua d. Slo Mamede ao Caldas, 21 - 1·1149-050 L1SBOA
Seide
ltSJ43DII1a.
(8. J ~ I H ;
Assunto: Operaq&ts de Cr6dltD M6dlo/Longo Prazo de at6 150 milh6es de Euros, propDspelo Deutsche Bank
No seguimento da vossa aprova/f io da o p e r a ~ de financiamento de a!e 150 rnilhOes de Eurc
1'810 prazo de 20 anas do Deutsche Bank, virnos por este meio formalizar 0 ajustamento de pre
que a o p e r a ~ t .v. de e a ass ca a InlOa a ezam ro de 2009, bem cor
concretizar 0 perfil de p e ~ o ~ w a que foi entretanto contratualizada.
Apesar de a p e r a ~ o estar prevista ser ate 150 milh6es de Euros, fA data de hoje so conseguim,
garantir investidor para 125 milhoes de Euros.
A o p e r a ~ de financiamento teve as a&guintas condi¢8S finais (ver ficha tecnica em anexo) :
• Montante: € 125.000.000,00
• Praz ' anos, bullet ( a m o r t i ~ o integral no final do periodo)
• Allin: 6,75~A o p e r a ~ de Swap teve as seguintes condiy6es finais (ver ficha tecnica am anexo):
• Montante: E' 125.000 ,000,00
• Prazo: 20 anos, com initio em 13 de Julho de 2010 e data fim em 13 de Julho de 2030
EP - E t n d . ie POI1\IgIII, a.A.CapbI SooIeI: 2110.000.000 E w...... ~ .I?
&«Ie: ~ ciaPortauem 23(».01 3ALJINJ/lr POR'TIJ<TIIiIIIaM: +351-21 ~ 1 1 1 O DO I F• • + 3 5 1 - ~ t
........ .,....'wl=- . . . wt.. . . . . . . . . . . , . , . , . . . , IW1I
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. ).EPEllrNIl 1 PotIutIIl, '.A.
• EP recebe: Taxa fixa de 6,45% - do anD 1 aD anD 20
• EPpaga:
a. Taxa flX8 de 6,20% - do ano 1 ao ano 3
b. 8,20% - [35% xCIP] (Annual, ActI36O) - do ano 4 ao ano 5
c. 8,20% - [30% x CIP] (Annual, ActfJ60) - do ano 6 eo ano 7
d. 8,20% - (25% x Clp) (Annual, Act/360) - do anD 8 ao ano 20 /• Sando que do anD 4 ao ano 20 0 valor a pagar esta associado com a performance do
indica DB USD Pulse, estando definido um caD de 7.20%. ou saja no pior C8nario a EPpagara 7,200/0 durante este perfodo.
• Existe a poSSibilidade de Mutual Tennination, no final do 5° ano e anualmarrte ap6s useperiodo.
Para que rique tudo em conformidade , agradecemos a f o r m a l i z a ~ do vosso aoordo ascondi¢es de opera9l0 de l n a n c i a m e n ~ e ~ associado.
Com os melhoras cumprimentos,
EP - e-. . . de PoctuoII. SACIIFIIIIIcdII: 200.000.Il00e-NF:50tlllUII 212
.. ' ,', A,,{;fI:lo:lt GoI\_., .:. · r e t l i c 1 . I 1 ~
Sedr. ~ d e ParagIm 3 ~ P O R T U G A LT . . . . . +.'-21 . , 10 ID I Fa:+a1-21 Zlll511 '¥I
. m e I ~ . p I • _ .....d 'rpgrtugll.pl
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Strictly Private and Confidential Deutsche Bank 1/1Page 1
ESTRADAS DE PORTUGAL 20 YEAR FIXED RATE
Final Terms and Conditions
Terms of the Notes
Issuer
Issuer Rating
Form of Deb!
Sole Manager
Nominal Amount
Coupon Rate
Issue Price
Reoffer PriceAll in Yield
Issue Date
Maturity Date
Redempton
Coupon Payment Dates
Business Days
Denominations
Listing
Settlement
ISIN
Governing Law
Documentation
Change of Control
TuesdayWednesday, June23
, 2010
ESTRADAS DE PORTUGAL SA
Not Rated
Unsecured, unsubordinated, ranking pari passu with all other unsecured and
unsubordinated obligations o f the issuer
Deutsche Bank AG , London
EUR 125,000,000
6.45%
100.00%
95.59%6.75%
13111
July 2010
15th
July 2030
100.00 %
13th
July each year, commencing 13111
July 2011 (act I act, following unadjusted)
Long last coupon
TARGET
EUR 50 ,000
Frankfurt Stock exchange, unregulated. FREIVERKEHR
Against payment
To be provided by Interbolsa
Portuguese
Stand-alone standard Eurobond
Yas
If the Portuguese Public Sector at any time ceases to own, directly or indirectly at least51 % (fifty-one per cent) of the statutory capital (caplal estatutario) of the Borrower
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strictly Private and Confidential
P a g e ~
ESTRAl)ASDE POm-UGAL2D YEAR FIXED RATE
Deu1sGhe Bank 1/1
Final Terms atId Conditions TuesdayWetinesday, Jurre -23; 2IJ10
D i ~ c l a J m e r
We are sending you this term i h e f ! t ~ t t i b e basis that you are a potential o ~ e r p a r t , y aqtng at.ann's lengtl1_ Thi.$ term sheet
laJot discussion pUrposes-'only ancU&llOt Intended to ,cteate;any \egally b i n d i r l j f ~ ~ n s between The type of
irannction dU .CJibed in' this Q C u t n e b t m ~ y . n O t be U i t 1 b 1 e ~ o u . F o t f 1 e n e n u t r i f o t ' m l t l o l ' p ' e o a r d i n g i l a t ! ) l ' e andr!liks ofthe r a n s a c t i ~ n . n d f Y p .. of-ffnlnc:I»,lristtlJm.e.nb pleate gato wYjwiOIOblfrntrlstUidb:!10rD1tiiKdlaclOJutej.Please 1I1so takeyout ,own lndependentprOhi•• onar,1Iidvfc'eInotdedo s s e . s * " I U h l l t y ~ f t r ~ . c t t o l l - i . iiippmpth.t. ror youuivan'your
circumstance.'and Ob.tectiVei. Weue'ltot'acting as your:flnancill.: legat; tax or otheNidvisetor Ihany fiduciary capacity ,this;document does nOt coRstitutWaYicfer oun offer (ofillnyt)ipe). Ii'lvttatio:h tooffiii' cit tecqlM'Hllndatlof), to you.
If.after mal\JngYOQr O ~ Q I ~ ~ J o . - I , O I ! d . p e n d e n U y ~ j d f l ' y o u w . o ( d c f ~ i ~ e ~ p.;.ue . ~ l i c trannction with uS'thetewill. s a P a t W e . ( ) ~ t l g ~ D t h e t l I ~ i S J , ~ ~ I U o n , t h e ~ m s o f w ! t I c : h . i M l I ( i ( ~ ~ u P i ! f : $ ~ e Indicative an d
. u l 1 ' l J ' l . l . r y ' t ~ s c o n t a l t l e 4 J " t h l . ' ~ ! # I m e n t We therefore dO r t Q t a ~ ~ 1 i a b i l J t y : ~ r .• y d l i ' ~ consequential 01' otherlossI r i . I ~ { t o t . n ft!l{ance.on h f . ( : I o ~ ~Deutl'r#te'J:lankAS ( ~ a , r n a , m a _ " JlC)sftlonsinthe products referred,to h.r.tn;,otMenu_oed In other transactions
i l 1 l l o h ' l n { r t h H e p r ~ . A d l o t - " , b . n l W a g e a n d fees de .
PIe... ' t o t ~ tbilt: (a) e 1 l ' r e : m . k i ! ! \ : f g o ~ I 1 t i i t ' 1 O n . (0 ~ t 0 I l t a l : \ l ' l l r 0 f a ~ 1 : ~ " b . ! . u m e n t or economic mel'ure.A . S U r r i ~ f l o ~ opinions i l i 1 c f a t l i i i l t e . ~ " e d c O l l s t l t ~ e o Q I ' JUcfg",eht:'as,oftht!t • te.:CifU,I. ~ r I ; a t and are su\)ject toc h t r i g e W i t h o u t n c i t i c : e . A n 1 n V H f ~ l ( i l " i s ' i y p e o H r a n s a c i J t i n mayrUUI(1ntM;lO,,:otYoin' IriVestment. Pa,st perfOrmancel.sriofindle.Uve'of(ufur'e ' U 1 " ' : l l k e l y t " J j e liW. t:Jiitii' . i i c o n ~ a i y ~ ~ f i ; h f S ' t y , p e oitrl!lItladion; (e ) weare
dealli!g with you'ol:l a p r l r i . c l p i r : t b < - I : ) . ~ ; . a,nd doi1iih!c:ifeptariyrespori.J"f9ta.ny.:crurmiJe. iric\uding on.selllng,
between you and 8 t l y ~ l i d : r ' ~ •• . .' '. m . J c ~ no. e p f ~ e n t ~ ( ) n .. 0 c ; ; o m p l . , , ~ o r aQCt,#IIIW oft1\e informationcontained.lnthls 'dociJmeht; artctte)WU!::may. no t dlStrilJUtathladocument; In '. . . . orp.il. wltho.It qui' express wrifti!lnpeonlssfbn.
You ~ r e ' e J ' 1 t th,at you wlU l:;OmpJy . appilcabfes.ecqritles I a w s . l n " o ~ in j u d & d i c t l O n i " w h i c h you purchase, offer,sell or deliver seclUltles'or P $ S " " 9 l d t ~ b l l t e t r a n s a c t I Q n documentilVon-and,OS·1ihalfhlllv.no responsibility therefore; In
p a r t i c u r . r I ! l r e l ~ o I 1 J ~ e ~ h M t i . r i ~ $ t a t . ~ n h e E " , r 9 . , e , l ! n n O , n i c ~ r . e ~ ~ ~ J J h ' u d m p l ~ n f e d the r o ~ p e c t u s Directive
( D i r e c t W e 2 Q 0 3 " 1 J E ~ ) Y Q I I . f . . . ! J i t ~ W I t b . r ~ f T 9 m l i l e d 1 l ~ o n w h l ~ t f t " ~ ~ u s Oli'e¢tive is implemented in such
Mem!Jer stete you wJlIl'1Q't l ! l k e q ~ ohecurl(ie:s to h e p u b l l e l ~ s U , C M . ~ " i I l X ~ p t d u r m g the 1 monthsfollGwlitgtbeput;li!';8.fiop of, . . ~ a p p r O Y e d lit ,orpuspc)rteci n ( O ' . u c h M ~ ~ anytlme 'other'than 'inci{CumsfancQ whiCh do n O ! r : e q ~ i ~ p , U b i J c . t l o n of II p r o S ~ l I l S P U t ' 1 l u ~ ~ A r t l c ; r . a of1beProsp.ctus Dir!lCtive. DB is
a u t " o ( i ~ e j : I ~ G e l m a . I ! ~ I ! e . ~ ~ m p e t e n t . u t " ~ U f y. B ·• F ~ 1 Ftn.noiaJ Supervlrjing Authority} ' and re.gul;aJedby the FInancial e r v l c e s ~ ) l t h o t f b t ~ r f l t e conduct,of .UK.b4lineas,
'---------,]
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Deutsche Bank
DB USDPULSE-LiNKEO,SWAP- FINAL TERMS AND CONDITIONS
23 JUNHO, 2010
Swap Proposal:
Notional Amount
Trade Date
Effective Pate
Final Maturityflate
CQUnterpartyA Pays
Co.unterparty B Pays
Index Coupon ( t I
Index: Initial
Swap Business Days
Index Business Days
Calculation Agent
Mutual Termination
Documentation
Deutsche Bank AG LOr)tion {"DB"
E$tradasde POrtugal S.A. (' EP' )
EUR 125.000..0.00
23 June 20.:10
13 July 20.1'0
15 Juiy 2030Year1 - Year 20
6.45!'k
Year1 - Yeat 36.20% ·(Antiual, AicV36O.)
Yer4-Year 5
B.2o'% - [35% xCIPI (Anl'lUal. Actf360)
Y ~ r $ - Y e a r 7.8.20.% - [30%X-C'IPJ (Annuatl);ltttl360)
Veqr 8 - Year2Q8.20.% • [25%xOIRJ (Annual, Actl36O.)
All coupons are¢l:\pped at 7.20%
All Coupons are floored at Q.OO%
Cuml,llatlve Index·Petformance,," [Index Co'Upqn ( t ) {Index Initial] - 1
DB USD PULSt:li ldex [sloomberg DBPPULSU Index ]
Index fixing l.eveI2 Ind.ex 8usiness';OiWsbEl{ore any Payment Date
As per fixing on 23 JUlie 20.10. ('Will be published at end of day)
TARGET
As per Index.Definition
Deutsche Bank AG London
After year 5
ISDA Long Form Confirmation - ISDA contract to be signed
The main clauses to be included in the Long Form Confirmation andfuture ISDA Agreement are:
DCM/Corporate Sales +44 207-545-7476
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,a) Rate Analys!s:
Year WorSt
- ~ O O %1 . ~ c i %2.
3 2 0 - %4 7 ~ 2 Q %5 7.2.,Q!)6
6 7.20%
7 2 ' 0 %8 7;20%
9
10 7.2{l,,%
11 7.2Q%
12 7.20%
13 7.20%
14 7.20%
15 2 ~16 7.20%17 7.20%
18 7.20%
19 7.20%
20 107.20%
IRR 6.95%
Deutsche Bank 1/1
(l) Mutual T e i T o i n ~ t i Q n Clause after veerS (then annually)
(iJ) MaJQritYOWl1ership (Portuguese state, min, 51%)
Hfi)Cross defauit(WeWiII a/lowathresholdamount bf€ 10 m).
ep paysse,t;t
...1000.<.
6.:20%,6:20%
'Q:gp%O·Q9%,O.(j(j%
o:OOi'iEr
0.00%
' O 9 ~9·,9Q%0.00%
'0.00%
O().O%
010,0:%
0.00%
0.00%
0.00%'0.00% ,10(100%
1.01%
~ 1 0 0 %6 . ~ O 5 { ,6.20%
6.20%6.11'%
5 . 5 ~ %5.$2%
5.'01%
5.22%.4.8§:%
4·1f!%4.10%3.13%3.-36%
2.99%
2.61%
~ 4 %UfT%1.:50%
1,12%
100.75%
4.41%
EP Re-ceives
6.4.5%
6.45%
6,,45%6,45%
6;:45%
6.iffi%6,45%
6-45%
6 .45%6)15%
6.45%
6.45%6,45%
6A5%
6.45%
6,45%6.45%6.45%6.45%6.45%
Average case is based on an average Index Year on Yeanelt.ln of149%
OCM/Corporate Sales +44 207-545-7476
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Deutsche Bank 1/1
b) Cash Flow Analysis:
'1}JUI-11
1 ~ 1 - 1 215,Ju1-13 364
14-J!.l(;:14 1J...A1f..15364
1 ~ ~ 1 5 13-JuJ..16 366
;13-.,I!J1:'1f1 13-1lu1-17 365. 13-Juf..1T 13-Juf . .16365
13-Ju1-1a '15- .M,19367
15-./U1-19 13-Juf..20 3641 ~ . ) ; M Q ; ~ ~ 2 1 36s
. 3 - ~ , M 1 13-Ju1-22 365. 134J/;22 1J.-k1J..23 365~ ~ Z 3 1 s . J j ~ i 4 3 6 8: ~ ~ i 4 1 ~ ~ ~ ~1A-.A:i1-25 1.J.-kII:'2S 364' ';3;.kJJ:16 13.J!i1-'27 365
1 ~ ' : ~ ..1 3 - . A i ~ 2 9 ':;
8,062,500.00
8,06i,sod.QiJ
8,062,500,00
8,062',500,00
8,()62,.&,X);'oo8 , ~ , 5 0 0 . 0 00 6 2 , 5 0 0 ~ 0 0
8,062:50ClOO
8,062,500.00
8,062,500.008,062,500.00
8,062,500.008 , ~ ; ~8,062;560,008,062,500.00
8,062,500.00
8,0GZ,5oQ.00
8,002.500.00
161 ;250,000.00
• If the fixed rate rninusthe:7e.urnulatlv.e Index performance is'hl.gher1han tbe Oap then the client willpay a coupon of 7:'20% £ Cap Is,actlvated,
If for exampteon tM4tti c l ) . u ~ ! 1 the CUrnUfaliyelr'idex p . e r t o t h i c n l ~ e 5 j l t o , 'Epwill pay;
~ % - [35% x OJ5%)=8,025%,s;0 Ep- ,wtJI 1.20%
• If the. ixed rate minus tha·c'llmulative Index performance is iQV(¢rtttl3n theCapthen the ·client will paya coupon below 7.20%,
If for example on the 4th cp1;I'pOn the Cumulative Index performance isA.o'O%, EP will pay:
8.QO% - [35 ciAl x 4.00%J = ,80%, sO ~ P " ' l f l H pay 6.8Q%
• The absolute worst case.:fot the client would be paying 1.20% and receiVIng 6.45% from DB,
DCMJC.orporate Sales +44 207-545-7476
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Deutsche Bank 1/1
this term ,sheet has .been IRparedaoieI)' f9.talS.tUS'slonporposes aneS'does r t o t ~ M t i t U t t i i I t I o l l ' l ! r an i O ~ i O n or a recommendation toernerlnto any r . m l i a c ~ n Terms i ; i C l C i S h d i t i o l ' i s h e R ' l i n are inoleatlve,'ai'ld ,Sub)ectlo t l \ i ~ i l O d I o r n e g 9 t i a t i o n between U$ . Fuli d e t a i ~csf the final terms 'and conditions o f ~ r ~ ~ n t . wiO be ~ o h t a i h e d In a' ~ p e ~ ~ 'QtI\eroffering dOCUment relating tp thIstransaction, a copy 0;wl:ikih'wtll b e a ~ i t a b ~ 1 r e e of phatge frOm Deut1icI)eBank.AlthQ\lI!lft.the::l'lfQrmation nerei(1 b e e n obtained fromsources belieVed to bE! . eliable;.we d o - ~ l wanant ltS.;apcur8cy, completeness o r f a l ~ .OPlnions and estrmates may be changedwithout notiCe and involve.a. ~ t l > t ' 8 S s ~ t r o r u r w h l c . h mar net prove valid, Palft'.pedonriaoce js not indicatiVe of future results,Losses to investments may o c c u r d i J « t o 1 I f 1 I ' a / i ~ ~ offectors. .
In the .event you d.ecJde t o ~ t l e i ' hPl#po'Sed trliIiSliCtion, 'DB 'hiltbe trading withy-au onja,PIJt:Iclpalto principal basis and any resale orolhsale f t h l S p r c i d u c t b y ~ u t o t h l t d ~ W i l l h b t b e ltithe eapacityofagentfof be. l(yotidecideto market a n d f o r o n . e l l t h e ~ r o d u c tto t!1lrd partyinvestors'You wlU : )b:I9I"¥ fIRpOJiSiti]efor the marketing and oncceblrw- to'.!l4CIl;!mtestors and for asselSsing the suitablfrtyand appropriaterie$s,cif the 'prJ:idUCt f o r _ l i l ~ o r sWeare not acting. $ ; y . o u r ~ I ) 8 ~ ~ V i l i e i or 'in 'sny; other lilluc:iaty capacity In respect: :of this ,proposed transaction or any othertra.nSaction with 'yOu u n l ~ ~ o t t H i m s e j J i e ~ 1 l ' f W i ' 1 t l l i g . . ..
Wear our affilt,ibis or ~ ! 1 I Q " ' ~ o . s : ~ W,ith us Qt .1I11Ct! "tl!\iate$fAssodatoct ~ may ,litany time maintain as part of ourhei:jglflo o ( , t r a c f t r t S l a ~ ~ a ~ c i r ' ~ A > ~ ~ ~ _ ~ e ~ J g . ~ ~ t n O f ' \ , ~ thereor, 'Or In related futuresor'OptlOllS', p u r d ' i a 8 e o r ~ U . ~ . l I ~ . l t i ~ e any t h e r t @ . h s a c : t ! 9 n ~ " " . U!curftles,.aswell'as eam brokenlge oroll)efcompet'l$atiol'l, ~ ~ ~ ~ f i ; l d i t ) O <ml:!edSlq a C I j V i t l ~ ~ ~ to t.Ve.any ~ g n l f i c a n t Impact upon prices,our e 8 l i ~ c i > l l l d a l f e c t . t h e p i k i e Y o i . l I H l Y ~ i v ~ transactlo!1Sin til . ,or,elated:Se!Cioritles, .
Thill lIocumentaJ:\C( l " r P ~ f t O l 1 c o ~ r r . d h . E ! ~ e i n m l \ y ~ I ) I Y ~ ~ J $ h ; i b u t ~ ( t a o l f p W i I f . ~ ~ 11.1ilidjctlons in which such distribution andP U b I i ~ t i o n is P$li1:1i«ed, Any'direct o . r I n d . ~ ' 1 f l S t t i \ l u t i l > n o f l l i i s ' d O Q u m ' i ! n t inl(ltj:\e U h t . t t ~ ! b e United Kingdom, canada o(Japan,or to US p ~ n s Us i i l l ! m a . " , ~ e d You may naldlst\ibute this ~ u n i e ' ! i t lA'IwIiOkr'9r 'part .,without our prior, express Writtenpermission.
BEFORE ENTERING INTO ANY .TRAN.S;ACJ10N YOU SHOl,JLP TAKE STEPS TO ENSORETHA.T YOU VNDERSTAND AND HAVEM A D E A N I N b E P E N b E N ' t ' A $ . S ~ S $ t , I i ~ 'OF THE SUITABILITY AND APPROPtilATENESS OF THE TRANSACTION ANDCONTRACTUAL R E L A T I O ~ S H f P INTO WHICH YOO ARE ENTERING AND ntE I\IATURE AND 'EXTENT' OF YOUR EXPOSURE TORISK OF LOS$ TN LIGHT O F Y O U 6 : ~ < Q B . i E C T l V E S , FINANCIAL ANDOPERATlONAl RESOURCES AND OTHER RELEVANTCiRCUMSTANCES. yqu,sjiouWTAKi: ,SUOH I NDEPENDENT i I ' 4 V E S T I G A T i O N S ANi:l:SUCH PROFESSIONAL ADVICE AS YOUCONSIDER NECESSARY OR APPROPRIAtE.FOR SUCH PURPOSE.
OeM/Corporate Sales +44 201-545-7476