Bond BWM 5% ( XS0364671346 ) in EUR

Issuer BWM
Market price 100 %  ▼ 
Country  Germany
ISIN code  XS0364671346 ( in EUR )
Interest rate 5% per year ( payment 1 time a year)
Maturity 28/05/2015 - Bond has expired



Prospectus brochure of the bond BMW XS0364671346 in EUR 5%, expired


Minimal amount 1 000 EUR
Total amount 1 750 000 000 EUR
Detailed description BMW, a German multinational company, manufactures automobiles, motorcycles, and engines, and provides financial services.

The Bond issued by BWM ( Germany ) , in EUR, with the ISIN code XS0364671346, pays a coupon of 5% per year.
The coupons are paid 1 time per year and the Bond maturity is 28/05/2015







BMW Group
23MAR200718252316
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany
BMW Finance N.V.
The Hague, The Netherlands
BMW US Capital, LLC
Wilmington, Delaware, USA
BMW Coordination Center V.O.F.
Bornem, Belgium
BMW Australia Finance Limited
Melbourne, Victoria, Commonwealth of Australia
ABN 78 007 101 715
BMW (UK) Capital plc
Bracknell, United Kingdom
BMW Japan Finance Corp.
Chiba-city, Chiba, Japan
EUR 30,000,000,000
Euro Medium Term Note Programme
unconditionally and irrevocably guaranteed by
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany
Arranger
Barclays Capital
Dealers
Barclays Capital
BNP PARIBAS
Citi
Credit Suisse
Deutsche Bank
JPMorgan
Morgan Stanley
SocieŽteŽ GeŽneŽrale
The Royal Bank of Scotland
Corporate & Investment
Banking
UBS Investment Bank
UniCredit (HVB)
Principal Paying Agent
Citibank, N.A.
In relation to notes issued under this Programme (as defined in ``General Description of the Programme
­ General''), application has been made to the Commission de Surveillance du Secteur Financier (the
``CSSF'') of the Grand-Duchy of Luxembourg (``Luxembourg'') in its capacity as competent authority (the
``Competent Authority'') under the Luxembourg ``Act on Securities Prospectuses'' (loi relative aux
prospectus pour valeurs mobilie`res) (the ``Luxembourg Act'') for approval of this Prospectus (as defined
in ``General Description of the Programme ­ General''). This Prospectus constitutes a base prospectus
with regard to each of the Issuers (as defined below) for purposes of Article 5(4) of Directive 2003/71/
EC (the ``Prospectus Directive'').
In order to be able to conduct a public offer in relation to certain issues of Notes, Bayerische Motoren
Werke Aktiengesellschaft (``BMW AG''), BMW Finance N.V. (``BMW Finance''), BMW US Capital, LLC
(``BMW US Capital''), BMW Coordination Center V.O.F. (``BMW Coordination Center''), BMW Australia
Finance Limited (``BMW Australia Finance''), BMW (UK) Capital plc (``BMW UK Capital'') and BMW
Japan Finance Corp. (``BMW Japan'') (each an ``Issuer'', and together the ``Issuers'') have applied for a
notification of this Prospectus into the Federal Republic of Germany (``Germany'') and into the United
Kingdom pursuant to Article 19 of the Luxembourg Act and the relevant Issuer will comply with such
requirements, inter alia, as to filings and publications as may be necessary from time to time for an
offer of such Notes in Germany and the United Kingdom. The Issuers may apply for further notifications
of this Prospectus as may be necessary for an issue of Notes from time to time.
Prospectus dated 7 May 2008


Important Notice
The Notes (as defined below) have not been and will not be registered under the United
States 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 except in accordance with Regulation S under the Securities Act or pursuant
to an exemption from the registration requirements of the Securities Act.
Internal Revenue Service Circular 230 Disclosure
Pursuant to Internal Revenue Service Circular 230, attention is drawn to the fact that
the description set forth herein with respect to U.S. federal tax issues was not intended
or written to be used, and such description cannot be used, by any taxpayer for the
purpose of avoiding any penalties that may be imposed on the taxpayer under the U.S.
Internal Revenue Code. Such description was written in connection with the marketing
of the Notes. Such description is limited to the U.S. federal tax issues described herein.
It is possible that additional issues may exist that could affect the U.S. federal tax
treatment of the Notes, or the matter that is the subject of the description noted herein,
and such description does not consider or provide any conclusions with respect to any
such additional issues. Taxpayers should seek advice based on the taxpayer's
particular circumstances from an independent tax advisor.


TABLE OF CONTENTS
Page
DOCUMENTS INCORPORATED BY REFERENCE ...........................................................
1
GENERAL DESCRIPTION OF THE PROGRAMME...........................................................
5
GENERAL INFORMATION .................................................................................................
7
Part A: Summary of the Prospectus and Risk Factors ..................................................
12
A.I: Summary of the Prospectus .......................................................................................
12
1.
Summary of the ``Risk Factors'' ..................................................................................
12
2.
Summary of the ``Terms and Conditions of the Notes and Related Documents'' ....
22
3.
Summary of the ``Description of BMW Finance N.V.''................................................
25
4.
Summary of the ``Description of BMW US Capital, LLC'' ..........................................
26
5.
Summary of the ``Description of BMW Coordination Center V.O.F.''.........................
27
6.
Summary of the ``Description of BMW Australia Finance Limited''............................
28
7.
Summary of the ``Description of BMW (UK) Capital plc'' ..........................................
28
8.
Summary of the ``Description of BMW Japan Finance Corp.'' ..................................
29
9.
Summary of the ``Description of Bayerische Motoren Werke Aktiengesellschaft'' ....
30
A.II: Risk Factors ................................................................................................................
35
1.
Risks relating to the Issuing Subsidiaries ..................................................................
35
2.
Risks relating to BMW AG and BMW Group .............................................................
44
3.
Risks relating to the Notes .........................................................................................
50
Part B: Terms and Conditions and Related Documents ..............................................
55
B.I: Issue Procedures ........................................................................................................
56
B.II: Terms and Conditions of the Notes (German language version) .............................
58
B.III: Terms and Conditions of the Notes (English language version)...............................
91
B.IV: Form of Final Terms / Muster-Endgušltige Bedingungen ............................................
120
B.V: Text of the Guarantee.................................................................................................
142
B.VI: Text of the Declaration of Undertaking ......................................................................
143
Part C: Selling Restrictions...............................................................................................
145
Part D: Taxation .................................................................................................................
151
Part E: Description of BMW Finance N.V., BMW US Capital, LLC, BMW
Coordination Center V.O.F., BMW Australia Finance Limited, BMW (UK)
Capital plc, BMW Japan Finance Corp. ..............................................................
165
E.I: Description of BMW Finance N.V ...............................................................................
166
E.II: Description of BMW US Capital, LLC ........................................................................
173
E.III: Description of BMW Coordination Center V.O.F ........................................................
180
E.IV: Description of BMW Australia Finance Limited ..........................................................
186
E.V: Description of BMW (UK) Capital plc ........................................................................
192
E.VI: Description of BMW Japan Finance Corp. ................................................................
198
Part F: Description of Bayerische Motoren Werke Aktiengesellschaft .......................
206
Address List.........................................................................................................................
234


DOCUMENTS INCORPORATED BY REFERENCE
The following documents shall be deemed to be incorporated in, and to form part of, this
Prospectus:
Document
Page Reference
``BMW Group Geschašftsbericht 2006'' containing the consolidated financial
statements of BMW AG at 31 December 2006 (the ``BMW Group Financial
Statements 2006'')
Konzernlagebericht .......................................................................................
10 through 63
Gewinn- und Verlust-Rechnungen ................................................................
65
Konzernbilanz und Teilkonzernbilanzen........................................................
66 through 67
Kapitalflussrechnungen.................................................................................
68 through 69
Entwicklung des Konzerneigenkapitals.........................................................
70
Konzernanhang .............................................................................................
72 through 114
Bestaštigungsvermerk ....................................................................................
115
Corporate Governance..................................................................................
116 through 125
Sonstige Informationen* ................................................................................
126 through 139
``BMW Group Geschašftsbericht 2007'' containing the consolidated financial
statements of BMW AG at 31 December 2007 (the ``BMW Group Financial
Statements 2007'')
Konzernlagebericht .......................................................................................
10 through 68
Gewinn- und Verlust-Rechnungen ................................................................
73
Konzernbilanz und Teilkonzernbilanzen........................................................
74 through 75
Kapitalflussrechnungen.................................................................................
76 through 77
Entwicklung des Konzerneigenkapitals.........................................................
78
Konzernanhang .............................................................................................
80 through 131
Bestaštigungsvermerk ....................................................................................
136
Corporate Governance..................................................................................
137 through 147
Sonstige Informationen* ................................................................................
148 through 161
``BMW Group Zwischenbericht zum 31. Mašrz 2008'' containing the interim
Group financial statements at 31 March 2008 (unaudited)
Gewinn- und Verlust-Rechnungen ................................................................
19
Konzernbilanz und Teilkonzernbilanz............................................................
20 through 21
Kapitalflussrechnungen.................................................................................
22 through 23
Entwicklung des Konzerneigenkapitals.........................................................
24
Konzernanhang zu den Zwischenabschlušssen zum 31. Mašrz 2008 ...........
25 through 34
BMW Finance Annual Report 2006 containing the financial statements for
BMW Finance at 31 December 2006
Director's Report ...........................................................................................
4 through 5
Income Statement .........................................................................................
6
Balance Sheet ...............................................................................................
7 through 8
Cash Flow Statement ....................................................................................
9
Statement of Changes in Equity....................................................................
10
Notes to the Financial Statements ................................................................
11 through 29
Other Information* .........................................................................................
42
Auditor's Report ............................................................................................
43
BMW Finance Annual Report 2007 containing the financial statements for
BMW Finance at 31 December 2007
Director's Report ...........................................................................................
4 through 5
Income Statement .........................................................................................
6
Balance Sheet ...............................................................................................
7 through 8
Cash Flow Statement ....................................................................................
9
Statement of Changes in Equity....................................................................
10
Notes to the Financial Statements ................................................................
11 through 34
Other Information* .........................................................................................
45
Auditor's Report ............................................................................................
46
*
Such information is not required pursuant to annex IV of Regulation 809/2004 EC and is therefore incorporated for
information purposes only.


Document
Page Reference
BMW Coordination Center Annual Report 2006 containing the financial
statements for BMW Coordination Center at 31 December 2006
Partners' Report ............................................................................................
3
Balance Sheet ...............................................................................................
4
Income Statement .........................................................................................
5
Notes to the Financial Statements ................................................................
6 through 9
Auditor's Report ............................................................................................
10
BMW Coordination Center Cash Flow Statement at 31 December 2006
Auditors Report on the BMW Coordination Center Cash Flow Statement at
31 December 2006
BMW Coordination Center Annual Report 2007 containing the financial
statements for BMW Coordination Center at 31 December 2007
Partners' Report ............................................................................................
3
Balance Sheet ...............................................................................................
4
Income Statement .........................................................................................
5
Notes to the Financial Statements ................................................................
6 through 9
Auditor's Report ............................................................................................
10
BMW Coordination Center Cash Flow Statement at 31 December 2007
Auditors Report on the BMW Coordination Center Cash Flow Statement at
31 December 2007
BMW US Capital Financial Statements 2006 containing the financial
statements for BMW US Capital at 31 December 2006
Independent Auditors' Report .......................................................................
3
Balance Sheets .............................................................................................
4
Statements of Operations..............................................................................
5
Statements of Member's Capital ...................................................................
6
Statements of Cash Flows.............................................................................
7
Notes to the Financial Statements ................................................................
8 through 17
BMW US Capital Financial Statements 2007 containing the financial
statements for BMW US Capital at 31 December 2007
Independent Auditors' Report .......................................................................
3
Balance Sheets .............................................................................................
4
Statements of Operations..............................................................................
5
Statements of Member's Capital ...................................................................
6
Statements of Cash Flows.............................................................................
7
Notes to the Financial Statements ................................................................
8 through 17
BMW Australia Finance Financial Statements 2006 containing the financial
statements for BMW Australia Finance at 31 December 2006
Director's Report ...........................................................................................
4 through 6
Independence Declaration............................................................................
7
Income Statement .........................................................................................
8
Changes in Equity .........................................................................................
9
Balance Sheet ...............................................................................................
10
Statement of Cash Flows ..............................................................................
11
Notes to the Financial Statements ................................................................
12 through 36
Director's Declaration....................................................................................
37
Auditor's Report ............................................................................................
38
BMW Australia Finance Financial Statements 2007 containing the financial
statements for BMW Australia Finance at 31 December 2007
Director's Report ...........................................................................................
4 through 6
Independence Declaration............................................................................
7
Income Statement .........................................................................................
8
Changes in Equity .........................................................................................
9
Balance Sheet ...............................................................................................
10
Statement of Cash Flows ..............................................................................
11
Notes to the Financial Statements ................................................................
12 through 35
Director's Declaration....................................................................................
36
2


Document
Page Reference
Auditor's Report ............................................................................................
38
BMW UK Capital Annual Report 2006 containing the financial statements for
BMW UK Capital at 31 December 2006
Directors' Report ...........................................................................................
4
Statement of Directors' Responsibilites.........................................................
6
Report of the Independent Auditors .............................................................
7
Income Statement .........................................................................................
9
Balance Sheet ...............................................................................................
10
Cash Flow Statement ....................................................................................
11
Statement of Changes in Equity....................................................................
12
Notes .............................................................................................................
13 through 27
BMW UK Capital Annual Report 2007 containing the financial statements for
BMW UK Capital at 31 December 2007
Directors' Report ...........................................................................................
3
Statement of Directors' Responsibilites.........................................................
6
Report of the Independent Auditors .............................................................
7 through 8
Income Statement .........................................................................................
9
Balance Sheet ...............................................................................................
10
Cash Flow Statement ....................................................................................
11
Statement of Changes in Equity....................................................................
12
Notes .............................................................................................................
13 through 31
BMW Japan Financial Statements 2006 containing the financial statements of
BMW Japan at 31 December 2006
Balance Sheets .............................................................................................
1 through 2
Statements of profit and loss ........................................................................
3
Statements of cash flows ..............................................................................
4
Statement of Changes in Shareholders' Equity and Others .........................
5
Notes .............................................................................................................
6 through 9
BMW Japan Independent Auditors' Report 2006 containing the auditors'
report of BMW Japan at 31 December 2006
Independent Auditors' Report English translation.........................................
2
BMW Japan Financial Statements 2007 containing the financial statements of
BMW Japan at 31 December 2007
Independent Auditor's Report .......................................................................
15
Balance Sheets .............................................................................................
17 through 18
Statements of profit and loss ........................................................................
19
Statement of Shareholders' Equity and others..............................................
20 through 21
Statements of cash flows ..............................................................................
22
Notes .............................................................................................................
23
Any document incorporated by reference into this Prospectus (as specified in the table above
under ``Documents Incorporated by Reference'') and this Prospectus and any supplement
thereto will be available for inspection at the specified offices of the relevant Issuer, at the
specified office of the Luxembourg Paying Agent, during normal business hours, as long as
any of the Notes are outstanding and on the website of the Luxembourg Stock Exchange
under ``www.bourse.lu''.
For the avoidance of doubt, such parts of the documents relating to the Issuers for the years
2006 and 2007, respectively, which are not explicitly listed in the table above (if any), are not
incorporated by reference into this Prospectus. Information contained in such parts is either
of no relevance for an investor or covered in other parts of this Prospectus.
3


The following documents shall be deemed to be incorporated in, and to form part of, this
Prospectus for information purposes only:
Document
Page Reference
BMW Group Annual Report 2006 (non-binding English translation of the
German language version) containing the consolidated financial statements
of BMW AG at 31 December 2006
Management Report .....................................................................................
10 through 63
Income Statements .......................................................................................
65
Balance Sheets .............................................................................................
66 through 67
Cash Flow Statements...................................................................................
68 through 69
Statement of Changes in Equity....................................................................
70
Notes to the Group Financial Statements .....................................................
72 through 114
Auditor's Report ............................................................................................
115
Corporate Governance..................................................................................
116 through 125
Other Information ..........................................................................................
126 through 139
BMW Group Annual Report 2007 (non-binding English translation of the
German language version) containing the consolidated financial statements
of BMW AG at 31 December 2007
Management Report .....................................................................................
10 through 68
Income Statements .......................................................................................
73
Balance Sheets .............................................................................................
74 through 75
Cash Flow Statements...................................................................................
76 through 77
Statement of Changes in Equity....................................................................
78
Notes to the Group Financial Statements .....................................................
80 through 131
Auditor's Report ............................................................................................
136
Corporate Governance..................................................................................
137 through 147
Other Information ..........................................................................................
148 through 161
BMW Group Interim Report to 31 March 2008 (non-binding English translation
of the German language version) containing the interim Group financial
statements at 31 March 2008 (unaudited)
Income Statements .......................................................................................
19
Balance Sheets .............................................................................................
20 through 21
Cash Flow Statements...................................................................................
22 through 23
Statement of Changes in Equity....................................................................
24
Notes to the interim Group Financial Statements to 31 March 2008 ............
25 through 34
4


GENERAL DESCRIPTION OF THE PROGRAMME
General
On 6 May 1994, the Issuers (other than BMW Australia Finance and BMW Japan) entered
into a USD 1,000,000,000 Euro Medium Term Note Programme (the ``Programme'') and
issued an information memorandum on that date describing the Programme. On 21 May
1996,
the
aggregate
principal
amount
was
increased
from
USD
1,000,000,000
to
USD 3,000,000,000, on 19 May 1999, the aggregate principal amount was increased by
USD 2,000,000,000 to USD 5,000,000,000, on 24 May 2000, the aggregate principal amount
was increased by USD 5,000,000,000 to USD 10,000,000,000, on 27 April 2004, the currency
of the Programme was changed from USD to EUR and the aggregate principal amount was
increased from USD 10,000,000,000 to EUR 15,000,000,000, on 10 May 2005, a base
prospectus was filed with the CSSF and the Programme's former approval by (i) the Financial
Services Authority in its capacity as the competent authority under the Financial Services
Markets Act 2000 (the ``UK Listing Authority'') for Notes to be issued under the Programme to
be admitted to the official list of the UK Listing Authority and to the London Stock Exchange
plc and (ii) the approval by the Frankfurter Wertpapierbošrse for Notes to be issued under the
Programme in bearer form to be admitted to the Amtlicher Markt were not applied for again,
on 9 September 2005, the CSSF approved the base prospectus dated 10 May 2005, as
supplemented by a base prospectus supplement dated 9 September 2005, on 10 May 2006,
BMW UK Capital was replaced as issuer under the Programme by BMW Australia Finance,
on 10 May 2007, BMW UK Capital and BMW Japan acceded as Issuers under the
Programme and the aggregate principal amount was increased from EUR 15,000,000,000 to
EUR 20,000,000,000 and on 7 May 2008, the aggregate principal amount was increased from
EUR 20,000,000,000 to EUR 30,000,000,000. The Programme was updated on the respective
dates. This prospectus dated 7 May 2008 (the ``Prospectus'') supersedes all previous
information memoranda, listing prospectuses and the previous base prospectus (and
supplements thereto). Any Euro Medium Term Notes (the ``Notes'') to be issued after the date
hereof under the Programme are issued subject to the provisions set out herein. This does
not affect any Notes issued prior to the date hereof.
Notes will be issued in tranches (``Tranches'') one or more of which shall comprise a series
(``Series'').
Issuers
Bayerische Motoren Werke Aktiengesellschaft, Munich, Germany
BMW Finance N.V., The Hague, The Netherlands
BMW US Capital, LLC, Wilmington, Delaware, USA
BMW Coordination Center V.O.F., Bornem, Belgium
BMW Australia Finance Limited, Melbourne, Victoria, Commonwealth of Australia
BMW (UK) Capital plc, Bracknell, United Kingdom
BMW Japan Finance Corp., Chiba-city, Chiba, Japan
BMW Finance, BMW US Capital, BMW Coordination Center, BMW Australia Finance, BMW UK
Capital and BMW Japan, together, shall be referred to as the ``Issuers'' or the ``Issuing
Subsidiaries''. The Issuing Subsidiaries, together with all other BMW group companies, shall
be referred to as ``BMW Group'' or ``BMW''.
Guarantor
Bayerische Motoren Werke Aktiengesellschaft
Arranger
Barclays Bank PLC
Dealers
Barclays Bank PLC, London, United Kingdom
Bayerische Hypo- und Vereinsbank AG, Mušnchen, Germany
BNP Paribas, London, United Kingdom
Citigroup Global Markets Limited, London, United Kingdom
Credit Suisse Securities (Europe) Limited, London, United Kingdom
Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Germany
5


J.P. Morgan Securities Ltd., London, United Kingdom
Morgan Stanley & Co. International plc, London, United Kingdom
SocieŽteŽ GeŽneŽrale, Paris, France
The Royal Bank of Scotland plc, London, United Kingdom
UBS Limited, London, United Kingdom
Notes may be issued from time to time to one or more of the Dealers specified above (the
``Dealers'' and each a ``Dealer''), which expression shall include any additional Dealer
appointed under the Programme and which appointment may be for a specific issue or on an
ongoing basis.
Principal Paying Agent
Citibank, N.A.
Trustee
Barclays Bank PLC
Luxembourg Listing and Paying Agent
Fortis Banque Luxembourg S.A.
Distribution
Notes may be distributed by way of private or public placement and in each case on a
syndicated or non-syndicated basis.
Currencies
Subject to any applicable legal or regulatory restrictions, Notes may be issued in any
currencies as may be agreed between the Issuer and the relevant Dealer(s) (as indicated in
the applicable Final Terms). In this Prospectus, all references to ``c'', ``EUR'' or ``Euro'' are to
the single currency which was introduced on 1 January 1999 with the start of the third stage
of European Economic and Monetary Union, references to ``GBP'' are to the currency of the
United Kingdom, references to ``USD'' are to the currency of the United States of America,
references to ``AUD'' are to the currency of the Commonwealth of Australia and references to
``Yen'' are to the currency of Japan.
Unless otherwise permitted by then current laws and regulations, Notes in respect of which
the issue proceeds are to be accepted by the relevant Issuer in the United Kingdom will
have a minimum denomination of GBP 100,000 (or its equivalent in other currencies), unless
such Notes may not be redeemed until on or after the first anniversary of their issue date.
Rating
BMW AG received short-term ratings issued by Moody's Investors Services Limited
(``Moody's'') (P-1) and Standard & Poor's, a division of the McGraw-Hill Companies GmbH
(``Standard & Poor's'') (A-1) and, in September 2005, Moody's affirmed an A1 long-term rating
and Standard & Poor's an A+ long term rating, each with a stable outlook. Individual
Tranches of Notes issued under the Programme may also be rated, all as set out in the
relevant Final Terms.
Listing and Admission to Trading
Application may be made to list Notes issued under the Programme on the official list of the
Luxembourg Stock Exchange and to admit to trading such Notes on the regulated market of
the Luxembourg Stock Exchange (Bourse de Luxembourg) or on the Euro MTF market. The
Programme provides that Notes may be listed on other or further stock exchanges, as may
be agreed between the relevant Issuer and the relevant Dealer(s) in relation to each Tranche,
as specified in the relevant Final Terms. Notes may further be issued under the Programme
without being listed on any stock exchange. References to ``regulated market'' within this
Prospectus means a regulated market as defined in Article 2(1)(j) of the Prospectus Directive
in connection with Article 4(1) No.14 of Directive 2004/39/EC.
6


GENERAL INFORMATION
Responsibility of the Issuers and the Guarantor
Each of the Issuers and BMW AG in its capacity as guarantor for Notes issued by any of the
Issuers other than BMW AG (the ``Guarantor'') accept responsibility for the information
contained in, or incorporated into, this Prospectus (including the information contained in the
description for each Issuer (each a ``Description'')). Each of the Issuers and the Guarantor
declares that, having taken all reasonable care to ensure that such is the case, the
information contained in, or incorporated into, this Prospectus (including the information
contained in the Description for each Issuer) is, to the best of its knowledge, in accordance
with the facts and contains no omission likely to affect its import.
The Issuers and the Guarantor have confirmed to the Dealers (as defined herein) that the
information contained in this Prospectus (including the information contained in the
Description for each Issuer (as set out in Parts E and F, respectively, of this Prospectus)) is
true and accurate in all material respects and not misleading; that the opinions and intentions
expressed herein are honestly held and that there are no other facts in relation to the
information contained or incorporated by reference herein the omission of which would, in the
context of the issue of the Notes contemplated herein, make any statement herein misleading
in any material respect; and that all reasonable enquiries have been made to verify the
foregoing.
Requirements
This Prospectus contains as of the date hereof all such information as investors and their
professional advisers would reasonably require, and reasonably expect to find, for the
purpose of making an informed assessment of the assets and liabilities, financial position,
profits and losses, and prospects of the Issuers and the Guarantor and of the rights attached
to the relevant Notes.
Responsibility of the Dealers
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, whether expressed or implied, is made, and no
responsibility is accepted, by the Dealers (in their capacity as Dealers) with respect to the
accuracy or completeness of this Prospectus or any further information supplied in
connection with the Programme. The Dealers accept no liability in relation to this Prospectus
or its distribution or with regard to other information supplied by the Issuers or the Guarantor
herein, save for mandatory provisions of law.
Certain of the Dealers and their affiliates have engaged, and may in the future engage, in
investment banking and/or commercial banking transactions and may perform services for the
Issuer and its affiliates in the ordinary course of business.
Exclusiveness
The Issuers and the Guarantor have not authorised the making or provision of any
representation or information regarding the Issuers or the Notes other than as contained or
incorporated by reference in this Prospectus, or any final terms the form of which is
described in Part B.IV of this Prospectus (for each Tranche, the ``Final Terms'', which
document may also include information relating to the relevant Tranche of Notes other than
the relevant Terms and Conditions (as defined below)) or as approved for such purpose by
the Issuers. Any such representation or information should not be relied upon as having been
authorised by any Issuer or Dealer or the Guarantor.
Significance of Delivery
Neither the delivery of this Prospectus and any Final Terms nor the offering, sale or delivery
of any Note shall in any circumstances create any implication that there has been no adverse
change in the financial situation of any Issuer or the Guarantor since the date hereof.
The delivery of this Prospectus or any Final Terms or the offering, sale or delivery of any
Note does not at any time imply that the information contained herein concerning the Issuers
and the Guarantor is correct at any time subsequent to the date thereof or that any other
written information delivered in connection therewith is correct as at any time subsequent to
the date indicated in the document containing the same.
7


Document Outline