Obligation Cartesius 4.421% ( XS0164179391 ) en EUR

Cartesius

100 % ⇌

Italie

XS0164179391 ( en EUR )

4.421% par an ( paiement semestriel )

07/03/2033

Prospectus brochure de l'obligation Cartesio XS0164179391 en EUR 4.421%, échéance 07/03/2033

100 000 EUR

200 000 000 EUR

08/09/2026 ( Dans 48 jours )

René Descartes, philosophe et mathématicien français du XVIIe siècle, est célèbre pour sa méthode de doute systématique, son dualisme corps-esprit et l'invention de la géométrie analytique.

L'Obligation émise par Cartesius ( Italie ) , en EUR, avec le code ISIN XS0164179391, paye un coupon de 4.421% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 07/03/2033

ADDENDUM DATED 26 MARCH 2003 TO PRICING SUPPLEMENT
DATED 4 MARCH 2003 FOR TRANCHE 1
CARTESIO S.r.l. Series 2003-1
Euro 2,000,000,000 Asset Backed Euro Medium Term Note Programme
Reference is made to the accompanying Pricing Supplement dated 4 March 2003. This addendum (the
``Addendum'') to the Pricing Supplement shall be deemed to form part of the Pricing Supplement and this
Addendum and the Pricing Supplement are to be read in conjunction. Any capitalised terms not de®ned
herein shall have the meanings ascribed to them in the Pricing Supplement.
1. The de®nition of ``Interest Determination Date'' as it appears in the Pricing Supplement for Tranche 1 is
amended to be ``The Business Day two Business Days prior to the commencement of each Interest Period'';
2. The de®nition of ``Relevant Financial Centre'' as it appears in the Pricing Supplement for Tranche 1 is
amended to be ``London and TARGET'';
The Issuer accepts responsibility for the information contained in this Addendum and in the accompanying
Pricing Supplement dated 4 March 2003.
The Luxembourg Stock Exchange takes no responsibility for the contents of this Addendum or such Pricing
Supplements, makes no representation as to the accuracy or completeness of such documents and expressly
disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of such documents.

[This page is intentionally left blank]

PRICING SUPPLEMENT
(to the Offering Circular dated 4 March 2003)
CARTESIO S.R.L.
Series 2003-1 Tranche 1
Issue of euro 200,000,000 Floating Rate Asset Backed Notes due 7 March 2033
Under the euro 2,000,000,000 Asset Backed Euro Medium Term Note Programme
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
Securities Act). In addition, the Issuer has not been and will not be registered under the Investment
Company Act of 1940, as amended (the Investment Company Act) by reason of the exemption contained in
Section 3(c)(7) thereof. Accordingly, the Notes are being offered solely (a) outside the United States to non-
U.S. persons in reliance on Regulation S under the Securities Act and (b) within the United States to
persons that are both ``quali®ed institutional buyers'' as de®ned in Rule 144A under the Securities Act and
``quali®ed purchasers'' for purposes of the Investment Company Act in transactions in accordance with
Rule 144A. The Notes may not be offered in a transaction that causes the Issuer to be required to register
under the Investment Company Act. See the section in the Offering Circular (attached at Schedule 2 hereto)
entitled ``Notice to Investors'' for certain restrictions on resales.
Bookrunners
Merrill Lynch International
MCC S.p.A. ± Gruppo Bancario Capitalia
Deutsche Bank
Joint-Lead Manager
Dexia Capital Markets
The date of this Pricing Supplement is 4 March 2003

TABLE OF CONTENTS
PRICING SUPPLEMENT ± EURO 200,000,000 FLOATING RATE ASSET BACKED NOTES
DUE 2033
SCHEDULE 1 AMORTISATION PROFILE
SCHEDULE 2 OFFERING CIRCULAR DATED 4 MARCH 2003
SCHEDULE 3 PRICING SUPPLEMENT ± EURO TRANCHE 2
SCHEDULE 4 PRICING SUPPLEMENT ± USD TRANCHE 3
SCHEDULE 5 PRICING SUPPLEMENT ± STERLING TRANCHE 4
2

Cartesio S.r.l. ± Series 2003-1
Issue of euro 200,000,000
Floating Rate Asset Backed Notes due 2033 Tranche 1
Under the euro 2,000,000,000 Asset Backed Euro Medium Term Note Programme
This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms
used herein shall be deemed to be de®ned as such for the purposes of the Conditions set forth in the
Offering Circular dated 4 March 2003 (attached at Schedule 2 hereto). This Pricing Supplement must be
read in conjunction with such Offering Circular as so supplemented.
1.
Tranche number:
1
2.
Agreed Currency:
Euro
3.
Aggregate Nominal Amount of Tranche
Euro 200,000,000
4.
(i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii)
Net proceeds:
Euro 199,880,000
5.
Speci®ed Denomination:
Euro 100,000
6.
Minimum Denomination:
Euro 100,000
7.
Redenomination provisions:
Not applicable
8.
Tranche Payment Account details:
02400670000EUR003 LDN
9.
Issue Date:
5 March 2003
10.
Maturity Date:
7 March 2033
11.
Interest Basis:
Floating rate
(further particulars speci®ed below)
12.
Redemption/Payment Basis:
Mandatory pro rata redemption. Amortisation
Amounts will, subject to the Conditions, be
payable in accordance with and on the dates
and in the amounts speci®ed in the
Amortisation Pro®le in Schedule 1 hereto.
13.
Listing:
Luxembourg
14.
Method of distribution:
Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Provisions
Not Applicable
16.
Floating Rate Provisions
Applicable
(i)
Payment Dates:
7 March and 7 September
(ii)
Business Day Convention:
In relation to a Payment Date, that if the
relevant date in any calendar month on which
that Payment Date would otherwise fall is not a
Business Day, the Payment Date shall fall on
the ®rst following day that is a Business Day
unless that day falls in the next calendar month
in which case that date will be the ®rst preceding
day that is a Business Day.
(iii)
Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
(iv)
Interest Period Date(s):
In accordance with the Conditions
3

(v)
Screen Rate Determination:
± Reference Rate
EURIBOR, 6-month
± Speci®ed Time:
11.00 a.m. Brussels time
± Interest Determination Date:
The Business Day two Business Days before a
Payment Date.
± Primary Source for Floating Rate:
Relevant Screen Page
± Relevant Screen Page
Telerate, page 248
± Reference Banks (if required,
Barclays Bank plc, Lloyds TSB Bank plc, HSBC
see (ix below):
Bank plc and the Royal Bank of Scotland plc
± Relevant Financial Centre:
London
± Reference Rate:
EURIBOR, 6-month
(vi)
Day Count Fraction:
Actual/360
(vii) Margin:
+0.50 per cent. per annum
(viii) Fall back provisions, rounding
Not applicable
provisions, denominator and any
other terms relating to the method of
calculating interest on Floating Rate
Notes, if different from those set out
in the Conditions:
(ix)
Rate of Interest:
The Rate of Interest for each Interest Period will
the sum of the Reference Rate and the Margin.
(A) The Reference Rate will, subject as
provided below, be either:
(i) the offered quotation; or
(ii) the arithmetic mean (rounded if
necessary to the ®fth decimal
place, with 0.000005 being rounded
upwards) of the offered quotations,
(expressed as a percentage rate per annum), for
the Reference Rate which appears or appear, as
the case may be, on the Relevant Screen Page as
at the Speci®ed Time on the Interest
Determination Date in question, all as
determined by the Principal Paying Agent. If
®ve or more offered quotations are available on
the Relevant Screen Page, the highest (or, if
there is more than one highest quotation, one
only of those quotations) and the lowest (or, if
there is more than one lowest quotation, one
only of those quotations) shall be disregarded
by the Principal Paying Agent for the purpose
of determining the arithmetic mean (rounded as
provided above) of the offered quotations.
4

(B) If the Relevant Screen Page is not available
or if, in the case of (A)(i), no offered quotation
appears or, in the case of (A)(ii), fewer than
three offered quotations appear, in each case as
at the Speci®ed Time, the Principal Paying
Agent shall request each of the Reference Banks
to provide the Principal Paying Agent with its
offered quotation (expressed as a percentage
rate per annum) for the Reference Rate at
approximately the Speci®ed Time on the
Interest Determination Date in question. If
two or more of the Reference Banks provide
the Principal Paying Agent with offered
quotations, the Reference Rate for the Interest
Period shall be the arithmetic mean (rounded if
necessary to the ®fth decimal place with
0.000005 being rounded upwards) of the
offered quotations, all as determined by the
Principal Paying Agent.
(C) If on any Interest Determination Date one
only or none of the Reference Banks provides
the Principal Paying Agent with an offered
quotation as provided in the preceding
paragraph, the Reference Rate for the relevant
Interest Period shall be the rate per annum
which the Principal Paying Agent determines as
being the arithmetic mean (rounded if necessary
to the ®fth decimal place, with 0.000005 being
rounded
upwards)
of
the
rates,
as
communicated to (and at the request of) the
Principal Paying Agent by the Reference Banks
or any two or more of them, at which such
banks were offered, at approximately the
Speci®ed Time on the relevant Interest
Determination Date, deposits in the Agreed
Currency for a period equal to that which would
have been used for the Reference Rate by
leading banks in the Euro-zone inter-bank
market or, if fewer than two of the Reference
Banks provide the Principal Paying Agent with
offered rates, the offered rate for deposits in
euro for a period equal to that which would
have been used for the Reference Rate, or the
arithmetic mean (rounded as provided above) of
the offered rates for deposits in the Agreed
Currency for a period equal to that which would
have been used for the Reference Rate, at
which, at approximately the Speci®ed Time on
the relevant Interest Determination Date, any
one or more banks (which bank or banks is or
are in the opinion of the Issuer suitable for the
purpose) informs the Principal Paying Agent it
is quoting to leading banks in the Euro-zone
inter-bank market, provided that, if the
Reference Rate cannot be determined in
5

accordance with the foregoing provisions of this
paragraph, the Reference Rate shall be
determined as at the last preceding Interest
Determination Date.
PROVISIONS RELATING TO REDEMPTION
17.
Final Redemption Amount:
The Final Redemption Amount in respect of the
Tranche will be the amount payable on 7 March
2033 speci®ed in Schedule 1 hereto. The Final
Redemption Amount in respect of each Note of
the Tranche will be a pro rata share of such
amount.
18.
Details relating to each Amortisation
Each Amortisation Amount will be payable in
Amount and the relevant Payment Dates:
accordance with and in the amounts and on the
dates speci®ed in Schedule 1 hereto
19.
Early Redemption Amount(s) payable on
In accordance with Condition 8 (f) (ii)
mandatory redemption and/or the method
of calculating the same (if required or if
different from that set out in Condition 8):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
20.
Form of Note:
The Regulation S Global Note and the Rule
144A Global Note will each be deposited with a
common
depositary
for
Euroclear
and
Clearstream, Luxembourg. Holders may hold
bene®cial interests in the Regulation S Global
Note or the Rule 144A Global Note through
participants in Euroclear and Clearstream,
Luxembourg. Each is exchangeable for
De®nitive Registered Notes in the limited
circumstances speci®ed in the Global Notes.
21.
Additional Financial Centre(s) or other
Not applicable
special provisions relating to Payment Dates:
22.
Meetings of Noteholders,
Condition 16(a) will apply
Modi®cations and Waiver:
DISTRIBUTION
23.
(i)
Names of Bookrunners:
Deutsche Bank AG London
MCC S.p.A. ± Gruppo Bancario Capitalia
Merrill Lynch International
(ii)
If syndicated, name(s) of Joint-Lead
Dexia Capital Markets
Manager(s)
(iii)
Stabilising Manager (if any):
Merrill Lynch International
(iv)
Commission:
0.40%
24.
Additional selling restrictions:
Not applicable
OPERATIONAL INFORMATION
25.
ISIN Codes:
Reg S: XS0164179391
144A: XS0164179987
6

26. Common Code: Reg S: 016417939
144A: 016417998
27. Any clearing system(s) other than Euroclear
Not applicable
and Clearstream, Luxembourg and the
relevant identi®cation number(s):
28.
Delivery:
Delivery against payment
29.
Additional Agents (if any):
Not applicable
7

ADDITIONAL INFORMATION
(i) Information on Receivables constituting the relevant Portfolio
Healthcare Entity
Real Estate Asset
Lease Contract
Receivables
(Euro)
Azienda Ospedaliera San Giovanni Addolorata
public deed of 28 June 2002
55,149,000.00
San Giovanni ±
(Notary G Mariconda) ®le and
Addolorata
collection No. 41795/11080
Azienda UnitaÁ
Ospedale Civile ``M Marini''
public deed of 28 June 2002
13,511,733.00
Sanitaria Locale
in Magliano Sabina
(Notary G Mariconda) ®le and
Rieti
collection No. 41803/11088
Azienda UnitaÁ
Sede CIM ± SAT of
public deed of 28 June 2002
1,652,850.00
Sanitaria Locale
Azienda UnitaÁ
(Notary G Mariconda) ®le and
Rieti
Sanitaria Locale
collection No. 41803/11088
Rieti
Azienda UnitaÁ
Ospedale ``F Grifoni'' in
public deed of 28 June 2002
9,683,842.00
Sanitaria Locale
Amatrice
(Notary G Mariconda) ®le and
Rieti
collection No. 41803/11088
Azienda UnitaÁ
Ospedale ``San Giovanni
public deed on 28 June 2002
31,500,000.00
Sanitaria Locale
di Dio'' in Fondi
(Notary G Mariconda) ®le and
Latina
collection No. 41804/11089
Azienda UnitaÁ
Presidio Ospedaliero ``Dono
public deed of 28 June 2002
29,800,000.00
Sanitaria Locale
Svizzero'' in Formia
(Notary G Mariconda) ®le and
Latina
collection No. 41804/11089
Azienda UnitaÁ
Ospedale Civile in Sezze
public deed of 28 June 2002
19,380,000.00
Sanitaria Locale
(Notary G Mariconda) ®le and
Latina
collection No. 41804/11089
Azienda UnitaÁ
Presidio Ospedaliero
public deed of 28 June 2002
16,676,653.00
Sanitaria Locale
``Gemma De Bosis''
(Notary G Mariconda) ®le and
Frosinone
in Cassino
collection No. 41799/11084
Azienda UnitaÁ
Presidio Ospedaliero
public deed of 28 June 2002
21,027,518.00
Sanitaria Locale
``Santa Maria della PietaÁ''
(Notary G Mariconda) ®le and
Frosinone
in Ceccano
collection No. 41799/11084
Total 198,381,596.00
(ii) Information on the Receivables Purchase Agreement
The Receivables Purchase Agreement will be executed on 5 March 2003 by private notarial deed by and
between the Originator, as Seller, and The Issuer, as Purchaser, and it will be signed for acceptance by the
relevant Healthcare Entity and the Region.
(iii) Description of Swap Transactions
The Issuer will enter into three Swap Agreements on the Closing Date in relation to this Tranche with
Deutsche Bank AG Frankfurt, Lehman Brothers International (Europe) and Merrill Lynch Capital
Markets Bank Limited (the Swap Counterparties). Pursuant to the Swap Agreements the Issuer and the
Swap Counterparties have entered into three 30-year Swap Transactions under which the Swap
Counterparties will make periodic payments calculated by applying a ¯oating rate to an amortising euro
notional amount and the Issuer will make periodic payments calculated by applying a ®xed rate to that
8