Obligation Cartesius 5.476% ( XS0164181702 ) en GBP

Cartesius

100 % ⇌

Italie

XS0164181702 ( en GBP )

5.476% par an ( paiement semestriel )

07/03/2033

Prospectus brochure de l'obligation Cartesio XS0164181702 en GBP 5.476%, échéance 07/03/2033

100 000 GBP

200 000 000 GBP

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 GBP, avec le code ISIN XS0164181702, paye un coupon de 5.476% 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 4
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.
The de®nition of ``Interest Determination Date'' as it appears in the Pricing Supplement for Tranche 4 is
amended to be ``The ®rst Business Day of an Interest Period''.
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 4
Issue of GBP 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
Barclays Capital
Joint-Lead Manager
DePfa Bank
The date of this pricing supplement is 4 March 2003

Table of Contents
PRICING SUPPLEMENT ± GBP 200,000,000 FLOATING RATE ASSET BACKED NOTES DUE
2033
SCHEDULE 1 AMORTISATION PROFILE
SCHEDULE 2 OFFERING CIRCULAR DATED 4 MARCH
SCHEDULE 3 PRICING SUPPLEMENT ± EURO TRANCHE 1
SCHEDULE 4 PRICING SUPPLEMENT ± EURO TRANCHE 2
SCHEDULE 5 PRICING SUPPLEMENT ± USD TRANCHE 3
2

Cartesio S.r.l. ± Series 2003-1
Issue of GBP 200,000,000
Floating Rate Asset Backed Notes due 7 March 2033 Tranche 4
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 hereto as Schedule 2). This Pricing Supplement must be
read in conjunction with such Offering Circular as so supplemented.
1.
Tranche number:
4
2.
Agreed Currency:
GBP
3.
Aggregate Nominal Amount of Tranche
GBP 200,000,000
4.
(i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii)
Net proceeds:
GBP 198,900,000
5.
Speci®ed Denominations:
GBP 100,000
6.
Minimum Denomination:
GBP 100,000
7.
Redenomination provisions:
Applicable. Condition 5 shall apply
8.
Tranche Payment Account details:
02400670000GBP000LDN
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)
Day Count Fraction:
If not a leap year: Actual/365
If a leap year: Actual/366
The number of days in each Interest Period shall
be calculated on the basis of the actual number
of days elapsed and a year of 365 or 366 days, as
the case may be.
(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.
3

(iii)
Payment Dates:
7 March and 7 September
(iv)
Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
(v)
Interest Period Date(s):
In accordance with the Conditions
(vi)
Screen Rate Determination:
± Reference Rate:
6-month GBP LIBOR
± Speci®ed Time:
11.00 a.m. London time
± Interest Determination Date:
The Business Day two Business Days before a
Payment Date.
± Primary Source for Floating Rate:
Screen Rate
± Screen Rate
Telerate, page 3750
± Reference Banks
Barclays Bank plc, Lloyds TSB Bank plc, HSBC
Bank plc and the Royal Bank of Scotland plc
± Relevant Financial Centre:
London
± Reference Rate:
6-month GBP LIBOR
(vii) Margin(s):
0.62 per cent. per annum
(viii) Fall back provisions, rounding provisions, Not applicable
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
be 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, or if
``Reference Banks'' is speci®ed above as
Primary Source, 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 London 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
pounds sterling 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
5

the London inter-bank market, provided that, if
the Reference Rate cannot be determined in
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 of each Note will be a pro
rata share of such amount.
18.
Details relating to each Amortisation Amount:
Each Amortisation Amount will be payable in
accordance with and in the amounts and on the
dates speci®ed in Schedule 1 hereto.
19.
Early Redemption Amount(s) payable on
As provided for in 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 special
Not applicable
provisions relating to Payment Dates:
22.
Meetings of Noteholders, Modi®cations
Condition 16(a) will apply
and Waiver:
DISTRIBUTION
23.
(i)
Names of Bookrunners:
Barclays Capital
MCC S.p.A.± Gruppo Bancario Capitalia
Merrill Lynch International
(ii)
If syndicated, name(s) of
DePfa Bank
Joint-Lead Manager(s):
(iii)
Stabilising Manager (if any):
Merrill Lynch International
(iv)
Commission:
0.55 per cent.
24.
Additional selling restrictions:
Not applicable
OPERATIONAL INFORMATION
25.
ISIN Codes:
Reg S: XS0164181702
144A: XS0164181967
6

26.
Common Code:
Reg S: 016418170
144A: 016418196
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
ADDITIONAL INFORMATION
(i) Information on Receivables constituting the relevant Portfolio
Receivables
Healthcare Entity
Real Estate Asset
Lease Contract
(Euro)
Azienda UnitaÁ Sanitaria
Poliambulatorio
public deed of 28 June 2002
8,900,000.00
Locale Latina
``EX-INAM''
(Notary G Mariconda) ®le and
collection No. 41804/11089
Azienda UnitaÁ Sanitaria
Poliambulatorio
public deed of 28 June 2002
5,645,000.00
Locale Roma B
``Tenuta di
(Notary G Mariconda) ®le and
Torrenova''
collection No. 41798/11083
Azienda UnitaÁ Sanitaria
Ospedale ``Grassi'' in
public deed of 28 June 2002
46,450,000.00
Locale Roma D
Ostia
(Notary G Mariconda) ®le and
collection No. 41806/11091
Azienda UnitaÁ Sanitaria
Ospedale Oftalmico
public deed of 28 June 2002
19,720,000.00
Locale Roma E
(Notary G Mariconda) ®le and
collection No. 41793/11078
Azienda UnitaÁ Sanitaria
Ospedale ``San Paolo'' public deed of 28 June 2002
28,605,000.00
Locale Roma F
in Civitavecchia
(Notary G Mariconda) ®le and
collection No. 41796/11081
Azienda UnitaÁ Sanitaria
Ospedale ``San
public deed of 28 June 2002
32,790,000.00
Locale Roma G
Giovanni
(Notary G Mariconda) ®le and
Evangelista'' in Tivoli
collection No. 41805/11090
Azienda UnitaÁ Sanitaria
Ospedale ``Parodi
public deed of 28 June 2002
17,491,000.00
Locale Roma G
Dal®no'' in Colleferro (Notary G Mariconda) ®le and
collection No. 41805/11090
Azienda UnitaÁ Sanitaria
Ospedale ``S.S.
public deed of 28 June 2002
20,026,000.00
Locale Roma G
Salvatore'' in
(Notary G Mariconda) ®le and
Palombara Sabina
collection No. 41805/11090
Azienda UnitaÁ Sanitaria
Ospedale ``Gonfalone
public deed of 28 June 2002
11,297,776.00
Locale Roma G
Monterotondo''
(Notary G Mariconda) ®le and
collection No. 41805/11090
Azienda UnitaÁ Sanitaria
Ospedale ``San
public deed of 28 June 2002
21,170,000.00
Locale Roma H
Sebastiano Martire''
(Notary G Mariconda) ®le and
in Frascati
collection No. 41801/11086
Azienda UnitaÁ Sanitaria
Ospedale ``San
public deed of 28 June 2002
20,770,000.00
Locale Roma H
Giuseppe'' in Albano
(Notary G Mariconda) ®le and
Laziale
collection No. 41801/11086
7

Receivables
Healthcare Entity
Real Estate Asset
Lease Contract
(Euro)
Azienda UnitaÁ Sanitaria
Ospedale Civile in
public deed of 28 June 2002
18,825,000.00
Locale Roma H
Velletri
(Notary G Mariconda) ®le and
collection No. 41801/11086
Azienda UnitaÁ Sanitaria
Ospedale ``Cartoni''
public deed of 28 June 2002
20,380,000.00
Locale Roma H
in Rocca Priora
(Notary G Mariconda) ®le and
collection No. 41801/11086
Azienda UnitaÁ Sanitaria
Ospedale Civile in
public deed of 28 June 2002
20,492,000.00
Locale Roma H
Anzio
(Notary G Mariconda) ®le and
collection No. 41801/11086
Total
292,561,776.00
(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 four Swap Agreements on the Closing Date in relation to this Tranche with
Barclays PLC, 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 will enter into four 30-year cross currency Swap Transactions. Under the Swap
Transactions the parties will exchange initial notional principal amounts in British pounds and euro and
exchange principal amounts in British pounds and euro semi-annually from the 20th year of the
transaction. In addition, the Swap Counterparties will make periodic payments calculated by applying a
¯oating rate to the amortising sterling notional principal amount and the Issuer will make periodic
payments calculated by applying a ®xed rate to the amortising euro notional principal amount. The Swap
Transactions and Swap Agreements will terminate on 7 March 2033, unless terminated earlier in
accordance with the terms of the Swap Agreements. Each of the Swap Agreements and the Swap
Transactions is governed by English law.
(iv) Any change to notice provisions set out at Condition 15 of the Notes
Not applicable
(v) Further Security taken in relation to the Tranche
The Swap Agreements and Swap Transactions, together with any credit support documents in favour of the
Issuer, will be secured pursuant to the Security and Intercreditor Deed, to which each of the Swap
Counterparties will become a party on the Closing Date.
(vi) Clearing
The Notes will be held on deposit with the common depositary for Euroclear and Clearstream,
Luxembourg, both of which qualify as authorised intermediaries and Second Level Banks for purposes of
eligibility for exemption from Italian withholding taxes.
For non-Italian residents to qualify for exemption from Italian withholding tax, each Noteholder will be
required to ®le, either directly if a participant in Clearstream, Luxembourg or Euroclear or indirectly
through a participant acting as custodian bank, with Clearstream, Luxembourg or Euroclear, as the case
may be, a self-declaration (in the form attached to the Offering Circular dated 4 March 2003) certifying
that the noteholder is (i) a qualifying non-Italian resident entity and (ii) the bene®cial owner of the
proceeds. Upon receipt from the relevant participant of the self-declaration, Clearstream, Luxembourg or
Euroclear, as the case may be, in its capacity as Second Level Bank, will submit the self-declaration to the
Italian Tax Authorities.
8