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Standard

Chartered
March
To,
The General Manager,
Department of Corporate Services,
B o m b a y Stock Exchange Ltd.,
P. J . T o w e r s , Dalai Street,
- 400 001.

SUB:
STANDARD CHARTERED PLC (THE "COMPANY")
ANNOUNCEMENT

STOCK EXCHANGE

Dear Sir,
In reference t o t h e procedures that h a v e been agreed o n t h e release of stock exchange
a n n o u n c e m e n t s i n t h e U K , please find attached a copy o f t h e a n n o u n c e m e n t which h a s
been submitted to the London Stock Exchange for uploading o n to your website.

Lee Davis
Authorised Signatory

Standard Chartered PLC


1 Basinghall Avenue
London EC2V 5DD
www.sc.com
Registered Office at 1
Registered England 966425

Avenue London EC2V 5DD

Tel +44 (0)20 7885 8 8 8 8

Here for good

Standard
NOT FOR R E L E A S E , PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
RESIDENT

AND/OR

L O C A T E D IN,

PUBLICATION OR DISTRIBUTION

ANY

JURISDICTION

WHERE

SUCH

IS UNLAWFUL ( S E E " O F F E R AND

RELEASE,

DISTRIBUTION

R E S T R I C T I O N S " O F T H E T E N D E R O F F E R MEMORANDUM)

Standard Chartered P L C
Standard Chartered Bank
11 March 2016

STANDARD C H A R T E R E D P L C AND STANDARD C H A R T E R E D BANK ANNOUNCE


T E N D E R O F F E R S TO R E P U R C H A S E FOR C A S H ANY AND A L L O F T H E N O T E S L I S T E D
HEREIN
Invitation to Tender for Repurchase for C a s h

b y STANDARD C H A R T E R E D P L C
(a public limited company incorporated

in England and Wales)

for a n y a n d all o f
Undated Primary Capital Floating R a t e Notes (ISIN: G B 0 0 0 8 3 8 7 2 8 3 )
U S $ 3 0 0 , 0 0 0 , 0 0 0 Undated Primary Capital Floating R a t e Notes (Series 2) (ISIN:
Undated Primary Capital Floating R a t e Notes (Series 3) (ISIN:
US$200,000,000 Undated Primary Capital Floating Rate Notes (Series 4)(ISIN:
( t h e " S C P L C Notes", t h e h o l d e r s o f w h i c h b e i n g t h e " S C P L C Noteholders")
and

b y STANDARD C H A R T E R E D BANK
(incorporated

in England with limited liability by Royal

Charter)

touE&M

for a n y a n d all o f
US$700,000,000 8.00% Subordinated Notes due 2031 (ISIN:
853250AA6)
6.40% Subordinated Notes due

(ISIN: X S 0 3 2 3 6 5 0 7 8 7 /

US853250AB48) (CUSIP:853250AB4)
( t h e "SCB

Notes", t h e h o l d e r s o f w h i c h b e i n g t h e " S C B Noteholders",

t h e S C P L C N o t e s a n d t h e S C B N o t e s t o g e t h e r b e i n g t h e "Notes",
a n d t h e S C P L C N o t e h o l d e r s a n d t h e S C B N o t e h o l d e r s t o g e t h e r b e i n g t h e "Noteholders")
S t a n d a r d C h a r t e r e d P L C ("SCPLC" o r t h e "Company" i n r e s p e c t o f t h e S C P L C
today invited holders o f the S C P L C Notes t o tender a n y a n d all of t h e S C P L C
r e p u r c h a s e b y t h e C o m p a n y f o r c a s h ( e a c h s u c h i n v i t a t i o n a n " S C P L C Offer"
Standard Chartered P L C
11 B a s i n g h a l l AA vv ee nn uu ee

LL oo nn dd oo nn EE CC 22 VV 55 DD DD

for
PLC

Tel

www.sc.com
Registered Office
t
Registered England 966425

Avenue London EC2V

Here for g o o d

" S C P L C Offers") s u b j e c t t o c e r t a i n o f f e r r e s t r i c t i o n s a s c o n t a i n e d i n t h e s e c t i o n "Offer


Distribution

Restrictions"

o f t h e T e n d e r O f f e r M e m o r a n d u m d a t e d 11 M a r c h

and

( t h e "Tender

Offer Memorandum"). T h e S C P L C O f f e r s a r e m a d e o n t h e t e r m s o f a n d s u b j e c t t o t h e
conditions contained in the Tender Offer M e m o r a n d u m and the related notice of guaranteed
delivery, copies o fw h i c h m a y b e obtained free o fc h a r g e b y eligible holders f r o m t h e Information
and Tender Agent,

King Ltd. Capitalised t e r m s used b u t n o tdefined herein h a v e t h e

m e a n i n g s g i v e n to t h e m in t h e T e n d e r Offer M e m o r a n d u m .
S t a n d a r d C h a r t e r e d B a n k ("SCB" o r t h e "Company" i n r e s p e c t o f t h e S C B N o t e s ) h a s

today

invited h o l d e r s o f t h e S C B N o t e s t ot e n d e r a n y a n d all o f t h e S C B N o t e s for r e p u r c h a s e b y t h e


C o m p a n y f o r c a s h ( e a c h s u c h i n v i t a t i o n a n " S C B Offer" a n d t o g e t h e r , t h e " S C B Offers", a n d
t h e S C B O f f e r s t o g e t h e r w i t h t h e S C P L C O f f e r s , t h e "Offers") s u b j e c t t o c e r t a i n o f f e r r e s t r i c t i o n s
as

contained

in t h e section

"Offer

and

Distribution

Restrictions"

of t h e Tender

Offer

M e m o r a n d u m . T h e S C B Offers a r em a d e o n t h eterms of, and subject t o t h e conditions


contained in, the T e n d e r Offer M e m o r a n d u m .
updates

will

be

available

to

All d o c u m e n t a t i o n relating t o t h e Offers a n d a n y

eligible

Noteholders

via

the

offer

website:

http://sites.dfkingltd.com/scb.
In this a n n o u n c e m e n t ,

r e f e r e n c e s t o t h e "relevant Company" a n d a "relevant Offer" a r e ,

respectively, references t o S C P L C and a n S C P L C Offer in respect of a series of the S C P L C


N o t e s o n l y a n d t o S C B a n d a n S C B O f f e r in r e s p e c t o f a s e r i e s of t h e S C B N o t e s only.
Rationale for the Offers: T h e C o m p a n i e s h a v e launched, c o n t e m p o r a n e o u s l y with the launch of
t h e O f f e r s , o f f e r s t o p u r c h a s e f o r c a s h ( t h e "Non-US Tender Offers") s i x s e r i e s o f S t e r l i n g a n d
Euro denominated notes issued b ythe Companies. T h e Offers and the N o n - U S Tender Offers
a r e being u n d e r t a k e n t o provide liquidity t o relevant n o t e h o l d e r s a n d t o further o p t i m i s e

the

Group's capital structure.

the

T h e G r o u p ' s s t r o n g liquidity p o s i t i o n e n a b l e s it t o r e p u r c h a s e

notes subject t othe Offers and the N o n - U S Tender Offers without any corresponding change t o
its

funding plan.

Holders of the relevant N o t e s should consult the T e n d e r Offer M e m o r a n d u m for m o r e details o f


t h e invitation. T h e following is a brief s u m m a r y of c e r t a i n t e r m s o ft h e O f f e r s only:

Expiration Deadline: 5.00 p.m. ( N e w York City time) / 9.00 p.m. (London time) o n 1 8

March

unless extended or earlier terminated.

Repurchase Price: Dependent o n the relevant series o f Notes (see table below). In
respect o f the S C B N o t e s , t h e R e p u r c h a s e Price will b e d e t e r m i n e d b y r e f e r e n c e t o a
Fixed S p r e a d over the yield t o maturity o f the applicable Reference U.S.

Treasury

Security, a sset out in the Tender Offer M e m o r a n d u m and below and a n n o u n c e d

after

the Price Determination T i m e , which is expected t ob e 2.00 p.m. ( N e w York City time) /

6.00 p.m. (London time) on

March

unless extended o rearlier terminated.

A c c r u e d Interest: Noteholders w h o validly tender a n d d o not validly withdraw their Notes


a n d w h o s e N o t e s a r e a c c e p t e d for p u r c h a s e i nt h e O f f e r s will b e paid a c a s h a m o u n t i n
U S dollars equal t o the interest accrued and unpaid o n the relevant Notes f r o m

(and

including) the immediately preceding interest p a y m e n t date for the relevant series of
N o t e s t o (but excluding) the S e t t l e m e n t D a t e .

Withdrawal Rights: Tendered Notes m a y b e withdrawn at any time at o r before


p.m. ( N e w York City time) / 9.00 p.m. (London time) on

March

5.00

unless extended

or earlier terminated, but not thereafter, b y Holders submitting a valid written instruction
or instruction b yfax o relectronic withdrawal instruction a sdescribed inthe Tender Offer
Memorandum.

A n n o u n c e m e n t of acceptance and results: 21 March

Settlement Date for the Offers: Will occur promptly after the Expiration Date. A s s u m i n g
t h a t t h e r e l e v a n t O f f e r i s n o t e x t e n d e d o r e a r l i e r t e r m i n a t e d , it i s e x p e c t e d t h a t t h e
S e t t l e m e n t D a t e for e a c h O f f e r will b e2 3 M a r c h

Conditions t othe Offers: C o n s u m m a t i o n o f each relevant Offer is conditioned upon the


satisfaction or, w h e r e applicable, w a i v e r o f t h e conditions d e s c r i b e d i n t h e T e n d e r O f f e r
Memorandum.

Guaranteed delivery procedure:

If a n y N o t e h o l d e r w i s h e s t o t e n d e r i t s N o t e s a n d i s

unable t o d o s o i n a c c o r d a n c e with t h e p r o c e d u r e s o f t h e relevant Clearing S y s t e m prior


to t h e Expiration Deadline such Noteholder must tender its Notes according t o t h e
g u a r a n t e e d d e l i v e r y p r o c e d u r e s d e s c r i b e d u n d e r "Notes held through DTC:

Guaranteed

Delivery Procedures"

a n d "Notes held through Euroclear

Luxembourg

Guaranteed

Procedures"

Delivery

and

in the Tender Offer M e m o r a n d u m and deliver their

Notes b y5:00 p.m. (New York City time) (9:00 p.m. (London time)) on 22 March
T h e relevant C o m p a n y will pay t h e following for e a c h Integral Multiple in n o m i n a l a m o u n t o f the
N o t e s a c c e p t e d b y it f o r r e p u r c h a s e p u r s u a n t t o t h e r e l e v a n t O f f e r , a s w e l l a s A c c r u e d I n t e r e s t
on such Notes.
Invitation by Standard Chartered P L C :
Description of the Notes

US$400,000,000 Undated

/CUSIP

GB0008387283

Outstanding

Amount

R e p u r c h a s e Price (for each

nominal amount

subject to the

Integral Multiple i n nominal

Offer

amount)

US$43,670,000

A n y a n d all

per U S $ 1 0 , 0 0 0

A n y a n d all

per U S $ 1 0 , 0 0 0

A n y a n d all

$6,000 per U S $ 1 0 , 0 0 0

A n y a n d all

$ 6 , 0 0 0 per U S $ 1 0 , 0 0 0

Primary Capital Floating Rate


Notes
US$300,000,000 Undated
Primary Capital Floating Rate
Notes (Series 2)
US$400,000,000 Undated
Primary Capital Floating Rate
Notes (Series 3)
US$200,000,000 Undated
Primary Capital Floating Rate

US$49,690,000

Notes (Series 4)

Invitation by Standard Chartered Bank:


Description of the

CUSIP

Notes

Outstanding

Amount subject

Fixed

Reference

Bloomberg

nominal amount

to the Offer

Spread

U.S. Treasury

Reference
Panp

A n y a n d all
8.00% Subordinated
Notes due 2031

1.625% U.S.

bps

Treasury Note

(CUSIP:

A n y a n d all
2017

BBT1

due

6.40% Subordinated
Notes

360

125

0.75% U.S.

bps

Treasury Note

BBT1

due

(CUSIP:

F U R T H E R INFORMATION
Noteholders m a y access the Tender Offer M e m o r a n d u m and the relevant f o r m o f notice o f
guaranteed

delivery

(as

described

in

the

Tender

Offer

Memorandum)

Indicative Offer Timetable


The

following table sets out the expected

dates and times of the key events relating to the

Offers. This is an indicative timetable and is subject to change.


Date and time

Event

11 M a r c h 2 0 1 6

Launch Date
Offers announced

a n dTender Offer M e m o r a n d u m

available from t h e

Information and Tender Agent


N o t i c e of O f f e r s p u b l i s h e d
6 p.m. London time

Price Determination Time

(2 p.m. N e w York
time) on

March

T h e D e a l e r M a n a g e r s w i l l c a l c u l a t e t h e R e p u r c h a s e P r i c e f o r e a c h s e r i e s of
S C B N o t e s in the m a n n e r d e s c r i b e d in the T e n d e r Offer M e m o r a n d u m b y

at

2016

reference t o t h e applicable Fixed S p r e a d over t h e yield t o maturity,


calculated b y t h e Dealer Managers in accordance with standard market
practice a t t h e Price Determination

o f the applicable Reference U . S .

T r e a s u r y Security, b a s e d o n t h e bid side price o f s u c h R e f e r e n c e U . S .


T r e a s u r y S e c u r i t y a s d i s p l a y e d o n B l o o m b e r g R e f e r e n c e P a g e B B T 1 ( o r , if
such Bloomberg Reference Page is unavailable o r manifestly erroneous,
thp

maw in

Do

their absolute discretion select).


Atter the determination

the Repurchase Price for each series o f S C B

N o t e s , S C B will a n n o u n c e such R e p u r c h a s e Prices.


9 p.m. London time

Revocation deadline

(5 p.m. N e w York
time) on 18 March

Noteholders m a y revoke tenders a t a n y time at o r before t h e Expiration

2016

Deadline

p.m.

(5 p . m . N e w Y o r k
time) on
March 2 0 1 6

Deadline f o r receipt b y t h e Information a n d Tender Agent o f all Tender


Instructions o r (for Noteholders using t h e guaranteed delivery procedures)
a duly e x e c u t e d notice of g u a r a n t e e d delivery

91
C

IUUI

A n n o u n c e m e n t b y t h e Companies of whether they accept for repurchase


N o t e s validly t e n d e r e d i n t h e Otters a n d t h e aggregate n o m i n a l a m o u n t of
N o t e s o f e a c h s e r i e s a c c e p t e d f o r r e p u r c h a s e (if a n y )
9 p.m. London time

Deadline for Delivery of Notes Tendered by guaranteed delivery procedures

(5 p.m. N e w York
time) on 2 2 March
2016

If a n y N o t e h o l d e r w i s h e s t o t e n d e r i t s N o t e s a n d i s u n a b l e t o d o s o i n
a c c o r d a n c e with t h e procedures o f t h e relevant Clearing S y s t e m prior t o
t h e Expiration D e a d l i n e s u c h N o t e h o l d e r m u s t deliver its N o t e s according
to the guaranteed delivery procedures described under

for

i n

and

for Participating in the

through Euroclear and

held

Luxembourg: Guaranteed Delivery

Procedures' b e l o w a n d d e l i v e r i t s N o t e s b y 9 : 0 0 p . m . L o n d o n t i m e ( 5 : 0 0
p.m. ( N e w York City time)) o n 2 2 M a r c h
23 March 2 0 1 6

Settlement Date
P a y m e n t of t h e relevant R e p u r c h a s e Price a n d Accrued Interest in respect
of t h e N o t e s a c c e p t e d f o r r e p u r c h a s e

For further information, please contact:


The Dealer Managers
Barclays Capital Inc.

Lloyds Securities Inc.

Standard Chartered Bank

745 Seventh Avenue,

1 0 9 5 A v e n u e of t h e

O n e Basinghall Avenue

Americas

London E C 2 V 5DD

N e w York, N e w York
United States

N e w York, N e w York

For information by telephone: + 1

United States

For information by telephone:


+44 20 7885 5739

(212) 528-7581

Attention: Liability

U S Toll F r e e N u m b e r :

For information b y

+1 (800) 4 3 8 - 3 2 4 2

telephone: +1 (212)

Email:

827-3138

liability_management@sc.com

UK telephone

number:

+44 20 3134 8515

Management

Group

Attention: Liability

Attention: Liability M a n a g e m e n t

Management

Group

Group

Email:

Email:

liability.management

liability.management@barclays.com

THE

INFORMATION AND T E N D E R A G E N T

In London:

In Hong Kong:

D.F. King Ltd.

D.F. King Ltd.

W o o d Street

Suite

Central Tower

London EC2V 7AN

28 Queen's Road Central

United Kingdom

Central Hong Kong

Telephone: +44 20 7920 9700

Telephone: +852 3953 7230


In New York:
D.F. King Ltd.

48 Wall Street 22nd Floor


N e w York, N e w York
United S t a t e s of A m e r i c a
T e l e p h o n e : +1

269 5550

Call Toll F r e e : +1 (877) 2 8 3 - 0 3 2 2


Email: scb@dfkingltd.com
Website: http://sites.dfkingltd.com/scb

DISCLAIMER
This announcement

must b e read in conjunction with the Tender Offer M e m o r a n d u m .

The

Tender Offer M e m o r a n d u m contains important information which m u s t b e read carefully before


any decision is m a d e with respect t o the Offers described i nthis a n n o u n c e m e n t .

If a n y h o l d e r

of N o t e s i s i n a n y d o u b t a s t o t h e a c t i o n it s h o u l d t a k e , it i s r e c o m m e n d e d t o s e e k its o w n l e g a l ,
tax a n d financial advice, including

a s t o any tax consequences,

manager, counsel, accountant o r other independent

f r o m its stockbroker,

financial adviser.

bank

A n y holder of Notes

w h o s e N o t e s a r e h e l d o n its b e h a l f b y a b r o k e r , d e a l e r , b a n k , c u s t o d i a n , t r u s t c o m p a n y o r o t h e r
nominee

must contact

such

e n t i t y if it w i s h e s t o p a r t i c i p a t e

in t h eOffers.

None of the

C o m p a n i e s , B a r c l a y s Capital Inc., L l o y d s Securities Inc., S t a n d a r d C h a r t e r e d B a n k , D.F. K i n g


Ltd. o r a n y o f their respective affiliates, m a k e s a n y r e c o m m e n d a t i o n a st o w h e t h e r o r not a n y
holder of N o t e s should tender N o t e s held by t h e m pursuant to t h e Offers.
N o offer t o purchase a n y Notes is being m a d e pursuant t o this a n n o u n c e m e n t . Neither this
announcement

nor the Tender Offer M e m o r a n d u m

constitutes a n offer t o purchase

in any

j u r i s d i c t i o n i n w h i c h , o r t o o r f r o m a n y p e r s o n t o o r f r o m w h o m , it i s u n l a w f u l t o m a k e s u c h o f f e r
u n d e r applicable securities l a w s a n d t e n d e r s o f securities p u r s u a n t t o t h e O f f e r s will not b e
a c c e p t e d f r o m h o l d e r s t h e r e o f i n a n y jurisdiction w h e r e s u c h invitation o r t e n d e r is u n l a w f u l .
T h e distribution of this a n n o u n c e m e n t and the Tender Offer M e m o r a n d u m i n certain jurisdictions
m a y be restricted by law.
P e r s o n s into w h o s e possession this a n n o u n c e m e n t

and/or the Tender Offer

Memorandum

c o m e s are required to inform t h e m s e l v e s about, and to observe, a n y such restrictions.


Offer Restrictions
United Kingdom
The communication

o f this a n n o u n c e m e n t ,

t h eTender Offer M e m o r a n d u m

a n d any

d o c u m e n t s o r materials relating t o the Offers i n respect of each series o f Notes is not


m a d e and such documents and/or materials have not been approved b ya n authorised
for the purposes o f section 2 1 of the Financial Services and Markets Act 2000.

other
being

person

Accordingly,

s u c h d o c u m e n t s and/or materials are not being distributed to, a n d m u s t not b e passed o n to,
the general public i n the United K i n g d o m , and are only for circulation t o persons outside the
United

Kingdom

o r t o persons

within t h e United

investment professionals (as defined i nArticle

Kingdom

falling within t h e definition o f

of the Financial Services and Markets Act

2 0 0 0 ( F i n a n c i a l P r o m o t i o n ) O r d e r 2 0 0 5 ( t h e "Order")), o r w i t h i n A r t i c l e 4 3 ( 2 ) o f t h e O r d e r , o r
w i t h i n A r t i c l e 4 9 ( 2 ) ( a ) t o ( d ) o f t h e O r d e r , o r t o o t h e r p e r s o n s t o w h o m it m a y l a w f u l l y b e
communicated in accordance with the Order.

Belgium
Neither this a n n o u n c e m e n t ,

t h eTender Offer M e m o r a n d u m

n o rany other documents o r

materials relating to the Offers i n respect o f e a c h S e r i e s o f N o t e s h a v e b e e n submitted t oor will


be submitted f o r approval
("Authorite

services

o r recognition

t o t h e Financial Services a n dMarkets

et marches financiers/Autoriteit

financiele diensten en

Authority
and,

accordingly, the Offers m a y not b e m a d e i n B e l g i u m b y w a y of a public offering, a sdefined i n

A r t i c l e s 3 a n d 6 o f t h e B e l g i a n L a w o f 1 A p r i l 2 0 0 7 o n p u b l i c t a k e o v e r b i d s ( t h e "Belgian
Takeover Law") a s a m e n d e d o r r e p l a c e d f r o m t i m e t o t i m e . A c c o r d i n g l y , t h e O f f e r s m a y n o t b e
advertised a n d t h e O f f e r s will not b ee x t e n d e d , a n d n e i t h e r this a n n o u n c e m e n t , t h e T e n d e r O f f e r
Memorandum

n o r a n yother documents

o r materials relating t o t h e Offers (including a n y

m e m o r a n d u m , i n f o r m a t i o n circular, b r o c h u r e o r a n y similar d o c u m e n t s ) h a s b e e n o r shall b e


distributed o r m a d e available, directly o r indirectly, t o a n y p e r s o n i n B e l g i u m o t h e r t h a n (i) t o
"qualified investors" i nt h e s e n s e o f Article
offer of placement

ofthe Belgian L a w of

J u n e 2 0 0 6 o n the public

instruments a n dt h eadmission t o trading o f placement

instruments o n

r e g u l a t e d m a r k e t s , a c t i n g o n t h e i r o w n a c c o u n t o r (ii) i n a n y c i r c u m s t a n c e s s e t o u t i n A r t i c l e 6 ,
4 o f the Belgian Takeover Law. T h e Tender Offer M e m o r a n d u m has been issued only for the
personal use o f the a b o v e qualified investors and exclusively for the purpose o f the Offers.
Accordingly,

t h e information

contained

i n this

announcement

a n d t h e Tender

Offer

M e m o r a n d u m m a y n o tb e used f o ra n y other purposes o r disclosed t o a n y other person i n


Belgium.
Canada
A n y offer o r solicitation

in Canada

must b e made

through

a dealer that is appropriately

registered under the laws o f the applicable province o r territory o f C a n a d a , o r pursuant t o a n


e x e m p t i o n f r o m that r e q u i r e m e n t . W h e r e o n e o f t h e D e a l e r M a n a g e r s o ra n y affiliate thereof is a
registered dealer o r able t o rely o n a ne x e m p t i o n f r o m the requirement t o b e registered i n such
jurisdiction, the relevant Offer shall b e d e e m e d t o b e m a d e b y such Dealer Manager, o r such
affiliate, o n behalf of t h e relevant C o m p a n y in that jurisdiction.
France
T h e O f f e r s a r e n o t being m a d e , directly o r indirectly, t o t h e public i n F r a n c e . N e i t h e r

this

a n n o u n c e m e n t , the Tender Offer M e m o r a n d u m nor any other documents o r offering materials


relating t o the Offers in respect o f e a c h S e r i e s of N o t e s h a v e b e e n o rshall b edistributed t o the
p u b l i c i n F r a n c e a n d o n l y (i) p r o v i d e r s o f i n v e s t m e n t s e r v i c e s r e l a t i n g t o p o r t f o l i o
f o r t h e a c c o u n t o f t h i r d p a r t i e s {personnes
pour

fournissant

le service

de tiers) a n d / o r ( i i ) q u a l i f i e d i n v e s t o r s

defined in, and i n accordance

with, Articles

management
de gestion de

qualifies),
and

to

all a s
of the

F r e n c h C o d e m o n e t a i r e e t financier, a r e eligible t o participate in t h e Offers. T h e T e n d e r Offer


M e m o r a n d u m has not b e e n submitted t o the clearance procedures (visa) o f the

des

marches financiers.
Italy
Neither this a n n o u n c e m e n t ,

t h e Tender Offer M e m o r a n d u m

n o r a n yother documents o r

materials relating to the Offers h a v e b e e n o rwill b e s u b m i t t e d to t h e clearance procedure o f the


N a z i o n a l e p e r l e S o c i e t a e l a B o r s a ("CONSOB") p u r s u a n t t o I t a l i a n l a w s

and

regulations.
T h e O f f e r s a r e being carried o u t i n t h e R e p u b l i c o f Italy a s e x e m p t e d offers p u r s u a n t t o article
paragraph 3-bis of the Legislative Decree N o . 5 8 o f 2 4 February

as amended

( t h e "Financial Services Act") a n d a r t i c l e 3 5 - b i s , p a r a g r a p h 4 o f C O N S O B R e g u l a t i o n N o .

of 14 May

a s a m e n d e d ( t h e "Issuers' Regulation"). T h e O f f e r s a r e a l s o

carried out i nc o m p l i a n c e with article 35-bis, paragraph 7 o fthe

being

Regulation.

A h o l d e r o f N o t e s located i n t h e R e p u b l i c o f Italy c a n t e n d e r N o t e s t h r o u g h a u t h o r i s e d

persons

(such a s i n v e s t m e n t firms, b a n k s o r financial intermediaries permitted t o conduct s u c h activities


in t h e Republic o f Italy i n a c c o r d a n c e with t h e Financial S e r v i c e s Act, C O N S O B R e g u l a t i o n N o .
of 2 9 October 2007, a s a m e n d e d from time t o time, and Legislative Decree No. 385 of
September 1, 1993, a s amended) and in compliance with applicable laws and regulations o r
with r e q u i r e m e n t s i m p o s e d b y C O N S O B o ra n y other Italian authority.
Each intermediary must comply with the applicable laws and regulations concerning

information

d u t i e s v i s - a - v i s its c l i e n t s i n c o n n e c t i o n w i t h t h e N o t e s o r t h e O f f e r s .
Spain
Neither the Offers nor this a n n o u n c e m e n t nor the T e n d e r Offer M e m o r a n d u m constitute a n offer
of securities o r t h e solicitation o f a n offer o f securities t o t h e public i n S p a i n u n d e r t h e S p a n i s h
S e c u r i t i e s M a r k e t L a w ( L e y 24/1988,

de 28 de Julio, del Mercado

de Valores), R o y a l

of November 4 ,2005 and Royal Decree 1066/2007, of July 27, 2007.

the T e n d e r Offer M e m o r a n d u m h a s not b e e n submitted for approval a n d h a s not b e e n


by the Spanish Securities Market Regulator

Decree

Accordingly,
approved

Nacional del Mercado de Valores).