Bond Anglian Water Finance 6.293% ( XS0151948980 ) in GBP

Anglian Water Finance

102.14 % ▼

United Kingdom

XS0151948980 ( in GBP )

6.293% per year ( payment 1 time a year)

29/07/2030

Prospectus brochure of the bond Anglian Water Services Financing XS0151948980 en GBP 6.293%, maturity 29/07/2030

30/07/2025 ( In 68 days )

Anglian Water Services Financing Ltd. is a wholly-owned subsidiary of Anglian Water, responsible for financing the company's capital expenditure and other long-term investments in water and wastewater infrastructure across the East of England.

The Bond issued by Anglian Water Finance ( United Kingdom ) , in GBP, with the ISIN code XS0151948980, pays a coupon of 6.293% per year.
The coupons are paid 1 time per year and the Bond maturity is 29/07/2030

Anglian Water
Services Financing Plc
(incorporated with limited liability in England and Wales with registered number 4330322)
10,000,000,000 Global Secured Medium Term Note Programme unconditionally and
irrevocably guaranteed by Inter Alios
Anglian Water Services Limited
(incorporated with limited liability in England and Wales with registered number 2366656)
19 October 2020
Anglian Water Services Financing Plc and Anglian Water
Services Limited are part of the Anglian Water Group

ANGLIAN WATER SERVICES FINANCING PLC
(incorporated with limited liability in England and Wales with registered number 4330322)
(Legal Entity Identifier: 213800DL377MH46PDY63)
10,000,000,000
Global Secured Medium Term Note Programme
unconditionally and irrevocably guaranteed by, inter alios,
ANGLIAN WATER SERVICES LIMITED
(incorporated with limited liability in England and Wales with
registered number 2366656)
for the issuance of
Guaranteed Bonds
On 23 July 2002, the Issuer (as defined below) entered into a 10,000,000,000 Global Secured Medium Term Note Programme (the "Programme"). This Prospectus supersedes the Prospectus
dated 30 September 2019 in connection with the Programme. Under the Programme, Anglian Water Services Financing Plc (the "Issuer" and, as described below, an "Obligor") may from
time to time, on or after the date of this Prospectus, issue bonds (the "Bonds"), subject to the provisions described herein, in bearer or registered form (respectively, "Bearer Bonds" and
"Registered Bonds"). Each Series of Bonds in bearer form will be represented on issue by a temporary global bond in bearer form (each a "Temporary Bearer Global Bond") or a permanent
global bond in bearer form (each a "Permanent Bearer Global Bond" and, together with each Temporary Bearer Global Bond, the "Global Bonds"). If the Global Bonds are stated in the
applicable Final Terms to be issued in new global note ("NGN") form they are intended to be eligible collateral for Eurosystem monetary policy and the Global Bonds will be delivered on or
prior to the original date of the Series to a common safekeeper (the "Common Safekeeper") for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream,
Luxembourg"). Global Bonds in bearer form which are not issued in NGN form ("Classic Global Notes" or "CGNs") will be deposited on the Issue Date to a common depositary on behalf
of Euroclear and Clearstream, Luxembourg (the "Common Depositary").This Prospectus does not affect any Bonds issued before the date of this Prospectus.
The payment of all amounts owing in respect of the Bonds will be unconditionally and irrevocably guaranteed by Anglian Water Services Limited ("Anglian Water" or "AWS"), Anglian
Water Services Holdings Limited ("Anglian Water Services Holdings Limited" or "AWS Holdings") and Anglian Water Services UK Parent Co Limited ("Anglian Water Services UK
Parent Co Limited" or "AWS UK Parent Co") as described herein. Anglian Water, the Issuer, Anglian Water Services Holdings Limited and Anglian Water Services UK Parent Co Limited
are together referred to herein as the "Obligors". Anglian Water Services Holdings Limited was incorporated in England and Wales under the Companies Act 1985 (as amended) as a limited
company on 28 November 2001, whilst Anglian Water Services UK Parent Co Limited was incorporated in England and Wales under the Companies Act 2006 (as amended) as a limited
company on 5 April 2018. Anglian Water Services Holdings Limited and Anglian Water Services UK Parent Co Limited do not have any significant assets other than the shares in their
respective subsidiaries.
The maximum aggregate nominal amount of all Bonds from time to time outstanding under the Programme will not exceed 10,000,000,000 (or its equivalent in other currencies calculated as
described herein), subject to increase as described herein.
Bonds issued under the Programme will be issued in series (each a "Series"), with each Series belonging to one of two classes (each a "Class"). The Bonds will be designated as either "Class
A Bonds" or "Class B Bonds". Each Series will comprise one or more Tranches (each a "Tranche") of Bonds which are identical in all respects save for the issue dates, interest commencement
dates and/or issue prices, and which are expressed to be consolidated and form a single Series.
The Bonds may be issued on a continuing basis to one or more of the Dealers specified under Chapter 1, "Parties", and any additional Dealer appointed under the Programme from time to
time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an on-going basis. References in this Prospectus to the "relevant Dealer"
shall, in the case of an issue of Bonds being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Bonds.
Arranger
Barclays
Dealers
Barclays
BNP PARIBAS
Commonwealth Bank of Australia
HSBC
ING Bank N.V.
J.P. Morgan
Lloyds Bank Corporate Markets
Morgan Stanley
NatWest Markets
Santander Corporate & Investment Banking
Scotiabank
SMBC Nikko
The date of this Prospectus is 19 October 2020.
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Application has been made to the Financial Conduct Authority (the "FCA") under Part VI of
the Financial Services and Markets Act 2000 (the "FSMA") for Bonds issued under the Programme
for the period of 12 months from the date of this Prospectus to be admitted to the official list of the
FCA (the "Official List") and to the London Stock Exchange plc (the "London Stock Exchange")
for such Bonds to be admitted to trading on the London Stock Exchange's regulated market (the
"Market"). Except where the context provides otherwise, references in this Prospectus to Bonds
being "listed" (and all related references) shall mean that such Bonds have been admitted to trading
on the Market and have been admitted to the Official List. The Market is a regulated market for the
purposes of Directive 2014/65/EU (as amended, "MIFID II").
This Prospectus has been approved as a base prospectus by the FCA, as competent authority
under Regulation (EU) 2017/1129 (the "Prospectus Regulation"). The FCA only approves this
Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by
the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer,
the Obligors or the quality of the Bonds that are the subject of this Prospectus and investors should
make their own assessment as to the suitability of investing in the Bonds.
In respect of Bonds to be issued under the Programme, notice of the aggregate nominal amount
of Bonds, interest (if any) payable in respect of Bonds, the issue price of Bonds and certain other
information applicable to each Tranche of Bonds will be set out in a set of final terms (the "Final
Terms") which will be delivered to the FCA and the London Stock Exchange on or before the date
of issue of the Bonds of such Tranche.
Prospective investors should have regard to the factors described under "Risk Factors"
in this Prospectus.
The Bonds and the guarantees in respect thereof have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory
authority of any State or other jurisdiction of the United States, and the Bonds may include Bearer
Bonds that are subject to U.S. tax law requirements. Subject to certain exceptions, the Bonds may not
be offered or sold or, in the case of Bearer Bonds, delivered within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation
S") in the case of Registered Bonds, or as defined in the U.S. Internal Revenue Code of 1986, as
amended, and regulations thereunder in the case of Bearer Bonds). See Chapter 7, "Form of the
Bonds" for a description of the manner in which Bonds will be issued. Registered Bonds are subject
to certain restrictions on transfer. See Chapter 14, "Subscription and Sale and Transfer and Selling
Restrictions".
Each Tranche of Class A Bonds and Class B Bonds is expected on issue to have the following
credit ratings from the respective credit rating agencies below. The credit ratings will be specified in
the applicable Final Terms.
Standard &
Class
Poor's
Moody's
Fitch
Class A Bonds
A- (negative)
A3 (negative)
A- (stable)
Class B Bonds
BBB (negative)
Baa3 (negative)
BBB (stable)
Any ratings ascribed to the Bonds reflect only the views of Moody's Investors Service Limited
("Moody's"), S & P Global Ratings Europe Limited ("Standard & Poor's" or "S&P") and Fitch
Ratings Ltd ("Fitch" and, together with Moody's and Standard & Poor's, the "Rating Agencies"). A
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rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change
or withdrawal at any time by the assigning Rating Agency. For an explanation of the meaning of the
ratings, see Chapter 2, "Overview of the Programme Ratings".
On 25 February 2020, Standard & Poor's published a report setting out their industry actions
based on Ofwat's PR19 Final Determination. As AWS is appealing to the CMA, S&P are maintaining
ratings at current levels (A-/BBB) but AWS' credit rating has been placed on credit watch negative
until the CMA publishes its final conclusions.
On 27 February 2020, Moody's announced that it was keeping the ratings on negative outlook,
which indicates that over the following two years, or following a specific event, there may be a rating
downgrade, awaiting the final outcome from the CMA appeal. The negative outlook reflects the risk
that unless the CMA decision significantly improves operating financial performance, AWS will
likely be downgraded.
On 17 March 2020, Fitch downgraded the Class A Debt and Class B Debt issued by the Issuer
and placed the outlook as 'stable'. The downgrade reflects the pressure on Anglian Water Services
Limited's financial profile from Ofwat's challenging final price determinations. Fitch issued an 'A-'
issue rating on the Class A Debt and a `BBB' issue rating on the Class B Debt.
Credit ratings included or referred to in this Prospectus have been issued by the Rating
Agencies, each of which is established in the European Union or in the United Kingdom (the "UK")
and registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council
dated 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation").
The European Securities and Market Association ("ESMA") is obliged to maintain on its
website a list of credit rating agencies registered in accordance with the Regulation. This list must be
updated within 5 working days of ESMA's adoption of any decision to withdraw the registration of a
credit rating agency under the CRA Regulation.
The Obligors may agree with any Dealer and Deutsche Trustee Company Limited (the "Bond
Trustee") that Bonds may be issued in a form not contemplated by the Terms and Conditions of the
Bonds herein, in which event (in the case of Bonds admitted to the Official List only) a new
prospectus, if appropriate, will be made available which will describe the effect of the agreement
reached in relation to such Bonds.
Amounts payable under the Bonds may be calculated by reference to (i) LIBOR, which is
provided by ICE Benchmark Administration Limited ("IBA"), (ii) EURIBOR, which is provided by
the European Money Markets Institute (the "EMMI"), (iii) RPI, which is provided by the Office for
National Statistics, (iv) CPI, which is provided by the Office for National Statistics, (v) CPIH, which
is provided by the Office for National Statistics or (vi) HICP, which is provided by Eurostat. As at
the date of this Prospectus, the IBA and the EMMI appear on the register of administrators and
benchmarks established and maintained by the European Securities and Markets Authority
("ESMA") pursuant to Article 36 of Regulation (EU) 2016/1011 (the "BMR").
As far as the Issuer is aware, RPI, CPI, CPIH and HICP do not fall within the scope of the
BMR by virtue of Article 2 of that regulation.
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IMPORTANT NOTICE
This Prospectus comprises a base prospectus (the "Base Prospectus") for the purposes of
Article 8 of the Prospectus Regulation (EU) 2017/1129 (the "Prospectus Regulation").
This Prospectus (as supplemented as at the relevant time, if applicable) is valid for 12 months
from its date in relation to Bonds which are to be admitted to trading on a regulated market in the
European Economic Area (the "EEA") and/or the UK and/or offered to the public in the EEA and/or
the UK other than in circumstances where any exemption is available under Article 1(4) and/or 3(2)
of the Prospectus Regulation. The obligation to supplement this Prospectus in the event of a
significant new factor, material mistake or material inaccuracy does not apply when this Prospectus
is no longer valid.
Each of the Issuer and the other Obligors accepts responsibility for the information contained
in this Prospectus and the Final Terms for each Tranche of Bonds issued under the Programme. To
the best of the knowledge of the Issuer and each of the other Obligors, the information contained in
this Prospectus is in accordance with the facts and the Prospectus does not omit anything likely to
affect the import of such information.
Copies of each set of Final Terms (in the case of Bonds to be admitted to the Official List) will
be available from the specified office set out below of each of the Paying Agents (as defined below)
and from the website of the Regulatory News Service operated by the London Stock Exchange at
http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.
This Prospectus is to be read in conjunction with all documents which are deemed to be
incorporated herein by reference (see "Documents Incorporated by Reference" below).
The Series of Wrapped Bonds issued on 30 July 2002 have the benefit of financial guarantee
insurance policies, issued by Assured Guaranty (London) plc. No representation, warranty or
undertaking, express or implied, is made and to the fullest extent permitted by law, the Dealers, the
Bond Trustee, the Security Trustee, the Hedge Counterparties, the Finance Lessors, the Authorised
Credit Providers, the Debt Service Reserve Liquidity Facility Provider, the O&M Reserve Facility
Provider, the Original Lenders and the Agents or any Facility Agent (each as defined herein and
together, the "Other Parties") accept no responsibility whatsoever for the contents of this Prospectus
or any information contained or incorporated in this Prospectus or for any other statement made or
purported to be made by any of them or on their behalf in connection with the Issuer and the other
Obligors, the issue and offering of any Bonds or any other information provided by the Obligors in
connection with the Programme. Accordingly, none of the Dealers, the Bond Trustee, the Security
Trustee or any of the Other Parties accepts any liability whether arising in tort or contract or otherwise
which it might otherwise have in respect of this Prospectus or any such statement.
No person is or has been authorised by any of the Obligors, any of the Dealers, the Bond
Trustee, the Security Trustee or the Other Parties to give any information or to make any
representation not contained in or not consistent with this Prospectus or any other information
supplied in connection with the Programme or the Bonds and, if given or made, such information or
representation must not be relied upon as having been authorised by any of the Obligors, any of the
Dealers, the Bond Trustee, the Security Trustee or the Other Parties.
In the case of any Bonds which are to be admitted to trading on a regulated market within the
EEA or the UK or offered to the public in a Member State of the EEA or the UK in circumstances
which require the publication of a prospectus under the Prospectus Regulation, the minimum specified
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denomination shall be 100,000 (or its equivalent in any other currency as at the date of issue of the
Bonds).
Neither this Prospectus nor any other information supplied in connection with the Programme
or any Bonds (i) is intended to provide the basis of any credit or other evaluation or (ii) should be
considered as a recommendation by the Obligors, the Bond Trustee, the Security Trustee, any of the
Dealers or the Other Parties that any recipient of this Prospectus or any other information supplied in
connection with the Programme or any Bonds should purchase any Bonds. Each investor
contemplating purchasing any Bonds should make its own independent investigation of the financial
condition and affairs, and its own appraisal of the creditworthiness, of the Obligors. Neither this
Prospectus nor any other information supplied in connection with the Programme or the issue of any
Bonds constitutes an offer or invitation by or on behalf of any of the Obligors, any of the Dealers, the
Bond Trustee, the Security Trustee or the Other Parties to any person to subscribe for or to purchase
any Bonds.
None of the Issuer, the Obligors, any member of the AWS Financing Group, the Arranger, the
Dealers, the Bond Trustee, the Security Trustee, the Financial Guarantors or the Other Parties accept
responsibility to investors for the regulatory treatment of their investment in the Bonds (including
(but not limited to) whether any transaction or transactions pursuant to which Bonds are issued from
time to time is or will be regarded as constituting a "securitisation" for the purpose of Regulation
(EU) 2017/2402 (the "Securitisation Regulation")) by any regulatory authority in any jurisdiction.
If the regulatory treatment of an investment in the Bonds is relevant to any investor's decision whether
or not to invest, the investor should make its own determination as to such treatment and for this
purpose seek professional advice and consult its regulator. Prospective investors are referred to 1.8.6
"Risk Factors Risks relating to all Bond Issuances Treatment of the Bonds for Capital Adequacy
Purposes" of the "Risk Factors" section of this Prospectus for further information.
Neither the delivery of this Prospectus nor the offering, sale or delivery of any Bonds shall in
any circumstances imply that the information contained herein concerning the Obligors is correct at
any time subsequent to the date hereof or the date upon which this Prospectus has been most recently
amended or supplemented or that there has been no adverse change in the financial position of the
Issuer or any other Obligor since the date hereof or the date upon which this Prospectus has been most
recently amended or supplemented or that any other information supplied in connection with the
Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same. None of the Dealers, the Bond Trustee, the
Security Trustee or the Other Parties expressly undertakes to review the financial condition or affairs
of any of the Obligors during the life of the Programme or to advise any investor in the Bonds issued
under the Programme of any information coming to their attention. Investors should review the most
recently published documents incorporated by reference into this Prospectus when deciding whether
or not to purchase any Bonds.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any
Bonds in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in
such jurisdiction. The distribution of this Prospectus and the offer or sale of Bonds may be restricted
by law in certain jurisdictions. None of the Obligors, the Dealers, the Bond Trustee, the Security
Trustee or the Other Parties represents that this Prospectus may be lawfully distributed, or that any
Bonds may be lawfully offered, in compliance with any applicable registration or other requirements
in any such jurisdiction, or pursuant to an exemption available thereunder, or assumes any
responsibility for facilitating any such distribution or offering. In particular, no action has been taken
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by the Obligors, the Dealers, the Bond Trustee, the Security Trustee or the Other Parties which would
permit a public offering of any Bonds or distribution of this Prospectus in any jurisdiction where
action for that purpose is required. Accordingly, no Bonds may be offered or sold, directly or
indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance
with any applicable laws and regulations. Persons into whose possession this Prospectus or any Bonds
may come must inform themselves about, and observe, any such restrictions on the distribution of
this Prospectus and the offering and sale of Bonds. In particular, there are restrictions on the
distribution of this Prospectus and the offer or sale of Bonds in the United States, the EEA, the UK,
Belgium, Japan, Australia, Singapore, Switzerland, Canada and the Netherlands. See Chapter 14,
"Subscription and Sale and Transfer and Selling Restrictions".
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS - The Bonds are
not intended to be offered, sold or otherwise made available to and should not be offered, sold or
otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance
Distribution Directive"), where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU)
2017/1129 (the "Prospectus Regulation"). Consequently no key information document required by
Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the
Bonds or otherwise making them available to retail investors in the EEA or in the UK has been
prepared and therefore offering or selling the Bonds or otherwise making them available to any retail
investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
MiFID II product governance / target market The Final Terms in respect of any Bonds
may include a legend entitled "MiFID II product governance" which will outline the target market
assessment in respect of the Bonds and which channels for distribution of the Bonds are appropriate.
Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take
into consideration the target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the Bonds (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the
Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product
Governance Rules"), any Dealer subscribing for any Bonds is a manufacturer in respect of such
Bonds, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will
be a manufacturer for the purpose of the MiFID Product Governance Rules.
Singapore SFA Product Classification
In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore
(the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the "CMP Regulations 2018"), unless otherwise specified before an offer of Bonds, the Issuer has
determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that
the Bonds are `prescribed capital markets products' (as defined in the CMP Regulations 2018) and
Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of
Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).
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In making an investment decision, investors must rely on their own examination of the
Obligors and the terms of the Bonds being offered, including the merits and risks involved.
None of the Dealers, the Obligors, the Bond Trustee, the Security Trustee or the Other Parties
makes any representation to any investor in the Bonds regarding the legality of its investment under
any applicable laws. Any investor in the Bonds should be able to bear the economic risk of an
investment in the Bonds for an indefinite period of time.
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IMPORTANT LEGAL INFORMATION
Notice to investors
Bonds issued under the Programme may not be a suitable investment for all investors. You
must determine the suitability of any investment in light of your own circumstances. In particular,
you may wish to consider, either on your own or with the help of your financial and other professional
advisers, whether you:
(a)
have sufficient knowledge and experience to make a meaningful evaluation of the
relevant Bonds, the merits and risks of investing in the relevant Bonds and the
information contained or incorporated by reference in this Prospectus (and any
applicable supplement to this Prospectus);
(b)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context
of its particular financial situation, an investment in the relevant Bonds and the impact
the relevant Bonds will have on your overall investment portfolio;
(c)
have sufficient financial resources and liquidity to bear all of the risks of an investment
in the Bonds, including Bonds with principal or interest payable in one or more
currencies, or where the currency for principal or interest payments is different from
the currency which you usually use;
(d)
understand thoroughly the terms of the Bonds and are familiar with the behaviour of
any relevant indices and financial markets; and
(e)
are able to evaluate (either alone or with the help of your financial adviser) possible
scenarios for economic, interest rate and other factors that may affect your investment
and your ability to bear the applicable risks.
No person is or has been authorised by the Issuer, the Dealers, the Bond Trustee or the Security
Trustee to give any information or to make any representation not contained in or not consistent with
this Prospectus and, if given or made, such information or representation must not be relied upon as
having been authorised by the Issuer, the Dealers, the Bond Trustee or the Security Trustee.
Neither the publication of this Prospectus nor the offering, sale or delivery of the Bonds shall,
under any circumstances, create any implication that there has been no change in the affairs of the
Issuer since the date of this Prospectus or that there has been no adverse change in the financial
position of the Issuer since the date of this Prospectus or that any other information supplied in
connection with the offering of the Bonds is correct as of any time subsequent to the date indicated in
the document containing the same. None of the Dealers, the Bond Trustee or the Security Trustee
undertake to review the financial condition or affairs of the Issuer during the life of the Bonds or to
advise any investor in the Bonds of any information coming to their attention.
Neither this Prospectus nor any other information supplied in connection with the offering of
the Bonds should be considered as a recommendation by the Issuer, the Dealers, the Bond Trustee or
the Security Trustee that any recipient of this Prospectus or any other information supplied in
connection with the offering of the Bonds should purchase any Bonds. You should determine for
yourself the relevance of the information contained in this Prospectus and any purchase of Bonds
should be based upon such investigation as you deem necessary.
If a jurisdiction requires that the offering be made by a licensed broker or dealer and the
Dealers or any parent company or affiliate of the Dealers is a licensed broker or dealer in that
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jurisdiction and so agrees, the offering shall be deemed to be made by the Dealers or such parent
company or affiliate on behalf of the Issuer in such jurisdiction.
The Dealers and the Bond Trustee
To the fullest extent permitted by law, none of the Bond Trustee, Security Trustee or the
Dealers accept any responsibility for the contents of this Prospectus or for any other statement, made
or purported to be made by the Bond Trustee, the Security Trustee or a Dealer or on its behalf in
connection with the Issuer or the issue and offering of the Bonds. The Bond Trustee, the Security
Trustee and each Dealer accordingly disclaim all and any liability whether arising in tort or contract
or otherwise which it might otherwise have in respect of this Prospectus or any such statement.
No incorporation of websites
Other than in relation to the documents which are deemed to be incorporated by reference (see
"Documents Incorporated by Reference" below), the information on the websites to which this
Prospectus refers does not form part of this Prospectus and has not been scrutinised or approved by
the FCA.
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