Risk Considerations

RISK CONSIDERATION

The purchase of Notes implies substantial risks. Each potential buyer of these Notes must be familiar with instruments with similar characteristics to the Notes and must fully understand the terms of the Notes and the nature and extent of their exposure to the risk of loss.

Before making an investment decision, potential purchasers of Notes shall conduct independent research and analysis on the Issuer, Portfolio Manager, Assigned Assets, Notes and all other relevant persons and economic and financial factors. Which they deem appropriate to assess the merits and risks of an investment in the Notes. As part of such independent research and analysis, potential purchasers of No tes should carefully consider all information contained in the Series Memorandum and the Program Memorandum and the considerations set out below.

The investment in the Notes is only suitable for investors who have the knowledge and experience in financial and business matters necessary to evaluate the information contained in the Series Memorandum and in the Program Memorandum and the merits and risks of an investment in Notes in the context of the investor’s own financial situation and investment objectives.

The investment in the Notes (or a share in them) is only suitable for investors who:

1) They are able to withstand the economic risk of an investment in the Notes (or a share in them) for an indefinite period of
time (since the performance of Assets under Charge or other circumstances may require the extension of the Maturity Date indefinitely);
2) You are acquiring a share in the Notes (or a share in them) for your own account for the investment, not for resale, distribution or other provision of such interest (subject to any applicable law that requires the investor’s property ownership); and
3) Recognize that it may not be possible to make any transfer of the Notes (or a participation therein) for a substantial
period of time , if any.

Each of the Issuers and Managers may, at its discretion, disregard the interest shown by a prospective investor even though the investor meets the previous eligibility standards.

Each potential investor must make sure that he fully understands the nature of the transaction in which he is entering and the nature and extent of his exposure to the risk of loss of all or a substantial part of his investment.

Particular emphasis is placed on the sections of the Program Memorandum entitled “Conditions of Notes Securities” and “Conditions of Notes Application and Limited Appeal” and sections of the Memorandum Series “Information on Assets in Charge “.