Risks relating to the. Notes The purchase of Notes may involve substantial risks and is suitable only for investors who have the knowledge and experience in financial and business matters necessary to enable them to evaluate the risks and the merits of an investment in the Notes. There are certain factors which may affect each Issuer’s ability to fulfil their obligations under the Notes issued under the Programme. Risks related to the Notes include that the Notes are limited recourse obligations which are payable solely out of the Secured Property of which the net proceeds of realisation of the Secured Property may be insufficient to cover amounts that would otherwise be due under the Notes; that the market price of the Notes may be volatile; and the Notes themselves may have no liquidity. Risks relating to the Assets include that the market price of the Assets will generally fluctuate such that an Issuer may need to fund payments due in connection with the Notes by selling Assets at their market value; and Dealers (who may have the capacity to make determinations affecting the value of the Notes) of the Notes may have confidential information concerning the Assets which it will not be obliged to disclose to any Noteholder. Such Dealers may buy and sell, securities, commodities, or other derivatives identical or related to the Notes of which, their hedging and trading activities with respect to the Notes may affect the value of such securities, commodities, or other derivatives and vice versa.
