Disclaimer 4th Auction

The PAFERNs draft final terms and Bidder Application Package can be requested by sending an e-mail to PAF_Secretariat@worldbank.org with the disclaimer language below cut and pasted in the body of the email:

Reference is made to discussions between ourselves and the International Bank for Reconstruction and Development (World Bank) with regard to the potential issuance of Pilot Auction Facility Emission Reductions Notes (“PAFERNs”) under the World Bank’s Global Debt Issuance Facility (the “Facility”).  Following these discussions, we understand that the World Bank has now prepared Draft Final Terms (the “Draft Final Terms”) containing the draft Terms and Conditions of the PAFERNS and that the Draft Final Terms (i) have been prepared at the request of potential investors in order to provide them with a better understanding of the mechanics that would be involved in the PAFERNs should the World Bank proceed with the issuance; (ii) do not contain the definitive Terms and Conditions of the PAFERNs, and (iii) are qualified in their entirety by any final documentation distributed by the World Bank at the time, and if and when, PAFERNs are issued.  
As potential investors in the PAFERNs (each, a “Recipient”), we hereby request a copy of the Draft Final Terms and confirm that we acknowledge and agree to the following conditions of such disclosure:
(i)     The Recipient will keep the Draft Final Terms strictly confidential, and will not publish, disclose or otherwise divulge the Draft Final Terms to anyone (other than its officers, directors, employees, consultants, agents, financial intermediaries, attorneys, auditors and representatives on a need to know basis), except as required to be disclosed by applicable law.
(ii)     The disclosure by the World Bank of the Draft Final Terms to the Recipients is made for information purposes only, and should not be construed as a solicitation or offer, legal, tax or other advice, or recommendation to engage in any transaction.  The disclosure does not constitute a recommendation of the PAFERNs or other securities or products.  The Draft Final Terms are intended merely to provide information and are not intended to be either a recommendation to acquire financial products or an offer or invitation to tender.
(iii)     The Draft Final Terms are in draft form and therefore is incomplete.  The Draft Final Terms omit material information and the information that is included is current only as of the date of disclosure to the Recipient and will become outdated as the PAFERNs final legal documentation is developed.  Any offer of PAFERNs will solely take place on the basis of the prospectus issued in respect of the Facility dated 28 May 2008 (the “Prospectus”) and the relevant Final Terms for the PAFERNs prepared at the time of an offer (the “Final Terms”).  A decision to invest in the PAFERNs should not be made in any manner whatsoever in reliance on the content of the Draft Final Terms but should be made solely on the basis of the Prospectus and the Final Terms.    
(iv)     PAFERNs, if and when they are offered, sold or issued, may not be eligible for sale in certain jurisdictions or to certain persons. Information relating to the PAFERNs may not be capable of distribution in certain jurisdiction or to certain persons. Those who choose to receive the Draft Final Terms do so on their own initiative and are responsible for compliance with applicable laws of their jurisdictions.
(v)     The structure, timing and mechanics of the actual PAFERNs, if and when they are issued, are subject to change.  Potential investors considering purchasing PAFERNs should consult their own financial and legal advisors for information about PAFERNs, the risks and investment considerations arising from an investment in PAFERNs, the appropriate tools to analyze such investment, and the suitability of such investment to each investor's particular circumstances.