Offering Circular. - SFM

None of the Issuer, the Representative of the Noteholders, Merrill Lynch International and Dexia Crediop
S.p.A. (the “Joint Lead Managers” and, any one of them, a “Joint Lead Manager”), or any other party to
any of the Transaction Documents (as defined below) or to any of the Interim Documents (as defined below),
other than the Originator, has undertaken or will undertake any investigation, searches or other actions to
verify the details of the Claims transferred by the Originator to the Issuer or any Claim in respect thereof nor
have the Issuer, the Representative of the Noteholders, the Joint Lead Managers or any other party to any of
the Transaction Documents (as defined below) or to any of the Interim Documents (as defined below), other
than the Originator, undertaken any investigation, searches or other actions to establish the creditworthiness
of any debtor in respect of the Claims.
The Issuer accepts responsibility for the information contained in this Offering Circular other than that
information for which the Originator accepts responsibility. To the best of the knowledge and belief of the
Issuer (having taken all reasonable care to ensure that such is the case), the information contained in this
Offering Circular (other than that information for which the Originator accepts responsibility) is in
accordance with the facts and does not omit anything likely to affect the import of such information. The
Issuer, having made all reasonable enquiries, confirms that this Offering Circular contains or incorporates all
information which is material in the context of the Notes, that the information contained or incorporated in
this Offering Circular is true and accurate in all material respects and is not misleading, that the opinions and
intentions expressed in this Offering Circular are honestly held and that there are no other facts the omission
of which would make this Offering Circular or any of such information or the expression of any such
opinions or intentions misleading. The Issuer accepts responsibility accordingly. This Offering Circular may
only be used for the purposes for which it has been published.
The Originator has provided the information included in this document in the sections headed “The
Originator and Servicer”, “The Portfolio”, “The Servicing Agreement”, “The Expected Maturity and Average
Life of the Notes” and any other information contained in this document relating to itself, the Claims and the
Portfolio (each as defined below) and accepts responsibility for the information contained in those sections.
To the best of the knowledge and belief of the Originator (which has taken all reasonable care to ensure that
such is the case), such information is true and does not omit anything likely to affect the import of such
information.
The sections headed “The Region of Lazio”, “The Economy of the Region of Lazio”, “Financial Information
of the Region of Lazio” and “Debt of the Region of Lazio” are reported herein in their entirety as they appear
in the Offering Memorandum for the USD 2,000,000,000 Global Medium Term Note Program of the Region
dated 6 July, 2004 and all information provided therein, unless otherwise specifically indicated therein, is as
of such date. Such information has not been independently verified by the Issuer, the Joint Lead Managers
or any other party to the Transaction Documents or to any of the Interim Documents and none of the Issuer,
the Joint Lead Managers or any other party to the Transaction Documents or to any of the Interim Documents
(as defined below) accepts any responsibility for the accurate reporting thereof or otherwise. The Issuer
accepts full responsibility for correctly copying, extracting and reproducing this information.
Merrill Lynch Capital Markets Bank Limited has provided the information under the section headed “The
Swap Guarantor and Swap Counterparty” below and accepts responsibility for the information contained in
that section and, to the best of the knowledge and belief of Merrill Lynch Capital Markets Bank Limited
(having taken all reasonable care and made all due enquires to ensure that such is the case), such information
is true as of the date of this Offering Circular and does not omit anything likely to affect the import of such
information. Save as aforesaid, Merrill Lynch Capital Markets Bank Limited has not, however, been involved
in the preparation of, and does not accept responsibility for, this Offering Circular or any part hereof.
The Bank of New York, London Branch has provided the information under the section headed “The Account
Bank” below and accepts responsibility for the information contained in that section, and to the best of the
knowledge and belief of The Bank of New York, London Branch (having taken all reasonable care and made
all due enquiries to ensure that such is the case), such information is true as of the date of this Offering
Circular and does not omit anything likely to affect the import of such information. Save as aforesaid, The
Bank of New York, London Branch has not however been involved in the preparation of, and does not accept
responsibility for, this Offering Circular or any part hereof.
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