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STEP Market Terms and Conditions

Information and data

Information and data, including credit rating information, provided on the STEP website is provided in good faith for the convenience of issuers and investors. Such information and data is derived from sources believed to be accurate and reliable. However, such information and data has not and been verified, corrected or updated either by the STEP Market Committee or by the STEP Secretariat or by the ECB or by dealers . As a consequence, the above-mentioned do not guarantee that such information and data is up-to-date and accurate. Each user agrees that it will rely on independant sources (e.g. the rating agencies that issue such ratings) to confirm the accuracy of credit rating information prior to making any purchase of rated instruments.

Indicative nature of information and data provided on the Step website

Nothing on the Step website is intented as specific investment advice and no person should make any investment decision based solely on any information and date provided on this website. Neither the information nor any data contained on the Step website constitues a sollicitation or offer to buy or sell any commercial short term papers.

Compliance with applicable regulations

Persons visiting the Step website declare that they are allowed to do so under the legislation of their country. The circulation and distribution of the Commercial short term papers available on the Step Website may be restricted in certain jurisdictions. Persons receiving any information or documents with respect to or in connection with the Commercial short term papers avaialble on the STEP website are required to inform themselves of and to observe all applicable restrictions. Any information or documents with respect to or in connection with the Commercial short term papers does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer is not authorised or to any person to whom it is unlawful to make such offer or solicitation.

Selling restrictions in the United States

The Commercial short term papers available on the STEP website have not been and will not be registered under the Securities Act of 1933 of the United States of America (as amended) (the "1933 Act") or the securities laws of any of the States of the United States. The Commercial short term papers may not be offered, sold or delivered directly or indirectly in the United States of America, its territories or possessions or in any State or the District of Columbia (the "United States") or to or for the account or benefit of any U.S. person as defined in Regulation S under the 1933 Act ("U.S. Person") except to a limited number of U.S. Persons pursuant to an exemption from, or in a transaction not subject to the registration requirements of the 1933 Act and any applicable State laws. Any person wishing to apply for the Commercial short term papers will be required to certify whether they are a "U.S. Person". No U.S. federal or state securities commission has reviewed or approved the contents of the Step website. Any representation to the contrary is a criminal offense."

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STEP takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, STEP cannot be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website. In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.

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