Disclaimer Notice

Please read this disclaimer notice before proceeding. It contains important information, including legal and regulatory notices relevant to the information on this site.

This disclaimer notice explains the legal and regulatory restrictions in relation to this site. By accessing any page of this site, you accept and agree to be bound by the terms of this disclaimer notice and this disclaimer notice shall constitute a binding legal agreement. If you do not agree with anything in this disclaimer notice, please exit this site.

The information within this site is issued by Attestor Capital LLP, Blackrock Financial Management, Inc., CQS (UK) LLP, and Pacific Investment Management Company LLC (the "Coordinators")¹ for information purposes only.

Blackrock Financial Management, Inc. and Pacific Investment Management Company LLC are investment advisers regulated by the US Securities and Exchange Commission.

Attestor Capital LLP and CQS (UK) LLP are authorised and regulated by the UK’s Financial Conduct Authority.

This site does not constitute an offer by any of the Coordinators to enter into any contract or agreement, nor is it a solicitation to buy or sell any investment in any fund, account or otherwise. This site does not represent advice as to the merits of any investment or any other course of action. Users of this site must take their own decisions, having taken independent advice where appropriate.

Please read this disclaimer notice carefully each time you access this site. This disclaimer notice may be subject to change without notice to you. Your continued use of this site following any changes will mean that you have accepted such changes.

(1) Each acting as agent for and on behalf of certain funds and/or accounts under its management and/or advice.

Your use of this site

This disclaimer notice sets out the terms on which you may make use of this site and applies to every page on this site, whether or not such page is individually disclaimed.

You must NOT use this site (or permit or procure others to use it):

• for any unlawful, improper or illegal purpose or activity;

• to violate any Coordinator's or any third party's copyright, trade mark, proprietary or other intellectual property rights;

• to damage any Coordinator's name or reputation or that of any third parties;

• to impersonate any of the Coordinators' employees (and the members, officers and employees of any of the Coordinator’s affiliated entities) or other person or use a false name while using this site or implying any association with any Coordinator, any of their affiliated entities, or any funds and/or accounts under their management and/or advice;

• to penetrate any Coordinator's security measures or other entities' systems ("hacking");

• to generate excessive amounts of internet traffic, to interfere with any Coordinator's network or other's use of this site or to engage in activities designed to degrade or deny, or having the effect of degrading or denying, service to users of this site or others; and/or

• to introduce errors, viruses, bugs, worms, harmful code and/or Trojan horses onto the internet or into this site or any other entity's systems. None of the Coordinators warrant that the servers which make this site available will be free from such threats and it is your responsibility to make adequate provision for protection against, and to ensure that whatever you download or select for your use from this site is free from, such threats.

When using this site, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this site in certain countries. The Coordinators and their affiliated entities disclaim all responsibility if you download any information from this site in breach of any law or regulation of the country in which you reside.

Content of this site

The purpose of this site is to provide information about the Coordinators' views on the Bank of Portugal's decision to retransfer certain notes from Novo Banco to Banco Espirito Santo on 29 December 2015 (the "Retransfer Decision"). The Coordinators each act as agent for and on behalf of certain funds and/or accounts under its management and/or advice that were adversely affected by the Retransfer Decision. The Coordinators may include information and views on the Retransfer Decision, provided by other investors and interested parties. The Coordinators and their affiliated entities accept no responsibility for the accuracy or completeness of comments made by other persons.

By proceeding you agree, so far as this is permitted under the provisions of applicable legal and regulatory systems, to the exclusion by each of the Coordinators and any of their affiliated entities, including without limitation liability for any loss of profit, loss of or damage to data, loss of anticipated savings or interest, loss of or damage to reputation or goodwill or any other direct, indirect, special or consequential damages loss, costs, claims or expenses of any kind, arising out of, or in connection with, your use of this site and/or any linked sites.

The contents of this site are based upon sources of information believed to be reliable and every effort is made to ensure that the contents of this site are accurate and complete. However, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness. None of the Coordinators, the officers and employees of any of the Coordinators, or any of their affiliated entities accept any liability or responsibility in respect of the information or any views expressed herein, save that neither this disclaimer notice nor any other materials on this site purports to exclude or restrict any duty or liability that the Coordinators may have to a client under applicable law or regulation. This site may include forward-looking statements that are based upon the Coordinators' current opinions, expectations and projections.

Each of the Coordinators undertakes no obligation to update or revise any information after the stated date of its publication, including any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. Certain statements on this site are statements of opinion only. Where they represent the opinions of any of the Coordinators or any of their officers or employees, those opinions are honestly held. However, opinions may differ.

If you have accessed this site using a link from an external site, none of the Coordinators or any of their affiliated entities accept any liability or responsibility for the accuracy or completeness of information contained within the sites of third parties who have links to any pages of this site.

Links to external sites are provided for your convenience. Again, none of the Coordinators or any of their affiliated entities accept any liability or responsibility for the accuracy or completeness of information contained within those sites or the reliability, quality or effectiveness of any products or services provided through those sites. A link to an external site does not imply an endorsement of the views held, or the information, products or services provided by, such sites.

United States of America

The provision of the information in this site does not constitute an offer of securities to any person in the United States or to any U.S. Person as such term is defined under the Securities Act of 1933, as amended. The information contained in this site about any of the Coordinators and/or any of its affiliates is not directed to any person in the United States.

Advice

No information contained in this site should be deemed to constitute the provision of financial, investment or other professional advice in any way.

Ownership and copyright

The copyright in this site and (unless otherwise indicated) its contents, including all material, information, graphics, code, text and design, should not be copied, reproduced, republished, downloaded, posted, broadcast, transmitted, disseminated or distributed in any way without the prior written permission of the Coordinators.

Material interests

The Coordinators and their officers and employees (and the members, officers and employees of its affiliated entities), may have holdings in a fund or account which may hold investments referred to in this site.

Data protection

As a result of your use of this site, the Coordinators may hold and process personal information about you. All personal data held by the Coordinators will be treated in accordance with the Data Protection Act 1998.

Severance

If any of the points in this disclaimer notice are found to be unenforceable under applicable law, that will have no bearing on the enforceability of the rest of this disclaimer notice.

Governing law

This site is established by the Coordinators and your browsing in, and use of it, shall be governed by the laws of England and Wales. A condition of using this site is that, in the event of any dispute or claim (including non-contractual disputes or claims), you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.