ProjectFinanceAre pleased to present their

Project andInfrastructure

Financing in Portugal 23rd October 2008

Sponsors

8:30-9:00 Registrations:

9:00 Chairs welcome

Fernando Campos Ferreira, Senior Partner, PLMJ

9:05: Opening address

The Portuguese deal pipeline and overall market for a) Roads, b) Rail, c) Hospitals d) And then the New Lisbon Airport

Goncalo Botelho, Member of the Board, CaixaBI

9:25 The Portuguese deal pipeline and overall market for e) Renewables Energy Sector

Nuno António, Partner, F9 Consulting

09:50: The Portuguese deal pipeline in a global context of infrastructure andtransport opportunities

09:50: João Pereira de Vasconcelos, Head of Finance, Brisa

10:10: Antonio Frada, Executive Board and Head of Concessions/PPP Division,Soares da Costa Holding

10:30 The new model for Estradas de Portugal

Gonçalo Reis, Head of Finance, EP

10:50 Promoting European Objectives. Current EIB appetite for Portuguese risk andcurrent deal structure

Alexandra Almeida, Head of the Lisbon Office, EIB

11:10 Networking & refreshment break

1

ProjectFinanceAre pleased to present their

Project and InfrastructureFinancing in Portugal

Lisbon Marriott Hotel, 23rd October 2008

Hosted by

11:40 The RAVE Codigo dos Contratos Publicos (CCP) tender process

Carlos Fernandes, Member of the Board, RAVE and Tiago Rodrigues, Finance Director, RAVE

12:10 Clinicos and Non-Clinicos. Rewards and experiences from the existing Hospitaldeals and bidding for traditional DBFO Infraco hospitals

Maria Amelia Jorge, Director, HPP – Hospitais Privados de Portugal

12:30 The Portuguese Legal Environment

Pedro Melo, Partner, PLMJ

13:00 Lunch & Networking break

14:30 Opportunities in the Portuguese water and sewage sector

Miguel Baptista, Partner, F9 Consulting

14:50 Impact of the International markets and changing risk appetite

Francisco Santos, Managing Director, CaixaBI

15:10 Managing the current PPP project pipeline for best timing to optimize termsand conditions and Value for Money

Introduction – Mariana Abrantes de Sousa, Ministry of Transport & Communications

Rui Sousa Monteiro, – Parpública, SA (SGPS) (Public Private Partnerships)

15:30 Concluding panel – A Q&A session reviewing the issues covered throughout the dayTo include:

a) The Portuguese infrastructure investment programme. Eurostat/INE nationalaccounting criteria and Government budget needs.

b) How far can lender comfort be reconciled with lowest pricing for the State?

c) With an increasing share of risk, what returns are there for the investor?

Panel to be invited from six of the following:

Sergio Monteiro, Managing Director, CaixaBI

Jorge Carneiro, CEO, F9 Consulting

Joao Pereira de Vasconcelos, Head of Finance, Brisa

Mariana Abrantes de Sousa, Ministry of Transport & Communications

Alexandra Almeida, Head of the Lisbon Office, EIB

Moderator – Maria Castelos, Senior Partner, PLMJ

16:10 Closed of conference followed by Cocktails & Networking

2

Elenise Paz AES Cartagena

Inês Pinto da Costa Albuquerque & Associados

Simon Riggall Alinda Capital PartnersLimited

Kunwar Soni Anglo Finance CorporationLtd

Konuk Aydemir Anglo Finance CorporationLtd

Pedro Cudell Asterion – ConsórcioPortuguês de Aeroportos

Daniel Amaral Babcock Brown

Ferial Hamid Banco Efisa

Vitor Gonçalves Lopes Banco Efisa

Americo Carola Banco Millennium BCPInvestimento, SA

Nuno Salgado Santos Banco Millennium BCPInvestimento, SA

Sergio Santos Banco Millennium BCPInvestimento, SA

Dr Vasco Pinto Ferreira BANIF Investment Bank

Luis Teles BANIF Investment Bank

David Cain Bank of Ireland CorporateBanking

João Coutinho Barclays Bank PLC

Bernardo Lisboa Barclays Bank PLC

Faraidon Saheb-Zadha Barclays Private Equity

Joao Gameiro BBVA

Teresa Brilhante BBVA

Pablo Gonzalez BBVA

Jesus Gonzalez BBVA

Francisco Moreira BNP Paribas

Robert Audsley Booz & Co

Marisa Cerveira Brisa

Manuel Lamego Brisa

Joao Portela Brisa

Filipe Coelho Brisa

Dr. Bruno Tavares Brisa – Auto-Estradas dePortugal, S.A.

Daniel Martin Caja Madrid

Carlos de Sousa Carlos de Sousa e Brito &Associados

Bernardo Lisboa Corporate Banking South

Tony Clamp CVC

Paul Coelho Davis Langdon

Goncalo Guerreiro Depfa Bank PLC

Alvaro Santos Depfa Bank PLC

Ute Stammeyer Deutsche Bank

Rahul Mody Dresdner Kleinwort

Stefan Hoepp DZ BANK AG

Yewande Epega E Mortgages

Dr Vasco Pipa Edifer Ambient

Dr Rui de Sousa Edifer Desenvolvimento

Paiva Chaves Edifer Imboiliaria

Jean-Luc Trottin Eiffage TP

Jose Gonzaga Rosa Ernst & Young

Mariana Champalimaud Espírito Santo Investment

Francisco Cardoso Pinto Espírito Santo Investment

António Almeida Espírito Santo Investment

Rui Nelson Dinis Estrades de Portugal SA

Rui Oliveira Everis

Goncalo Lacerda Everis

Jorge Carneiro F9 Consulting

Artur Gomes da Costa F9 Consulting

Nuno António F9 Consulting

Pedro Vicente F9 Consulting

João Gonçalves F9 Consulting

Gustavo Adolfo Martinez Ferrovial Agroman, S.A.

Jose Paixao Ferrovial Agroman, S.A.

Tiago Villas-Boas Galp Energia, S.A.

Ashok Hansraj Global Green (EU) SA

Ashok Hansraj Global Green (EU) SA

Joao Bartolo Grupo Generg

Luis Guimaraes Grupo Generg

Ulrich Stark HSH Nordbank AG

Pedro Bastos Rezende Hyperion EnergyInvestments

Michael Dinham ING Bank N.V.

Alejo Fernandez-Duran ING Bank N.V.

Carlos Fernandez ING Bank N.V.

Fernando Faria KPMG

Daniel Loschacoff KPMG

Gonzalo Martin-Borregon La Caixa

Dr. José Bartolomeu Lena Construções

Francisco Ferraz Linklaters LLPde Carvalho

Nuno Faria Linklaters LLP

Adetayo Martins Mansell ConstructionServices Limited

3

List of registered attendees

4

Dr João Casaleiro Metro-Mondego, S.A.

José Sardo Millesime CompagneFinanciere

Vera Leitão Nutroton Energias, S.A.

Renato de Mello Odebrecht

Gustavo Fontes Odebrecht

Miguel Ferreira Odebrecht

Aline Rego Odebrecht

Tiago Ferreira de Matos Odebrecht

Gustavo Fontes Odebrecht

Manuel de Noronha Opwaye Andrade

Manuel Santos Victor PLMJ

Vitor Refegga Fernandes PLMJ

Manuel Santos Victor PLMJ

Nuno Cunha Rodrigues Presidência do Conselhode Ministros

Goncalo Freitas Rave

Luis Gaspar Rave

Sofia Rodrigues RBS Global Banking &Markets

Joao Paul Santander Global Banking& Markets

Fernando Faisca Santander Global Banking& Markets

Roger Campo Science City of Munoz

Mark R. Sontag Siemens Project VenturesGmbH

Alexandra Maia Simmons & Simmonsde Loureiro

William Smithson Simmons & Simmons

Marco Schweer SMBC

Lucia Ferreira Steer Davies Gleave

David Woods Societe Generale

Peter Blackman Sumitomo Mitsui BankingCorporation Europe Ltd

Franz von Abendroth Sumitomo Mitsui BankingCorporation Europe Ltd

Afonso Reis e Sousa Taylor-DeJongh

Manuel Cary Transport InfrastructureInvestment Company

Francisco Rocio Mendes Transport InfrastructureInvestment Company

Gianfranco Sansone UniCredit MediaCreditoCentrale S.p.A

Duarte Brito de Goes Uria Menendez

Paulo Barros Baptista Vieira de Almeida &Associados

Vanda Cascão Vieira de Almeida &Associados

Hugo Teixeira WestLB AG

SpeakersJoão Pereira de BrisaVasconcelos

Gonçalo Botelho CaixaBI

Sérgio Monteiro CaixaBI

Francisco Santos CaixaBI

Alexandra Almeida EIB

Goncalo Reis Estradas de Portugal SA(EP)

Miguel Baptista F9 Consulting

Nuno António F9 Consulting

Jorge Carneiro F9 Consulting

Maria Amelia Jorge Hospitais PublicosPortugueses

Mariana Abrantes Ministry of Transport de Sousa & Communications

Rui Sousa Monteiro Parpública, SA

Fernando Campos Ferreira PLMJ

Maria Castelos PLMJ

Pedro Melo PLMJ

Carlos Fernandes RAVE

Tiago Rodrigues RAVE

Antonio Frada Soares da Costa Group

List of registered attendees (continued)

Fernando Campos Ferreira,Senior Partner, PLMJSenior Partner, Head of M&A GroupMain Practice Areas • Corporate, mergers and acquisitions• Project Finance• Banking, finance and capital markets• Privatisations• Foreign Investment and International ContractsAcademic Curriculum• University of Lisbon Law School, 1978.• Admitted to the Portuguese Bar Association

in 1980.• Status of expert in finance law conferred by

the Portuguese Bar Association in 2004.• Junior Assistant Professor of Rights in rem

at the University of Lisbon Law School (1979 – 1980).

Associations• Member of the European Association for

Banking and Finance Law – Portugal.Languages• English; French; Spanish

Gonçalo Vaz Botelho, Member of the Board, CaixaBI Gonçalo is a Board Executive Member of CaixaBanco de Investimento, SA (CaixaBI), since 2005and Board Member of CIFI – CorporaciónInteramerciana para el Fianciamento deInfraestrutura, SA. Previously he was ManagingDirector since 2000. He has more than 18 years ofInvestment Banking experience covering all majorareas with major expertise in structured finance.

Gonçalo has been in charge of the Internationalexpansion, one of the main drivers of growth ofthe Investment Bank, being responsible for theopening of the Spanish Branch in 2003, and forthe development of the major cross-boardopportunities that CaixaBI has been engagedmainly in the Brazilian and the US Markets.

He was involved in the early start-up ofinfrastructures Project Finance in Portugal namelyin the Portuguese State Road Programme and thefirst energy Power Stations conceded.

During his career Gonçalo was ManagingDirector of Banco Totta & Açores, Banco Pinto& Sotto Mayor, Banco Chemical Finance,Associate Director of Banco Mello Investimentos,and Analyst of Banque Nationale de Paris.

He was also Board Member of Aenor – Auto-Estradas do Norte, SA, and Operanor – Operaçãoe Manutenção de Auto-Estradas, SA.

Degree in Business Administration and MBA byUniversidade Católica Portuguesa, FMP byStanford University.

Nuno António, Partner, F9 ConsultingMember of the M&A Group within F9Consulting. Nuno has been actively involved intransactions participating in several mergers,acquisitions and company sales with a great focusin the Renewable Energy sector.

João Luis Barbosa Pereira deVasconcelos, Head of Finance,Brisa Auto- Estradas SAJoão Luis Barbosa Pereira de Vasconcelos joinedBrisa Auto- Estradas SA as Head of Financein 2002.

He has also been a board member of some ofBrisa’s subsidiaries, namely AEA – Auto-Estradasdo Atlantico, SA.

Between 2000 and 2002, he was board memberand CFO of Ensitel a retail and telecom company.

Between 1997 and 2000, he was Head ofCorporate Finance and ECM at Chemical Bank inPortugal (re-named Caixa Banco deInvestimento).

From 1990 until 1996, he performed variedresponsibilities in Chemical Bank, especially in thecorporate banking and credit divisions.

He is an Economics graduate by theUniversidade Nova de Lisboa (1989), where healso completed his MBA, in 1997.

Gonçalo Reis, Head of Finance, EP Academic experience:• MBA, The University of Chicago (1994-1996)• MA in Economics, Universidade Católica

Portuguesa (1987-1992)Professional experience:• Estradas de Portugal (EP), Executive board

member (since 2007)Responsibilities: Finance, PPP-Concessions,HR, patrimony and general services

• Rádio e Televisão de Portugal (RTP), Executiveboard member (2002-2007)Responsibilities: Comercial, marketing,multimedia, distribution, internationaloperations, IT, institutional relations

5

Speaker biographies

• EURO RSCG – HAVAS Group, Vice-President(1999-2002)Responsibilities: Commercial, new business,planning, general management of thecommunications and advertising agencyin Portugal

• Gemini Consulting, Manager in the strategypractice (1996-1998)

• BCP, Planning area (1992-1994)

Alexandra Almeida, Head of the LisbonOffice, European Investment BankAlexandra Almeida was appointed Head of theLisbon Office of the European Investment Bankin October 2008, after having worked for 4 yearsas Loan Officer in the Portuguese Division of theEIB in Luxembourg.

Her career started at Standard & Poor’s MMS,first as a Junior Economist of the Latin AmericaDepartment in New York, USA in 1997, and lateras an Economist of the European team in London,UK. In 2001 she joined Banco Espírito Santo as aCorporate Manager – Large Corporates inOporto, Portugal, and in 2004 she was appointedMidcorporate Derivative Specialist.

In 1997 she obtained her Degree in Economicsat the Faculty of Economics of the Oporto’sUniversity and she is currently pursuing a Master’sDegree in Finance at the Faculty of Economics andManagement at the Catholic University.

Carlos Alberto João Fernandes,Member of the Board, RAVEAfter graduating in Civil Engineering from theHigher Technical Institute (IST) in 1991, he tooka Master’s degree in Transport at IST in 1995.

He has been a lecturer at IST since 1993,teaching Transport, Communications and RoadTraffic Management among other disciplines.

Between 2000 and 2002, he was a member ofthe consortium providing financial advice toNAER on the tenders for the new Lisbon Airportand the privatisation of ANA, and was an Adviserto the Health Partnerships Mission secretariatbetween 2001 and 2002.

From 2000 to 2005, he was Managing Directorof Mobilidade, a company providing consultancyservices in the area of Public-Private Partnershipsfor Transport, Energy and Environmentalinfrastructures.

From 1997 to 2002, he was assistant/adviser tothe Secretary of State for Public Works,responsible for the restructuring and design ofproject finance plans in the roads sector.

Pedro Melo, Partner, PLMJAcademic Curriculum• University of Lisbon, Law School, 1995.• Admitted to the Portuguese Bar Association

in 1997.• Postgraduate degree in Administrative Law,

University of Lisbon, Law School |(1997 – 1998).

• Postgraduate degree in Energy Law, AutónomaUniversity & French Petroleum Institute (2001 – 2002).

• Expert Lawyer in Administrative Law – degreeconferred by the Portuguese Bar Associationin 2004.

• Master in Administrative Law (2007 – 2008)– University of Lisbon Law School.

Main practice areas• Administrative Law.• Public Contracts.• Public-Private Partnerships.• Public & Utilities Procurement.Languages• English

Miguel Baptista, Partner,F9 Consulting Miguel has been actively involved in the setupand financing of multi-municipal water-supplyand wastewater treatment systems. He has alsobeen involved in several public tenders in theenvironment and toll roads sectors. Lately, hehas been participating in the definition of thePEAASAR 2007-2013, the strategic plan fordeveloping the water-supply and wastewatertreatment sector in Portugal.

He has also been actively involved intransactions in the environment sector. Prior tojoining F9 Consulting, Miguel was a member ofthe Project Finance division of Banco Mello deInvestimentos in Lisbon.

Francisco Santos, Managing Director,CaixaBI Francisco Santos is the Head of the FinancialDivision of Caixa Banco de Investimento, SA,

6

Speaker biographies (continued)

having the responsibility for the RiskManagement and Market Risk Advisory forCorporates for Group Caixa Geral de Depósitos.He is also in charge of Developing andMonitoring hedging structures for corporates aswell as for institutional investors and clients.

Francisco Santos has a 18 years experience inthe financial markets and broad and matureknowledge of every single product available.His professional experience ranges from mosttraditional Treasury markets to the mostsophisticated derivative products and he has builthis skills and career starting by being Treasurer,going through being Head of Proprietary Tradingof the largest trading room in Portugal with directresponsibilities over interest rate, foreignexchange, equity and commodities derivativeproducts and strategies.Among the most important strategies he designedand traded are:• Interest Rate Hedging for International Project

Finance Deals• Hedging of a Structured Deposit for a Railway

Company• Synthetic Equity Repo for funding of a Holding

Company• Fully Hedge Long Dated Escrow Structure of

payments for a Government Institute• Foreign Exchange Hedging of the National

Strategic Oil Reserve Purchase Mechanism• Equity Volatility Hedging of a Majority

Financial Participation for a Holding Companyin Spain

• Specialized Advisory on a Copper DealStructure for an International Mining Group

Mariana Abrantes de Sousa, Ministryof Transport & Communications Economist and finance consultant with degreesfrom UC Berkeley 1973, and Princeton UniversityMPA 1975, born in Coimbra, 1952, widow

Banking experience with The Chase ManhattanBank, European Investment Bank, BancoPortuguês do Atlântico and ABN AMRO Bank(Portugal) with responsibility for structuredfinance and capital markets, until 2002

Worked as international financial consultantwith McKinsey International on bankmanagement and as PPP Specialist on publicfinance studies for EU/EBRD and AfDB, invarious countries, until 2006

Co-author of book on official developmentfinancing “Portuguese Companies and LusophoneCountries, 2005”

Author of articles, lecturer and conferencespeaker on credit management, infrastructureproject finance, PPP public private partnershipsand public finance

Member of Ordem dos Economists (PortugueseEconomists Association) and IPCG, PortugueseInstitute of Corporate Governance

Since 2006, Finance Controller, Ministry ofPublic Works, Transport and Communications,PORTUGAL

Rui Sousa Monteiro, Parpública, SA(SGPS) (Public Private Partnerships) Rui Sousa Monteiro, a senior economist atParpública SA (the government firm that reviewsand appraises PPPs on behalf of the FinanceMinister of Portugal), is both a researcher and apractitioner in public-private partnerships (PPPs).He joined Parpública SA in 2000, havingintervened in the design of several major rail,tram, highway and health PPP contracts andpublic tenders. He served on several committeesresponsible for the appraisal of specific proposalsfor PPPs. He is currently a member of the TenderBoards for the high-speed rail project and fivePPP-hospital contracts (some of them includingthe provision of clinical services) currently beingprocured, and of several other SteeringCommittees and Negotiating Committees.

As an economist, he puts strong emphasis onthe use of incentive contracts and competitiveschemes. Prior to joining Parpública SA helectured Development Economics at UniversidadeNova de Lisboa (UNL) and did applied researchon fiscal matters and on large public projects(urban renewal, public infrastructure).”

Sergio Monteiro, Managing Director,CaixaBI Currently is the Managing Director of the Project& Structured Finance Division andsimultaneously a Board Member of CREDIP –Instituição Financeira de Crédito, S.A.

Holds a wide experience in the financialsector, having worked in Banco Efisa from year2001 to 2004 and from 1996 to 2001 worked inthe Corporate Division of Caixa Geral de

7

Depósitos. Since July 2004 has been a ManagingDirector of CaixaBI.

Coordinated teams on several Project andCorporate financing transactions (operations)involving approximately 7 Billion Euros, withspecial relevance due to its strategic importance inthe public corporate sector such as the refinancingof RTP – Rádio e Televisão de Portugal, S.A’s debt(including the financial advisor in the new modelof concessions and financing); financing to supportthe rationalization process and reorganization ofthe Companhia Carris de Ferro de Lisboa and thefirst bond issue with international rating of RegiãoAutónoma da Madeira, by using Zarco Finance,BV. In the Acquisition Finance area, specialemphasis should be made, owing to its dimension,the financing coordination for Semapa, SGPS,S.A.; Acquisition of Portucel, S.A.; Compal, S.A.and Nutricafés by Sumolis, S.A. and CGD group;as well as the acquisition of Celbi, S.A. by Altri,SGPS, S.A., and Porto Barros, S.A. by SogevinusSGPS, S.A. (Grupo Caixa Nova).

In Project Finance, special emphasis, due to itsimportance, dimension and innovation to theadvisory and leadership of the financing of AutoEstradas do Douro Litoral, S.A.; Autoestradas doMarão, S.A. and Central Solar de Moura (thelargest photovoltaic solar power plant in theworld) and adviser and leadership for thefinancial re-equilibrium of Norscut.

Has a degree in Business and Administration bythe Coimbra Business University; completed adegree in Finance Specialization by ISCTE; postGraduation in Corporate Finance by the BusinessUniversity of Coimbra and a MBA by LondonBusiness School of Economics.

Jorge Carneiro, CEO, F9 ConsultingSince 1989 Jorge has been actively involved inseveral projects connected with renewable energy,water and sewage, environment, transports andother infrastructures.

Jorge has been responsible for the launch of F9Consulting. Prior to joining F9 Consulting, Jorgewas Head of Corporate Finance and ProjectFinance divisions of Banco Mello de Investimentos.

He was also Head of Project Finance fromMillennium BCP, after the acquisition of BancoMello de Investimentos

Maria Castelos, Senior Partner –Head of Banking and Finance, PLMJAcademic Curriculum• Portuguese Catholic University Law School,

Lisbon, 1991;• Admitted to the Portuguese Bar Association in

1993;• Post-graduate degree on Securities Law,

University of Lisbon Law School, 1998;• Master in law (LL.M) in Banking and Finance,

University College London (1994 – 1995).Associations• Member of the IBA – International Bar

Association – Banking Law”, “InvestmentCompanies and Mutual Funds” and “Issuesand Trading in Securities”.

Main practice areas• Banking, finance and capital markets;• Privatizations.Languages• English; French; Spanish.

8

Speaker biographies (continued)

The Portuguese dealpipeline and overallmarket for a) Roads,b) Rail, c) Hospitals d) And then the NewLisbon Airport

Goncalo Botelho, Member of the Board,CaixaBI

9

ProjectFinance

NOTES

10

The Portuguese dealpipeline and overallmarket for e) RenewablesEnergy Sector

Nuno António, Partner, F9 Consulting

11

ProjectFinance

NOTES

12

The Portuguese dealpipeline in a globalcontext of infrastructureand transportopportunities

João Pereira de Vasconcelos, Head of Finance, Brisa

Antonio Frada, Executive Board and Head of Concessions/PPP Division, Soares da Costa Holding

13

ProjectFinance

NOTES

14

The new model forEstradas de Portugal

Gonçalo Reis, Head of Finance, EP

15

ProjectFinance

NOTES

16

Promoting EuropeanObjectives. Current EIB appetite forPortuguese risk andcurrent deal structure

Alexandra Almeida, Head of the Lisbon Office, EIB

17

ProjectFinance

NOTES

18

The RAVE Codigo dosContratos Publicos (CCP)tender process

Carlos Fernandes, Member of the Board,RAVE and Tiago Rodrigues, Finance Director, RAVE

19

ProjectFinance

NOTES

20

Clinicos and Non-Clinicos.Rewards and experiencesfrom the existing Hospitaldeals and bidding fortraditional DBFO Infracohospitals

Maria Amelia Jorge, Director, HPP – HospitaisPrivados de Portugal.

21

ProjectFinance

NOTES

22

The PortugueseLegal Environment

Pedro Melo, Partner, PLMJ

23

ProjectFinance

NOTES

24

Opportunities in thePortuguese water andsewage sector

Miguel Baptista, Partner, F9 Consulting

25

ProjectFinance

NOTES

26

Impact of theInternational markets andchanging risk appetite

Francisco Santos, Managing Director, CaixaBI

27

ProjectFinance

NOTES

28

Managing the current PPPproject pipeline for besttiming to optimize termsand conditions and Valuefor Money

Mariana Abrantes de Sousa, Ministry of Transport & Communications

Rui Sousa Monteiro, – Parpública, SA (SGPS) (Public Private Partnerships)

29

ProjectFinance

NOTES

30

Concluding panel – A Q&A session reviewingthe issues coveredthroughout the day

Sergio Monteiro, Managing Director, CaixaBI

Jorge Carneiro, CEO, F9 Consulting

Joao Pereira de Vasconcelos, Head of Finance,Brisa

Mariana Abrantes de Sousa, Ministry ofTransport & Communications

Alexandra Almeida, Head of the LisbonOffice, EIB

Moderator – Maria Castelos, Senior Partner,PLMJ

31

ProjectFinance

NOTES

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NOTES