Covered Bond

Terms of usage of the base prospectus

The Base Prospectus does not constitute an offer or an invitation to subscribe for or purchase any financial instruments and should not be considered as a recommendation by Sp Mortgage Bank Plc that any recipient of the Base Prospectus should subscribe for or purchase any financial instruments. Each recipient of the Base Prospectus shall be taken to have made its own investigation and appraisal of the financial service or financial instrument in question. The investor is responsible for the financial consequences of his investment decisions.

Any recipient of the Base Prospectus should also carefully study the Risk Factors section of the Base Prospectus.