The use of this North American Development Bank (NADB) web site (the "Web Site") is governed by the terms and conditions set forth below. By using this Web Site you agree to such terms and conditions, as they may be modified by NADB from time-to-time and posted on this Web Site.

NADB maintains this Web Site for information purposes only. Users may download, copy and reprint information from the Web Site for non-commercial purposes, subject to any terms and conditions contained within materials expressly attributed to third parties, so long as NADB is cited as the source of the originating material. Photos used on the Website may be subject to the copyright of the respective photographer and, therefore, may not be duplicated without the prior written authorization of NADB. Users may not place "frames" around material from the Web Site without the express written authorization of NADB.

The contents of materials expressly attributed to third parties, including without limitation, the rating reports by Moody's Investors Service and Standard & Poor's, are the property and responsibility of such third parties and not of NADB. Use of these documents is subject to the legal terms and conditions contained therein.

This Web Site contains links to web sites not under the control of NADB. NADB provides these links as a convenience for users of its Web Site and is not responsible for their contents. The presence of a link does not imply endorsement or approval of its contents by NADB.

All information on the Web Site is provided "AS IS", with no express or implied warranty of any kind, including but not limited to any warranty of merchantability, suitability, non-infringement or fitness for any particular purpose. Use of this Web Site is at user's sole risk. NADB makes no warranty as to the accuracy, completeness or timeliness of any of the material on the Web Site and under no circumstances, including but not limited to, negligence, shall NADB be liable for any direct, indirect, incidental, special or consequential expenses or damages incurred by reason of its use, including expenses or damages arising from communication failure and/or computer malfunctions associated with use of the Web Site. Information that relates to a particular date is offered only as of such date, and NADB undertakes no obligation to update any material on the Web Site. NADB may, in its discretion, periodically add, change, improve or update the materials on the Web Site without notice, and reserves the right to limit or discontinue the Web Site or deny any user access thereto without notice.

As a condition of use of the Web Site, the user agrees to indemnify NADB from and against any and all actions, claims, losses, damages, liabilities and expenses (including reasonable attorneys' fees) arising out of such user's use of the Web Site, including without limitation any claims alleging facts that if true would constitute a breach by the user of these terms and conditions. If the user is dissatisfied with any material on the Web Site or with any of terms and conditions of use of the Web Site, such user's sole and exclusive remedy is to discontinue using the Web Site.

Nothing in the Web Site or any materials therein shall be construed, explicitly or implicitly, to contain any investment recommendations. NADB is not registered under the U.S. Investment Advisers Act of 1940. Accordingly, nothing in this The Web Site or in any materials therein constitutes an offer of or an invitation by or on behalf of NADB to purchase or sell any securities, nor should it be considered investment advice.

The Web Site contains materials relating to NADB securities which are provided for information purposes only. Such materials do not constitute an offer to sell or a solicitation of an offer to buy any NADB securities. NADB does not intend to solicit and is not soliciting any action with respect to any NADB securities through the Web Site. All materials contained herein relating to NADB securities should be read in conjunction with any other materials that they supplement or that are incorporated by reference therein.

All materials relating to NADB securities should be read in conjunction with the appropriate offering document or prospectus and any applicable supplement thereto. NADB securities mentioned herein may not be eligible for sale in certain jurisdictions or to certain persons and may be subject to other restrictions. Investors considering purchasing NADB securities should consult their own financial, legal and tax advisors for information about such securities, the risks and investment considerations arising from an investment in such securities, the appropriate tools to analyze such investment and the suitability of such investment in each investor's particular circumstances.

The Web Site is controlled, operated and administered by NADB from its offices within the United States of America. NADB makes no representation that materials at the Web Site are appropriate or available for use at other locations outside of the United States of America. Access to the materials on the Web Site at any location where such content may be illegal is prohibited. If you access the Web Site from a location outside of the United States of America, you are solely responsible for compliance with local laws.

The opinions and findings of authors or compilers contained herein are not necessarily those of NADB or its member countries. Except as otherwise noted, the material on the Web Site is the property of NADB and is subject to the copyright, trademark and other intellectual property laws of the United States of America and other jurisdictions. All uses of the Web Site are subject to these laws.

These terms and conditions will be governed, interpreted and enforced in accordance with the laws of the State of Texas, United States of America, without giving effect to the conflict of laws provisions of that jurisdiction. Any legal action over the contents of the Web Site shall be brought in the federal courts located in Texas. No waiver by NADB of any provision of these terms and conditions shall be binding except as set forth in writing signed by its duly authorized representative.

Nothing in the Web Site shall constitute or be considered to be a limitation upon or a waiver of the privileges and immunities of NADB, which are specifically reserved.






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