This report was commissioned by the National Audit Office in relation to certain aspects of the funding of the channel tunnel rail link. This report is for the exclusive use of the National Audit Office and may not be further distributed or reproduced in whole or in part without our written permission.
The views and opinions expressed in this report are confined to the brief set by the National Audit Office and are based on the information made available to us at the time. All views and opinions contained herein constitute our judgement at the time of market conditions and commercial terms prevailing towards the end of 1998 and the first quarter of 1999 and were provided in good faith. We have no duty or liability to any other party other than the National Audit Office, in relation to the views and opinions expressed in this document and in particular the report is not, and should not be construed as, investment advice or an investment advertisement as defined by the Financial Services Act 1986. We expressly disclaim any and all liability for any representation, express or implied, in relation to the securities and transactions discussed herein.
RBC Dominion Securities
JUNE 2000