Title

US Government Capital Injections – Important Changes from the Term Sheet
Client Memorandum

Created date

11/3/2008

Last week, Treasury completed its investment in the nine systemically important banks and, on October 31 st , Treasury posted standardized final documents on its website. The final documents, reflecting comments from the nine systemically important banks, clarify a number of points and contain certain differences from the Term Sheet originally published on October 14 th .1 Although the final Term Sheet is little changed from the Term Sheet that Treasury originally published, an analysis of the underlying documents the securities purchase agreement, the Warrant and the certificate of designations for the Preferred Stock reveals some significant differences between those documents and the published Term Sheet.