Expansion of the spread between bid and offer prices Clausole campione

Expansion of the spread between bid and offer prices. In special market situations, where the Issuer is completely unable to conclude hedging transactions, or where such transactions are very difficult to conclude, the spread between the bid and offer prices may be temporarily expanded, in order to limit the economic risks to the Issuer. Therefore, Securityholders who wish to sell their Securities via a stock exchange or in the over-the-counter trading might sell at a price considerably lower than the actual price of the Securities at the time of their sale.

Expansion of the spread between bid and offer prices. In special market situations, where the issuer is completely unable to conclude hedging transactions, or where such transactions are very difficult to conclude, the spread between the bid and offer prices may be temporarily expanded, in order to limit the economic risks to the Issuer. The tax considerations set forth in this Prospectus reflect the views of the Issuer based on the legislation applicable at the date of this Prospectus. It cannot, however, be ruled out that the tax treatment by the tax authorities and tax courts will be otherwise. Additionally, the tax considerations set forth herein may not be used as the sole basis for the decision to invest in the Securities from a tax perspective, since the individual situation of each investor must also be taken into account. The considerations with regard to taxation contained in this Prospectus, thus, do not constitute any sort of material information or tax advice nor are they in any way to be construed as a representation or warranty with respect to specific tax consequences. Accordingly, investors should consult their personal tax advisors before any decision to purchase the Securities. Neither the Issuer nor the Offeror accepts any liability for the tax consequences of an investment in the Securities.