Common use of Substitution of the Issuer Clause in Contracts

Substitution of the Issuer. If the conditions set out in the Terms and Conditions are met, the Issuer is entitled at any time, without the consent of the holders of the Certificates, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the Certificates in its place. In that case, the holder of the Certificates will generally also assume the insolvency risk with regard to the new Issuer. The Certificates depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors that may be interconnected. These may include economic, financial and political events beyond the Issuer's control. The past performance of an Underlying should not be regarded as an indicator of its future performance during the term of the Certificates. The Certificates could be redeemed on the Maturity Date by payment of a Settlement Amount, which will be significantly below the initial issue price of Euro 500 per Certificate. In this case the investor could suffer a loss. This is - disregarding the costs incurred in connection with the purchase of the Certificates - the case, if on the Final Valuation Date the Reference Price of the Shares underlying the Certificates is below the Strike Price of the Worst Performing Underlying. The investor will suffer a loss if the Settlement Amount which will be depending on the performance of the Worst Performing Underlying (less local taxes) is below the purchase price paid for the Certificates. The lower the Reference Price of the Shares and thus the lower the Settlement Amount, the greater will be the loss. Worst Case: The Shares are worthless on the Final Valuation Date. In this case the Settlement Amount will be equal to zero. Risks if the investor intends to sell or must sell the Certificates during the term: The achievable sale price prior to the Maturity Date could be significantly lower than the purchase price paid by the investor. The market value of the Certificates mainly depends on the performance of the Certificates' Underlyings, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the Certificates: - Changes in the expected intensity of the fluctuation of the Underlyings (volatility) - Remaining term of the Certificates - Interest rate development - Developments of the dividends of the Share Each of these factors could have an effect on its own or reinforce or cancel each other.

Substitution of the Issuer. If the conditions set out in the Terms and Conditions are met, the Issuer is entitled at any time, without the consent of the holders of the CertificatesSecurities, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the Certificates Securities in its place. In that case, the holder of the Certificates Securities will generally also assume the insolvency risk with regard to the new Issuer. Risk factors relating to the Underlying The Certificates Securities depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors (especially the price movements of the Index Underlying (i.e. a share, an index, a futures contract or a currency exchange rate) that may be interconnected. These may include economic, financial and political events beyond the Issuer's control. The past performance of an Underlying or a component of the Underlying should not be regarded as an indicator of its future performance during the term of the CertificatesSecurities. Risk upon redemption The Certificates could be redeemed on investor bears the Maturity Date by payment of a Settlement Amount, which will be significantly below the initial issue price of Euro 500 per Certificate. In this case risk that the investor could suffer a loss. This is - disregarding the costs incurred in connection with the purchase of the Certificates - the case, if on the Final Valuation Date the Reference Price of the Shares underlying the Certificates will receive an Redemption Amount which is below the Strike Price of price at which the Worst Performing Underlying. The investor will suffer a loss if purchased the Settlement Amount which will be depending on the performance of the Worst Performing Underlying (less local taxes) is below the purchase price paid for the CertificatesSecurities. The lower the Reference Price of the Shares Index and thus the lower the Settlement Redemption Amount, the greater will be the loss. Worst Casecase: The Shares are worthless Reference Price falls to zero which will lead to a total loss of invested capital. Investor should note that the daily movements of the Index Underlying will influence the level of the Index and thus the value of the Security. A special feature of the Securities is that the daily price changes in relation to the Index Underlying and the value of the Index and, thus, the value of the Security correlate negatively. This means that, the more the price of the Index Underlying increases on a trading day, the Final Valuation Date. In this case lower the Settlement Amount Index level will be equal to zeroon that trading day and vice versa. This influence will be increased by the multiplication by the applicable factor (leverage component). Risks if the investor intends to sell or must sell the Certificates Securities during the their term: Market value risk: The achievable sale price prior to in between the Maturity Date Redemption Dates could be significantly lower than the purchase price paid by the investor. The market value of the Certificates Securities mainly depends on the performance of the Certificates' UnderlyingsUnderlying, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the CertificatesSecurities: - Changes in the expected intensity of the fluctuation of the Underlyings Underlying (volatility) - Interest rate development - Remaining term of the Certificates - Interest rate development - Developments of the dividends of the Share Securities Each of these factors could have an effect on its own or reinforce or cancel each other. Trading risk: The Issuer is neither obliged to provide purchase and sale prices for the Securities on a continuous basis on (i) the exchanges on which the Securities may be listed or (ii) an over the counter (OTC) basis nor to buy back any Securities. Even if the Issuer generally provides purchase and sale prices, in the event of extraordinary market conditions or technical troubles, the sale or purchase of the Securities could be temporarily limited or impossible.

Substitution of the Issuer. If the conditions set out in the Terms and Conditions are met, the Issuer is entitled at any time, without the consent of the holders of the Certificates, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the Certificates in its place. In that case, the holder of the Certificates will generally also assume the insolvency risk with regard to the new Issuer. The Certificates depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors that may be interconnected. These may include economic, financial and political events beyond the Issuer's control. The past performance of an Underlying should not be regarded as an indicator of its future performance during the term of the Certificates. The Certificates could be redeemed on the Maturity Date by payment of a Settlement Amount, which will be significantly below the initial issue price of Euro 500 1,000 per Certificate. In this case the investor could suffer a loss. This is - disregarding the costs incurred in connection with the purchase of the Certificates - the case, if on the Final Valuation Date the Reference Price of the Shares underlying the Certificates is below the Strike Price of the Worst Performing Underlying. The investor will suffer a loss if the Settlement Amount which will be depending on the performance of the Worst Performing Underlying (plus any Bonus Amounts and less local taxes) is below the purchase price paid for the Certificates. The lower the Reference Price of the Shares and thus the lower the Settlement Amount, the greater will be the loss. Worst Case: The Shares are worthless on the Final Valuation Date. In this case the Settlement Amount will be equal to zero. Risks if the investor intends to sell or must sell the Certificates during the term: The achievable sale price prior to the Maturity Date could be significantly lower than the purchase price paid by the investor. The market value of the Certificates mainly depends on the performance of the Certificates' Underlyings, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the Certificates: - Changes in the expected intensity of the fluctuation of the Underlyings (volatility) - Remaining term of the Certificates - Interest rate development - Developments of the dividends of the Share Each of these factors could have an effect on its own or reinforce or cancel each other.

Substitution of the Issuer. If the conditions set out in the Terms and Conditions are met, the Issuer is entitled at any time, without the consent of the holders of the CertificatesSecurities, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the Certificates Securities in its place. In that case, the holder of the Certificates Securities will generally also assume the insolvency risk with regard to the new Issuer. Risk factors relating to the Underlying The Certificates Securities depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors (especially the price movements of the Index Underlying (i.e. a share, an index, a futures contract or a currency exchange rate) that may be interconnected. These may include economic, financial and political events beyond the Issuer's control. The past performance of an Underlying or a component of the Underlying should not be regarded as an indicator of its future performance during the term of the CertificatesSecurities. Risk upon redemption The Certificates could be redeemed on investor bears the Maturity Date by payment of a Settlement Amount, which risk that the Redemption Amount will be significantly below the initial issue price of Euro 500 per Certificate. In this case at which the investor could suffer a loss. This is - disregarding purchased the costs incurred in connection with the purchase of the Certificates - the case, if on the Final Valuation Date the Reference Price of the Shares underlying the Certificates is below the Strike Price of the Worst Performing Underlying. The investor will suffer a loss if the Settlement Amount which will be depending on the performance of the Worst Performing Underlying (less local taxes) is below the purchase price paid for the CertificatesSecurities. The lower the Reference Price of the Shares Index and thus the lower the Settlement Redemption Amount, the greater will be the loss. Worst Casecase: The Shares are worthless Reference Price falls to zero which will lead to a total loss of invested capital. Investor should note that the daily movements of the Index Underlying will influence the level of the Index and thus the value of the Security. This means that, the more the price of the Index Underlying decreases on a trading day, the Final Valuation Date. In this case lower the Settlement Amount Index level will be equal to zeroon that trading day and vice versa. This influence will be increased by the multiplication by the applicable factor (leverage component). Risks if the investor intends to sell or must sell the Certificates Securities during the their term: Market value risk: The achievable sale price prior to in between the Maturity Date Redemption Dates could be significantly lower than the purchase price paid by the investor. The market value of the Certificates Securities mainly depends on the performance of the Certificates' UnderlyingsUnderlying, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the CertificatesSecurities: - Changes in the expected intensity of the fluctuation of the Underlyings Underlying (volatility) - Interest rate development - Remaining term of the Certificates - Interest rate development - Developments of the dividends of the Share Securities Each of these factors could have an effect on its own or reinforce or cancel each other. Trading risk: The Issuer is neither obliged to provide purchase and sale prices for the Securities on a continuous basis on (i) the exchanges on which the Securities may be listed or (ii) an over the counter (OTC) basis nor to buy back any Securities. Even if the Issuer generally provides purchase and sale prices, in the event of extraordinary market conditions or technical troubles, the sale or purchase of the Securities could be temporarily limited or impossible.