70
Risks Related to the Notes
The Notes may not be a suitable investment for all investors.
Each potential investor in Notes must determine the suitability of that investment in light of its own cir-
cumstances. In particular, each potential investor should:
(i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the
merits and risks of investing in the relevant Notes and the information contained or incorporated by refer-
ence in this Prospectus;
(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particu-
lar financial situation and the investment(s) it is considering, an investment in the Notes and the impact
the Notes will have on its overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including where principal or interest is payable in one or more currencies, or where the currency for prin-
cipal or interest payments is different from the potential investor’s currency;
(iv) understand thoroughly the terms of the Notes; and
(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for eco-
nomic, interest rate and other factors that may affect its investment and its ability to bear the applicable
risks.
The investment activities of certain investors are subject to legal investment laws and regulations, or re-
view or regulation by certain authorities. Each potential investor should consult its legal financial advisers
to determine whether and to what extent (i) the Notes are suitable investments for it, (ii) the Notes can be
used as collateral for various types of borrowing, and (iii) other restrictions apply to its purchase or
pledge of any Notes. Financial institutions should consult their legal advisers or the appropriate regulators
to determine the appropriate treatment of the Notes under any applicable risk-based capital or similar
rules.
Prior to the issue, there has been no public market for the Notes and there can be no assurance that a liq-
uid secondary market for the Notes will develop or, if it does develop, that it will continue; in an illiquid
market, an investor might not be able to sell his Notes at any time at fair market prices.
Application has been made to include the Notes to trading on the Open Market (Freiverkehr) of the
Frankfurt Stock Exchange and to the Bondm segment of the exchange regulated market (Freiverkehr) of
the Baden-Württembergische Börse Stuttgart. However, there is a risk that no liquid secondary market for
the Notes will develop or, if it does develop, that it will not continue. The fact that the Notes may be
listed does not necessarily lead to greater liquidity as compared to unlisted Notes. In an illiquid market, an
investor is subject to the risk that he will not be able to sell his Notes at any time at fair market prices.
The possibility to sell the Notes might additionally be restricted by country specific reasons.
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