Prospectus - Notowania

Shares acquired before December 31, 2008 and owned as private assets
The capital gains deriving from the transfer of shares acquired through an agreement
or a comparable legal instrument stipulated after December 31, 2008 are subject to
income taxes plus the solidarity tax thereon and the church taxes, if applicable,
regardless of any period of possession or share threshold. The reimbursement,
redemption, transfer or contribution of shares are considered an assignment.
As a general rule, taxation will be imposed through a withholding tax at the fixed rate
(25% plus 5.5% solidarity tax, i.e. a total of 26.375%, plus church taxes, if applicable).
The fixed share shall be withheld by any German payment agent, e.g. on the proceeds
from the transfer if the shares are deposited with a German bank. The amount of the
taxes withheld is generally based on the difference between the proceeds from the
sale, after the deduction of commercial expenses directly related to the transfer, and
the cost of purchase. In certain circumstances, the withholding tax can instead be
applied on 30% of the proceeds deriving from the sale if the shares were not
purchased by the payment agent and held in custody or administered by him on a
continuous basis from the time of the purchase. This occurs when, for example, the
respective securities account was transferred by a payment agent located outside a
European Union or European Economic Area country. For additional details, please
see the previous description of the fixed rate withholding tax on dividends (please see
the previous Paragraph on Shares held as personal assets).
Capital losses deriving from private investment income may, in principle, be offset
with other private investment income (including dividends). Capital losses deriving
from the transfer of shares may be used to offset solely the capital gains deriving from
the transfer of shares but may not be used to offset other capital investment income,
e.g. dividends, and may not be used to offset other sources of income. Unused capital
losses may only be brought forward in subsequent tax periods but may not be used to
offset income from previous tax periods.
Capital gains are not subject to the fixed rate tax in the case of a Substantial Holding.
60% of such capital gains is subject to tax (partial income method,
Teileinkünfteverfahren) based on the personal progressive rate applicable to the
individual shareholder (tax rate up to 45%) plus 5.5% solidarity tax (resulting in a
maximum total tax rate of 47.5% in case of maximum personal rate of 45%) plus
church taxes, if applicable. Only 60% of any expense economically correlated to such
capital gains may be detracted.
Shares Owned as Company Assets
If the shares are owned as company assets, taxation depends on whether the
shareholder is a joint-stock company, a sole proprietorship or a commercial
partnership (Mitunternehmerschaft).
The taxes withheld by the German payment agent and paid to the German tax
authorities are credited to offset the shareholder’s liabilities for income taxes (of the
company) (and of the liabilities for church taxes, if applicable) within the scope of the
formal assessment procedure or reimbursed to the extent to which there was a
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