Prospectus - Notowania

deducted to the extent to which they can be attributed to a partner who is a joint-stock
company. 60% of such losses and expenses is deductible to the extent to which it is
attributable to a natural person partner. The trade taxes paid by partnerships – to the
extent to which they are attributable to a natural person partner – are generally
credited against the personal tax liabilities for income taxes of that partner in
accordance with the standard tax credit method.
Taxation of capital gains deriving from the transfer of subscription rights
The taxation of capital gains deriving from the transfer of subscription rights relating
to shares owned as private assets follow the rules for the taxation of capital gains
deriving from the transfer of such shares. Subscription rights are not added to the
shares to determine whether a shareholder owns a Substantial Holding. For the
taxation details, please see the previous paragraphs on the “Shares acquired before 1
January 2009 and owned as private assets” and “Shares acquired after 31 December
2008 and owned as private assets”.
Capital gains deriving from the transfer of subscription rights relating to shares owned
as company assets generally follow the rules for the taxation of capital gains deriving
from the transfer of such shares (please see the previous Paragraph on “Shares owned
as company assets”). However, if the subscription rights are owned by a joint-stock
company, the related capital gain is entirely subject to taxes on legal persons, to the
solidarity tax thereon and to the trade taxes at the applicable rates. Losses deriving
from the transfer of subscription rights and corporate expense directly related to said
transfer may be deducted in full. Consequently, if the subscription rights are
transferred by a commercial partnership, the capital gains attributable to a partner who
is a joint-stock company are fully taxable, including any applicable trade tax.
Special rules applicable to companies operating in the finance and insurance
industries (financial institutions, financial service providers, financial firms, life,
insurers, health care insurers and pension funds)
If financial institutions or financial service providers own or sell shares that are
attributable to the respective trading book (Handelsbuch) in accordance with Article
1a of the German Banking Law, neither the dividends nor the capital gains are subject
to the partial income method or to the exemption of 95% of the income tax on jointstock
companies and of any applicable trade tax. Therefore, dividend income and
capital gains are entirely taxable and the company expenses related to them are
entirely deductible. The same rule applies to a financial firm in accordance with the
German Banking Law that has held the shares to realise a capital gain from short term
trading. This rule also applies to financial institutions, financial service providers and
financial firms whose registered office is in a member state of the European
Community or in another signatory country of the Treaty on the European Economic
Area and that own the shares through a stable organisation in Germany. The 95%
exemption from the income tax on joint-stock companies and from any applicable
trade tax does not apply to dividends paid by the shares owned as an investment by
life insurers and health insurers, and to capital gains deriving from the sale of such
shares or from shares held by pension funds. The 95% exemption from the income tax
on joint-stock companies and from any applicable trade tax, however, does apply to
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