Bond BWM 3.875% ( XS0478931354 ) in EUR

BWM

100 % ▼

Germany

XS0478931354 ( in EUR )

3.875% per year ( payment 1 time a year)

18/01/2017 - Bond has expired

Prospectus brochure of the bond BMW XS0478931354 in EUR 3.875%, expired

1 000 EUR

1 500 000 000 EUR

BMW, a German multinational company, manufactures automobiles, motorcycles, and engines, and provides financial services.

The Bond issued by BWM ( Germany ) , in EUR, with the ISIN code XS0478931354, pays a coupon of 3.875% per year.
The coupons are paid 1 time per year and the Bond maturity is 18/01/2017

BMW Group
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany
BMW Finance N.V.
The Hague, The Netherlands
BMW US Capital, LLC
Wilmington, Delaware, USA
BMW Australia Finance Limited
Melbourne, Victoria, Commonwealth of Australia
ABN 78 007 101 715
BMW (UK) Capital plc
Bracknell, United Kingdom
BMW Japan Finance Corp.
Chiba-city, Chiba, Japan
EUR 30,000,000,000
Euro Medium Term Note Programme
unconditionally and irrevocably guaranteed by
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany
Arranger
Barclays Capital

Dealers
Barclays Capital
BNP PARIBAS
Citi
Credit Suisse
Deutsche Bank
J.P. Morgan
Morgan Stanley
Société Générale
The Royal Bank of Scotland
Corporate & Investment Banking
UBS Investment Bank
UniCredit Group (HVB)
Principal Paying Agent
Citibank, N.A.
In relation to notes issued under this Programme (as defined in "General Description of the
Programme General"), application has been made to the Commission de Surveillance du Secteur
Financier (the "CSSF") of the Grand-Duchy of Luxembourg ("Luxembourg") in its capacity as
competent authority (the "Competent Authority") under the Luxembourg "Act on Securities
Prospectuses" (loi relative aux prospectus pour valeurs mobilières) (the "Luxembourg Act") for
approval of this Prospectus (as defined in "General Description of the Programme General"). This
Prospectus constitutes a base prospectus with regard to each of the Issuers (as defined below) for
purposes of Article 5(4) of Directive 2003/71/EC (the "Prospectus Directive").
In order to be able to conduct a public offer in relation to certain issues of Notes, Bayerische Motoren
Werke Aktiengesellschaft ("BMW AG"), BMW Finance N.V. ("BMW Finance"), BMW US Capital, LLC
("BMW US Capital"), BMW Australia Finance Limited ("BMW Australia Finance"), BMW (UK) Capital
plc ("BMW UK Capital") and BMW Japan Finance Corp. ("BMW Japan") (each an "Issuer", and
together, the "Issuers") have applied for a notification of this Prospectus into the Federal Republic of
Germany ("Germany"), into the United Kingdom, the Republic of Austria ("Austria"), and The
Netherlands pursuant to Article 19 of the Luxembourg Act and the relevant Issuer will comply with such
requirements, inter alia, as to filings and publications as may be necessary from time to time for an
offer of such Notes in Germany, the United Kingdom, Austria and The Netherlands. The Issuers may
apply for further notifications of this Prospectus as may be necessary for an issue of Notes from time
to time.
Prospectus dated 12 May 2009

Important Notice
The Notes (as defined below) have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons except in
accordance with Regulation S under the Securities Act or pursuant to an exemption from the
registration requirements of the Securities Act.
Internal Revenue Service Circular 230 Disclosure
Pursuant to Internal Revenue Service Circular 230, attention is drawn to the fact that the
description set forth herein with respect to U.S. federal tax issues was not intended or written
to be used, and such description cannot be used, by any taxpayer for the purpose of avoiding
any penalties that may be imposed on the taxpayer under the U.S. Internal Revenue Code.
Such description was written in connection with the marketing of the Notes. Such description
is limited to the U.S. federal tax issues described herein. It is possible that additional issues
may exist that could affect the U.S. federal tax treatment of the Notes, or the matter that is the
subject of the description noted herein, and such description does not consider or provide any
conclusions with respect to any such additional issues. Taxpayers should seek advice based
on the taxpayer's particular circumstances from an independent tax advisor.

TABLE OF CONTENTS
Page
DOCUMENTS INCORPORATED BY REFERENCE.......................................................................
1
GENERAL DESCRIPTION OF THE PROGRAMME.......................................................................
5
GENERAL INFORMATION..............................................................................................................
7
Part A:
Summary of the Prospectus and Risk Factors...........................................................
12
A.I: Summary
of
the Prospectus.............................................................................................
12
1.
Summary of the "Risk Factors"........................................................................................
12
2.
Summary of the "Terms and Conditions of the Notes and Related Documents".............
21
3.
Summary of the "Description of BMW Finance N.V.".......................................................
25
4.
Summary of the "Description of BMW US Capital, LLC".................................................
25
5.
Summary of the "Description of BMW Australia Finance Limited"...................................
26
6.
Summary of the "Description of BMW (UK) Capital plc"..................................................
27
7.
Summary of the "Description of BMW Japan Finance Corp."..........................................
28
8.
Summary of the "Description of Bayerische Motoren Werke Aktiengesel schaft"...........
29
A.II:
Risk Factors.....................................................................................................................
33
1.
Risks relating to the Issuing Subsidiaries........................................................................
33
2.
Risks relating to BMW AG and BMW Group....................................................................
40
3.
Risks relating to the Notes...............................................................................................
44
Part B: Part B: Terms and Conditions and Related Documents............................................
49
B.I:
Issue Procedures.............................................................................................................
50
B.II:
Terms and Conditions of the Notes (German language version).....................................
52
B.III:
Terms and Conditions of the Notes (English language version)......................................
83
B.IV:
Form of Final Terms / Muster-Endgültige Bedingungen..................................................
110
B.V:
Text of the Guarantee.......................................................................................................
133
B.VI:
Text of the Declaration of Undertaking.............................................................................
135
Part C: Selling Restrictions........................................................................................................
137
Part D: Taxation...........................................................................................................................
143
Part E: Description of BMW Finance N.V., BMW US Capital, LLC, BMW Australia Finance 155
Limited, BMW (UK) Capital plc, BMW Japan Finance Corp.......................................
E.I:
Description of BMW Finance N.V....................................................................................
156
E.II:
Description of BMW US Capital, LLC..............................................................................
163
E.III:
Description of BMW Australia Finance Limited................................................................
170
E.IV:
Description of BMW (UK) Capital plc...............................................................................
176
E.V:
Description of BMW Japan Finance Corp........................................................................
183
Part F:
Description of Bayerische Motoren Werke Aktiengesellschaft.................................
191
Address List......................................................................................................................................
217

DOCUMENTS INCORPORATED BY REFERENCE
The fol owing documents shall be deemed to be incorporated in, and to form part of, this Prospectus:
Document
Page Reference
"BMW Group Geschäftsbericht 2007" containing the consolidated financial
statements of BMW AG at 31 December 2007 (the "BMW Group Financial
Statements 2007")
Konzernlagebericht................................................................................................
10 through 68
Gewinn- und Verlust-Rechnungen.........................................................................
73
Konzernbilanz und Teilkonzernbilanzen................................................................
74 through 75
Kapitalflussrechnungen..........................................................................................
76 through 77
Entwicklung des Konzerneigenkapitals.................................................................
78
Konzernanhang......................................................................................................
80 through 131
Bestätigungsvermerk.............................................................................................
136
Corporate Governance..........................................................................................
137 through 147
Sonstige Informationen*.........................................................................................
148 through 161
"BMW Group Geschäftsbericht 2008" containing the consolidated financial
statements of BMW AG at 31 December 2008 (the "BMW Group Financial
Statements 2008")
Konzernlagebericht................................................................................................
14 through 71
Gewinn- und Verlust-Rechnungen.........................................................................
72 through 73
Konzernbilanz und Teilkonzernbilanzen................................................................
74 through 75
Kapitalflussrechnungen..........................................................................................
76 through 77
Entwicklung des Konzerneigenkapitals.................................................................
78
Konzernanhang......................................................................................................
79 through 131
Bestätigungsvermerk.............................................................................................
133
Corporate Governance..........................................................................................
138 through 147
Sonstige Informationen*.........................................................................................
148 through 159
"BMW Group Zwischenbericht zum 31. März 2009" containing the interim Group
financial statements at 31 March 2009 (unaudited)
Gewinn- und Verlust-Rechnungen.........................................................................
20
Konzernbilanz und Teilkonzernbilanz....................................................................
22 through 23
Kapitalflussrechnungen..........................................................................................
24 through 25
Entwicklung des Konzerneigenkapitals.................................................................
26
Konzernanhang zu den Zwischenabschlüssen zum 31. März 2009 ....................
27 through 39
BMW Finance Annual Report 2007 containing the financial statements for
BMW Finance at 31 December 2007
Director's Report....................................................................................................
4 through 5
Income Statement..................................................................................................
6
Balance Sheet........................................................................................................
7 through 8
Cash Flow Statement.............................................................................................
9
Statement of Changes in Equity............................................................................
10
Notes to the Financial Statements.........................................................................
11 through 34
Other Information*..................................................................................................
45
Auditor's Report.....................................................................................................
46
BMW Finance Annual Report 2008 containing the financial statements for
BMW Finance at 31 December 2008
Director's Report....................................................................................................
4 through 5
Income Statement..................................................................................................
6
Balance Sheet........................................................................................................
7 through 8
Cash Flow Statement.............................................................................................
9
Statement of Changes in Equity............................................................................
10
Notes to the Financial Statements.........................................................................
11 through 34
Other Information*..................................................................................................
45
Auditor's Report.....................................................................................................
46
* Such information is not required pursuant to annex IV of Regulation 809/2004 EC and is therefore incorporated for
information purposes only.
1

Document
Page Reference
BMW US Capital Financial Statements 2007 containing the financial
statements for BMW US Capital at 31 December 2007
Independent Auditors' Report................................................................................
3
Balance Sheets......................................................................................................
4
Statements of Operations......................................................................................
5
Statements of Member's Capital............................................................................
6
Statements of Cash Flows.....................................................................................
7
Notes to the Financial Statements.........................................................................
8 through 17
BMW US Capital Financial Statements 2008 containing the financial
statements for BMW US Capital at 31 December 2008
Management Report..............................................................................................
3
Independent Auditors' Report................................................................................
6
Balance Sheets......................................................................................................
7
Statements of Operations......................................................................................
8
Statements of Member's Capital............................................................................
9
Statements of Cash Flows.....................................................................................
10
Notes to the Financial Statements.........................................................................
11 through 20
BMW Australia Finance Financial Statements 2007 containing the financial
statements for BMW Australia Finance at 31 December 2007
Director's Report....................................................................................................
4 through 6
Independence Declaration.....................................................................................
7
Income Statement..................................................................................................
8
Changes in Equity..................................................................................................
9
Balance Sheet........................................................................................................
10
Statement of Cash Flows.......................................................................................
11
Notes to the Financial Statements.........................................................................
12 through 35
Director's Declaration.............................................................................................
36
Auditor's Report.....................................................................................................
38
BMW Australia Finance Financial Statements 2008 containing the financial
statements for BMW Australia Finance at 31 December 2008
Director's Report....................................................................................................
4 through 6
Independence Declaration.....................................................................................
7
Income Statement..................................................................................................
8
Changes in Equity..................................................................................................
9
Balance Sheet........................................................................................................
10
Statement of Cash Flows.......................................................................................
11
Notes to the Financial Statements.........................................................................
12 through 34
Director's Declaration.............................................................................................
35
Auditor's Report.....................................................................................................
37
BMW UK Capital Annual Report 2007 containing the financial statements for
BMW UK Capital at 31 December 2007
Directors' Report....................................................................................................
3
Statement of Directors' Responsibilities................................................................
6
Report of the Independent Auditors.......................................................................
7 through 8
Income Statement..................................................................................................
9
Balance Sheet........................................................................................................
10
Cash Flow Statement.............................................................................................
11
Statement of Changes in Equity............................................................................
12
Notes......................................................................................................................
13 through 31
2

Document
Page Reference
BMW UK Capital Annual Report 2008 containing the financial statements for
BMW UK Capital at 31 December 2008
Directors' Report....................................................................................................
3 through 5
Statement of Directors' Responsibilities................................................................
6
Report of the Independent Auditors.......................................................................
7 through 8
Income Statement..................................................................................................
9
Balance Sheet........................................................................................................
10
Cash Flow Statement.............................................................................................
11
Statement of Changes in Equity............................................................................
12
Notes......................................................................................................................
13 through 31
BMW Japan Financial Statements 2007 containing the financial statements of
BMW Japan at 31 December 2007
Independent Auditor's Report................................................................................
15
Balance Sheets......................................................................................................
17 through 18
Statements of profit and loss.................................................................................
19
Statement of Shareholders' Equity and Others.....................................................
20 through 21
Statements of cash flows.......................................................................................
22
Notes......................................................................................................................
23
BMW Japan Financial Statements 2008 containing the financial statements of
BMW Japan at 31 December 2008
Independent Auditor's Report................................................................................
11
Balance Sheets......................................................................................................
13 through 14
Statements of profit and loss.................................................................................
15
Statement of Shareholders' Equity and others......................................................
16 through 17
Statements of cash flows.......................................................................................
18
Notes......................................................................................................................
19 through 22
Any document incorporated by reference into this Prospectus (as specified in the table above under
"Documents Incorporated by Reference") and this Prospectus and any supplement thereto will be
available for inspection at the specified offices of the relevant Issuer, at the specified office of the
Luxembourg Paying Agent, during normal business hours, as long as any of the Notes are outstanding
and on the website of the Luxembourg Stock Exchange under "www.bourse.lu".
For the avoidance of doubt, such parts of the documents relating to the Issuers for the years 2007 and
2008, respectively, which are not explicitly listed in the table above (if any), are not incorporated by
reference into this Prospectus. Information contained in such parts is either of no relevance for an
investor or covered in other parts of this Prospectus.
3

The following documents shal be deemed to be incorporated in, and to form part of, this Prospectus
for information purposes only:
Document
Page Reference
BMW Group Annual Report 2007 (non-binding English translation of the German
language version) containing the consolidated financial statements of BMW AG at
31 December 2007
Management Report..............................................................................................
10 through 68
Income Statements................................................................................................
73
Balance Sheets......................................................................................................
74 through 75
Cash Flow Statements...........................................................................................
76 through 77
Statement of Changes in Equity............................................................................
78
Notes to the Group Financial Statements..............................................................
80 through 131
Auditor's Report.....................................................................................................
136
Corporate Governance..........................................................................................
137 through 147
Other Information...................................................................................................
148 through 161
BMW Group Annual Report 2008 (non-binding English translation of the German
language version) containing the consolidated financial statements of BMW AG at
31 December 2008
Management Report..............................................................................................
14 through 71
Income Statements................................................................................................
72 through 73
Balance Sheets......................................................................................................
74 through 75
Cash Flow Statements...........................................................................................
76 through 77
Statement of Changes in Equity............................................................................
78
Notes to the Group Financial Statements..............................................................
79 through 131
Auditor's Report.....................................................................................................
133
Corporate Governance..........................................................................................
138 through 147
Other Information...................................................................................................
148 through 159
BMW Group Interim Report to 31 March 2009 (non-binding English translation of
the German language version) containing the interim Group financial statements
at 31 March 2009 (unaudited)
Income Statements................................................................................................
20
Balance Sheets......................................................................................................
22 through 23
Cash Flow Statements...........................................................................................
24 through 25
Statement of Changes in Equity............................................................................
26
Notes to the interim Group Financial Statements to 31 March 2008.....................
27 through 39
4

GENERAL DESCRIPTION OF THE PROGRAMME
General
On 6 May 1994, the Issuers (other than BMW Australia Finance and BMW Japan) entered into a USD
1,000,000,000 Euro Medium Term Note Programme (the "Programme") and issued an information
memorandum on that date describing the Programme. On 21 May 1996, the aggregate principal
amount was increased from USD 1,000,000,000 to USD 3,000,000,000, on 19 May 1999, the
aggregate principal amount was increased by USD 2,000,000,000 to USD 5,000,000,000, on 24 May
2000, the aggregate principal amount was increased by USD 5,000,000,000 to USD 10,000,000,000,
on 27 April 2004, the currency of the Programme was changed from USD to EUR and the aggregate
principal amount was increased from USD 10,000,000,000 to EUR 15,000,000,000, on 10 May 2005,
a base prospectus was filed with the CSSF and the Programme's former approval by (i) the Financial
Services Authority in its capacity as the competent authority under the Financial Services Markets Act
2000 (the "UK Listing Authority") for Notes to be issued under the Programme to be admitted to the
official list of the UK Listing Authority and to the London Stock Exchange plc and (ii) the approval by
the Frankfurter Wertpapierbörse for Notes to be issued under the Programme in bearer form to be
admitted to the Amtlicher Markt were not applied for again, on 9 September 2005, the CSSF approved
the base prospectus dated 10 May 2005, as supplemented by a base prospectus supplement dated
9 September 2005, on 10 May 2006, BMW UK Capital was replaced as issuer under the Programme
by BMW Australia Finance, on 10 May 2007, BMW UK Capital and BMW Japan acceded as Issuers
under the Programme and the aggregate principal amount was increased from EUR 15,000,000,000
to EUR 20,000,000,000, on 7 May 2008, the aggregate principal amount was increased from EUR
20,000,000,000 to EUR 30,000,000,000 and on 12 May 2009, BMW Coordination Center V.O.F.
resigned as issuer under the Programme. The Programme was updated on the respective dates. This
prospectus dated 12 May 2009 (the "Prospectus") supersedes al previous information memoranda,
listing prospectuses and the previous base prospectus (and supplements thereto). Any Euro Medium
Term Notes (the "Notes") to be issued after the date hereof under the Programme are issued subject
to the provisions set out herein. This does not affect any Notes issued prior to the date hereof.
Notes will be issued in tranches ("Tranches") one or more of which shall comprise a series ("Series").
Issuers
Bayerische Motoren Werke Aktiengesellschaft, Munich, Germany
BMW Finance N.V., The Hague, The Netherlands
BMW US Capital, LLC, Wilmington, Delaware, USA
BMW Australia Finance Limited, Melbourne, Victoria, Commonwealth of Australia
BMW (UK) Capital plc, Bracknell, United Kingdom
BMW Japan Finance Corp., Chiba-city, Chiba, Japan
BMW Finance, BMW US Capital, BMW Australia Finance, BMW UK Capital and BMW Japan,
together, shall be referred to as the "Issuers" or the "Issuing Subsidiaries". The Issuing Subsidiaries,
together with all other BMW group companies, shall be referred to as "BMW Group" or "BMW".
Guarantor
Bayerische Motoren Werke Aktiengesellschaft
Arranger
Barclays Bank PLC
Dealers
Barclays Bank PLC, London, United Kingdom
Bayerische Hypo- und Vereinsbank AG, München, Germany
BNP Paribas, London, United Kingdom
Citigroup Global Markets Limited, London, United Kingdom
Credit Suisse Securities (Europe) Limited, London, United Kingdom
Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Germany
5

J.P. Morgan Securities Ltd., London, United Kingdom
Morgan Stanley & Co. International plc, London, United Kingdom
Société Générale, Paris, France
The Royal Bank of Scotland plc, London, United Kingdom
UBS Limited, London, United Kingdom
Notes may be issued from time to time to one or more of the Dealers specified above (the "Dealers"
and each a "Dealer"), which expression shall include any additional Dealer appointed under the
Programme and which appointment may be for a specific issue or on an ongoing basis.
Principal Paying Agent
Citibank, N.A.
Trustee
Barclays Bank PLC (the "Trustee")
Luxembourg Listing and Paying Agent
BGL Société Anonyme.
Distribution
Notes may be distributed by way of private or public placement and in each case on a syndicated or
non-syndicated basis.
Currencies
Subject to any applicable legal or regulatory restrictions, Notes may be issued in any currencies as
may be agreed between the Issuer and the relevant Dealer(s) (as indicated in the applicable Final
Terms). In this Prospectus, all references to "", "EUR" or "Euro" are to the single currency which was
introduced on 1 January 1999 with the start of the third stage of European Economic and Monetary
Union, references to "GBP" are to the currency of the United Kingdom, references to "USD" are to the
currency of the United States of America, references to "AUD" are to the currency of the
Commonwealth of Australia and references to "Yen" are to the currency of Japan.
Unless otherwise permitted by then current laws and regulations, Notes in respect of which the issue
proceeds are to be accepted by the relevant Issuer in the United Kingdom will have a minimum
denomination of GBP 100,000 (or its equivalent in other currencies), unless such Notes may not be
redeemed until on or after the first anniversary of their issue date.
Rating
Notes issued under the Programme may be rated or unrated. In case Notes are rated, such rating will
be disclosed in the relevant Final Terms within the item "Rating". A security rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency. Ratings are based on current information
furnished to the rating agencies by BMW AG and information obtained by the rating agencies from
other sources. Because ratings may be changed, superseded or withdrawn as a result of changes in,
or unavailability of, such information, a prospective purchaser should verify the current long-term and
short-term ratings of BMW AG before purchasing the Notes.
Listing and Admission to Trading
Application may be made to list Notes issued under the Programme on the official list of the
Luxembourg Stock Exchange and to admit to trading such Notes on the regulated market of the
Luxembourg Stock Exchange (Bourse de Luxembourg) or on the Euro MTF market. The Programme
provides that Notes may be listed on other or further stock exchanges, as may be agreed between the
relevant Issuer and the relevant Dealer(s) in relation to each Tranche, as specified in the relevant Final
Terms. Notes may further be issued under the Programme without being listed on any stock exchange.
References to "regulated market" within this Prospectus means a regulated market as defined in
Article 2(1)(j) of the Prospectus Directive in connection with Article 4(1) No.14 of Directive 2004/39/EC.
6

GENERAL INFORMATION
Responsibility of the Issuers and the Guarantor
Each of the Issuers and BMW AG in its capacity as guarantor for Notes issued by any of the Issuers
other than BMW AG (the "Guarantor") accept responsibility for the information contained in, or
incorporated into, this Prospectus (including the information contained in the description for each
Issuer (each a "Description")). Each of the Issuers and the Guarantor declares that, having taken al
reasonable care to ensure that such is the case, the information contained in, or incorporated into, this
Prospectus (including the information contained in the Description for each Issuer) is, to the best of its
knowledge, in accordance with the facts and contains no omission likely to affect its import.
The Issuers and the Guarantor have confirmed to the Dealers (as defined herein) that the information
contained in this Prospectus (including the information contained in the Description for each Issuer (as
set out in Parts E and F, respectively, of this Prospectus)) is true and accurate in all material respects
and not misleading; that the opinions and intentions expressed herein are honestly held and that there
are no other facts in relation to the information contained or incorporated by reference herein the
omission of which would, in the context of the issue of the Notes contemplated herein, make any
statement herein misleading in any material respect; and that all reasonable enquiries have been
made to verify the foregoing.
Requirements
This Prospectus contains as of the date hereof al such information as investors and their professional
advisers would reasonably require, and reasonably expect to find, for the purpose of making an
informed assessment of the assets and liabilities, financial position, profits and losses, and prospects
of the Issuers and the Guarantor and of the rights attached to the relevant Notes.
Responsibility of the Dealers
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, whether expressed or implied, is made, and no responsibility
is accepted, by the Dealers (in their capacity as Dealers) with respect to the accuracy or completeness
of this Prospectus or any further information supplied in connection with the Programme. The Dealers
accept no liability in relation to this Prospectus or its distribution or with regard to other information
supplied by the Issuers or the Guarantor herein, save for mandatory provisions of law.
Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions and may perform services for the Issuer and its
affiliates in the ordinary course of business.
Exclusiveness
The Issuers and the Guarantor have not authorised the making or provision of any representation or
information regarding the Issuers or the Notes other than as contained or incorporated by reference in
this Prospectus, or any final terms the form of which is described in Part B.IV of this Prospectus (for
each Tranche, the "Final Terms", which document may also include information relating to the relevant
Tranche of Notes other than the relevant Terms and Conditions (as defined below)) or as approved for
such purpose by the Issuers. Any such representation or information should not be relied upon as
having been authorised by any Issuer or Dealer or the Guarantor.
Significance of Delivery
Neither the delivery of this Prospectus and any Final Terms nor the offering, sale or delivery of any
Note shal in any circumstances create any implication that there has been no adverse change in the
financial situation of any Issuer or the Guarantor since the date hereof.
The delivery of this Prospectus or any Final Terms or the offering, sale or delivery of any Note does
not at any time imply that the information contained herein concerning the Issuers and the Guarantor
is correct at any time subsequent to the date thereof or that any other written information delivered in
connection therewith is correct as at any time subsequent to the date indicated in the document
containing the same.
7