Note regarding the banking resolution system and Bail-in

We would like to inform you that shares and bonds issued by credit institutions and saving banks as well as other claims against credit institutions and saving banks are subject to European provisions applicable in case of endangerment of their viability. Background for these provisions is the implementation of rules concerning recovery and resolution of banks applicable to them in the case those institutions are failing or likely to fail. Those regulations (for example the so called “Bail-in”) could have a negative impact on investors or co-contractors in case a resolution of the relevant institution materializes. Detailed information which financial instruments are concerned is available on the website of the German Supervisory Authority (BaFin) by the search term “liability cascade”.