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Inheritance tax and gift tax

No estate or inheritance taxes are levied on the transfer of the Notes upon death of a Noteholder in cases

where the deceased was not a resident of Luxembourg for inheritance tax purposes.

Gift tax may be due on a gift or donation of Notes if the gift is recorded in a deed passed in front of a

Luxembourg notary or otherwise registered in Luxembourg.

Taxation in the Federal Republic of Germany

The following section describes certain German tax principles that may be relevant with respect to the

acquisition, holding and transfer of the Notes. This discussion does not represent a comprehensive or

exhaustive description of all tax potential tax aspects which may be relevant for a decision to purchase

the Notes. In particular, this section does not consider any specific facts or circumstances that may apply

to a particular purchaser. This summary is based on domestic German tax law applicable as of the date

of this Prospectus. Please note that the status of such laws may change and that such changes, may, in

certain circumstances, have retroactive effect.

This section is unable to replace the personal tax advice that is provided to the individual Noteholders.

Prospective purchasers of the Notes are advised to consult their tax advisors as to the tax consequences

of the acquisition, holding and transfer of the Notes, including the effect of any state or local taxes, under

the tax laws of Germany and each country of which they are residents. Only such tax advisors will be

able to also adequately take into account the particular tax situation of the individual Noteholder.

Income Tax

Notes held by tax residents in Germany where the Notes do not form part of the business assets

Taxation of interest income

Payments of interest on the Notes to Noteholders who are tax residents of the Federal Republic of Ger-

many (i.e., persons whose residence or habitual abode is located in the Federal Republic of Germany) are

subject to German income tax (plus solidarity surcharge thereon (Solidaritätszuschlag)) and, if applicable,

church tax. Payments of interest on the Notes to individual tax residents of the Federal Republic of Ger-

many are generally subject to a flat income tax at a rate of 25 % (plus solidarity surcharge in an amount of

5.5 % of such tax, resulting in a total tax charge of 26.375 %) (A/jointfilesconvert/379448/bgeltungssteuer). The total investment

income of an individual will be decreased by a lump sum deduction (Sparer-Pauschbetrag) of EUR 801

(EUR 1,602 for married couples filing jointly), but not by a deduction of expenses actually incurred. If

coupons or interest claims are disposed of separately (i.e. without the Notes), the proceeds from the dis-

position are subject to income tax. The same applies to proceeds from the redemption of coupons or inter-

est claims if the Note is disposed of separately.

If the Notes are held in a custodial account which the Noteholder maintains with a German branch of a

German or non-German bank or financial services institution or with a securities trading business or bank

in the Federal Republic of Germany (“Disbursing Agent”) the flat income tax will be levied by way of

withholding from the gross interest payment to be made by the Disbursing Agent. The Issuer does not

assume any responsibility for any amount retained for tax levied on German Noteholders.

In general, no withholding tax will be levied if the Noteholder is an individual (i) whose Note does not

form part of the property of a trade or business and (ii) who filed a withholding exemption application

(Freistellungsauftrag) with the Disbursing Agent but only to the extent the interest income derived from

the Note together with other investment income does not exceed the maximum exemption amount shown

on the withholding exemption certificate. Similarly, no withholding tax will be deducted if the Noteholder

has submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungs-

Bescheinigung) issued by the relevant local tax office.

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