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NOTE ON PROFIT PARTICIPATION RIGHTS

IMPORTANT: SINCE JANUARY 2016, IT IS NO LONGER POSSIBLE TO SUBSCRIBE

Unfortunately, in the insolvency proceedings, which ended on September 25, 2017, it was not possible to generate sufficient funds to also make payments on the subordinate claims of the profit participation rights holders. Section 11 of the profit participation right conditions regulates qualified subordination, according to which the investor in accordance with Section 39 (2) InsO, with its claims for repayment of profit participation capital and payment of interest on profit participation rights, takes precedence behind all claims from current and future other creditors. The claims of the profit participation rights holders are therefore subordinate to the claims of the other insolvency creditors. The claims of subordinate insolvency creditors, in turn, are deemed waived in the insolvency plan procedure in accordance with Section 225 (1) InsO. Against this background, no more payments can and may not be made to the holders of profit participation rights.