AEG 21604 G Manual de usuario descargar pdf (Pagina 83)

The Notes may be subject to early redemption at the principal amount, if the Issuer becomes obligated

to bear withholding taxes which are or will be leviable on payments of principal or interest in respect of

the Notes; if the Issuer calls and redeems the Notes in such case, the Noteholders may only be able to

reinvest the redemption proceeds in securities with a lower yield.

The Notes may be redeemed at the option of the Issuer (in whole, but not in part) at the principal amount

of the Notes plus accrued interest to the date fixed for redemption, for reasons of taxation, as more fully

described in the Terms and Conditions of the Notes. In the event that the Issuer exercises the option to

redeem the Notes, the Noteholders might suffer a lower than expected yield and might not be able to rein-

vest the funds on the same terms.

The Noteholders are exposed to the risk of an unfavourable development of market prices of their

Notes which materialize if the Noteholders sell the Notes prior to the final maturity.

The development of market prices of the Notes depends on various factors, such as changes of market

interest rate levels, the policies of central banks, overall economic developments, inflation rates or the

lack of or excess demand for the Note. The Noteholders are therefore exposed to the risk of an unfavour-

able development of market prices of their Notes which materialize if the Noteholders sell the Notes prior

to the final maturity. If a Noteholder decides to hold the Notes until final maturity, the Notes will be re-

deemed at the amount set out in the Terms and Conditions of the Notes.

Market value of the Notes could decrease if the creditworthiness of AEG PS Group worsens.

If, for example, because of the materialization of any of the risks regarding the Issuer, the likelihood that

the Issuer will be in a position to fully perform all obligations under the Notes when they fall due de-

creases, the market value of the Notes will suffer. In addition, even if the likelihood that the Issuer will be

in position to fully perform all obligations under the Notes when they fall due actually has not decreased,

market participants could nevertheless have a different perception. In addition, the market participants’

estimation of the creditworthiness of corporate debtors in general or debtors operating in the same busi-

ness as AEG PS Group could adversely change. If any of these risks occurs, third parties would only be

willing to purchase Notes for a lower price than before the materialization of said risk. Under these cir-

cumstances, the market value of the Notes will decrease.

The Euro denominated Notes could represent a currency risk for a Noteholder if the Euro represents a

foreign currency to such Noteholder; in addition governments and competent authorities could impose

exchange controls in the future.

The Notes are denominated in Euro. If the Euro represents a foreign currency to a Noteholder, such Note-

holder is particularly exposed to the risk of changes in currency exchange rates which may affect the yield

of such Notes. Changes in currency exchange rates result from various factors such as macro-economic

factors, speculative transactions and interventions by central banks and governments. In addition, gov-

ernment and monetary authorities may impose (as some have done in the past) exchange controls that

could adversely affect an applicable currency exchange rate. As a result, investors may receive less inter-

est or principal than expected, or no interest or principal.

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AEG 21604 G Manual de usuario Pagina 83