WHITEWHEEL Ltd. (a company limited by shares established under the laws of St. Vincent & The Grenadines, registered under registration number 20571 IBC 2012) as Issuer Whitewheel Performance Linked Bond 2012-2042 ISIN AT0000A0XQL5
Supplement dated 11 February 2014 to the Prospectus dated 13 December 2013 This supplement (the "Supplement") constitutes a supplement to the Prospectus dated 13 December 2013 in the meaning of section 6 of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG). The Prospectus dated 13 December 2013 (the "Original Prospectus") was approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde – FMA) on 13 December 2013, published in accordance with section 10 para 3 No 2 of the Austrian Capital Markets Act by making it available free of charge to interested investors at the registered seat of the Issuer during usual business hours on 13 December 2013 and filed with Oesterreichische Kontrollbank Aktiengesellschaft on 13 December 2013. The required notification of the publication of the Original Prospectus was published in the Official Gazette (Amtsblatt zur Wiener Zeitung) on 18 December 2013. This Supplement supplements the Original Prospectus dated 13 December 2013 and shall be read only in conjunction with the Prospectus which relates to the Whitewheel Performance Linked Bond 2012-2042 (the Original Prospectus and the Supplement are together referred to as the "Prospectus") This Supplement was published in accordance with the provisions of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), filed with Oesterreichische Kontrollbank Aktiengesellschaft and filed with the FMA for approval. This Supplement is available free of charge to interested investors at the registered seat of the Issuer during usual business hours. THIS SUPPLEMENT CONSTITUTES NEITHER A PUBLIC OFFERING OF SECURITIES OF THE ISSUER NOR AN INVITATION OR SOLICITATION FOR THE PURCHASE OR SALE OF ANY SECURITIES OF THE ISSUER. NO PUBLIC OFFERING OF THE NOTES HAS BEEN OR WILL BE MADE, IN PARTICULAR NOT IN AUSTRIA. THIS SUPPLEMENT TO THE PROSPECTUS IS TO BE APPROVED BY THE AUSTRIAN FINANCIAL MARKET AUTHORITY ("FMA") IN ITS CAPACITY AS COMPETENT AUTHORITY UNDER THE AUSTRIAN CAPITAL MARKETS ACT. THE ACCURACY OF THE INFORMATION CONTAINED IN THIS SUPPLEMENT TO THE PROSPECTUS DOES NOT FALL WITHIN THE SCOPE OF EXAMINATION BY THE FMA UNDER APPLICABLE AUSTRIAN LAW. THE FMA EXAMINES THE SUPPLEMENT TO THE PROSPECTUS ONLY IN RESPECT OF ITS COMPLETENESS, COHERENCE AND COMPREHENSIBILITY PURSUANT TO SECTION 8A OF THE AUSTRIAN CAPITAL MARKETS ACT. IN CASE THE SUPPLEMENT NEEDS TO BE AMENDED IN THE COURSE OF APPROVAL PROCEDURES BY THE FMA, AN AMENDED SUPPLEMENT WILL BE PUBLISHED. The date of this Supplement to the Prospectus is 11 February 2014.
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The following significant new factors relating to the information included in the Original Prospectus which is capable of affecting the assessment of the Notes have been found and are being corrected by way of this Supplement. The Original Prospectus is amended and supplemented on the pages mentioned below as follows (references to page numbers refer to page numbers of the Original Prospectus):
1. CHANGES BEFORE PART 1 OF THE PROSPECTUS Page 1 (Cover Page): The first paragraph on page 1 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "On 10 December 2012 Whitewheel Ltd. (the "Issuer") issued performance linked notes in the aggregate principal amount of at least EUR 5,000,000 to up to EUR 50,000,000 in denominations of EUR 10,000 each (the "Notes") as zero coupon notes. The Notes are currently included to trading (Einbeziehung in den Handel) on the Third Market of the Vienna Stock Exchange, a multilateral trading facility operated by Wiener Börse AG, however, the Issuer intends to end such inclusion to trading on the Third Market once the Notes have been admitted to listing on the Prague Stock Exchange."
Page 1 (Cover Page): The second paragraph on page 1 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "This document (the "Prospectus") has been prepared solely and exclusively for the purpose of admission to listing of the Notes to public trading on the on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.), a regulated market pursuant to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended. No public offering of the Notes has been or will be made, in particular not in Austria the Czech Republic."
Page 1 (Cover Page): The fourth paragraph on page 1 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "This Prospectus constitutes a prospectus pursuant to Article 5 paragraph 3 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 for the admission to listing of the Notes on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.). This Prospectus has been prepared in accordance with Commission Regulation (EC) No 809/2004 of 29
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April 2004, as amended, and conforms to the requirements of the Prospectus Law, the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG) and the Austrian Stock Exchange Act (Börsegesetz)."
Page 2: The fourth paragraph on page 2 after the headline "NOTICES" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "This Prospectus has been prepared by the Issuer solely and exclusively in connection with the listing of the Notes on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.) ("Listing") and to comply with the listing requirements of the Vienna Stock Exchange Prague Stock Exchange. In making an investment decision regarding the Notes, investors must rely on their own examination of the Issuer and the terms of the Listing, including, without limitation, the merits and risks involved. The Listing is being made solely on the basis of this Prospectus."
Page 8: The definition of "Listing" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Listing...................................
The listing of the Notes on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.)."
Page 10: The fourth paragraph under the headline "Annual Financial Statements" shall read as follows (where changes are shown by strikethroughs, underlining and in bold): "The Prospectus will be published pursuant to section 10 para 3 No 2 of the Austrian Capital Markets Act and will be available at The Jaycees Building, Stoney Ground, Kingstown VC0100, St. Vincent & The Grenadines during usual business hours, as well as pursuant to section 10 para 3 No 3 of the Austrian Capital Markets Act on the website of the issuer www.whitewheel-bonds.com."
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2. CHANGES OF THE SUMMARY OF THE PROSPECTUS Page 16: In the summary of the Prospectus, point C.1 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): C.1
A description of the type and the class of the securities being offered and/or admitted to trading, including any security identification number This Prospectus relates to Notes of the Issuer in the aggregate principal amount of at least EUR 5,000,000 to up to EUR 50,000,000 divided into Notes with a denomination of EUR 10,000.00 each. The tenor of the Notes is 30 (thirty) years. The Notes were included to trading (Einbeziehung zum Handel) on the Third Market of the Vienna Stock Exchange, a multilateral trading facility operated by Wiener Börse AG, however, the Issuer intends to end such inclusion to trading on the Third Market once the Notes have been admitted to listing on the Prague Stock Exchange. The tenor started on 10 December 2012 (inclusive) and will end on 10 December 2042 (exclusive). The ISIN reads AT0000A0XQL5.
Page 17: In the summary of the Prospectus, point C.8, the last three paragraphs (starting with the sub-heading "Priority Ranking." are changed as follows (where changes are shown by strikethroughs, underlining and in bold): C.8
A description of the rights attached to the securities, including limitations to these rights, and rankings Priority Ranking. The Notes constitute direct and unconditional obligations of the Issuer, ranking pari passu among themselves, being neither subordinated nor secured, and shall rank pari passu with all other present or future obligations of the Issuer, being neither subordinated nor secured, unless mandatory law privileges these other obligations. Restrictions to the rights described above are stipulated by mandatory law such as insolvency proceedings in Austria, St. Vincent & The Grenadines, The Czech Republic or any country having jurisdiction over its assets. Upon the insolvency of the Issuer, the claims of the Noteholders may rank behind those of third parties and, as a consequence, the Issuer may be unable to satisfy in full the claims of the Noteholders. It should be noted that the Issuer has the right to unilaterally amend or adapt the Terms and Conditions of the Notes, without the requirement to obtain the consent or approval of the Noteholders or any third party, to the extent admissible under applicable law and in line with the principles of good faith.
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Page 18: In the summary of the Prospectus, point C.11 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "C.11
An indication as to whether the securities offered are or will be the object of an application for admission to trading, with a view to their distribution in a regulated market or other equivalent markets with indication of the markets in question Application will be made to the Vienna Stock Exchange Prague Stock Exchange for the Notes to be admitted to trading on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.)."
Pages 19-21: In the summary of the Prospectus, point D.3 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): D.3
Key information on the key risks that are specific to the Notes
Investors bear the risk of their investment decision.
Market price risk: The price of the Notes may decline.
An illiquid market for the Notes could adversely affect the market price of the Notes.
A suspension of trading in the Notes could adversely affect the market price of the Notes.
The Notes are debt instruments which convey no voting rights.
The Notes are unsecured and are not covered by any deposit protection laws.
Transaction costs and fees may reduce the yield of the Notes.
The Notes may be exposed to exchange rate risks and exchange controls.
Upon redemption or maturity the proceeds of the Notes may be less than the amount originally invested.
The remuneration of the Investment Manager, the redemption price and certain internal valuations are based on the Net Asset Value of the Notes, where the Net Asset Value will only be published twice a year.
The historical or hypothetical performance of the reference assets is not an indication of future performance.
The price at which a Noteholder shall be able to sell or redeem the Notes will depend on a number of factors, and may be substantially less than the amount originally invested.
The Notes are not insured against loss by any third parties.
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There are no security interests in the Notes or other financial instruments held by the Issuer, and the Issuer is not subject to review and/or supervision by any (financial) authority.
Reported levels, values and prices of reference assets may be based on noncurrent information.
The Notes may be subject to a Noteholder fee and other costs.
In case of a market disruption event, the Calculation Agent may postpone the determination of the amount the Noteholders receive.
The Issuer cannot control the investment decisions of the assigned investment manager in charge of management of the reference assets.
The Issuer will not be affiliated with investment managers of the reference assets and the Issuer has no ability to control or predict their actions.
There is no Noteholder recourse to the sponsor or issuer of the reference asset or any components of the reference asset.
The manner in which the reference assets are calculated may change in the future.
Any discontinuance or suspension of calculation or publication of the closing level or price of the reference asset may adversely affect the market and Net Asset value the price of the Notes.
The Noteholder has no rights in the property, nor shareholder rights in any securities of the Issuer.
Payments on the Notes will not reflect dividends on any of the securities underlying the reference asset.
Any of the issuers of the securities comprising the reference assets may perform an action that could adversely affect the market value of the Notes.
Risks associated with the portfolio may adversely affect the market price of the Notes.
The components of the reference assets and the reference assets comprising the portfolio may not move in tandem.
Redemption of the Notes by the Issuer may cause financial loss.
The Issuer has no control over the fluctuations in the levels of the reference assets.
Noteholders have no right to request redemption in their own discretion prior to maturity.
Notes may trade at a discount.
Price or other movements in the reference assets are unpredictable.
Risk factors may interrelate in complex ways.
Floating interest rates may influence the reference assets of the Notes.
Changes in worldwide stock markets may affect the Notes.
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A rating of the Notes may not adequately reflect investment risks and may further be suspended, downgraded or withdrawn.
The Issuer may prematurely redeem the Notes.
The Issuer and the Investment Manager may engage in transactions which are not in the interest of Noteholders, or conflicts of interest may arise between the Issuer and the Noteholders for other reasons.
Investors may be required to pay taxes and other charges or duties.
Purchases of Notes financed by loans substantially increase the risk of losses and are generally to be discouraged.
Investors are subject to the risk that the Issuer unilaterally amends the Terms and Conditions.
Investors are subject to the risk that changes in law have an adverse effect on the Issuer or the investors themselves.
An Austrian court can appoint a trustee (Kurator) for the Notes to exercise the rights and represent the interests of Noteholders on their behalf.
It may not be lawful for prospective investors to purchase the Notes.
The Notes may be affected by the turbulence in the global credit markets.
Investors have to rely on the clearing system's procedures to receive payments under the Notes.
Page 21: In the summary of the Prospectus, point E.2b is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "E.2b
Reasons for the offer and use of proceeds when different from making profit and/or hedging certain risks The offer has already been concluded on 10 December 2012 and the Notes have been already offered, placed and subscribed by institutional investors. This Prospectus serves exclusively as a listing prospectus for admission to trading at a regulated market with the Vienna Stock Exchange Prague Stock Exchange. No public offer of the Notes has been made or will be made, in particular not in Austria the Czech Republic. The proceeds of the Notes are solely used to invest in reference assets pursuant to the Investment Strategy of the Investment Manager."
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At the end of the summary, and before the risk factors, the following text is to be included: CZECH TRANSLATION OF THE SUMMARY OF THE PROSPECTUS THIS TRANSLATION OF THE SUMMARY OF THE PROSPECTUS INTO THE CZECH LANGUAGE WAS NOT SUBJECT TO THE REVIEW AND THE APPROVAL OF THE PROSPECTUS BY THE AUSTRIAN FINANCIAL MARKET AUTHORITY. SOUHRN PROSPEKTU Souhrny jsou vypracovány na základě modulů podle Příloh Nařízení o zásadách prospektu, z něhož prospekt vychází. Každý souhrn se bude skládat z pěti tabulek. Pořadí oddílů A-E je povinné. Prvky se uvedou v každém oddílu v pořadí, ve kterém se vyskytují v Tabulkách. Pokud se některý prvek k danému prospektu nevztahuje, mělo by být u něj v souhrnu uvedeno "nepoužije se". Oddíl A – Úvod a Upozornění A.1
Upozornění Upozornění, že:
A.2
tento souhrn by měl být chápán jako úvod Prospektu;
jakékoliv rozhodnutí investovat do cenných papírů by mělo být založeno na tom, že investor zváží Prospekt jako celek;
v případě, že je u soudu vznesen nárok na základě údajů uvedených v Prospektu, může být žalujícímu investorovi podle vnitrostátních právních předpisů Členských států uložena povinnost uhradit náklady na překlad prospektu před zahájením soudního řízení; a
občanskoprávní odpovědnost nesou pouze ty osoby, které souhrn včetně jeho překladu předložily, avšak pouze pokud je souhrn zavádějící, nepřesný nebo vykazuje nesoulad při porovnání s jinými částmi Prospektu nebo pokud při porovnání s jinými částmi Prospektu neposkytuje hlavní údaje, které investorům pomáhají při rozhodování, zda do dotčených cenných papírů investovat.
Souhlas Emitenta s použitím Prospektu Nepoužije se, jelikož Emitent výslovně odmítá udělit svůj výslovný souhlas s použitím Prospektu pro pozdější další prodej nebo konečné umístění Dluhopisů v Rakousku, finančními zprostředkovateli.
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Oddíl B – Emitent a případný ručitel B.1
Právní a obchodní název Emitenta Právní a obchodní název Emitenta je Whitewheel Ltd.
B.2
Sídlo a právní forma emitenta, právní předpisy, podle nichž emitent provozuje činnost, a země registrace Emitent je registrován v rejstříku společností státu Svatého Vincenta a Grenadiny (St. Vincent & The Grenadines) pod registračním číslem 20571 IBC 2012. Whitewheel Ltd. je společností s ručením omezeným (company limited by shares) dle práva státu Svatého Vincenta a Grenadiny se sídlem The Jaycees Building, Stoney Ground, Kingstown VC0100, Svatý Vincent a Grenadina.
B.4b
Popis veškerých známých trendů, které Emitenta a odvětví, v nichž působí, ovlivňují Podnikání Emitenta spočívá ve vytváření portfolia referenčních aktiv a investování výnosů z Dluhopisů do obchodování s referenčními aktivy, včetně těch, které jsou obsaženy v portfoliu Emitenta. Na tomto trhu se nevyskytují žádné známé trendy, které mají vliv na Emitenta.
B.5
Pokud je Emitent součástí skupiny, popis skupiny a postavení Emitenta ve skupině. Emitent není součástí skupiny.
B.9
Pokud je učiněna prognóza nebo odhad zisku, uveďte číselný údaj. Nepoužije se, protože žádná prognóza ani odhad zisku nebyly Emitentem poskytnuty.
B.10
Popis povahy veškerých výhrad obsažených ve zprávě auditora o historických finančních údajích. Nepoužije se, protože zpráva auditora žádné výhrady neobsahuje.
B.12
Vybrané finanční údaje Níže uvedená tabulka obsahuje vybrané finanční údaje převzaté z Roční účetní závěrky Emitenta za finanční rok končící 31. prosince 2012.
Rozvaha v EUR AKTIVA Pohledávky z obchodního styku Aktiva celkem PASIVA A VLASTNÍ KAPITÁL Závazky Bankovní kontokorent (nezajištěný)
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2012 25,000 25,000
14
9
Závazky z obchodního styku Závazky celkem Vlastní kapitál Základní kapitál Nerozdělený zisk/ztráta Vlastní kapitál celkem Pasiva a vlastní kapitál celkem
24,909 24,923 77 77 25,000
(Zdroj: Roční účetní závěrka Emitenta ke dni 31. prosince 2012)
Výkaz zisku a ztrát v EUR
2012
Příjmy
-
Výdaje Čistý rozdělitelný zisk mezi držitele dluhopisů
-
(Zdroj: Roční účetní závěrka Emitenta ke dni 31. prosince 2012)
Výkaz o peněžních tocích (Cashflow Statement) v EUR Peněžní toky z provozní činnosti Zisk Úpravy Změna v závazcích z obchodního styku Změny v pohledávkách Čistá hotovost z provozní činnosti Hotovost z finanční činnosti Emise akcií Čistá hotovost z finanční činnosti Čistý pohyb hotovosti Čistá hotovost - začátek období Schodek hotovosti - konec období
2012 24,909 (25,000) (91) 77 77 14
(Zdroj: Roční účetní závěrka Emitenta ke dni 31. prosince 2012)
Mezitímní finanční údaje Níže uvedené tabulky obsahují vybrané finanční údaje převzaté z neauditované pololetní zprávy za období končící 30. června 2013. Rozvaha Ke dni 30. června 2013
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(Srovnání s hodnotami ke dni 31. prosince 2012) v EUR
AKTIVA Hotovost v bance Pohledávky z obchodního styku Finanční aktiva držená pro obchodování Aktiva celkem PASIVA A VLASTNÍ KAPITÁL Závazky Bankovní kontokorent (nezajištěný) Závazky z obchodního styku Půjčky na dluhopisy Závazky celkem Vlastní kapitál Základní kapitál Nerozdělený zisk/ztráta Vlastní kapitál celkem Pasiva a vlastní kapitál celkem
neauditovaná auditovaná 30. června 31. prosince 2013 2012 95,870 321,576 417,446
25,000
15,430 401,939 417,369
14 24,909 24,923
77 77 417,446
77 77 25,000
25,000
(Zdroj: Pololetní zpráva Emitenta ke dni 30. června 2013)
Výkaz zisku a ztrát Za šesti měsíční období končící 30. června 2013 (Srovnání s hodnotami za období od 3. srpna 2012 (Počátek) do 31. prosince 2012) in EUR
neauditovaná auditovaná 30. června 31. prosince 2013 2012
Příjmy
29,546
-
Výdaje Bankovní poplatky Účetní poplatek Výdaje celkem Čistý rozdělitelný zisk mezi držitele dluhopisů
682 1,925 2,607 26,939
-
(Zdroj: Pololetní zpráva Emitenta ke dni 30. června 2013)
Výkaz o peněžních tocích (Cashflow Statement) Za šesti měsíční období končící 30. června 2013
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(Srovnání za období od 3. srpna 2012 (Počátek) do 31. prosince 2012) v EUR
Peněžní toky z provozní činnosti Zisk rozdělitelný mezi držitele dluhopisů Úpravy Změna v závazcích z obchodního styku Změna v pohledávkách Čistá hotovost z provozní činnosti Hotovost použitá na investiční činnost Změny v investicích Čistá hotovost použita na investiční činnost Hotovost z finanční činnosti Změna v půjčkách na dluhopisy Emise akcií Čistá hotovost z finanční činnosti Čistý pohyb hotovosti Čistá hotovost - začátek období Schodek hotovosti - konec období
neauditovaná auditovaná 30. června 31. prosince 2013 2012 26,939
-
(9,479) 25,000 42,460
24,909 (25,000) (91)
(321,576) (321,576)
-
375,000 375,000 95,884 (14) 95,870
77 77 (14) (14)
(Zdroj: Pololetní zpráva Emitenta ke dni 30. června 2013) Nedošlo k žádné podstatné negativní změně vyhlídek Emitenta ode dne 30. června 2013. Nedošlo k žádným významným změnám finanční nebo obchodní situace po dni 30. června 2013. B.13
Popis veškerých nedávných událostí specifických pro Emitenta, které jsou ve významné míře relevantní pro hodnocení platební schopnosti Emitenta. Emitent si není vědom žádných nedávných událostí, které jsou ve významné míře relevantní pro hodnocení platební schopnosti Emitenta.
B.14
Závislost Emitenta na ostatních subjektech ve skupině. Emitent není součástí skupiny.
B.15
Popis hlavních činností Emitenta. Hlavní činností Emitenta je vytváření portfolia referenčních aktiv a investování výnosů z Dluhopisů do obchodování s referenčními aktivy, včetně těch, které jsou obsaženy v portfoliu Emitenta. Toto znamená, že Emitent má v úmyslu nabývat referenční aktiva a vytvořit vlastní portfolio referenčních aktiv, která k datu Prospektu ještě nebyla stanovena, ale která budou tvořena kombinací akcií, korporátních dluhopisů, státních dluhopisů, nebo komoditami jako zlato nebo stříbro. Emitent má v úmyslu mít zisk z jeho vlastních investic do takových referenčních aktiv. Dále Emitent investuje výnosy z Dluhopisů - prostřednictvím Investičního manažera do dalších referenčních aktiv (ne pouze do aktiv z jeho vlastního portfolia referenčních aktiv) a má v úmyslu profitovat stejně tak z takových investic.
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B.16
V rozsahu, v němž je to emitentovi známo, uveďte, zda je emitent přímo nebo nepřímo vlastněn nebo ovládán a kým a popište povahu takového ovládání. Akcie Emitenta drží přímo jediný akcionář ve svěřenské správě pro Emitenta, jmenovitě p. Gladys Gilberta Arevalo Torres, Avd Guardia Civil 1294 Pi 5 Int 501, Ur Ur El Paloma R, San Isidro – Lima, Peru. Konečným vlastníkem akcií Emitenta je Univ.-Prof. em. Stefan Güth, M. Sc.
B.17
Rating. Nepoužije se, protože Emitent nemá rating.
Oddíl C - Cenné papíry C.1
Popis druhu a třídy nabízených a/nebo k obchodování přijatých cenných papírů, včetně identifikačních čísel cenných papírů Tento Prospekt se týká Dluhopisů Emitenta v celkové hodnotě minimálně 5.000.000,Eur a maximálně 50.000.000,- Eur rozdělené na Dluhopisy, každý s jmenovitou hodnotou 10.000,- Eur. Doba splatnosti Dluhopisů je 30 (třicet) let. Dluhopisy byly přijaty k obchodování (Einbeziehung zum Handel) na třetím trhu na Burze cenných papíru Vídeň, multilaterálním obchodním systému provozovaném Wiener Börse AG, nicméně Emitent hodlá toto obchodování ukončit poté, co budou Dluhopisy přijaty k obchodování na Burze cenných papírů Praha, a.s. ("BCPP"). Lhůta splatnosti započala dne 10. prosince 2012 (včetně) a skončí dne 10. prosince 2042 (vyjímaje). ISIN je AT0000A0XQL5.
C.2
Měna emise cenných papírů Dluhopisy byly vydány v Eurech.
C.5
Popis veškerých omezení volné převoditelnosti cenných papírů Nepoužije se, protože volná převoditelnost není omezena.
C.8
Popis práv spojených s cennými papíry, včetně omezení, která se na ně vztahují, a pořadí těchto práv Kupónové platby. Dluhopisy jsou vydány jako dluhopisy s nulovým úročením (kupónem) a jsou nabízeny a prodávány buď za jejich nominální hodnotu, s diskontem nebo na bázi akumulovaného přebytečného kapitálu, v každém případě bez pravidelného vyplácení úroků. Neuplatní se pravidelné kupónové platby. Odkup jistiny při splatnosti. Případná částka jistiny a přebytečného kapitálu a další částky z Dluhopisů budou stanoveny pověřeným Agentem pro výpočet. Výplaty přebytečného kapitálu investorům budou provedeny po splnění určitých podmínek ve vztahu k hodnotě čistého obchodního majetku Dluhopisů. Možnosti částečného nebo úplného odkupu Emitenta. Emitent má právo částečně nebo úplně odkoupit Dluhopisy, přičemž odkupní částka bude vypočtena pověřeným
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Agentem pro výpočet a podle specifické metody výpočtu, pomocí které Agent pro výpočet vypočte odkupní částku, a uzavření nebo likvidace otevřených pozic se provede dle rozhodnutí Investičního manažera. Možnosti odkupu držiteli dluhopisů. Emitent nemá povinnost odkoupit jakékoliv Dluhopisy před splatností, a držitelé Dluhopisů nemají právo požadovat odkup před splatností. Přesto je Emitent oprávněn nabídnout odkup jakýchkoliv Dluhopisů přímo investorům nebo prostřednictvím burzy cenných papírů. Metoda výpočtu platby jistiny anebo přebytečného kapitálu a výpočtu odkupní částky. Částky případných výplat jistiny anebo přebytečného kapitálu a případně dalších částek z Dluhopisů mohou být vypočteny s odkazem na index, rovnici nebo jinou položku nebo metodu, případně na způsob určení takových hodnot Agentem pro výpočet, přičemž výplata přebytečného kapitálu investorům se může uskutečnit, kdykoli jsou splněny určité podmínky. Dluhopisy jsou nezajištěné a negarantované dluhové cenné papíry. Přednostní pořadí. Dluhopisy představují přímé a nepodmíněné závazky Emitenta, které jsou mezi sebou vzájemně rovnocenné (pari passu), nejsou podřízené ani zajištěné, a budou vzájemně rovnocenné (pari passu) se všemi dalšími současnými nebo budoucími závazky Emitenta, které nebudou podřízené nebo zajištěné, ledaže závazný právní předpis stanoví přednost těchto dalších závazků. Výše popsaná omezení práv jsou stanovena závazným právním předpisem jako je insolvenční řízení v Rakousku, na Svatém Vincentu a Grenadinách, v České republice nebo kterékoliv jiné země, pod jejíž pravomoc spadá jeho majetek. V případě insolvence Emitenta, pohledávky držitelů Dluhopisů mohou mít pořadí za pohledávkami třetích stran a, v důsledku toho, Emitent může být nezpůsobilý uspokojit v plné výši pohledávky držitelů Dluhopisů. Je nutné uvést, že Emitent má právo jednostranně změnit nebo upravit Emisní podmínky Dluhopisů, bez potřeby získat souhlas nebo schválení držitelů Dluhopisů nebo jakékoliv třetí strany, v rozsahu přípustném dle příslušného právního řádu a ve shodě s principy dobré víry. C.9
Nominální úroková sazba
Datum, od kterého se úrok stává splatný, a data splatnosti úroku
Pokud sazba není pevně stanovena, popis základu, od kterého je odvozena
Datum splatnosti a ustanovení o umořování půjčky, včetně postupů splácení
Uvedení výnosu
Jméno zástupce držitelů dluhových cenných papírů
Dluhopisy jsou dluhopisy s nulovým zúročením (kupónem) a nejsou úročeny. Dluhopisy dospějí k odkupu 10. prosince 2042 ve výši jistiny plus přebytečný kapitál vypočtený pověřeným Agentem pro výpočet. Výkonnost Dluhopisů je přímo spojena s výkonností referenčních aktiv Emitenta,
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které jsou spravovány Investičním manažerem. Rakouské právo upravuje zastoupení držitele Dluhopisu kurátorem (Kurator) v případě, že Emitent je v úpadku. Vyjma tohoto případu, držitelé Dluhopisů nebudou zastoupeni. C.10
Pokud má cenný papír derivátovou složku platby úroku, uveďte jasné a obsažné vysvětlení, které investorům pomůže pochopit, jak je hodnota jejich investice ovlivněna hodnotou podkladového nástroje (nástrojů), zejména za okolností, kdy jsou rizika velmi zjevná Nepoužije se, jelikož Dluhopisy nejsou úročeny.
C.11
Uveďte, zda nabízené cenné papíry jsou nebo budou předmětem žádosti o přijetí k obchodování za účelem jejich distribuce na regulovaném trhu nebo na jiných rovnocenných trzích, s označením dotčených trhů Žádost o přijetí Dluhopisů k obchodování na regulovaném trhu BCCP bude podána k BCCP.
Oddíl D - Rizika D.2
D.3
Hlavní údaje o hlavních rizicích, která jsou specifická pro Emitenta
Podnikání Emitenta je vystaveno rizikům spojeným s obchodováním s devizami, jako je riziko neočekávané změny kurzu mezi dvěma měnami.
Globální finanční a ekonomická krize může ovlivnit podnikání Emitenta.
Fluktuace devizových kurzů a úrokových měr může mít podstatný negativní vliv na finanční stav Emitenta a výsledky jeho činnosti.
Emitent je závislý na Investičním manažerovi.
Emitent se může rozhodnout ukončit smlouvu s Investičním manažerem a spravovat emisi sám.
Může dojít ke konfliktu zájmů mezi Emitentem a jediným členem představenstva.
Hlavní údaje o hlavních rizicích, která jsou specifická pro Dluhopisy
Investoři nesou riziko vlastního investičního rozhodnutí.
Riziko tržní ceny: Cena Dluhopisů se může snížit.
Nelikvidní trh s Dluhopisy může negativně ovlivnit tržní cenu Dluhopisů.
Pozastavení obchodování s Dluhopisy může negativně ovlivnit tržní cenu Dluhopisů.
Dluhopisy jsou dluhové cenné papíry, s nimiž nejsou spojena žádná hlasovací práva.
Dluhopisy jsou nezajištěné a nevztahují se na ně předpisy o pojištění vkladů.
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Transakční náklady a poplatky mohou snížit výnos z Dluhopisů.
Dluhopisy mohou být vystaveny riziku měnového kurzu a devizovým omezením.
Při výkupu nebo splatnosti může být výnos z Dluhopisů menší než původně investovaná částka.
Odměna Investičního manažera, cena Dluhopisu při výkupu a některá interní ohodnocení závisí na hodnotě čistého obchodního majetku (Net Asset Value, NAV), přičemž tato bude publikována pouze dvakrát za rok.
Historická nebo teoretická výkonnost referenčních aktiv není indikací budoucí výkonnosti.
Cena, za kterou majitel Dluhopisů bude schopen prodat nebo při výkupu vrátit Dluhopisy, bude záležet na řadě faktorů a může být podstatně nižší než původně investovaná částka.
Dluhopisy nejsou pojištěny proti ztrátám žádnou třetí stranou.
K Dluhopisům ani jiným finančním nástrojům drženým Emitentem se nevztahují žádná zajišťovací práva a Emitent nepodléhá kontrole ani dohledu žádného (finančního) orgánu.
Vykazované úrovně, hodnoty a ceny referenčních aktiv se mohou zakládat na neaktuálních informacích.
Dluhopisy mohou podléhat poplatkům a dalším nákladům dopadajícím na držitele Dluhopisů.
Dojde-li k případu narušení trhu, Agent pro výpočet může odložit stanovení částky, kterou držitelé Dluhopisů obdrží.
Emitent nemůže kontrolovat investiční rozhodnutí pověřeného investičního manažera odpovídajícího za řízení referenčních aktiv.
Emitent nebude spojován s investičními manažery referenčních aktiv a Emitent nemá možnost kontrolovat nebo předvídat jejich úkony.
Držitel Dluhopisů nemá postih proti sponzorovi nebo emitentovi referenčního aktiva nebo jakéhokoli komponentu referenčního aktiva.
Způsob výpočtu referenčních aktiv se může v budoucnu změnit.
Jakékoli přerušení nebo pozastavení výpočtu nebo zveřejňování závěrečných úrovní nebo cen referenčních aktiv může negativně ovlivnit trh a cenu Dluhopisů.
Držitel Dluhopisů nemá žádná práva k majetku ani akcionářská práva k žádným cenným papírům Emitenta.
Platby proti Dluhopisům nebudou odrážet dividendy z žádných cenných papírů, které jsou podkladem referenčních aktiv.
Kterýkoli z emitentů cenných papírů, které tvoří referenční aktiva, může provést úkon, který může negativně ovlivnit tržní cenu Dluhopisů.
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Rizika spojená s portfoliem mohou negativně ovlivnit tržní cenu Dluhopisů.
Složky referenčních aktiv a referenční aktiva tvořící portfolio se nemusí pohybovat v tandemu.
Výkup Dluhopisů Emitentem může způsobit finanční ztrátu.
Emitent nemá kontrolu nad pohyby úrovní referenčních aktiv.
Držitelé Dluhopisů nemají právo libovolně žádat o výkup před splatností.
Dluhopisy se mohou prodávat se slevou.
Cena a jiné pohyby referenčních aktiv jsou nepředvídatelné.
Rizikové faktory se mohou vzájemně složitým způsobem ovlivňovat.
Plovoucí úrokové sazby mohou ovlivňovat referenční aktiva Dluhopisů.
Změny na světových akciových trzích mohou ovlivňovat Dluhopisy.
Rating Dluhopisů nemusí adekvátně odrážet investiční rizika a může být pozastaven, snížen nebo stažen.
Emitent může vykoupit Dluhopisy předčasně.
Emitent a Investiční manažer se mohou účastnit transakcí, které nejsou v zájmu držitelů Dluhopisů, nebo může docházet ke konfliktu zájmů mezi Emitentem a držiteli Dluhopisů z jiných důvodů.
Investoři mohou být povinni platit daně a jiné odvody a dávky.
Nákup Dluhopisů financovaný úvěrem může podstatně zvýšit riziko ztráty a nedoporučuje se.
Investoři nesou riziko, že Emitent jednostranně změní Podmínky.
Investoři nesou riziko, že změny předpisů budou mít negativní vliv na Emitenta nebo na samotné Investory.
Potencionální investoři do Dluhopisů mohou mít zákonem zakázáno Dluhopisy koupit.
Dluhopisy mohou být ovlivněny turbulencemi na světových finančních trzích.
Investoři musí spoléhat na postupy systémů vypořádání, pokud se týče přijetí plateb z Dluhopisů.
Oddíl E - Nabídka E.2b
Důvody nabídky a použití výnosů, pokud se nejedná o dosažení zisku a/nebo zajištění určitých rizik. Tato nabídka již byla uzavřena 10. prosince 2012 a Dluhopisy byly nabízeny, umístěny a upsány investory. Tento Prospekt slouží výhradně jako kotační prospekt pro přijetí k obchodování na regulovaném trhu Burzy cenných papírů Praha. Nekonala se a nebude se konat
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žádná veřejná nabídka, zejména ne v České republice. Výnos z Dluhopisů bude použit výlučně k investici do referenčních aktiv podle Investiční strategie Investičního manažera. E.3
Popis podmínek nabídky Nepoužije se, protože Dluhopisy již byly nabízeny a vydány.
E.4
Popis jakéhokoli zájmu, který je pro emisi/nabídku významný, včetně zájmů konfliktních Investiční manažer se účastní investování výnosu z Dluhopisů za běžných tržních podmínek, aby získal poplatky za obhospodařování. Roční poplatek za obhospodařování náležející Investičnímu manažerovi činí 1,75 % z převažující hodnoty čistého obchodního majetku, plus čtvrtletní výkonnostní poplatek ve výši 10% ze zvýšení hodnoty čistého obchodního majetku (včetně čistého nerealizovaného zisku) a podléhá pravidlu nejvyšší hladiny. Toto pravidlo znamená, že výkonnostní poplatek se strhává pouze z nového výkonu, nikoli z obnovení hodnoty po poklesu výkonu.
E.7
Odhadované náklady, které emitent nebo předkladatel nabídky účtuje investorovi Nepoužije se. Emitent nebude účtovat žádné náklady, výdaje ani daně přímo žádnému investorovi v souvislosti s Dluhopisy.
ČESKÝ PŘEKLAD SHRNUTÍ PROSPEKTU TENTO PŘEKLAD SHRNUTÍ PROSPEKTU NEBYL PŘEDMĚTEM KONTROLY A SCHVÁLENÍ PROSPEKTU RAKOUSKÝM ORGÁNEM PRO DOHLED NAD FINANČNÍM TRHEM (FINANCIAL MARKET AUTHORITY)
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3. CHANGES OF THE RISK FACTORS Page 25: The risk factor with the headline "An illiquid market for the Notes could adversely affect the market price of the Notes." (page 25) is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer intends to apply for admission to listing of the Notes on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.). There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. In an illiquid market, investors might not be able to sell their Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country-specific impediments."
Page 25: The risk factor with the headline "A suspension of trading in the Notes could adversely affect the market price of the Notes." is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The FMA and the Vienna Stock Exchange Czech National Bank and the Prague Stock Exchange are authorized to suspend or request the relevant regulated market on which the securities are admitted to trading to suspend such securities from trading due to various reasons (e.g. if, in its opinion, the respective issuer’s situation is such that continued trading would be detrimental to the investors’ interest). Further to the possibility of suspension of trading in an issuer’s securities by the Vienna Stock Exchange Prague Stock Exchange, the FMA Czech National Bank is also authorized to instruct the Vienna Stock Exchange Prague Stock Exchange to suspend trading in an issuer’s securities in connection with measures taken against market manipulation and insider trading. The relevant stock exchange must suspend trading in securities which no longer comply with the rules of the regulated market unless such step would likely cause significant damage to investors’ interests or the orderly functioning of the market. Any suspension of trading in the Notes or in the shares of the Issuer could adversely affect the market price of the Notes".
Page 26: The following risk factor is added on page 26 after the risk factor with the headline "Upon redemption or maturity the proceeds of the Notes may be less than the amount originally invested": "The remuneration of the Investment Manager, the redemption price and certain internal valuations are based on the Net Asset Value of the Notes, where the Net Asset Value will only be published twice a year. The Issuer calculates for various reasons the Net Asset Value (NAV) of the Notes, e.g. for the remuneration of the Investment Manager, the redemption price etc. The Issuer has appointed Swiss Account Services S.A. as an Calculation/Reporting Agent to confirm the relevant calculations, valuations
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or determinations in respect of the Notes. The NAV will be published in the annual financial statements as well as in the semi-annual financial statements of the Issuer, but there will no obligation in the future to publish the NAV at any other times. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Exchange will also end. Neither the Issuer nor the Calculation/Reporting Agent has any obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the NAV of the Notes on a weekly basis or in any other intervals, except for the above mentioned regular publications within financial statements. The Calculation/Reporting Agent has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if legally and technically possible, at a later point in time, but there is no legal obligation to do so. Therefore, investors will not have permanent information on the actual NAV, although it may be the basis of the redemption price. As a result, investors may not be able to understand and reproduce the calculations of the Issuer."
Page 27: The paragraph with the headline "The Notes may be subject to a Noteholder fee and other costs." is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Notes may be subject to a Noteholder or management fee and other costs. Such fees may have an impact on the Net Asset Value price of the Notes."
Page 28: The headline "Any discontinuance or suspension of calculation or publication of the closing level or price of the reference asset may adversely affect the market and Net Asset value of the Notes." is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Any discontinuance or suspension of calculation or publication of the closing level or price of the reference asset may adversely affect the market and the price Net Asset value of the Notes."
Page 33: The paragraph with the headline "Investors are subject to the risk that changes in law have an adverse effect on the Issuer or the investors themselves" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Terms and Conditions of the Notes are based on St. Vincent & The Grenadines law Czech law and the Issuer is governed by St. Vincent & The Grenadines law in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to St. Vincent & The Grenadines law Czech law or St. Vincent & The Grenadines law (including St. Vincent & The Grenadines Czech and St. Vincent & The Grenadines tax laws) or St. Vincent
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& The Grenadines Czech or St. Vincent & The Grenadines administrative practice after the date of this Prospectus and investors are subject to the risk that such decisions and/or changes have an adverse effect on the Issuer or the investors themselves." The paragraph with the headline (including the headline) "An Austrian court can appoint a trustee (Kurator) for the Notes to exercise the rights and represent the interests of Noteholders on their behalf." is deleted including the headline. 4. CHANGES OF PART 1 OF THE PROSPECTUS Page 39: The paragraph under the headline "Any recent events particular to the Issuer" in point 5.1.5 is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer listed the Notes on the Third Market of the Vienna Stock Exchange on 27 December 2012, however, the Issuer intends to end such inclusion to trading on the Third Market of the Vienna Stock Exchange once the Notes have been admitted to listing on the Prague Stock Exchange."
Page 42: The paragraph under the sub-headline "Calculation/Reporting Agent" in point 6.1.1 ("Description of the issuer's principal activities") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer has appointed Swiss Account Services S.A. as an Calculation/Reporting Agent to confirm the relevant calculations, valuations or determinations in respect of the Notes. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Exchange will also end. The Calculation/Reporting Agent has no obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the Net Asset Value of the Notes on a weekly basis or in any other intervals, except for the regular publication within the annual financial statements and the semi-annual financial statements, however, he has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if legally and technically possible, at a later point in time.will report the valuation of the Notes as Net Asset Value (NAV) on a weekly basis to the Vienna Stock Exchange for publication."
Page 48: The paragraphs under the sub-headline "Agreement with Swiss Account Services S.A." in point 15. ("Material Contracts") is changed as follows (where changes are shown by strikethroughs, underlining and in bold):
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"The Issuer and Swiss Account Services S.A. have entered into a calculation and reporting agent agreement. According to this agreement, Swiss Account Services S.A. acts as an Calculation/Reporting Agent to confirm the relevant calculations, valuations or determinations in respect of the Notes. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Exchange will also end. The Calculation/Reporting Agent has no obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the Net Asset Value of the Notes on a weekly basis or in any other intervals, except for the regular publication within the annual financial statements and the semi-annual financial statements, however, he has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if legally and technically possible, at a later point in time.will report the valuation of the Notes as Net Asset Value (NAV) on a weekly basis to the Vienna Stock Exchange for publication. The Issuer has activated EUR 25,000 1st year costs and fees for the first 12 months after admission of the listing of the Notes to the Third Market of the Vienna Stock Exchange. That annual amount of EUR 25,000 was a lump sum covering founding & registration costs of the St. Vincent Ltd. Company, the provision of the Director and the Terms and Conditions of the Notes, all Vienna Stock Exchange listing Fees, Calculation/Reporting Agent Fees, Issue of ISIN, Payment Agent Fees, Custody Costs as well as for the Bank signing the application on behalf of the Issuer. For any following 12 months period the Issuer had agreed to activate an annual amount of EUR 25,000 to pay for the provision of the Director, all continuous Vienna Stock Exchange Listing Fees Prague Stock Exchange Listing Fees, Calculation/Reporting Agent Fees, continuation of ISIN, Payment Agent Fees and Custody Costs as well as for the Bank signing the application on behalf of the Issuer. The Issuer had reserved the right to alter or amend these costs, should any party that provides a service to the issuer alter or amend the costs for a service provided. In 2013, the Issuer and Swiss Account Services S.A. had agreed to change the fee arrangement: in the first year (12-month period) as of the admission of the Notes to the Second Regulated Market of the Vienna Stock Exchange Free Market of the Prague Stock Exchange, the Issuer will pay an annual fee to Swiss Account Services S.A. of EUR 10,000, in the following years an annual fee of EUR 23,000. Such fee, however, in contrast to the initial agreement is not a lump sum covering all costs, but constitutes the management fee (as well as calculation and reporting services) for Swiss Account Services S.A. only. Any additional costs will be borne directly by the Issuer."
Page 49: The second paragraph under the headline "17. Documents on display" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): The Prospectus will be published in accordance with section 10 para 3 No 2 of the Austrian Capital Markets Act and will be made available free of charge to interested investors during
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usual business hours, as well as pursuant to section 10 para 3 No 3 of the Austrian Capital Markets Act on the website of the issuer www.whitewheel-bonds.com.
5. CHANGES OF PART 2 OF THE PROSPECTUS Page 50: The first paragraph in point 3.2 under the headline "Reasons for the offer and use of proceeds" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The reason for the issued offer of the Notes and listing on the Third Market of the Vienna Stock Exchange was to use the proceeds of the Notes for investment into reference assets pursuant to the Investment Strategy of its Investment Manager, however, the Issuer intends to end such inclusion to trading on the Third Market once the Notes have been admitted to listing on the Prague Stock Exchange."
Page 51: Point 4.2 under the headline "Information concerning the securities to be offered/admitted to trading" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Notes are issued under St. Vincent & The Grenadines' Czech law." The second paragraph in point 4.3 under the headline "Registration and certifications of the securities" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Notes are represented in whole by a changeable global certificate (veränderbare Sammelurkunde sběrný dluhopis) pursuant to § 24 b) of the Depository Act (Depotgesetz), Federal Law Gazette No 424/1969, as amended 35 of the Czech Act on Notes No. 190/2004 Coll., as amended (the "Czech Act on Notes"), which bears the signatures of the required number of Issuer's representatives with signing authority and the control signature of the Payment Agent. Claims for individual registration or issuance of individual Notes or interest certificates are excluded." Page 54: Point 4.9 under the headline "Indication of the yield" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer does not provide an indication of yield. The Notes’ performance is directly linked with the performance of the reference asset held in a bank or regulated brokerage as trading account broker which is managed by the designated regulated Investment Manager by a limited power of attorney. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Ex-
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change will also end. The Calculation Agent has no obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the Net Asset Value of the Notes on a weekly basis or in any other intervals, except for the regular publication within the annual financial statements and the semi-annual financial statements, however, he has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if legally and technically possible, at a later point in time. The performance of the underlying reference assets shall be reported to the Vienna Stock Exchange the working day before the effective reporting date (before 15.30 local time) in order to ensure correct NAV reporting of the Notes. The Calculation Agent will calculate the NAV per Note and report this number to the Vienna Stock Exchange every Tuesday. In the case of a nontrading day, publication will be on the next trading day. The NAV at launch was EUR 10,000 and will be available on the Vienna Stock Exchange web site."
Page 54: Point 4.10 under the headline "Representation of the Noteholders" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Terms and Conditions of the Notes contain no provisions on the representation of the Noteholders. In certain cases, a joint representative (Kurator) may be appointed to represent the Noteholders before the courts in accordance with Imperial Law Gazette 1874/49."
Page 54/55: Point 4.12 under the headline "Expected issue date" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Not applicable since the Notes have already been issued and included into trading on 10 December 2012 on the Third Market of the Vienna Stock Exchange. However, it should be noted that the Issuer intends to end such inclusion to trading on the Third Market once the Notes have been admitted to listing on the Prague Stock Exchange."
Page 58: At the end of point 4.14, just before point 5. ("Terms and conditions of the offer"), the following text shall be included as follows: "Taxation in the Czech Republic: Withholding taxes The Issuer does not assume responsibility for EU or other withholding taxes at source and is not obliged to make additional payments in case of withholding tax deductions at source."
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Page 58: Point 6.1 under the headline "Admission to trading" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer intends to apply for admission to listing of the Notes on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.). The Issuer cannot guarantee that such admissions will be granted in any case. The first day of listing for the Notes is expected to be between 15 February 2014 and 28 February 2014on or about 20 December 2013."
Page 58: Point 6.2 under the headline "Other listings" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Notes are currently included to trading (Einbeziehung zum Handel) on the Third Market of the Vienna Stock Exchange, a multilateral trading facility operated by Wiener Börse AG. No other securities of the Issuer are listed on any stock exchange. However, it should be noted that the Issuer intends to end such inclusion to trading on the Third Market o e Vienna Stock Exchange once the Notes have been admitted to listing on the Prague Stock Exchange."
6. CHANGES OF ANNEX 1 OF THE PROSPECTUS Page 63: Point 7. ("Operational Costs") of Annex 1 to the Prospectus ("Business plan for the coming years") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The Issuer and Swiss Account Services S.A. have entered into a calculation and reporting agent agreement. According to this agreement, Swiss Account Services S.A. acts as an Calculation/Reporting Agent to confirm the relevant calculations, valuations or determinations in respect of the Notes. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Exchange will also end. The Calculation/Reporting Agent has no obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the Net Asset Value of the Notes on a weekly basis or in any other intervals, except for the regular publication within the annual financial statements and the semi-annual financial statements, however, he has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if le-
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gally and technically possible, at a later point in time. will report the valuation of the Notes as Net Asset Value (NAV) on a weekly basis to the Vienna Stock Exchange for publication. The Issuer has activated EUR 25,000 1st year costs and fees for the first 12 months after admission of the listing of the Notes to the Third Market of the Vienna Stock Exchange. That annual amount of EUR 25,000 was a lump sum covering founding & registration costs of the St. Vincent Ltd. Company, the provision of the Director and the Terms and Conditions of the Notes, all Vienna Stock Exchange listing Fees, Calculation/Reporting Agent Fees, Issue of ISIN, Payment Agent Fees, Custody Costs as well as for the Bank signing the application on behalf of the Issuer. For any following 12 months period the Issuer had agreed to activate an annual amount of EUR 25,000 to pay for the provision of the Director, all continuous Vienna Stock Exchange Listing Fees Prague Stock Exchange Listing Fees, Calculation/Reporting Agent Fees, continuation of ISIN, Payment Agent Fees and Custody Costs as well as for the Bank signing the application on behalf of the Issuer. The Issuer had reserved the right to alter or amend these costs, should any party that provides a service to the issuer alter or amend the costs for a service provided. In 2013, the Issuer and Swiss Account Services S.A. had agreed to change the fee arrangement: in the first year (12-month period) as of the admission of the Notes to the Second Regulated Market of the Vienna Stock Exchange Free Market of the Prague Stock Exchange, the Issuer will pay an annual fee to Swiss Account Services S.A. of EUR 10,000, in the following years an annual fee of EUR 23,000. Such fee, however, in contrast to the initial agreement is not a lump sum covering all costs, but constitutes the management fee (as well as calculation and reporting services) for Swiss Account Services S.A. only. Any additional costs will be borne directly by the Issuer."
7. CHANGES OF ANNEX 2 OF THE PROSPECTUS Page 65: The paragraph next to the headline "Listing" in point 1. ("General Terms & Conditions") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Listing. The listing of the nNotes is planned to be held immediately after the approval by the Vienna Stock Exchange Prague Stock ExchangeCouncil approval."
Page 65: The paragraph next to the headline "Global Note" in point 1. ("General Terms & Conditions") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Global Note. The notes are issued in a certificate form (listinná podoba). The Notes are entirely represented by a modifiable global note (global note (sběrný dluhopis) pursuant to §
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35 of the Czech Act on Notes 24 lit b Austrian Depot Act) (the "Global Note"). The Global Note shall be signed by the authorized representatives of the Issuer and shall be authenticated by the appointed Payment Agent. The right to have definitive Notes or interest coupons issued is excluded." The paragraph next to the headline "Issue Date" in point 1. ("General Terms & Conditions") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Issue Date. The Date of Issue is 10 December 2012 and date from which the Notes are governed by Czech laws is 11 February 2014." The paragraph next to the headline "Performance" in point 1. ("General Terms & Conditions") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Performance. The Notes’ performance is directly linked with the performance of the reference asset held in a Bank or regulated brokerage as Trading Account Broker which is managed by the designated regulated Investment Manager by a Limited Power of Attorney. Currently, the NAV is reported and published on a weekly basis on the website of the Vienna Stock Exchange, however, once the Notes have been admitted to listing on the Prague Stock Exchange, such reporting will end and the inclusion to trading (Einbeziehung in den Handel) to the Third Market of the Vienna Stock Exchange will also end. The Calculation Agent has no obligation - after admission of the Notes to listing on the Prague Stock Exchange - to report the Net Asset Value of the Notes on a weekly basis or in any other intervals, except for the regular publication within the annual financial statements and the semi-annual financial statements, however, he has reserved the right to publish the NAV on his own website, and/or the website of Swiss Account Services S.A. and/or the website of the Prague Stock Exchange, if legally and technically possible, at a later point in time. The performance of the underlying reference assets shall be reported to the Vienna Stock Exchange the working day before the effective reporting date (before 15.30 local time) in order to ensure correct Net Asset Value ("NAV") reporting of the Notes. The Calculation Agent will calculate the NAV per Note and report this number to the Vienna Stock Exchange every Tuesday. In the case of a non-trading day, publication will be on the next trading day. The NAV at launch is EUR 10,000 and will be available on the Vienna Stock Exchange web site, but may not be forwarded to the data vendors and members of the Vienna Stock Exchange."
Page 66: The paragraph in point 1. ("General Terms & Conditions") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") next to the headline "Governing Law" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "The form and contents of the Notes (dluhopisy) and the rights and obligations of the Holders and the Issuer shall be governed exclusively by, and construed in accordance with, the laws of St. Vincent & The Grenadines the Czech Republic, in particular by the Czech Act on Notes. Place of performance is Kingstown Prague. For all legal disputes which arise out of or in connection with the Notes (including any disputes in connection with non-contractual obligations, which arise out of or in con-
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nection with the Notes) the court competent for commercial disputes in Kingstown Prague, inner city shall exclusively be competent to the extent permissible under applicable St. Vincent & The Grenadines Czech laws."
Page 66: The paragraph in point 2. ("General Summary") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") next to the headline "Admission for Listing" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Admission for Listing:
The Issuer intends to submit an application together with this Prospectus for Listing on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange Free Market (Volný trh) of the Prague Stock Exchange (Burza cenných papírů Praha, a.s.)."
Page 68: The paragraph in point 4. ("Status Assurance of Guarantee and Priority Ranking (Subordination)") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes") next to the headline "Priority Ranking" is changed as follows (where changes are shown by strikethroughs, underlining and in bold): "Priority Ranking :
The Notes constitute direct, general and unconditional obligations of the Issuer which will, at all time, rank pari passu among themselves and at least, pari passu, with all other present and future unsecured obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are mandatory and of general application. If the Issuer has any liabilities to third parties that it is unable to discharge as they fall due, the Issuer may be subject to insolvency proceedings in Austria, St. Vincent & The Grenadines, the Czech Republic or any country having jurisdiction over its assets. Upon the insolvency of the Issuer, the claims of the Noteholders will rank behind those of such third parties and, as a consequence, the Issuer may be unable to satisfy in full the claims of the Noteholders"
Page 70 At the end of point 5. ("Valuation") of Annex 2 to the Prospectus ("Terms and Conditions of the Notes"), the new point 6. shall be included as follows: "6. OTHER TERMS OF NOTES AS REQUIRED UNDER CZECH ACT ON NOTES Subscription period, subscription price, manner of subscription and payment of subscription price . All Notes have been subscribed, placed and paid for and the subscription period expired already before the change of the governing law of the Notes to Czech law.
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Holders’ meeting. The meeting of the Holders shall be announced on the website of the issuer www.whitewheel-bonds.com at least 15 days prior the date of the meeting. The date decisive for the participation on the meeting is a seventh day before the date of the meeting. Publishing of other information. The way of publishing of other information relevant for the Notes is described in the Prospectus. The information can be published in other language than Czech. THESE TERMS AND CONDITIONS OF THE NOTES MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS WHICH CAN INCLUDE ADDITIONAL INFORMATION ON THE NOTES’ TERMS.
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