Aspo issues EUR 20 million capital securities and announces final tender offer results for its outstanding capital securities issued in 2016 - Seite 3

None of the Offeror or any of its directors, officers, employees, agents or affiliates assumes any responsibility for the accuracy or completeness of the information concerning Aspo, the 2016 Capital Securities or the Tender Offer contained in this release or in the Tender Offer Memorandum. None of the Offeror or any of its directors, officers, employees, agents or affiliates is acting for any holder or will be responsible to any holders for providing the protections afforded to its clients or for advising any other person in connection with the Tender Offer.

MiFID II product governance / Retail clients, professional clients and eligible counterparties target market

Solely for the purposes of the product governance requirements set forth in Directive 2014/65/EU (as amended, “MiFID II”) / MiFID II, the target market assessment made by the manufacturer in respect of the New Capital Securities has led to the conclusion that: (1) the target market for the New Capital Securities is eligible counterparties, professional clients and retail clients, each as defined in MiFID II, who are (a) informed investors, having average knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted with them only) or advanced investors having one, or more, of the following characteristics, (i) good knowledge of relevant financial products and transactions or (ii) financial industry experience or accompanied by professional investment advice or included in a discretionary portfolio service, (b) clients that have the ability to bear losses of up to 100 per cent. of the capital invested in the product, and who have a high risk tolerance, financial ability and willingness to put the entire capital invested at risk. Clients investing in the New Capital Securities are willing to take more risk than clients investing in deposit savings and therefore do not need a fully guaranteed income or return profile and (c) clients whose investment objective is to generate growth of the invested capital and have a medium- to long-term investment horizon. Furthermore, the manufacturer has made an assessment as to the negative target market and concluded that the negative target market for the New Capital Securities is clients that seek full capital protection or full repayment of the amount invested, are fully risk averse/have no risk tolerance or need a fully guaranteed income or fully predictable return profile. The manufacturer has made an assessment as to the distribution strategy for the New Capital Securities, and has concluded that; (2) all channels for distribution of the New Capital Securities to eligible counterparties and professional clients are appropriate; and (3) the following channels for distribution of the New Capital Securities to retail clients are appropriate: investment advice, portfolio management, and non-advised sales or execution service with appropriateness test, subject to the distributor’s suitability and appropriateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or recommending the New Capital Securities (a “distributor”) should take into consideration the manufacturer’s target market assessment. However, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Capital Securities (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels, subject to the distributor’s suitability and appropriateness obligations under MiFID II, as applicable.