Borealis AG Public Offering of up to EUR 200000000 Senior Fixed ...

RISK FACTORS
Prospective investors should consider carefully the risks set forth below and the other information
contained in the Prospectus, any supplements thereto and any documents incorporated by reference.
The following description of risk factors is limited to the most essential risk factors which in the Issuer's
current view could have a material adverse effect on the Issuer's businesses, operations, financial
condition or prospects which, in turn, could have a material adverse effect on the ability of the Issuer
to fulfil its obligations towards the investors with respect to the Notes. In addition, each of the risks
highlighted below could adversely affect the market value and trading price of the Notes or the rights
of investors under the Notes and, as a result, investors could lose some or all of their investments in
the Notes. Prospective investors should therefore, consider two main categories of risk: (i) risks
relating to the Issuer, and (ii) risks relating to the Notes.
Prospective investors should note that the risks described below are not the only risks faced by the
Issuer or associated with the Notes. The Issuer has described only those risks that it considers to be
material and of which it is aware. There may be additional risks that the Issuer currently considers not
to be material or of which it is not currently aware, and any of these risks could have the effects set
forth above. Moreover, prospective investors should be aware that the events described in the risk
factors may occur simultaneously, which could compound their negative effects. If one or several of
the risk factors below were to materialise, this might have considerable adverse effects on the profit,
business and financial position of the Issuer and the profit potential of the Notes.
Prior to deciding whether to invest in any Notes issued under this Prospectus, a prospective investor
should conduct its own thorough analysis (including its own accounting, legal and tax analysis) since
any evaluation of the suitability for an investor of an investment in Notes issued under this Prospectus
depends upon the prospective investor's particular financial and other circumstances, as well as on
the terms of the Notes. If an investor does not have experience in financial, business and investment
matters sufficient to permit it to make such a determination, the investor should consult with its
financial adviser prior to making a decision with respect to the suitability of any investment in the
Notes.
Words and expressions defined in "Terms and Conditions of the Notes" shall have the same meanings
in this section. If not stated otherwise in the context of the risk factors set out below, all references to
the Issuer made hereinafter also include other companies of the Borealis Group and the Borealis
Group as a whole.
1. RISKS REGARDING THE ISSUER, THE GROUP AND ITS BUSINESS
ACTIVITIES
1.1 MARKETS AND GENERAL BUSINESS RISKS
1.1.1 The Borealis Group is subject to competition in all markets where it is active
The Borealis Group operates in a variety of local and international markets, with many factors
affecting the competitive environment which the Group faces in these markets. These factors
include the number of competitors operating in a specific market, the pricing policies of such
competitors, their market penetration, the pre-existing relationships with customers or
customers' prior experience with specific contractors, the total production capacity serving the
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