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

appointed by an Austrian court, upon the request of any interested party (e.g., a holder of
Notes) or upon the initiative of the competent court, for the purposes of representing the
common interests of the holders of the Notes in matters concerning their collective rights. In
particular, this may occur if insolvency proceedings are initiated against the Issuer, in
connection with any amendments to the terms and conditions of the Notes or changes relating
to the Issuer, or under other similar circumstances. If a trustee is appointed, it will exercise the
collective rights and represent the interests of the holders of the Notes and will be entitled to
make statements on their behalf which shall be binding on all holders of the Notes. Where a
trustee represents the interests and exercises the rights of the holders of the Notes, this may
conflict with or otherwise adversely affect the interests of individual or all holders of the Notes.
2.18 Changes in applicable laws, regulations or regulatory policies may have an adverse
effect on the Issuer, the Notes and the investors
The terms and conditions of the Notes will be governed by Austrian 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 Austrian law (or law applicable in Austria), or administrative practice
after the date of this Prospectus.
2.19 Changes in the EU Savings Directive could negatively affect investors
The EU adopted the Council Directive 2003/48/EC of 3 June 2003 on taxation of savings
income in the form of interest payments ("EU Savings Directive"), which obliges each EU
Member State to provide to the tax authorities of other Member States details of payments of
interest and other similar income paid by a person within its jurisdiction to an individual
resident in another Member State or to certain limited types of entities established in that other
Member State, except that Austria and Luxembourg (and originally also Belgium) have instead
imposed a withholding system for a transitional period (the ending of such transitional period
being dependent upon the conclusion of certain other agreements relating to information
exchange with certain other countries) unless during such period they elect otherwise. A
number of other non-EU countries and territories, including Switzerland, have agreed to adopt
similar measures (a withholding system in the case of Switzerland). On 13 November 2008,
the European Commission published a proposal for amendments to the EU Savings Directive,
which included a number of suggested changes, which if implemented, would broaden the
scope of the Directive described above. The European Parliament approved an amended
version of this proposal on 24 April 2009. Investors who are in any doubt as to their position
should consult their professional advisers. Changes in the EU Savings Directive could
materially adversely affect the taxation effects for investors in the Notes.
20. No Advice
This Prospectus does not alter each individual investor's need to seek the advice of a bank, a
financial, investment or tax adviser and/or a lawyer.
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