116770 Project Obelix Pt1.qxp - Carlsberg Group

Labour disputes may cause work stoppages, strikes and disruptionsThe success of the Group depends upon maintaining good relations with its workforce. Restructurings to lowerproduction costs, improve efficiency, exploit synergies and cope with the demands of a changing market couldharm the Group’s employee relations and result in labour disputes, including work stoppages, strikes anddisruptions, which could have a material adverse effect on the Group’s business, results of operations, cashflows or financial condition.Factors which are material for the purpose of assessing the market risks associated with Notes issuedunder the ProgrammeSNA13 – 2SNA12 – 2Notes may not be a suitable investment for all investorsEach potential investor in any Notes must determine the suitability of that investment in light of its owncircumstances. In particular, each potential investor should:(i)(ii)(iii)(iv)(v)have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, themerits and risks of investing in the relevant Notes and the information contained or incorporated byreference in this Base Prospectus or any applicable supplement;have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particularfinancial situation, an investment in the relevant Notes and the impact such investment will have on itsoverall investment portfolio;have sufficient financial resources and liquidity to bear all of the risks of an investment in the relevantNotes, including where principal or interest is payable in one or more currencies, or where the currencyfor principal or interest payments is different from the potential investor’s currency;understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any relevantindices and financial markets; andbe able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic,interest rate and other factors that may affect its investment and its ability to bear the applicable risks.Some Notes are complex financial instruments and such instruments may be purchased as a way to reduce riskor enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. Apotential investor should not invest in Notes which are complex financial instruments unless it has the expertise(either alone or with the help of a financial adviser) to evaluate how the Notes will perform under changingconditions, the resulting effects on the value of such Notes and the impact this investment will have on thepotential investor’s overall investment portfolio.Risks related to the structure of a particular issue of NotesA wide range of Notes may be issued under the Programme. A number of these Notes may have features whichcontain particular risks for potential investors. Set out below is a description of certain such features:Notes subject to optional redemption by the IssuerAn optional redemption feature is likely to limit the market value of Notes. During any period when the Issuermay elect to redeem Notes, the market value of those Notes generally will not rise substantially above the priceat which they can be redeemed. This also may be true prior to any redemption period.The Issuer may be expected to redeem Notes when its cost of borrowing is lower than the interest rate on theNotes. At those times, an investor generally would not be able to reinvest the redemption proceeds at an9