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Lynx­Cap Real Estate Bonds

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Sta­bil­i­ty From Real Estate and Yield From Lynx­Cap’s Expertise

Lynx­Cap is a Swiss-based invest­ment com­pa­ny spe­cial­iz­ing in ana­lyz­ing, acquir­ing, and man­ag­ing real estate-secured claims and real estate-owned assets from Euro­pean com­mer­cial banks since 2008. To date, Lynx­Cap has com­plet­ed over 150 port­fo­lio trans­ac­tions and invest­ed more than 650 mil­lion Euros.

LynxCap’s part­ner­ships with Euro­pean com­mer­cial banks cre­ate a win-win sce­nario, allow­ing these banks to offload non-core assets while reduc­ing cap­i­tal pres­sures and nav­i­gat­ing pro­vi­sion­ing reg­u­la­tions. This col­lab­o­ra­tion enables Lynx­Cap and its investors to access diver­si­fied real estate port­fo­lios at attrac­tive val­u­a­tions, ensur­ing sta­bil­i­ty from real estate and yield from its expertise.

 

Lynx­Cap offers a sin­gle robust prod­uct — Lux­em­bourg-list­ed bonds that pro­vide expo­sure to real estate secu­ri­ty with yields high­er than typ­i­cal real estate funds. Unlike reg­u­lar funds, Lynx­Cap pledges all prof­its for the ben­e­fit of its bond­hold­ers. Lux­em­bourg adheres to world-class stan­dards, includ­ing audit require­ments and hav­ing an inde­pen­dent pay­ing and secu­ri­ty agent, which in LynxCap’s case is Apex Group. All assets are prop­er­ly man­aged and pledged to bond­hold­ers, and these rights will also extend to token holders.

HIGHLIGHTS

Data-Dri­ven Deci­sions: Lynx­Cap relies on 15+ years of pro­pri­etary data and advanced analytics.
Investor Net­work: Strong rela­tion­ships with insti­tu­tion­al and pro­fes­sion­al investors, includ­ing pen­sion funds and asset managers.
Aligned Inter­ests: Employ­ee-owned, tak­ing a junior posi­tion in acqui­si­tions to pri­or­i­tize bondholders.
Lux­em­bourg Advan­tage: Ide­al reg­u­la­to­ry frame­work and inter­na­tion­al reach, with a stock exchange meet­ing world-class standards.
Proven Track Record: Over €53M paid to cap­i­tal providers in inter­est and principal.
Strong Col­lat­er­al: Land, res­i­den­tial, com­mer­cial real estate across key Euro­pean markets.
Glob­al Pres­ence: Head­quar­tered in Zug, with offices in Lux­em­bourg, Ljubl­jana, Hong Kong, and Seoul.

PROJECT OVERVIEW

LynxCap’s part­ner­ships with Euro­pean com­mer­cial banks cre­ate a win-win sce­nario, allow­ing these banks to offload non-core assets while reduc­ing cap­i­tal pres­sures and nav­i­gat­ing pro­vi­sion­ing reg­u­la­tions. This col­lab­o­ra­tion enables Lynx­Cap and its investors to access diver­si­fied real estate port­fo­lios at attrac­tive val­u­a­tions, ensur­ing sta­bil­i­ty from real estate and yield from its expertise.

 

At Lynx­Cap, the com­pa­ny offers its investors a sin­gle, robust prod­uct: Lux­em­bourg-list­ed bonds, direct­ly linked and secured by the port­fo­lios it acquires. These bonds pro­vide access to a unique alter­na­tive invest­ment asset class, yield­ing high­er returns than tra­di­tion­al real estate products.

 

As a com­pa­ny owned by its man­age­ment and employ­ees, Lynx­Cap fos­ters a cul­ture of align­ment with its investors’ inter­ests. This com­mit­ment is evi­dent in the company’s prac­tice of always tak­ing a junior posi­tion in all acqui­si­tions, sub­or­di­nat­ing future earn­ings for the ben­e­fit of its bondholders.

 

Addi­tion­al­ly, Lynx­Cap pro­vides a par­ent guar­an­tee for its bonds, fur­ther ensur­ing the secu­ri­ty of its investors’ inter­ests. Apex Group Ltd. pro­vides secu­ri­ty agent ser­vices, act­ing as fidu­cia­ry to the bond­hold­ers, which ensures inde­pen­dent con­trol of all com­pa­ny actions in line with best prac­tices in the invest­ment industry.

 

All assets are audit­ed, prop­er­ly man­aged, and pledged to bond­hold­ers, with these rights also extend­ing to token holders.

 

Funds raised will be strate­gi­cal­ly invest­ed in real estate-secured claims and port­fo­lios of owned real estate (REO’s) in key mar­kets, sourced from select­ed com­mer­cial banks and oth­er finan­cial insti­tu­tions across Europe. Token hold­ers will invest along­side LynxCap’s exist­ing investors, such as pen­sion funds and large asset man­agers from Europe, the US, South Korea, and Sin­ga­pore. Each token will be linked to a spe­cif­ic bond, pro­vid­ing full transparency.

ASSET GEO LOCATION

COMPANY OVERVIEW

Lynx­Cap Invest­ments AG is a Swiss invest­ment firm spe­cial­iz­ing in dis­tressed assets, head­quar­tered in Zug, Switzer­land. It oper­ates through two Lux­em­bourg-based sub­sidiaries, LCL Secu­ri­ties SCS and LCL Oppor­tu­ni­ties SCS, which are inte­gral to its fund­ing and asset acqui­si­tion activ­i­ties. The com­pa­ny has struc­tured its oper­a­tions and financ­ing to align with a focused invest­ment strat­e­gy and tax efficiency.

 

Lynx­Cap’s core focus is on acquir­ing and man­ag­ing dis­tressed and non-per­form­ing loan (NPL) port­fo­lios, with a pri­ma­ry empha­sis on the Span­ish market.

 

As part of its strate­gic role, Lynx­Cap oper­ates as a Swiss enti­ty that func­tions as a cost cen­ter, over­see­ing the group’s invest­ment vehi­cles. It ensures oper­a­tional effi­cien­cy while rein­vest­ing prof­its into its invest­ment strat­e­gy, fur­ther strength­en­ing its port­fo­lio and long-term growth objectives.

FINANCIAL PERFORMANCE AND FUNDING

Lynx­Cap Invest­ments AG (2023):

• Pri­mar­i­ly financed through share­hold­er sub­or­di­nat­ed notes, amount­ing to approx­i­mate­ly EUR 14 mil­lion. These notes pro­vide a sta­ble financ­ing base while reflect­ing share­hold­er commitment.
• Report­ed a prof­it of CHF 1,072,411 in 2023, revers­ing pri­or year losses.
• Man­aged total assets of CHF 19.7 mil­lion, with sig­nif­i­cant hold­ings in finan­cial assets and loans to relat­ed par­ties, rein­forc­ing its role as a man­age­ment hub.
• Share­hold­ers’ equi­ty remained neg­a­tive at CHF ‑557,680, dri­ven by his­tor­i­cal loss­es, though mit­i­gat­ed by sub­or­di­nat­ed loans and rein­vest­ment of profits.

 

LCL Oppor­tu­ni­ties SCS (2023):

• Total assets increased to EUR 41.6 mil­lion from EUR 32.7 mil­lion in 2022, dri­ven by invest­ments in NPL portfolios.
• Real­ized a con­sol­i­dat­ed net prof­it of EUR 1.85 mil­lion, pri­mar­i­ly attrib­ut­able to inter­est income from finan­cial assets.
• Issued non-con­vert­ible deben­ture loans totalling EUR 30.87 mil­lion, pri­mar­i­ly used for asset acquisitions.

 

LCL Secu­ri­ties SCS (2023):

• Report­ed equi­ty of EUR 4.26 mil­lion and net prof­it of EUR 567,271.
• Gen­er­at­ed EUR 1.5 mil­lion in inter­est income from sub­or­di­nat­ed notes issued by affil­i­at­ed enti­ties, reflect­ing its role in the group’s fund­ing structure.

MANAGEMENT TEAM

Man­ag­ing Direc­tor, Port­fo­lio Management
Lynx­Cap Invest­ments AG

 

Start­ing in 2009 Alexan­der Zwinger led the Analy­sis depart­ment (and since 2012 the Oper­a­tions depart­ment) of DDM Group AG. He was respon­si­ble for estab­lish­ing and con­tin­u­ous­ly devel­op­ing port­fo­lio val­u­a­tion and pric­ing mod­els, port­fo­lio man­age­ment, and report­ing process­es. Mr. Zwinger spear­head­ed the efforts to pre­pare DDM for an IPO on the Nas­daq First North. Pri­or to DDM, Mr. Zwinger worked at Aktiv Kap­i­tal. Alexan­der holds a Master’s degree in Eco­nom­ics from Uni­ver­si­ty of Biele­feld, Ger­many with a back­ground in Eco­nom­ics, Sta­tis­tics and Empir­i­cal Analysis.

Man­ag­ing Direc­tor, Transactions 
Lynx­Cap Invest­ments AG

 

Pri­or to join­ing Lynx­Cap Group, Peter Kadish was respon­si­ble for NPL port­fo­lio acqui­si­tions at DDM Group AG, man­ag­ing key trans­ac­tions in the CEE region, with a spe­cif­ic focus on the Sloven­ian, Croa­t­ian, and Ser­bian mar­kets. Mr. Kadish has a back­ground in pri­vate equi­ty and invest­ment bank­ing. He served as an Invest­ment Direc­tor at a EUR 5 bil­lion pri­vate equi­ty and cred­it fund and was also Head of Syn­di­cate at an invest­ment bank, where he was respon­si­ble for major oil and gas Eurobond place­ments. Peter holds a BA in Eco­nom­ics from the Uni­ver­si­ty of Latvia and was an Eras­mus stu­dent at Ghent Uni­ver­si­ty in Bel­gium. He also holds a Master’s degree in Bank­ing and Finance from the Uni­ver­si­ty of Sheffield, UK, and com­plet­ed an Exec­u­tive MBA from Lon­don Busi­ness School. Peter is a CFA charterholder.

Man­ag­ing Direc­tor, Transactions 
Lynx­Cap Invest­ments AG

 

Kon­stan­tin Kraiss was respon­si­ble for all aspects of NPL port­fo­lio acqui­si­tions for DDM Group AG in the CSEE region, with a spe­cial focus on the Roman­ian, Hun­gar­i­an, and Greek mar­kets. Pri­or to DDM Group, Mr. Kraiss was employed by Deloitte, Ernst & Young, and lead­ing region­al pri­vate equi­ty funds, focus­ing on merg­ers and acqui­si­tions as well as finan­cial and strate­gic advice to indus­try-lead­ing com­pa­nies and finan­cial insti­tu­tions in Cen­tral and East­ern Europe. Mr. Kraiss has 15 years of expe­ri­ence in cor­po­rate finance and a proven track record of suc­cess­ful cross-bor­der trans­ac­tions with a total invest­ment val­ue exceed­ing EUR 1 bil­lion. He holds a BSc in Busi­ness and Eco­nom­ics with a spe­cial­iza­tion in Finance from the Stock­holm School of Eco­nom­ics in Riga, Latvia.

Vice Chair­man
Lynx­Cap Invest­ments AG

 

Dr. Manuel Vogel is an inter­na­tion­al VAT and tax spe­cial­ist and serves as the Chair­man of Kre­ston VAT SIG at Kre­ston Inter­na­tion­al. He was one of the two found­ing part­ners of DDM Hold­ing and a Board Mem­ber of DDM Hold­ing AG and its sub­sidiaries. Pri­or to his role at DDM, Dr. Vogel was respon­si­ble for tax and account­ing for the Pan-Euro­pean Pur­chased Debt Oper­a­tion at Intrum Justi­tia from 2004 to 2008. He has also served as a Board Mem­ber for sev­er­al Swiss companies.

CEO
Lynx­Cap Invest­ments Asia

 

Alexan­der has been a cor­po­rate trans­ac­tion­al and com­mer­cial lawyer in Greater Chi­na for over two decades. He pre­vi­ous­ly served as the data pri­va­cy prac­tice leader (Cor­po­rate) at Hill Dick­in­son in Hong Kong. Through­out his career, Alexan­der has han­dled numer­ous merg­ers and acqui­si­tions, pri­vate ven­ture invest­ments, and cross-bor­der trans­ac­tions across Asia in a wide range of indus­tries. He holds a bach­e­lor’s degree in polit­i­cal sci­ence, spe­cial­iz­ing in Chi­nese for­eign pol­i­cy, from the Uni­ver­si­ty of Ari­zona, and a doc­tor­ate degree in law from St. John’s Uni­ver­si­ty. Addi­tion­al­ly, he has obtained both CIPM and CIPP/E cer­ti­fi­ca­tions from the IAPP. Alexan­der is mul­ti­lin­gual and speaks Eng­lish, French, Man­darin, and Spanish.

Head of IT
Lynx­Cap Invest­ments AG

 

Paul has over 15 years of expe­ri­ence in the IT indus­try. Pri­mar­i­ly focused on the finance sec­tor, Paul has held a wide vari­ety of roles in sev­er­al mul­ti-nation­al cor­po­ra­tions as well as hold­ing con­sul­tan­cy roles at the likes of Cred­it Suisse, Nordea Bank and Novar­tis. An advo­cate for the Agile method­ol­o­gy, Paul has suc­cess­ful man­aged the imple­men­ta­tion of numer­ous busi­ness-crit­i­cal appli­ca­tion and process­es through­out his career. Paul is a British cit­i­zen and stud­ied engi­neer­ing in Man­ches­ter, UK. How­ev­er, fur­ther devel­op­ing his career and relo­cat­ing to Switzer­land in 2006 where he now heads glob­al IT operations.

Port­fo­lio Manager
Lynx­Cap Invest­ments AG

 

Pri­or to join­ing Lynx­Cap Invest­ments, Kate­ri­na man­aged large retail and cor­po­rate NPL port­fo­lios at DDM Group AG, cov­er­ing the large ter­ri­to­ry of the CEE region, includ­ing Rus­sia, Poland, Slove­nia, Croa­t­ia, Slo­va­kia, and the Czech Repub­lic. Kate­ri­na holds bachelor’s and master’s degrees in Finance and Bank­ing from the War­saw School of Eco­nom­ics. She speaks Eng­lish, Russ­ian, Pol­ish, and Italian.

Direc­tor, Legal
Lynx­Cap Invest­ments Luxembourg

 

Dora Vrkic Oriskovic is an inter­nal legal advi­sor respon­si­ble for trans­ac­tions. Pri­or to join­ing Lynx­Cap, she was part of the Group Trans­ac­tion Team at B2Holding Group, where she was respon­si­ble for large trans­ac­tions and co-invest­ments with­in the Group in addi­tion to super­vis­ing and sup­port­ing local acqui­si­tion and deal teams. Ear­li­er in her tenure at B2, Ms. Oriskovic was part of the Acqui­si­tion depart­ment at B2 Kap­i­tal d.o.o., a Croa­t­ian sub­sidiary of B2Holding Group, where she was in charge of NPL port­fo­lio acqui­si­tions, due dili­gence and trans­ac­tion­al sup­port across the CEE and SEE regions, with focus on CE mar­kets. Ms. Oriskovic holds a Master’s in Law from the Uni­ver­si­ty of Zagreb.

Direc­tor, Val­u­a­tions & Transactions
Lynx­Cap Invest­ments Luxembourg

 

Tea Puh is a sea­soned invest­ment man­ag­er in charge of the Lynx­Cap Lux­em­bourg office. Pri­or to join­ing Lynx­Cap, she was the Group Head of Port­fo­lio Man­age­ment with B2Holding Group, a list­ed pan-Euro­pean NPL pur­chas­er and ser­vicer with a pres­ence in over 20 Euro­pean coun­tries. At B2Holding, Ms. Puh was respon­si­ble for the exe­cu­tion of B2’s invest­ment strat­e­gy, max­imis­ing port­fo­lio per­for­mance, man­ag­ing the new acqui­si­tion approval process and exist­ing port­fo­lio refore­cast­ing. Ms. Puh has a back­ground in the acqui­si­tion and man­age­ment of NPL port­fo­lios in the major­i­ty of the Euro­pean NPL mar­kets with a par­tic­u­lar focus on the CE mar­kets. Ms. Puh holds a Mas­ters in Finance from the Uni­ver­si­ty of Zagreb.

Head of Analytics
Lynx­Cap Invest­ments AG

 

Pri­or Expe­ri­ence: Start­ing in 2013, Felipe joined the DDM Group AG’s Analy­sis Depart­ment. He was part of a team of ana­lysts focused on cre­at­ing tai­lor-made pric­ing mod­els for a vari­ety of debt port­fo­lios across the CSEE region, as well as main­tain­ing and enhanc­ing exist­ing val­u­a­tion rou­tines in order to sup­port a strong pipeline of ca. 150 prospec­tive invest­ments per year. In 2018, he became the head of the depart­ment and in 2019 he joined Lynx­Cap Investments.

Edu­ca­tion: BSc+MSc in Eco­nom­ics, MSc in Bank­ing and Quan­ti­ta­tive Finance, Uni­ver­si­dad de Valen­cia, Spain.

Direc­tor, Head of Legal Affairs
Lynx­Cap Invest­ments Slovenia

 

Pri­or to join­ing Lynx­Cap Group, Mina was part of the Trans­ac­tions and Acqui­si­tions Team at DDM Group, where she was involved in all major NPL port­fo­lio acqui­si­tions and due dili­gence process­es in the CEE region, specif­i­cal­ly focused on the Sloven­ian and Croa­t­ian mar­kets. Due to her back­ground in legal prac­tice, she was also involved in day-to-day busi­ness with the Oper­a­tions Team and in Cor­po­rate Gov­er­nance mat­ters. Mina holds a Master’s in Law from the Uni­ver­si­ty of Ljubl­jana and an E.MA focused on Cor­po­rate Social Respon­si­bil­i­ty in coop­er­a­tion with Maas­tricht Uni­ver­si­ty. She passed the Sloven­ian Bar Exam in 2017.

Direc­tor, Investor Relations
Lynx­Cap Invest­ments AG

 

Pri­or to join­ing the Lynx­Cap team, Sameer had 15 years of expe­ri­ence in the real estate sec­tor. As a for­mer Senior VP in Sales at Sotheby’s Inter­na­tion­al Real­ty Cana­da, he played a strate­gic role in the acqui­si­tion, dis­po­si­tion and man­age­ment of real estate port­fo­lios on behalf of a local and glob­al net­work of clien­tele. Sameer holds an inter­na­tion­al exec­u­tive MBA (IEMBA) from the Uni­ver­si­ty of St. Gallen in Switzer­land and has a proven track record in engag­ing with investors and dri­ving strate­gic growth.

Sales and Mar­ket­ing Manager
Lynx­Cap Invest­ments Asia

 

Jason Kim has over 25 years of expe­ri­ence in busi­ness devel­op­ment and sales spe­cial­iz­ing in fixed income and struc­tured finan­cial prod­ucts. Jason was the Man­ag­ing Part­ner at Olym­pus Part­ners Asia Lim­it­ed, respon­si­ble for orig­i­na­tion and cap­i­tal rais­ing for pri­vate mar­ket trans­ac­tions, as well as its Respon­si­ble Offi­cer hold­ing Type 1, 4, and 9 SFC licens­es. Pre­vi­ous­ly, Jason was Head of Fixed Income Sales at Mizuho Secu­ri­ties in Hong Kong; Direc­tor of Fixed Income and Deriv­a­tive Sales at Cred­it Suisse Hong Kong; Head of Sales at Cred­it Suisse Asset Man­age­ment Korea; and Head of Deriv­a­tives Sales at Gold­man Sachs Korea. Jason has a bachelor’s degree in busi­ness from Yon­sei Uni­ver­si­ty of Korea and is bilin­gual in Eng­lish and Korean.

LCLOp­portLux 11% 31/10/2027

Pro­gram max. Amount

EUR 100,000,000

For Pro­fes­sion­al Investors from

Europe

Issuer LCL OPPORTUNITIES S.C.S.
Juris­dic­tion Lux­em­bourg
Name LCLOp­portLux 11% 31/10/2027
ISIN XS2706348690
Indus­try Real Estate
Rank Sr. Secured
Instru­ment Type Bear­er Bond
Pro­gram max. Amount €100,000,000
Min. Invest­ment Amount €100,000
Max. Invest­ment Amount €2,000,000
Denom­i­na­tion €100,000
Coupon 11% p.a.
Coupon Pay­ment fixed-quar­ter­ly
Issue Date 31 Octo­ber 2023
Matu­ri­ty 5 Novem­ber 2027
Accept­ed Currencies EUR, USD, USDC, EURC
Euro­rat­ing Bond Rating BBB-
Price (Ask) 103%
Yield to Maturity 9.57%
Start of Offering TBA
End of Offering TBA
Sec­ondary Trading No
For gen­er­al ques­tions about Secu­ri­ty Token Offer­ings please read our FAQs or Con­tact us.
Investor Doc­u­men­ta­tion
Token Flow explained
Cor­po­rate Chart
Secu­ri­ty Struc­ture Chart
Lynx­Cap Invest­ment Profile

More infor­ma­tion about the issuer, as well as the legal doc­u­men­ta­tion you will receive after reg­is­tra­tion. We are avail­able for ques­tions at any time – contact@blackmanta.capital

Inter­est­ed investors must reg­is­ter and qual­i­fy as pro­fes­sion­al client accord­ing to Annex II of DIRECTIVE 2014/65/EU. A pro­fes­sion­al client is a client who pos­sess­es the expe­ri­ence, knowl­edge and exper­tise to make its own invest­ment deci­sions and prop­er­ly assess the risks that it incurs. 

Poten­tial investors must suc­cess­ful­ly com­plete an investor iden­ti­fi­ca­tion process in accor­dance with anti-mon­ey laun­der­ing rules in order to invest. Only iden­ti­fied and ver­i­fied investors can par­tic­i­pate in the offer­ing and pur­chase tokens. There is no pref­er­en­tial sub­scrip­tion right for investors. There is no enti­tle­ment to allo­ca­tion of the tokens. Acquired tokens will be cred­it­ed to the investors’ per­son­al wal­let and simul­ta­ne­ous­ly record­ed in the issuer’s register.

Legal Infor­ma­tion

The infor­ma­tion in this Offer­ing is intend­ed sole­ly for investors who are not locat­ed or res­i­dent in cer­tain oth­er restrict­ed juris­dic­tions and who are not oth­er­wise per­mit­ted to receive such information.

The infor­ma­tion in this Offer­ing does not con­sti­tute an offer or solic­i­ta­tion to pur­chase any secu­ri­ties in the Unit­ed States, Aus­tralia, Cana­da, Japan, South Africa, the Repub­lic of Chi­na or in any oth­er juris­dic­tion in which such offer or solic­i­ta­tion is not autho­rized or to any per­son to whom it is unlaw­ful to make such offer or solicitation.

Users of this infor­ma­tion are request­ed to inform them­selves about and to observe any such restric­tions. Secu­ri­ties may not be offered or sold in the Unit­ed States absent reg­is­tra­tion or an exemp­tion from reg­is­tra­tion under the Unit­ed States Secu­ri­ties Act of 1933, as amended.

An invest­ment involves con­sid­er­able risks and can lead to the com­plete loss of the assets invest­ed. In the inter­ests of risk diver­si­fi­ca­tion, only those amounts of mon­ey should be invest­ed that are not required or expect­ed to be returned in the near future. How­ev­er, the risk is lim­it­ed to the invest­ment sum made and there is there­fore no oblig­a­tion to make addi­tion­al contributions.

The Issuer is sole­ly respon­si­ble for all con­tents and infor­ma­tion pro­vid­ed regard­ing the offer­ing. BMCP GmbH acts as a pure inter­me­di­ary and assumes no lia­bil­i­ty for the accu­ra­cy of the pro­vid­ed content.

For its dis­tri­b­u­tion ser­vices BMCP receives a trans­ac­tion fee of 2.5% — 4.25% on cap­i­tal raised.

DISCLAIMER

 

MARKETING NOTICE PURSUANT TO § BT 3.1.1 MACOMP

THE FOLLOWING IS A MARKETING COMMUNICATION AND NOT AN INVESTMENT RECOMMENDATION. THIS ADVERTISING COMMUNICATION IS THEREFORE NOT A SUBSTITUTE FOR INVESTMENT ADVICE AND DOES NOT TAKE INTO ACCOUNT THE LEGAL PROVISIONS PROMOTING THE INDEPENDENCE OF FINANCIAL ANALYSES, NOR IS IT SUBJECT TO THE PROHIBITION ON TRADING FOLLOWING THE DISSEMINATION OF FINANCIAL ANALYSES.

THIS SITE DOES NOT CONSTITUTE AN OFFER OF SECURITIES OR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES TO ANY PERSON IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL. THE DISTRIBUTION OF THIS OFFER MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS. FAILURE TO COMPLY WITH SUCH RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTION.

THE OFFER IS ONLY AVAILABLE TO INVESTORS FROM EUROPE WHO HAVE EXPRESSED AN INTEREST IN INVESTING IN THE OFFERING.

THE INVESTMENT INTO THE BONDS BEARS A RISK OF TOTAL LOSS OF THE INVESTED CAPITAL. IN SUCH A CASE THE INVESTOR WILL NOT RECEIVE HIS INVESTED CAPITAL BACK; INTEREST; OR ANY OTHER REMEDIES.