ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (75)603
Vol.1975/0232

Disclaimer
Conformément aurèglement (CEE, Euratom) n°354/83 duConseil du1erfévrier 1983
concernant l'ouverture aupublic desarchives historiques delaCommunauté économique
européenne etdelaCommunauté européenne del'énergie atomique (JOL43du15.2.1983,
p.1),telquemodifié par lerèglement (CE, Euratom) n°1700/2003 du22septembre 2003
(JOL243du27.9.2003, p.1),cedossier estouvert aupublic. Lecaséchéant, lesdocuments
classifiés présents dans cedossier ontétédéclassifiés conformément àl'article 5dudit
règlement.
Inaccordance with Council Regulation (EEC, Euratom) No354/83 of1February 1983
concerning theopening tothepublic ofthehistorical archives oftheEuropean Economic
Community andtheEuropean Atomic Energy Community (OJL43,15.2.1983, p.1),as
amended byRegulation (EC, Euratom) No1700/2003 of22September 2003 (OJL243,
27.9.2003, p.1),this fileisopen tothepublic. Where necessary, classified documents inthis
filehave been declassified inconformity with Article 5oftheaforementioned regulation.
InÜbereinstimmung mitderVerordnung (EWG, Euratom) Nr.354/83 desRates vom 1.
Februar 1983 über die Freigabe der historischen Archive der Europäischen
Wirtschaftsgemeinschaft undderEuropäischen Atomgemeinschaft (ABI. L43vom 15.2.1983,
S.1),geändert durch dieVerordnung (EG, Euratom) Nr.1700/2003 vom 22.September 2003
(ABI. L243vom 27.9.2003, S.1),istdiese Datei derÖffentlichkeit zugänglich. Soweit
erforderlich, wurden dieVerschlusssachen indieser Datei inÜbereinstimmung mitArtikel 5
dergenannten Verordnung freigegeben.

COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(75)603final.
Brussels ,1December1975
Amendedproposalfora
/
SIXTHCOUNCILDIRECTIVE
onthecoordination oftheguaranteesrequiredinMemberStatesforthe
purposeofprotectingtheinterestsofthemembersofcompaniesandof'
thirdpartiesasregardsthecontent,checkinganddistribution ofthe
prospectustobepublishedwhensecuritiesissuedbycompanieswithinthe
meaningofArticle58paragraph2oftheTreatyareadmittedtoofficial -
stockexchangequotation \
(presentedtotheCouncilbytheCommission
inapplicationofArticle149»para.2)
(MemofromMr.Simonet) -
COM(75)603final.

Originalproposai
ProposalforaCouncilDirective
concerningthecontent,checkingand
distribution oftheprospectustobe
tV-liwhenaocuritiosissuedby
companieswithinthemeaningof
Article58paragraph2oftheTreaty
areadmittedtoofficial .stock
exchangequotation.
PreambleandRecitalsunchanged...
SectionI-Generalrulesandfieldofapplication
_.rt'.cle1 Article1
Requirementofissuingaprospectus Recruirementofissuingaprospectus .
1..MemberStatesshallensure -1.Unchanged,
that,beforesecuritiesareadmitted
toorintroducedforofficialquo­
tationonastockexchangesituated
withintheirterritory,aprospectus
checkedbyanauthorityappointed
forthispurposeispublishedor
madeavailabletothepublic.Newversion
AmendedproposalforasixthCouncil
Directiveonthecoordination
guaranteesrequiredinMemberStates
forthepurposeofprotectingthe
interestsofmembersofcorsroantfis
andofthirdpartiesasregardsthe
content,checkinganddistribution
oftheprospectustobepublished
whensecuritiesissuedbycompanies
withinthemeaningofArticle58
paragraph2oftheTreatyareadmitted
toofficialstockexchangequotation.

2.Notwithstanding thefore-.2.Notwithstanding theforegoing,
£oin~,securitiesissued'"byopen-endsecuritiesissued "by'open-end''collectivo
investment -companiescxtd■unittrusts,investmentundertakings ,thr.tistosay
thatistosayorganisations whoso .investment companiesandunittrusts
securitiesareissuedinacontinuous whosesecuritiesareissued,or.have
fashionorinclosely ;spacedtranchesbeenissuedinacontia-.io.iw ..
and/orare."bought,backorredeemed -orcloselyspacedtranchesand/jor
directly .orindirectlyattherequest ■gre"boughtbackorredeemeddirectly
oftheholdersoutoftheirassets,orindirectlyattherequestofthe
sha^.1beexcludedfromthe.-field-:ofholdersoutoftheirassets,shallbe
applicationofthisDirective.excludedfromthefieldofapplication
. ■- •ofthisDirective.
a
3.Theobligationsofthis 3.Unchanged.
Directiveshallnotapplyeitherto
securitiesissuedbytheStatesor
theirlocalauthorities ^• •>< »•*
'.-Articles2and3unchanged -.*
Article4 Article4
JRight.towaivepublication ofapros-*Righttowaivepublicationofapros­
pectusorcertainofitsheadings pectusorcertainofitsheadings
1.KemberStatesmay,under 1.Unchanged.''
conditionsdeterminedbythem,waive
publicationofaprospeotusdrawnup1
inaccordancewiththeannexedschemes
ofpresentation ,ormayevenprovide 1
forcompleteexemptionfromthe
requirementofissuingaprospectus
whentheapplicationforadmissionis
inrespectofthesecuritiesdetailed
below:

-3-
a)securitiesforwhich,withinaa)securitiesforwhich,withinamaxi-
maximumofsixmonthspriortothemumofsixmonthspriortothe
applicationforadmission,anissueapplicationforadmission,anissue
prospectuswaspublishedintheprospectuswasdrawnupandpub-
s-jagmemberco^mtryinconnection lishedinthesameMemberState(1)
withapublicissue,providedthatinconformitywiththeprovisions
theprospectus wasdrawnupinofthepresentDirectiveandcan
conformitywiththeprovisionsofbeheldtobeequivalenttothe
thepresentDirectiveandcanbeEuropeanadmissionprospectus;in
heldtobeequivalenttotheEuro-suchacase,theup-datingofthat
peanadmissionprospectus ;insuchprospectusmayifnecessarybe
acase,theup-datingofthat calledfor;
prospectus mayifnecessarybe
calledfor;
b)securitiesalreadyadmittedtob)unchanged
officialquotationonanotherstock
exchangeinthesamemembercountry,
providedthataprospectushas
alreadybeenpublishedwhichcom­
plieswiththepresentDirective;
c)shares(includingshareshavingnoc)unchanged
capitalvalue)allotted,consequent
\
uponthecapitalization ofreserves,
issuepremiums,revaluation sur­
pluseso?profits,toholdersof
sharesofthesamecategoryalready
quotedonthesamestockexchange;
d)sharesresultingfromtheconversiond)unchanged
ofconvertible debentures whenthese
convertible debentures andshares ,
ofthesamecategoryasthose
offeredbywayofconversionare
alreadyquotedonthesamestock
exchange;
(1)DoesnotapplytotheGermantext

<
e)sharesissuedinconnectionwithe)unchanged
theexerciceofwarrants,whenthe
debenturestowhichtheywere
attached,aswellassharesofthe< ••
samecategoryasthoseofferedto : •
holdersofthewarrants,areal-
rea.dyquotedonthesamestock ...-1••■-
exchange:
f)supplementarycertificatesrepre-f)unchanged
sentingsharesissuedinexchange..
fororiginalsecurities,where
thereisnoincreasevofcapital,
whenthecertificates arealready
quoted3onthesamestockexchange:
i
g)anumberofsecuritiesamounting .g)unchanged
tolessthan5$ofthenumberof
•securitiesofthesamecategory
alreadyadmittedtoquotationon
thesamestockexchange,provided
thattheaggregatemarketvalueof
theadditionalsecurities doesnot
exceed500000unitsofaccount '
overaperiodoftwoyears.
2.WhereMemberStatesintendto.2.'WhereMemberStatesintendto
availthemselvesofthisexemptionavailthemselvesofthisexemption
option,theymustnotifytheoption,theymustnotifytheCommission,
Commission,atthelatestbytheatthelatestbytheexpiryofthetime-
espiryofthetime-limitfixedinlimitfixedinArticle20(l),ofthe
Artiole20(l),ofthecasesincasesinwhichtheyintendtokeepthis
whichtheyintendtokeepthisoptionavailableand,whereappropriate ,
optionavailableand,whereappro-oftheparticularprovisionstheyare
priate,oftheparticularpro-establishingfortheschemeof
visionstheyareestablishingforpresentation ,
theschemeofpresentation .

'-5-
When,inthesesamecases,circum-'
stancesrol?,tingtothecreationof
extrasecuritiescallforspecial
information theMemberStatesmust
novorthelosa prescribethepublication
ofthenecessaryinformation
Article5 Article5
Dispensation fromtheprovisionsofDispensation fromtheprovisionsof
certainheadingmtheannexed
Schedulescertainheadingsmtheannexed
Schedules -'
Theauthorities ofMemberStates
maydispensetheissuerfrompub­
lishingcertaininformationlaiddown
intheSchedules **hon,intheparti­
cularcircumstances oftheissuer
concerned :
1.thisinformation hasnomorethan
minimalimportanceandisnotlikely
toinfluenceassessmentofthenet
worth,financialposition,resultsand
prospectsoftheissuer;
2.thedisclo.suroofthisinformation
wouldbecontrarytothepublic
interestorwouldbeseriouslydetri­
mentaltotheissuer,providedthat
non-publication isnotlikelytomis­
leadthepublicwithregardtothe
factsandcircumstances essentialfor
assessmentofthesecuritiesin
question.Thecompetentauthorities of
MemberStatesmay,ontheirown
initiative orattherecruestofthe
issuer,dispensethelatterfrom
publishingcertaininformationlaid
downintheScheduleswhen,inthe
particularcircumstances ofthe
issuerconcerned :
1.thisinformationisnotlikelyto
influenceassessmentofthenetworth,
financialposition,resultsand
prospectsoftheissuer;
2.unchanged
•^••

-6-
Section II–Content oftheprospectus inspecial cases
Article 8
Guaranteed loansArticles 6and 7unchanged
Article G
Guaranteed loans
1.Inthecase ofloans covered "by 1.unchanged
athird company 'sguarantee other than
intheform ofmaterial security ,the
prospectus must carry information as
specified inthedebentures Schedule
concerning both companies when the
issuing company andguarantor company
arespecifically engaged inindustry
and commerce .
When oneofthetwocompanies is .
afinancial institution ,that part of
the full prospectus which relates to
that company shall "bedrawn upin
accordance with theprovisions of
Article 6.
2.Inthecase ofloans issued by •
a"pure "finance oompany having no
other business than that ofthe
issuing ofloans and the placing of
such funds atthe disposal ofthe
parent company orother companies
affiliated toit,theprospectus must
include ,fortheguarantor companies ,2.Inthecase ofloans issued bya
"pure "finance company ,that istosay
one engaging innoother activity than
assembling capital tomgJce itavailable
toaparent company ortoacompany
directly orindirectly affiliated with
it,theprospectus must include ,for
theguarantor companies ,
1

-7-
theinformationspecifiedinthe
debenturesScheduleexceptforChapter
2and,fortheissuingcompany,that
istoscythe"pure"financecompany,
theinformationspecifiedinChapters
1,2and3andunderitems51.and61
ofthedebentures Schedule.
Whenthereismorethanone
guarantor,theinformationspecified ,
intheScheduleisrequiredfromeach,
"buttheprospectusmaybeabridgedfor
thesakeofmakingiteasiertoread,
pursuanttoinstructions givenbythe
authorities .
3.Forgrouploans,information
concerningalltheguarantorcompanies
isrequiredintheprospectus.VJhen
t^-cse?.retoonumerous,however,the'
competent .authoritiesshallhavedis­
cretionarypowertoallowabridgement
oftheinformationrequiredofeach.
4.Inallcasesofguaranteedloans,
theguaranteecontractmustbeannexed
totheprospectusunlessitistoo
voluminousordifficultforthepublic
tounderstand.Insuchacase,a
resumeofthecontractmustbepub-')'
lishedwhichwillgllovfanassessment
tobemadsofthenatureandscopeof
theruarantee,whilstthecontract
itselfmustbomadeavailable'tothe
mblicatthepremisesofthefinancialtheinformationspecifiedinthe
debenturesScheduleexceptfor
Chapter2and,"fortheissuing
company,thatistosaythe"pure"
financecompany,theinformation
specifiedinChapters 1,2and3and
underitems51fond61ofthedebentures
Schedule.
Whenthereismor3than,one;•-
guarantor,theinformation -specified
intheScheduleisrequiredfromeach,v
buttheprospectusmaybeabridgedfor
thesakeofmakingiteasiertoread*
pursuanttoinstructions givenbythe
authorities .
3.unchanged
4.Inallcasesofguaranteedloans,
theguaranteecontractmustbeannexed
totheprospectusunlessitistoo
voluminousordifficultforthe
publictounderstand'.Insuchacase,
thecontractmustbemadeavailable
tothepublicatthepremisesofthe
financialintermediaries involvedin
theapplication foradmissionorin
theplacingofthesecurities.,
•••J•••

intermediaries throughwhomthe
recruestforadmissionismade.
Article9unchanged
Article10 Article10
Admissiontostockexchangequotation Admissionto3tockexchangequotation
missionrelatestosecuritiesissued .missionrelatestosecuritiesissued
inconnectionwithanoperation inconnectionwithanoperation
involvingthemergingorsplittingofinvolvingthemergingorsplittingof
companies,thetransferofassetsorcompanies,thetransferofassetsor
apublicexchangeoffer,andwhentheapublicexchangeoffer,andwhenthe
operationtookplacewithinthelastoperationtookplace'withinthelast
threeyears,theprospectusshallthroeyears,theprospectusshall
include,inadditiontotheinformationinclude,inadditiontotheinformation
specifiedinthesharesScheduleorinspecifiedinthesharesScheduleorin
thedebenturesScheduleasappropriate ,thedebenturesScheduleasappropriate ,
,thefollowingmaterialwhichmaybethefollowingmaterialwhichmaybe
insertedorsimplyannexed:insertedorsimplyannexed:.
-thedocumentspresentedtothe-/thedocumentspresentedtothe
generalmeeting,includingthegeneralmeeting,includingthereport
reportofthemerger,thevaluationofthemerger,thevaluationcriteria
J-criteriaandthejustification forand'thejustification fortheexchange
theexchangeratio;' ratio;
-theopeningbalancesheetshowing-theoponingbalancesh©3tshowing
.theeffectsoftheoperationintheeffectsoftheoperationin
question; .question;ofsecuritiesissuedmconnection
withthemergingorsplittingof
companies,thetransferofassetsor
apublicexchangeofferofsecuritiesissuedmconnection
withthemergingorsplittingupof
companies,thetransferofassetsor
apublicexchangeoffer
1.Whentheapplicationforad-1.Whentheapplicationforad­

-9-
-informationrelatingtothe-informationrelatingtothe
financialbackgroundofeachofthe,financialbackgroundofeachofthe
companiesinvolvedjthisinformation companiesinvolved;thisinformation
mayhe"briefforcompanieswhichare,may"be"briefforcompanieswhichare
alreadyquoted. alreadyquoted.
However,whenthesedocuments
aretoolongor'difficultforthe
publictounderstand ,theyneednot
beinsertedinorannexedtothe
"prospectus,providedthattheyare
madeavailabletothepublicatthe
. premisesofthefinancialintermediaries
involvedintheapplication foradmission
orintheplacingofthesecurities.
2.IJhonlessthansi::monthsbefore2."Jhenlessthansixmonthsbefore
admissiontostockexchangequotation .admissiontostookexchangequotation
equivalentandcheckedinformation hasequivalentandcheckedinformation has
beenpublishedpriortoanoperationbeenpublishedpriortoanoperationof
ofthekindreferredtoinparagraph1,thekindreferredtoinparagraph 1,
theauthoritiesoftheMemberStates'thecompetentauthoritiesofMember
maywaivepublicationofaprospectusStatesmaywaivepublicationofa
foradmissiontoquotation,providedprospectusforadmissiontoquotation,
thatthisinformationismadeavail-providedthatthisinformationismade
abletothepublic. availabletothepublicatthepremises
ofthefinancialintermediaries involved
intheapplication foradmissionorin
theplacingofthesecurities .-informationrelatingtothe
financialbackgroundofeachofthe
companiesinvolvedjthisinformation
maybebriefforcompanieswhichare
alreadyquoted.
Articles11and12unchanged
*••/•••

-10r
::·ΐ:
SectionIII-Arrangements forenforcingtheprospectusrequirements
andforir.ald.ngit.publiclyavailable -- .•.
-Article13•unchanged
Article14
Methodsofpublishingthe'prospectus
1.Theprospectusioradmissionto
quotationmust"bepublished :•
-either .byinsertioninanofficial
.gazetteandinoneormoreother,
'journalsj -
-orbymakingavailabletothepublic,
freeofcharge,copiesinpamphlet
formattheheadquarters ofthe
stockexchangeor'stockexchangeson
whichthesecuritiesareadmittedto
""(Quotationandattheofficesofthe
issueraswellasoverthecounters
ofthebanksandotherintermediaries
ihvolvedintheapplicationfor
admissionorintho'placingofthe
securities. !Article14
Methodsofpublishingtheprospectus
1.Theprospectusforadmissionto
quotationmustbepublished:
-eitherbyinsertioninoneormora
journalswithavri.decirculation,
-orbymakingavailabletothepublic,
freeofcharge,oopiesinpamphlet
formattheheadquarters of"the
stockexchangeorstock"exchanges
onwhichthesecurities'are"being
admittedtoquotation "andatthe
officesoftheissueraswellas
atthepremisesoftheintermediaries
involvedintheapplicationfor
admissionorintheplacingofthe
securities .
2.,.Thesetwomethodsmaybecombined.2.unchanged.
Incountrieswherepublicationofa
prospectusinthepressisprescribed
notalltheinformationspecifiedin
the'Schedulesannexed .tothelirective j;
needbepublishedinthepress,subject
tothefollowing "conditions:
-theinformationprescribedinthe
annexedSchedulesbutnotpublished
inthepressmustbemadeavailable
tothepublicinpamphletform;

-11-
-thispamphletmustalways "beaccom--unchanged.
-paniedbyareprintofthedocument
-publishedintha.presa;
-thedocumentpublishedinthepress-unchanged,
mustmentionthepamphletandmust
statewheremembersofthepublic
mayobtaintheinformation document
infull.
Finally*theapportionment of,unchanged,
theinformation betweenthetwo
methodsmustbecarriedoutinaccor­
dancewiththestandardsfixedbylav/
.orbythecompetentauthorities and ...
undertheircontrol.
3.Itmustbemade'compulsoryfor3.unchanged,
'theprospectuses tobelodgedin
placesandaccordingtoprocedures
l_dddown'bytheMemberStates.
Article15 Article'15
Deadlinesforpublisnjn ,?thepros
pectus
1.liliensharesare.admittedto
■quotationtheprospectusmustbe
publishedormadeavailabletothe
publicatleasteightdaysbefore
thedateonwhichthesecurities
admittedtoquotationcanbethe
subjectofdealingsrecordedinthe
officiallist.Deadlinesforpublisnmgthepros­
pectus
1.Whensharesareadmittedto
quotationtheprospectusmustbepub­
lishedorms.deavailabletothe
publicasearlyaspossibleandat
leasteight.daysbeforethedateon
whichthesecurities admittedto
quotationcanbethesubjectof
dealingsrecordedintheofficiallist.

:1
Thissemeeigirt-dayminimumrequire---
inentmustberespectedinthecaseof•
issuesofconvertible debenturesor
debentureswithwarrantsattached
carryingpreferential subscription
rightsforcurrentshareholders .
Threedaysatleastmustbeallowed
inthecaseofissuesofy:.\-
debentures,convertible debenturesor
debentureswithwarrantswhichdonot..
carrypreferential subscription rights
forexistingshareholders .
2.Moreover,wherethereistobe
amarketinsubscriptionrightsgiving
risetodealingsrecordedinthe
officiallist,theprospectusmustbe
publishedormadeavailabletothe
publicatleastthreedaysbefore
thismarketopens.
3.,Intheeventof-admissionof
debenturestoquotationcoinciding
with,thepublicissue,andwhen
certainterrasoftheissuesuch,asthe
issuepriceortheinterestrateare
onlyfinalizedatthelastmoment,
theauthoritiesmayconfinethem­
selvestoinsistinguponthepubli­
cation,atleastthreeda^ysbefore
admission,ofaprovisionalpros­
pectusomittingthisinformation but
indicating howitwillbemadeknown.Thia.sameeight-dayminimumrequire­
mentmuetborespectedinthecaseof
issuesofconvertible debenturesor
debentureswithwarrantsattached
carryingpreferential'subscription
rightsforcurrentshareholders .
Throedaysatleastmu^tbo"allowed
inthecaseofissuesofdebentures ,
convertible debenturesordebentures
withwarrantswhichdo.not.carry
T
preferential subscriptionngnts
forexistingshareholders ..
2.Moreover,wherethekdmission
ofthesesecurities -isprecededby
ne/sQti?,tionofthesubscription
rightsgivingrisetodealings ,
recordedintheofficiallist,the
prospectusmustbepublishedor.made
availabletothepublicatleast
threedaysbeforethenegotiation opens.
3.unchanged.
«••/•••

13-
Thisinformation must"bemadeknown
tothepublicnotlatertiiantheday
beforedealingscommence,byputting
outeitheracompleteprospectusor
anaddendumsheettotheabove-
mentionedprovisionalprospectus,or
alternatively byanoticeinthepress
referringtothecompleteprospectus
andindicatingwhereitmaybe
procured.
Article16 Article16
Publication ofdocumentsotherthem
theprospectus
1.Assoonasacheckedprospectus
ispublishedforsecuritiesincon­
nection :withtheiradmissionto
quotation,thebills,postersand
documentsconfined'totheannounce­
'mentoftheseoperationsandtoan
indicationoftheessentialcharac­
teristicsofthesecurities must
refertotheprospectusandmust
statewhereandhowthepublicmay
procureit.Publication ofdocumentsotherthan
1.unchanged
2.Documentscontainingmore
detailedinformationthatarepub­
lishedbyoronbehalfoftheissuer,
andinparticularthepartialor
•abbreviated prospectusincountries2.unchanged

/ ~*14
whereitsissueisallowedbythe
authorities ,must,inthesamemanner
asthecompleteprospectus,besub­
mittedforchockingbythecompetent
authorities ,inorderthattheymay
verifythattheseinformation docu­
ments,thoughabbreviatedorincom­
plete,wouldnotbeliabletodistort
thepublic'sassessmentofthe
securitiesandinorderthattheymay
callforamendmentstobemade,if
necessary.
Furthermore ,'thesedocuments
mustrefertothecompleteprospectus
/
findmustindicatewhereandhowit
maybeobtainedbythepublic.
3.ItisrecommendedthatMember
Statesshouldencouragethepub­
licationofabbreviated prospectuses
whichareclearlypresentedandeasy
forthepublictounderstandand
which,whilstincludingonlythe
essentialelementsoftheannexed
Schedules,conveyanobjective
impressionoftheissuerandofthe
rightsattachingtothesecurities.
4.Thecompanyorthefinancial
intermediaries concernedinthe
placingofthesecuritiesortheir
admissiontoquotationmaynot,in
thisconnection,giveanyinformation
thatmightaffectassessmentofthe3»'MemberStates'shallencourage
thepublicationofabbreviatedpros­
pectuseswhichareclearlypresented
andeasyforthepublictounderstand
andwhich,whilstincludingonlythe
essentialelementsoftheannexed
Schedules,conveyanobjective
impressionoftheissuerandofthe
rightsattachingtothosecurities.
4,Thecompanyorthefinancial
intermediaries concernedinthe
placingofthesecuritiesortheir
admissiontoquotationmaynot,in
thisconnection,giveanyinformation
thatmightaffectassessmentofthe

-15-
securitiesifitdoc3riotappearinsecuritiesifitdoesnotappearin
the.prospectusorisnotcommonknow-theprospectusorisnotcommonknow­
ledge. ledge.
Article17unchanged
SectionIV-Proceduresforcooperation betweenMemberStatesinthe
application oftheDirective
Article18: Article18
OperationsaflootingseveralMemberOperationsaffectingseveralMember
States _.States
1.Inthecaseofsimultaneous
admissiontoquotationonthestock
exchangesofseveralmembercountries
oftheCommunity,theauthoritiesof
theMemberStatesconcernedshall
establishbetweenthemselvesallthe*
contactsnecessarytocoordinateto
themaximumtherequirements con­
cerningprospectuses inorderto
avoidamultiplicity offormalities
andtoacceptasingletextforthe
greaterpartoftheprospectus which
wouldthenonlyneedapossible
translation andsupplementcorres­
pondingtotheindividualrequire­
mentsofeachMemberStateconcerned.1.Inthecaseofsimultaneous
admissiontoquotationonthestock
exchangesofseveralMemberStates
oftheCommunity,theauthoritiesof
theMemberStatesconcernedshall
establishbetweenthemselvesallthe
contactsnecessarytocoordinateto
themaximumtherequirements con­
cerningprospectuses inorderto'
avoidamultiplicity offormalities
andtoacceptasingletextwhich
wouldthenonlyneedapossible
translation andsupplementcorres­
pondingtotheindividualrequire­
mentsofeachMemberStateconcerned.
2.Intheeventofadmissionto2.Intheeventofadmissionto
quotationbeingsoughtfromastockquotationbeingsoughtonastock
exchangeinoneormoreMemoerStatesexchangeinoneormoreMemberStates
m•«/••»
(l)Englishtextunchanged.

16-
forsecuritieswhichhavebeenadmittedforsecuritieswhichhave"beenadmitted
toquotationinanotherMemberState ...toquotationinanotherMemberState
forlessthansixmonths,theautho-forlessthansixmonths,thecom-
ritiesofthecountriesinwhich patentauthoritiesoftheMember
admissionisbeingsoughtshall.make.-Statesinwhichadmissionisbeing
contactwiththeauthoritywhichhassoughtshallmakecontactwiththe
alreadyadmittedthesecuritiesandcompetentauthorities whichhave
shall,asfarasispossible,exemptalreadyadmittedthesecuritiesand
theissuerfromdrawingupanewshall,asfarasispossible,exempt
prospectussubjecttoanyneedfortheissuerfromdrawingupanew
updating,translationortheissueofprospectussubjecttoanyneedfor
asupplementinaccordancewiththeupdating,translationortheissueof
individualrequirementsofeachmemberasupplementinaccordancewiththe
countryconcerned. individualrequirements ofeachMember
Stateconcerned.
3.Inthecaseofasecurxtywhich
isquated011thestockexchangesof ■Q't-ed-* ?
severalMemberStates,theauthorities
ofthecountriesconcernedmust
endeavourtogettheissuertoarrange
tha,tinformation madeavailableinone
ofthesecountrieswhichplight
influenceassessmentofthemeritsof
thosecurityisalsomadeavailableat ■
thesametime,orsoonafter«inthe
othercountriesinwhichthesecurity
isquoted.' <
Article19 Article19
Contactgroup ContactGroup
1.AContactGroupshallbesetup
intheCommission.Itsfunctionshall
be:1.AContactGroupshallbesetup
intheCommission.Itsfunctionshall
be:

-17-
a)tofacilitate,v.'ithoutprejudiceto
thsprovisionsofArticles169and.
170oftheTreaty,harmoniz-ed
applicationoftheDirectivethrough
regularcontactsdesignedtoconcert
approachestothepracticalprob­
lemsconnectedwithitsapplication
and,inparticular,theannexed
Schedules,aboutwhichexchangesof
viewsmightbedeemeduseful;
b)tofacilitateaconcertedapproach
asregardssupplements andimprove­
.mentstotheprospectuswhichitis
permissiblefortheauthoritiesof
MemberStatestorequireorrecommend
atpurelynationallevel;
c)toaidtheCommission,-ifnecessary,
indrawingupnewproposalstothe
Councilwithaviewtosupplementing
oramendingtheDirective *
2.TheContactGroupshallbe
composedofrepresentatives ofthe
MemberStatesandoftheCommission .
TheCommission'sservicesshallpro-
theSecretariat .a)tofacilitate,withoutprejudiceto
theprovisionsofArticles169and
170oftheTreaty,harmonized
applicationoftheDirectivethrough
regularcontactsdesignedtoconcert
approachestothepracticalproblems
connectedwithitsapplication ajid,
inparticular,withtheannexed
Schedules,aboutwhichexchangesof
viewsmightbedeemeduseful;
b)tofacilitateaconcertedapproach
asregardssupplements andimprove­
mentstotheprospectuswhichitis
permissiblefortheauthoritiesof
MemberStatestorequireorrecommend
atpurelynationallevel;
o)toadvisetheCommission,ifnecessary,
onanyadditionsoramendmentstobe
madetothepresentDirective.
2.TheContactGroupshallbe
composedofrepresentatives ofthe
MemberStatesandoftheCommission .
TheChairmanshallbearepresentative -
oftheCommission .
3.TheGroupshallbeconvenedby
theChairman,eitheronhisown
initiative,orattherequestofone
ofthemembers.

SectionV-FinalProvisions
Article20 Article20
1.MemberStatesshallputinto
effect,withintwelvemonthsof
notification tothenofthepresent
Directive,allmeasuresnecessaryfor
complyingwithitsprovisionsand.shall
informtheCommissionimmediatelyof
suchmeasures.
2.TheMemberStatesshallcom­
municatetotheCommissionthetexts
oftheessentialprovisionsofnational
lawwhichtheyadoptintheareas
coveredbythepresentDirective.1."MemberStatesshall,putinto
effect,withintwelvemonthsof
notification tothemofthe.present
Directive,allprovisionsnecessary
forcomplyingwithitandshall
informtheCommissionimmediatelyof
suchprovisions.
2.TheMemberStatesshall
communicate totheCommissionthe
textsofsubsequentprovisionsof
nationallawfchichtheyadoptinthe
areascoveredbythepresentDirective,

»
-19-
SCHEITLE A
Schemeofpresentation forprospectuses iortheadmission
ofsharestostockexchragoquotation
Items11and12unchanged
Itcn13
Statementspecifyingwhetherornotthe
accountshave"beenchecked "byinternal
orouts~.deauditing/accountingexperts
(e.g.accountants,sindaci.Wirts-
schaftsprfffer ,etc.).Thecapacity
(organestablishedunderthe"Statutes"
orexternalbody)inwhichtheveri­
ficationswerecarriedoutshouldbe
specified,aswellaspossiblereser­
vations.Thesamerule •shallapply
totheconsolidated accountscontained
intheprospectus.Item13
Statement'specifyingwhichaccounting
documentsandwhichinformation ofa
financialnaturehavebeencheckedby
theofficialauditorofthecompany's
accounts,inthecaseofanauditor
fromaMemberState,orbyan
authorizedofficialauditorinthe
caseofanauditorfromnon-member
countries..
Thecapacity(organestablishedunder
the"Statutes"orexternalbody)in
whichtheverifications werecarried
outshouldbespecified,aswellas
possiblereservations .The.samerule
shallapplytotheconsolidated aocounts
containedintheprospectus.
Theauditor'scertificate shallappear
intheprospectus .
Items21-yid22unchanged
Item221 Item221
Indicationoftheresolutions ,
authorizations andapprovalsbyvirtue
ofwhichthe'securities werecreated:Indicationoftheresolutions ,
authorizations andapprovalsby
virtueofwhichthesecurities were
•••/•••

-20-
t;7peofoperationandamountthereof*.created,wheretheseresolutions .
Numberofsecuritiescreated,ifpre-authorizations orapprovalsdonot
determined..- datebackmorethan,five.years;type
ofoperationandamountthereof.
Numberofsecuritiescreated,ifpre-
"determined.
Items222to24'unchanged
Item241'
Descriptionofthesecurities ,the.Descriptionofthesecurities....
,admissionofwhichisappliedforand,serialnumberswhere.known,coupons
interalia,numberoroverallparvalue,attached,etc...
exactdesignationorcategory,serial *
numbers,couponsattached,etc.
Items242to244unchanged
Item245 Item245
Ifsecurities oxthesamecategoryareIfsecuritiesofthesamecategoryare
notyetadmittedtoquotationbutarenotyetadmittedtoquotationbutare
dealt"inonmarketsotherthanthatof'dealtinononeormoreothermarkets
officialquotation,themostrecent sub.jecttoregulation ,inregular
1pricesoilthosemarketsinsofarasoperationandrecognizedandopen,
publicityispermitted;themarketsthemostrecentpricesonthose
onwhichthesepriceswererecorded marketsinsofarassuchpublicity
andthesourcefromwhichtheywere .ispermitted;themarketonwhich
taken.Thedatareferredtoabovearethesepriceswererecordedandthe
givenonlyifthomarketforthesourcefromwhichtheywere"taken,
securitiesi3sufficiently wide. - 4
Items246to325unchanged

Itorn326 Item326
IndicationofanypersonwhodirectlyIndicationofanynaturalorlegal
orindirectly,aloneorjointlywith'personwhodirectlyorindirectly,
othershareholders ,controlsthecon-aloneorjointlywithothershare-.
pany,mentioningtheamountofhisholders,infactcontrolsthecompany,
participation andinanycase,insomentioningtheamountofthepartici-
farasitisknowntothecompany,anypationandinanyevent,insofaras
holdingof25/0ormoreofthesub-itiscommonknowledgeorknownto'the
scribedcapital.Mentionmustalsobecompany,anyholdingof10$ormoreof
madeoftheportionsof1Cf/oormorethesubscribedcapital,mentioningthe
helddirectlyorindirectlybyotheramountoftheparticipation ."Joint
personsorbodiescorporate,whenevercontrol"meanscontrolexercised ■
thisholdingiscommonknowledge.bytwoormoteconp-:iniesor
Byjointcontrolmustbeunderstood personawhohaveconcluded v-"'
thecontrolexercisedbyseveralcom-amongthemselvesanagreementwhichmight
paniesorseveralpersonswhentheyleadthemtoadoptacommonpolicy
haveconcludedamongthemselvesaJiinrelationto"thecompanyinquestion,
agreementwhichmayloadthemtoadopt
acommonpolicyvis-a-visthecompany
inquestion.
Items327to413unchmgod
Item414 .Item414
Information onthestructureofmarketsInformation onthestructureofsupply
andsuppliesforthelastfinancial sourcesandmarketsfor"theproducts
'yearandforthecurrentfinancialyearorservicesand,ifpossible,abreak-
andtheirtrend(with,ifpossible,downofthenetamountoftheturnovermadeoftheportionsof1CF/oormore
helddirectlyorindirectly byother
personsorbodiescorporate,whenever
thisholdingiscommonknowledge.
Byjointcontrolmustbeunderstood
thecontrolexercisedbyseveralcom­
paniesorseveralpersonswhenthey
haveconcludedamongthemselves aJi

-22-
a"breakdownofthenotamountofthe
turnover "byprincipalgeographical
oreconomiczones*insofarasthis
information mayinfluenceassessment
ofthenetworth,financialposition
orresults).byprincipaljgeogr-aphical -or.economie
zones.
Item415
Locationandimportance -ofthecom­
pany'sprincipalestablishments and,
ifnecessary,theirdevelopment inthe
courseofrecentfinancialyearsand
thecurrentfinancialyear,andinfor­
mationabouttherealestateowned.
Anyestablishment whichaccountsfor
morethan10$ofturnoverorproduction
isconsideredtobeaprincipalestab­
lishment.Item415
Location,relativesize(1)and
development oftheactivitiesofthe
company'sprincipalestablishments
and-information about'thereal '<
estateowned.Anyestablishment
whichaccountsformorethan10,oof
turnoverorproductionisconsidered
tobeaprincipalestablishment .
Item416unchanged
Item42
Showclearly,ifapplicable ,thecom­
pany'sdependenoewithrespecttothe
grant,useorexpirationofpatents ,
andlicences,totheconclusion ,
maintenance orexpirationofindustrial ,
commercial andfinancialcontracts,Item42
Information onthepossibleeffects
onthecompany'sactivities and
profitsof:
a)ownershipofindustrialproperty
rights(patents,trademarksarid
designs)oroftheugeofyuch...
heldbyofassignedtoorbythe
company.
(1)Englishtextonly.•••A«•

-23-
andtonewmanufacturing processes
whenthesefactorshavegreatimport­
ancefortheactivityorprofitability
ofthecompany.
Ifthisisthecase,allthatwillbe
requiredistogiveindications about
thedegreeofdependence ,todescribe
concisely,andwithoutdivulging
industrialsecrets,thefactorsin
cruestionwhichhaveaparticular
importance,andtoindicate,ifthey
aresignificantinthisrespect,the
datesofconclusion ,obtainingor
expirationofcontracts,licencesand
patents. ' > ■■
Item43inparticularmtheformoflicences,
whetherexclusiveornot,or''
ofcontributions toothercom­
panies;
b)industriai,commercialandfinancial
contracts ;
c)manufacturing techniquesand
specialities .
Ifthisisthecase,allthatwillbe
requiredistodescribeooncisely,and
withoutdivulgingindustrialsecrets,
thefactorswhichhaveaparticular
importance .
Item43
Amountoftneexpenditure effectedinInformation ontheresearchand.
thecourseofthepastfivefinancial .development policyfornewproducts
yearsforresearchanddevelopment of
newproducts.
Item44andprocesses,theamountof.
-'expenditure effectedforthispur­
poseoverthepastfivefinancial
yearsandassessmentoftheinfluence
ofthispolicyontheoperations and
profitability ofthecompany.
Item44
IndicationsoflawsuitsandfactorsInformationon(1)disputesandfactors
interruptingactivities(e.g.strikes,interruptingactivities(e.g.strikes,
accidents)whichhavehadormightaccidents)whichhavehadintherecent
haveasignificant impactonthenetpastormighthaveasignificant impact
•••/•m•

.-24-
worthyfinancialpositionorresultsonthonetworth,financialposition
ofthecompany..,. orresultsofthecompany.
Items45to463unchanged
Item511
Comparativetablesummarizingthe
annualaccountsrelatingtothepast
fivefinancialyearssoastoTaring
outtheessentialfactors,ensuring
howeverthattherearrangement ofthe
pxiblishedaccountsdoesnotaffect .
theirinformative value.
Item512
Theannualaccountsrelatingtotho
•.•tï• ••... ••lasttwocompletedfinancialyearsas
approvedbythegeneralmeetingof
shareholders must"beappended.If
morethanninemonthshaveelapsed
sincethedateonwhichthelast
financialyearwasclosed,arecent
provisionalfinancialstatement(whichItem511
Comparativetablesummarizingthe
balancesheetandtheprofitandloss
accountrelatingtothepastfive
financialyearssoastobringout
theessentialfactors,ensuringhowever
;thattherearrangement ofthepublished
accountsdoesnotaffecttheirinfor­
mativevalue. *
Wbaretduringtheperiodcoveringthe
fivefinancialyearsmentionedabove,
eventshaveoccurredmaJdLngcompargMlit.y
ofthoessentialitemsinthebalance
sheetsand'profitandlossaccounts
impossible ,thisshouldbestated.'
Item512 ';
The,annualaccounts(balancesheet,
profitandlossaccountandannexes)
relatingtothelasttwocompleted
financialyearsasapprovedbytho
generalmeetingofshareholders must
beappended.Ifmorethanninomonths
haveelapsedsincethedateonwhich
thelastfinancialyearwasclosed,a
••■f••m

-25-
anybesubmittedwithouthavingbeonrecentprovisionalfinancialstatement
checkedbycharteredaccountants)mustmustbeinsertedintheprospectus,or
beinsertedintheprospectusorappendedtoit.
appendedtoit.
Item513 Iteam513
ShouldtheannualaccountsnotbeShouldtheannualaccountsnotbe
drawnupinconformitywiththepro-drawnupinconformitywiththepro-_
visionsofCouncilDirective No......visionsofCouncilDirective No
of '....,(l)andshouldof................ (1)andshould
theynotgiveasufficientlydetailedtheynotgiveafaithfulreflection
andpreciseviewofthenetworth,ofthenetworth,financialsituation
financialsituationandresultsoftheandresultsofthecompany,theymust
company,they,mustbeaccompanied bybeaccompanied byexplanatorynotes
explanatorynotesandcomments;moreandcomments;moredetaileddis-
detaileddisclosureintheprospectus closureintheprospectusmaybe
mo,ybecalledforandexplicit ,mentioncalledforandesplicitmentionmust
mustbemadeofcorrections andamend-bemadeofcorrections andamendments
mentsinrelationtothepublished inrelationtothepublishedaccounts,
accounts. , •
Iten514 Item514
Ifthecompanydrawsupconsolidated .Ifthecompanydrawsupconsolidated
accounts,theinformationprovidedforaccounts,theinformationprovided
inItems511»512and513shall,ifforinItems511>512and513shall
possible,begivenonthebasisofthe•begivenonthebasisof'thecon-
consolidated accountsaswell.solidatedaccounts -aswell. ;
Items52to531unchanged .
••*/«•«
(1)O.J.No.C7of28January1972

26-
Item532 Item532
BookvaluQofthesharesor"parts"
held.Valuoatwhichtheprospectus-pub -
lishingcompanyrecordstheshares
or"pnbrt-E'^hield.
Items533to552unchanged
Item553
Foreachofthecompaniesincludedin
theconsolidation ,otherthanthe
prospectus-publishing company:
-theproportionofthird-party
interest?,ii'ftheaccountsofthis
companyareconsolidated globally;
theproportionoftheconsolidation
calculated onthebasisofthe
interests,ifconsolidation hasbeen
effectedonaproratabasis.Item553
Foreachofthecompaniesincluded
in,theconsolidation ,otherthanthe
prospectus-publishing company:
-thetotalproportionof
if"""J
accountsofthiscompanyarecon­
solidatedglobally:
Item64softhe-theproportionoftheconsolidation
ationhasbeencalculatedonthebasisofthe
basis.interests,ifconsolidationhasbeen
effectedonaproratabasis.
Items56to633unchcjigcd
Item64
Name,address,capacityandoccupation Name,address,capacityandoccupation
ofthepersonsresponsibleforcheck–ofthepersonsresponsibleforchecking
ingtheaccounts(e.g.commissaires theaccounts,
auxc'omptes,'reviseursd'entreprises ,
Wirtschaftsprtifer,sindaci,etc.).
Items71to73unchanged

-27-
Itoa714
Thestateoftheorderbooic.Itcan714
Generalinformation onthestateof
theorderbook.
Items72to723unchanged

-23-/
SCHEDULE B
Schemeofpresentation forprospectuses fortheadmission -to
stockexchangequotationofdebenturesissuedbyindustrial
orcommercialundertaldngs
Items11and12unchanged
Item13
Statementspecifyingwhetherornot
theaccountshavebeencheckedby
internaloroutsideauditing/
accountingexperts(e.g.accountants ,
sindaci'tWirtsschaftsprufer ,etc.).
Thecapacity(organestablishedunder
the"Statutes"orexternalbody)in
whichtheverifications werecarried
outshouldbespecified,aswellas
possiblereservations .Thesamerule
shallapplytotheconsolidated
accountscontainedintheprospectus.Item13
Statementspecifyingwhichaccounting
documentsandwhichinformation ofa
financialnaturehavebeenchecked
bytheofficialauditorofthe
company'saccountsinthe-caseofan
auditorfromaMemberState,orbyan
authorisedofficialauditorinthe
caseofanauditorfromnon-member
countries.Thecapacity(organestab­
lishedunderthe"Statutes"orexternal
body)inwhichtheverifications were
carriedoutshouldbespecified,as
wellaspossiblereservations .The
sameruleshallapplytotheconsoli­
datedaccountscontainedinthe
prospectus .Theauditor'scertificate
shallappearintheprospectus .
Item21unchanged
Item211
Thenominalamountoftheloan;the
natureandtheamountofthedenomi­
nationsavailableand,whereapprop­
riate,theirnumberandnumbering.,Item211
Thenominalamountoftheloan;if
thisamountisnotfixed,astatement
tothiseffectmustbemade;the
natureandtheamountofthedenomi­
nationsavailableand,whereapprop­
riate,theirnumberandnumbering.

-29-
Itan212 -Ttom-212
Theissueandredemptionpricesand
thenominalinterestrate;ifseveral
interestrates?jeprovidedfor,an
indicationoftheconditionsfor
changesintherate.Intheeventof
thesecuritiesbeingissuedcontin­
uouslyatavariablepricefollowing
thetrendofthemarkets,information
istobe-givenconcerningthelimit
issuepric®applied.■-•Theissueandredemptionpricesandthe
nominalinterestrata;ifseveral
interestratesareprovidedfor,an
indicationoftheconditionsfor
changesintherate.'Intheeventof
thesecuritiesbeingissuedcontinuously
atavariablepricefollowingthetrend
•ofthemarkets-,informationistobe
given,ifpossible,concerningthe
■limitissue-pricesapplied,.
Items213to22unchanged
Item221 Item221
Referencetotheresolutions ,autho­
rizationsandapprovalsbyvirtueof
whichthesecurities worecres,tedor
•v/iiichconstituteapriorcondition
forissueoradmissiontoquotation.Referencetotheresolution,authori­
zationsandapprovalsby-'-virtueof
whichthesecurities werecreatedor
whichconstituteapriorconditionfor
issueoradmissiontpquotation,where
thoseresolutions ,authorizations and
approvals donotdatebackmorethan
fiveyears.
Items222to235unchanged
Item235to2362 Item236
23o.Ifthespmedebenturesare IfthespmedebenturesareIfthesamedebenturesarealready
alreadyquotedononeorseveralquotedononeorseveralstockexchanges,
stockexchanges,thefollowing indicationofthestockexchangeor
mustbementioned : exchangee.
•**/a•«

-30-
2361.Thostockexchangeor-srahinges
onwhichtheyarcmoteA..
2362.Thelatestpriceknown.-■
Item237' .;.Iten237
IfthesecuritiesatenotyetadmittedIfthesecuritiesarenotyetadmi
toquotation,"butaredealtinontoquotation,"butaredealtinon
marlcctsotherthanthatofofficial-ormoreothermarketssubjecttf
quotation.:themostrecentpricesonregulation,inregularoperation .
thosemarketsinso'forasthose ;recognizedandopen,indicationof
pricesaremoaningfal ;themarketthemarketormarketsconcerned.
onwhichthesepriceswererecorded
andthesourcefromwhichtheyhave
"becomeknown.
Item244Items24to243unchanged
Item244
TheperiodduringwhichtheissueisExceptforcontinuous .dobontnr;:i^Lr.'/s,
orwasopenandanindicationofanyindicationoftheperiodduringwhich
possibilities ofearlyclosure.theissueisorwasopenandofany
possibilities ofearlyclosure.
Item245unchanged
Iton246
Indicationofthenetamountofthe
issueproceeds. -Item246
Exceptforcontinuous ,debentureissues,
indicationofthenetamountofthe
issueproceeds.
«••/•••
\

-31-
Items247"to322unchanged
Item323 Item.323
Indicationofanypersonwhodirectly -1Indicationofanynature1ofIgpni
orindirectly,aloneorjointlywithpersonwhodirectlyorindirectly,
othershareholders ,controlsthecom-aloneorjointlywithothershare-
pany,mentioningtheamountofhis•holders,infactcontrolsthecompany,
participation andinanycase,insomentioningtheamountofthepartici-
farasitisknowntothecompany,anypationandinanycase,insofaras
holding'of'2^|ormoreofthesu'b-itisoommonknowledgeorknowntothe
scribedcapital*;Mentionmustalso"becompajoy,anyholdingof10joormoreof
madeoftheportionsof10^'ormorethesubscribedcapital-*mentioningthe
helddirectlyorindirectlyinthe 'amountoftheparticipation ."Joint
companybyothernaturalPersonsorcontrol"meanscontrolexcercised I
bodiescorporate,wheneverthisholdingbytwooremorecompaniesor
iscommonknowledge.'By'jointControl "personswhohaveconcluded''
mustbeunderstoodthecontrolexer-1amongthemselvesanagreementwhichnight
cisedbyseveralcompaniesorseveralleadthemtoadoptacommonpolicy
whentheyhaveconcludedamonginrelationtothecompanyinquestion*
themselvesanagreementwhichmaylead
themtoadoptacommonpolicyvis-a-
visthecompanyinquestion.(
Items324to413unchanged
Item4H Item414
Information onthe.structureofmarkets'Information onthestructure -ofsupply
■andsupplies ,forthelastfinancial sourcesandmarketsfortheproducts
yearandforthecurrent .financialyear,orservicesand,if-possible,break-
andtheirtrend(with,ifpossible,downofthenetamountoftheturnover

breakdownofthenetamountofth$y(pyprincipalgeographical or
turnover "byprincipalgeographicaloreconomiczones).
economiczones,insofarasthis
information mayinfluenceassessment -
ofthenet"worth,financialposition
orresults).
Item415'''"' Item415
Locationandimportanceofthecompany'sLocation,relativesize(1)and
principal ,establishments and,if-developmentoftheactivities' ,ofthe
necessary,theirdevelopmentin"the'pompany'sprincipalestablishments ,
courseofrecentfinancialyearsandandinformation to/fchereal,,
-thecurrentfinancialfrear«.'andinfor-.estate<?wned«.vAnyestablishment
mationabouttherealestateowned.whichaccountsfor,mo_r§.tljanJO^
Anyestablishment whichaccountsfor.,"ofti^rnoverorproduction .iscon-
morethan1C$ofturnoveror:produc-sideredtob$aprincipalestab-
tionisconsideredtobeaprincipal lishment.
establishment .
Item416unchanged •.
Item42
Showclearly,ifapplicable ,thecom­
pany'sdependencewithrespecttothe-
grant,useorexpirationofpatents
andlicences,totheconclusion,
maintenance orexpirationofindus-.
trial,commercial andfinancialcon­
tracts,andto'newmanufacturing '.
(1)Englishtextonly.Item42
Information onthepossibleeffects
onthecompany'sactivitiesand
profitsoft
a)ownershipofindustrialproperty
rights(patents,"trademarksand
designs)or'<sf~thQuseofsuch
rightsheldbyofassignedtoor
bythecomprny,''

-33-
processes when these factors have ' ...
great importance forthe activity or inparticular inthe form oflicences ,
profitability ofthe company . whether exclusive ornot ,or
.ofcontributions toother
companies ;
t>)industrial ,commercial andfinancial
contracts ;
c)manufacturing techniques and
specialities .
Ifthis isthe case ,allthat will beIfthis isthe ca.se ,allthat will be
required istogive indications about required istodescribe concisely ,
thedegree ofdependence ,todescribe andwithout divulging industrial
concisely ,andwithout divulging ,
industrial secrets ,the factors in
question which have aparticular
importance ,andtoindicate ,ifthey
are significant inthis respect ,the
dates ofconclusion ,obtaining or
expiration ofcontracts ,licences
and patents .
Item 43
Amount ofthe expenditure effected
inthe course ofthe past five
financial years forresearch and
development ofnew products .secrets ,the factors which nave a
particular importance .
Item 43
Information onthe research and
development policy fornew products
andprocesses ,the amount ofthe
expenditure effected for this purpose
over the past five financial years and
assessment ofthe influence ofthis
policy onthe activity andprofit­
ability ofthe coTntiany .
Item 44 " Item 44 •v" ' : -
Indications oflawsuits andfactors Information on(1)"dispute 'sandfactors
interrupting activities (e.g. strikes ,interrupting activities (e.g. strikes ,
accidents )which have hadormight accidents )which have hadintherecent
(1)-Snglish textonly .

haveasignificant impactonthenet
worth,financialpositionorresults
oftliecompany.pastormighthaveasignificant
impactonthenetworth,financial
positionorresultsofthe.company.
[tons45to463unchanged
Item511
Comparativetablesummarizingthe
annualaccountsrelatingtothepast
fivefinancialyearssoastobring
outtheessentialfactors,ensuring
howeverthattherearrangement ofthe
publishedaccountsdoesnotaffect
theirinformative value.
Item512
Theannual'accountsrelatingtothe
lastcompleted'financialyearas
approvedbythegeneralmeetingofthe
shareholders mustbeappended.If
morethanninemonthshaveelapsed
Bincethedateoftwhichthelast'
financialyearwasclosed,arecent
provisionalfinancialstatement
(whichmaybesubmittedwithouthaving
beencheckedbycho'teredaccountants)
mustbeinsertedintheprospectus,
orappendedtoit.Item511
Comparativetablesummarizingthe
balancesheet?ndprofitandloss
accountrelatingtothepastfive
financialyearssoastobringout
theessentialfactors,ensuring
howeverthattherearrangement ofthe
publishedaccountsdoesnotaffect
theirinformative value.
Whq&„Auring theperiodcoveringthe
fivefinancialyearsmentionedabove,
eventshaveoccurredmakingcompar­
abilityoftheessentialfactorsin
thebalancesheetsandprofitandloss
accountsimpossible,thisshouldbe
stated.
Item512
Theannualaccounts (balancesheet,
profitand-lossaccountandajinexes)
relating'tothelastcompleted ••
financialyearasapprovedby-the•
generalmeetingofshareholders must
beappended.Ifmorethanninemonths
haveelapsedsincethedateonwhich
thelastfinancialyearwasclosed,a
recentprovisionalfinancialstatement
mustbeinsertedintheprospectus ,or
appendedtoit.

--35-
Item51? Item513
Shouldtheannualaccount0notbe
drawnupinconformitywiththepro­
visionsofCouncilDirective No.......
ox... 1),andshouldthey
notgiveasufficiently detailedand
preciseviewofthenetworth,finan­
cialsituationszidresultsofthe
oompany,theymustbeaccompanied byShouldtheannualaccountsnotbe
drawnupinconformitywiththepro­
visionsofCouncilDirective No......
of 1),andshouldthey
notgiveafaithfulreflectionofthe
networth,financialsituationand
resultsofthecompany,theymustbe
accompanied byexplanatorynotesand
explanatorynotesandcomments;morecomments;moredetaileddisclosure
detaileddisclosureintheprospectus
maybecalled ,forandexplicitmention
muctbemadeofcorrections andamend­
mentsinrelationtothepublished
accounts.intheprospectus maybecalledfor
andexplicitmentionmurstbemadeof
corrections andamendmentsinrelation
tothepublishedaccounts.
Item514 Item514
Ifthecompanydrawsupconsolidated Ifthecompanydrawsupconsolidated
accounts,theinformationprovidedfor'accounts,theinformationprovidedfor
initems511,5'i2and5*13shall,ifinitems511>512and513shallbe
possible,begivenonthebasisofthegivenonthebasisoftheconsolidated
consolidated accountsaswell. accountsaswell.'
Items52to531unchan^ed
Item532
BOOKvalueofthesharesor"parts'1
held.Itéra532
Valueatwhichtheprospectus-
publishingcompanyrecordstheshares
or"parts"held.
(l)O.J.ITo.C7of23January1972.•«•J–1

-36-
Items523"to5j2unchanged
Item.553. Item333
Foreachoxthecompaniesincludedin.Foreachofthecompaniesincludedin
theconsolidation ,otherthanthe ..theconsolidation ,otherthanthe
prospectus -r-publishing company:..prospectus-publishing company:
-theproportionofthirdparty .-thetotalproportionof,
interests,ifthoaccountsofthisthird-partyinterests,ifthe
companyareconsolidated globally;accountsofthiscompanyarecon­
;•.,..- solidatedglobally;
-theproportionofthoconsolidation' -the-proportionoftheconsolidation
calculated onthe"basisofthe calculated onthe"basisofthe
'interests,ifconsolidation has"beeninterests,'ifconsolidation hasbeen
effectedonaproratabasis.effectedonat:proratabasis.
Items56to632unchanged
Item64 Item64
Hame,'address,■capacityandoccupation .Nryne,address,capacityandoccupation
ofthepersonsresponsibleforcheckingofthepersons .responsibleforchecking
\the.accountsCe.ff.commissaires aux.,theaccounts.
comptes,réviseursd'entreprises , •
Uirtschaftsprftfcr,sindaci,etc.). .
Items71to713uncnanied
Item714 Item714
The^stateoftheorderbook. ••Generalinformation onthestateof
'* ■, theorderbook.
Items72to723unchanged
•a«/»••

-37-
SCHEDULE C
Schemeofpresentation forprospectuses fortheadmissionto
stockexchangequotationofcertificates representing shares
Items11to17unchanged
Item18
Annualaccountsforthelastcompleted
financialyear.Commitmentbythe
issuertopublishmyinformation
requiredbylaw,inparticular any
amendmentstothe"Statutes",the
annualaccountsandpublications for
theinformation ofsecurityholders,
andtheplaceswhoresuchpublications
willbemade.Item13
Annualaccounts(balancesheet,
profitandlossaccountandannexes)
forthelastcompletedfinancial
year.
Items21to22unchanged
Item221 Itom221
theissueofthecertificates ortheissueofthecertificates .
"parts' 1.
Items222to26unchanged