Multi-part Prospectuses

In accordance with Article 10 of Regulation (EU) 2017/1129 individual prospectuses and base prospectuses may be drawn up as multi-part prospectuses.

Multi-part prospectuses consist of the registration document, the securities note and in the case of an individual prospectus then a summary must also be included. In the case of base prospectuses the summary must only be attached to the final conditions when issuing securities on an issuance-specific basis.

The multi-part format allows the frequent duplication of information in prospectuses in relation to the issue notes to be omitted and that they may be included in a registration document to be approved separately, which when considered together with the securities notes constitutes a prospectus.

In so doing the date of approval of the securities note forms the reference point for the length of validity of the multi-part prospectus. The end of the validity of a (universal) registration document shall not affect the validity of a prospectus of which it is a constituent part.