Adjusting Expectations - New German Bondholder Act not Applicable to All Existing Bonds

April 11, 2012

Recent court decisions by the District Court of Frankfurt am Main and the Court of Appeals of Frankfurt am Main are forcing market participants to adjust their expectations regarding the applicability of the German Bondholder Act of 2009 to restructurings of German
law-governed bonds issued prior to August 5, 2009.

The attached memorandum summarizes the implications of the Courts’ decisions.