Information may be incorporated by reference in a prospectus or base prospectus, notably if it is contained in one the following documents:

1. (1)

   annual and interim financial information;

2. (2)

   documents prepared on the occasion of a specific transaction such as a merger or demerger;

3. (3)

   audit reports and financial statements;

4. (4)

   memorandum and articles of association;

5. (5)

   earlier approved and published prospectuses and/or base prospectuses;

6. (6)

   regulated information;

7. (7)

   circulars to security holders.

The documents containing information that may be incorporated by reference in a prospectus or base prospectus or in the documents composing it shall be drawn up following the provisions of Article 19 of Directive 2003/71/EC.

If a document which may be incorporated by reference contains information which has undergone material changes, the prospectus or base prospectus shall clearly state such a circumstance and shall give the updated information.

The issuer, the offeror or the person asking for admission to trading on a regulated market may incorporate information in a prospectus or base prospectus by making reference only to certain parts of a document, provided that it states that the non- incorporated parts are either not relevant for the investor or covered elsewhere in the prospectus.

When incorporating information by reference, issuers, offerors or persons asking for admission to trading on a regulated market shall endeavour not to endanger investor protection in terms of comprehensibility and accessibility of the information.