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1 Prospectus dated 19 March 2012 OTTO (GMBH & CO KG) (Hamburg, Federal Republic of Germany) EUR [ ],000,000 [ ] % Notes of 2012/2017 (the "Notes") Issue Price of the Notes: [ ] % Otto (GmbH & Co KG), Hamburg, Federal Republic of Germany (the "Issuer" or "Otto") will issue on or about 29 March 2012 (the "Issue Date") the Notes in the denomination of EUR 1,000 each (the "Notes"). The Notes will be redeemed at par on 29 September They are subject to redemption (in whole, but not in part) at their principal amount at the option of the Issuer in the event of certain changes affecting taxation in the Federal Republic of Germany ("Germany") and following a change of control (see "Conditions of Issue - 5 Redemption, Early Redemption subparagraph 2 and subparagraph 3", respectively). This prospectus dated 19 March 2012 (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive"). By approving this Prospectus, the Commission de Surveillance du Sector Financier of the Grand Duchy of Luxembourg (the "CSSF") gives no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer. This Prospectus together with all documents incorporated by reference therein will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus has been approved by CSSF in its capacity as competent authority under the Luxembourg law relating to prospectuses (Loi relative aux prospectus pour valeurs mobilières - "Luxembourg Prospectus Act"), which implements the Prospectus Directive into Luxembourg law. The Issuer has requested the CSSF to provide the competent authorities in Germany and the Republic of Austria with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Act (the "Notification"). The Notes will bear interest from and including 29 March 2012 to, but excluding, 29 September 2017 at a rate of [ ] % per annum, payable annually in arrear on 29 September in each year, commencing on 29 September 2012 (first short coupon). The Notes will be governed by the laws of Germany. Application will be made to the Vienna Stock Exchange AG for the Notes to be listed on the Third Market - MTF of Vienna Stock Exchange AG ("Dritter Markt MTF der Wiener Börse AG") and to be admitted to trading on the Third Market - MTF of Vienna Stock Exchange AG ("Dritter Markt MTF der Wiener Börse AG"). The Third Market - MTF of Vienna Stock Exchange AG is not a regulated market within the meaning of the Directive 2004/39/EC of the European Parliament and the Council of 21 April 2004 on markets in financial instruments. The final offer price and amount, the interest rate, the issue proceeds and the yield of the issue for the Notes will be included in the Pricing Notice (as defined in "SUBSCRIPTION, OFFER AND SALE OF THE NOTES" below) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date of the Notes. Lead Manager Raiffeisen Bank International AG Co-Lead Manager Berenberg Bank - Niederlassung Wien Raiffeisen-Landesbank Steiermark AG Raiffeisenverband Salzburg Sparkasse Oberösterreich

2 RESPONSIBILITY STATEMENT The Issuer with its registered office in Hamburg, Germany accepts responsibility for the information contained in this Prospectus and hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its importance. The Issuer further confirms that (i) this Prospectus contains all information with respect to the Issuer and its subsidiaries and affiliates taken as a whole (the "Otto Group" or the "Group") and to the Notes which is material in the context of the issue and offering of the Notes, including all information which, according to the particular nature of the Issuer and of the Notes is necessary to enable investors and their investment advisers to make an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer and the Otto Group and of the rights attached to the Notes; (ii) the statements contained in this Prospectus relating to the Issuer, the Otto Group and the Notes are in every material particular true and accurate and not misleading; (iii) there are no other facts in relation to the Issuer, the Otto Group or the Notes the omission of which would, in the context of the issue and offering of the Notes, make any statement in the Prospectus misleading in any material respect; and (iv) reasonable enquiries have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and statements. NOTICE No person is authorised to give any information or to make any representations other than those contained in this Prospectus and, if given or made, such information or representations must not be relied upon as having been authorised by or on behalf of the Issuer or the Managers (as defined in "SUBSCRIPTION, OFFER AND SALE OF THE NOTES"). Neither the delivery of this Prospectus nor any offering, sale or delivery of any Notes made hereunder shall, under any circumstances, create any implication (i) that the information in this Prospectus is correct as of any time subsequent to the date hereof or, as the case may be, subsequent to the date on which this Prospectus has been most recently amended, or supplemented, or (ii) that there has been no adverse change in the financial situation of the Issuer which is material in the context of the issue and sale of the Notes since the date of this Prospectus or, as the case may be, the date on which this Prospectus has been most recently amended or supplemented, or the balance sheet date of the most recent financial statements which are deemed to be incorporated into this Prospectus by reference or (iii) that any other information supplied in connection with the issue of the Notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. Neither the Managers nor any other person mentioned in this Prospectus, except for the Issuer, is responsible for the information contained in this Prospectus or any other document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. The Managers have not independently verified any such information and accept no responsibility for the accuracy thereof. This Prospectus should be read in conjunction with any supplement hereto and the Pricing Notice, once available, and with any other documents incorporated herein by reference. This Prospectus contains certain forward-looking statements, including statements using the words "believes", "anticipates", "intends", "expects" or other similar terms. This applies in particular to statements under the "DESCRIPTION OF OTTO (GMBH & CO KG)" and statements elsewhere in this Prospectus relating to, among other things, the future financial performance, plans and expectations regarding developments in the business of the Group. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause the actual results, including the financial position and profitability of the Group, to be materially different from or worse than those 2

3 expressed or implied by these forward-looking statements. The Managers do not assume any obligation to update such forward-looking statements and to adapt them to future events or developments. Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Managers to purchase any Notes. Neither this Prospectus nor any other information supplied in connection with the Notes should be considered as a recommendation by the Issuer or the Managers to a recipient hereof and thereof that such recipient should purchase any Notes. This Prospectus reflects the status as of its date. The offering, sale and delivery of the Notes and the distribution of the Prospectus may not be taken as an implication that the information contained herein is accurate and complete subsequent to the date hereof or that there has been no adverse change in the financial condition of the Issuer since the date hereof. To the extent permitted by the laws of any relevant jurisdiction, neither any Manager nor any of its respective affiliates accepts responsibility for the accuracy and completeness of the information contained in this Prospectus or any other document incorporated by reference. This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. In particular, neither this Prospectus nor any other offering or marketing material relating to the Notes constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Federal Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange Ltd., and neither this Prospectus nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland. The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Managers to inform themselves about and to observe any such restrictions. In particular, the Notes have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act") and, subject to certain exceptions, may not be offered or sold within the United States. For a further description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) see "SELLING RESTRICTIONS". The legally binding language of this Prospectus is English. Any part of the Prospectus in German language constitutes a translation, except for the conditions of issue of the Notes (the "Conditions of Issue") in respect of which German is the legally binding language. In this Prospectus all references to " ", "EUR" or "Euro" are to the currency introduced at the start of the third stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the Euro, as amended. 3

4 TABLE OF CONTENTS Page SUMMARY...5 GERMAN TRANSLATION OF THE SUMMARY...12 RISK FACTORS...20 ANLEIHEBEDINGUNGEN / CONDITIONS OF ISSUE...27 DESCRIPTION OF OTTO (GMBH & CO KG)...44 USE OF PROCEEDS...77 TAXATION...78 SUBSCRIPTION, OFFER AND SALE OF THE NOTES...86 SELLING RESTRICTIONS...88 GENERAL INFORMATION...91 DOCUMENTS INCORPORATED BY REFERENCE

5 SUMMARY The following constitutes the summary (the "Summary") of the essential characteristics of, and risks associated with, the Issuer and the Notes. This Summary should be read as an introduction to this Prospectus. It does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Prospectus. Any decision by an investor to invest in the Notes should be based on consideration of this Prospectus as a whole. Where a claim relating to the information contained in this Prospectus is brought before a court, the plaintiff investor might, under the national legislation of such court, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches to the Issuer who has tabled this Summary including any translation thereof, and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. Summary in respect of the Notes Words and expressions defined in the Conditions of Issue of the Notes reproduced elsewhere in this Prospectus shall have the same meanings in this Summary. The final offer price and amount, the interest rate, the issue proceeds and the yield of the issue will be included in the Pricing Notice (as defined in "SUBSCRIPTION, OFFER AND SALE OF THE NOTES" below) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date of the Notes. Issuer: Lead Manager: Co-Lead Manager: Paying Agent: Principal Amount: Offer of the Notes, Determination of Principal Amount, Issue Price, Interest Amount and further information (Pricing Notice) Otto (GmbH & Co KG) Raiffeisen Bank International AG Berenberg Bank - Niederlassung Wien Raiffeisen-Landesbank Steiermark AG Raiffeisenverband Salzburg Sparkasse Oberösterreich Raiffeisen Bank International AG [ ] The Notes will be offered to institutional investors during an accelerated bookbuilding process, which is expected to commence on 20 March 2012 and is expected to end on 21 March The Issue Price, the Re-Offer Price (which will be equal to the Issue Price minus a sales concession of 1.5 %), the aggregate principal amount of Notes to be issued, the interest rate, the issue proceeds and the yield of the issue will be included in the Pricing Notice (as defined in "Offer, Sale and Subscription of the Notes" below) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date of the Notes. The Notes will be offered to to institutional investors and to retail investors at the Issue Price during an offer period which is expected to commence on 22 March 2012 and is expected to end on 26 March 2012 (the "Offer Period"). There are no conditions to which the offer is subject. During the Offer Period investors may submit their offers to purchase Notes, using the information system Bloomberg or any other commonly used information systems or, following the publication of the Pricing Notice, through 5

6 Issue Price: [ ] % Issue Date: 29 March 2012 Denomination: Form of Notes: Interest: Taxation: banking institutions in Luxembourg, Germany and Austria. Any investor who has submitted an order in relation to the Notes whose order is accepted will receive a confirmation by electronic mail, fax or through commonly used information systems relating to the respective allotment of Notes. Delivery and payment of the Notes will be made within seven business days after the date of pricing of the Notes and the confirmation of the allotment to investors. The Notes will be delivered via book-entry through the Clearing System and its account holding banks against payment of the Issue Price. The Notes will be issued in a denomination of 1,000 each. The Notes are in bearer form and will initially be represented by a variable global Note (the "Global Note") without interest coupons which will be kept in custody by or on behalf of the central securities depository and clearing system (Wertpapiersammelbank) of Oesterreichische Kontrollbank Aktiengesellschaft. No definitive Notes or interest coupons will be issued. The Notes will bear interest from and including 29 March 2012 to, but excluding, 29 September 2017 at a rate of [ ] % per annum, payable annually in arrear on 29 September in each year, commencing on 29 September 2012 (first short coupon). Principal and interest shall be payable without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the Federal Republic of Germany or by or on behalf of any political subdivision or authority thereof or therein having power to tax (the "Withholding Taxes"), unless such withholding or deduction is required by law. In such event, the Issuer will, subject to the exceptions set out in the Conditions of Issue, pay such additional amounts as shall be necessary in order that the net amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes in the absence of such withholding or deduction. Maturity The Notes will be redeemed at par on 29 September Early Redemption for Taxation Reasons: Early Redemption upon Change of Control Early redemption of the Notes for reasons of taxation will be permitted, if as a result of any change in, or amendment to, the laws or regulations (including any amendment to, or change in, an official interpretation or application of such laws or regulations) of the Federal Republic of Germany or any political subdivision or taxing authority thereto or therein affecting taxation or the obligation to pay duties of any kind, the Issuer will become obligated to pay additional amounts on the Notes, all as more fully set out in the Conditions of Issue. If a "Change of Control" occurs, the Issuer may at its sole discretion elect to either (i) obtain, within six months following the Change of Control, an Investment Grade Rating or better for the Notes from Moody's Investors Services Limited ("Moody's") or Standard & Poor's Rating Services, a 6

7 Status of the Notes: Negative Pledge: Events of Default: Cross Default: Schuldverschreibungsgesetz 2009 (German Act on Issues of Debt Securities): Governing Law: Jurisdiction: Listing and admission to division of The McGraw-Hill Companies Inc. ("S&P") or its respective successor companies; or (ii) redeem the Notes, in whole but not in part, at their principal amount. If the Issuer has elected to apply for an Investment Grade Rating for the Notes and such rating has not been granted within 6 months after the Change of Control, the Issuer shall promptly publish a date for the redemption of the Notes which date shall not be earlier than ten and not be later than twenty days after such publication. A "Change of Control" occurs if any person or persons, who on the Issue Date were not partners of the Issuer or shareholders of its general partner, acting in concert as defined in 22 (2) of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) or any person or persons acting on behalf of any such person(s), at any time directly or indirectly acquire(s) (i) more than 50 % of the limited liability capital (Kommanditkapital) of the Issuer or more than 50 % of the share capital (Stammkapital) of its general partner, or (ii) such number of partnership interests (Anteile am Kommanditkapital) of the Issuer or shares in the capital (Anteile am Stammkapital) of its general partner carrying more than 50 % of the voting rights exercisable at the respective general meeting of the Issuer or the general partner. The obligations under the Notes constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, present or future, unless such obligations are accorded priority under mandatory provisions of statutory law. In the Conditions of Issue the Issuer agrees and shall procure in respect of its Material Subsidiaries not to provide any security (other than Permitted Security) for any Capital Market Indebtedness (as defined in 2 of the Conditions of Issue) or for certain asset-backed securities as defined in 2 (2). The Notes will provide for events of default entitling Holders to demand immediate redemption of the Notes, all as more fully set out in the Conditions of Issue. The Conditions of Issue contain a cross default clause in relation to nonpayment of payment obligations in respect of Capital Markets Indebtedness (as defined in 2 of the Conditions of Issue) in excess of 10,000,000. The Notes will be subject to the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen, "SchVG"), which, inter alia, provides for the possibility of the Issuer and/or the Guarantor to amend the Terms and Conditions of the Notes with the consent by majority vote of the Noteholders and to appoint a joint representative (gemeinsamer Vertreter) for the preservation of their rights. The Notes will be governed by German law. Non-exclusive place of jurisdiction for any legal proceedings arising under the Notes is Hamburg. Application will be made for the Notes to be admitted to trading on the 7

8 trading: Selling Restrictions: Clearance and Settlement: Security Code Availability of documents: Vienna Stock Exchange AG and to be listed on the Third Market - MTF of Vienna Stock Exchange AG. The offer and the sale of the Notes and the distribution of offering materials are subject to specific restrictions. The relevant restrictions applicable in the European Economic Area, the United States of America and the United Kingdom of Great Britain and Northern Ireland are set out under "SELLING RESTRICTIONS". The Notes will be accepted for clearing through the central securities depository and clearing system (Wertpapiersammelbank) of Oesterreichische Kontrollbank Aktiengesellschaft. ISIN: AT0000A0UJL6 Common Code: WKN: A1ML0L This Prospectus and the documents incorporated by reference herein can either be found on the website of the Luxembourg Stock Exchange (www.bourse.lu) or are obtainable in printed form at the address of the Paying Agent in Austria, Raiffeisen Bank International AG, Am Stadtpark 9, 1030 Vienna, Austria. 8

9 Summary in respect of the Issuer and the Otto Group The Issuer was established on 17 August 1949 as single entity under the name Werner Otto, Schuh- Versand. Since 8 October 2002 it exists under its current legal name as Otto (GmbH & Co KG) and is registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Hamburg under HRA The corporate seat of the Issuer is Wandsbeker Straße 3-7, Hamburg, Germany and its telephone number is Otto (GmbH & Co KG) as the holding company of the Otto Group holds directly and indirectly the respective stakes in the Otto Group's operating companies. Moreover, the Issuer is an operating company that is active primarily in the multichannel retail business. Consequently, the Issuer sells its merchandise via three distribution channels: the catalogue business, e-commerce, and over-the-counter retail. The Issuer is indirectly owned by the Otto family by more than 98 %. The fiscal year of the Issuer and of the Otto Group starts on 1 March of the year and ends on the 28/29 February of the subsequent year. Around 50,000 employees work for the Otto Group worldwide (as of February 2011). The Group has 123 companies of primary significance and operates in 20 countries in Europe, North America and Asia. It is organised into three business segments: Multichannel Retail, Financial Services and Services. In the financial year 2010/11 42 % of sales were generated outside Germany. The Group sees itself as the world's number two in business to customer (B2C) online trade, second only to Amazon. Otto Group revenue in the fiscal year 2010/11 (to 28 February 2011) was EUR 11,404 million. The segment Multichannel Retail pools domestic and international companies that offer their merchandise via catalogue business, e-commerce, and over-the-counter retail. The market position of Otto is based on various company brands. Besides OTTO in particular Schwab, Heine, Bonprix and Baur have a good awareness under German consumers. Likewise Sportscheck, Manufactum, Frankonia and mytoys are well known in Germany. Outside Germany, the names that are known best are the 3 Suisses International-Group in France, Crate and Barrel in the USA, Grattan and Freemans in Great Britain and Otto Japan in Japan. Otto Group also operates on the Russian market with a range of products under several different brands. The Financial Services segment comprises all international financial services operations across the Otto Group. The focus is on retail-related products such as consumer loans and liquidity management. The biggest revenue generator in the segment is the internationally operating EOS Group.The EOS Group's 40 operating companies in more than 20 countries serve 20,000 customers. The Hanseatic Bank, which is also part of the financial services segment, was founded in 1969 as a consumer credit institution to handle goods financing for Otto Versand customers. In 2005, Société Générale acquired a 75 % stake in Hanseatic Bank; Otto Group retained the remaining 25 % stake. The Otto Group is directly and indirectly a shareholder in Cofidis through the holding company 3 Suisses International with a share of 57 % with Cofidis being controlled by the French cooperative bank, Crédit Mutuel. The segment Services combines Otto Group's logistics and travel services providers. All Hermes logistics operations are bundled under the Hermes umbrella brand. As a global enabler of a complete retail and services portfolio, Hermes helps its customers purchase retail-related services along the entire value chain. Logistic operations are not only provided for retail companies within the Otto Group, but also for some of the well-known companies in Europe, e.g. for QVC, Hennes&Mauritz, Deutsche Bahn, Lands End, Tom Tailor and others. With around 14,000 parcel shops the Hermes Logistic Group has, based on Otto Group's own market analysis, the largest network of branch offices in Germany for the acceptance of private consumer parcels. As of 1 January 2012 Otto Group sold 49 % of its stake in its Otto Freizeit und Touristik (OFT) holding to VR meine Raiffeisenbank Altötting-Mühldorf, which resulted in the deconsolidation of OFT. OFT's activities are not among the Otto Group's core business activities. 9

10 The Executive Board of the Otto Group consists of eight board members. The Chief Executive Officer is Hans-Otto Schrader, the Chief Financial Officer Jürgen Schulte-Laggenbeck. The Issuer has appointed KPMG AG Wirtschaftsprüfungsgesellschaft, Michaelis Quartier, Ludwig- Erhard-Straße 11-17, Hamburg, Germany, as auditor of the company. The following table sets out key consolidated financial information: Period from 1 March until 30 November 2011 (unaudited) Period from 1 March until 30 November 2010 (unaudited) (in EUR thousand) Financial Year ended 28 February 2011 (audited) Financial Year ended 28 February 2010 (audited) Revenue... 8,554,004 8,346,271 11,403,913 10,132,044 EBITDA , , , ,560 EBIT , , ,521 46,216 EBT , , , ,096 Gross cash flow , , , , November November February February 2010 Equity... 2,074,588 2,083,524 2,080,514 2,036,207 Balance sheet total... 7,668,602 7,691,616 7,717,543 7,498,282 Net financial debt (incl. pension provisions)... 2,473,039 2,339,506 2,392,821 1,931,955 The following table sets out key consolidated financial information for the Financial Services segment at equity consolidated. 'Financial Services at Equity' shows the Otto Group's retail and services sectors, excluding the bank-type structures in the Financial Services segment. This permits a better comparison with retail companies that do not have such banking activities. Period from 1 March until 30 November 2011 (unaudited) Period from 1 March until 30 November 2010 (unaudited) (in EUR thousand) Financial Year ended 28 February 2011 (audited) Financial Year ended 28 February 2010 (audited) Revenue... 8,161,185 8,005,917 10,950,339 9,745,017 EBITDA , , , ,345 EBIT , , ,299 34,520 EBT , , , ,951 Gross cash flow , , ,079 1,011, November November February February 2010 Equity... 2,010,314 2,018,808 2,014,846 1,970,785 Total assets... 7,298,255 7,279,997 7,346,606 7,142,234 Net financial debt (incl. pension provisions)... 2,019,842 1,891,492 1,930,790 1,454,132 10

11 Summary in respect of Risk Factors In respect of the Issuer The Issuer is the ultimate holding company within the Otto Group, an internationally active trading and services group. Otto Group is divided into the three segments Multichannel Retail which is the Group's core business, Financial Services and Services which consists primarily of logistics and travel-related services. The engagement in these business segments involves several economic and other risks, such as dependency on customer taste and fashion trends. Consumers could reduce their expenditures depending on the continuation or further deterioration of the current unfavorable macroeconomic conditions. Moreover, there are risks arising from intense price competition, changing customer taste and fashion trends, non-payment by customers, borrower default risk, fluctuations in currency exchange rates, risk factors in respect of management and employees, risks in connection with the efficiency of the logistical systems, IT risks (in particular at call centers), risk factors in respect of mergers and acquisitions, risk factors in respect of debt, tax risks, risk factors with respect to solvency of suppliers, risk factors arising out of the international procurement of goods, risk factors in respect to the increase in acquisition price of goods that could not be passed on the customers and risk factors resulting from working conditions of suppliers. If these risks materialise, they could materially adversely affect the Otto Group's financial position, cash flows and results of operations and the ability of the Issuer to perform its obligations under the Notes respectively. In respect of the Notes An investment in the Notes involves certain risks associated with the characteristics, specification and type of the Notes which could lead to substantial losses and total loss see introduction to the section "Risk Factors" - that Holders would have to bear in the case of selling their Notes or with regard to receiving interest payments and repayment of principal. Risks regarding the Notes comprise, inter alia, the following risks: risk that the Notes may not be a suitable investment for a particular investor, liquidity risks, risk of early redemption, market price risk, risk that the market value of the Notes could decrease if the creditworthiness of the Otto Group worsens, currency risk, risks arising out of the application of the German Law on Debt Securities (Schuldverschreibungsgesetz) 2009, the risk that the price of the Notes decreases as a result of changes in the market interest rate, risks in connection with the negative pledge and potential asset backed securities transactions as well as risks in connection with the negative pledge and borrowings not classified as Capital Market Indebtedness (as defined in 2 (2) of the Conditions of Issue). 11

12 GERMAN TRANSLATION OF THE SUMMARY Der folgende Abschnitt stellt die Zusammenfassung (die "Zusammenfassung") der wesentlichen Merkmale und Risiken der Emittentin und der Schuldverschreibungen dar. Die Zusammenfassung ist als Einleitung zu diesem Prospekt zu verstehen. Sie ist keine vollständige Darstellung und im Zusammenhang mit dem Prospekt zu lesen. Der Anleger sollte jede Entscheidung zur Anlage in die Schuldverschreibungen auf die Prüfung des gesamten Prospekts stützen. Für den Fall, dass vor einem Gericht Ansprüche aufgrund der in diesem Prospekt enthaltenen Informationen geltend gemacht werden, könnte der klagende Anleger in Anwendung einzelstaatlicher Rechtsvorschriften die Kosten für die Übersetzung des Prospekts vor Prozessbeginn zu tragen haben. Die Emittentin, die diese Zusammenfassung einschließlich jede Übersetzung davon vorgelegt und deren Notifizierung beantragt hat, kann haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit anderen Teilen des Prospekts gelesen wird. Zusammenfassung in Bezug auf die Schuldverschreibungen Worte und Begriffe, die in den an anderer Stelle in dem Prospekt wiedergegebenen Anleihebedingungen definiert sind, haben in der Zusammenfassung dieselbe Bedeutung. Der endgültige Ausgabepreis, der Gesamtnennbetrag, der Zinssatz, der Emissionserlös und die Rendite der Emission werden in der Preisfestsetzungsmitteilung enthalten sein (wie in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES" definiert), die auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) am oder vor dem Tag der Begebung der Schuldverschreibungen veröffentlicht wird. Emittentin: Konsortialführer: Co-Konsortialführer: Zahlstelle: Nennbetrag: Angebot der Schuldverschreibungen, Festsetzung des Gesamtnennbetrags, Emissionspreises, Zinssatzes und weitere Informationen (Pricing Notice) Otto (GmbH & Co KG) Raiffeisen Bank International AG Berenberg Bank - Niederlassung Wien Raiffeisen-Landesbank Steiermark AG Raiffeisenverband Salzburg Sparkasse Oberösterreich Raiffeisen Bank International AG [ ] Die Schuldverschreibungen werden innerhalb eines Bookbuilding- Verfahrens an institutionelle Investoren angeboten, das voraussichtlich am 20 März 2012 beginnt und voraussichtlich bis zum 21. März 2012 dauern wird. Der endgültige Emissionspreis, der Re-Offer Kurs (der dem Ausgabepreis abzüglich einer Verkaufsprovision von 1,5 Prozentpunkten entspricht), der Gesamtnennbetrag der zu begebenden Schuldverschreibungen, der Zinssatz, der Emissionserlös und die Rendite der Emission werden in der Preismitteilung (Pricing Notice) enthalten sein (nachstehend unter "Offer, Sale and Subscription of the Notes" definiert), die auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) am oder vor dem Tag der Begebung der Schuldverschreibungen veröffentlicht wird. Die Schuldverschreibungen werden innerhalb einer Zeichnungsfrist, die voraussichtlich am 22. März 2012 beginnt und voraussichtlich bis zum 26. März 2012 dauern wird (die "Zeichnungsfrist"), an institutionelle Investoren und an Privatanleger zum Ausgabepreis angeboten. Das Angebot unterliegt keinen Bedingungen. Während der Zeichnungsfrist 12

13 Ausgabepreis: [ ] % Begebungstag: 29. März 2012 Stückelung: Form der Schuldverschreibungen: Zinsen: Steuern: können Anleger ein Angebot zum Kauf der Schuldverschreibungen durch Nutzung des Informationssystems Bloomberg oder eines anderen üblicherweise verwendeten Informationssystems oder nach Veröffentlichung der Pricing Notice über Bankinstitutionen in Luxemburg, Deutschland und Österreich übermitteln. Jeder Anleger, der ein Angebot bezüglich der Schuldverschreibungen abgegeben hat und dessen Angebot angenommen wurde, erhält bezüglich der Zuteilung der Schuldverschreibungen eine Bestätigung per , Fax oder über ein anderes üblicherweise verwendetes Informationssystem. Lieferung und Zahlung der Schuldverschreibungen erfolgen innerhalb von sieben Werktagen nach dem Tag der Preisfestsetzung der Schuldverschreibungen und der Bestätigung der Zuteilung an den Anleger. Die Schuldverschreibungen werden durch Buchungseintrag über das Clearing System und deren kontoführenden Banken gegen Zahlung des Ausgabepreises übertragen. Die Schuldverschreibungen werden im Nennbetrag von je begeben. Die Schuldverschreibungen lauten auf den Inhaber und werden durch eine veränderbare Globalurkunde (die "Globalurkunde") ohne Zinsscheine verbrieft, welche von oder im Namen der Wertpapiersammelbank der Oesterreichische Kontrollbank Aktiengesellschaft verwahrt wird. Es werden keine Einzelurkunden und keine Zinsscheine begeben. Die Schuldverschreibungen werden vom 29. März 2012 (einschließlich) bis zum 29. September 2017 (ausschließlich), mit einem Zinssatz von [ ] % per annum verzinst. Die Zinsen sind jährlich nachträglich am 29. September eines jeden Jahres zahlbar. Die erste Zinszahlung erfolgt am 29. September 2012 (erster kurzer Kupon). Kapital und Zinsen sind ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von oder in der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde auferlegt oder erhoben werden (die "Quellensteuer"), es sei denn, ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In einem solchen Fall, wird die Emittentin, vorbehaltlich der in den Anleihebedingungen festgelegten Ausnahmen, diejenigen zusätzlichen Beträge zahlen, die erforderlich sind, damit die den Gläubigern von Schuldverschreibungen zufließenden Nettobeträge nach diesem Einbehalt oder Abzug jeweils den Beträgen an Kapital und Zinsen entsprechen, die ohne einen solchen Einbehalt oder Abzug bezüglich der Schuldverschreibungen empfangen worden wären. Fälligkeit: Die Schuldverschreibungen werden am 29. September 2017 zum Nennbetrag zurückbezahlt. Vorzeitige Rückzahlung aus steuerlichen Gründen: Die vorzeitige Rückzahlung der Schuldverschreibungen aus steuerlichen Gründen ist zulässig, falls als Folge einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze oder Vorschriften (einschließlich jeder Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser Gesetze oder Vorschriften) der Bundesrepublik Deutschland oder 13

14 Vorzeitige Rückzahlung aufgrund eines Kontrollwechsels: Status der Schuldverschreibungen: Negativverpflichtung: Kündigungsgründe: deren politischen Untergliederungen oder Steuerbehörden, die Emittentin zur Zahlung zusätzlicher Beträge auf die Schuldverschreibungen verpflichtet ist, wie im Einzelnen in den Anleihebedingungen dargelegt. Wenn ein Kontrollwechsel eingetreten ist, kann die Emittentin entweder (i) von Moody's Investors Services Limited ("Moody's") oder Standard & Poor's Rating Services, a division of The McGraw-Hill Companies Inc. ("S&P") (oder einer jeweiligen Nachfolgegesellschaft) innerhalb von 6 Monaten nach dem Kontrollwechsel mindestens ein Investment Grade Rating für die Schuldverschreibungen einholen; oder (ii) die Schuldverschreibungen insgesamt, und nicht teilweise, zum Nennbetrag zurückzahlen. Hat die Emittentin mitgeteilt, ein Investment Grade Rating für die Schuldverschreibungen beantragen zu wollen, und wird ein solches Rating nicht innerhalb von sechs Monaten nach Eintritt des Kontrollwechsels erteilt, so hat die Emittentin unverzüglich einen Rückzahlungstermin für die Schuldverschreibungen bekanntzumachen, der auf einen Tag frühestens zehn und höchstens zwanzig Tage nach Veröffentlichung der Mitteilung festzusetzen ist. Ein "Kontrollwechsel" tritt ein, wenn eine oder mehrere Personen, die am Begebungstag nicht Gesellschafter der Emittentin oder ihrer Komplementärin waren und die abgestimmt in Sinne von 22 Absatz 2 Wertpapierhandelsgesetz (WpHG) handeln, oder einer oder mehrere Dritte, die im Auftrag einer solchen Person oder Personen handeln, zu irgendeiner Zeit mittelbar oder unmittelbar (i) mehr als 50 % des Kommanditkapitals der Emittentin oder mehr als 50 % des Stammkapitals ihrer Komplementärin, oder (ii) eine solche Anzahl von Anteilen am Kommanditkapital der Emittentin oder Stammkapital ihrer Komplementären erworben hat, auf die mehr als 50 % der bei jeweiligen Gesellschafterversammlungen der Emittentin oder ihrer Komplementären stimmberechtigten Stimmrechte entfallen. Die Schuldverschreibungen begründen unmittelbare, unbedingte, nicht besicherte und nicht nachrangige Verbindlichkeiten der Emittentin, die untereinander und mit allen gegenwärtigen und zukünftigen anderen nicht besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind, soweit diesen Verbindlichkeiten nicht durch zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird. In den Anleihebedingungen stimmt die Emittentin zu, keine Sicherheiten (mit Ausnahme zugelassener Sicherheiten) zur Besicherung von Kapitalmarktverbindlichkeiten (wie in 2 der Anleihebedingungen definiert) und Verbindlichkeiten aus bestimmten Asset-backed Schuldverschreibungen (wie in 2 (2) definiert) zu gewähren und dies auch für ihre Wesentlichen Tochtergesellschaften sicherzustellen. Die Schuldverschreibungen sehen Kündigungsgründe vor, die die Gläubiger berechtigen, die unverzügliche Rückzahlung der Schuldverschreibungen zu verlangen, wie im Einzelnen in den Anleihebedingungen dargelegt. Cross Default: Die Anleihebedingungen enthalten eine Cross-Default-Klausel (Drittverzugsklausel) in Bezug auf Nichtzahlung von Zahlungsverpflichtungen, die aus Kapitalmarktverbindlichkeiten (wie in 2 der Anleihebedingungen definiert) resultieren, von mehr als

15 Gesetz über Schuldverschreibungen aus Gesamtemissionen (Schuldverschreibungsgesetz) Anwendbares Recht: Gerichtsstand: Börsenzulassung und Notierung: Verkaufsbeschränkungen: Abwicklung und Settlement: Wertpapiernummern Verfügbarkeit von Dokumenten Die Schuldverschreibungen unterliegen dem Gesetz über Schuldverschreibungen aus Gesamtemissionen ("Schuldverschreibungsgesetz" oder "SchVG"), welches unter anderem die Möglichkeit der Emittentin bzw. der Garantin vorsieht, mit Zustimmung durch Mehrheitsentscheidung der Anleihegläubiger die Anleihebedingungen zu ändern und einen gemeinsamen Vertreter zur Wahrnehmung ihrer Rechte zu ernennen. Die Schuldverschreibungen unterliegen deutschem Recht. Nicht ausschließlicher Gerichtsstand für alle gerichtlichen Verfahren im Zusammenhang mit den Schuldverschreibungen ist Hamburg. Für die Schuldverschreibungen wird die Zulassung zum Handel im Dritten Markt MTF der Wiener Börse AG beantragt. Das Angebot und der Verkauf von Schuldverschreibungen sowie die Verteilung von Angebotsmaterialien unterliegen regulatorischen Beschränkungen. Die in der Europäischen Union, den Vereinigten Staaten von Amerika und dem Vereinigten Königreich von Großbritannien und Nordirland geltenden Beschränkungen sind unter "SELLING RESTRICTIONS" dargestellt. Die Abwicklung der Schuldverschreibungen erfolgt durch die Wertpapiersammelbank der Oesterreichische Kontrollbank Aktiengesellschaft. ISIN: AT0000A0UJL6 Common Code: WKN: A1ML0L Dieser Prospekt und die hierin einbezogenen Dokumente können auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) abgerufen werden oder sind in gedruckter Form unter der Adresse der Zahlstelle in Österreich, Raiffeisen Bank International AG, Am Stadtpark 9, 1030 Wien, Österreich erhältlich. 15

16 Zusammenfassung in Bezug auf die Emittentin und die Otto Group Die Emittentin wurde am 17. August 1949 als Einzelunternehmen Werner Otto, Schuh-Versand gegründet. In ihrer heutigen Rechtsform besteht die Otto (GmbH & Co KG) seit dem 8. Oktober 2002 und ist im Handelsregister des Amtsgerichts Hamburg unter HRA eingetragen. Der Hauptsitz der Emittentin ist in der Wandsbeker Straße 3-7, Hamburg, Deutschland, ihre Telefonnummer ist Die Otto (GmbH & Co KG) ist die Muttergesellschaft der Otto Group und hält direkt oder indirekt alle Beteiligungen an den Tochtergesellschaften der Otto Group. Darüber hinaus ist die Emittentin auch als operative Gesellschaft in dem Geschäftsfeld Multichannel-Einzelhandel aktiv. Die Emittentin verkauft Waren über die drei Vertriebswege Katalog, Internet und den stationären Einzelhandel. Die Emittentin befindet sich mit über 98 % im mittelbaren Besitz der Familie Otto. Das Geschäftsjahr der Emittentin und der Otto Group beginnt am 1. März eines jeden Jahres und endet am 28./29. Februar des darauf folgenden Jahres. Die Otto Group beschäftigt weltweit rund Mitarbeiter (per Februar 2011) und ist mit 123 operativen, wesentlichen Gesellschaften in 20 Ländern in Europa, Asien und Nordamerika präsent. Im Geschäftsjahr 2010/11 wurden etwa 42 % des Umsatzes außerhalb Deutschlands erwirtschaftet. Die Otto Group ist in den Geschäftsfeldern Multichannel-Einzelhandel, Finanzdienstleistungen und Service aktiv. Im Onlinehandel mit dem Endverbraucher (B2C) sieht sich die Otto Group weltweit auf Platz 2 hinter Amazon. Der Umsatz der Otto Group belief sich im Geschäftsjahr 2010/11 (zum 28. Februar 2011) auf EUR Mio. Im Segment Multichannel-Einzelhandel werden in- und ausländische Gesellschaften zusammengefasst, die ihre Waren über Katalog, E-Commerce oder Stationärgeschäfte anbieten. Die Marktposition von Otto basiert auf verschiedenen Unternehmensmarken. In Deutschland sind neben OTTO vor allem Schwab, Heine, Bonprix und Baur bekannt, aber auch Sportscheck, Manufactum, Frankonia und mytoys. International ist Otto vor allem in Frankreich durch die 3 Suisses International-Gruppe, in den USA durch Crate and Barrel, in Großbritannien durch Grattan and Freemans, in Japan durch Otto Japan und auch in Russland mit einer Vielfalt von Produkten und unterschiedlichen Marken vertreten. Das Segment Finanzdienstleistungen umfasst das konzernweite Angebot an internationalen Finanzservices der Otto Group. Den Schwerpunkt bilden handelsnahe Produkte wie Konsumentenkredite oder Liquiditätsmanagement. Umsatzstärkstes Unternehmen im Segment ist die international aufgestellte EOS Gruppe. Sie ist mit 40 operativen Gesellschaften in mehr als 20 Ländern für Kunden aktiv. Die Hanseatic Bank, die ebenfalls zum Segment Finanzdienstleistungen gehört, wurde 1969 als Teilzahlungsbank gegründet, um das Warenfinanzierungsgeschäft für Kunden des Otto Versands abzuwickeln übernahm die französische Großbank Société Générale im Rahmen einer langfristigen Kooperation 75 Prozent der Anteile, die Otto Group hält die restlichen 25 Prozent. Die Otto Group ist direkt und indirekt über die Beteiligungsgesellschaft 3 Suisses International mit 57 Prozent an Cofidis beteiligt, bei der die französische Genossenschaftsbank Crédit Mutuel seit 2009 die Beherrschung innehat. Das Segment Service umfasst die Logistik- und Reisedienstleiter sowie die Einkaufsgesellschaften der Otto Group. Unter der Dachmarke Hermes sind die Aktivitäten der Hermes-Logistikaktivitäten gebündelt. Als weltweiter Enabler eines kompletten Handels-Dienstleistungsportfolios können Hermeskunden handelsnahe Services entlang der gesamten Wertschöpfungskette beziehen. Die Logistik-Dienstleister bieten dabei ihren Service nicht nur den Gesellschaften der Otto Group, sondern mit u.a. QVC, Hennes&Mauritz, Deutsche Bahn, Lands End, und Tom Tailor verstärkt auch weiteren namhaften Unternehmen in Europa an. Mit rund Paketshops verfügt die Hermes Logistik Gruppe in Deutschland auf Basis eigener Analysen über das bundesweit größte Filialnetz für die Annahme von 16

17 privaten Paketen. Mit Wirkung zum 1. Januar 2012 hat die Otto Group 49 Prozent ihrer Anteile an der Holding Otto Freizeit und Touristik (OFT) an die VR meine Raiffeisenbank Altötting-Mühldorf verkauft, so dass die OFT entkonsolidiert wurde. Die Aktivitäten der OFT gehören nicht zum Kerngeschäft der Otto Group. Der Vorstand der Otto Group besteht aus acht Mitgliedern. Vorsitzender des Vorstandes (CEO) ist Hans- Otto Schrader, zuständig für den Bereich Finanzen (CFO) ist Jürgen Schulte-Laggenbeck. Die Emittentin hat die KPMG AG Wirtschaftsprüfungsgesellschaft, Michaelis Quartier, Ludwig-Erhard- Straße 11-17, Hamburg zum Wirtschaftsprüfer bestellt. Die nachfolgende Tabelle zeigt wesentliche konsolidierte Finanzinformationen: 1. März 30. November 2011 (ungeprüft) 1. März 30. November 2010 (ungeprüft) (in Tausend EUR) Geschäftsjahresende 2010/11 (geprüft) Geschäftsjahresende 2009/10 (geprüft) Umsatzerlöse EBITDA EBIT EBT Brutto Cashflow November November Februar Februar 2010 Eigenkapital Bilanzsumme Netto-Finanzverschuldung (inkl. Pensionsrückstellungen)

18 Die nachfolgende Tabelle zeigt wesentliche konsolidierte Finanzinformationen unter der Einbeziehung des Segments Finanzdienstleistungen nach der Equity-Methode: 1. März 30. November 2011 (ungeprüft) 1. März 30. November 2010 (ungeprüft) (in Tausend EUR) Geschäftsjahresende 2010/11 (geprüft) Geschäftsjahresende 2009/10 (geprüft) Umsatzerlöse EBITDA EBIT EBT Brutto Cashflow November November Februar Februar 2010 Eigenkapital Bilanzsumme Netto-Finanzverschuldung (inkl. Pensionsrückstellungen) Zusammenfassung in Bezug auf die Risikofaktoren Die Emittentin betreffend Die Emittentin ist die Holdinggesellschaft der Otto Group, eines international agierenden Handels- und Dienstleistungskonzerns. Die Otto Group ist in die drei Segmente Multichannel-Einzelhandel als Kerngeschäft, sowie Finanzdienstleistungen und Service, welches hauptsächlich Logistik- und Reisedienstleistungen umfasst, eingeteilt. Die Aktivität in diesen Geschäftsbereichen ist mit verschiedenen Risiken verbunden. Zum einen bestehen Risiken bezüglich wirtschaftlicher und saisonabhängiger Trends. Die Verbraucher könnten ihre Konsumausgaben aufgrund der Fortsetzung oder weiterer Verschlechterung der gegenwärtigen negativen gesamtwirtschaftlichen Entwicklung reduzieren. Darüber hinaus bestehen Risiken aufgrund des starken Wettbewerbs im Einzelhandel, aufgrund des wechselnden Geschmacks der Kunden und Modetrends, möglicher Zahlungsschwierigkeiten der Kunden, Verzug der Schuldner, Währungs- und Wechselkursrisiken, Risiken im Zusammenhang mit der Funktionsfähigkeit der logistischen Systeme, Risiken aus dem Ausfall von IT- und Kommunikationseinrichtungen (insbesondere in Call-Centern), Risiken aus der Abhängigkeit von Management und Mitarbeitern, Risiken aus Fusionen und Unternehmenskäufen, Risiken im Zusammenhang mit der Fremdkapitalfinanzierung, steuerrechtliche Risiken, Risiken aufgrund der Solvenz von Lieferanten, Risiken aus der internationalen Beschaffung von Waren und Risikofaktoren aus den Arbeitsbedingungen der Lieferanten. Diese Risiken könnten die Vermögens-, Finanz- und Ertragslage der Emittentin derart beeinflussen, dass die Emittentin ihren Verpflichtungen aus der Anleihe nicht nachkommen kann. 18

19 Die Schuldverschreibungen betreffend Die Anlage in den Schuldverschreibungen ist mit bestimmten Risiken, welche in Zusammenhang mit den Eigenschaften, Bedingungen und der Art der Schuldverschreibungen stehen, verbunden. Diese Risiken können zu substanziellen Verlusten führen, welche der Gläubiger beim Verkauf der Schuldverschreibungen oder bezüglich des Erhalts von Zinszahlungen und der Rückzahlung des Kapitals zu tragen hat. Die Risiken bezüglich der Schuldverschreibungen beinhalten, inter alia, die folgenden Risiken: Risiko, dass die Schuldverschreibungen kein geeignetes Investment für bestimmte Investoren sind; Liquiditätsrisiko; Risiko der vorzeitigen Rückzahlung; Marktpreisrisiko; Risiko, dass der Marktwert der Schuldverschreibungen sinken kann, wenn sich die Kreditwürdigkeit der Otto Group verschlechtert; Währungsrisiko, Risiko aus der Anwendung des Schuldverschreibungsgesetzes 2009, das Risiko, dass der Wert der Schuldverschreibungen als Folge der Änderung des Marktzinssatzes sinkt, Risiken im Zusammenhang mit der Negativverpflichtung und ABS Transaktionen sowie Risiken im Zusammenhang mit der Negativverpflichtung und Verbindlichkeiten, die nicht unter die Definition von Kapitalmarktverbindlichkeiten fallen. 19

20 RISK FACTORS The below description relates to risk factors that are material for the assessment of the market risk associated with the Notes and risk factors that may affect the Issuer's ability to fulfill its obligations under the Notes. Any of these risks could have a material adverse effect on the financial condition and results of operations of the Issuer. The market price of the Notes could decline due to the materialisation of any of these risks, and investors could lose all or part of their investments. Prospective investors should consider all information provided in this Prospectus and consult with their own professional advisers (including their financial, accounting, legal and tax advisers) if they consider it necessary before making a decision to acquire the Notes. In addition, investors should be aware that the risks described may combine and thus intensify one another. The Issuer believes that the factors described below represent the principal risks inherent in investing in the Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Notes may occur for other reasons than those described below and the Issuer does not represent that the statements below are exhaustive. Potential investors should also read the detailed information set out elsewhere in this Prospectus and reach their own views prior to making any investment decision. The sequence in which the risk factors are presented below is not indicative of their likelihood of occurrence or the scope of their financial consequences. Words and expressions defined in the "Conditions of Issue" shall have the same meanings in this section "Risk Factors". Risk Factors relating to the Issuer Before deciding upon the purchase of the Notes potential investors should in addition to all other information in this Prospectus carefully consider the specific risk factors outlined below that may affect the capacity of the Issuer to fulfill its obligations under the Notes and consult with their own professional advisers if they deem it necessary. Risks in general Some statements refer to the future and contain forecasts which are exposed to special risks and uncertainties. It cannot be excluded that there are further risks which are not known to the Issuer or that are not considered as substantial at present. The materialisation of these risks could have a material adverse effect on the financial situation of the Issuer. The following is a non-exhaustive description of certain risk factors. The Issuer has the view that the risk factors mentioned below represent the substantial risks connected with an investment in the Notes. The sequence in which the following risk factors are listed is not an indication of their likelihood to occur or of the extent of their commercial consequences. Risk factors in respect of market and competition Intensive competition in the retail sector could have a material adverse effect on the financial condition and results of operations of the Issuer. A decreased level of economic activity could lead to deterioration in consumer spending and therefore have a material adverse effect on the Otto Group's financial condition and result of operations. The Issuer will tap new markets which could lead to high expenditures for market development, market launch and market penetration. The market objectives connected with the business expansion may not be achieved. It cannot be excluded that the business model of the Issuer and/or of its subsidiaries which contribute considerably to the Otto Group's results of operations will be partly or completely copied by existing or future competitors. Should competition intensify in the market segments, then a decrease in profit 20

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