Disclaimer

In certain jurisdictions, the distribution of the Memorandum (available on the following website) may be restricted by law. Persons into whose possession the Memorandum comes are required by Bertelsmann AG (the “Issuer”) to inform themselves about and to observe any such restrictions. 

The Memorandum does not constitute an offer to buy or the solicitation of an offer to sell the Profit Participation Certificates of 2001 (“Profit Participation Certificates 2001”) in any jurisdiction in which such offer or solicitation is unlawful, and Offers to Sell by holders of the Profit Participation Certificates originating from any jurisdiction in which such offer or solicitation is unlawful will be rejected. In those jurisdictions where the securities laws or other laws require the Solicitation of Offers to Sell to be made by a licensed broker or dealer, the Solicitation of Offers to Sell shall be deemed to be made on behalf of the Issuer by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction. Neither the delivery of the Memorandum nor any purchase of Profit Participation Certificates 2001 shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer since the date hereof, or that the information herein is correct as of any time subsequent to the date hereof.