[ESMA31-62-1258 Prospectuses  Q&A nr 14.5]

Financial intermediaries in a retail cascade are offerors, but their offer is not the current offer which is the subject matter of the prospectus, and Commission Delegated Regulation (EU) 2019/980 expressly requires a notice specifying that the financial intermediaries acting in a retail cascade shall make available the information on the subsequent retail cascade offer when it will occur.

The issuer, offeror or person seeking admission to trading on a regulated market is not required to disclose expenses charged to the investor by financial intermediaries offering securities in a retail cascade in the section titled 'key information on the securities' in the summary. Expenses charged to investors by the financial intermediaries will be disclosed in the financial intermediaries’ terms and conditions.