Bond Agrarrentenbank 2.875% ( XS0670798171 ) in EUR

Agrarrentenbank

100 % ⇌

Germany

XS0670798171 ( in EUR )

2.875% per year ( payment 1 time a year)

30/08/2021 - Bond has expired

Prospectus brochure of the bond Landwirtschaftliche Rentenbank XS0670798171 in EUR 2.875%, expired

1 000 EUR

1 350 000 000 EUR

The Landwirtschaftliche Rentenbank (Rentenbank) is a German public-law institution providing financing and risk management services to the agricultural sector and related industries.

The Bond issued by Agrarrentenbank ( Germany ) , in EUR, with the ISIN code XS0670798171, pays a coupon of 2.875% per year.
The coupons are paid 1 time per year and the Bond maturity is 30/08/2021

OPERATIONAL INFORMATION DOCUMENT

This Operational Information Document relates to the Final Terms dated 18 January 2018 (the "Final
Terms") in respect of the issue by Landwirtschaftliche Rentenbank (the "Issuer") of EUR 100,000,000
2.875 per cent. Notes due 30th August, 2021 (the "Notes") (to be consolidated, form a single series and be
interchangeable for trading purposes with the EUR 1,250,000,000 2.875 per cent. Notes due 30th August,
2021, issued on 30th August, 2011) under the Issuer's EUR 60,000,000,000 Euro Medium Term Note
Programme.

This Operational Information Document has not been reviewed or approved by any competent authority and
does not form part of the Final Terms. However, for all other purposes this Operational Information
Document must be read in conjunction with the Final Terms. Words and expressions which have a defined
meaning in the Final Terms or the Base Prospectus dated 16 May 2011 have the same meanings in this
Operational Information Document.

NOTICE BY THE DEALER TO DISTRIBUTORS REGARDING MIFID II
PRODUCT GOVERNANCE
MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY
TARGET MARKET ABN AMRO Bank N.V. (the "Dealer"), is acting in its capacity as manufacturer
within the meaning of Directive 2014/65/EU of the European Parliament and of the Counsel of 15th May, 2014
on markets in financial instruments and implementing legislation (as amended, "MiFID II") of the Notes.
Solely for the purposes of the dealer's product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible
counterparties and professional clients only, each as defined under MiFID II; and (ii) all channels for
distribution of the Notes to eligible counterparties and professional clients are appropriate. Any
person subsequently offering, selling or recommending the Notes (a "distributor") should take into
consideration the dealer's target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the dealer's target market assessment) and determining appropriate distribution
channels.

The Issuer has confirmed that the Issuer does not fall under the scope of application of MiFID II and is not
subject to the responsibilities conferred on manufacturers and distributors by MiFID II. The Issuer does not
confirm, deny or make any other statement regarding the Dealers' target market assessment.

FINAL TERMS DATED 18TH JANUARY, 2018
LANDWIRTSCHAFTLICHE RENTENBANK
Issue of EUR 100,000,000 2.875 per cent. Notes due 30th August, 2021 (the "Notes")
(to be consolidated, form a single series and be interchangeable for trading purposes with the EUR
1,250,000,000 2.875 per cent. Notes due 30th August, 2021, issued on 30th August, 2011)
under the EUR 60,000,000,000
Euro Medium Term Note Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions
set forth in the Base Prospectus dated 16th May, 2011 (the "Original Terms and Conditions") which are
incorporated by reference in the Simplified Base Prospectus dated 5th May, 2017 which constitutes a simplified
base prospectus for purposes of Chapters 1 and 2 of Part III of the Luxembourg Law on Prospectuses for
Securities dated 10th July, 2005, as amended (Loi relative aux prospectus pour valeurs mobilières) (the
"Simplified Base Prospectus"). This document constitutes the Final Terms of the Notes (these "Final Terms")
described herein and must be read in conjunction with the Simplified Base Prospectus, save in respect of the
Original Terms and Conditions, a copy of which is annexed hereto. Full information on the Issuer and the offer
of the Notes is only available on the basis of the combination of these Final Terms and the Simplified Base
Prospectus. The Simplified Base Prospectus (including the documents incorporated therein by reference) is
published on the Issuer's website at www.rentenbank.de.
1. (i) Series
Number:

1043
(ii) Tranche Number:
2
(iii) Date on which the Notes
The Notes shall be consolidated, form a single series and
become fungible:
be interchangeable for trading purposes on the Issue Date
with the EUR 1,250,000,000 2.875 per cent. Notes due
30th August, 2021, issued on 30th August, 2011.
2. Specified Currency or Currencies:
Euro ("EUR")
3. Aggregate Nominal Amount:

(i)
Series:
EUR 1,350,000,000
(ii) Tranche:
EUR 100,000,000
4. Issue Price:
111.130 per cent. of the Aggregate Nominal Amount plus
accrued interest from and including 30th August, 2017 up
to and excluding 22nd January, 2018 (145 days of accrued
interest)
5. (i)
Specified Denominations:
EUR 1,000
(ii) Calculation Amount:
EUR 1,000
6. (i)
Issue Date:
22nd January, 2018
(ii) Interest Commencement Date:
30th August, 2017
7. Maturity Date:
30th August, 2021
8. Interest Basis:
2.875 per cent. Fixed Rate
(further particulars specified in paragraph 13 below)
9. Redemption/Payment Basis:
Redemption at par
10. Change of Interest Basis or
Not Applicable
Redemption/Payment Basis:
11. Put/Call Options:
Not Applicable
12. Status of the Notes:
Senior

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13. Fixed Rate Note Provisions
Applicable
(i)
Rate(s) of Interest:
2.875 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
30th August in each year up to and including the Maturity
Date, commencing 30th August, 2018
(iii) Fixed Coupon Amount(s):
EUR 28.75 per Calculation Amount
(iv) Broken Amount(s):
Not Applicable
(v)
Day Count Fraction:
Actual/Actual (ICMA)
(vi) Determination Date(s):
30th August of each year
(vii) Other terms relating to the method of
Not Applicable
calculating interest for Fixed Rate
Notes:
14. Floating Rate Note Provisions
Not Applicable
15. Zero Coupon Note Provisions
Not Applicable
16. Index Linked Note/other variable-linked
Not Applicable
Note Provisions
17. Alternative Settlement Note Provisions
Not Applicable
18. Dual Currency Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
19. Call Option:
Not Applicable
20. Put Option:
Not Applicable
21. Final Redemption Amount of each Note:
EUR 1,000 per Calculation Amount
22. Early Redemption Amount

Early Redemption Amount(s) payable on
Condition 7(e) applies
redemption for taxation reasons or on event
of default or other early redemption:
GENERAL PROVISIONS APPLICABLE TO THE NOTES
23. Form of Notes:
Bearer Notes

Permanent Bearer Global Note which is exchangeable for
Definitive Bearer Notes only upon an Exchange Event.
24. New Global Note:
Yes
25. New Safekeeping Structure:
Not Applicable
26. Financial Centre(s):
TARGET
27. Talons for future Coupons or Receipts to be
No
attached to Definitive Notes (and dates on
which such Talons mature):
28. Details relating to Partly Paid Notes: amount
Not Applicable
of each payment comprising the Issue Price
and date on which each payment is to be
made:
29. Details relating to Instalment Notes:

(i)
Instalment Amount(s):
Not Applicable
(ii) Instalment Date(s):
Not Applicable
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30. Redenomination applicable:
Not Applicable
31. Consolidation provisions:
Condition 16 applies
32. Other final terms:
Not Applicable

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PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO
Application has been made by the Issuer (or on its behalf)
TRADING:
for the Notes to be admitted to trading on the Regulated
Market of the Luxembourg Stock Exchange (Bourse de
Luxembourg) with effect from the Issue Date.
The Notes previously issued under Series 1043 (Tranche 1)
are already admitted to listing and trading on the Regulated
Market of the Luxembourg Stock Exchange.
2. RATINGS:
The Notes have been assigned the following ratings:
Moody's: Aaa
S & P: AAA
Fitch: AAA
According to Moody's Investors Services, a long-term
issue rated "Aaa" is judged to be of the highest quality,
subject to the lowest level of credit risk.
According to Standard & Poor's, a long-term obligation
rated "AAA" has the highest rating assigned by Standard &
Poor's, and the obligor's capacity to meet its financial
commitment on the obligation is extremely strong.
According to Fitch Ratings, "AAA" ratings denote the
lowest expectation of default risk. They are assigned only
in cases of exceptionally strong capacity for payment of
financial commitments. This capacity is highly unlikely to
be adversely affected by foreseeable events.
The credit ratings included herein will be treated for the
purposes of Regulation (EC) No 1060/2009 on credit rating
agencies, as amended by Regulation (EU) No 513/2011
(the "CRA Regulation") as having been issued by Standard
& Poor's Credit Market Services Europe Limited ("S&P"),
Moody's Deutschland GmbH ("Moody's") and Fitch
Ratings Limited ("Fitch"), upon registration pursuant to the
CRA Regulation. Each of S&P, Moody's and Fitch is
established in the European Union and is registered under
the CRA Regulation. Reference is made to the list of credit
rating agencies registered in accordance with the CRA
Regulation published by the European Securities and
Markets Authority on its website (www.esma.europa.eu),
which is updated within five working days following the
adoption of a decision under Articles 16, 17 or 20 of the
CRA Regulation.

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE:
So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the
offer.
4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:
(i)
Reasons for the offer:
The net proceeds from the issue of Notes will be applied by
the Issuer for its general corporate purposes.
(ii) Estimated
net
proceeds:
EUR
112,272,123.29 (including EUR
1,142,123.29 in
accrued interest)
(iii) Estimated total expenses:
Not Applicable
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5. YIELD: (Fixed Rate Notes only)
Indication of yield:
- 0.200 per cent. per annum
Calculated as at the Issue Date in accordance with the
ICMA method, which determines the effective interest rate
of the Notes taking into account accrued interest on a daily
basis.
As set out above, the yield is calculated at the Issue Date
on the basis of the Issue Price. It is not an indication of
future yield.
6. HISTORICAL INTEREST RATES: (Floating Rate Notes only)
Not Applicable
7. PERFORMANCE OF INDEX/FORMULA/RATE[S] OF EXCHANGE/OTHER VARIABLE,
EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND
OTHER INFORMATION CONCERNING THE UNDERLYING: (Index Linked Notes, other
variable linked Notes and Dual Currency Notes only)
Not Applicable
8. OPERATIONAL INFORMATION:
ISIN Code:
XS0670798171
Common Code:
067079817
WKN:
A1EWDM
Any clearing system(s) other than Euroclear
Not Applicable
and Clearstream, Luxembourg and the
relevant identification number(s):
Delivery:
Delivery against payment
Name and address of additional Paying and
Not Applicable
Transfer Agent(s) (if any):
Intended to be held in a manner which
Yes.Note that the designation "yes" simply means that the
would allow Eurosystem eligibility:
Notes are intended upon issue to be deposited with one of
the ICSDs as common safekeeper and does not necessarily
mean that the Notes will be recognised as eligible collateral
for Eurosystem monetary policy and intraday credit
operations by the Eurosystem either upon issue or at any or
all times during their life. Such recognition will depend
upon the ECB being satisfied that Eurosystem eligibility
criteria have been met.
9. DISTRIBUTION
(i)
Method of distribution:
Non-Syndicated
(ii) If
syndicated:

(A) Name and addresses
Not Applicable
of Managers and underwriting

commitments:
(B)
Date of Syndication Agreement:
Not Applicable
(C)
Stabilising Manager(s) if any:
Not Applicable
(iii) If
non-syndicated,
name and address of
ABN AMRO Bank N.V.
Dealer:
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
(iv) Total commissions and concessions:
Not Applicable
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(v)
U.S. Selling Restrictions:
Regulation S, TEFRA C
(vi) Additional Selling Restrictions:
Not Applicable
(vii) Additional U.S. Federal Income Tax
Not Applicable
Considerations:

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of Landwirtschaftliche Rentenbank:
By:

By:

Duly authorised

Duly authorised

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Part of the Base Prospectus dated 16th May, 2011
TERMS AND CONDITIONS OF THE NOTES
The following are the Terms and Conditions (the "Conditions") of Notes to be issued by the Issuer which
will be incorporated by reference into each Global Note and which will be incorporated into (or, if permitted by
the relevant stock exchange or other relevant authority and agreed between the Issuer and the relevant Dealer,
incorporated by reference into) each Definitive Note. The following Terms and Conditions will be applicable to
the Uncertificated Notes. Uncertificated Notes will not be evidenced by any physical note or document of title
other than statements of account made by VP or VPS, as the case may be. Ownership of Uncertificated Notes
will be recorded and transfer effected through the book entry system and register maintained by VP or VPS, as
the case may be. Part A of the applicable Final Terms in relation to any Tranche of Notes (including
Uncertificated Notes) may specify other terms and conditions which shall, to the extent so specified or to the
extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and
Conditions for the purpose of such Notes. The applicable Final Terms will be incorporated into, or attached to,
each Global Note and Definitive Note. Reference should be made to "Forms of Final Terms" for the form of
the Final Terms which specifies which of certain capitalised terms as defined in the following Terms and
Conditions are to apply in relation to the relevant Notes.
The Issuer may agree with any Dealer that Notes may be issued in a form not contemplated by the Terms
and Conditions of the Notes herein, in which case a supplementary base prospectus, if appropriate, will be made
available which will describe the effect of such agreement reached in relation to such Notes.
This Note is one of a series of Notes issued by the Issuer (which expression shall include any
Substituted Debtor pursuant to Condition 17) pursuant to the Agency Agreement (as defined below).
References herein to the "Notes" shall be references to the Notes of this Series (as defined below) and shall
mean:
(i)
in relation to any Notes represented by a global Note (a "Global Note"), units of the lowest
denomination specified in the relevant Final Terms ("Specified Denomination") in the currency
specified in the relevant Final Terms ("Specified Currency");
(ii)
Definitive Notes issued in exchange (or part exchange) for a Global Note;
(iii) any Global Note;
(iv) Uncertificated Notes registered with and cleared through VP Securities A/S ("VP Notes" and
"VP", respectively) in accordance with applicable Danish laws and regulations and the
procedures applicable to and/or issued by VP from time to time; and
(v)
Uncertificated Notes registered with and cleared through the Norwegian Central Securities
Depository (Verdipapirsentralen ASA) ("VPS Notes" and "VPS", respectively) in accordance
with applicable Norwegian laws and regulations and the procedures applicable to and/or issued
by VPS from time to time.
The Notes, the Receipts (as defined below) and the Coupons (as defined below) also have the benefit
of an amended and restated agency agreement dated 16th May, 2011 (such amended and restated agency
agreement as from time to time modified, supplemented and/or restated, the "Agency Agreement") and
made among the Issuer, Deutsche Bank AG, London Branch as issuing and principal paying agent, paying
and transfer agent and exchange agent (in each such capacity, the "Principal Paying Agent" and "Exchange
Agent", each of which expressions shall include any successor principal paying agent or exchange agent
specified in the applicable Final Terms, respectively), Deutsche Bank Trust Company Americas (the
"Registrar", which expression shall include any successor registrar specified in the applicable Final Terms),
Danske Bank A/S (the "VP Agent", which expression shall include any successor VP Agent specified in the
applicable Final Terms), Nordea Bank Norge ASA (the "VPS Agent", which expression shall include any
successor VPS Agent specified in the applicable Final Terms) and the other paying and transfer agents
named therein (together with the Principal Paying Agent, the "Paying and Transfer Agents", which
expression shall include any additional or successor paying and transfer agents). Determinations with regard
to Notes (including, without limitation, Index Linked Notes and Dual Currency Notes) shall be made by
the Calculation Agent specified in the applicable Final Terms in the manner specified in the applicable Final
Terms.
Each Tranche of VP Notes will be created and held in uncertificated and dematerialised book entry
form in accounts with VP. The VP Agent will act as agent of the Issuer in respect of all dealings with VP in
34

respect of the VP Notes. Each Tranche of VPS Notes will be created and held in uncertificated and
dematerialised book entry form in accounts with VPS. The VPS Agent will act as agent of the Issuer in
respect of all dealings with VPS in respect of the VPS Notes.
Interest-bearing Definitive Notes (unless otherwise indicated in the applicable Final Terms) have
interest coupons ("Coupons") and, if indicated in the applicable Final Terms, talons for further coupons
("Talons") attached on issue. Any reference herein to Coupons or coupons shall, unless the context
otherwise requires, be deemed to include a reference to Talons or talons. Definitive Notes repayable in
instalments have receipts ("Receipts") for the payment of the instalments of principal (other than the final
instalment) attached on issue. Any reference herein to "Noteholders" shall mean the holders of the Notes,
and shall, in relation to any Notes represented by a Global Note or in relation to Uncertificated Notes, be
construed as provided below. Any reference herein to "Receiptholders" shall mean the holders of the
Receipts and any reference herein to "Couponholders" shall mean the holders of the Coupons, and shall,
unless the context otherwise requires, include the holders of the Talons. Registered Notes and Global Notes
do not have Receipts, Coupons or Talons attached on issue. Uncertificated Notes are in uncertificated and
dematerialised form: any reference in these Terms and Conditions to Receipts, Coupons and Talons shall
not apply to Uncertificated Notes and no Global or Definitive Notes will be issued in respect thereof. These
Terms and Conditions shall be construed accordingly.
The Final Terms for this Note (or the relevant provisions thereof) are set out in Part A of the Final
Terms which are (except in the case of Uncertificated Notes) attached to or endorsed on this Note. Part A
of the Final Terms (or such relevant provisions thereof) must be read in conjunction with these Terms and
Conditions and may specify other terms and conditions which shall, to the extent so specified or to the
extent inconsistent with these Terms and Conditions, replace or modify these Terms and Conditions for the
purposes of this Note. References to the "applicable Final Terms" are to Part A of the Final Terms (or the
relevant provisions thereof) which are (except in the case of Uncertificated Notes) attached to or endorsed
on this Note.
As used herein, "Tranche" means Notes which are identical in all respects (including as to listing and
admission to trading) and "Series" means a Tranche of Notes together with any further Tranche or Tranches
of Notes which are (i) expressed to be consolidated and form a single series and (ii) are identical in all
respects (including as to listing and admission to trading) except for their respective Issue Dates, Interest
Commencement Dates and/or Issue Prices.
The Noteholders, the Receiptholders and the Couponholders (other than holders of Uncertificated
Notes) are entitled to the benefit of the Deed of Covenant made by the Issuer. The original of the Deed of
Covenant is held by a common depositary on behalf of Euroclear and Clearstream, Luxembourg (each as
defined below).
Copies of the Agency Agreement and the Deed of Covenant are available for inspection during
normal business hours at the specified offices of each of the Principal Paying Agent, the Registrar, the VP
Agent, VPS Agent and the other Paying and Transfer Agents (such agents, together with the Exchange
Agent, the "Agents"). Copies of the applicable Final Terms are available for inspection at and copies may
be obtained from the specified offices of the Principal Paying Agent, the Registrar and the other Paying and
Transfer Agents save that, if this Note is neither admitted to trading on a regulated market in the European
Economic Area nor offered in the European Economic Area in circumstances where a prospectus is required
to be published under the Prospectus Directive, the applicable Final Terms will only be obtainable by a
Noteholder holding one or more Notes and such Noteholder must produce evidence satisfactory to the
Principal Paying Agent, Registrar and/or the Paying and Transfer Agent as to its holding of such Notes and
identity. If this Note is admitted to trading on the Luxembourg Stock Exchange's regulated market, the
applicable Final Terms will also be available for viewing on the website of the Luxembourg Stock Exchange
at www.bourse.lu. The Noteholders, the Receiptholders and the Couponholders are deemed to have notice
of, and are entitled to the benefit of, all the provisions of the Deed of Covenant, the Agency Agreement and
the applicable Final Terms which are binding on them.
The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and
includes any relevant implementing measure in the Relevant Member State, and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.
35

1.
Form, Denomination and Title
The Notes are issued in bearer form ("Bearer Notes"), registered form ("Registered Notes") or
uncertificated and dematerialised book entry form ("Uncertificated Notes"), as specified in the Final Terms
and, in the case of Definitive Notes, serially numbered, in the Specified Currency and the Specified
Denomination(s). Bearer Notes may not be exchanged for any other form of Notes and vice versa.
Registered Notes may not be exchanged for any other form of Notes and vice versa. VP Notes may not be
exchanged for any other form of Notes and vice versa. VPS Notes may not be exchanged for any other form
of Notes and vice versa.
This Note may be a Senior Note or a Subordinated Note, as indicated in the applicable Final Terms.
This Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note, an Index Linked
Interest Note, a Dual Currency Note or a combination of any of the foregoing, depending upon the Interest
Basis shown in the applicable Final Terms.
This Note may be an Index Linked Redemption Note, a Dual Currency Redemption Note, a Partly
Paid Note, an Instalment Note, or a combination of any of the foregoing, depending on the
Redemption/Payment Basis shown in the applicable Final Terms.
Bearer Notes may be issued in CGN or NGN form. If the applicable Final Terms indicate that the
Global Note is not issued in NGN form, the nominal amount of Notes represented by the Global Note shall
be determined by means of the annotations to the Global Note. If the applicable Final Terms indicate that
the Global Note is issued in NGN form the nominal amount of Notes represented by the Global Note shall
be the aggregate amount from time to time entered in the records of Euroclear and Clearstream,
Luxembourg (together, the relevant "Clearing Systems"). The records of the relevant Clearing Systems shall
be conclusive evidence of the nominal amount of Notes represented by the Global Note and, for these
purposes, a statement issued by the relevant Clearing System stating the nominal amount of Notes
represented by the Global Note at any time shall be conclusive evidence of the records of the relevant
Clearing System at that time. Payments due in respect of Notes for the time being represented by the Global
Note shall be made to the bearer of the Global Note and each payment so made will discharge the Issuer's
obligations in respect thereof. Any failure to make the entries referred to above shall not affect such
discharge. The Global Note shall not be valid unless authenticated by the Principal Paying Agent. If the
applicable Final Terms indicate that the Global Note is intended to be held in a manner which would allow
Eurosystem eligibility, the Common Safekeeper must be one of the ICSDs.
Subject as set out below, title to the Bearer Notes, Receipts and Coupons will pass by delivery and
title to the Registered Notes will pass upon registration of transfers in accordance with the provisions of the
Agency Agreement. The Issuer, the Principal Paying Agent, the Registrar and any other Paying and Transfer
Agent may deem and treat the bearer of any Bearer Note, Receipt or Coupon and the registered holder of
any Registered Note as the absolute owner thereof (whether or not overdue and notwithstanding any notice
of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the
case of any Global Note, without prejudice to the provisions set out in the next succeeding paragraph, and
the expressions "Noteholder" and "holder of Notes" and related expressions shall be construed accordingly.
The holder of Uncertificated Notes will be the person evidenced as such by a book entry in the records of
VP or VPS, as the case may be. Title to the VP Notes will pass by registration in the registers between the
direct or indirect accountholders at VP in accordance with applicable laws and the rules and procedures of
VP. Where a nominee is so evidenced, it shall be treated by the Issuer as the holder of the relevant VP Note.
Title to the VPS Notes will pass by registration in the registers between the direct or indirect accountholders
at VPS in accordance with applicable law and the rules and procedures of VPS. Where a nominee is so
evidenced, it shall be treated by the Issuer as the holder of the relevant VPS Note.
For so long as any of the Notes is represented by a Global Note held on behalf of Euroclear and/or
Clearstream, Luxembourg or for so long as DTC or its nominee is the registered holder of a Registered
Global Note, each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being
shown in the records of Euroclear or Clearstream, Luxembourg or, as the case may be, DTC as the holder
of a particular nominal amount of such Notes (in which regard any certificate or other document issued by
such clearing system as to the nominal amount of such Notes standing to the account of any person shall,
save in the case of manifest error, be conclusive and binding for all purposes, including any form of
statement or print out of electronic records provided by the relevant clearing system in accordance with its
usual procedures and in which the holder of a particular nominal amount of such Notes is clearly identified
together with the amount of such holding) shall be treated by the Issuer, the Principal Paying Agent and the
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