Obbligazione Norddeutsche Landesbank 7.49% ( DE000BRL00A4 ) in EUR

Norddeutsche Landesbank

100 EUR ⇌

Germania

DE000BRL00A4 ( in EUR )

7.49% per anno ( pagato 1 volta l'anno)

perpetue

Prospetto opuscolo dell'obbligazione Norddeutsche Landesbank -Girozentrale- DE000BRL00A4 en EUR 7.49%, scadenza perpetue

100 000 EUR

50 200 000 EUR

29/06/2026 ( In 288 giorni )

La Norddeutsche Landesbank -Girozentrale- (NordLB) è una banca pubblica tedesca specializzata nel finanziamento di progetti infrastrutturali e nel settore energetico.

Un'analisi approfondita del mercato obbligazionario rivela la disponibilità di un'obbligazione perpetua (ISIN: DE000BRL00A4), emessa dalla Norddeutsche Landesbank -Girozentrale-, una delle principali Landesbank tedesche con una consolidata esperienza nel settore bancario commerciale, nel finanziamento immobiliare e nei mercati dei capitali, la quale offre un tasso d'interesse annuale del 7,49%, è attualmente scambiata al 100% del suo valore nominale in Euro, presenta una dimensione complessiva dell'emissione pari a 50.200.000 Euro con un lotto minimo di sottoscrizione fissato a 100.000 Euro, e prevede pagamenti annuali.

BREMER LANDESBANK KREDITANSTALT OLDENBURG GIROZENTRALE 
Bremen, Federal Republic of Germany
EUR 50,200,000 Perpetual Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2015

Bremer Landesbank Kreditanstalt Oldenburg Girozentrale ("Bremer LB" or the "Issuer") will issue on 29 June 2015 (the
"Issue Date") Perpetual Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes (the "Notes") in an aggregate nominal
amount of EUR 50,200,000 (the "Aggregate Nominal Amount") at an issue price of 100.00 per cent. of their Aggregate
Nominal Amount. The Notes will be issued in bearer form in denominations of EUR 100,000.
The Notes will bear interest on their Aggregate Nominal Amount from and including the Interest Commencement Date to but
excluding 29 June 2020 at a fixed rate of 8.50 per cent. per annum. Thereafter, and unless previously redeemed, the applicable
Rate of Interest (as defined in the terms and conditions of the Notes (the "Terms and Conditions of the Notes")) will be the
offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency for a period of twelve
months which is displayed on the Screen Page as of 11.00 a.m. (Brussels time) on the Interest Determination Date plus the
Margin (all as defined in the Terms and Conditions of the Notes). Interest shall be payable annually in arrears on 29 June each
year (each an "Interest Payment Date"), commencing on 29 June 2016.
Payments of interest (each an "Interest Payment") are subject to cancellation, in whole or in part, and, if cancelled, are non-
cumulative and Interest Payments in fol owing years will not increase to compensate for any shortfall in Interest Payments in
any previous year.
The Notes do not have a maturity date. The Notes are redeemable by the Issuer at its discretion for the first time on 29 June
2020 and on any Interest Payment Date thereafter or in other limited circumstances before and after 29 June 2020 and, in each
case, subject to limitations and conditions as described in the Terms and Condition of the Notes. The Redemption Amount and
the nominal amount of the Notes may be reduced upon the occurrence of a Trigger Event (as defined and further described in
§ 5(8) of the Terms and Conditions of the Notes).
This Prospectus constitutes a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC of the European Parliament
and of the Council of 4 November 2003, as amended (the "Prospectus Directive") and the Luxembourg law relating to
prospectuses for securities of 10 July 2005 (Loi relative aux prospectus pour valeurs mobilières), as amended (the
"Luxembourg Prospectus Law"), which implements the Prospectus Directive in the Grand Duchy of Luxembourg. Application
has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg
competent authority for the purpose of the Luxembourg Prospectus Law for its approval of the Prospectus. By approving a
prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or
solvency of the issuer.
Application has been made for the Notes to be listed on the Official List of the Luxembourg Stock Exchange and to be admitted
to trading on the regulated market "Bourse de Luxembourg" of the Luxembourg Stock Exchange, which is a regulated market for
the purposes of the Market in Financial Instruments Directive 2004/39/EC of the European Parliament and of the Council of
21 April 2004, as amended (the "Regulated Market").
The Notes have been assigned the fol owing securities codes: ISIN DE000BRL00A4, WKN BRL 00A.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act") and may be offered and sold only outside the United States of America to non U.S. Persons (as such term is
defined in Regulation S) in Offshore Transactions in reliance on Regulation S under the Securities Act.
This Prospectus and any documents incorporated by reference herein or therein will be published in electronic form on the
website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of the Issuer (www.bremerlandesbank.de).
Investing in the Notes involves certain risks. For a discussion of certain significant factors affecting investments in the
Notes, see "RISK FACTORS". An investment in the Notes is suitable only for financially sophisticated investors who
are capable of evaluating the merits and risks of such investment and who have sufficient resources to be able to bear
any losses which may result from such investment.

Structuring Advisor and Lead Manager
Bankhaus Lampe KG

The date of this Prospectus is 24 June 2015.

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RESPONSIBILITY STATEMENT
Bremer Landesbank Kreditanstalt Oldenburg Girozentrale with its registered office in Bremen is
solely responsible for the information given in this Prospectus.
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
NOTICE
This Prospectus should be read and understood in conjunction with any other documents incorporated
herein by reference.
The Issuer has confirmed to the lead manager set forth on the cover page (the "Manager" or the
"Lead Manager") that this Prospectus contains all information with respect to the Issuer and the Notes
which is material in the context of the issue and offering of the Notes, the information contained herein
with respect to the Issuer and the Notes is accurate in all material respects and not misleading, the
opinions and intentions expressed therein with respect to the Issuer and the Notes are honestly held,
there are no other facts with respect to the Issuer or the Notes the omission of which would make the
Prospectus misleading in any material respect; and that all reasonable enquiries have been made to
ascertain such facts and to verify the accuracy of all statements contained herein.
No person has been 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 Manager. The Manager
has not independently verified the Prospectus and does not assume any responsibility for the
accuracy of the information and statements contained in this Prospectus and no representations
expressed or implied are made by the Manager or its affiliates as to the accuracy and completeness of
the information and statements herein. Neither the delivery of this Prospectus nor any sale made
hereunder shal , under any circumstances, create any implication that there has been no change in
the financial situation of the Issuer since the date of this Prospectus, or that the information herein is
correct at any time since the date of this Prospectus.
Neither the Manager 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 makes any representation or warranty or accepts any responsibility
as to the accuracy and completeness of the information contained in any of these documents. The
Manager has not independently verified any such information and accepts no responsibility for the
accuracy thereof.
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
Manager 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 Manager to
a recipient hereof and thereof that such recipient should purchase any Notes.
The language of the Prospectus is English, except for the Terms and Conditions of the Notes which
are shown in the Prospectus for additional information also in the German version as the German text
of the Terms and Conditions of the Notes shall be controlling and legally binding.
This Prospectus reflects the status as of its date of issue. Neither the delivery of this Prospectus nor
the offering, sale or delivery of the Notes shal , in any circumstances, create any implication that the
information contained in such documents is accurate and complete subsequent to its respective date
of issue or that there has been no adverse change in the financial situation of the Issuer since such
date or that any other information supplied in connection with the issue of the Notes is accurate at any
time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The distribution of this Prospectus and the offering, sale and delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are

3
required by the Issuer and the Manager to inform themselves about and to observe any such
restrictions. For a description of the restrictions applicable in the United States of America and its
territories and the United Kingdom of Great Britain and Northern Ireland see "Selling Restrictions" on
pages 82 to 83 of this Prospectus. In particular, the Notes have not been and will not be registered
under the United States Notes Act of 1933, as amended, and are subject to tax law requirements of
the United States of America; subject to certain exceptions, Notes may not be offered, sold or
delivered within the United States of America or to United States persons.
This Prospectus may only be used for the purpose for which it has been published. It does not
constitute an offer or an invitation to subscribe for or purchase any Notes.
This Prospectus may not be used for the purpose 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 an offer or solicitation.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a
statement that does not relate to historical facts and events. They are based on analyses or forecasts
of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking
statements are identified by the use of terms and phrases such as "anticipate", "believe", "could",
"estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases,
including references and assumptions. This applies, in particular, to statements in this Prospectus
containing information on future earning capacity, plans and expectations regarding Bremer LB's
business and management, its growth and profitability, and general economic and regulatory
conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that
the Issuer makes to the best of its present knowledge. These forward-looking statements are subject
to risks, uncertainties and other factors which could cause actual results, including Bremer LB's
financial condition and results of operations, to differ materially from and be worse than results that
have expressly or implicitly been assumed or described in these forward-looking statements. Bremer
LB's business is also subject to a number of risks and uncertainties that could cause a forward-looking
statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are
strongly advised to read the following sections of this Prospectus: "Risk Factors" and "Description of
the Issuer. These sections include more detailed descriptions of factors that might have an impact on
Bremer LB's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may
not occur. In addition, neither the Issuer nor the Manager assume any obligation, except as required
by law, to update any forward-looking statement or to conform these forward-looking statements to
actual events or developments.

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TABLE OF CONTENTS
RESPONSIBILITY STATEMENT ............................................................................................................ 2
NOTICE ................................................................................................................................................... 2
FORWARD-LOOKING STATEMENTS ................................................................................................... 3
OVERVIEW OF THE NOTES.................................................................................................................. 5
RISK FACTORS ...................................................................................................................................... 9
TERMS AND CONDITIONS OF THE NOTES ...................................................................................... 36
INTEREST PAYMENTS AND DISTRIBUTABLE ITEMS OF THE ISSUER ......................................... 61
DESCRIPTION OF THE ISSUER ......................................................................................................... 63
TAXATION ............................................................................................................................................. 76
SUBSCRIPTION AND SALE OF THE NOTES ..................................................................................... 82
GENERAL INFORMATION ................................................................................................................... 84
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................ 86
DEFINED TERMS ................................................................................................................................. 87
NAMES AND ADDRESSES .................................................................................................................. 89

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OVERVIEW OF THE NOTES
The following overview should be read in conjunction with, and is qualified in its entirety by, the
detailed information appearing elsewhere in this Prospectus. For a more detailed description of the
Notes, please refer to the section "Terms and Conditions of the Notes" of this Prospectus. For more
information on the Issuer, its business and its financial conditions, please refer to the section
"Description of the Issuer". In the event of any inconsistency between this overview of the Notes and
the information provided elsewhere in this Prospectus, the latter shall prevail. Terms used in this
overview and not otherwise defined shall have the meaning given to them in the Terms and Conditions
of the Notes.

Issuer
Bremer Landesbank Kreditanstalt Oldenburg Girozentrale , Bremen.
Notes
EUR 50,200,000 Perpetual Non-cumulative Fixed to Reset Rate
Additional Tier 1 Notes of 2015.
Risk Factors
There are certain factors that may affect the Issuer's ability to fulfil its
obligations under the Notes. In addition, there are certain factors that are
material for the purpose of assessing the risks associated with an
investment in the Notes. These risks are set out under the section "Risk
Factors" of this Prospectus.
Lead Manager
Bankhaus Lampe KG, Bielefeld.
Paying Agent
Bremer Landesbank Kreditanstalt Oldenburg Girozentrale , Bremen.
Aggregate Nominal
EUR 50,200,000
Amount of the Notes
Issue Price
100.00 per cent.
Issue Date of the Notes
29 June 2015
First Redemption Date
29 June 2020
Maturity
The Notes have no scheduled maturity date and only provide for
termination rights of the Issuer (see "Termination Rights of the Issuer"
below) but not for termination rights of the Holders.
Specified Denomination EUR 100,000.
Use of Proceeds
The net proceeds from the issue of the Notes will be used to strengthen
the Issuer's regulatory capital base by providing Additional Tier 1 capital
for the Issuer and for general corporate purposes.
Status of the Notes
The Notes constitute unsecured and subordinated obligations of the
Issuer, ranking pari passu among themselves and (subject to the
subordination provision in sentence 2) pari passu with all other
subordinated obligations of the Issuer. In the event of the dissolution,
liquidation, insolvency of the Issuer or composition, or any other
proceedings for the avoidance of insolvency, of, or against, the Issuer,
(each of these proceedings hereinafter referred to as
"Insolvency/Liquidation Proceedings") the obligations under the
Notes shall be fully subordinated to (i) the claims of other
unsubordinated creditors of the Issuer, (ii) the claims under Tier 2
instruments, and (iii) the claims specified in § 39 (1) nos. 1 to 5 of the
German Insolvency Code (Insolvenzordnung  "InsO") so that in any
such event no amounts shall be payable in respect of the Notes until (i)
the claims of such other unsubordinated creditors of the Issuer, (ii) the
claims under such Tier 2 instruments, and (i i) the claims specified in §
39 (1) nos. 1 to 5 InsO have been satisfied in full.
Even prior to the opening of Insolvency/Liquidation Proceedings,

6
Holders may only request satisfaction from the Notes if and to the extent
the Issuer is able to make such payments from available assets. Holders
may not request payment if the Issuer is over-indebted within the
meaning of § 19 InsO or il iquid within the meaning of § 17 InsO or if the
payment resulted in over-indebtedness or illiquidity.
No set-off, no security
No Holder may set off its claims arising under the Notes against any
claims of the Issuer. No security or guarantee of whatever kind is, or
shall at any time be, provided by the Issuer or any other person securing
rights of the Holders under the Notes.
Interest Payments
Pursuant to the Terms and Conditions of the Notes, the Notes shall bear
interest (subject to the provisions set out below, see "Discretionary
Cancellation of Interest" and "Compulsory Cancellation of Interest") from
(and including) the Interest Commencement Date at the applicable Rate
of Interest, calculated annually on the basis of the Aggregate Nominal
Amount of the Notes from time to time (which may be lower than the
aggregate initial nominal amount of the Notes (see "Write-down of the
Redemption Amount and the nominal amount of the Notes" below)) and
payable annually in arrears on 29 June of each year, commencing on 29
June 2016, subject to having accrued and being payable under the
Terms and Conditions of the Notes.
The applicable Rate of Interest for the period from (and including) the
Issue Date to (but excluding) 29 June 2020 will be a fixed rate of
8.50 per cent. per annum; thereafter, the applicable Rate of Interest will
be the offered quotation (expressed as a percentage rate per annum) for
deposits in the Specified Currency for a period of twelve months which is
displayed on the Screen Page as of 11.00 a.m. (Brussels time) on the
Interest Determination Date plus the Margin (all as defined in the Terms
and Conditions of the Notes).
Discretionary
The Notes will not bear interest or will bear a reduced amount of interest,
Cancellation of Interest
as applicable, on an Interest Payment Date, if the Issuer has elected, at
its sole discretion, to cancel all or part of any payment of interest (non-
cumulative as set out below, see "Interest Payments are non-
cumulative") on any Interest Payment Date.
For more details, see § 3 (8) of the Terms and Conditions of the Notes.
Compulsory
In addition, the Notes will not bear interest or will bear a reduced amount
Cancellation of Interest
of interest, as applicable, on an Interest Payment Date:
(i)
to the extent that such payment of interest together with any
additional Distributions (as defined in § 3 (9) of the Terms and
Conditions of the Notes) that are simultaneously planned or
made or that have been made by the Issuer on the other Tier 1
Instruments (as defined in § 3 (9) of the Terms and Conditions
of the Notes) in the then current financial year of the Issuer
would exceed the Distributable Items (as defined in § 3 (9) of the
Terms and Conditions of the Notes), provided that, for such
purpose, the Distributable Items shall be increased by an
amount equal to what has been accounted for as expenses for
Distributions in respect of Tier 1 Instruments (as defined in § 3
(9) of the Terms and Conditions of the Notes) (including
payments of interest on the Notes) in the determination of the
profit on which the Distributable Items are based; or
(ii)
if and to the extent that the competent supervisory authority
orders that all or part of the relevant payment of interest be
cancelled or another prohibition of Distributions is imposed by
law or an authority.

7
For more details, see § 3 (8) of the Terms and Conditions of the Notes.
Interest Payments are
Interest Payments are non-cumulative. Consequently, Interest Payments
non-cumulative
in following years will not be increased to compensate for any shortfall in
Interest Payments during a previous year and such shortfall shall not
constitute an event of default under the Terms and Conditions of the
Notes.
Termination Rights of
The Notes may be redeemed at the option of the Issuer in whole but not
the Issuer
in part, subject to prior consent of the competent supervisory authority
together with interest (if any) accrued to (but excluding) the date fixed for
redemption:
(i)
at any time for regulatory reasons, if, on the basis of the
classification under banking regulatory law, the Issuer (i) may
not treat the Notes in their full Aggregate Nominal Amount as
Additional Tier 1 capital for the purposes of its own funds or (ii)
is subject to any other form of a less advantageous regulatory
own funds treatment with respect to the Notes than on the
Interest Commencement Date;
(ii)
at any time for tax reasons, if the tax treatment of the Notes
changes (including but not limited to the tax deductibility of
interest payable on the Notes) and the Issuer determines, in its
own discretion, that such change is materially disadvantageous
to the Issuer;
(iii)
for the first time on 29 June 2020 and on any Interest Payment
Date thereafter, however, subject to any previous write-down
having been fully written-up.
If the Issuer elects, in its sole discretion and subject to prior consent by
the competent supervisory authority, to redeem the Notes, the Notes will
be repaid as a consequence thereof. In such case, the Redemption
Amount per Note may be less than its initial nominal amount due to a
previous write-down which has not been fully written-up (see "Write-
down of the Redemption Amount and the nominal amount of the Notes").
Write-down of the
Upon the occurrence of a Trigger Event, the Redemption Amount and
Redemption Amount
the nominal amount of the Notes shall be reduced by the amount of the
and the nominal
relevant write-down. If and as long as the nominal amount of the Notes
amount of the Notes
is below their initial nominal amount, any repayment upon redemption of
the Notes for regulatory reasons or for tax reasons will be at the reduced
nominal amount of the Notes and, with effect from the occurrence of
such write-down, any Interest Payment will be calculated on the basis of
the reduced nominal amount of the Notes.
A Trigger Event occurs if the Issuer's Common Equity Tier 1 Capital
Ratio falls below the Minimum CET1 Ratio of 5.125 per cent.
Upon the occurrence of a Trigger Event, a write-down shall be effected
pro rata with al other Additional Tier 1 instruments within the meaning of
the CRR, the terms of which provide for a write-down (whether
permanent or temporary) upon the occurrence of the Trigger Event.
For such purpose, the total amount of the write-downs to be allocated
pro rata shall be equal to the amount required to restore fully the
Common Equity Tier 1 Capital Ratio of the Issuer to the Minimum CET1
Ratio, but shall not exceed the sum of the nominal amounts of the
relevant instruments outstanding at the time of the occurrence of the
Trigger Event. This write-down on pro rata basis, shall also apply, if
upon the occurrence of a Trigger Event other Additional Tier 1
instruments shall be written-down or converted into Common Equity
Tier 1 instruments the terms of which provide for a trigger event if the

8
Common Equity Tier 1 Capital Ratio of the Issuer falls below a ratio
which is higher than the Minimum CET1 Ratio.
After a write-down has been effected, the nominal amount and the
Redemption Amount of each Note, unless previously redeemed or
repurchased and cancel ed, may be written up in accordance with § 5
(8)(b) of the Terms and Conditions of the Notes in each of the financial
years of the Issuer subsequent to the occurrence of such write-down
until the full initial nominal amount has been restored, to the extent that a
corresponding annual surplus is recorded and the write-up will not give
rise to or increase an annual deficit.
Tax
All amounts payable in respect of the Notes shall be made without
withholding or deduction for or on account of any present or future taxes
or duties of whatever nature imposed or levied by way of withholding or
deduction by or on behalf of the Federal Republic of Germany or any
political subdivision or any authority thereof or therein having power to
tax unless such withholding or deduction is required by law.
Form of Notes
The Notes are bearer notes (Inhaberschuldverschreibungen)
represented by one or more Global Notes without coupons or receipts.
Listing and admission
Application has been made to list the Notes on the Official List of the
to trading
Luxembourg Stock Exchange and to trade them on the regulated market
"Bourse de Luxembourg" of the Luxembourg Stock Exchange.
Governing Law
The Notes are governed by German law.
Selling Restrictions
There are restrictions on the offer, sale and transfer of the Notes. See
the section "Sel ing Restrictions" under "Subscription and Sale of the
Notes" below.

9
RISK FACTORS

An investment in the Notes involves risks. The following is designed to show aspects of the Notes and
the business of the Issuer of which prospective investors should be aware. Investors should carefully
consider the following discussion of the risks and the other information about the Notes contained in
this Prospectus before deciding whether an investment in the Notes is suitable. An investment in the
Notes is only suitable for investors experienced in financial matters who are in a position to fully
assess the risks relating to such an investment and who have sufficient financial means to absorb any
potential loss stemming therefrom.

Potential investors should read carefully and take into consideration the risk factors described below
and other information contained in this Prospectus before making a decision on the acquisition of the
Notes from the Issuer. The onset of one or several of these risks, in isolation or in combination with
other factors, can seriously affect the business operations of Issuer and have material adverse effects
on the net assets, financial standing and profitability of the Issuer or on the price of the Notes. The
risks described below are possibly not the only risks to which the Issuer is exposed. Other risks, which
are currently not known to the Issuer, are considered unimportant at present, may also affect the
business operations of the Issuer and have serious adverse effects on the business activity and the
net assets, financial standing and profitability of the Issuer. The selected order is neither a statement
of the probability of realization nor the extent of the economic effects or the significance of the risk
factors mentioned below.

Risks relating to the Issuer

Bremer LB is exposed to risks arising from the general macro-economic conditions in the
financial markets and the global economy which may have a negative impact on its business
conditions and opportunities.

Bremer LB is exposed to risks resulting from the general macro-economic conditions in the Eurozone
and the state of the global financial markets, both generally and as they specifically affect financial
institutions. Since 2007, international capital markets have been affected by ongoing turbulences
which were accompanied by high market volatility and reduced liquidity. The disruptions have resulted
in a significant reduction of available financing and have led to some financial institutions being subject
to financial distress. This has led to recessions in numerous countries in Europe and around the world,
weak economic growth and a considerable increase in insolvencies across different business sectors
compared to pre-crisis levels. The ensuing sovereign debt crisis had an even greater impact on the
banking sector in general and particularly affected banks that were active in public budget financing
and public investment financing. The rating downgrades of many European countries, such as
Greece, Portugal, Italy, Spain, Ireland and Cyprus, and the United States of America were reflected in
higher volatility on the financial markets. Some European countries were and still are only able to
obtain funds with the support of international aid programs. The on-going debt crisis of some
countries, for instance Greece, could worsen and lead to requests for waivers on debts, cause public
debtors to file for insolvency or cause (or motivate) public institutions, which had issued guarantees or
similar instruments for certain debt instruments, to withdraw or contest such guarantees or similar
instruments or to restructure or defer the payment obligations under the guaranteed debt securities.
The latter could be seen for example in the case of the debt securities issued by Austrian HETA Asset
Resolution AG that are covered by a letter of indemnity issued by the Austrian federal state of
Carinthia. If any of such events occur and affect assets held by Bremer LB, Bremer LB may have to
recognize considerable impairments on loans, advances and securities.

Historical y low interest rates across financial markets have, among other things, led to a noticeable
euphoria among market participants giving rise to concerns that market participants underestimate the
likelihood and severity of risks, such as a full or partial break-up of the Eurozone (e.g. following the
exit of a Member State from the Eurozone), an escalation of geopolitical tension, severe disruptions of
currency exchange rates, a decline in confidence in the ability of the European Central Bank ("ECB")
to safeguard financial stability or a decline in confidence in the ability of the member states of the
European Union (EU) to achieve the required rebalancing and adjustment of their economies. The low
interest rates at which the ECB has been and currently still is providing liquidity to the market might
lead to an inflation of asset values and/or an increase of currency depreciation. It could also lead to a
further tightening of spreads which could affect revenues and profitability, including real estate lenders.

10
Furthermore, a sudden change in the ECB's policies could undermine market confidence and
destabilize the financial markets. All these risks could have a material negative impact on Bremer LB's
net assets, financial position and results of operations and hence on the ability to meet liabilities to
investors under the Notes.

Bremer LB is exposed to credit risk stemming from a borrower's or counterparty's failure to
pay or deterioration in a borrower's or counterparty's credit rating.

Bremer LB actively operates as a universal commercial bank in the financing sector. As such it is
exposed to the risk stemming from a borrower's or counterparty's failure to pay or deterioration in a
borrower's or counterparty's credit rating.

Credit risk breaks down into traditional credit risk and counterparty risk in trading. Traditional credit risk
is the risk of loss resulting from a borrower's failure to pay or deterioration in a borrower's credit rating.
Counterparty risk in trading is the risk of loss from trading activities stemming from a borrower's or
counterparty's failure to pay or deterioration in a borrower's or counterparty's credit rating. It breaks
down into default risk in trading, replacement, settlement and issuer risk. Default risk from trading is
the risk of loss stemming from an obligor's failure to pay or deterioration in an obligor's credit rating. It
is equivalent to the traditional credit risk and occurs in money trading, in money market or treasury
activities. Replacement risk is the risk that the counterparty is unable to meet the terms of a pending
contract with a positive present value and that this contract has to be replaced at a loss. Settlement
risk comprises pre-settlement and clearing risk. Pre-settlement risk is the risk that, when it comes to
settling a contract, the counterparty fails to provide consideration for a contract on which the Issuer
has already made advance delivery or, when performance is mutually offset, no compensation
payment is made. Pre-settlement risk can be prevented by acquiring the transaction value from the
counterparty in advance under good value or on a reciprocal basis or if sufficient cover exists. Actual
settlement risk is the risk of a transaction not being mutually settled on or after the contractual
settlement date. Issuer risk is the risk of loss stemming from an issuer's or reference entity's (credit
derivative's) failure to pay or deterioration in an issuer's or reference entity's credit rating.

Bremer LB's credit portfolio focuses in particular on special finance for shipping, renewable energies,
social housing and leasing companies, as well as private and corporate customer business in north-
west Lower Saxony and the Free Hanseatic City of Bremen. Furthermore a credit investment portfolio
is managed within the Financial Markets division of Bremer LB. Bremer LB monitors, and has
monitored, its credit risks and relevant collaterals regularly with regard to borrowers, countries and
business sectors, and will continue to do so. It is however possible that a realisation of risks that
cannot be foreseen or risks that cannot be adverted, or risks which were not identified in the past, will
result in credit defaults. Moreover, collaterals given to hedge the credit default risk may prove
insufficient to cover the amount of credit in default, for example due to declining market prices. Any
default on the part of borrowers with large loan volumes could have a material negative impact on
Bremer LB's net assets, financial position and results of operations and hence on the ability to meet
liabilities to investors under the Notes.

Bremer LB has in the past made specific bad debt provisions and loan loss provisions to compensate
for expected credit defaults, and will continue to do so. While the bad debt and loan loss provisions
have been made in al conscience to the extent necessary pursuant to IAS 39, it is possible that
Bremer LB will have to increase risk provisions in the future due to higher numbers or higher amounts
of defaulted loans in its credit portfolio.
Bremer LB is exposed to the risk of default in the cover pools for Pfandbriefe and to the risk
that - for regulatory reasons - an increase of the cover pool is ordered by supervisory
authorities.
Assets in the cover pools relating to the different Pfandbriefe issued by Bremer LB include loans and
other financings which are exposed to the economic situation of the financed object and/or debtor
which can deteriorate. If the risk of default in relation to assets held by Bremer LB materializes in any
of the cover pools and if and to the extent Bremer LB is unable to replace the respective assets in the
cover pool with adequate new assets, this could also result in the cover assets being insufficient to
meet the requirements under the Pfandbrief Act which could have a material negative impact on