Obbligazione Agrarrentenbank 0% ( XS2334867871 ) in EUR

Emittente Agrarrentenbank
Prezzo di mercato 100 EUR  ⇌ 
Paese  Germania
Codice isin  XS2334867871 ( in EUR )
Tasso d'interesse 0%
Scadenza 05/05/2051 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Landwirtschaftliche Rentenbank XS2334867871 in EUR 0%, scaduta


Importo minimo 100 000 EUR
Importo totale 40 000 000 EUR
Descrizione dettagliata La Landwirtschaftliche Rentenbank è una banca pubblica tedesca che finanzia l'agricoltura e lo sviluppo rurale.

The Obbligazione issued by Agrarrentenbank ( Germany ) , in EUR, with the ISIN code XS2334867871, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 05/05/2051







ALLEVIATED BASE PROSPECTUS







LANDWIRTSCHAFTLICHE RENTENBANK
EUR 70,000,000,000
Euro Medium Term Note Programme
Under its EUR 70,000,000,000 Euro Medium Term Note Programme described in this Alleviated Base
Prospectus (the "Programme"), Landwirtschaftliche Rentenbank (the "Issuer" or "Rentenbank") may from time to
time issue notes (the "Notes") denominated in any currency agreed between the Issuer and the relevant Dealer(s). The
maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed
EUR 70,000,000,000 (or its equivalent in other currencies calculated as described herein). The Notes may be issued in
any denomination.
The Notes may be issued in bearer form ("Bearer Notes"), registered form ("Registered Notes") or
uncertificated and dematerialised book entry form ("Uncertificated Notes"). Notice of the aggregate nominal amount
of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is
applicable to each tranche of Notes will be set forth in a set of final terms (the "Final Terms"). This Alleviated Base
Prospectus should be read and construed in conjunction with any supplement thereto, any relevant Final Terms and all
documents incorporated herein by reference.
Under the Issuer's governing law, the Notes benefit from an unconditional and irrevocable guarantee of the
Federal Republic of Germany (the "Guarantee of the Federal Republic"). For a discussion of the Guarantee of the
Federal Republic, see "Description of the Guarantee of the Federal Republic".
An investment in Notes issued under the Programme involves certain risks. For a discussion of these
risks see "Risk Factors".
Application has been made to the Luxembourg Financial Supervisory Commission (Commission de
Surveillance du Secteur Financier; "CSSF") in its capacity as the competent authority under the Luxembourg
Prospectus Law to provide a certificate of approval attesting that this Alleviated Base Prospectus has been drawn up in
accordance with Chapter 1 of Part III of the Luxembourg Law on Prospectuses for Securities dated 16 July 2019, as
amended (Loi relative aux prospectus pour valeurs mobilières; the "Luxembourg Prospectus Law") for purposes of
offering the Notes to the public in Luxembourg. 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 to the Luxembourg Stock Exchange for the Notes to be listed on its official list and admitted to trading on its
regulated market. The Programme provides that Notes may be listed on such other or further stock exchange(s) as may
be agreed between the Issuer and the relevant Dealer(s). The Issuer may also issue unlisted Notes.
The Programme and the Issuer have been assigned long-term ratings of (P)Aaa/Aaa, AAA and AAA, and short-
term ratings of (P)P-1/P-1, A-1+ and F1+, by Moody's Deutschland GmbH ("Moody's"), S&P Global Ratings Europe
Limited (Niederlassung Deutschland) ("S&P") and Fitch Deutschland GmbH ("Fitch"), respectively. Notes issued
under the Programme may be rated or unrated. When a tranche of Notes is rated, such rating will not necessarily be
the same as the ratings assigned to the Programme. A security rating is not a recommendation to buy, sell or hold
securities and may be subject to suspension, cancellation, reduction or withdrawal at any time by the assigning rating
agency.
Arrangers
BofA Securities
Landwirtschaftliche Rentenbank
Dealers
Barclays
BMO Capital Markets
BNP PARIBAS
BofA Securities
Citigroup
Commerzbank
Crédit Agricole CIB
Deutsche Bank
DZ BANK AG
Goldman Sachs Bank Europe SE
HSBC
J.P. Morgan
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
Nomura
NORD/LB
Rabobank
RBC Capital Markets
Société Générale Corporate &

Scotiabank
Investment Banking
TD Securities
UBS Investment Bank
UniCredit Bank
The date of this Alleviated Base Prospectus is 6 May 2020.



THIS ALLEVIATED BASE PROSPECTUS
This Alleviated Base Prospectus has been drawn up in order to permit (i) the offer of Notes to the public
in Luxembourg and (ii) the admission of Notes to listing on the official list and to trading on the regulated
market (within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May
2014 on markets in financial instruments ("MiFID II") and Regulation (EU) No 600/2014 on markets in
financial instruments ("MiFIR")) of the Luxembourg Stock Exchange.
The Alleviated Base Prospectus will be valid for 12 months after its approval for offers to the public in
Luxembourg and admissions to trading on the regulated market of the Luxembourg Stock Exchange.
This Alleviated Base Prospectus fulfils the requirements for an alleviated base prospectus pursuant to
Chapters 1 and 2 of Part III of the Luxembourg Prospectus Law. It does not constitute a prospectus for the
purposes of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") nor does it constitute a
prospectus pursuant to Part II of the Luxembourg Prospectus Law transforming the Prospectus Regulation into
law in Luxembourg, because the Prospectus Regulation and Part II of the Luxembourg Prospectus Law do not
apply to securities unconditionally and irrevocably guaranteed by a member state of the European Economic
Area (each, a "Member State"). Accordingly, this Alleviated Base Prospectus does not purport to meet the
format and the disclosure requirements of the Prospectus Regulation, and it has not been, and will not be,
submitted for approval to any competent authority within the meaning of the Prospectus Regulation. Notes
issued under the Programme will therefore not qualify for the benefit of the single European passport pursuant
to the Prospectus Regulation.
RESPONSIBILITY STATEMENT
Landwirtschaftliche Rentenbank assumes sole responsibility for the content of this Alleviated Base
Prospectus and, in respect of each tranche of Notes (each, a "Tranche"), the applicable Final Terms for such
Tranche of Notes and, having taken all reasonable care to ensure that such is the case, confirms that the
information contained in this Alleviated Base Prospectus is, to the best of its knowledge, in accordance with the
facts and contains no omissions likely to affect its import.
IMPORTANT NOTICES
Each Tranche will be issued to one or more of the Dealers specified herein and any additional Dealer
appointed under the Programme from time to time, which appointment may be for a specific issue or on an on-
going basis (each a "Dealer" and together the "Dealers"). References in this Alleviated Base Prospectus to the
"relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one
Dealer, be to all Dealers agreeing to purchase such Notes. References in this Alleviated Base Prospectus to the
"Manager" or "Managers" shall be to the relevant Dealer or Dealers agreeing to subscribe to an issue of Notes
on a syndicated basis.
Each Tranche of Notes will be issued on the terms set out herein under "Terms and Conditions of the
Notes" in conjunction with a document specific to such Tranche containing the Final Terms applicable thereto.
This Alleviated Base Prospectus must be read and construed together with any amendments or supplements
hereto and with any information incorporated by reference herein and, in relation to any Tranche of Notes which
is the subject of Final Terms, must be read and construed together with the applicable Final Terms. (See also
"Supplements to Alleviated Base Prospectus")
The Final Terms will be delivered to such competent authority as is required by law on or before the date
of issue of the Notes of such Tranche.
Copies of the Final Terms will be available from the specified offices of the Fiscal Agent, the Principal
Paying Agent, the Registrars, the Exchange Agent, the Calculation Agent, the New Zealand Agent, the VP
Agent, the VPS Agent, the paying agents, the transfer agents, the issuing agents and/or the paying and transfer
agents (collectively, the "Agents"). In addition, copies of Final Terms relating to Notes which are admitted to
trading on the Luxembourg Stock Exchange's regulated market will be available on the website of the
Luxembourg Stock Exchange at www.bourse.lu and copies of the applicable Final Terms relating to Notes
which are admitted to trading on the London Stock Exchange's regulated market will also be available on the
website of the Regulatory News Service operated by the London Stock Exchange.
This Alleviated Base Prospectus should be read in conjunction with all documents which are deemed to
be incorporated herein by reference (see "Documents Incorporated by Reference" below). This Alleviated Base
Prospectus shall be read and construed on the basis that such documents are incorporated by reference and form
part of this Alleviated Base Prospectus.

2



No person has been authorised to give any information or to make any representation other than those
contained in this Alleviated Base Prospectus in connection with the issue or sale of the Notes and, if given or
made, such information or representation must not be relied upon as having been authorised by the Issuer, any
of the Dealers or any of the Agents.
Save for the Issuer, no other party has separately verified the information contained herein. Accordingly,
no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is
accepted by any Dealer or any Agent as to the accuracy or completeness of the information contained in this
Alleviated Base Prospectus or any other information provided by the Issuer in connection with the Programme
or the Notes or their distribution.
Neither the delivery of this Alleviated Base Prospectus or any Final Terms nor the offering, sale or
delivery of any Note shall, in any circumstances, create any implication that the information contained in this
Alleviated Base Prospectus is true subsequent to the date hereof or the date upon which this Alleviated Base
Prospectus has been most recently amended or supplemented or that there has been no adverse change, or any
event reasonably likely to involve any adverse change, in the prospects or financial or trading position of the
Issuer since the date thereof or, if later, the date upon which this Alleviated Base Prospectus has been most
recently amended or supplemented or that any other information supplied in connection with the Programme 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. (See also "Supplements to Alleviated Base Prospectus")
Neither this Alleviated Base Prospectus nor any other information supplied in connection with the
Programme or any Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be
considered as a recommendation or as constituting an invitation or offer by the Issuer, any Dealer or any Agent
that any recipient of this Alleviated Base Prospectus or any other information supplied in connection with the
Programme or any Notes should purchase any Notes. 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. Neither this Alleviated Base Prospectus nor any other information supplied in
connection with the Programme or the issue of any Notes constitutes an offer by or on behalf of the Issuer, any
Dealer or any Agent to any person to subscribe for or to purchase any Notes.
This Alleviated Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy
any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such
jurisdiction. The Issuer and the Dealers do not represent that this Alleviated Base Prospectus may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or other
requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any
responsibility for facilitating any such distribution or offering. In particular, unless specifically indicated to the
contrary in applicable Final Terms, no action has been taken by the Issuer or the Dealers which would permit a
public offering of any Notes outside the European Economic Area or distribution of this Alleviated Base
Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered
or sold, directly or indirectly, and neither this Alleviated Base Prospectus nor any advertisement or other
offering material may be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with any applicable laws and regulations and the Dealers have represented that all offers and sales
by them will be made on the same terms. The distribution of this Alleviated Base Prospectus and the offer or
sale of Notes may be restricted by law in certain jurisdictions. Persons into whose possession this Alleviated
Base Prospectus or any Notes come must inform themselves about, and observe, any such restrictions on the
distribution of this Alleviated Base Prospectus and the offering and sale of Notes. In particular, there are
restrictions on the distribution of this Alleviated Base Prospectus and the offer or sale of Notes in the United
States, the United Kingdom, Japan, the Federative Republic of Brazil, the Republic of Turkey, the United
Mexican States, the Republic of South Africa, Swiss Confederation, Hong Kong, Singapore, the Commonwealth
of Australia and New Zealand (see "Subscription and Sale" and "Notice to Purchasers and Holders of Rule
144A Notes and Transfer Restrictions" below).
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY OTHER
APPLICABLE U.S. STATE SECURITIES LAWS, AND MAY INCLUDE NOTES IN BEARER FORM
THAT ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. NOTES MAY NOT BE OFFERED, SOLD
OR DELIVERED WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT AND PROVIDED THAT APPLICABLE U.S. TAX LAW REQUIREMENTS ARE
SATISFIED. (SEE "SUBSCRIPTION AND SALE -- UNITED STATES OF AMERICA" AND "NOTICE TO
PURCHASERS AND HOLDERS OF RULE 144A NOTES AND TRANSFER RESTRICTIONS" BELOW).
ANY OFFER OR SALE OF ANY NOTES (INCLUDING RESALES THEREOF) IN THE UNITED STATES

3



WOULD CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS UNLESS MADE IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OR
PURSUANT TO AN EXEMPTION THEREFROM.
Certain Tranches of Notes issued in New Global Note ("NGN") form or under the New Safekeeping
Structure ("NSS") (as defined in "Form of the Notes" below) may be held in a manner which will allow
Eurosystem eligibility. This simply means that the Notes are intended upon issue to be delivered to one of
Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg") as common
safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during
their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential
investor may wish to consider, either on its own or with the help of its financial and other professional advisers,
whether it:
(i)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in
this Alleviated Base Prospectus or any applicable supplement;
(ii) has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii) has sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including Notes where the currency for principal or interest payments is different from the potential
investor's currency;
(iv) understands thoroughly the terms of the Notes and is familiar with the behaviour of any relevant
indices and financial markets; and
(v) is able to evaluate possible scenarios for economic, interest rate and other factors that may affect its
investment and its ability to bear the applicable risks.
Legal investment considerations may restrict certain investments. The investment activities of certain
investors are subject to legal investment laws and regulations, or review or regulation by certain authorities.
Each potential investor should consult its legal advisers to determine whether and to what extent (i) Notes are
legal investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other
restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisers
or the appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based
capital or similar rules.
Some Notes are complex financial instruments and such instruments may be purchased as a way to reduce
risk or enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A
potential investor should not invest in Notes which are complex financial instruments unless it has the expertise
(either alone or with the assistance of a financial adviser) to evaluate how the Notes will perform under
changing conditions, the resulting effects on the value of such Notes and the impact this investment will have on
the potential investor's overall investment portfolio.
Notification under Section 309B(1)(c) of the Securities and Futures Act. Chapter 289 of Singapore
(the "SFA") ­ In connection with Section 309B(1)(c) of the SFA and the Securities and Futures (Capital
Markets Products) Regulations 2018 (the "CMP Regulations 2018"), unless otherwise specified in the
applicable Final Terms, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section
309(A)(1) of the SFA), that all Notes issued or to be issued under the Programme shall be `prescribed capital
markets products' (as defined in the CMP Regulation 2018) and Excluded Investment Products (as defined in
MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAAN16: Notice on
Recommendations on Investment Products).
Amounts payable under the Notes may be calculated by reference to the Euro Interbank Offered Rate
("EURIBOR"), which is provided by European Money Markets Institute ("EMMI"), or any other benchmark, in
each case as specified in the Final Terms. As at the date of this Alleviated Base Prospectus, EMMI appears on
the register of administrators and benchmarks established and maintained by the European Securities and
Markets Authority ("ESMA") pursuant to article 36 of Regulation (EU) 2016/1011 of the European Parliament
and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure

4



the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EC and Regulation
(EU) No 596/2014 (the "Benchmark Regulation").
PRESENTATION OF INFORMATION
In this Alleviated Base Prospectus, all references to "U.S. dollars" and "U.S.$" refer to the currency of the
United States of America, those to "Japanese Yen", "yen", "JPY" and ¥" refer to the currency of Japan, those to
"Australian dollars", "AUD" and "A$" refer to the currency of Australia, those to "NZ$" refer to the currency of
New Zealand, those to "sterling" and "£" refer to the currency of the United Kingdom and those to "Euro",
"EUR" and "" refer to the currency introduced at the start of the third stage of European economic and
monetary union pursuant to the Treaty on the functioning of the European Union, as amended.
FORWARD LOOKING STATEMENTS
This Alleviated Base Prospectus contains forward-looking statements that are based on current
expectations, estimates, forecasts and projections about the industry in which the Issuer operates, management's
beliefs and assumptions made by management. Such statements include, in particular, statements about the
Issuer's plans, strategies and prospects. These statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in these forward-looking statements. Except as required
under the applicable securities laws and the rules and regulations promulgated thereunder, the Issuer does not
have any intention or obligation to update publicly any forward-looking statements after they are made, whether
as a result of new information, future events or otherwise.
SUPPLEMENTS TO ALLEVIATED BASE PROSPECTUS
If at any time the Issuer is required to prepare a supplement to this Alleviated Base Prospectus pursuant to
Article 30 or Article 52 of the Luxembourg Prospectus Law, the Issuer will either prepare and make available an
appropriate supplement to this Alleviated Base Prospectus which, in respect of any subsequent issue of Notes to
be offered to the public in Luxembourg or listed on the official list of, and admitted to trading on, the
Luxembourg Stock Exchange's regulated market, shall constitute a supplement as required by Articles 30 and
52 of the Luxembourg Prospectus Law, or otherwise prepare and make available a new Alleviated Base
Prospectus.
The Issuer has undertaken that, if at any time during the duration of the Programme, there is a significant
new factor, material mistake or inaccuracy relating to information contained in this Alleviated Base Prospectus
which is capable of affecting an assessment by investors of the assets and liabilities, financial position, profits
and losses and prospects of the Issuer and/or the rights attaching to the Notes or if this Alleviated Base
Prospectus shall otherwise come to contain an untrue statement of a material fact or omit to state a fact
necessary to make the statements contained herein not misleading in any material respect, the Issuer shall
prepare a supplement to this Alleviated Base Prospectus or publish a replacement Alleviated Base Prospectus
for use in connection with any subsequent offering of the Notes.
STABILISATION
In connection with the issue of any Tranche of Notes, one or more relevant Dealers (the "Stabilising
Manager(s)") (or persons acting on behalf of any Stabilising Manager(s)) may over-allot Notes or effect
transactions with a view to supporting the market price of the Notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager(s) (or persons
acting on behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation action
may begin on or after the date on which adequate public disclosure of the terms of the offer of the
relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than
the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of
the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be
conducted by the relevant Stabilising Manager(s) (or persons acting on behalf of any Stabilising
Manager(s)) in accordance with all applicable laws and rules.


5



TABLE OF CONTENTS
Page
Documents Incorporated by Reference .......................................................................................................................... 7
Summary........................................................................................................................................................................ 9
Risk Factors ................................................................................................................................................................. 16
General Description of the Programme ....................................................................................................................... 24
Form of the Notes ........................................................................................................................................................ 25
Issue Procedures .......................................................................................................................................................... 29
Bedingungen der Schuldverschreibungen/Terms and Conditions of the Notes ........................................................... 31
Forms of Final Terms ................................................................................................................................................ 122
Use of Proceeds ......................................................................................................................................................... 154
Description of the Issuer ............................................................................................................................................ 155
Selected Financial Data ............................................................................................................................................. 160
Description of the Guarantee of the Federal Republic ............................................................................................... 162
Taxation ..................................................................................................................................................................... 163
Book-Entry Clearing Systems ................................................................................................................................... 179
Subscription and Sale ................................................................................................................................................ 184
Notice to Purchasers and Holders of Rule 144A Notes and Transfer Restrictions .................................................... 190
General Information .................................................................................................................................................. 193


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DOCUMENTS INCORPORATED BY REFERENCE
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Alleviated Base Prospectus as follows:
(a)
the Issuer's audited annual financial statements and management report for the year ended 31
December 2019, prepared in accordance with generally accepted accounting standards in the
Federal Republic of Germany, set out at the following pages of the Issuer's 2019 Annual Report in
the English language:

Page(s)
Management Report ..............................................................................
21-46
Balance Sheet ........................................................................................
48-49
Income Statement ..................................................................................
50
Cash Flow Statement .............................................................................
51
Statement of Changes in Equity ............................................................
52
Notes ......................................................................................................
53-71
Auditors' Report ....................................................................................
73-77
Report from the Supervisory Board .......................................................
82
(b)
the Issuer's audited annual financial statements and management report for the year ended 31
December 2018, prepared in accordance with generally accepted accounting standards in the
Federal Republic of Germany, set out at the following pages of the Issuer's 2018 Annual Report in
the English language:

Page(s)
Management Report ..............................................................................
21-49
Balance Sheet ........................................................................................
52-53
Income Statement ..................................................................................
54
Cash Flow Statement .............................................................................
55
Statement of Changes in Equity ............................................................
56
Notes ......................................................................................................
57-76
Auditors' Report ....................................................................................
78-82
Report from the Supervisory Board .......................................................
87
The Issuer is not required to, nor does it, publish interim financial reports.
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Alleviated Base Prospectus as follows:
(i)
the terms and conditions contained in pages 32 to 121 of the Simplified Base Prospectus relating to
the Programme dated 6 May 2019;
(ii) the terms and conditions contained in pages 31 to 109 of the Simplified Base Prospectus relating to
the Programme dated 4 May 2018;
(iii) the terms and conditions contained in pages 30 to 104 of the Simplified Base Prospectus relating to
the Programme dated 5 May 2017;
(iv) the terms and conditions contained in pages 28 to 55 of the Simplified Base Prospectus relating to
the Programme dated 4 May 2016;
(v)
the terms and conditions contained in pages 29 to 56 of the Simplified Base Prospectus relating to
the Programme dated 15 May 2015; and
(vi) the terms and conditions contained in pages 27 to 53 of the Simplified Base Prospectus relating to
the Programme dated 22 May 2014.
The foregoing terms and conditions apply (as specified in the applicable Final Terms) to increases in issue of
Notes of a Series, the first tranche of which was issued under the corresponding Simplified Base Prospectus
with an earlier date.

7



Any information contained in any of the documents specified above which is not incorporated by
reference in this Alleviated Base Prospectus is either not relevant to investors or is covered elsewhere in this
Alleviated Base Prospectus. This Alleviated Base Prospectus and the information incorporated herein by
reference are published:
(a)
in printed form by making them available at the registered office of the Issuer and the specified
offices of the Agents; and
(b)
in electronic form on the website of the Issuer at www.rentenbank.de and on the website of the
Luxembourg Stock Exchange at www.bourse.lu.
Following the publication of this Alleviated Base Prospectus a supplement may be prepared by the Issuer
and approved by the CSSF in accordance with the Luxembourg Prospectus Law. Statements contained in any
such supplement (or contained in any document incorporated by reference therein) shall, to the extent applicable
(whether expressly, by implication or otherwise), be deemed to modify or supersede statements contained in this
Alleviated Base Prospectus or in a document which is incorporated by reference in this Alleviated Base
Prospectus. Any statement so modified or superseded shall not, except as so modified or superseded, constitute a
part of this Alleviated Base Prospectus.
The Issuer will provide, without charge, to each person to whom a copy of this Alleviated Base
Prospectus has been delivered, upon the oral or written request of such person, a copy of any or all of the
documents which are incorporated herein by reference. Written or oral requests for such documents should be
directed to the Issuer at its registered offices set out at the end of this Alleviated Base Prospectus.

8



SUMMARY
This summary must be read as an introduction to this Alleviated Base Prospectus and any decision to
invest in any Notes should be based on a consideration of this Alleviated Base Prospectus as a whole, including
the documents incorporated by reference, and, in relation to any particular Tranche of Notes, the relevant Final
Terms. It does not purport to be a complete description of the provisions applicable to the Programme or a
particular Tranche of Notes thereunder and is qualified in its entirety by the remainder of this Alleviated Base
Prospectus, including the documents incorporated by reference, and, in relation to any particular Tranche of
Notes, the relevant Final Terms. Capitalised terms which are not defined in this summary will have the meaning
ascribed thereto in the sections entitled "Form of the Notes", "Terms and Conditions of the Notes" and
"Description of the Issuer" below.
Information Relating to the Programme
Issuer:
Landwirtschaftliche Rentenbank
Guarantee:
The Notes issued under the Programme benefit from a statutory
guarantee of the Federal Republic of Germany.
Description:
Euro Medium Term Note Programme
Arrangers:
Merrill Lynch International
Landwirtschaftliche Rentenbank
Dealers:
Bank of Montreal, London Branch
Barclays Bank Ireland PLC
BNP Paribas
BofA Securities Europe SA
Citigroup Global Markets Europe AG
Citigroup Global Markets Limited
Commerzbank Aktiengesellschaft
Coöperatieve Rabobank U.A. (Rabobank)
Crédit Agricole Corporate and Investment Bank
Deutsche Bank Aktiengesellschaft
DZ BANK AG Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main
Goldman Sachs Bank Europe SE
HSBC Bank plc
J.P. Morgan Securities plc
Landesbank Baden-Württemberg
Merrill Lynch International
Morgan Stanley & Co. International plc
NatWest Markets N.V.
NatWest Markets Plc
Nomura International plc
Norddeutsche Landesbank ­ Girozentrale ­
RBC Europe Limited
Scotiabank Europe plc
Société Générale
The Toronto-Dominion Bank
UBS AG London Branch
UniCredit Bank AG

and any other Dealers appointed in accordance with the Programme
Agreement.
Fiscal Agent and Exchange Agent: Deutsche Bank Aktiengesellschaft
Issuing Agent, Principal Paying
Deutsche Bank AG, London Branch
Agent and Exchange Agent for
Legacy Notes:
U.S. Issuing Agent, U.S. Paying
Deutsche Bank Trust Company Americas
Agent, U.S. Registrar and U.S.
Transfer Agent:

9



Non-U.S. Registrar and Non-U.S.
Deutsche Bank Aktiengesellschaft
Transfer Agent:
Non-U.S. Registrar for Legacy
Deutsche Bank Luxembourg S.A.
Notes:
New Zealand Agent:
Computershare Investor Services Limited
VP Agent:
Danske Bank A/S or such other agent set forth in the relevant Final
Terms
VPS Agent:
Nordea Bank Abp filial i Norge or such other agent set forth in the
relevant Final Terms
Risk Factors:
An investment in the Notes involves certain risks relating to the Issuer
and the Notes. While all of these risk factors are contingencies which
may or may not occur, potential investors should be aware that the risks
involved with investing in any Notes may (i) affect the ability of the
Issuer to fulfil its obligations under Notes issued under the Programme
and/or (ii) lead to a volatility and/or decrease in the market value of the
relevant Notes whereby the market value falls short of the expectations
(financial or otherwise) of an investor upon making an investment in
such Notes. See "Risk Factors".
Programme Size:
Up to EUR 70,000,000,000 (or its equivalent in other currencies). The
Issuer may increase the amount of the Programme in accordance with
the terms of the Programme Agreement, in connection with which a
supplement to this Alleviated Base Prospectus or a new alleviated base
prospectus will be published.
Distribution:
Notes may be distributed by way of private or public placement and in
each case on a syndicated or non-syndicated basis.
Currencies:
Euro, Sterling, U.S. dollars, Yen, New Zealand dollars and, subject to
any applicable legal or regulatory restrictions and any applicable
reporting requirements, any other currency agreed between the Issuer
and the relevant Dealer.
Redenomination:
The applicable Final Terms may provide that certain Notes may be
redenominated in Euro. If so, the wording of the redenomination clause
will be set out in full in the Final Terms.
Certain Restrictions:
Each issue of Notes denominated in a currency in respect of which
particular laws, guidelines, regulations, restrictions or reporting
requirements apply will only be issued in circumstances which comply
with such laws, guidelines, regulations, restrictions or reporting
requirements from time to time.
Maturities:
Such maturities as may be agreed between the Issuer and the relevant
Dealer, subject to such minimum or maximum maturities as may be
allowed or required from time to time by the relevant central bank (or
equivalent body) or any laws or regulations applicable to the Issuer or
the relevant Specified Currency. Except as provided above, the Notes are
not subject to any maximum maturity.
Method of Issue:
Notes may be issued on a syndicated or non-syndicated basis. The Notes
may be issued in several series (each a "Series") having one or more
issue dates and on terms otherwise identical (or identical other than in
respect of the first payment of interest), the Notes of each Series being
intended to be interchangeable with all other Notes of that Series. Each
Series may be issued in tranches (each a "Tranche") on the same or
different issue dates. The specific terms of each Tranche (which will be
completed, where necessary, with the relevant terms and conditions and,
save in respect of the issue date, issue price, first payment of interest and
nominal amount of the Tranche, will be identical to the terms of other

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