Obligation Euro-Union 0% ( EU000A284451 ) en EUR

Euro-Union

100 % ▲

Belgique

EU000A284451 ( en EUR )

0%

04/11/2025 - Obligation échue

Prospectus brochure de l'obligation European Union EU000A284451 en EUR 0%, échue

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/

L'Union européenne est une union politique et économique de 27 pays membres, principalement situés en Europe, qui coopèrent sur une large gamme de politiques, notamment le commerce, l'agriculture, la pêche, les transports, l'énergie, l'environnement, la justice, les affaires intérieures et la politique étrangère.

Le marché obligataire a récemment enregistré la maturité de l'obligation identifiée par le code ISIN EU000A284451, un titre émis par l'Union Européenne, entité supranationale majeure reconnue pour son rôle central dans l'intégration économique et politique du continent et qui émet des titres de créance pour financer diverses initiatives allant des programmes de soutien aux États membres aux investissements dans des projets d'infrastructure ou de recherche, sa dette étant considérée comme de haute qualité, bénéficiant du soutien collectif des États membres. Ce titre de créance avait été émis en Belgique et était libellé en euros (EUR); une caractéristique notable de cette obligation était son taux d'intérêt nul (0%), la classant parmi les obligations zéro-coupon, signifiant que l'investisseur réalise son gain par la différence entre le prix d'achat et le prix de remboursement à parité. Sa maturité était fixée au 4 novembre 2025, date à laquelle l'Union Européenne a procédé à son remboursement intégral, le prix actuel sur le marché au moment de sa maturité reflétant un remboursement à 100% de son nominal, ce qui est standard pour une obligation parvenue à échéance et dont le principal est remboursé; bien que la fréquence de paiement soit indiquée comme 1, cela se réfère ici au paiement unique du principal à l'échéance pour un titre à coupon zéro. Conformément à ses termes, l'obligation est arrivée à maturité à cette date et a été intégralement remboursée, signalant une exécution sans incident des engagements de l'émetteur.

EUROPEAN UNION (EU)
and
EUROPEAN ATOMIC ENERGY COMMUNITY (EURATOM)
Debt Issuance Programme

Under the Debt Issuance Programme described in this Offering Circular (the "Programme"), each of the
European Union (the "EU" or an "Issuer") and the European Atomic Energy Community ("Euratom" or an "Issuer"
and, together with the EU, the "Issuers"), subject to compliance with all relevant laws, regulations and directives,
may from time to time issue notes (the "Notes").
An application has been made to the Luxembourg Stock Exchange for the Notes issued under the Programme to
be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List
of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange (Bourse de Luxembourg) is a regulated
market, within the meaning of the Markets in Financial Instruments Directive (Directive 2014/65/EU as amended,
"MiFID II"). References in this Offering Circular to Notes being "listed" (and all related references) shall mean that
such Notes have been admitted to trading on the Luxembourg Stock Exchange's regulated market and have
been admitted to the Official List of the Luxembourg Stock Exchange.
Each Tranche (as defined in "Issue of Notes" below) of Bearer Notes (as defined in "Overview of the Programme
-- Form of Notes" below) having an original maturity of more than one year will be represented on issue by a
temporary global note in bearer form (each a "temporary Global Note") or a permanent global note in bearer form
(each a "permanent Global Note"). If the Global Notes are stated in the applicable Final Terms to be issued in
new global note ("NGN") form, the Global Notes wil be delivered on or prior to the original issue date of the
relevant Tranche to a common safekeeper (the "Common Safekeeper") for Euroclear Bank SA/NV ("Euroclear")
and Clearstream Banking S.A. ("Clearstream, Luxembourg"). Notes in registered form will be represented by
registered certificates (each a "Certificate") as described under "Overview of the Programme Form of Notes"
below", one Certificate being issued in respect of each Noteholder's entire holding of Registered Notes of one
Series. Registered Notes issued in global form wil be represented by registered global certificates ("Global
Certificates"). If a Global Certificate is held under the New Safekeeping Structure (the "NSS") the Global
Certificate will be delivered on or prior to the original issue date of the relevant Tranche to a Common Safekeeper
for Euroclear and Clearstream, Luxembourg.
Global Notes which are not issued in NGN form ("Classic Global Notes" or "CGNs") and Global Certificates which
are not held under the NSS will be deposited on the issue date of the relevant Tranche with a common depositary
on behalf of Euroclear and Clearstream, Luxembourg (the "Common Depositary").
The provisions governing the exchange of interests in Global Notes for other Global Notes and definitive Notes
are described in "Summary of Provisions Relating to the Notes while in Global Form".
Interests in a Temporary Global Note will be exchangeable for interests in a permanent Global Note the date
falling 40 days after the issue date upon certification as to non-U.S. beneficial ownership (unless the applicable
Pricing Supplement indicates that such Global Note is issued in a transaction to which TEFRA C applies, in which
case no certification will be required) or (in the case of Exchangeable Bearer Notes) Certificates at any time after
the issue date. The Notes have not been and will not be registered under the United States Securities Act of
1933, as amended, (the "Securities Act") or with any securities regulatory authority of any state or other
jurisdiction of the United States and are subject to U.S. tax law requirements. Subject to certain exceptions, the
Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S.
persons (as defined in the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder) (see
"Plan of Distribution").
Tranches of Notes issued under the Programme may be rated or unrated. Where a Tranche of Notes is rated,
such rating will not necessarily be the same as the ratings applicable to the Programme. A security rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any
time by the assigning rating agency.
Arranger
Crédit Agricole Corporate and Investment Bank

The date of this Offering Circular is 10 December 2019
1

IMPORTANT NOTICE
Each of the Issuers, having made all reasonable enquiries, confirms to the best of its knowledge and belief that (i)
this document contains all information with respect to it and the Notes which is material in the context of the issue
and offering of the Notes, (ii) the statements contained in this document relating to it are in every material
particular true and accurate and not misleading, (iii) there are no other facts in relation to it or the Notes the
omission of which would, in the context of the issue and offering of the Notes, make any statement in this
document misleading in any material respect and (iv) all reasonable enquiries have been made by it to ascertain
such facts and to verify the accuracy of all such information and statements. Each Issuer accepts responsibility
accordingly.
No person has been authorised to give any information or to make any representation, other than those
contained in this Offering Circular, 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 Issuers or any of the
Dealers (as defined in "Overview of the Programme -- Dealers").
Neither the delivery of this Offering Circular nor any sale made in connection herewith shall, under any
circumstances, create any implication that there has been no change in the affairs of either Issuer since the date
hereof or the date upon which this document has been most recently amended or supplemented or that there has
been no adverse change in the affairs of either Issuer since the date hereof or the date upon which this document
has been most recently amended or supplemented or that any other information supplied in connection with the
Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
This Offering Circular 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
distribution of this Offering Circular and the offer or sale of Notes may be restricted by law in certain jurisdictions.
The Issuers and the Dealers do not represent that this Offering Circular 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 the applicable Pricing
Supplement, no action has been taken by the Issuers or the Dealers which is intended to permit a public offering
of any Notes or distribution of this Offering Circular in any jurisdiction where action for that purpose is required.
Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Offering Circular 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. Persons into whose
possession this Offering Circular or any Notes may come must inform themselves about, and observe, any such
restrictions on the distribution of this Offering Circular and the offering and sale of Notes. In particular, there are
restrictions on the distribution of this Offering Circular and the offer or sale of Notes in the United States, the
United Kingdom and Japan, see "Plan of Distribution".
The Arranger and the Dealers have not independently verified the information contained in this Offering Circular.
None of the Dealers or the Arranger makes any representation, express or implied, or accepts any responsibility,
with respect to the accuracy or completeness of any of the information in this Offering Circular. This Offering
Circular is not intended to provide the basis of any credit or other evaluation and should not be considered as a
recommendation by any of the Issuers, the Arranger or the Dealers that any recipient of this Offering Circular
should purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of the
information contained in this Offering Circular and its purchase of Notes should be based upon such investigation
as it deems necessary. None of the Dealers or the Arranger undertakes to review the financial condition or affairs
of either of the Issuers during the life of the arrangements contemplated by this Offering Circular nor to advise
any investor or potential investor in the Notes of any information coming to the attention of any of the Dealers or
the Arranger.
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.
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.
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) acting as stabilisation
agent (the "Stabilisation Agent") (or persons acting on behalf of any Stabilisation Agent(s)) in the
applicable Pricing Supplement 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 Stabilisation Agent(s) (or persons acting on behalf of a Stabilisation Agent) 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 Stabilisation Agent(s) (or
persons acting on behalf of any Stabilisation Agent(s)) in accordance with all applicable laws and rules.
Benchmarks Interest and/or other amounts payable under the Notes may be calculated by reference to an
index or reference rate. If any such index or reference rate constitutes a benchmark (a "Benchmark") for the
purposes of Regulation (EU) 2016/1011 (the "Benchmarks Regulation"), the Pricing Supplement will specify the
2

relevant Benchmark, the relevant administrator and indicate whether or not the administrator is included in the
register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 (Register
of administrators and benchmarks) of the Benchmarks Regulation. The registration status of any administrator
under the Benchmarks Regulation is a matter of public record and, save where required by applicable law, the
Issuer does not intend to update any Pricing Supplement to reflect any change in the registration status of the
administrator.
MIFID II product governance / target market The Pricing Supplement in respect of any Notes will include a
legend entitled "MiFID II Product Governance" which wil outline the target market assessment in respect of the
Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering, selling
or recommending the Notes (a "distributor") should take into consideration the 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 target market assessment) and determining appropriate
distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer
subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the
Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MIFID Product
Governance Rules.
ISSUE OF NOTES
Notes will be issued by each Issuer on a continuous basis in 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 different issue dates. The specific terms of each Tranche (which will
be supplemented, where necessary, with supplemental terms and conditions and, save in respect of the issue
date, issue price, first payment of interest, the date from which interest starts to accrue and principal amount of
the Tranche, will be identical to the terms of other Tranches of the same Series) will be set forth in a pricing
supplement to this Offering Circular (a "Pricing Supplement"). Such Pricing Supplement will constitute final terms
for the purpose of the Luxembourg Law dated 16 July 2019 (as amended) on Prospectuses for Securities.
This Offering Circular should be read and construed in conjunction with any applicable Pricing Supplement.
SUPPLEMENTAL OFFERING CIRCULAR
Each Issuer has given an undertaking to the Arranger and the Luxembourg Stock Exchange that, if at any time
during the duration of the Programme, there is a significant change affecting any matter contained in this Offering
Circular whose inclusion would reasonably be required by investors and their professional advisers, and would
reasonably be expected by them to be found in this Offering Circular, for the purpose of making an informed
assessment of the overall financial position of such Issuer and the rights attaching to the Notes, the Issuers shall
prepare an amendment or supplement to this Offering Circular or publish a replacement Offering Circular for use
in connection with any subsequent offering of the Notes to be listed on the Luxembourg Stock Exchange or any
other stock exchange or otherwise and shall supply to each Dealer and the Luxembourg Stock Exchange such
number of copies of such supplement hereto as such Dealer and the rules of the Luxembourg Stock Exchange
may reasonably require.
3

TABLE OF CONTENTS
Page
Overview of the Programme ................................................................................................................... 5
Pricing Supplement ................................................................................................................................. 8
Terms and Conditions of the Notes ...................................................................................................... 15
Summary of Provisions relating to the Notes while in Global Form ...................................................... 31
Use of Proceeds .................................................................................................................................... 34
European Union .................................................................................................................................... 35
European Atomic Energy Community (EURATOM) ............................................................................. 37
Taxation in Luxembourg ........................................................................................................................ 38
Plan of Distribution ................................................................................................................................ 40
General Information .............................................................................................................................. 41

4

OVERVIEW OF THE PROGRAMME
The following overview is qualified in its entirety by the remainder of this Offering Circular.
Issuers:
European Union (the "EU") LEI 5299 00FZ RK8F GMPE OM08 and
European Atomic Energy Community (the "Euratom") LEI 5299 00GY
EA9T QP9B A353
Description:
Continuously Offered Debt Issuance Programme (the "Programme")
Arranger:
Crédit Agricole Corporate and Investment Bank
Dealers:
The Issuers may from time to time appoint one or more dealers in
respect of a Tranche of Notes. References in this Offering Circular to
"Dealer" or "Dealers" are to all persons appointed as a dealer in respect
of one or more Tranches.
Fiscal Agent:
BNP Paribas Securities Services, Luxembourg Branch
Registrar:
BNP Paribas Securities Services, Luxembourg Branch

Currencies:
Subject to any applicable legal or regulatory restrictions, the Notes may
be issued in any currency agreed between the relevant Issuer and the
relevant Dealer.
Maturities:
Such maturities as may be agreed between the relevant 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 relevant
Issuer or the relevant Specified Currency.
Denomination:
Notes will be issued in such denominations as may be agreed between
the relevant Issuer and the relevant Dealer, save that the minimum
denomination of each Note will be such 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 relevant Specified Currency.
Method of Issue:
The Notes will be issued on a syndicated or non-syndicated basis. The
Notes will be issued in one or more Series (which may be issued on the
same date or which may be issued in more than one Tranche on
different dates). The Notes may be issued in Tranches on a continuous
basis with no minimum issue size. Further Notes may be issued as part
of an existing Series.
Clearing Systems:
In relation to any Tranche, Euroclear and Clearstream, Luxembourg,
and/or such other clearing system as may be agreed between the
relevant Issuer, the Fiscal Agent and the relevant Dealer.
Form of Notes:
The Notes may be issued in bearer form only ("Bearer Notes"), in bearer
form exchangeable for Registered Notes ("Exchangeable Bearer Notes")
or in registered form only ("Registered Notes"). Notes issued in bearer
form may also be issued in NGN form.
Each Tranche of Bearer Notes and Exchangeable Bearer Notes having
an initial maturity of more than one year will initially be represented by a
Temporary Global Note and each Tranche of Bearer Notes or
Exchangeable Bearer Notes having an original maturity of one year or
less will initially be represented by a Permanent Global Note which, in
each case, will: (i) if the Global Notes are intended to be issued in NGN
form, as stated in the applicable Pricing Supplement, be delivered on or
prior to the original issue date of the Tranche to a Common Safekeeper
for Euroclear and Clearstream, Luxembourg; and (ii) if the Global Notes
are not intended to be issued in NGN form be deposited (a) in the case
of a Tranche intended to be cleared through Euroclear and Clearstream,
Luxembourg, on the issue date with a common depositary on behalf of
Euroclear and Clearstream, Luxembourg and (b) in the case of a
Tranche intended to be cleared through any clearing system other than
Euroclear and Clearstream, Luxembourg or delivered outside a clearing
system, as agreed between the relevant Issuer, the Fiscal Agent and the
5

relevant Dealer. No interest will be payable in respect of a Temporary
Global Note except as described under "Summary of Provisions Relating
to the Notes while in Global Form". Interests in Temporary Global Notes
will be exchangeable for interests in permanent Global Notes or, if so
stated in the applicable Pricing Supplement, for definitive Bearer Notes
after the date falling 40 days after the issue date upon certification as to
non-U.S. beneficial ownership (unless the applicable Pricing Supplement
indicates that such Global Note is issued in a transaction to which
TEFRA C applies, in which case no certification will be required) or (in
the case of Exchangeable Bearer Notes) Certificates at any time after
the issue date. Interests in permanent Global Notes will be
exchangeable for definitive Bearer Notes or (in the case of
Exchangeable Bearer Notes) Certificates as described under "Summary
of Provisions Relating to the Notes while in Global Form". Registered
Notes will be represented by Certificates, one Certificate being issued in
respect of each Noteholder's entire holding of Registered Notes of one
Series (subject to the provisions of the Agency Agreement (as defined in
"Terms and Conditions of the Notes" below)). Registered Notes which
are held in one or more clearing systems will be registered in the name
of nominees or a common nominee (if the Registered Notes are not held
under the New Safekeeping Structure "NSS") for such clearing systems
or in the name of a nominee of a common safekeeper (if the Registered
Notes are to be held under the NSS) for Euroclear and Clearstream,
Luxembourg, and the relative Certificate(s) will be delivered to the
appropriate depositary or a common depositary or common safekeeper
for Euroclear and Clearstream, Luxembourg, as the case may be.
References in this Offering Circular to "Global Certificates" are to
Certificates issued in respect of Registered Notes which are registered in
the name of a nominee(s) for one or more clearing systems or in the
name of a nominee of the common safekeeper, as specified in the
applicable Pricing Supplement.
Issue Price:
Notes may be issued at their principal amount or at a discount or
premium to their principal amount. Partly-paid Notes may be issued, the
Issue Price of which will be payable in two or more instalments.
Fixed Interest Rate Notes:
Fixed interest will be payable in arrear on the date or dates in each year
specified in the applicable Pricing Supplement.
Floating Rate Notes:
Floating Rate Notes will bear interest set separately for each Series by
reference to any benchmark as may be specified in the applicable
Pricing Supplement) as adjusted for any applicable margin. Interest
periods will be specified in the applicable Pricing Supplement.
Benchmark Discontinuation:
On the occurrence of a Benchmark Event, the relevant Issuer may
(subject to certain conditions and following consultation with an
Independent Adviser) determine a Successor Rate, failing which an
Alternative Rate and, in either case, an Adjustment Spread, if any, and
any Benchmark Amendments in accordance with Condition 4(d).
Zero Coupon Notes:
Zero Coupon Notes may be issued at their principal amount or at a
discount to it and will not bear interest other than in the case of late
payment.
Variable Coupon Amount Notes:
The Pricing Supplement issued in respect of each issue of variable
coupon amount Notes will specify the basis for calculating the amounts
of interest payable, which may be by reference to an index or formula or
as otherwise provided in the applicable Pricing Supplement.
Interest Periods and Interest
The length of the interest periods for the Notes and the applicable
Rates:
interest rate or its method of calculation may differ from time to time or
be constant for any Series. Notes may have a maximum interest rate, a
minimum interest rate, or both. The use of interest accrual periods
permits the Notes to bear interest at different rates in the same interest
period. All such information will be set out in the applicable Pricing
Supplement.
Variable Redemption Amount
The Pricing Supplement issued in respect of each issue of variable
Notes:
redemption amount Notes will specify the basis for calculating the
redemption amounts payable, which may be by reference to an index or
6

formula or as otherwise provided in the applicable Pricing Supplement.
Redemption by Instalments:
The Pricing Supplement issued in respect of each issue of Notes which
are redeemable in two or more instalments will set out the dates on
which, and the amounts in which, such Notes may be redeemed.
Optional Redemption:
The Pricing Supplement issued in respect of each issue of Notes will
state whether such Notes may be redeemed prior to their stated maturity
at the option of the relevant Issuer (either in whole or in part) and/or the
holders and, if so, the terms applicable to such redemption.
Status of Notes:
The Notes will constitute unsecured, direct, unconditional and general
obligations of the relevant Issuer all as described in "Terms and
Conditions of the Notes -- Status".
Negative Pledge:
The terms of the Notes will not contain a negative pledge provision.
Cross Default:
The terms of the Notes will contain a cross default provision as further
described in "Terms and Conditions of the Notes -- Events of Default".
Withholding Tax:
All payments under the Notes are subject in all cases to any applicable
fiscal or other laws, regulations and directives. No grossing-up
provisions will apply in the event of any withholding or deduction from
such payments.
Consolidation:
Notes of one Series issued by a relevant Issuer may be consolidated
with those of another Series issued by such Issuer, all as described in
"Terms and Conditions of the Notes -- Further Issues and
Consolidation".
Governing Law:
The Notes and any non-contractual obligations arising out of or in
connection with the Notes will be governed by, and shall be construed in
accordance with, Luxembourg law.
Jurisdiction:
See "Terms and Conditions of the Notes -- Governing Law and
Jurisdiction".
Listing:
Notes issued under the Programme may be admitted to trading on the
Luxembourg Stock Exchange's regulated market and to be listed on the
Official List of the Luxembourg Stock Exchange or on such other of
further stock exchange(s) as otherwise specified in the applicable Pricing
Supplement. As specified in the applicable Pricing Supplement, an
unlisted Series of Notes or a Series of Notes not admitted to trading on
any market may be issued.
Selling Restrictions:
There are restrictions on the offer, sale and transfer of the Notes in the
United States, the United Kingdom and Japan (see further "Plan of
Distribution" below)
United States Selling Restrictions:
Regulation S, Category 1. TEFRA C or D or TEFRA not applicable, as
specified in the applicable Pricing Supplement

7

Set out below is the form of Pricing Supplement which will be completed for each tranche of Notes issued under
the Programme.
PRICING SUPPLEMENT

[[MiFID II product governance / Professional investors and Eligible Counterparties only target market:
Solely for the purposes of each manufacturer'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 in Directive 2014/65/EU (as amended, 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 manufacturers' 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
manufacturers' target market assessment) and determining appropriate distribution channels.]
[MIFID II product governance / Retail investors, professional investors and Eligible Counterparties target
market: Solely for the purposes of [the/each] manufacturer'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, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended,
MiFID II); EITHER [and (ii) all channels for distribution of the Notes are appropriate[, including investment advice,
portfolio management, non-advised sales and pure execution services] ] OR [(ii) all channels for distribution to
eligible counterparties and professional clients are appropriate; and (iii) the following channels for distribution of
the Notes to retail clients are appropriate - investment advice[,/ and] portfolio management[,/ and][ non-advised
sales ][and pure execution services][, subject to the distributor's suitability and appropriateness obligations under
MiFID II, as applicable]]. Any person subsequently offering, selling or recommending the Notes (a distributor)
should take into consideration the manufacturer['s/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 manufacturer[`s/s'] target market assessment) and determining appropriate distribution
channels[, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable].]]

EUROPEAN UNION
and
EUROPEAN ATOMIC ENERGY COMMUNITY - EURATOM
Debt Issuance Programme

[EUROPEAN UNION / EURATOM]
SERIES NO: []
TRANCHE NO: []
[Brief Description and Amount of Notes]

Issue Price: [] per cent.

[Dealer(s)]

The date of this Pricing Supplement is []

This Pricing Supplement, under which the Notes described herein (the Notes) are issued, is supplementary to,
and should be read in conjunction with, the Offering Circular dated 10 December 2019 [as supplemented by the
supplement[s] dated [date[s]]] (the Offering Circular) issued in relation to the Debt Issuance Programme of the
European Union and the European Atomic Energy Community. The Notes will be issued on the terms of this
Pricing Supplement read together with the Offering Circular. Terms defined in the Offering Circular have the
same meaning in this Pricing Supplement.
[The following alternative language applies if the first tranche of an issue which is being increased was issued
under an Offering Circular with an earlier date.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions)
set forth in the Offering Circular dated [original date [and the supplement dated [date]]]. This Pricing Supplement
contains the final terms of the Notes and must be read in conjunction with the Offering Circular dated [current
date], save in respect of the Conditions which are extracted from the Offering Circular dated [original date] and
are attached hereto.]
8

This Pricing Supplement does not constitute, and may not be used for the purposes 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 offer or solicitation, and no action is being taken to permit an offering of the Notes or the
distribution of this Pricing Supplement in any jurisdiction where such action is required. Full information on the
Issuer and the offer of the Notes is only available on the basis of the combination of the Pricing Supplement
dated [date] and the Offering Circular dated [date].
Nothing has happened as of the date hereof or is expected to happen in relation to the Issuer or the Notes which
would require the Offering Circular to be supplemented or updated.
[[Except as disclosed in this document,] there has been no significant change in the overall financial position of
the Issuer since the date of its last General Budget or the last General Report on the Activities of the European
Union.]

Signed:
..................................
Signed:
..................................

Duly authorised signatory
Duly authorised signatory

The terms of the Notes are as follows:

1.
Issuer:
[European Union (LEI 5299 00FZ RK8F GMPE OM08)
/ European Atomic Energy Community (LEI 5299
00GY EA9T QP9B A353)]
2.
(a) Series No:
[ ]
(b) Tranche No:
[ ]
(If fungible with an existing Series, details of that
Series, including the date on which the Notes become
fungible)
3.
Relevant Currency:
[ ]
4.
Aggregate Principal Amount:

(a) [Series:
[ ]]
(b) [Tranche:
[ ]]
5.
(a) [Issue Price:
[ ] per cent. of the Aggregate Principal Amount
[plus accrued interest from [insert date] (in the case of
fungible issues only, if applicable)]]
(b) [Estimated Net proceeds
[ ]]
(Required only for listed issues):
6.
Denomination(s):
[ ]
7.
(a) Issue Date:
[ ]
(b) Interest Commencement Date:
[ ]
8.
Maturity Date:
[ ] [, subject to adjustment in accordance with the
[Following/Modified Following/Preceding] Business
Day Convention for which the Relevant Business
Day[s] [is/are] [specify cities]]/[The Interest Payment
Date falling in or nearest to [specify month and year]]
9.
Interest Basis:
[[ ] per cent. Fixed Rate]
[Benchmark] +/- [ ] per cent. Floating Rate]
[Zero Coupon]
[Variable Coupon Amount]
[specify other]
(further particulars specified below)
10. Redemption/Payment Basis:
[Redemption at par]
[Variable Coupon Redemption Amount]
[Instalment]

N.B. If any such change is disclosed in the Pricing Supplement, it will require approval by the Stock Exchange(s).
9

[specify other]
11. Change of Interest Basis or
[Specify details of any provision for change of Notes
Redemption/Payment Basis:
into another Interest Basis or Redemption/Payment
Basis]
12. Call Options:
[Issuer Call]
[(further particulars specified below)]
13. Listing:
[Luxembourg/specify other/None]
14. Method of distribution:
[Syndicated/Non-syndicated]
15. Fixed Rate Note Provisions
[Applicable/Not Applicable]
(If not applicable, delete the remaining subparagraphs
of this paragraph)
(a) Interest Rate:
[ ]
per
cent.
per
annum
[payable
[annually/semi-annually/quarterly] in arrear]
(If payable other than annually, consider amending
Condition 4)
(b) Interest Payment Date(s):
[[ ] in each year up to and including the Maturity
Date]/[specify other]
(N.B. This will need to be amended in the case of
long or short coupons)
(c)
Interest Amount(s):
[ ] per [ ] in principal amount
(Insert particulars of any initial or final broken interest
amounts which do not correspond with the Interest
Amount)
(d) Day Count Fraction:
[Actual/Actual (ICMA)] or [specify other]
(e) Interest Determination Date(s):
[ ] in each year
[Insert regular interest payment dates, ignoring issue
date or maturity date in the case of a long or short first
or last coupon.
N.B. This will need to be amended in the case of
regular interest payment dates which are not of equal
duration.
N.B. Only relevant where Day Count Fraction is
Actual/Actual (ICMA)]
(f)
Other terms relating to the method of [None/Give details]
calculating interest for Fixed Rate Notes:
(g) Business Day Convention (for the purposes [Following Business Day, unadjusted/ specify other]
of the payment date convention in
Condition 6(g)):
16. Floating Rate Note Provisions:
[Applicable/Not Applicable]
(If not applicable, delete the remaining subparagraphs
of this paragraph)
(a) Specified Duration/Interest Payment Dates:
[ ] [, subject to adjustment in accordance with the
Business Day Convention set out in (b) below /, not
subject to any adjustment, as the Business Day
Convention in (b) below is specified to be Not
Applicable]
(b) Business Day Convention:
[Floating Rate Convention/Following Business Day
Convention/Modified
Following
Business
Day
Convention/
Preceding
Business
Day
Convention/[specify other]] [Not Applicable]
(c)
Relevant Financial Centre(s):
[ ]
(d) Primary Source:
[Page/Reference Banks/specify other]
(e) Party responsible for calculating the Rate of
Interest and Interest Amount (if not the [ ]
Agent):
(f)
Interest Determination Date(s):
[ ]
10