Bond Sachsen-Anhalt 0% ( XS2435129726 ) in NOK

Sachsen-Anhalt

100 % ▼

Germany

XS2435129726 ( in NOK )

25/01/2027

Prospectus brochure of the bond Saxony-Anhalt XS2435129726 en NOK 0%, maturity 25/01/2027

1 000 000 NOK

1 000 000 000 NOK

Saxony-Anhalt is a German state in central Germany, known for its historical sites, including medieval towns like Quedlinburg and Magdeburg, and its significant role in German history.

The Bond issued by Sachsen-Anhalt ( Germany ) , in NOK, with the ISIN code XS2435129726, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 25/01/2027

Alleviated Prospectus
3 March 2023

Federal State of Saxony-Anhalt
EUR 8,000,000,000 Debt Issuance Programme
This alleviated prospectus (the "Alleviated Prospectus") has been approved by the Luxembourg Stock Exchange in its capacity
as relevant market operator under the Luxembourg act dated 16 July 2019 on prospectuses for securities (Loi du 16 juillet 2019
relative aux prospectus pour valeurs mobilières) (the "Prospectus Act").
Bearer notes (the "Bearer Notes") and collective debt register claims (the "Collective Debt Register Claims") to be issued
under the EUR 8,000,000,000 Debt Issuance Programme (the "Programme") may be admitted to trading on the regulated
market and listed on the official list of the Luxembourg Stock Exchange or on the professional segment of the regulated market
of the Luxembourg Stock Exchange or be listed on the regulated market (regulierter Markt) of any stock exchange within the
Federal Republic of Germany ("Germany") or be admitted to trading and listed, as the case may be, on other or further stock
exchanges or may not be listed at all.
Pursuant to Article 1(2)(b) of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"), the Prospectus
Regulation does not apply to the Federal State of Saxony-Anhalt (the "State" or, in the context of an issue of state treasury
notes ("State Treasury Notes" or "Notes" (which terms shall include registered notes (the "Registered Notes") to be issued
by the State) by the State, the "Issuer" or, in the context of assignable loans ("Assignable Loans" and, together with the State
Teasury Notes, the "Instruments" or the "Borrowings") entered into by the State, the "Borrower"). This Alleviated Prospectus
fulfills the requirements of Part III, Chapter 2 of the Prospectus Act and Part 2, Chapter 1, Section 103 of the rules and
regulations of the Luxembourg Stock Exchange.

Arranger

Deutsche Bank

Dealers

Barclays
BNP PARIBAS
BofA Securities
Citigroup
Commerzbank
DekaBank
Deutsche Bank
DZ BANK AG
Goldman Sachs Bank Europe
SE
HSBC
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
NORD/LB
UniCredit
This Alleviated Prospectus is valid for the period of 12 months from its date of publication and will be published in electronic
form on the website of the Luxembourg Stock Exchange (www.luxse.com).

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2

Verkürzter Prospekt
3. März 2023

Land Sachsen-Anhalt
EUR 8.000.000.000 Programm zur Begebung von Kapitalmarktinstrumenten
Dieser verkürzte Prospekt (der "Verkürzte Prospekt") wurde von der Luxemburger Wertpapierbörse als Betreiberin des
geregelten Marktes gemäß Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières, (das "Prospektgesetz")
gebilligt.
Inhaberschuldverschreibungen (die "Inhaberschuldverschreibungen") und Sammelschuldbuchforderungen (die
"Sammelschuldbuchforderungen"),
die
unter
dem
EUR 8.000.000.000
Programm
zur
Begebung
von
Kapitalmarktinstrumenten (das "Programm") begeben werden, können zum Handel im geregelten Markt an der Luxemburger
Wertpapierbörse oder im "Professional Segment" im geregelten Markt an der Luxemburger Wertpapierbörse zugelassen und
notiert oder im regulierten Markt jeder Wertpapierbörse in der Bundesrepublik Deutschland ("Deutschland") notiert werden,
bzw. an einer anderen oder weiteren Wertpapierbörse(n) zum Handel zugelassen und notiert oder nicht zum Handel oder zur
Notierung zugelassen werden.
Gemäß Artikel 1(2)(b) der Verordnung (EU) 2017/1129, in der jeweils gültigen Fassung (die "Prospektverordnung") findet
die Prospektverordnung keine Anwendung auf das Land Sachsen-Anhalt (das "Land" bzw. im Zusammenhang mit der
Begebung von Landesschatzanweisungen (die "Landesschatzanweisungen" oder die "Schuldverschreibungen" (wobei diese
Begriffe Namensschuldverschreibungen (die "Namensschuldverschreibungen"), die durch das Land begeben werden,
umfassen)) durch das Land, die "Emittentin" bzw. im Zusammenhang mit der Aufnahme von abtretbaren Darlehen
("Schuldscheindarlehen" und (zusammen mit den Landesschatzanweisungen) die "Schuldtitel" oder die
"Kreditaufnahmen") durch das Land, die "Darlehensnehmerin"). Dieser Verkürzte Prospekt erfüllt die Anforderungen von
Teil III, Abschnitt 2 Prospektgesetz und Teil 2, Abschnitt 1, Unterabschnitt 103 der Regeln und Vorschriften der Luxemburger
Wertpapierbörse.

Arrangeur

Deutsche Bank

Platzeure

Barclays
BNP PARIBAS
BofA Securities
Citigroup
Commerzbank
DekaBank
Deutsche Bank
DZ BANK AG
Goldman Sachs Bank Europe
SE
HSBC
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
NORD/LB
UniCredit
Dieser Verkürzte Prospekt ist für einen Zeitraum von zwölf Monaten ab seinem Veröffentlichungsdatum gültig und wird in
elektronischer Form auf der Website der Luxemburger Börse (www.luxse.com) veröffentlicht werden.

3

Table of Contents

Responsibility Statement ......................................................................................................................................... 6
Notice ...................................................................................................................................................................... 6
Forward-Looking Statements .................................................................................................................................. 7
Summary of the Programme ................................................................................................................................... 9
Information relating to the Programme...................................................................................................................... 9
Information relating to the Instruments ................................................................................................................... 10
Information relating to the Risk Factors .................................................................................................................. 14
Risk Factors .......................................................................................................................................................... 15
Suitability of an Investment in the Instruments ....................................................................................................... 15
Risks Related to the Structure of Particular Instruments ......................................................................................... 15
Risks Related to Instruments Generally ................................................................................................................... 23
Risks Related to the Market Generally .................................................................................................................... 23
Risk of Potential Conflicts of Interest ...................................................................................................................... 24
Additional Risk Factors ........................................................................................................................................... 24
Legal Forms of Instruments .................................................................................................................................. 25
General .................................................................................................................................................................... 25
Registration in the State Debt Register .................................................................................................................... 25
Reference to the Final Terms ................................................................................................................................... 26
Borrowing Procedures ........................................................................................................................................... 27
General .................................................................................................................................................................... 27
Long-Form Conditions ............................................................................................................................................ 27
Integrated Conditions .............................................................................................................................................. 27
Attachment of Conditions ........................................................................................................................................ 27
Risikofaktoren ....................................................................................................................................................... 28
Eignung einer Anlage in die Schuldtitel .................................................................................................................. 28
Risiken, die mit der Struktur der Schuldtitel verbunden sind ................................................................................... 28
Allgemeine Risiken im Zusammenhang mit den Schuldtiteln ................................................................................... 37
Allgemeine marktbezogene Risiken ......................................................................................................................... 38
Interessenkonflikte ................................................................................................................................................... 38
Zusätzliche Risikofaktoren ....................................................................................................................................... 38
Rechtsformen der Schuldtitel ................................................................................................................................ 39
Allgemeines.............................................................................................................................................................. 39
Eintragung in das Landesschuldbuch ...................................................................................................................... 39
Bezugnahme auf die Endgültigen Bedingungen ....................................................................................................... 40
Vorgehensweise bei einer Kreditaufnahme ........................................................................................................... 41
Allgemeines.............................................................................................................................................................. 41
Nicht-konsolidierte Bedingungen ............................................................................................................................ 41
Konsolidierte Bedingungen ..................................................................................................................................... 41
Beifügung der Bedingungen .................................................................................................................................... 42
4

Conditions of Borrowing ...................................................................................................................................... 43
Part I - Basic Terms .............................................................................................................................................. 43
A. Conditions of Borrowing applicable to State Treasury Notes in the Form of Bearer Notes or
Collective Debt Register Claims .......................................................................................................................... 43
Part I - Supplement to the Basic Terms................................................................................................................. 63
B. Conditions of Borrowing applicable to State Treasury Notes in the Form of Registered Notes ...................... 63
Part II - Conditions of Borrowing applicable to Assignable Loans ...................................................................... 68
Bedingungen der Kreditaufnahme ........................................................................................................................ 84
Teil I - Grundbedingungen .................................................................................................................................... 84
A. Bedingungen der Kreditaufnahme für Landesschatzanweisungen in der Form von
Inhaberschuldverschreibungen oder Sammelschuldbuchforderungen.................................................................. 84
Teil I - Zusatz zu den Grundbedingungen ........................................................................................................... 106
B. Bedingungen der Kreditaufnahme für Landesschatzanweisungen in der Form von
Namensschuldverschreibungen ........................................................................................................................... 106
Teil II - Bedingungen der Kreditaufnahme für Schuldscheindarlehen ................................................................ 111
Form of Final Terms / Muster der Endgültigen Bedingungen ............................................................................ 128
Part 1 - Form of Final Terms for State Treasury Notes / Teil 1 - Muster der Endgültigen Bedingungen für
Landesschatzanweisungen .................................................................................................................................. 131
Part 2 - Form of Final Terms for Assignable Loans / Teil 2 - Muster der Endgültigen Bedingungen für
Schuldscheindarlehen ......................................................................................................................................... 150
Federal State of Saxony-Anhalt .......................................................................................................................... 161
History and Politics ............................................................................................................................................... 161
Territory and Population ........................................................................................................................................ 161
Infrastructure ......................................................................................................................................................... 161
The Economy ......................................................................................................................................................... 161
Public Finance ....................................................................................................................................................... 166
Public Debt ............................................................................................................................................................ 171
Debt Record ........................................................................................................................................................... 173
Taxation Warning ............................................................................................................................................... 174
Selling Restrictions ............................................................................................................................................. 175
General Information ............................................................................................................................................ 179
Authorisation ......................................................................................................................................................... 179
Use of Proceeds ..................................................................................................................................................... 179
Documents Available ............................................................................................................................................ 179
Clearing Systems ................................................................................................................................................... 180
Listing Information ................................................................................................................................................ 180
Litigation ............................................................................................................................................................... 180
Dealers transacting with the Issuer ........................................................................................................................ 180
Names and Addresses ......................................................................................................................................... 181

5

Responsibility Statement
The State accepts sole responsibility for the information contained in this Alleviated Prospectus and confirms that to the
best of its knowledge the information contained herein is in accordance with the facts and that the Alleviated Prospectus
makes no omission likely to affect its import.
The State has confirmed to the dealers set forth in the section "Summary of the Programme Dealers" (each a "Dealer"
and together the "Dealers" which term shall include any further dealer appointed under the dealer agreement relating to
the Programme) that this Alleviated Prospectus contains all information which is necessary to enable investors to make
an informed assessment of the rights attaching to the Instruments.
Notice
No person is or has been authorised by the State or any of the Dealers to give any information or to make any
representation which is not contained in or not consistent with this Alleviated Prospectus or any other information
supplied in connection with the Programme and, if given or made, such information or representation must not be relied
upon as having been authorised by or on behalf of the State or any of the Dealers.
The State has confirmed that this Alleviated Prospectus is true and accurate in all material respects and is not misleading;
that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are
no other facts with respect to the State, the omission of which would make any statement, whether of fact or opinion, in
this Alleviated Prospectus misleading in any material respect; and that all reasonable enquiries have been made to
ascertain all facts and to verify the accuracy of all statements contained herein.
Neither the delivery of this Alleviated Prospectus nor any supplement or any Final Terms nor the issue, offer, sale or
delivery of any State Treasury Notes shall, in any circumstances, imply that the information contained in such documents
is accurate and complete at any time subsequent to the date hereof 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. The Dealers expressly do not undertake to review the financial condition
or affairs of the State during the life of the Programme or to advise any investor in the State Treasury Notes of any
information coming to their attention. Investors should review, inter alia, the most recently published supplements to
this Alleviated Prospectus when deciding whether or not to purchase any State Treasury Notes.
The State has undertaken with the Dealers that it will, (i) on or before the anniversary of the date of this Alleviated
Prospectus, (ii) in the event of any significant new factor, material mistake or material inaccuracy relating to the
information included in this Alleviated Prospectus which is capable of affecting the assessment of any Bearer Notes or
Collective Debt Registered Claims (including, but not limited to, any amendment or modification of the Conditions of
Borrowing which would make the Alleviated Prospectus inaccurate or misleading) and which arises between the time
when the Alleviated Prospectus is approved and the time when trading of a relevant Tranche of Bearer Notes or
Collective Debt Registered Claims shall begin or (iii) in the event of any adverse change in the condition of the State
which is material in the context of any Borrowing under the Programme and which is not already reflected in this
Alleviated Prospectus, prepare a supplement to this Alleviated Prospectus or, as the case may be, publish a new alleviated
prospectus for use in connection with any subsequent issue of any Borrowing under the Programme. Any such
supplement shall be approved by the Luxembourg Stock Exchange, in case such approval by the Luxembourg Stock
Exchange is required.
This Alleviated Prospectus, any supplement or new alleviated prospectus will be obtainable, free of charge, from (i) the
State (Federal State of Saxony-Anhalt, Ministry of Finance, Editharing 40, 39108 Magdeburg, Germany), (ii) the
specified offices of the Fiscal Agent (Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main,
Germany) and the Paying Agents for the time being in Germany (Federal State of Saxony-Anhalt, Ministry of Finance,
Referat 33 Geld- und Kapitalmarktgeschäfte, Editharing 40, 39108 Magdeburg, Germany) and Deutsche Bank
Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt, Germany, and (iii) the website of the Luxembourg Stock
Exchange, being www.luxse.com, where this Alleviated Prospectus, any such supplement or new alleviated prospectus
will also be viewable.
To the extent permitted by the laws of any relevant jurisdiction, neither Deutsche Bank Aktiengesellschaft as Arranger
nor any Dealer nor any other person mentioned in this Alleviated Prospectus (excluding the State) accepts any liability
for the accuracy and completeness of the information contained in this Alleviated Prospectus or any supplement or
6

amendment hereof nor for any information contained in any Final Terms (the "Final Terms").
The distribution of this Alleviated Prospectus, any document incorporated herein by reference and any Final Terms and
the offering, sale and delivery of the State Treasury Notes in certain jurisdictions may be restricted by law. Persons into
whose possession this Alleviated Prospectus or any Final Terms come are required to inform themselves about and to
observe any such restriction (see the section entitled "Selling Restrictions"). In particular, the State Treasury Notes have
not been and will not be registered under the United States Securities Act of 1933 (as amended) and may include Notes
in bearer form which are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered,
sold or delivered within the United States of America or to U.S. persons.
MiFID II PRODUCT GOVERNANCE / TARGET MARKET The Final Terms in respect of any Instruments may
include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in respect of
the Instruments and which channels for distribution of the Instruments are appropriate. Any person subsequently
offering, selling or recommending the Instruments (a "Distributor") should take into consideration the target market
assessment; however, a Distributor subject to Directive 2014/65/EU (as amended, "MiFID II") is responsible for
undertaking its own target market assessment in respect of the Instruments (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 Product Governance Rules
under EU Delegated Directive 2017/593, as amended (the "MiFID II Product Governance Rules"), any Dealer
subscribing for any Instruments is a manufacturer in respect of such Instruments, but otherwise neither the State nor the
Arranger nor the other Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MIFID II
Product Governance Rules.
UK MiFIR PRODUCT GOVERNANCE / TARGET MARKET The Final Terms in respect of any Instruments
may include a legend entitled "UK MiFIR Product Governance" which will outline the target market assessment in
respect of the Instruments and which channels for distribution of the Instruments are appropriate. Any Distributor should
take into consideration the target market assessment; however, a Distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for
undertaking its own target market assessment in respect of the Instruments (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 UK MiFIR Product
Governance Rules, any Dealer subscribing for any Instruments is a manufacturer in respect of such Instruments, but
otherwise neither the State nor the Arranger nor the other Dealers nor any of their respective affiliates will be a
manufacturer for the purpose of the UK MiFIR Product Governance Rules.
Neither this Alleviated Prospectus nor any other information supplied in connection with the Programme or the
issue of any State Treasury Notes under the Programme constitutes an offer or invitation by or on behalf of the
State or any of the Dealers to any person to subscribe for or to purchase any State Treasury Notes.
Neither this Alleviated Prospectus nor any Final Terms may be used by anyone for the purpose of an offer to sell
or the solicitation of an offer to subscribe for or to purchase any State Treasury Notes in any jurisdiction to any
person to whom it is unlawful to make the offer or solicitation in such jurisdiction.
In connection with the issue of any Tranche of State Treasury Notes, the Dealer or Dealers (if any) named as the
Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation Manager(s)) in the relevant Final Terms
may over-allot State Treasury Notes or effect transactions with a view to supporting the market price of the State
Treasury Notes at a level higher than that which might otherwise prevail. However, stabilisation may not
necessarily occur. 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 State Treasury Notes is made and, if begun, may cease at any
time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of State
Treasury Notes and 60 days after the date of the allotment of the relevant Tranche of State Treasury Notes. Any
stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or persons
acting on behalf of any stabilisation manager(s)) in accordance with all applicable laws and rules.
Forward-Looking Statements
This Alleviated Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that

7

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
Alleviated Prospectus containing information on future State budgets, the State's Medium-Term Financial Plan, its
funding, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Alleviated Prospectus are based on current estimates and assumptions that the State
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 the State's financial condition and its revenues and expenditures to
differ materially from and be worse than results that have expressly or implicitly been assumed or described in these
forward-looking statements. The State's economic performance is also subject to a number of risks and uncertainties that
could cause a forward-looking statement, estimate or prediction in this Alleviated Prospectus to become inaccurate.
Accordingly, investors are strongly advised to read the section entitled "Federal State of Saxony-Anhalt". This section
includes a more detailed description of factors that might have an impact on the State's economic performance, revenues
and expenditures, and financial condition.
In light of these risks, uncertainties and assumptions, future events described in this Alleviated Prospectus may not occur.
In addition, neither the State nor the Dealers 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.

8

Summary of the Programme
The following summary must be read as an introduction to this Alleviated Prospectus and any decision to invest in any
(i) State Treasury Notes in the form of (a) Bearer Notes, (b) Collective Debt Register Claims, or (c) Registered Notes,
or (ii) Assignable Loans should be based on a consideration of this Alleviated Prospectus as a whole, including the
relevant Final Terms (the "Final Terms") applicable to such Instruments. The following summary does not purport to
be a complete description of the provisions applicable to the Programme or a particular Borrowing thereunder and is
qualified in its entirety by the remainder of this Alleviated Prospectus and, in relation to any particular Borrowing, the
applicable Final Terms. Expressions defined in the "Conditions of Borrowing" below shall have the same meaning in
this summary.
Information relating to the Programme
Issuer/Borrower:
Federal State of Saxony-Anhalt
Arranger:
Deutsche Bank Aktiengesellschaft
Dealers:
Barclays Bank Ireland PLC
BNP Paribas
BofA Securities Europe SA
Citigroup Global Markets Europe AG
Commerzbank Aktiengesellschaft
DekaBank Deutsche Girozentrale
Deutsche Bank Aktiengesellschaft
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Goldman Sachs Bank Europe SE
HSBC Continental Europe
Landesbank Baden-Württemberg
Morgan Stanley Europe SE
NatWest Markets N.V.
Norddeutsche Landesbank Girozentrale
UniCredit Bank AG
and any other Dealer appointed from time to time by the State in accordance with the Dealer Agreement.
Fiscal Agent:
Deutsche Bank Aktiengesellschaft
Paying Agents:
The Federal State of Saxony-Anhalt as represented by the Ministry of Finance of the Federal State of Saxony-Anhalt,
Referat 33 Geld- und Kapitalmarktgeschäfte,
Deutsche Bank Aktiengesellschaft
and any other institution specified in the relevant Final Terms.
Registrar:
Deutsche Bank Aktiengesellschaft
and any other institution specified in the relevant Final Terms (in relation to Registered Notes).

9

Luxembourg Listing Agent:
Banque de Luxembourg
Distribution:
Bearer Notes and Collective Debt Register Claims may be distributed by way of public or private placements and, in
each case, on a syndicated or non-syndicated basis.
Assignable Loans will be distributed by private placement on a non-syndicated basis with qualified investors only.
Currencies:
Instruments may be denominated in euro, Sterling, U.S. Dollars, Japanese Yen and, subject to any applicable legal or
regulatory restrictions and requirements of competent central banks, any other currency agreed between the State and
the relevant Dealer. Payments of interest, if any, and principal in respect of the Instruments may be made in and/or linked
to, the currency in which such Instruments are denominated or any currency or currencies other than the currency in
which such Instruments are denominated. See the subsections entitled "Dual Currency Instruments" and "FX Linked
Instruments" below for further details.
Currency Related Restrictions:
Any Instruments denominated in a currency in respect of which particular laws, regulations, and requirements apply will
only be issued or entered into in circumstances which comply with such laws, regulations, and requirements from time
to time.
Rating:
State Treasury Notes to be issued pursuant to the Programme may be rated or unrated. Where an issue of State Treasury
Notes is rated, such rating will be included in the relevant Final Terms.
Listing and Admission to Trading:
Application has been made to list Bearer Notes and Collective Debt Register Claims to be issued under the Programme
on the Luxembourg Stock Exchange and to admit such Bearer Notes and Collective Debt Register Claims to trading on
the regulated market of the Luxembourg Stock Exchange or on the professional segment of the regulated market of the
Luxembourg Stock Exchange.
Bearer Notes and Collective Debt Register Claims are admitted to trading on the regulated market of any stock exchange
within Germany and may be admitted to trading and listed on such other or further stock exchanges or markets as may
be agreed between the Issuer and the relevant Dealer(s). Bearer Notes or Collective Debt Register Claims may also not
be listed at all, all as agreed between the Issuer and the relevant Dealer(s).
Registered Notes to be issued under the Programme or Assignable Loans to be entered into under the Programme may
not be listed on any stock exchange.
Selling Restrictions:
There are certain restrictions on the distribution of this Alleviated Prospectus and the offer or sale of State Treasury
Notes in a number of jurisdictions, including, but not limited to Germany, Luxembourg, the United Kingdom,
Switzerland, the United States of America and Japan and such other restrictions as may be required under applicable law
in connection with the offering and sale of particular State Treasury Notes in a particular jurisdiction, which will be set
out in the relevant Final Terms. See the section entitled "Selling Restrictions".
Information relating to the Instruments
Terms and Conditions of the Instruments:
Final Terms will be prepared in respect of each Tranche of State Treasury Notes to be issued and each Assignable Loan
to be raised under the Programme, supplementing or modifying the terms and conditions of the Notes or the Assignable
Loans set out in the section entitled "Conditions of Borrowing". If the relevant Final Terms specify, however, that
integrated conditions shall apply to the Instruments, such integrated conditions will be attached to the relevant Final
Terms and replace the terms and conditions of the Notes or the Assignable Loan set out in the section entitled "Conditions

10