Obbligazione Allians 4.375% ( XS0211637839 ) in EUR

Allians

100 EUR ▼

Germania

XS0211637839 ( in EUR )

4.375% per anno ( pagato 1 volta l'anno)

perpetue - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Allianz XS0211637839 in EUR 4.375%, scaduta

1 000 EUR

1 400 000 000 EUR

Allianz è un gruppo assicurativo e finanziario tedesco, tra i maggiori al mondo, che offre un'ampia gamma di servizi in campo assicurativo e di gestione patrimoniale a livello globale.

Si analizza l'obbligazione con codice ISIN XS0211637839, emessa dalla multinazionale tedesca Allianz, leader globale nel settore assicurativo e dei servizi finanziari, per un valore nominale complessivo di 1.400.000.000 EUR e un taglio minimo di acquisto di 1.000 EUR, strumento che, sebbene originariamente concepito come perpetuo, prevedeva un tasso di interesse fisso del 4,375% con pagamenti annuali ed è stato interamente rimborsato al 100% del suo valore nominale, essendo stato richiamato dall'emittente.

ALLIANZ FINANCE II B.V.
(a private company with limited liability incorporated under the law of the Netherlands)
1,400,000,000
4.375 % Guaranteed Undated Subordinated Fixed to Floating Rate Callable Bonds
guaranteed on a subordinated basis by
ALLIANZ AKTIENGESELLSCHAFT
(incorporated as a stock corporation in Munich, Germany)
Issue Price of the Bonds: 98.923 %
The 1,400,000,000 4.375 % Guaranteed Undated Subordinated Fixed to Floating Rate Callable Bonds (the
"Bonds") were issued by Allianz Finance II B.V. (the "Issuer") on 17 February 2005 (the "Issue Date") in
denominations of 1,000 each.
The Bonds have no final maturity date. The Bonds may be redeemed at the option of the Issuer (in whole but not in
part) at par plus accrued and deferred, if any, interest on 17 February 2017 or on any Floating Interest Payment Date
(as defined in Condition 3.2 of the terms and conditions of the Bonds (the "Conditions")) thereafter. The Bonds will
be subject to early redemption at par following a Gross-up Event and at the greater of par and the Make-whole
Amount following a Regulatory Event or a Tax Event (all terms as defined in Condition 4 of the Conditions) or
otherwise at the option of the Issuer. For regulatory purposes any early redemption will be subject to Allianz
Aktiengesellschaft ("Allianz AG" or the "Guarantor") or any of its subsidiaries replacing the principal to be
redeemed by other at least equivalent regulatory capital or the prior approval of the competent regulator having been
obtained, all as more fully described in the Conditions. The Bonds will bear interest from and including
17 February 2005 to but excluding 17 February 2017 at the rate of 4.375 % per annum payable annually in arrear on
17 February of each year commencing on 17 February 2006. Unless previously redeemed in accordance with
Condition 4(b)-(f) of the Conditions, from and including 17 February 2017 to but excluding the relevant date of the
redemption, interest on the Bonds will be payable, at a rate equal to EURIBOR for three month euro deposits plus
1.73 %, quarterly in arrear on the Floating Interest Payment Date (as defined below) falling in February, May,
August and November of each year, the first such payment to be made on the Floating Interest Payment Date falling
in May 2017. Under certain circumstances described in Condition 3 of the Conditions, interest payments on the
Bonds may be deferred.
The Guarantor will unconditionally and irrevocably guarantee on a subordinated basis (the "Guarantee") the due
and punctual payment of all amounts at any time becoming due and payable in respect of the Bonds.
See "Investment Considerations" for a discussion of certain factors that should be considered by prospective
investors.
Application has been made to list the Bonds on the Luxembourg Stock Exchange. Initially the Issuer issued the
Bonds with 8 Warrants (as defined in Condition 1(d) of the Conditions) attached to each Bond. The Warrants were
detached from the Bonds in their entirety on 17 February 2005. The Warrants are transferable individually. No
application has been made to list the Warrants on the Luxembourg Stock Exchange, and the Warrants are not listed
on any stock exchange and are not the subject of this listing prospectus (the "Listing Prospectus").
The Bonds will initially be represented by a temporary global Bond in bearer form without coupons which have
been deposited on 17 February 2005 with a common depositary for Clearstream Banking, société anonyme and
Euroclear Bank S.A./N.V., as operator of Euroclear System and which will be replaced by a permanent global Bond
in bearer form without coupon not earlier than 40 days following 17 February 2005, on presentation of a certificate
of non-U.S. beneficial ownership.
The date of this Listing Prospectus is 17 February 2005.
Dresdner Kleinwort Wasserstein

The Issuer and the Guarantor accept responsibility for the information contained in this document with respect
to the Issuer and the Guarantor, and its subsidiaries taken as a whole (the "Group" or "Allianz Group") and
the Bonds and have taken all reasonable care to ensure that the facts stated in this Listing Prospectus are true
and accurate in all material respects and that no material facts have been omitted.
No person has been authorised to give any information or to make any representation other than those
contained in this Listing Prospectus in connection with the issue or sale of the Bonds and, if given or made,
such information or representation must not be relied upon as having been authorised by the Issuer or the
Guarantor. Neither the delivery of this Listing Prospectus nor any sale made in connection with the issue of
the Bonds shall, under any circumstances, create any implication that there has been no change in the affairs of
the Issuer or the Guarantor since the date hereof or the date upon which this Listing Prospectus has been most
recently amended or supplemented or that there has been no adverse change in the financial position of the
Issuer or the Guarantor since the date hereof or the date upon which that information is stated 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 distribution of this Listing Prospectus in certain jurisdictions may be restricted by law. Persons into
whose possession this Listing Prospectus comes are required by the Issuer and the Guarantor to inform
themselves about and to observe any such restriction. The Bonds and the Guarantee have not been and
will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act")
and Bonds in bearer form are subject to U.S. tax law requirements. For a description of certain
restrictions on offers and sales of Bonds and on distribution of this Listing Prospectus, see
"Subscription and Sale".
This Listing Prospectus does not constitute, and may not be used for the purposes of, an offer of, or an
invitation by or on behalf of the Issuer, the Guarantor or Dresdner Bank AG London Branch (the "Lead
Manager") (as described in "Subscription and Sale") to subscribe for, or purchase, any Bonds.
The Listing Agent has not separately verified the information contained in this Listing Prospectus. The Listing
Agent does not make any representation, express or implied, or accepts any responsibility, with respect to the
accuracy or completeness of any of the information in this Listing Prospectus. Neither this Listing Prospectus
nor any other financial statements are intended to provide the basis of any credit or other evaluation and
should not be considered as a recommendation by the Issuer, the Guarantor or the Lead Manager that any
recipient of this Listing Prospectus or any other financial statements should purchase the Bonds.
Each recipient of this document shall be taken to have made its own investigation and appraisal of the
condition (financial or otherwise) of the Issuer or the Guarantor.
This Listing Prospectus may only be used for the purpose for which it has been published.
The Bonds are undated and the Bondholders shall have no right to call for their redemption. The Bonds will
form part of the regulatory capital of the Guarantor and the Allianz Group and as such it is the Issuer's
intention to redeem the Bonds in accordance with Condition 4(b) to (f), only to the extent that the Guarantor or
any of its subsidiaries (including, for the avoidance of doubt, the Issuer) has in the period of six months preceding
such redemption, raised funds in the aggregate principal amount of the Bonds by the issuance and sale of any
ordinary shares or any securities the capital treatment of which is similar or better than the Bonds, but there is
no obligation to do so nor any guarantee of future behaviour. Furthermore, the Issuer intends the Bonds to be
its most junior form of capital apart from its share capital and would not intend to issue any instruments that
would rank junior to the Bonds.
In this Listing Prospectus, unless otherwise specified or the context otherwise requires, references to "CHF"
are to the currency of Switzerland, references to "EUR", "euro" and "" are to the currency introduced at the
third stage of European economic and monetary union pursuant to the Treaty establishing the European
2

Community as amended by the Treaty on European Union. All references to ''USD'' are to the lawful currency
of the United States of America and all references to ''AUD'' are to the lawful currency of Australia.
3

DOCUMENTS INCORPORATED BY REFERENCE
The following documents shall be deemed to be incorporated in, and to form part of, this Listing Prospectus:
·
the audited consolidated annual reports of Allianz Group1, including the auditors' reports, for the years
ended 31 December 2003, 2002 and 2001;
·
the audited unconsolidated annual reports of Allianz AG, including the auditors' reports, for the years
ended 31 December 2003, 2002 and 2001;
·
the unaudited consolidated interim report for the first three quarters of 2004 of Allianz Group for the
nine months ended 30 September 2004;
·
the audited annual reports of Allianz Finance II B.V., including the auditors' reports, for the years ended
31 December 2003, 2002 and 2001and
·
the articles of association of Allianz AG (the "Articles of Association").
Copies of the documents which are incorporated herein by reference will be available free of charge from the
specified offices of the Principal Paying Agent and the Luxembourg Paying Agent set out at the end of this
Listing Prospectus. The Issuer does not publish interim reports.

1 The 2003 and 2002 audited consolidated annual reports of Allianz Group should be read in conjunction with pages 30 et seq. of the
consolidated interim report for the first three quarters of 2004 beginning on page 93 of this Listing Prospectus .
4

TABLE OF CONTENTS
Page
INVESTMENT CONSIDERATIONS.................................................................................................................6
TERMS AND CONDITIONS OF THE BONDS ................................................................................................8
TERMS AND CONDITIONS OF THE WARRANTS......................................................................................28
SUBORDINATED GUARANTEE....................................................................................................................50
DESCRIPTION OF THE ISSUER ....................................................................................................................53
FINANCIAL STATEMENTS OF THE ISSUER...............................................................................................56
USE OF PROCEEDS ........................................................................................................................................58
DESCRIPTION OF THE GUARANTOR.........................................................................................................59
CAPITALISATION OF ALLIANZ GROUP.....................................................................................................72
STATEMENTS OF ALLIANZ GROUP............................................................................................................73
UNCONSOLIDATED AUDITED FINANCIAL STATEMENTS OF THE GUARANTOR ............................81
TAXATION .......................................................................................................................................................84
SUBSCRIPTION AND SALE...........................................................................................................................87
GENERAL INFORMATION.............................................................................................................................89
ALLIANZ GROUP - INTERIM REPORT FIRST THREE QUARTERS OF 2004.......................................92

5

INVESTMENT CONSIDERATIONS
The following is a summary of certain aspects of the Bonds of which prospective investors should be aware.
This summary is not intended to be exhaustive and does not impose any limitation on the rights and duties
created by the Conditions. Prospective investors should carefully consider this summary in conjunction with
the other information contained herein.
Perpetual securities
The Issuer is under no obligation to redeem the Bonds at any time and the Bondholders (as defined in
Condition 1(c) of the Conditions) have no right to call for their redemption.
Redemption risk
The Bonds have no final maturity date. The Bonds may be redeemed at the option of the Issuer (in whole but
not in part) at par plus accrued and deferred, if any, interest on 17 February 2017 or on any Floating Interest
Payment Date (as defined in Condition 3.2 of the Conditions) thereafter. The Bonds will be subject to early
redemption at par following a Gross-up Event and at the greater of par and the Make-whole Amount at any
time at the option of the Issuer or following a Regulatory Event or a Tax Event (all terms as defined in
Condition 4 of the Conditions). For regulatory purposes any early redemption will be subject to the Guarantor
or any of its subsidiaries replacing the principal to be redeemed by other at least equivalent regulatory capital or
the prior approval of the competent regulator having been obtained, all as more fully described in the
Conditions.
No limitation on issuing debt
There is no restriction on the amount of liabilities which the Issuer or the Guarantor may issue which rank
senior to the Bonds or on the amount of liabilities which the Issuer or the Guarantor may issue which rank pari
passu with the Bonds. The occurrence of such may reduce the amount recoverable by Bondholders on a
liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of insolvency of, or
against, the Issuer or the Guarantor or may increase the likelihood that the Issuer may elect to defer payments
of interest under the Bonds.
Subordination
The Bonds and the Guarantor's obligations under the Guarantee will be undated subordinated obligations of the
Issuer and the Guarantor, respectively. Upon the occurrence of any winding-up proceedings of the Issuer or the
Guarantor, payments on the Bonds will be subordinated in right of payment to the prior payment in full of all
other liabilities of the Issuer and the Guarantor (including dated subordinated obligations), except those
liabilities which rank pari passu with, or junior to, the Bonds or the Guarantor's obligations under the Guarantee.
In a liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of insolvency of,
or against, the Issuer or the Guarantor, the Bondholders may recover proportionately less than the holders of
unsubordinated and dated subordinated liabilities of the Issuer or the Guarantor, as the case may be.
The Bondholders explicitly accept that, in the circumstances described above, payments in respect of the
Bonds will be made by the Guarantor pursuant to the Guarantee only in accordance with the subordination
described above.
6

Optional Deferral of Interest Payments
Bondholders should be aware that pursuant to Condition 3.4(a) the Issuer is entitled to defer interest if (x) no
dividend was declared in respect of any class of shares of the Guarantor at the ordinary general meeting of
shareholders (ordentliche Hauptversammlung) (the "General Meeting") of the Guarantor immediately
preceding that Interest Payment Date; and (y) no payment on account of the balance sheet profit has been
made since that ordinary General Meeting.
Bondholders will not receive any additional interest or compensation for the deferral of payment.
7

TERMS AND CONDITIONS OF THE BONDS
Anleihebedingungen ("Bedingungen")
Terms and Conditions of the Bonds (the "Conditions")
§ 1
Form und Nennbetrag
1.
Form and Denomination
(a)
Die Allianz Finance II B.V. (die "Emittentin")
(a)
The Bonds are issued by Allianz Finance II B.V.
begibt Schuldverschreibungen in Euro (die
(the "Issuer") in euro (the "Specified Currency")
"Festgelegte Währung") unter der nachrangigen
guaranteed on a subordinated basis by Allianz
Garantie der Allianz Aktiengesellschaft, München
Aktiengesellschaft, Munich (the "Guarantor") in
(die "Garantin") im Gesamtnennbetrag von
the aggregate principal amount of
EUR1.400.000.000, eingeteilt in auf den Inhaber
EUR1,400,000,000 divided into bonds in bearer
lautende Schuldverschreibungen (die
form (the "Bonds") in the specified denomination of
"Schuldverschreibungen") im festgelegten
EUR1,000 (the "Specified Denomination") each.
Nennbetrag von je EUR1.000 (der "Festgelegte
Nennbetrag").
(b) Die
Schuldverschreibungen
sind zunächst in einer
(b)
The Bonds are initially represented by a temporary
vorläufigen Globalurkunde (die "Vorläufige
global Bond (the "Temporary Global Bond") with-
Globalurkunde") ohne Zinsscheine verbrieft, die
out coupons which is deposited with a depositary
bei einer gemeinsamen Verwahrstelle für
common to Clearstream Banking, société anonyme,
Clearstream Banking, société anonyme, Luxemburg
Luxembourg ("Clearstream, Luxembourg") and
("Clearstream, Luxembourg") und Euroclear
Euroclear Bank S.A./N.V., as operator of the
Bank S.A./N.V., als Betreiberin des Euroclear
Euroclear System ("Euroclear") (together the
Systems ("Euroclear") (zusammen das "Clearing
"Clearing System").
System"), hinterlegt ist.
Die Vorläufige Globalurkunde wird an dem
The Temporary Global Bond will be exchangeable,
Austauschtag gegen Nachweis über das Nicht-
free of charge to the holder of Bonds, on its
bestehen wirtschaftlichen Eigentums im Sinne des
Exchange Date, in whole or in part upon certifica-
US-Rechts (beneficial ownership), für den Inhaber
tion as to non-U.S. beneficial ownership in the form
von Schuldverschreibungen unentgeltlich ganz oder
set out in the Temporary Global Bond for a perma-
teilweise gegen eine dauerhafte Globalurkunde (die
nent global Bond (the "Permanent Global Bond")
"Dauer-Globalurkunde") (die Vorläufige Global-
(the Temporary Global Bond and the Permanent
urkunde und die Dauer-Globalurkunde jeweils auch
Global Bond, each a "Global Bond") without
eine "Globalurkunde") ohne Zinsscheine ausge-
coupons. The Temporary Global Bond and the
tauscht werden. Die Vorläufige Globalurkunde und
Permanent Global Bond shall each bear the manual
die Dauer-Globalurkunde tragen jeweils die eigen-
or facsimile signatures of two duly authorised offi-
händigen oder faksimilierten Unterschriften von
cers of the Issuer as well as the manual signature of
zwei Vertretungsberechtigten der Emittentin sowie
an authentication officer of the Fiscal Agent. The
die eigenhändige Unterschrift eines Kontrollbeauf-
right of the Bondholders to require the issue and
tragten des Fiscal Agent. Ein Recht der Anleihe-
delivery of definitive notes or interest coupons is
gläubiger auf Ausgabe und Lieferung von Einzelur-
excluded.
kunden oder Zinsscheinen besteht nicht.
"Austauschtag" ist ein Tag, der am oder nach dem
"Exchange Date" means a day falling not earlier
40. Tag nach dem Tag der Begebung der vorläufi-
than 40 days after the date of issue of the Temporary
gen Globalurkunde liegt.
Global Bond.
(c)
Die Vorläufige Globalurkunde und die Dauer-
(c)
Each of the Temporary Global Bond and the
Globalurkunde werden solange von einem Clearing
Permanent Global Bond will be held in custody by
System oder im Auftrag eines Clearing Systems
or on behalf of a Clearing System until all obliga-
verwahrt, bis sämtliche Verpflichtungen der Emit-
tions of the Issuer under the Bonds have been
tentin aus den Schuldverschreibungen erfüllt sind.
satisfied.
Den Inhabern von Schuldverschreibungen
The holders of Bonds ("Bondholders") are entitled
("Anleihegläubiger") stehen Miteigentumsanteile
to co-ownership participations in the Global Bond,
an der Globalurkunde zu, die gemäß anwendbarem
which are transferable in accordance with applicable
Recht und den Bestimmungen und Regeln des
laws and the rules and regulations of the Clearing
Clearing Systems übertragen werden können.
System.
(d) Jeder Schuldverschreibung im Festgelegten (d)
Each Bond in the Specified Denomination is
Nennbetrag sind anfänglich 8 von der Garantin
initially provided with 8 warrants (each a
ausgegebene, durch einen Inhaber-
"Warrant" and together the "Warrants") issued by
Globaloptionsschein verbriefte Optionsscheine
the Guarantor and represented by a global bearer
(jeweils ein "Optionsschein" und zusammen die
warrant. Each Warrant entitles the holder of the
8

"Optionsscheine") beigefügt. Jeder Optionsschein
Warrant, in accordance with the Terms and
berechtigt nach Maßgabe der darin aufgeführten
Conditions of the Warrants set forth therein, to
Optionsbedingungen und vorbehaltlich etwaiger
acquire, subject to any amendment due to anti-
Anpassungen aufgrund von dilution provisions, one no-par value registered
Verwässerungsschutzbestimmungen zum Bezug von
share with restricted transferability of the Guarantor,
jeweils einer vinkulierten, auf den Namen lautenden
with a current notional par value of EUR2.56 per
Stückaktie der Garantin mit einem anteiligen Betrag
Share (on the Issue Date) to which rights to full
am Grundkapitals der Garantin von EUR2,56 je
dividends for the fiscal year in which they are issued
Aktie (am Begebungstag), die mit
and all following fiscal years are attached (the
uneingeschränkter Dividendenberechtigung für das
"Shares"). The Warrants may be detached from the
Geschäftsjahr der Ausgabe und alle folgenden
Bonds in their entirety as from 17 February 2005
Geschäftsjahre ausgestattet ist (die "Aktien"). Die
(the "Issue Date"). Thereafter the Warrants may be
Optionsscheine können in ihrer Gesamtheit vom 17.
transferred individually.
Februar 2005 (dem "Begebungstag") an von den
Schuldverschreibungen getrennt werden. Danach ist
eine Übertragung einzelner Optionsscheine möglich.
§ 2
Status, Garantie
2.
Status, Guarantee
(a) Die Schuldverschreibungen begründen nicht
(a)
The obligations under the Bonds constitute
besicherte, nachrangige Verbindlichkeiten der
unsecured and subordinated obligations of the Issuer
Emittentin, die untereinander und mit allen anderen
ranking pari passu among themselves and at least
nicht besicherten und nachrangigen Verbindlich-
pari passu with all other unsecured and undated
keiten mit unbegrenzter Laufzeit der Emittentin
subordinated obligations of the Issuer, save for any
zumindest gleichrangig sind, soweit zwingende
obligations required to be preferred by law. In the
gesetzliche Bestimmungen nichts anderes
event of the liquidation, dissolution, insolvency,
vorschreiben. Im Fall der Liquidation, der Auflö-
composition or other proceedings for the avoidance
sung oder der Insolvenz der Emittentin oder eines
of insolvency of, or against, the Issuer, and the obli-
Vergleichs oder eines anderen der Abwendung der
gations of the Issuer under the Bonds will be subor-
Insolvenz dienenden Verfahrens gegen die Emitten-
dinated to the claims of all unsubordinated and
tin stehen die Verbindlichkeiten der Emittentin aus
dated subordinated creditors of the Issuer, so that in
den Schuldverschreibungen im Rang nach den
any such event no amounts shall be payable in
Ansprüchen aller anderen nicht nachrangigen Gläu-
respect of the Bonds until the claims of all unsubor-
biger sowie aller Gläubiger nachrangiger Ansprüche
dinated and dated subordinated creditors of the
mit begrenzter Laufzeit, so dass Zahlungen auf die
Issuer shall have first been satisfied in full.
Schuldverschreibungen solange nicht geleistet wer-
den, bis die Ansprüche von Gläubigern gegen die
Emittentin aus nicht nachrangigen Verbindlichkei-
ten sowie nachrangigen Verbindlichkeiten mit
begrenzter Laufzeit nicht zuerst vollständig befrie-
digt sind.
(b) Hinweis nach §
53c Absatz 3b Satz 4
(b) Notification pursuant to §
53c paragraph 3b
Versicherungsaufsichtsgesetz (VAG)
Sentence 4 of the German Insurance Supervisory
Act (VAG)
Für die Rechte der Investoren aus den
No security (subject to the Guarantee) of whatever
Schuldverschreibungen ist diesen (vorbehaltlich der
kind is, or shall at any time be, provided by the
Garantie) keine Sicherheit durch die Emittentin oder
Issuer or any other person securing rights of the
durch Dritte gestellt; eine solche Sicherheit wird
Investors under the Bonds. No subsequent
auch zu keinem Zeitpunkt gestellt werden.
agreement may limit the subordination pursuant to
Nachträglich können weder der Nachrang gemäß
the provisions set out in this Condition 2 or shorten
diesem § 2 beschränkt, noch die Laufzeit der
any applicable notice period (Kündigungsfrist) in
Schuldverschreibungen
oder die jeweiligen
respect of the Bonds. If the Bonds are redeemed
Kündigungsfristen verkürzt werden. Eine vorzeitige
prematurely the amounts redeemed must be returned
Rückerstattung ist der Emittentin ohne Rücksicht
to the Issuer irrespective of any agreement to the
auf entgegenstehende Vereinbarungen
contrary unless the Issuer has been dissolved or
zurückzugewähren, sofern die Emittentin nicht
such amounts have been replaced by other at least
aufgelöst wurde oder sofern nicht der Betrag durch
equivalent capital (Eigenmittel) of at least equal
die Einzahlung anderer, zumindest gleichwertiger
status.
Eigenmittel ersetzt worden ist.
(c) Aufrechungsverbot
(c) No
right
to
set-off
Die Anleihegläubiger sind nicht berechtigt,
No Bondholder may set off any claims arising under
Forderungen aus den Schuldverschreibungen mit
the Bonds against any claims that the Issuer may
möglichen Forderungen der Emittentin gegen sie
have against the Bondholder. The Issuer may not set
9

aufzurechnen. Die Emittentin ist nicht berechtigt,
off any claims it may have against any Bondholder
Forderungen gegenüber Anleihegläubigern mit den
against any of its obligations under the Bonds.
Verpflichtungen aus den Schuldverschreibungen
aufzurechnen.
(d)
Die Garantin hat am 17. Februar 2005 die
(d)
On 17 February 2005 The Guarantor has given an
unbedingte und unwiderrufliche Garantie auf
unconditional and irrevocable Guarantee on a
nachrangiger Basis für die fristgerechte Zahlung von
subordinated basis for the due payment of principal
Kapital, Zinsen und sonstigen aus den
of, and interest on, and any other amounts expressed
Schuldverschreibungen zu zahlenden Beträgen
to be payable under the Bonds. The Guarantee
übernommen. Die Garantie ist ein Vertrag
constitutes a contract for the benefit of the
zugunsten jedes Anleihegläubigers als begünstigtem
Bondholders from time to time as third party
Dritten gem. § 328 Absatz 1 BGB, der das Recht
beneficiaries in accordance with § 328 paragraph 1
begründet, die Garantin unmittelbar aus der
of the German Civil Code (Bürgerliches
Garantie auf Erfüllung in Anspruch zu nehmen und
Gesetzbuch), giving rise to the right of each
Ansprüche aus der Garantie gegen die Garantin
Bondholder to require performance under the
unmittelbar durchzusetzen.
Guarantee directly from the Guarantor and to
enforce the Guarantee directly against the
Guarantor.

Im Fall der Auflösung, der Liquidation oder der

In the event of the dissolution, liquidation,
Insolvenz der Garantin oder eines anderen der
insolvency or of other proceedings for the avoidance
Abwendung der Insolvenz dienenden Verfahrens
of insolvency of the Guarantor, the claims of the
gegen die Garantin werden die Ansprüche der
Bondholders under the Guarantee will be satisfied
Anleihegläubiger aus der Garantie erst befriedigt,
after (but only after) the claims of all
nachdem die Ansprüche sämtlicher nicht
unsubordinated and dated subordinated creditors of
nachrangiger Gläubiger sowie aller Gläubiger
the Guarantor have first been paid in full.
nachrangiger Ansprüche mit begrenzter Laufzeit der
Garantin zuerst vollumfänglich befriedigt worden
sind.
Die Anleihegläubiger erkennen ausdrücklich an,
The Bondholders explicitly accept that, in the
dass unter den oben genannten Umständen
circumstances describe above, payments in respect
Zahlungen der Garantin aus der Garantie auf die
of the Bonds will be made by the Guarantor
Schuldverschreibungen nur unter Wahrung
pursuant to the Guarantee only in accordance with
obenstehender Nachrangigkeit erfolgen werden.
the subordination described above.

Die Anleihegläubiger sind nicht berechtigt,

No Bondholder may set off any claims arising under
Forderungen aus der Garantie mit möglichen
the Guarantee against claims that the Guarantor may
Forderungen der Garantin gegen sie aufzurechnen.
have against it.
§ 3
Zinsen
3.
Interest
3.1 Festzinsperiode
3.1 Fixed Interest Period
(a)
Die Schuldverschreibungen werden bezogen auf
(a)
The Bonds shall bear interest on their principal
ihren Nennbetrag ab dem 17. Februar 2005
amount from and including 17 February 2005 to but
(einschließlich) bis zum 17. Februar 2017 (dem
excluding 17 February 2017 (the "First Optional
"Ersten Call-Rückzahlungstag") (ausschließlich)
Redemption Date") as follows (the "Fixed Interest
wie folgt verzinst (die "Festzinsperiode"). Die
Period"). During the Fixed Interest Period the
Schuldverschreibungen werden während der
Bonds shall bear interest at the rate of 4.375 per
Festzinsperiode mit jährlich 4,375% verzinst. Die
cent. per annum. Interest shall be payable in arrear
Zinsen sind nachträglich am 17. Februar eines jeden
on 17 February in each year (each such date, a
Jahres fällig (jeweils ein "Festzinszahlungstag").
"Fixed Interest Payment Date"). The first payment
Die erste Zinszahlung erfolgt am 17. Februar 2006.
of interest shall be made on 17 February 2006.
(b)
Sofern Zinsen für einen Zeitraum von weniger als
(b)
If interest is required to be calculated for a period of
einem Jahr zu berechnen sind, erfolgt die Berech-
less than a full year, such interest shall be calculated
nung auf der Grundlage der tatsächlichen Anzahl
on the basis of the actual number of days in such
von Tagen in diesem Zeitraum dividiert durch die
period divided by the actual number of days (365 or
tatsächliche Anzahl von Tagen (365 oder 366) im
366) in the respective year.
jeweiligen Jahr.
3.2 Variable
Zinsperiode
3.2
Floating Interest Period
(a)
Die Schuldverschreibungen werden in Höhe ihres
(a)
The Bonds shall bear interest on their principal
Nennbetrags ab dem Ersten Call-Rückzahlungstag
amount from and including the First Optional
10