Obbligazione Agrar Rentenbank 0.095% ( XS1069567151 ) in TRY

Emittente Agrar Rentenbank
Prezzo di mercato 100 TRY  ⇌ 
Paese  Germania
Codice isin  XS1069567151 ( in TRY )
Tasso d'interesse 0.095% per anno ( pagato 1 volta l'anno)
Scadenza 23/05/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Landwirtsch. Rentenbank XS1069567151 in TRY 0.095%, scaduta


Importo minimo 5 000 TRY
Importo totale 165 000 000 TRY
Descrizione dettagliata La Landwirtschaftliche Rentenbank è una banca pubblica tedesca che finanzia l'agricoltura e le aree rurali.

Il codice ISIN XS1069567151 identificava un'obbligazione di tipo 'bond' precedentemente emessa da Landwirtschaftliche Rentenbank, un'istituzione creditizia di sviluppo di proprietà dello stato tedesco, storicamente e strategicamente impegnata nel finanziamento del settore agricolo e dello sviluppo rurale in Germania, la quale aveva collocato questa emissione nel mercato turco con denominazione in Lira Turca (TRY); questa obbligazione, facente parte di un'emissione totale di 165.000.000 TRY con una dimensione minima di sottoscrizione di 5.000 TRY e caratterizzata da un tasso di interesse annuale fisso dello 0,095% con frequenza di pagamento annuale, è giunta a scadenza il 23 maggio 2022 ed è stata integralmente rimborsata al valore nominale, corrispondente al 100% del prezzo di mercato al momento del rimborso, concludendo così il suo ciclo di vita finanziario.







SIMPLIFIED BASE PROSPECTUS







LANDWIRTSCHAFTLICHE RENTENBANK
EUR 60,000,000,000
Euro Medium Term Note Programme
Under its EUR 60,000,000,000 Euro Medium Term Note Programme described in this Simplified Base
Prospectus (the "Programme"), Landwirtschaftliche Rentenbank (the "Issuer" or "Rentenbank") may from time to
time issue notes (the "Notes") denominated in any currency agreed between the Issuer and the relevant Dealer(s). The
maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed
EUR 60,000,000,000 (or its equivalent in other currencies calculated as described herein). The Notes may be issued in
any denomination.
The Notes may be issued in bearer form ("Bearer Notes"), registered form ("Registered Notes") or
uncertificated and dematerialised book entry form ("Uncertificated Notes"). Notice of the aggregate nominal amount
of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is
applicable to each tranche of Notes will be set forth in a set of final terms (the "Final Terms"). This Simplified Base
Prospectus should be read and construed in conjunction with any supplement thereto, any relevant Final Terms and all
documents incorporated herein by reference.
Under the Issuer's governing law, the Notes benefit from an unconditional and irrevocable guarantee of the
Federal Republic of Germany (the "Guarantee of the Federal Republic"). For a discussion of the Guarantee of the
Federal Republic, see "Description of the Guarantee of the Federal Republic".
An investment in Notes issued under the Programme involves certain risks. For a discussion of these
risks see "Risk Factors".
Application has been made to the Luxembourg Financial Supervisory Commission (Commission de
Surveillance du Secteur Financier; "CSSF") in its capacity as the competent authority under the Luxembourg
Prospectus Law to provide a certificate of approval attesting that this Simplified Base Prospectus has been drawn up
in accordance with Chapter 1 of Part III of the Luxembourg Law on Prospectuses for Securities dated 10th July, 2005,
as amended (Loi relative aux prospectus pour valeurs mobilières; the "Luxembourg Prospectus Law") for purposes of
offering the Notes to the public in Luxembourg. By approving a prospectus, the CSSF shall give no undertaking as to
the economic and financial soundness of the operation or the quality or solvency of the Issuer. Application has been
made to the Luxembourg Stock Exchange for the Notes to be listed on its official list and admitted to trading on its
regulated market. The Programme provides that Notes may be listed on such other or further stock exchange(s) as may
be agreed between the Issuer and the relevant Dealer(s). The Issuer may also issue unlisted Notes.
The Programme and the Issuer have been assigned long-term ratings of (P)Aaa/Aaa, AAA and AAA, and short-
term ratings of (P)P-1/P-1, A-1+ and F1+, by Moody's Deutschland GmbH ("Moody's"), Standard & Poor's Credit
Market Services Europe Limited ("S&P") and Fitch Ratings Limited ("Fitch"), respectively. Notes issued under the
Programme may be rated or unrated. When a tranche of Notes is rated, such rating will not necessarily be the same as
the ratings assigned to the Programme. A security rating is not a recommendation to buy, sell or hold securities and
may be subject to suspension, cancellation, reduction or withdrawal at any time by the assigning rating agency.
Arrangers
BofA Merrill Lynch
Landwirtschaftliche Rentenbank
Dealers
Barclays
BMO Capital Markets
BNP PARIBAS
BofA Merrill Lynch
Citigroup
Commerzbank
Crédit Agricole CIB
Deutsche Bank
DZ BANK AG
Goldman Sachs International
HSBC
J.P. Morgan
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
Nomura
NORD/LB
Rabobank
RBC Capital Markets
Société Générale Corporate &

Scotiabank
Investment Banking
TD Securities
UBS Investment Bank
UniCredit Bank
The date of this Simplified Base Prospectus is 4th May, 2018.



THIS SIMPLIFIED BASE PROSPECTUS
This Simplified Base Prospectus has been drawn up in order to permit (i) the offer of Notes to the public
in Luxembourg and (ii) the admission of Notes to listing on the official list and to trading on the regulated
market (within the meaning of Directive 2004/39/EC of the European Parliament and of the Council of 21st
April, 2004 on markets in financial instruments, as amended ("MiFID") and, as of their effective dates,
Directive 2014/65/EU of the European Parliament and of the Council of 15th May, 2014 on markets in financial
instruments ("MiFID II") and Regulation (EU) No 600/2014 on markets in financial instruments ("MiFIR")) of
the Luxembourg Stock Exchange.
The Simplified Base Prospectus will be valid for 12 months after its approval for offers to the public in
Luxembourg and admissions to trading on the regulated market of the Luxembourg Stock Exchange.
This Simplified Base Prospectus fulfils the requirements for a simplified base prospectus pursuant to
Chapters 1 and 2 of Part III of the Luxembourg Prospectus Law. It does not constitute a prospectus for the
purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") nor does it constitute a prospectus
pursuant to Part II of the Luxembourg Prospectus Law transforming the Prospectus Directive into law in
Luxembourg, because the Prospectus Directive and Part II of the Luxembourg Prospectus Law do not apply to
securities unconditionally and irrevocably guaranteed by a member state of the European Economic Area (each,
a "Member State"). Accordingly, this Simplified Base Prospectus does not purport to meet the format and the
disclosure requirements of the Prospectus Directive and Commission Regulation (EC) No 809/2004, as
amended, implementing the Prospectus Directive, and it has not been, and will not be, submitted for approval to
any competent authority within the meaning of the Prospectus Directive. Notes issued under the Programme will
therefore not qualify for the benefit of the single European passport pursuant to the Prospectus Directive.
RESPONSIBILITY STATEMENT
Landwirtschaftliche Rentenbank assumes sole responsibility for the content of this Simplified Base
Prospectus and, in respect of each tranche of Notes (each, a "Tranche"), the applicable Final Terms for such
Tranche of Notes and, having taken all reasonable care to ensure that such is the case, confirms that the
information contained in this Simplified Base Prospectus is, to the best of its knowledge, in accordance with the
facts and contains no omissions likely to affect its import.
IMPORTANT NOTICES
Each Tranche will be issued to one or more of the Dealers specified herein and any additional Dealer
appointed under the Programme from time to time, which appointment may be for a specific issue or on an on-
going basis (each a "Dealer" and together the "Dealers"). References in this Simplified Base Prospectus to the
"relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one
Dealer, be to all Dealers agreeing to purchase such Notes. References in this Simplified Base Prospectus to the
"Manager" or "Managers" shall be to the relevant Dealer or Dealers agreeing to subscribe to an issue of Notes
on a syndicated basis.
Each Tranche of Notes will be issued on the terms set out herein under "Terms and Conditions of the
Notes" in conjunction with a document specific to such Tranche containing the Final Terms applicable thereto.
This Simplified Base Prospectus must be read and construed together with any amendments or supplements
hereto and with any information incorporated by reference herein and, in relation to any Tranche of Notes which
is the subject of Final Terms, must be read and construed together with the applicable Final Terms. (See also
"Supplements to Simplified Base Prospectus")
The Final Terms will be delivered to such competent authority as is required by law on or before the date
of issue of the Notes of such Tranche.
Copies of the Final Terms will be available from the specified offices of the Fiscal Agent, the Principal
Paying Agent, the Registrars, the Exchange Agent, the Calculation Agent, the New Zealand Agent, the VP
Agent, the VPS Agent, the paying agents, the transfer agents, the issuing agents and/or the paying and transfer
agents (collectively, the "Agents"). In addition, copies of Final Terms relating to Notes which are admitted to
trading on the Luxembourg Stock Exchange's regulated market will be available on the website of the
Luxembourg Stock Exchange at www.bourse.lu and copies of the applicable Final Terms relating to Notes
which are admitted to trading on the London Stock Exchange's regulated market will also be available on the
website of the Regulatory News Service operated by the London Stock Exchange.
This Simplified Base Prospectus should be read in conjunction with all documents which are deemed to
be incorporated herein by reference (see "Documents Incorporated by Reference" below). This Simplified Base

2



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

3



REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND PROVIDED THAT
APPLICABLE U.S. TAX LAW REQUIREMENTS ARE SATISFIED. (SEE "SUBSCRIPTION AND SALE
-- UNITED STATES OF AMERICA" AND "NOTICE TO PURCHASERS AND HOLDERS OF RULE 144A
NOTES AND TRANSFER RESTRICTIONS" BELOW). ANY OFFER OR SALE OF ANY NOTES
(INCLUDING RESALES THEREOF) IN THE UNITED STATES OR TO U.S. PERSONS WOULD
CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS UNLESS MADE IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OR
PURSUANT TO AN EXEMPTION THEREFROM.
Certain Tranches of Notes issued in New Global Note ("NGN") form or under the New Safekeeping
Structure ("NSS") (as defined in "Form of the Notes" below) may be held in a manner which will allow
Eurosystem eligibility. This simply means that the Notes are intended upon issue to be delivered to one of
Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream,
Luxembourg") as common safekeeper and does not necessarily mean that the Notes will be recognised as
eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon
issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem
eligibility criteria.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential
investor may wish to consider, either on its own or with the help of its financial and other professional advisers,
whether it:
(i)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in
this Simplified Base Prospectus or any applicable supplement;
(ii) has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii) has sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including Notes where the currency for principal or interest payments is different from the potential
investor's currency;
(iv) understands thoroughly the terms of the Notes and is familiar with the behaviour of any relevant
indices and financial markets; and
(v) is able to evaluate possible scenarios for economic, interest rate and other factors that may affect its
investment and its ability to bear the applicable risks.
Legal investment considerations may restrict certain investments. The investment activities of certain
investors are subject to legal investment laws and regulations, or review or regulation by certain authorities.
Each potential investor should consult its legal advisers to determine whether and to what extent (i) Notes are
legal investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other
restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisers
or the appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based
capital or similar rules.
Some Notes are complex financial instruments and such instruments may be purchased as a way to reduce
risk or enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A
potential investor should not invest in Notes which are complex financial instruments unless it has the expertise
(either alone or with the assistance of a financial adviser) to evaluate how the Notes will perform under
changing conditions, the resulting effects on the value of such Notes and the impact this investment will have on
the potential investor's overall investment portfolio.
Amounts payable under the Notes may be calculated by reference to the Euro Interbank Offered Rate
("EURIBOR"), which is provided by European Money Markets Institute ("EMMI"), the Euro OverNight Index
Average ("EONIA"), which is provided by EMMI, the London Interbank Offered Rate ("LIBOR"), which is
provided by ICE Benchmark Administration ("IBA"), or any other benchmark, in each case as specified in the
Final Terms. As at the date of this Simplified Base Prospectus, EMMI and IBA do not appear on the register of
administrators and benchmarks established and maintained by the European Securities and Markets Authority
("ESMA") pursuant to article 36 of Regulation (EU) 2016/1011 of the European Parliament and of the Council
on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of
investment funds and amending Directives 2008/48/EC and 2014/17/EC and Regulation (EU) No 596/2014 (the

4



"Benchmark Regulation"). As far as the Issuer is aware, the transitional provisions in Article 51 of the
Benchmark Regulation apply, such that EMMI and IBA are required to obtain authorisation or registration (or,
if located outside the European Union, recognition, endorsement or equivalence) by 1st January, 2020, only.
PRESENTATION OF INFORMATION
In this Simplified Base Prospectus, all references to "U.S. dollars" and "U.S.$" refer to the currency of the
United States of America, those to "Japanese Yen", "yen", "JPY" and ¥" refer to the currency of Japan, those to
"Australian dollars", "AUD" and "A$" refer to the currency of Australia, those to "NZ$" refer to the currency of
New Zealand, those to "sterling" and "£" refer to the currency of the United Kingdom and those to "Euro",
"EUR" and "" refer to the currency introduced at the start of the third stage of European economic and
monetary union pursuant to the Treaty on the functioning of the European Union, as amended.
FORWARD LOOKING STATEMENTS
This Simplified Base Prospectus contains forward-looking statements that are based on current
expectations, estimates, forecasts and projections about the industry in which the Issuer operates, management's
beliefs and assumptions made by management. Such statements include, in particular, statements about the
Issuer's plans, strategies and prospects. These statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in these forward-looking statements. Except as required
under the applicable securities laws and the rules and regulations promulgated thereunder, the Issuer does not
have any intention or obligation to update publicly any forward-looking statements after they are made, whether
as a result of new information, future events or otherwise.
SUPPLEMENTS TO SIMPLIFIED BASE PROSPECTUS
If at any time the Issuer is required to prepare a supplement to this Simplified Base Prospectus pursuant to
Article 39 or Article 55 of the Luxembourg Prospectus Law, the Issuer will either prepare and make available an
appropriate supplement to this Simplified Base Prospectus which, in respect of any subsequent issue of Notes to
be offered to the public in Luxembourg or listed on the official list of, and admitted to trading on, the
Luxembourg Stock Exchange's regulated market, shall constitute a supplement as required by Articles 39 and
55 of the Luxembourg Prospectus Law, or otherwise prepare and make available a new Simplified Base
Prospectus.
The Issuer has undertaken that, if at any time during the duration of the Programme, there is a significant
new factor, material mistake or inaccuracy relating to information contained in this Simplified Base Prospectus
which is capable of affecting an assessment by investors of the assets and liabilities, financial position, profits
and losses and prospects of the Issuer and/or the rights attaching to the Notes or if this Simplified Base
Prospectus shall otherwise come to contain an untrue statement of a material fact or omit to state a fact
necessary to make the statements contained herein not misleading in any material respect, the Issuer shall
prepare a supplement to this Simplified Base Prospectus or publish a replacement Simplified Base Prospectus
for use in connection with any subsequent offering of the Notes.
STABILISATION
In connection with the issue of any Tranche of Notes, one or more relevant Dealers (the "Stabilising
Manager(s)") (or persons acting on behalf of any Stabilising Manager(s)) may over-allot Notes or effect
transactions with a view to supporting the market price of the Notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager(s) (or persons
acting on behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation action
may begin on or after the date on which adequate public disclosure of the terms of the offer of the
relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than
the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of
the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be
conducted by the relevant Stabilising Manager(s) (or persons acting on behalf of any Stabilising
Manager(s)) in accordance with all applicable laws and rules.


5



TABLE OF CONTENTS
Page
Documents Incorporated by Reference .......................................................................................................................... 7
Summary........................................................................................................................................................................ 9
Risk Factors ................................................................................................................................................................. 16
General Description of the Programme ....................................................................................................................... 24
Form of the Notes ........................................................................................................................................................ 25
Issue Procedures .......................................................................................................................................................... 29
Terms and Conditions of the Notes ............................................................................................................................. 31
Forms of Final Terms ................................................................................................................................................ 110
Use of Proceeds ......................................................................................................................................................... 141
Description of the Issuer ............................................................................................................................................ 142
Selected Financial Data ............................................................................................................................................. 148
Description of the Guarantee of the Federal Republic ............................................................................................... 150
Taxation ..................................................................................................................................................................... 151
Book-Entry Clearing Systems ................................................................................................................................... 167
Subscription and Sale ................................................................................................................................................ 172
Notice to Purchasers and Holders of Rule 144A Notes and Transfer Restrictions .................................................... 178
General Information .................................................................................................................................................. 181


6



DOCUMENTS INCORPORATED BY REFERENCE
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Simplified Base Prospectus as follows:
(a)
the Issuer's audited annual financial statements for the year ended 31st December, 2017, prepared
in accordance with generally accepted accounting standards in the Federal Republic of Germany,
set out at the following pages of the Issuer's 2017 Annual Report in the English language:

Page(s)
Management Report ..............................................................................
21-51
Balance Sheet ........................................................................................
52-53
Income Statement ..................................................................................
54
Cash Flow Statement .............................................................................
55
Statement of Changes in Equity ............................................................
56
Notes ......................................................................................................
57-76
Auditors' Report ....................................................................................
77-81
Report of the Board of Supervisory Directors .......................................
86
(b)
the Issuer's audited annual financial statements for the year ended 31st December, 2016, prepared
in accordance with generally accepted accounting standards in the Federal Republic of Germany,
set out at the following pages of the Issuer's 2016 Financial Report in the English language:

Page(s)
Combined Management Report .............................................................
1-58
Balance Sheet ........................................................................................
60-61
Income Statement ..................................................................................
62-63
Notes ......................................................................................................
64-86
Auditors' Report ....................................................................................
87-88
Report of the Board of Supervisory Directors .......................................
89-90
The Issuer is not required to, nor does it, publish interim financial reports.
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Simplified Base Prospectus as follows:
(i)
the terms and conditions contained in pages 30 to 104 of the Simplified Base Prospectus relating to
the Programme dated 5th May, 2017;
(ii) the terms and conditions contained in pages 28 to 55 of the Simplified Base Prospectus relating to
the Programme dated 4th May, 2016;
(iii) the terms and conditions contained in pages 29 to 56 of the Simplified Base Prospectus relating to
the Programme dated 15th May, 2015;
(iv) the terms and conditions contained in pages 27 to 53 of the Simplified Base Prospectus relating to
the Programme dated 22nd May, 2014;
(v)
the terms and conditions contained in pages 58 to 87 of the Base Prospectus relating to the
Programme dated 23rd May, 2013; and
(vi) the terms and conditions contained in pages 35 to 63 of the Base Prospectus relating to the
Programme dated 16th May, 2012.
The foregoing terms and conditions apply (as specified in the applicable Final Terms) to increases in issue of
Notes of a Series, the first tranche of which was issued under the corresponding Simplified Base Prospectus or
Base Prospectus with an earlier date.
Any information contained in any of the documents specified above which is not incorporated by
reference in this Simplified Base Prospectus is either not relevant to investors or is covered elsewhere in this
Simplified Base Prospectus. This Simplified Base Prospectus and the information incorporated herein by
reference are published:

7



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

8



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

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

9



Non-U.S. Registrar for Legacy
Deutsche Bank Luxembourg S.A.
Notes:
New Zealand Agent:
Computershare Investor Services Limited
VP Agent:
Danske Bank A/S or such other agent set forth in the relevant Final
Terms
VPS Agent:
Nordea Bank AB (publ) filial i Norge or such other agent set forth in the
relevant Final Terms
Risk Factors:
An investment in the Notes involves certain risks relating to the Issuer
and the Notes. While all of these risk factors are contingencies which
may or may not occur, potential investors should be aware that the risks
involved with investing in any Notes may (i) affect the ability of the
Issuer to fulfil its obligations under Notes issued under the Programme
and/or (ii) lead to a volatility and/or decrease in the market value of the
relevant Notes whereby the market value falls short of the expectations
(financial or otherwise) of an investor upon making an investment in
such Notes. See "Risk Factors".
Programme Size:
Up to EUR 60,000,000,000 (or its equivalent in other currencies). The
Issuer may increase the amount of the Programme in accordance with
the terms of the Programme Agreement, in connection with which a
supplement to this Simplified Base Prospectus or a new simplified base
prospectus will be published.
Distribution:
Notes may be distributed by way of private or public placement and in
each case on a syndicated or non-syndicated basis.
Currencies:
Euro, sterling, U.S. dollars, yen, New Zealand dollars and, subject to any
applicable legal or regulatory restrictions and any applicable reporting
requirements, any other currency agreed between the Issuer and the
relevant Dealer.
Redenomination:
The applicable Final Terms may provide that certain Notes may be
redenominated in Euro. If so, the wording of the redenomination clause
will be set out in full in the Final Terms.
Certain Restrictions:
Each issue of Notes denominated in a currency in respect of which
particular laws, guidelines, regulations, restrictions or reporting
requirements apply will only be issued in circumstances which comply
with such laws, guidelines, regulations, restrictions or reporting
requirements from time to time.
Maturities:
Such maturities as may be agreed between the Issuer and the relevant
Dealer, subject to such minimum or maximum maturities as may be
allowed or required from time to time by the relevant central bank (or
equivalent body) or any laws or regulations applicable to the Issuer or
the relevant Specified Currency. Except as provided above, the Notes are
not subject to any maximum maturity.
Method of Issue:
Notes may be issued on a syndicated or non-syndicated basis. The Notes
may be issued in several series (each a "Series") having one or more
issue dates and on terms otherwise identical (or identical other than in
respect of the first payment of interest), the Notes of each Series being
intended to be interchangeable with all other Notes of that Series. Each
Series may be issued in tranches (each a "Tranche") on the same or
different issue dates. The specific terms of each Tranche (which will be
completed, where necessary, with the relevant terms and conditions and,
save in respect of the issue date, issue price, first payment of interest and
nominal amount of the Tranche, will be identical to the terms of other
Tranches of the same Series) will be set out in the relevant Final Terms.
Legacy Notes:
Notes of a Series, the first Tranche of which was issued prior to 5th
May, 2017 ("Legacy Notes"), are subject to the terms and conditions

10


Document Outline