Obligation Agrarrentenbank 2.375% ( US515110BP87 ) en USD

Agrarrentenbank

99.88 % ▲

Allemagne

US515110BP87 ( en USD )

2.375% par an ( paiement semestriel )

09/06/2025 - Obligation échue

Prospectus brochure de l'obligation Landwirtschaftliche Rentenbank US515110BP87 en USD 2.375%, échue

515110BP8

La Landwirtschaftliche Rentenbank (LRB) est une banque publique allemande spécialisée dans le financement de l'agriculture et des zones rurales.

L'Obligation émise par Agrarrentenbank ( Allemagne ) , en USD, avec le code ISIN US515110BP87, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 09/06/2025

424B5 1 c111125.htm 424B5
PROSPECTUS SUPPLEMENT
Filed pursuant to Rule 424(b)(5)
(To prospectus dated January 2, 2014)
Registration No. 333-192812

$1,500,000,000
Landwirtschaftliche Rentenbank
2.375% NOTES DUE 2025
_______________________

Interest payable on June 10 and December 10
_______________________

This prospectus supplement relates to the offering by us of $1,500,000,000 of notes. This prospectus supplement does not contain complete
information about the offering of the notes. Additional information is contained in the accompanying prospectus.
The notes are not redeemable at any time prior to maturity, except at our option in the case of certain changes in the tax laws of the Federal
Republic of Germany (the "Federal Republic"). See the section entitled "-- Redemption for Tax Reasons" under "Description of the Notes".
Under our governing law (Law Governing Landwirtschaftliche Rentenbank or Gesetz über die Landwirtschaftliche Rentenbank), the notes
will benefit from a statutory guarantee of the Federal Republic of Germany. See "Responsibility of the Federal Republic for Rentenbank" in the
accompanying prospectus.
Application has been made to list the notes on the SIX Swiss Exchange.
_______________________

PRICE 99.497% AND ACCRUED INTEREST, IF ANY
____________________

Underwriting Discount and Commissions

Price to Public
Proceeds to Rentenbank
Per Note
99.497%
0.175%
99.322%
Total
$1,492,455,000
$2,625,000
$1,489,830,000

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if
this prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The underwriters expect to deliver the notes to purchasers in book-entry form through The Depository Trust Company and its participants,
including Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, Luxembourg on June 10, 2015.
_______________________

Joint Bookrunners

BofA Merrill Lynch
Credit Suisse
HSBC
RBC Capital Markets
_______________________

The date of this prospectus supplement is June 2, 2015.

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TABLE OF CONTENTS

Prospectus Supplement

Page
Where You Can Find More Information
S-3
Presentation of Financial Data
S-3
Forward-Looking Statements
S-3
Exchange Rate Information
S-4
Use of Proceeds
S-4
Description of the Notes
S-5
Underwriting
S-9
Validity of the Notes
S-12
General Information
S-13

Prospectus

About This Prospectus
3
Where You Can Find More Information
3
Forward-Looking Statements
3
Landwirtschaftliche Rentenbank
4
Use of Proceeds
6
Description of the Securities
7
Responsibility of the Federal Republic for Rentenbank
11
Debt Record
11
German Taxation
12
United States Taxation
16
Plan of Distribution
28
Validity of the Securities
29
Limitations on Actions Against the Federal Republic
29
Enforcement of Civil Liabilities against Rentenbank
29
Authorized Representative in the United States
29
Official Statements and Documents
29
S-2

WHERE YOU CAN FIND MORE INFORMATION
This prospectus supplement should be read together with the accompanying prospectus dated January 2, 2014, which contains information
regarding Landwirtschaftliche Rentenbank and other matters, including a description of certain terms of the notes being offered hereby. Further
information concerning Rentenbank, the Federal Republic and the notes offered hereby may be found in the registration statement (Registration
No. 333-192812), as amended, and its exhibits filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Securities Act
of 1933 and relating to the debt securities of Rentenbank described in the accompanying prospectus. These documents are also available free of
charge at the offices of BNP Paribas (Suisse) SA, 2, Place de Hollande, 1211 Geneva 11, Switzerland.
You should rely only on the information incorporated by reference or provided in this prospectus supplement and accompanying prospectus.
We have not, and the underwriters have not, authorized anyone else to provide you with different information. We are not, and the underwriters are
not, making an offer of these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information in
this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date on the front of such documents or, with
respect to information incorporated by reference, as of the date of such information.
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This prospectus supplement includes particulars given in compliance with the rules governing the listing of securities on the SIX Swiss
Exchange for the purpose of giving information with regard to Landwirtschaftliche Rentenbank. The SIX Swiss Exchange takes no responsibility
for the contents of this prospectus supplement and the accompanying prospectus, makes no representations as to their accuracy or completeness and
expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the contents of this prospectus supplement
and the accompanying prospectus. Rentenbank accepts full responsibility for the accuracy of the information contained in this prospectus
supplement and the accompanying prospectus and confirms, having made all reasonable inquiries, that to the best of its knowledge and belief there
are no other facts the omission of which would make any statement herein or in the prospectus misleading in any material respect. This document
may only be used for the purpose for which it has been published.
The distribution of the accompanying prospectus and this prospectus supplement and the offering of the notes in some jurisdictions may be
restricted by law. Persons into whose possession the prospectus and this prospectus supplement come should inform themselves about and observe
any such restrictions. The accompanying prospectus and this prospectus supplement do not constitute, and may not be used in connection with, an
offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or
solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. See "Underwriting".
PRESENTATION OF FINANCIAL DATA
In this prospectus supplement, references to "euro", "EUR" or "" are to the single European currency adopted by certain participating
member countries of the European Union, including the Federal Republic, as of January 1, 1999. References to "U.S. dollars", "U.S.$" or "$" are
to United States dollars. For information regarding exchange rates between euro and U.S. dollars, see the section entitled "Exchange Rate
Information" and Rentenbank's annual report on Form 18-K, as amended, which is incorporated by reference herein. On June 2, 2015, the euro
foreign exchange reference rate as published by the European Central Bank was EUR 1.00 = 1.1029 U.S. dollar (EUR 0.9067 per U.S. dollar).
FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements that are based on current expectations, estimates, forecasts and projections
about the industry in which we operate, management's beliefs and assumptions made by management. Such statements include, in particular,
statements about our plans, strategies and prospects. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates",
variations of such words and similar expressions are intended to identify forward-looking statements. 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 Federal securities laws and the
rules and regulations of the SEC, we do 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.
_______________________

In this prospectus supplement, references to "Rentenbank", "we" or "us" are to Landwirtschaftliche Rentenbank.
S-3

EXCHANGE RATE INFORMATION
We file reports with the SEC giving economic data expressed in euro.
The following table shows the high and low noon buying rates for euro, expressed as U.S. dollars per EUR 1.00, for the month of May 2015,
published on a weekly basis by the Federal Reserve Bank of New York.

2015
High
Low
May

1.1428

1.0876
No representation is made that the euro or U.S. dollar amounts referred to herein or referred to in the documents which incorporate this
information by reference could have been or could be converted into U.S. dollars or euro, as the case may be, at any particular rate.
There are, except in limited embargo circumstances, no legal restrictions in the Federal Republic on international capital movements and
foreign exchange transactions. However, for statistical purposes only, every individual or corporation residing in the Federal Republic must report
to the Deutsche Bundesbank, the German Central Bank, subject to a number of exceptions, any payment received from or made to an individual or
a corporation resident outside of the Federal Republic if such payment exceeds EUR 12,500 (or the equivalent in a foreign currency).
USE OF PROCEEDS
The net proceeds from the sale of the notes will be $1,489,830,000 (after deduction of underwriting discounts and commissions but before
expenses of the offering). The net proceeds from the sale of the notes will be used to finance our lending activities as described in the
accompanying prospectus, including the refinancing of existing liabilities.
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S-4

DESCRIPTION OF THE NOTES
The following is a description of certain terms of the notes and supplements the description of the general terms and conditions of the
securities in the accompanying prospectus under the heading "Description of the Securities". If the terms described in the following summary
differ from the terms described in the accompanying prospectus, you should rely on the terms described in the following description. This
description is qualified in its entirety by reference to the terms and conditions of the notes, which are discussed below. Copies of the form of the
notes and of the Fiscal Agency Agreement pursuant to which the notes will be issued have been filed with the SEC as an exhibit to the registration
statement of which this prospectus supplement and the accompanying prospectus are a part.
General
We will initially offer the notes in an aggregate principal amount of $1,500,000,000. The notes will mature at par on June 10, 2025. The
notes will be issued in minimum denominations of $1,000 and multiples thereof.
The notes will constitute unsecured and unsubordinated obligations of Rentenbank and will rank pari passu without any preference among
themselves (whether by reason of priority of date of issue or otherwise) and at least equally with all other unsecured and unsubordinated obligations
of Rentenbank, present and future, subject to statutory exceptions relating to the payment of certain liabilities ahead of unsecured debts. These
exceptions arise under our governing law and the insolvency laws of the Federal Republic and would apply if we were the subject of an insolvency
proceeding. These laws dictate that the fees and costs of the insolvency proceedings and either liabilities relating to the administration of the estate
or the fulfillment of liabilities the administrator deems necessary for the benefit of the insolvent estate would be paid before unsecured obligations.
Application has been made to list the notes on the SIX Swiss Exchange.
At December 31, 2014, the outstanding total of our secured bond obligations was 916 million. This includes our registered bonds and
secured bearer bonds. There are no material secured obligations other than our registered bonds and secured bearer bonds.
The notes will bear interest at the rate per annum shown on the front cover of this prospectus supplement, beginning June 10, 2015, payable
semi-annually in arrears on June 10 and December 10 of each year, commencing December 10, 2015. Payments will be made to the person who is
the registered holder at the close of business on the day immediately preceding such interest payment date. If any interest, principal or redemption
payment date falls on a day that is not a business day, we will make the required payment on the next succeeding business day, and no additional
interest will accrue in respect of the payment made on that next succeeding business day.
As used in this section "Description of the Notes" and in the notes, "business day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City
of New York; provided, however, that the day must also be a day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (known as TARGET2) System is open. Interest on the notes will be calculated on the basis of a 360-day year of twelve 30-day months.
The notes do not provide for any sinking fund. We may redeem the notes prior to maturity in the circumstances described in "-- Redemption for
Tax Reasons" below.
Book-Entry System and Form of the Notes
The notes will be issued in the form of one or more fully registered Global Notes which will be deposited with, or on behalf of, The
Depository Trust Company ("DTC"). Global Notes will be registered in the name of DTC or its nominee. Except as set forth below, Global Notes
may be transferred, in whole and not in part, only to DTC or its nominee.
Beneficial interests in the notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC and its
direct and indirect participants, including Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg
("Clearstream, Banking"). Investors may elect to hold interests in the notes through any of DTC, Euroclear or Clearstream, Banking, if they are
participants in these systems, or indirectly through organizations which are participants in these systems.
S-5

Upon issuance of a Global Note, we expect that DTC or its nominee will credit on its book-entry registration and transfer system the
principal amount of the notes represented by the Global Note to the accounts of institutions that have accounts with DTC or its nominee
("participants"). Euroclear and Clearstream, Banking hold securities on behalf of their participants through customers' securities accounts in their
respective names on the books of their respective depositaries, which in turn hold the securities in customers' securities accounts in the
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depositaries' names on the books of DTC.
The Fiscal Agent initially will act as depositary for DTC. The accounts to be initially credited will be designated by the underwriters
participating in the distribution of notes. Ownership of beneficial interests in a Global Note will be limited to participants or persons that may hold
interests through participants. The laws of some states require that certain purchasers of securities take physical delivery of the securities in
definitive form. These limits and laws may impair the ability to own, transfer or pledge beneficial interests in a Global Note.
So long as DTC or its nominee is the registered owner of a Global Note, DTC or its nominee, as the case may be, will be considered the sole
owner and holder of the notes represented by the Global Note for all purposes under the Fiscal Agency Agreement. Except as set forth below,
owners of beneficial interests in a Global Note will not be entitled to have the notes represented by the Global Note registered in their names, will
not receive or be entitled to receive physical delivery of the notes in definitive form and will not be considered the owners or holders thereof under
the Fiscal Agency Agreement. Accordingly, each person owning a beneficial interest in the Global Note must rely on the procedures of DTC and,
to the extent relevant, Euroclear or Clearstream, Banking, and the participant through which the person owns its interest, to exercise any rights of a
holder under the Fiscal Agency Agreement. Rentenbank understands that, under existing practice, in the event that Rentenbank requests any action
by a holder or a beneficial owner desires to take any action that a holder is entitled to take, the depositary would act upon the instructions of the
participant or authorize the participant to take such action, and the participants would authorize beneficial owners owning through these
participants to take the action or would otherwise act upon the instructions of beneficial owners owning through them.
Principal and interest payments on the notes represented by a Global Note registered in the name of DTC or its nominee will be made by us
to the Fiscal Agent. The Fiscal Agent will make payments to DTC or its nominee, as the case may be, as the registered holder of the Global Note.
None of Rentenbank, the Fiscal Agent or any paying agent for the notes will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any
records relating to the beneficial ownership interests. We expect that DTC or its nominee, upon receipt of any payment of principal or interest, will
immediately credit participants' accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of
the Global Note as shown on the records of DTC to its nominee. We also expect that payments by participants to owners of beneficial interests in
the Global Note held through participants will be governed by standing instructions and customary practices, as is now the case with securities
held for the account of customers registered in "street name", and will be the responsibility of these participants. Distributions with respect to notes
held through Euroclear or Clearstream, Banking will be credited to the cash accounts of Euroclear participants or Clearstream, Banking
participants in accordance with the relevant system's rules and procedures, to the extent received by its depositary. Neither Rentenbank nor the
Fiscal Agent will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial
ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests.
DTC has informed us that: DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the
Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provision of Section 17A of the U.S. Securities Exchange Act of 1934. DTC was created to hold securities of its
participants and to facilitate the clearance and settlement of securities transactions among its participants in the securities through electronic book-
entry changes in accounts of the participants, thereby eliminating the need for physical movement of certificates. DTC participants include
securities brokers and dealers (including underwriters), banks, trust companies, clearing corporations and certain other organizations, some of
whom (and/or their representatives) own DTC. Access to the DTC book-entry system is also available to others, such as banks, brokers, dealers
and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and
represents to its participants that it will administer its book-entry system in accordance with its rules and by-laws and requirements of law.
S-6

Euroclear and Clearstream, Banking have informed us that: Euroclear and Clearstream, Banking each hold securities for their customers and
facilitate the clearance and settlement of securities transactions by electronic book-entry transfer between their respective account holders.
Euroclear and Clearstream, Banking provide various services including safekeeping, administration, clearance and settlement of internationally
traded securities and securities lending and borrowing. Euroclear and Clearstream, Banking also deal with domestic securities markets in several
countries through established depository and custodial relationships. Euroclear and Clearstream, Banking have established an electronic bridge
between their two systems across which their respective participants may settle trades with each other.
Euroclear and Clearstream, Banking customers are world-wide financial institutions including underwriters, securities brokers and dealers,
banks, trust companies and clearing corporations. Indirect access to Euroclear and Clearstream, Banking is available to other institutions which
clear through or maintain a custodial relationship with an account holder of either system.
The following arrangements will apply to the notes:
Initial settlement for the notes will be made in U.S. dollars in immediately available funds (i.e., for value on the date of delivery of the
notes).
Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. The
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securities custody accounts of investors will be credited with their holdings on the settlement date against payment in same-day funds within DTC
effected in U.S. dollars.
Investors electing to hold their notes through Euroclear or Clearstream, Banking accounts will follow the settlement procedures applicable to
conventional eurobonds.
All notes will be recorded in a register maintained by the Fiscal Agent. The Fiscal Agent will be responsible for (1) maintaining a record of
the aggregate holdings of all outstanding notes evidenced by the Global Notes; (2) ensuring that payments of principal and interest in respect of the
notes received by the Fiscal Agent from Rentenbank are duly credited to the holders of the notes; and (3) transmitting to Rentenbank any notices
from the holders of the notes.
Secondary market sales of book-entry interests in the notes between DTC participants will occur in the ordinary way in accordance with
DTC rules and will be settled using the procedures applicable to United States corporate debt obligations in DTC's Settlement System. Secondary
market sales of book-entry interests in the notes held through Euroclear or Clearstream, Banking to purchasers of book-entry interests in the notes
through Euroclear or Clearstream, Banking will be conducted in accordance with the normal rules and operating procedures of Euroclear and
Clearstream, Banking and will be settled using the procedures applicable to conventional eurobonds.
If DTC is at any time unwilling or unable to continue as depositary or is ineligible to act as depositary, and a successory depositary is not
appointed by Rentenbank within 90 days after Rentenbank is notified by DTC or becomes aware of this condition, Rentenbank will issue notes in
definitive form in exchange for the Global Note representing the notes. In addition, Rentenbank may at any time and in its sole discretion
determine not to have the notes represented by one or more Global Notes and, in that case, will issue notes in definitive form in exchange for all of
the Global Notes representing the notes. In that case, the notes will be issued only in fully registered form without coupons in denominations of
U.S.$1,000 and multiples thereof. If notes are issued in definitive form, DTC will provide the Fiscal Agent with registration information and
payment instructions. Thereafter, payment and transfers will be effected by the Fiscal Agent. In case of definitive notes, arrangements can be made
for payment and transfer of such notes at the offices of the Swiss Paying and Transfer Agent.
Redemption for Tax Reasons
For a discussion of our option to redeem the notes for tax reasons, please see "Description of the Securities -- Redemption for Tax Reasons"
in the accompanying prospectus.
Further Issues
For a discussion of our ability to issue notes of the same series, please see "Description of the Securities -- Further Issues of Securities of
Same Series" in the accompanying prospectus.
S-7

Fiscal Agent
There will be a registrar, Fiscal Agent and principal paying agent (the "Fiscal Agent") for Rentenbank, whose duties will be governed by the
Fiscal Agency Agreement. Deutsche Bank Trust Company Americas, which will act as Fiscal Agent for the notes, has its principal corporate
agency and trust office at 60 Wall Street, 27th Floor, New York, New York 10005. We may replace the Fiscal Agent. We may maintain deposit
accounts and conduct other banking and financial transactions with the Fiscal Agent. The Fiscal Agent is the agent of Rentenbank, is not a trustee
for the holders of notes and does not have the same responsibilities or duties to act for such holders as would a trustee.
Notices
Notices to holders of the notes will be delivered to the registered holders and will be published, so long as the notes are listed on the SIX
Swiss Exchange, on the website of the SIX Swiss Exchange (www.six-exchange-
regulation.com/publications/communiques/official_notices_en.html).
Replacement Notes
In case of mutilation, destruction, loss or theft of any definitive note, application for replacement is to be made with the Fiscal Agent. Any
such definitive note will be replaced by the Fiscal Agent in compliance with such procedures as Rentenbank and the Fiscal Agent may require and
subject to applicable laws and regulations of the State of New York and the SIX Swiss Exchange.
S-8

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UNDERWRITING
Under the terms and subject to the conditions contained in an underwriting agreement, dated June 2, 2015 (the "Underwriting Agreement"),
the underwriters named below (the "Underwriters") have severally agreed to purchase, and Rentenbank has agreed to sell to them, severally, the
respective principal amount of the notes set forth opposite their respective names below:

Principal
Amount of
Names
Notes

Credit Suisse Securities (Europe) Limited

$ 375,000,000
HSBC Bank plc

375,000,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated

375,000,000
RBC Capital Markets, LLC

375,000,000

Total

$ 1,500,000,000
The Underwriting Agreement provides that the obligations of the several Underwriters to pay for and accept delivery of the notes is subject
to, among other things, the approval of certain legal matters by their counsel and certain other conditions. The Underwriters are obligated to take
and pay for all of the notes, if any are taken.
The notes are offered for sale in those jurisdictions in the United States, Europe and Asia where it is legal to make such offers.
In order to facilitate the offering of the notes, the Underwriters may engage in transactions that stabilize, maintain or otherwise affect the
prices of the notes. Specifically, the Underwriters may overallot in connection with the offering, creating a short position in the notes for their own
account. In addition, to cover overallotments or to stabilize the price of the notes, the Underwriters may bid for, and purchase, the notes in the open
market. Finally, the Underwriters may reclaim selling concessions allowed to an Underwriter or a dealer for distributing the notes in the offering, if
they repurchase previously distributed notes in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any of
these activities may stabilize or maintain the market price for the notes above independent market levels. The Underwriters are not required to
engage in these activities and may end any of these activities at any time.
Each of the Underwriters has agreed that it will not offer, sell or deliver any of the notes, directly or indirectly, or distribute this prospectus
supplement or the accompanying prospectus or any other offering material relating to the notes, in or from any jurisdiction except under
circumstances that will result in compliance with the applicable laws and regulations thereof.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "Relevant
Member State"), each Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is
implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an offer of the notes to the
public in that Relevant Member State prior to the publication of a prospectus in relation to the notes which has been approved by the competent
authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority
in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant
Implementation Date, make an offer of the notes to the public in that Relevant Member State at any time:
(i)
to any legal entity which is a qualified investor as defined under the Prospectus Directive;
(ii)
to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the
prior consent of the relevant Underwriter; or
(iii) in any other circumstances falling within Article 3(2) of the Prospectus Directive;
S-9

provided that no such offer of notes shall require Rentenbank or any Underwriter to publish a prospectus pursuant to Article 3 of the Prospectus
Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. For purposes hereof, the expression an "offer of the notes
to the public" in relation to the notes in any Relevant Member State means the communication in any form and by any means of sufficient
information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes, as the same
may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus
Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in the
Relevant Member State.
Each Underwriter has represented and agreed that: (a) it has only communicated or caused to be communicated and will only communicate
or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial
Services and Markets Act 2000 (the "FSMA")) received by it in connection with the issue or sale of such notes in full compliance with any rules or
regulations made pursuant to the FSMA which apply to Rentenbank; and (b) it has complied and will comply with all applicable provisions of the
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FSMA with respect to anything done by it in relation to the notes in, from or otherwise involving the United Kingdom.
Each Underwriter has acknowledged and agreed that the notes have not been and will not be registered under the Financial Instruments and
Exchange Law (Law No. 25 of 1948, as amended, the "Financial Instruments and Exchange Law"), and that it will not offer or sell any bonds,
directly or indirectly, in Japan or to, or for the benefit of, any Japanese person or to others, for re-offering or resale, directly or indirectly, in Japan
or to any Japanese person, except in each case pursuant to an exemption from the registration requirements of, and otherwise in compliance with,
the Financial Instruments and Exchange Law of Japan and any other applicable laws and regulations of Japan. For purposes of this paragraph,
"Japanese person" means any person resident in Japan, including any corporation or other entity organized under the laws of Japan.
Each Underwriter has represented and agreed that (a) it has not offered and sold, and will not offer or sell, in Hong Kong, by means of any
document, any notes other than (i) to persons whose ordinary business it is to buy or sell shares or debentures, whether as principal or agent, or (ii)
in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32) of Hong Kong ("CO") or
(iii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) ("SFO") and any rules made under the SFO,
or (iv) in other circumstances which do not result in the document being a "prospectus" within the meaning of the CO; and (b) it has not issued, or
had in its possession for the purposes of issue, and will not issue, or have in its possession for the purpose of issue (in each case whether in Hong
Kong or elsewhere), any advertisement, invitation or document relating to the notes, which is directed at, or the contents of which are likely to be
accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to notes which
are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and any
rules made under the SFO.
This prospectus supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of
Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). Accordingly, each Underwriter has represented, warranted
and agreed that it has not offered or sold any notes or caused the notes to be made the subject of an invitation for subscription or purchase and will
not offer or sell any notes or cause the notes to be made the subject of an invitation for subscription or purchase, and has not circulated or
distributed, nor will it circulate or distribute, the prospectus supplement and the accompanying prospectus or any other document or material in
connection with the offer or sale, or invitation for subscription or purchase, of the notes, whether directly or indirectly, to persons in Singapore
other than (i) to an institutional investor under Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1) of the SFA, or any
person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where the notes are subscribed or purchased under Section 275 by a relevant person which is:
a)
a corporation (which is not an accredited investor) (as defined in Section 4A of the SFA) the sole business of which is to hold
investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an
accredited investor, provided that securities (as defined in Section
S-10

239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred
within 6 months after that corporation or that trust has acquired the notes pursuant to an offer made under Section 275 of the SFA
except:
i)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or (in case of a trust) where the transfer
arises from an offer referred to in Section 276(4)(i)(B) of the SFA;
ii)
where no consideration is given for the transfer; or
iii)
where the transfer is by operation of law; or
iv)
pursuant to Section 276(7) of the SFA.
Each of the Underwriters has acknowledged that (other than in the United States of America) no action has been or will be taken in any
jurisdiction by the Underwriters or Rentenbank that would permit a public offering of the notes, or possession or distribution of any offering
materials in any jurisdiction where action for those purposes is required.
Rentenbank does not intend to apply for listing of the notes on a United States national securities exchange, but has been advised by the
Underwriters that they intend to make a market in the notes. The Underwriters are not obligated, however, to do so and may discontinue their
market making at any time without notice. No assurance can be given as to the liquidity of the trading market for the notes.
Rentenbank has agreed to indemnify the several Underwriters against certain liabilities, including liabilities under the Securities Act of 1933,
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as amended.
Certain of the Underwriters and their affiliates from time to time have performed, and may in the future perform, various investment banking
and/or commercial banking services for Rentenbank in the ordinary course of their respective businesses.
In the ordinary course of their various business activities, the Underwriters and certain of their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own account and for the account of their customers, and such investment and securities activities may involve securities and/or instruments of
Rentenbank. If the Underwriters or their affiliates have a lending relationship with Rentenbank, certain of those Underwriters routinely hedge, and
certain other of those Underwriters or their affiliates may hedge, their credit exposure to Rentenbank consistent with their customary risk
management policies. Typically, the Underwriters and their affiliates would hedge such exposure by entering into transactions which consist of
either the purchase of credit default swaps or the creation of short positions in Rentenbank's securities, including potentially the Notes. Any such
credit default swaps or short positions could adversely affect future trading prices of the Notes. The Underwriters and certain of their affiliates may
also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in
respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such
securities or instruments.
It is expected that delivery of the notes will be made on or about the date specified in the last paragraph of the cover page of this prospectus
supplement, which is the sixth business day following the date of this prospectus supplement. Under Rule 15c6-1 of the Securities and Exchange
Act of 1934, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the notes before the notes are delivered by the underwriters may be required, by virtue
of the fact that the notes initially will settle in six business days, to specify an alternate settlement cycle at the time of any such trade to prevent a
failed settlement. Purchasers of notes who wish to trade the notes before delivery of the notes should consult their own advisor.
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VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of Rentenbank by the in-house legal advisors of Rentenbank. The validity of the notes
will be passed upon by Hogan Lovells US LLP, counsel for the Underwriters. Hogan Lovells US LLP may rely as to all matters of German law on
the opinion of the in-house legal advisors for Rentenbank. Sullivan & Cromwell LLP is advising Rentenbank as to matters of United States
Federal and New York law. All statements in the accompanying prospectus and this prospectus supplement with respect to the Guarantee of the
Federal Republic and to the institutional liability (Anstaltslast) of the Federal Republic have been passed upon by the in-house legal advisors of
Rentenbank, and are included upon their authority.
S-12

GENERAL INFORMATION
Listing
Application has been made to list the notes on the SIX Swiss Exchange (formerly known as SWX Swiss Exchange). As long as the notes are
listed on the SIX Swiss Exchange, there will be a paying and transfer agent in Switzerland (the "Swiss Paying and Transfer Agent"). BNP Paribas
(Suisse) SA, which is appointed as the Swiss Paying and Transfer Agent and Listing Agent, has its principal offices at 2, Place de Hollande, 1211
Geneva 11, Switzerland. BNP Paribas (Suisse) SA is a recognized representative pursuant to Article 43 of the Listing Rules (Kotierungsreglement)
of the SIX Swiss Exchange. As long as the notes are listed on the SIX Swiss Exchange, the last trading day will be three Swiss business days prior
to maturity.
As long as the notes are listed on the SIX Swiss Exchange, Rentenbank will accept the jurisdiction of the ordinary courts of the Canton of
Geneva, Switzerland, in addition to any state or federal court in the City of New York and, to the extent permitted by German law, the competent
courts in the Federal Republic, in respect of any action arising out of or based on the notes that may be maintained by any holder thereof.
Authorization
Rentenbank's participation in this matter was authorized by the Advisory Board of Rentenbank at its meeting on March 26, 2015.
No Material Change
Except as disclosed in this prospectus supplement or the accompanying prospectus, there has been no material adverse change in the financial
position of Rentenbank since the date of the last audited financial statements of Rentenbank.
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Litigation
To the best knowledge of Rentenbank, except as otherwise disclosed in this prospectus supplement or the accompanying prospectus, there is
no pending or threatened action, suit or proceeding before any court or governmental agency, authority or body or any arbitrator involving
Rentenbank which would materially adversely affect the financial position of Rentenbank.
Independent Auditors
KPMG AG Wirtschaftsprüfungsgesellschaft served as independent auditors for Rentenbank for the fiscal years ended December 31, 2014 and
December 31, 2013. The Bank's consolidated and unconsolidated financial statements for the years ending December 31, 2014 and 2013 are
incorporated by reference into the accompanying prospectus and have been audited by the respective independent auditors as stated in their reports
also incorporated by reference therein. Rentenbank prepares both consolidated and unconsolidated financial statements, and its financial statements
for the years ending December 31, 2014 and 2013 as well as its future annual financial statements will be available at the offices of the Listing
Agent in Switzerland free of charge. The fiscal year of Rentenbank runs from January 1 to December 31.
Clearing Systems and Settlement
The notes have been accepted for clearance through the facilities of DTC, Euroclear and Clearstream, Banking. The CUSIP number for the
notes is 515110 BP8, the ISIN code for the notes is US515110BP87 and the Common Code for the notes is 124393558. The Swiss Security
Number for the notes is 28.453.433. .
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PRINCIPAL OFFICE OF
LANDWIRTSCHAFTLICHE RENTENBANK
Hochstrasse 2
60313 Frankfurt am Main
Germany

FISCAL AGENT
LISTING AGENT
Deutsche Bank Trust Company Americas
BNP Paribas (Suisse) SA
60 Wall Street, 16th Floor
2, Place de Hollande
New York, New York 10005
1211 Geneva 11
Switzerland

LEGAL ADVISERS
To Rentenbank
To the Underwriters
as to United States law
as to United States and German law
SULLIVAN & CROMWELL LLP
HOGAN LOVELLS US LLP
Neue Mainzer Strasse 52
875 Third Avenue
60311 Frankfurt am Main
New York, New York 10022
Germany
HOGAN LOVELLS INTERNATIONAL LLP
Untermainanlage 1
60329 Frankfurt am Main
Germany

AUDITORS
KPMG AG
Wirtschaftsprüfungsgesellschaft
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Document Outline

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