Obligation Münchener Rück 7.625% ( XS0167260529 ) en GBP

Münchener Rück

100 % ▲

Allemagne

XS0167260529 ( en GBP )

7.625% par an ( paiement annuel )

21/06/2028

Prospectus brochure de l'obligation Munich Reinsurance Company (Munich Re) XS0167260529 en GBP 7.625%, échéance 21/06/2028

1 000 GBP

300 000 000 GBP

21/06/2026 ( Dans 261 jours )

Munich Re est une société de réassurance mondiale basée en Allemagne, offrant une large gamme de produits et services de réassurance et d'assurance aux entreprises et aux particuliers, ainsi que des solutions de gestion des risques.

L'Obligation émise par Münchener Rück ( Allemagne ) , en GBP, avec le code ISIN XS0167260529, paye un coupon de 7.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 21/06/2028

Offering Circular
15th April 2003
Munich Re Finance B.V.
a private company with limited liability under the laws of The Netherlands
£300,000,000
7.625% Guaranteed Subordinated Fixed Rate Reset Bonds of
2003/2028 guaranteed on a subordinated basis by
Mu¨nchener Ru¨ckversicherungs-Gesellschaft
Aktiengesellschaft in Mu¨nchen
Issue price: 99.542%
The £300,000,000 Guaranteed Subordinated Fixed Rate Reset Bonds of 2003/2028 (the ``Bonds'') of
Munich Re Finance B.V. (the ``Issuer'') will bear interest from and including 16th April 2003 to but
excluding 21st June 2018 at the rate of 7.625% per annum payable annually in arrear on 21st June
of each year commencing on 21st June 2004. Unless previously redeemed in accordance with §5 of
the Terms and Conditions of the Bonds, from and including 21st June 2018 to but excluding
21st June 2028, interest on the Bonds will be payable, at a reset rate calculated in accordance with
§4(1)(b) of the Terms and Conditions of the Bonds, annually in arrear on 21st June of each year, the
first such payment to be made on 21st June 2019. Under certain circumstances described in §4 of the
Terms and Conditions of the Bonds, interest payments on the Bonds may be deferred.
Unless previously redeemed or cancelled, the Bonds will be redeemed in full on 21st June 2028.
Mu¨nchener Ru¨ckversicherungs-Gesellschaft Aktiengesellschaft in Mu¨nchen (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.
For a description of certain matters that prospective investors should consider, see ``Investment
Considerations''.
Application has been made to list the Bonds on the Luxembourg Stock Exchange. The Bonds will
initially be represented by a temporary global Bond in bearer form without coupons which will be
deposited with a common depositary for Clearstream Banking, socie´te´ anonyme and Euroclear Bank
S.A./N.V., as operator of the Euroclear System (together, the ``Clearing Systems'') on 16th April
2003 and which will be exchangeable for a permanent global Bond in bearer form without coupons
not earlier than 40 days following 16th April 2003, on presentation of a certificate of non-U.S.
beneficial ownership. Bonds in definitive form will only be issued in limited circumstances as set out
in the Terms and Conditions of the Bonds.
Deutsche Bank
UBS Warburg
Bookrunner
Bookrunner
Structuring Adviser

The Issuer and the Guarantor accept responsibility for the information contained in this Offering Circular (the
``Offering Circular'') and have taken reasonable care to ensure that the facts stated in this Offering Circular are
true and accurate in all material respects and that no material facts have been omitted.
No person is authorised to give any information or to make any representations other than those contained in
this Offering Circular and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer or the Guarantor or the Managers (as defined in
``Subscription and Sale''). Neither the delivery of this Offering Circular nor any sale made hereunder shall,
under any circumstances, create any implication that there has been no change in the affairs of the Issuer or the
Guarantor or any of their affiliates since the date of this Offering Circular or that the information herein is
correct at any time since its date.
Each investor contemplating purchasing any Bonds should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer and the Guarantor
or any of their affiliates. This Offering Circular does not constitute an offer of Bonds or an invitation by or on
behalf of the Issuer, the Guarantor or the Managers to purchase any Bonds. Neither this Offering Circular nor
any other information supplied in connection with the Bonds should be considered as a recommendation by
the Issuer, the Guarantor or the Managers to a recipient hereof and thereof that such recipient should purchase
any Bonds. This Offering Circular may not be used for or in connection with any offer or invitation in any
jurisdiction or in any circumstances in which such offer or invitation is unlawful or unauthorised.
This Offering Circular does not constitute, and may not be used for purposes of, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is
unlawful to make such an offer or solicitation.
The offer, sale and delivery of the Bonds and the distribution of this Offering Circular in certain jurisdictions is
restricted by law. Persons into whose possession this Offering Circular comes are required by the Issuer, the
Guarantor and the Managers to inform themselves about and to observe any such restrictions. For a
description of certain specific restrictions on the offer, sale and delivery of the Bonds and on the distribution of
this Offering Circular and other offering material relating to the Bonds, see ``Subscription and Sale''.
In this Offering Circular, all references to ``E'', ``EUR'' or ``euro'' are to the currency introduced at the start of
the third stage of European economic and monetary union pursuant to the Treaty establishing the European
Communities, as amended and all references to ``£'' or ``sterling'' are to the lawful currency of the United
Kingdom of Great Britain and Northern Ireland (the ``United Kingdom'').
Certain of the statements contained in this Offering Circular may be statements of future expectations and
other forward-looking statements that are based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. In addition to statements which are forward-
looking by reason of context, the words ``may, will, should, expects, plans, intends, anticipates, believes,
estimates, predicts, potential or continue'' and similar expressions identify forward-looking statements. Actual
results, performance or events may differ materially from those in such statements due to, without limitation,
(i) general economic conditions, including in particular economic conditions in the core business and core
markets of the Group (as defined in ``Description of the Group''), (ii) performance of financial markets,
including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity
levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) changing
levels of competition, (ix) changes in laws and regulations, including monetary convergence and European
Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of
acquisitions including related integration issues, and (xii) general competitive factors, in each case on a local,
regional, national and/or global basis. Many of these factors may be more likely to occur, or more
pronounced, as a result of the events on, and following, 11th September 2001. Each of the Issuer and the
Guarantor assumes no obligation to update any forward-looking statements contained herein.
The Bonds including the Guarantee have not been and will not be registered under the Securities Act (as
defined in ``Subscription and Sale'').
The Bonds are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United
States or its possessions or to a U.S. person, except in certain transactions permitted by U.S. tax regulations.
Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code and
regulations thereunder.
2

STABILISATION
In connection with the issue of the Bonds, UBS Limited or any person acting on its behalf may over-allot or
effect transactions with a view to supporting the market price of the Bonds at a level higher than that which
might otherwise prevail for a limited period after the Issue Date (as defined in §2(2)(a) of the Terms and
Conditions of the Bonds). However, there may be no obligation on UBS Limited or any agent of it to do this.
Such stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited
period.
3

CONTENTS
Page
Page
Unconsolidated Audited Financial
Incorporation by Reference...........................
5
Statements of the Guarantor ....................
55
Investment Considerations ............................
6
Use of Proceeds ...........................................
60
Terms and Conditions of the Bonds ..............
8
Taxation .....................................................
61
Guarantee ....................................................
31
Subscription and Sale ..................................
66
Description of the Issuer...............................
34
General Information....................................
68
Description of the Group..............................
36
Munich Re Group Quarterly Report
Consolidated Audited Financial Statements
3/2002.....................................................
71
of the Group ............................................
50
Press release dated 27 March 2003 ..............
P1
4

Incorporation by Reference
The 2000 and 2001 audited Consolidated Annual Reports and the unaudited Consolidated Interim Report for
the nine months ended 30th September 2002 and the 2000 and 2001 audited Unconsolidated Annual Reports
of the Guarantor are incorporated by reference into this Offering Circular. The documents incorporated by
reference and financial statements of the Issuer and the Guarantor for all subsequent years (such future
financial statements not being incorporated into this Offering Circular by reference) may be inspected and are
available free of charge at Deutsche Bank Luxembourg S.A., 2 Boulevard Konrad Adenauer, L-1115
Luxembourg, as long as any Bonds are listed on the Luxembourg Stock Exchange and the rules of such stock
exchange so require. The Issuer does not publish Interim Reports.
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 Terms and Conditions of the Bonds. Prospective investors should carefully consider this
summary in conjunction with the other information contained herein.
DEFERRAL OF INTEREST
Subject to the provisions of §4(3) of the Terms and Conditions of the Bonds, the Issuer has the option to defer
any payment of interest on the Bonds if the requirements for deferral set out in §4(3) of the Terms and
Conditions of the Bonds are satisfied. If the Issuer does defer a payment of interest on the Bonds on an
Optional Interest Payment Date (as defined in §4(3) of the Terms and Conditions of the Bonds), payment of
Arrears of Interest (as defined in §4(3) of the Terms and Conditions of the Bonds) may only be satisfied in the
circumstances set out in §4(3) of the Terms and Conditions of the Bonds.
REDEMPTION RISK
The Bonds may be redeemed at the option of the Issuer (in whole but not in part) (i) at the principal amount of
the Bonds plus accrued interest until the date of redemption (exclusive) and all outstanding Arrears of Interest
on the relevant Reset Date (as defined in §4(1)(b) of the Terms and Conditions of the Bonds) or upon the
occurrence of a Gross-up Event (as defined in §5(3)(a) of the Terms and Conditions of the Bonds) or (ii) at the
greater of their principal amount or the Make-Whole Amount (as defined in §5(3)(d) of the Terms and
Conditions of the Bonds) upon the occurrence of a Regulatory Event (as defined in §5(3)(c) of the Terms and
Conditions of the Bonds) or upon the occurrence of a Tax Event (as defined in §5(3)(b) of the Terms and
Conditions of the Bonds), all as more fully described in the Terms and Conditions of the Bonds.
NO LIMITATION ON ISSUING DEBT
There is no restriction on (i) the amount of debt which the Issuer or the Guarantor may issue which ranks
senior to the Bonds or on the amount of securities which the Issuer or the Guarantor may issue which ranks
pari passu with the Bonds or (ii) the amount of debt which the Guarantor may guarantee on a basis which
ranks senior to its obligations under the Guarantee or on the amount of securities which the Guarantor may
guarantee on a pari passu basis to its obligations under the Guarantee. The occurrence of (i) and (ii) may
reduce the amount recoverable by Bondholders on a winding-up of the Issuer or the Guarantor, as the case
may be, 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 dated 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 and under the Guarantee will be subordinate in right of payment to the
prior payment in full of all other unsubordinated liabilities of the Issuer and the Guarantor, as the case may be,
except for liabilities which rank equally with or junior to the Bonds or the Guarantor's obligations under the
Guarantee. In a winding-up proceeding of the Issuer or the Guarantor, the holders of the Bonds may recover
proportionately less than the holders of unsubordinated liabilities of the Issuer or the Guarantor, as the case
may be. Holders of the Bonds are explicitly referred to the fact 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.
Holders of the Bonds are advised that unsubordinated liabilities of the Issuer and the Guarantor may also arise
out of events that are not reflected on the balance sheet of the Issuer or the Guarantor, as the case may be,
including, without limitation, the issuance of guarantees on an unsubordinated basis. Claims made under such
guarantees will become unsubordinated liabilities of the Issuer or the Guarantor, as the case may be, that in a
winding-up proceeding of the Issuer or the Guarantor, as the case may be, will need to be paid in full before
the obligations under the Bonds or the Guarantee, as the case may be, may be satisfied.
NO EXPRESS EVENTS OF DEFAULT
Holders of the Bonds should be aware that the Terms and Conditions of the Bonds do not contain any express
events of default.
6

Investment Considerations
NOTICE PURSUANT TO THE GERMAN INSURANCE SUPERVISION LAW
After the Issue Date, the subordination of the Bonds as set out in §3 of the Terms and Conditions of the Bonds
may not be limited and the Maturity Date (as defined in §4(1) of the Terms and Conditions of the Bonds) may
not be amended to an earlier date and all notice periods for redemption of the Bonds may not be shortened. If
the Bonds are repaid prior to the Maturity Date, in circumstances other than as described in §5(2)-(6) of the
Terms and Conditions of the Bonds, then, irrespective of any agreement to the contrary, the amount so repaid
must be repaid to the Issuer or the Guarantor unless the Guarantor has been wound up or the regulatory
capital has been replaced by other at least equivalent regulatory capital or the Federal Financial Supervisory
Authority (Bundesanstalt fu¨r Finanzdienstleistungsaufsicht) has given its prior consent to such early
redemption.
7

Terms and Conditions of the Bonds
ANLEIHEBEDINGUNGEN
TERMS AND CONDITIONS OF THE BONDS
Der nachfolgende Text ist die rechtsverbindliche
The following is a non-binding translation of the
Fassung der Anleihebedingungen.
Terms and Conditions of the Bonds.
§1
§1
Einfu¨hrung
Introduction
(1) Munich Re Finance B.V. (die ,,Emittentin'') hat
(1) Munich Re Finance B.V. (the ``Issuer'') has
garantierte nachrangige fest verzinsliche Schuldver-
issued Guaranteed Subordinated Fixed Rate Reset
schreibungen mit Neufestsetzung des Zinssatzes im
Bonds in the aggregate principal amount of
Gesamtnennbetrag von 300.000.000 £ begeben (die
£300,000,000 (the ``Bonds'', which expression
,,Schuldverschreibungen'', wobei dieser Begriff alle
includes any further Bonds issued pursuant to §10
weiteren Schuldverschreibungen umfasst, die gema¨ß
that form a single series with them).
§10 begeben werden und eine einheitliche Serie mit
den Schuldverschreibungen bilden).
(a) Die Schuldverschreibungen sind mit einer nach-
(a) The
Bonds
benefit
from
a
subordinated
rangigen Garantie der Mu¨nchener Ru¨ckversi-
guarantee (nachrangige Garantie) (the ``Gua-
cherungs-Gesellschaft
Aktiengesellschaft
in
rantee'')
given
by
Mu¨nchener
Ru¨ck-
Mu¨nchen (die ,,Garantin'') ausgestattet, die
versicherungs-Gesellschaft
Aktiengesellschaft
bei der Deutschen Bank Aktiengesellschaft hin-
in Mu¨nchen (the ``Guarantor'') which is de-
terlegt ist (die ,,Garantie''). Anspru¨che der
posited with Deutsche Bank Aktiengesellschaft.
Anleihegla¨ubiger (wie nachstehend definiert)
The period of limitation for any claim by a
aus der Garantie verja¨hren mit Ablauf von
Bondholder (as defined below) under the
zwei Jahren nach dem jeweiligen Zinszahlungs-
Guarantee shall be two years calculated from
tag (wie nachstehend definiert) bzw. dem Ru¨ck-
the relevant Interest Payment Date (as defined
zahlungstag der Schuldverschreibungen.
below) and the relevant redemption date of the
Bonds.
(b) Die Emittentin und die Garantin haben im
(b) In connection with the Bonds the Issuer and the
Zusammenhang mit den Schuldverschreibun-
Guarantor entered into an agency agreement
gen eine Zahlstellenvereinbarung vom 15. April
dated 15th April 2003 (as amended or
2003 (in ihrer jeweils gea¨nderten oder erga¨nz-
supplemented from time to time, the ``Agency
ten Fassung, die ,,Zahlstellenvereinbarung'')
Agreement'')
with
Deutsche
Bank
unterzeichnet mit der Deutschen Bank Aktien-
Aktiengesellschaft as fiscal agent (the ``Fiscal
gesellschaft als Emissionsstelle (die ,,Emissions-
Agent'',
which
expression
includes
any
stelle'', wobei dieser Begriff jeden Nachfolger
successor fiscal agent appointed from time to
der Emissionsstelle mit einschließt, der jeweils
time in connection with the Bonds) and the
im Zusammenhang mit den Schuldverschrei-
paying agents named in the Agency Agreement
bungen ernannt wird) sowie den in der Zahl-
(together with the Fiscal Agent, the ``Paying
stellenvereinbarung genannten Zahlstellen (ge-
Agents'',
which
expression
includes
any
meinsam
mit
der
Emissionsstelle
die
successor
or
additional
paying
agents
,,Zahlstellen'', wobei dieser Begriff jeden Nach-
appointed from time to time in connection
folger oder jede zusa¨tzliche Zahlstelle mit
with the Bonds).
einschließt, die jeweils im Zusammenhang mit
den Schuldverschreibungen ernannt wird).
(2) In diesen Anleihebedingungen werden die In-
(2) The holders of the Bonds are referred to in these
haber der Schuldverschreibungen als ,,Anleihegla¨u-
Terms and Conditions of the Bonds as the
biger'' bezeichnet.
``Bondholders''.
(3) Definierte Begriffe, die in diesen Anleihebedin-
(3) Terms defined in these Terms and Conditions of
gungen verwendet werden, sind in §16 unter Angabe
the Bonds are listed in §16 together with a cross
des Paragraphen aufgefu¨hrt, der die Definition ent-
reference to the numbered section in which each
ha¨lt.
such term is defined.
8

Terms and Conditions of the Bonds
§2
§2
Stu¨ckelung, Verbriefung und Eigentum
Denomination, Form and Title
(1) Stu¨ckelung
(1) Denomination
Die Schuldverschreibungen haben eine Stu¨ckelung
The Bonds have a denomination of £1,000 each (the
von je 1.000 £ (die ,,Stu¨ckelung'').
``Denomination'').
(2) Verbriefung und Eigentum
(2) Form and Title
(a) Die
Schuldverschreibungen
werden
zu-
(a) The Bonds will initially be represented by a
na¨chst in einer vorla¨ufigen Globalinhaber-
temporary global bearer Bond (the ``Temporary
schuldverschreibung (die ,,Vorla¨ufige Global-
Global Bond'') without interest coupons which
urkunde'') ohne Zinsscheine verbrieft und bis
will be deposited with a common depositary for
spa¨testens 16. April 2003 (der ,,Begebungstag'')
Clearstream
Banking,
socie´te´
anonyme,
bei einer gemeinsamen Verwahrstelle fu¨r Clear-
Luxembourg (``CBL'') and Euroclear Bank
stream Banking, socie´te´ anonyme, Luxemburg
S.A./N.V., as operator of the Euroclear System
(,,CBL'')
und
Euroclear
Bank
S.A./N.V.
(``Euroclear'') (together hereinafter also referred
als
Betreiberin
des
Euroclear-Systems
to as the ``Clearing Systems'') no later than
(,,Euroclear'') (beide gemeinsam nachstehend
16th April 2003 (the ``Issue Date''). The
auch als ,,Clearing-Systeme'' bezeichnet) hin-
Temporary Global Bond will be exchangeable
terlegt. Die Vorla¨ufige Globalurkunde wird
for a permanent global bearer Bond (the
nicht vor Ablauf von 40 Tagen nach dem
``Permanent Global Bond'' and each of the
Begebungstag (die ,,Sperrfrist'') gegen Vorlage
Temporary Global Bond and the Permanent
einer Besta¨tigung u¨ber das Nichtbestehen U.S.-
Global Bond, a ``Global Bond'') without
amerikanischen wirtschaftlichen Eigentums an
coupons not earlier than 40 days after the
den Schuldverschreibungen (beneficial owner-
Issue Date (the ``Restricted Period'') upon
ship), die nach Inhalt und Form den Anforde-
certification
as
to
non-U.S.
beneficial
rungen des Rechts der Vereinigten Staaten von
ownership, the contents and nature of which
Amerika und den Regeln und Betriebsabla¨ufen
shall correspond to the requirements of the laws
der Clearing-Systeme entspricht, gegen eine
of the United States of America and be in
endgu¨ltige
Globalinhaberschuldverschreibung
accordance with the rules and operating
(die ,,Dauer-Globalurkunde'', wobei die Vor-
procedures of the Clearing Systems.
la¨ufige Globalurkunde und die Dauer-Global-
urkunde jede als ,,Globalurkunde'' bezeichnet
werden) ohne Zinsscheine ausgetauscht.
Falls die Emittentin, aus welchem Grund auch
If, for any reason, the Issuer becomes legally
immer, von Gesetzes wegen zur Ausgabe effek-
obligated to issue Bonds in definitive form or if
tiver Stu¨cke verpflichtet werden sollte oder falls
one of the Clearing Systems should be closed
eines der Clearing-Systeme fu¨r einen Zeitraum
for business for a period of 21 Business Days (as
von 21 aufeinander folgenden Gescha¨ftstagen
defined below) or should announce an intention
(wie nachstehend definiert) fu¨r Gescha¨fte ge-
permanently to cease business, the Global Bond
schlossen bleiben oder die Absicht bekannt
will be exchangeable for Bonds in definitive
geben sollte, den Gescha¨ftsverkehr auf Dauer
bearer form. In this case, Bonds in definitive
aufzugeben, wird die Globalurkunde in effekti-
bearer form will either have coupons attached
ve Urkunden eingetauscht. In diesem Fall
or have a grid for recording the payment of
werden die effektiven Urkunden entweder mit
interest endorsed thereon. Other than provided
Zinsscheinen versehen, oder der Nachweis der
in the immediately preceding sentences, the
Zinszahlung wird auf einem Abschnitt der
Bondholders shall have no right to require the
Urkunde vermerkt. Mit Ausnahme der in den
issue of definitive certificates representing
vorangegangenen Sa¨tzen beschriebenen Fa¨lle
individual Bonds or coupons.
haben die Anleihegla¨ubiger kein Recht auf die
Ausgabe von effektiven Urkunden u¨ber einzelne
Schuldverschreibungen oder u¨ber Zinsscheine.
Falls eine Globalurkunde oder effektive Urkun-
If a Global Bond or definitive certificates
den u¨ber einzelne Schuldverschreibungen oder
representing individual Bonds or coupons are
Zinsscheine verloren gehen, gestohlen, verstu¨m-
lost, stolen, mutilated, defaced or destroyed,
melt, bescha¨digt oder zersto¨rt werden, ko¨nnen
they may be replaced at the office of any Paying
9

Terms and Conditions of the Bonds
sie bei der Gescha¨ftsstelle jeder Zahlstelle
Agent, subject to all applicable laws, stock
ersetzt werden, vorbehaltlich des anwendbaren
exchange requirements and requirements of the
Rechts und der Anforderungen der Bo¨rsen und
Clearing Systems, upon payment by the
der ClearingSysteme. Der Anspruchsteller er-
claimant
of
the
expenses
incurred
in
stattet diejenigen Kosten, die mit dem Aus-
connection with such replacement and on such
tausch verbunden sind und die aus von der
terms as to evidence, security, indemnity and
Emittentin geforderten Beweis-, Sicherheits-
otherwise as the Issuer may reasonably require.
und Freistellungsgru¨nden oder sonst vernu¨nfti-
gen Gru¨nden angefallen sind.
(b) Im Einklang mit den Steuergesetzen und -vor-
(b) In compliance with United States tax laws and
schriften der Vereinigten Staaten du¨rfen auf den
regulations, bearer notes may not be offered,
Inhaber lautende Schuldverschreibungen nur im
sold or delivered within the United States or to
Rahmen bestimmter vom U.S.-Steuerrecht zu-
a U.S. person, except in certain transactions
gelassener Transaktionen in den Vereinigten
permitted by U.S. tax regulations. Each dealer
Staaten oder an eine U.S. person angeboten,
and agent has agreed (i) that he will not at any
verkauft oder geliefert werden. Jeder Ha¨ndler
time in connection with the original issuance of
und Makler (dealer and agent) hat zugesichert,
the Bonds or within the Restricted Period, offer
(i) dass er weder im Zusammenhang mit der
or sell Bonds to a person who is within the
urspru¨nglichen Ausgabe der Schuldverschrei-
United States or to a U.S. person except as
bungen noch innerhalb der Sperrfrist Schuld-
permitted by U.S. tax regulations and (ii) that
verschreibungen einer sich in den Vereinigten
he will not deliver Bonds sold during the
Staaten befindenden Person oder einer U.S.
Restricted Period in definitive form within the
person anbietet oder verkauft, es sei denn, dies
United States. No Bonds (other than the
ist nach den U.S.-Steuergesetzen zula¨ssig, und
Temporary Global Bond) may be delivered,
(ii) dass er keine wa¨hrend der Sperrfrist ver-
and no interest may be paid until the person
kauften Schuldverschreibungen in Form effek-
entitled to receive such Bonds or such interest
tiver Urkunden in den Vereinigten Staaten
has furnished the written certification of non-
ausliefert. Die Schuldverschreibungen du¨rfen
U.S. beneficial ownership described in §2(2)(a).
(mit Ausnahme der Vorla¨ufigen Globalurkun-
de) nicht ausgeliefert werden, und es du¨rfen
keine Zinsen gezahlt werden, solange die Per-
son, die einen Anspruch auf die Schuldver-
schreibung oder die Zinsen hat, nicht die in
§2(2)(a) beschriebene schriftliche Besta¨tigung
des Nichtbestehens U.S.-amerikanischen wirt-
schaftlichen Eigentums an den Schuldverschrei-
bungen (beneficial ownership) vorgelegt hat.
(c) Auf den Globalurkunden und etwaigen effekti-
(c) The following legend will appear on the Global
ven Urkunden und Zinsscheinen wird folgende
Bonds and, if any, the definitive Bonds and
Aufschrift angebracht: ,,Any United States
coupons pertaining to the Bonds: ``Any United
person who holds this obligation will be subject
States person who holds this obligation will be
to limitations under the United States income
subject to limitations under the United States
tax laws, including the limitations provided in
income tax laws, including the limitations
Section 165(j) and 1287(a) of the Internal
provided in Section 165(j) and 1287(a) of the
Revenue Code.'' Die in der Aufschrift genann-
Internal Revenue Code''. The sections referred
ten Vorschriften sehen abgesehen von bestimm-
to in such legend provide that, with certain
ten Ausnahmen vor, dass eine U.S. person keine
exceptions, a U.S. person will not be permitted
Verlustabzu¨ge vornehmen darf, und schließen
to deduct any loss, and will not be eligible for
eine Behandlung als Kapitalertrag (capital gain
capital gain treatment with respect to any gain,
treatment) hinsichtlich jedes Ertrags aus, der
realised
on
the
sale,
exchange
aus einem Verkauf, Umtausch oder einer Ru¨ck-
or redemption of such Bond. Terms used in
zahlung der Schuldverschreibung stammt. Be-
this §2 have the meanings given to them by the
griffe, die in diesem §2 verwendet werden,
U.S Internal Revenue Code of 1986 and
haben die ihnen im U.S. Internal Revenue Code
regulations thereunder.
von 1986 und darunter erlassenen Vorschriften
zugewiesene Bedeutung.
10