Obligation Raiffeisenlandesbank Niederösterreich Wien AG 2.125% ( XS0827597351 ) en EUR

Raiffeisenlandesbank Niederösterreich Wien AG

100 % ▼

Autriche

XS0827597351 ( en EUR )

2.125% par an ( paiement annuel )

12/09/2022 - Obligation échue

Prospectus brochure de l'obligation Raiffeisenlandesbank Niederösterreich-Wien AG XS0827597351 en EUR 2.125%, échue

1 000 EUR

500 000 000 EUR

Raiffeisenlandesbank Niederösterreich-Wien AG est une banque coopérative autrichienne opérant principalement en Basse-Autriche et à Vienne, offrant une gamme complète de services bancaires aux particuliers et aux entreprises.

L'analyse d'une obligation spécifique, identifiée par son code ISIN XS0827597351, révèle un cycle complet d'investissement, cette dernière ayant été émise par Raiffeisenlandesbank Niederösterreich-Wien AG, une institution financière autrichienne de premier plan et un acteur majeur au sein du groupe bancaire Raiffeisen, solidement ancrée dans le paysage économique de la Basse-Autriche et de Vienne. Cette émission obligataire, libellée en Euros (EUR), présentait un taux d'intérêt annuel fixe de 2,125% et représentait une taille totale d'émission substantielle de 500 000 000 EUR, avec une taille minimale d'achat fixée à 1 000 EUR pour les investisseurs. Ayant atteint sa date de maturité le 12 septembre 2022, cette obligation, dont les paiements d'intérêts étaient effectués avec une fréquence annuelle, a été, comme prévu contractuellement, intégralement remboursée à 100% de sa valeur nominale, signifiant la clôture réussie de son cycle de vie pour les détenteurs.

Debt Issuance Programme Prospectus
Dated 29 May 2020
RAIFFEISENLANDESBANK
NIEDERÖSTERREICH-WIEN AG
EUR 10,000,000,000
Debt Issuance Programme
(the "Programme")
RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG ("RLB NÖ-Wien" or the "Issuer")
established the Programme. Under the Programme, the Issuer, subject to compliance with all relevant
laws, regulations and directives, may issue debt securities as further specified in the relevant final
Terms (the "Final Terms") as either domestic notes issued in the German language under Austrian
law ("Domestic Notes") or international notes issued in the German or English language under
German law ("International Notes", and, together with the Domestic Notes, the "Notes", which
expression shal include notes in bearer form issued pursuant to the Austrian Act on Covered Bank
Bonds as amended (the "Covered Notes") unless indicated otherwise).
Notes wil be specified in the relevant Final Terms as either International Notes or Domestic Notes.
International Notes will be issued on a syndicated or a non-syndicated basis. Domestic Notes wil be
issued on a non-syndicated basis only. The Notes will be issued in series (each a "Series") Each
Series may be issued in tranches (each a "Tranche") on the same or different issue dates. The
specific terms of each Tranche (save in respect of the issue date, issue price, first payment of interest
and principal amount of the Tranche) will be identical to the terms of other Tranches of the same
Series and wil be set out in the Final Terms.
This Debt Issuance Programme Prospectus dated 29 May 2020 (the "Prospectus") has been drawn
up in accordance with Article 8 of the Regulation (EU) 2017/1129 of the European Parliament and of
the Council of 14 June 2017, as amended (the "Prospectus Regulation") and the Annexes 6, 7, 14,
15, 22 and 28 of Commission Delegated Regulation (EU) No 2019/980 of 14 March 2019, as
amended, supplementing the Prospectus Regulation as regards the format, content, scrutiny and
approval of the prospectus to be published when securities are offered to the public or admitted to
trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (the
"Commission Delegated Regulation") and has been approved by the Austrian Financial Market
Authority (Finanzmarktaufsichtsbehörde, "FMA") in its capacity as competent authority under the
Prospectus Regulation and the Austrian Capital Market Act 2019 (Kapitalmarktgesetz 2019), as
amended for the approval of this Prospectus. The accuracy of the information contained in this
Prospectus does not fal within the scope of examination by the FMA under the Prospectus Regulation
and the Commission Delegated Regulation. The FMA only approves this Prospectus as meeting the
standards of completeness, comprehensibility and consistency imposed by the Prospectus
Regulation. Such approval should not be considered as an endorsement of the issuer or of the quality
of the Notes that are the subject of this Prospectus. Investors should make their own assessment as
to the suitability of investing in the Notes.
Application has been made for Notes issued under the Programme (i) to be listed on the Official List of
the Luxembourg Stock Exchange and to be admitted to trading on the Regulated Market "Bourse de
Luxembourg" of the Luxembourg Stock Exchange and (i ) to be listed and admitted to trading on the
Official Market (Amtlicher Handel) at the Vienna Stock Exchange. Both, the Regulated Market "Bourse
de Luxembourg" of the Luxembourg Stock Exchange and the Official Market (Amtlicher Handel) at the
Vienna Stock Exchange are regulated markets within the meaning of Directive 2014/65/EU, as
amended, and appear on the list of regulated markets issued by the European Commission. Notes
issued under the Programme may also be listed on other or further stock exchanges or may not be
listed at all.
The Issuer has requested the FMA to provide the competent authorities in the Federal Republic of
Germany ("Germany") and the grand Duchy of Luxembourg ("Luxembourg") with a certificate of
approval attesting that the Prospectus has been drawn up in accordance with the Prospectus
Regulation according to Article 25 (1) of the Prospectus Regulation (each a "Notification").The Issuer
may from time to time request the FMA to provide competent authorities in additional host Member
States within the European Economic Area with a Notification concerning the approval of this
Prospectus.

International Notes may be offered and sold without a public offer from time to time by the Issuer
outside the United States through the Dealers. Notes may be sold to the relevant Dealer(s) as
principals at negotiated discounts. The Issuer reserves the right to sel Notes directly otherwise than
through the Dealers. The Notes have not been registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in the United States or to U.S. persons
unless an exemption from the registration requirement of the Securities Act is available.
Arrangers
Arranger for International Notes
Arranger for Domestic Notes
Commerzbank
RAIFFEISENLANDESBANK
NIEDERÖSTERREICH-WIEN AG
Dealers for International Notes
BNP PARIBAS
Commerzbank
Crédit Agricole CIB
DZ BANK AG
Landesbank Baden-
RAIFFEISENLANDESBANK
Württemberg
NIEDERÖSTERREICH-WIEN
AG
Raiffeisen Bank
UniCredit Bank
International AG
This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of RLB NÖ-Wien (www.raiffeisenbank.at). Potential investors should be
aware that any website referred to in this document does not form part of this Prospectus unless that
information is incorporated by reference into this Prospectus (please see chapter "Documents Incorporated
by Reference") and has not been scrutinised or approved by the FMA.
This Prospectus is valid for a period of twelve months after its approval. The validity ends upon expiration of
29 May 2021. There is no obligation to supplement the Prospectus in the event of significant new
factors, material mistakes or material inaccuracies when the Prospectus is no longer valid.
2

RESPONSIBILITY STATEMENT
RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG, with its registered office in Vienna, is
solely responsible for the information given in this Prospectus and for the information which wil be
contained in the relevant final terms (the "Final Terms"). The Issuer hereby declares that, having
taken all reasonable care to ensure that such is the case, the information contained in this Prospectus
is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect
its import.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement hereto and with
any other document incorporated herein by reference. Full information on the Issuer and any series of
Notes is only available on the basis of the combination of the Prospectus and the relevant Final
Terms.
The Issuer has confirmed to the dealers set forth on the cover page and any additional dealer
appointed from time to time under the Programme (each a "Dealer" and together the "Dealers") that
this Prospectus contains all information with regard to the Issuer and any Notes which is material in
the context of the Programme and the issue and offering of Notes thereunder, that the information
contained herein is accurate in all material respects and is not misleading, that the opinions and
intentions expressed herein are honestly held, that there are no other facts, the omission of which
would make this Prospectus as a whole or any of such information or the expression of any such
opinions or intentions misleading in any material respect, and that all reasonable enquiries have been
made to ascertain all facts and to verify the accuracy of al statements contained herein.
No person has been authorised to give any information which is not contained in or not consistent with
this Prospectus or any other document entered into or any other information supplied in connection
with the Programme and, if given or made, such information must not be relied upon as having been
authorised by or on behalf of the Issuer, the Dealers or any of them.
This Prospectus is valid for 12 months after its approval. The Prospectus and any supplement hereto
as well as any Final Terms reflect the status as of their respective dates of issue. The offering, sale or
delivery of any Notes may not be taken as an implication that the information contained in such
documents is accurate and complete subsequent to their respective dates of issue or that there has
been no adverse change in the financial condition of the Issuer since such date or that any other
information supplied in connection with the Programme is accurate at any time subsequent to the date
on which it is supplied or, if different, the date indicated in the document containing the same.
The Issuer has undertaken with the Dealers to supplement this Prospectus or publish a new
Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the
information included in this Prospectus which is capable of affecting the assessment of the Notes.
Neither the Arranger for International Notes nor any Dealer nor any other person mentioned in this
Prospectus, excluding the Issuer, have verified the information contained in this Prospectus or any
supplement thereof, or any Final Terms or any other document incorporated herein by reference and,
accordingly, none of these persons accepts any responsibility for the accuracy and completeness of
the information contained in any of these documents.
The distribution of this Prospectus, any document incorporated herein by reference and any Final
Terms and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law.
Persons into whose possession this Prospectus and any supplement, if applicable or any Final Terms
come are required by the Issuer and the Dealers to inform themselves about, and to observe, any
such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and
on the distribution of the Prospectus or any Final Terms and other offering material relating to the
Notes, in the United States of America, the European Economic Area, the United Kingdom of Great
Britain and Northern Ireland ("United Kingdom") and Japan see "Selling Restrictions". In particular,
the Notes have not been registered under the Securities Act and may not be offered or sold in the
United States or to U.S. persons unless an exemption from the registration requirement of the
Securities Act is available.
The language of this Prospectus is English with the exemption of the following:
-
The audited consolidated financial statements of the Issuer which are incorporated by
reference herein are in German language only.
-
Parts of the Prospectus are drafted in an English language version and a German language
version. For purposes of reading and construing the contents of this Prospectus, the English
3

language version shal be controlling, provided, however, that certain parts of this Prospectus
(in particular the Terms and Conditions) reflect documents which have been, or will be,
executed as separate documents where the German language version may be the controlling
version thereof. Consequently, in respect of the issue of any Tranche of Notes under the
Programme, the German language version of the Terms and Conditions may be control ing
and binding if so specified in the relevant Final Terms.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose 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. In Austria, Luxembourg and Germany, each Dealer
and/or each further financial intermediary subsequently resel ing or final y placing Notes issued under
the Programme is entitled to use the Prospectus subject to the conditions set out in the section
"CONSENT TO THE USE OF THE PROSPECTUS" below.
This Prospectus and any Final Terms do not constitute an offer or an invitation to subscribe for or
purchase any Notes.
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as
stabilisation manager(s) in the applicable Final Terms (or persons acting on behalf of any
stabilisation manager(s)) may over-allot Notes or effect transactions with a view to supporting
the market price of the Notes at a higher level than that which might otherwise prevail.
However, stabilisation may not necessarily occur. Any stabilisation action may begin on or
after the date on which adequate public disclosure of the terms of the offer of the relevant
Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than
the earlier of 30 days after the issue date of the relevant Tranche of 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 stabilisation manager(s) (or person(s) acting on
behalf of any stabilisation manager(s)) in accordance with all applicable laws and rules.
EU BENCHMARK REGULATION: ARTICLE 29 (2) STATEMENT ON BENCHMARKS
Amounts payable under the Notes may be calculated by reference to EURIBOR, which is provided by
European Money Markets Institute ("EMMI"), LIBOR, which is provided by ICE Benchmark
Administration Limited ("IBA") or any other benchmark, such as EUR swap rates, in each case as
specified in the Final Terms. As at the date of this Prospectus, IBA and EMMI appear on the register
of administrators and benchmarks established and maintained by the European Securities and
Markets Authority ("ESMA") pursuant to article 36 of the Benchmark Regulation (Regulation (EU)
2016/1011).
PRODUCT GOVERNANCE
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product
Governance" which wil outline the target market assessment in respect of the Notes and which
channels for distribution of the Notes are appropriate. Any person subsequently offering, sel ing or
recommending the Notes (a "Distributor") should take into consideration the target market
assessment; however, a Distributor subject to MiFID II is responsible for undertaking its own target
market assessment in respect of the Notes (by either adopting or refining the target market
assessment) and determining appropriate distribution channels. A determination wil be made in
relation to each issue about whether, for the purpose of the MiFID Product Governance rules under
EU Delegated Directive 2017/593 ("MiFID Product Governance Rules"), any Dealer subscribing for
any Notes is a manufacturer in respect of such Notes, but otherwise neither the International Arranger
nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MiFID Product Governance Rules.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a
statement that does not relate to historical facts and events. The forward-looking statements are
based on analyses or forecasts of future results and estimates of amounts not yet determinable or
foreseeable. These forward-looking statements are identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will"
4

and similar terms and phrases, including references and assumptions. This applies, in particular, to
statements in this Prospectus containing information on future earning capacity, plans and
expectations regarding RLB NÖ-Wien's business and management, its growth and profitability, and
general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that
the Issuer makes to the best of its present knowledge. These forward-looking statements are subject
to risks, uncertainties and other factors which could cause actual results, including RLB NÖ-Wien's
financial condition and results of operations, to differ materially from and be worse than results that
have expressly or implicitly been assumed or described in these forward-looking statements. RLB NÖ-
Wien's business is also subject to a number of risks and uncertainties that could cause a forward-
looking statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly,
investors are strongly advised to read the following sections of this Prospectus: "Risk Factors
regarding RLB NÖ-Wien", "Raiffeisenlandesbank Niederösterreich-Wien AG". These sections include
more detailed descriptions of factors that might have an impact on RLB NÖ-Wien's business and the
markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may
not occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by
law, to update any forward-looking statement or to conform these forward-looking statements to actual
events or developments.
5

TABLE OF CONTENTS
TABLE OF CONTENTS
Clause
Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 9
I. Programme size ............................................................................................................................... 9
II. Issue Procedures ............................................................................................................................ 9
RISK FACTORS .....................................................................................................................................21
Risk Factors regarding RLB NÖ-Wien ............................................................................................22
1. Credit Risks .........................................................................................................................................22
2. Participation Risk ................................................................................................................................23
3. Business Risks ....................................................................................................................................24
4. Own funds and liquidity risks ............................................................................................................27
5. Legal and regulatory risks .................................................................................................................28
Risk Factors regarding the Notes ...................................................................................................35
1. Risks relating to the payout of the Notes .........................................................................................35
a. Risk relating to Fixed Rate Notes ......................................................................................................35
b. Risks relating to Subordinated Notes with Fixed to Fixed Reset Interest Rates .........................36
c. Risks relating to Floating Rate Notes ...............................................................................................36
d. Risks relating to Reverse Floating Rate Notes ................................................................................36
e. Risks relating to Zero Coupon Notes ................................................................................................37
f. Risks relating to Fixed to Floating Rate Notes .................................................................................37
2. Risk relating to reference rates .........................................................................................................37
3. Risks relating to the status of the Notes ..........................................................................................39
4. Conflicts of interest risks ...................................................................................................................44
5. Tax risks ...............................................................................................................................................45
6. Risks relating to early termination or extension .............................................................................46
7. Risks relating to the investment in the Notes ..................................................................................46
CONSENT TO THE USE OF THE PROSPECTUS ...............................................................................51
DESCRIPTION OF THE NOTES ...........................................................................................................52
TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) ............................55
Option I Terms and Conditions that apply to [Covered Notes] [Senior Preferred Notes]
[with fixed interest rates][without periodic interest payments (Zero Coupon)] .........................56
Option II Terms and Conditions that apply to [Senior [Preferred][Non-Preferred] Notes in
the Eligible Liabilities Format] [Subordinated Notes] [with fixed interest rates][without
periodic interest payments (Zero Coupon)] ...................................................................................78
Option III Terms and Conditions that apply to [Covered Notes][Senior Preferred Notes]
with floating interest rates ...............................................................................................................99
Option IV Terms and Conditions that apply to [Senior [Preferred][Non-Preferred] Notes
in the Eligible Liabilities Format][Subordinated Notes] with floating interest rates ................127
Option V Terms and Conditions that apply to [Covered Notes][Senior PreferredNotes]
with fixed to floating interest rates ...............................................................................................154
6

TABLE OF CONTENTS
Option VI Terms and Conditions that apply to [Senior [Preferred][Non-Preferred] Notes
in the Eligible Liabilities Format] [Subordinated Notes] with fixed to floating interest rates .183
Option VII Terms and Conditions that apply to Subordinated Notes with fixed to fixed
reset interest rates ..........................................................................................................................212
ANLEIHEBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN (DEUTSCHE SPRACHFASSUNG)232
Option I Anleihebedingungen für [Fundierte Bankschuldverschreibungen] [Nicht
Nachrangige, Bevorrechtigte Schuldverschreibungen] [mit fester Verzinsung][ohne
periodische Zinszahlungen (Nullkupon)] .....................................................................................234
OPTION II Anleihebedingungen für [Nicht Nachrangige, [Bevorrechtigte][Nicht-
Bevorrechtigte] Schuldverschreibungen im Format für Berücksichtigungsfähige
Verbindlichkeiten][Nachrangige Schuldverschreibungen][mit fester Verzinsung][ohne
periodische Zinszahlungen (Nullkupon)] .....................................................................................259
OPTION III Anleihebedingungen für [Fundierte Bankschuldverschreibungen] [Nicht
Nachrangige, Bevorrechtigte Schuldverschreibungen] mit variabler Verzinsung ..................284
OPTION IV Anleihebedingungen für [Nicht Nachrangige, [Bevorrechtigte][Nicht-
Bevorrechtigte] Schuldverschreibungen im Format für Berücksichtigungsfähige
Verbindlichkeiten] [Nachrangige Schuldverschreibungen] mit variabler Verzinsung ...........315
Option V Anleihebedingungen für [Fundierte Bankschuldverschreibungen] [Nicht
Nachrangige, Bevorrechtigte Schuldverschreibungen] mit fester zu variabler Verzinsung ..345
OPTION VI Anleihebedingungen für [Nicht Nachrangige, [Bevorrechtigte][Nicht-
Bevorrechtigte] Schuldverschreibungen im Format für Berücksichtigungsfähige
Verbindlichkeiten][Nachrangige Schuldverschreibungen] mit fester zu variabler
Verzinsung .......................................................................................................................................378
OPTION VII Anleihebedingungen für Nachrangige Schuldverschreibungen mit fester zu
fester Reset-Verzinsung .................................................................................................................411
FORM OF FINAL TERMS (MUSTER ENDGÜLTIGE BEDINGUNGEN) .........................................434
RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG .......................................................522
TAXATION WARNING .........................................................................................................................544
SELLING RESTRICTIONS ..................................................................................................................544
General .............................................................................................................................................544
United States of America ...............................................................................................................544
European Economic Area and UK ................................................................................................545
United Kingdom ..............................................................................................................................546
Japan ................................................................................................................................................547
GENERAL INFORMATION..................................................................................................................548
Covered Notes .................................................................................................................................548
Use of Proceeds and Reasons for an Offer ..................................................................................549
Interest of Natural and Legal Persons involved in an Issue/Offer .............................................549
Authorisation ...................................................................................................................................549
Publication of the Prospectus .......................................................................................................549
Documents incorporated by Reference ........................................................................................549
Comparative Table of information incorporated by Reference ..................................................551
Availability of information incorporated by Reference ...............................................................552
GERMAN TRANSLATION OF THE RISK FACTORS ........................................................................553
Risikofaktoren betreffend RLB NÖ-Wien ......................................................................................553
7

TABLE OF CONTENTS
1. Kreditrisiken ......................................................................................................................................553
2. Beteiligungsrisiko .............................................................................................................................554
3. Geschäftsrisiken ...............................................................................................................................555
4. Eigenmittel- und Liquiditätsrisiken .................................................................................................558
5. Rechtliche und Aufsichtsrechtliche Risiken ..................................................................................560
Wertpapierbezogene Risikofaktoren ............................................................................................567
1. Risiken im Zusammenhang mit den Zinsstrukturen .....................................................................567
a. Risiken im Zusammenhang mit festverzinslichen Schuldverschreibungen ..............................567
b. Risiken im Zusammenhang mit Nachrangigen Schuldverschreibungen mit fester zu
fester Reset-Verzinsung ..........................................................................................................567
c. Risiken im Zusammenhang mit variabel verzinslicher Schuldverschreibungen .......................568
d. Risiken im Zusammenhang mit gegenläufig variabel verzinslichen
Schuldverschreibungen ..........................................................................................................569
e. Risiken im Zusammenhang mit Nullkupon-Schuldverschreibungen ..........................................569
f. Risken im Zusammenhang mit fest zu variabel verzinslichen Schuldverschreibungen ...........569
3. Risiken im Zusammenhang mit dem Status der Wertpapiere ......................................................571
4. Risiken im Zusammenhang mit Interessenkonflikten ...................................................................578
5. Steuerrechliche Risiken ...................................................................................................................579
6. Risiken im Zusammenhang mit einer vorzeitigen Rückzahlung oder Verlängerung ................580
7. Risiken im Zusammenhang mit der Anlage in den Wertpapieren ...............................................581
NAMES AND ADDRESSES ................................................................................................................587
8

GENERAL DESCRIPTION OF THE PROGRAMME
GENERAL DESCRIPTION OF THE PROGRAMME
I. Programme size
The maximum aggregate principal amount of al Notes at any time outstanding under the Programme
will not exceed EUR 10,000,000,000 (or its equivalent in other currencies).The Issuer may increase
the amount of the Programme in accordance with the terms of the Dealer Agreement (as defined
herein) from time to time.
II. Issue Procedures
General
The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each
particular Series of Notes (the "Conditions"). The Conditions will be constituted by the relevant set of
Terms and Conditions of the Notes set forth below (the "Terms and Conditions") as further specified
by the Final Terms (the "Final Terms") as described below.
Options for sets of Terms and Conditions
A separate set of Terms and Conditions applies to each type of Notes, as set forth below. The Final
Terms provide for the Issuer to choose between the fol owing Options:
- Option I Terms and Conditions for Senior Preferred Notes or Covered Notes with fixed interest
rates or without periodic interest payments (Zero Coupon);
- Option II Terms and Conditions for Senior Preferred or Non-Preferred Notes in the Eligible
Liabilities Format or Subordinated Notes with fixed interest rates or without periodic interest
payments (Zero Coupon);
- Option III Terms and Conditions for Senior Preferred Notes or Covered Notes with floating
interest rates;
- Option IV Terms and Conditions for Senior Preferred or Non-Preferred Notes in the Eligible
Liabilities Format or Subordinated Notes with floating interest rates;
- Option V Terms and Conditions for Senior Preferred Notes or Covered Notes with fixed to floating
interest rates;
- Option VI Terms and Conditions for Senior Preferred or Non-Preferred Notes in the Eligible
Liabilities Format or Subordinated Notes with fixed to floating interest rates;
- Option VII Terms and Conditions for Subordinated Notes with fixed to fixed reset interest rates.
Documentation of the Conditions
The Issuer may document the Conditions of an individual Series of Notes either as Replication
Conditions or as Reference Conditions whereas:
- "Replication Conditions" means that the provisions of the set of Terms and Conditions in the
form replicated and completed in Part I of the Final Terms shal constitute the Conditions. The Final
Terms shal determine which of the Option I, II, III, IV, V, VI or VII of the Terms and Conditions shal
be applicable to the individual issue of Notes by replicating the relevant provisions and completing
the relevant placeholders of the relevant set of Terms and Conditions as set out in the Prospectus
in the Final Terms. The replicated and completed provisions of the set of Terms and Conditions
alone shall constitute the Conditions, which will be attached to each global note representing the
Notes of the relevant Series. Replication Conditions will be required where the Notes are publicly
offered, in whole or in part, or are to be initial y distributed, in whole or in part, to non-qualified
investors.
- "Reference Conditions" means that the provisions in Part I of the Final Terms that specify and
complete the relevant set of Terms and Conditions and the relevant set of Terms and Conditions as
set out in the Prospectus, taken together shall constitute the Conditions. The Final Terms shal
determine which Option I, II, III, IV, V, VI or VII of the Terms and Conditions are applicable to the
individual Series by referring to the relevant provisions of the relevant set of Terms and Conditions
as set out in the Prospectus only. The provisions of the Final Terms and the relevant set of Terms
and Conditions as set out in the Prospectus, taken together, shal constitute the Conditions. Each
global note representing a particular Series of Notes will have the Final Terms and the relevant set
of Terms and Conditions as set out in the Prospectus attached.
9

GENERAL DESCRIPTION OF THE PROGRAMME
Determination of Options / Completion of Placeholders
The Final Terms shal determine which of Option I, II, III, IV, V, VI or VII shall be applicable to the
individual Series of Notes. Each of the sets of Terms and Conditions of Option I, II, III, IV, V, VI or VII
contains also certain further options (characterised by indicating the respective optional provision
through instructions and explanatory notes set out either on the left of or in square brackets within the
text of the relevant set of Terms and Conditions as set out in the Prospectus) as well as placeholders
(characterised by square brackets which include the relevant items) which will be determined by the
Final Terms as fol ows:
Determination of Options
The Issuer wil determine which options wil be applicable to the individual Series either by replicating
the relevant provisions in the Final Terms or by reference of the Final Terms to the respective sections
of the relevant set of Terms and Conditions as set out in the Prospectus. If the Final Terms do not
refer to an alternative or optional provision or such alternative or optional provision is not replicated
therein, it shal be deemed to be deleted from the Conditions.
Completion of Placeholders
The Final Terms will specify the information with which the placeholders in the relevant set of Terms
and Conditions will be completed taking into account the categorisation requirements in Annex 14 and
15 of the Commission Delegated Regulation. In the case the provisions of the Final Terms and the
relevant set of Terms and Conditions, taken together, shal constitute the Conditions the relevant set
of Terms and Conditions shall be deemed to be completed by the information contained in the Final
Terms as if such information were inserted in the placeholders of such provisions.
All instructions and explanatory notes and text set out in square brackets in the relevant set of Terms
and Conditions and any footnotes and explanatory text in the Final Terms wil be deemed to be
deleted from the Conditions.
Controlling Language
As to the control ing language of the respective Conditions, the Issuer anticipates that, in general,
subject to any stock exchange or legal requirements applicable from time to time, and unless
otherwise agreed between the Issuer and the relevant Dealer(s):
-
The Conditions may be prepared in the German language (with or without a non-binding English
language translation) or in the English language (with or without a non-binding German language
translation).
-
In the case of Notes (i) publicly offered, in whole or in part, in the Federal Republic of Germany or
Austria, or (ii) initial y distributed, in whole or in part, to non-qualified investors in the Federal
Republic of Germany or Austria, German will be the controlling language. If, in the event of such
public offers or distribution to non-qualified investors, however, English is chosen as the
controlling language, a German language translation of the Conditions will be available upon
reasonable request during normal business hours from the principal offices of the Fiscal Agent
and the Issuer, as specified on the back cover of this Prospectus. In other cases the Issuer wil
elect either German or English to be the controlling language.
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