Obligation Agrarrentenbank 0% ( XS1560721927 ) en NOK

Société émettrice Agrarrentenbank
Prix sur le marché 100 %  ⇌ 
Pays  Allemagne
Code ISIN  XS1560721927 ( en NOK )
Coupon 0%
Echéance 07/02/2022 - Obligation échue



Prospectus brochure de l'obligation LANDWIRTSCHAFTLICHE RENTENBANK XS1560721927 en NOK 0%, échue


Montant Minimal 10 000 NOK
Montant de l'émission 500 000 000 NOK
Description détaillée 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 NOK, avec le code ISIN XS1560721927, paye un coupon de 0% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le 07/02/2022







ALLEVIATED BASE PROSPECTUS







LANDWIRTSCHAFTLICHE RENTENBANK
EUR 70,000,000,000
Euro Medium Term Note Programme
Under its EUR 70,000,000,000 Euro Medium Term Note Programme described in this Alleviated Base
Prospectus (the "Programme"), Landwirtschaftliche Rentenbank (the "Issuer" or "Rentenbank") may from time to time
issue notes (the "Notes") denominated in any currency agreed between the Issuer and the relevant Dealer(s). The
maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed
EUR 70,000,000,000 (or its equivalent in other currencies calculated as described herein). The Notes may be issued in
any denomination.
The Notes may be issued in bearer form ("Bearer Notes"), registered form ("Registered Notes") or uncertificated
and dematerialised book entry form ("Uncertificated Notes"). Notice of the aggregate nominal amount of Notes, interest
(if any) payable in respect of Notes, the issue price of Notes and certain other information which is applicable to each
tranche of Notes will be set forth in a set of final terms (the "Final Terms"). This Alleviated Base Prospectus should be
read and construed in conjunction with any supplement thereto, any relevant Final Terms and all documents incorporated
herein by reference.
Under the Issuer's governing law, the Notes benefit from an unconditional and irrevocable guarantee of the
Federal Republic of Germany (the "Guarantee of the Federal Republic"). For a discussion of the Guarantee of the
Federal Republic, see "Description of the Guarantee of the Federal Republic".
An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks
see "Risk Factors".
Application has been made to the Luxembourg Financial Supervisory Commission (Commission de Surveillance
du Secteur Financier; "CSSF") in its capacity as the competent authority under the Luxembourg Prospectus Law to
provide a certificate of approval attesting that this Alleviated Base Prospectus has been drawn up in accordance with
Chapter 1 of Part III of the Luxembourg Law on Prospectuses for Securities dated 16 July 2019, as amended (Loi relative
aux prospectus pour valeurs mobilières; the "Luxembourg Prospectus Law") for purposes of offering the Notes to the
public in Luxembourg. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial
soundness of the operation or the quality or solvency of the Issuer. Application has been made to the Luxembourg Stock
Exchange for the Notes to be listed on its official list and admitted to trading on its regulated market. The Programme
provides that Notes may be listed on such other or further stock exchange(s) as may be agreed between the Issuer and
the relevant Dealer(s). The Issuer may also issue unlisted Notes.
The Programme and the Issuer have been assigned long-term ratings of (P)Aaa/Aaa, AAA and AAA, and short-
term ratings of (P)P-1/P-1, A-1+ and F1+, by Moody's Deutschland GmbH ("Moody's"), S&P Global Ratings Europe
Limited (Niederlassung Deutschland) ("S&P") and Fitch Ratings ­ a branch of Fitch Ratings Ireland Limited ("Fitch"),
respectively. Notes issued under the Programme may be rated or unrated. When a tranche of Notes is rated, such rating
will not necessarily be the same as the ratings assigned to the Programme. A security rating is not a recommendation to
buy, sell or hold securities and may be subject to suspension, cancellation, reduction or withdrawal at any time by the
assigning rating agency.
Arrangers
BofA Securities
Landwirtschaftliche Rentenbank
Dealers
Barclays
BMO Capital Markets
BNP PARIBAS
BofA Securities
Citigroup
Commerzbank
Crédit Agricole CIB
Deutsche Bank
DZ BANK AG
Goldman Sachs Bank Europe SE
HSBC
J.P. Morgan
Landesbank Baden-
Morgan Stanley
NatWest Markets
Württemberg
Nomura
NORD/LB
Rabobank
Société Générale Corporate &
RBC Capital Markets
Scotiabank
Investment Banking
TD Securities
UBS Investment Bank
UniCredit
The date of this Alleviated Base Prospectus is 6 May 2021.



THIS ALLEVIATED BASE PROSPECTUS
This Alleviated Base Prospectus has been drawn up in order to permit (i) the offer of Notes to the public in
Luxembourg and (ii) the admission of Notes to listing on the official list and to trading on the regulated market
(within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on
markets in financial instruments ("MiFID II") and Regulation (EU) No 600/2014 on markets in financial
instruments ("MiFIR")) of the Luxembourg Stock Exchange.
The Alleviated Base Prospectus will be valid for 12 months after its approval for offers to the public in
Luxembourg and admissions to trading on the regulated market of the Luxembourg Stock Exchange.
This Alleviated Base Prospectus fulfils the requirements for an alleviated base prospectus pursuant to
Chapters 1 and 2 of Part III of the Luxembourg Prospectus Law. It does not constitute a prospectus for the purposes
of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") nor does it constitute a prospectus
pursuant to (i) Part II of the Luxembourg Prospectus Law transforming the Prospectus Regulation into law in
Luxembourg or (ii) the Prospectus Regulation as it forms part of domestic law in the UK by virtue of the UK's
European Union (Withdrawal) Act 2018 ("the "EUWA") (as amended or superseded, the "UK Prospectus
Regulation"), because the Prospectus Regulation, Part II of the Luxembourg Prospectus Law and the UK
Prospectus Regulation do not apply to securities unconditionally and irrevocably guaranteed by a member state
of the European Economic Area (each, a "Member State"). Accordingly, this Alleviated Base Prospectus does not
purport to meet the format and the disclosure requirements of the Prospectus Regulation, and it has not been, and
will not be, submitted for approval to any competent authority within the meaning of the Prospectus Regulation.
Notes issued under the Programme will therefore not qualify for the benefit of the single European passport
pursuant to the Prospectus Regulation.
RESPONSIBILITY STATEMENT
Landwirtschaftliche Rentenbank assumes sole responsibility for the content of this Alleviated Base
Prospectus and, in respect of each tranche of Notes (each, a "Tranche"), the applicable Final Terms for such
Tranche of Notes and, having taken all reasonable care to ensure that such is the case, confirms that the information
contained in this Alleviated Base Prospectus is, to the best of its knowledge, in accordance with the facts and
contains no omissions likely to affect its import.
IMPORTANT NOTICES
Each Tranche will be issued to one or more of the Dealers specified herein and any additional Dealer
appointed under the Programme from time to time, which appointment may be for a specific issue or on an on-
going basis (each a "Dealer" and together the "Dealers"). References in this Alleviated Base Prospectus to the
"relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one
Dealer, be to all Dealers agreeing to purchase such Notes. References in this Alleviated Base Prospectus to the
"Manager" or "Managers" shall be to the relevant Dealer or Dealers agreeing to subscribe to an issue of Notes on
a syndicated basis.
Each Tranche of Notes will be issued on the terms set out herein under "Terms and Conditions of the Notes"
in conjunction with a document specific to such Tranche containing the Final Terms applicable thereto. This
Alleviated Base Prospectus must be read and construed together with any supplements hereto and with any
information incorporated by reference herein and, in relation to any Tranche of Notes which is the subject of Final
Terms, must be read and construed together with the applicable Final Terms. (See also "Supplements to Alleviated
Base Prospectus")
The Final Terms will be delivered to such competent authority as is required by law on or before the date
of issue of the Notes of such Tranche.
Copies of the Final Terms will be available from the specified offices of the Fiscal Agent, the Principal
Paying Agent, the Registrars, the Exchange Agent, the Calculation Agent, the New Zealand Agent, the VP Agent,
the VPS Agent, the paying agents, the transfer agents, the issuing agents and/or the paying and transfer agents
(collectively, the "Agents"). In addition, copies of Final Terms relating to Notes which are admitted to trading on
the Luxembourg Stock Exchange's regulated market will be available on the website of the Luxembourg Stock
Exchange at www.bourse.lu and copies of the applicable Final Terms relating to Notes which are admitted to
trading on the London Stock Exchange's regulated market will also be available on the website of the Regulatory
News Service operated by the London Stock Exchange.
This Alleviated Base Prospectus should be read in conjunction with all documents which are deemed to be
incorporated herein by reference (see "Documents Incorporated by Reference" below). This Alleviated Base

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

3



SATISFIED. (SEE "SUBSCRIPTION AND SALE -- UNITED STATES OF AMERICA" AND "NOTICE TO
PURCHASERS AND HOLDERS OF RULE 144A NOTES AND TRANSFER RESTRICTIONS" BELOW).
ANY OFFER OR SALE OF ANY NOTES (INCLUDING RESALES THEREOF) IN THE UNITED STATES
WOULD CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS UNLESS MADE IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OR
PURSUANT TO AN EXEMPTION THEREFROM.
Certain Tranches of Notes issued in New Global Note ("NGN") form or under the New Safekeeping
Structure ("NSS") (as defined in "Form of the Notes" below) may be held in a manner which will allow
Eurosystem eligibility. This simply means that the Notes are intended upon issue to be delivered to one of
Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg") as common
safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during
their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential investor
may wish to consider, either on its own or with the help of its financial and other professional advisers, whether
it:
(i)
has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in this
Alleviated Base Prospectus or any applicable supplement;
(ii) has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii) has sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including Notes where the currency for principal or interest payments is different from the potential
investor's currency;
(iv) understands thoroughly the terms of the Notes and is familiar with the behaviour of any relevant
indices and financial markets; and
(v)
is able to evaluate possible scenarios for economic, interest rate and other factors that may affect its
investment and its ability to bear the applicable risks.
Legal investment considerations may restrict certain investments. The investment activities of certain
investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each
potential investor should consult its legal advisers to determine whether and to what extent (i) Notes are legal
investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other restrictions
apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisers or the
appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based capital or
similar rules.
Some Notes are complex financial instruments and such instruments may be purchased as a way to reduce
risk or enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A
potential investor should not invest in Notes which are complex financial instruments unless it has the expertise
(either alone or with the assistance of a financial adviser) to evaluate how the Notes will perform under changing
conditions, the resulting effects on the value of such Notes and the impact this investment will have on the potential
investor's overall investment portfolio.
Notification under Section 309B(1)(c) of the Securities and Futures Act. Chapter 289 of Singapore
(the "SFA") ­ In connection with Section 309B(1)(c) of the SFA and the Securities and Futures (Capital Markets
Products) Regulations 2018 (the "CMP Regulations 2018"), unless otherwise specified in the applicable Final
Terms, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309(A)(1) of the
SFA), that all Notes issued or to be issued under the Programme shall be `prescribed capital markets products' (as
defined in the CMP Regulation 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-
N12: Notice on the Sale of Investment Products and MAS Notice FAAN16: Notice on Recommendations on
Investment Products).
Amounts payable under the Notes may be calculated by reference to the Euro Interbank Offered Rate
("EURIBOR"), which is provided by European Money Markets Institute ("EMMI"), or any other benchmark, in
each case as specified in the Final Terms. As at the date of this Alleviated Base Prospectus, EMMI appears on the

4



register of administrators and benchmarks established and maintained by the European Securities and Markets
Authority ("ESMA") pursuant to article 36 of Regulation (EU) 2016/1011 of the European Parliament and of the
Council on indices used as benchmarks in financial instruments and financial contracts or to measure the
performance of investment funds and amending Directives 2008/48/EC and 2014/17/EC and Regulation (EU) No
596/2014, as amended (the "Benchmark Regulation").
PRESENTATION OF INFORMATION
In this Alleviated Base Prospectus, all references to "U.S. dollars" and "U.S.$" refer to the currency of the
United States of America, those to "Japanese Yen", "yen", "JPY" and ¥" refer to the currency of Japan, those to
"Australian dollars", "AUD" and "A$" refer to the currency of Australia, those to "NZ$" refer to the currency of
New Zealand, those to "sterling" and "£" refer to the currency of the United Kingdom and those to "Euro", "EUR"
and "" refer to the currency introduced at the start of the third stage of European economic and monetary union
pursuant to the Treaty on the functioning of the European Union, as amended.
FORWARD LOOKING STATEMENTS
This Alleviated Base Prospectus contains forward-looking statements that are based on current expectations,
estimates, forecasts and projections about the industry in which the Issuer operates, management's beliefs and
assumptions made by management. Such statements include, in particular, statements about the Issuer's plans,
strategies and prospects. These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in these forward-looking statements. Except as required under the
applicable securities laws and the rules and regulations promulgated thereunder, the Issuer does not have any
intention or obligation to update publicly any forward-looking statements after they are made, whether as a result
of new information, future events or otherwise.
SUPPLEMENTS TO ALLEVIATED BASE PROSPECTUS
If at any time the Issuer is required to prepare a supplement to this Alleviated Base Prospectus pursuant to
Article 30 or Article 52 of the Luxembourg Prospectus Law, the Issuer will either prepare and make available an
appropriate supplement to this Alleviated Base Prospectus which, in respect of any subsequent issue of Notes to
be offered to the public in Luxembourg or listed on the official list of, and admitted to trading on, the Luxembourg
Stock Exchange's regulated market, shall constitute a supplement as required by Articles 30 and 52 of the
Luxembourg Prospectus Law, or otherwise prepare and make available a new Alleviated Base Prospectus.
The Issuer has undertaken that, if at any time during the duration of the Programme, there is a significant
new factor, material mistake or inaccuracy relating to information contained in this Alleviated Base Prospectus
which is capable of affecting an assessment by investors of the assets and liabilities, financial position, profits and
losses and prospects of the Issuer and/or the rights attaching to the Notes or if this Alleviated Base Prospectus
shall otherwise come to contain an untrue statement of a material fact or omit to state a fact necessary to make the
statements contained herein not misleading in any material respect, the Issuer shall prepare a supplement to this
Alleviated Base Prospectus or publish a replacement Alleviated Base Prospectus for use in connection with any
subsequent offering of the Notes.
STABILISATION
In connection with the issue of any Tranche of Notes, one or more relevant Dealers (the "Stabilising
Manager(s)") (or persons acting on behalf of any Stabilising Manager(s)) may over-allot Notes or effect
transactions with a view to supporting the market price of the Notes at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilising Manager(s) (or persons acting on
behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on
or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of
Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days
after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the
relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in accordance with all
applicable laws and rules.


5



TABLE OF CONTENTS
Page
Documents Incorporated by Reference .......................................................................................................................... 7
Summary........................................................................................................................................................................ 9
Risk Factors ................................................................................................................................................................. 16
General Description of the Programme ....................................................................................................................... 24
Form of the Notes ........................................................................................................................................................ 25
Issue Procedures .......................................................................................................................................................... 29
Bedingungen der Schuldverschreibungen/Terms and Conditions of the Notes ........................................................... 31
Forms of Final Terms ................................................................................................................................................ 122
Use of Proceeds ......................................................................................................................................................... 154
Description of the Issuer ............................................................................................................................................ 155
Selected Financial Data ............................................................................................................................................. 160
Description of the Guarantee of the Federal Republic ............................................................................................... 162
Taxation ..................................................................................................................................................................... 163
Book-Entry Clearing Systems ................................................................................................................................... 178
Subscription and Sale ................................................................................................................................................ 183
Notice to Purchasers and Holders of Rule 144A Notes and Transfer Restrictions .................................................... 189
General Information .................................................................................................................................................. 192


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DOCUMENTS INCORPORATED BY REFERENCE
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Alleviated Base Prospectus as follows:
(a)
the Issuer's audited annual financial statements and management report for the year ended 31
December 2020, prepared in accordance with generally accepted accounting standards in the Federal
Republic of Germany, set out at the following pages of the Issuer's 2020 Annual Report in the English
language:

Page(s)
Management Report ..............................................................................
23-50
Balance Sheet ........................................................................................
52-53
Income Statement ..................................................................................
54
Cash Flow Statement .............................................................................
55
Statement of Changes in Equity ............................................................
56
Notes ......................................................................................................
57-75
Auditors' Report ....................................................................................
77-82
Report from the Supervisory Board .......................................................
86
(b)
the Issuer's audited annual financial statements and management report for the year ended 31
December 2019, prepared in accordance with generally accepted accounting standards in the Federal
Republic of Germany, set out at the following pages of the Issuer's 2019 Annual Report in the English
language:

Page(s)
Management Report ..............................................................................
21-46
Balance Sheet ........................................................................................
48-49
Income Statement ..................................................................................
50
Cash Flow Statement .............................................................................
51
Statement of Changes in Equity ............................................................
52
Notes ......................................................................................................
53-71
Auditors' Report ....................................................................................
73-77
Report from the Supervisory Board .......................................................
82
The Issuer is not required to, nor does it, publish interim financial reports.
The following information, which has previously been published, shall be deemed to be incorporated by
reference in, and to form part of, this Alleviated Base Prospectus as follows:
(i)
the terms and conditions contained in pages 31 to 121 of the Alleviated Base Prospectus relating to
the Programme dated 6 May 2020;
(ii)
the terms and conditions contained in pages 32 to 121 of the Simplified Base Prospectus relating to
the Programme dated 6 May 2019;
(iii) the terms and conditions contained in pages 31 to 109 of the Simplified Base Prospectus relating to
the Programme dated 4 May 2018;
(iv) the terms and conditions contained in pages 30 to 104 of the Simplified Base Prospectus relating to
the Programme dated 5 May 2017;
(v)
the terms and conditions contained in pages 28 to 55 of the Simplified Base Prospectus relating to
the Programme dated 4 May 2016; and
(vi) the terms and conditions contained in pages 29 to 56 of the Simplified Base Prospectus relating to
the Programme dated 15 May 2015.
The foregoing terms and conditions apply (as specified in the applicable Final Terms) to increases in issue of
Notes of a Series, the first tranche of which was issued under the corresponding Alleviated Base Prospectus or
Simplified Base Prospectus with an earlier date.

7



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

8



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

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

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Non-U.S. Registrar for Legacy
Deutsche Bank Luxembourg S.A.
Notes:
New Zealand Agent:
Computershare Investor Services Limited or such other agent set forth
in the relevant Final Terms
VP Agent:
Danske Bank A/S or such other agent set forth in the relevant Final
Terms
VPS Agent:
Nordea Bank Abp filial i Norge or such other agent set forth in the
relevant Final Terms
Risk Factors:
An investment in the Notes involves certain risks relating to the Issuer
and the Notes. While all of these risk factors are contingencies which
may or may not occur, potential investors should be aware that the risks
involved with investing in any Notes may (i) affect the ability of the
Issuer to fulfil its obligations under Notes issued under the Programme
and/or (ii) lead to a volatility and/or decrease in the market value of the
relevant Notes whereby the market value falls short of the expectations
(financial or otherwise) of an investor upon making an investment in
such Notes. See "Risk Factors".
Programme Size:
Up to EUR 70,000,000,000 (or its equivalent in other currencies). The
Issuer may increase the amount of the Programme in accordance with
the terms of the Programme Agreement, in connection with which a
supplement to this Alleviated Base Prospectus or a new alleviated base
prospectus will be published.
Distribution:
Notes may be distributed by way of private or public placement and in
each case on a syndicated or non-syndicated basis.
Currencies:
Euro, Sterling, U.S. dollars, Yen, New Zealand dollars and, subject to
any applicable legal or regulatory restrictions and any applicable
reporting requirements, any other currency agreed between the Issuer
and the relevant Dealer.
Redenomination:
The applicable Final Terms may provide that certain Notes may be
redenominated in Euro. If so, the wording of the redenomination clause
will be set out in full in the Final Terms.
Certain Restrictions:
Each issue of Notes denominated in a currency in respect of which
particular laws, guidelines, regulations, restrictions or reporting
requirements apply will only be issued in circumstances which comply
with such laws, guidelines, regulations, restrictions or reporting
requirements from time to time.
Maturities:
Such maturities as may be agreed between the Issuer and the relevant
Dealer, subject to such minimum or maximum maturities as may be
allowed or required from time to time by the relevant central bank (or
equivalent body) or any laws or regulations applicable to the Issuer or
the relevant Specified Currency. Except as provided above, the Notes
are not subject to any maximum maturity.
Method of Issue:
Notes may be issued on a syndicated or non-syndicated basis. The Notes
may be issued in several series (each a "Series") having one or more
issue dates and on terms otherwise identical (or identical other than in
respect of the first payment of interest), the Notes of each Series being
intended to be interchangeable with all other Notes of that Series. Each
Series may be issued in tranches (each a "Tranche") on the same or
different issue dates. The specific terms of each Tranche (which will be
completed, where necessary, with the relevant terms and conditions and,
save in respect of the issue date, issue price, first payment of interest
and nominal amount of the Tranche, will be identical to the terms of
other Tranches of the same Series) will be set out in the relevant Final
Terms.

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Document Outline