# EDGAR Filing Document

**Accession Number:** 0001144797
**File Stem:** 0001104659-26-010257
**Filing Date:** 2026-2
**Character Count:** 69560
**Document Hash:** 2e681deae7c0758d72e0183a9ea15afe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-010257.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001104659-26-010257

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LANDWIRTSCHAFTLICHE RENTENBANK
- **CENTRAL INDEX KEY:** 0001144797
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-13710
- **FILM NUMBER:** 26597759

**BUSINESS ADDRESS:**
- **STREET 1:** THEODOR-HEUSS-ALLEE 80
- **CITY:** FRANKFURT
- **STATE:** 2M
- **ZIP:** 60486
- **BUSINESS PHONE:** 01149692107708

**MAIL ADDRESS:**
- **STREET 1:** THEODOR-HEUSS-ALLEE 80
- **CITY:** FRANKFURT
- **STATE:** 2M
- **ZIP:** 60486

**FORM 18-K/A**

**For Foreign Governments and Political Subdivisions Thereof**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**AMENDMENT NO. 3**

**to**

**ANNUAL REPORT**

**of**

**LANDWIRTSCHAFTLICHE RENTENBANK**

**(Name of Registrant)**

Date of end of last fiscal year: December 31, 2024

**SECURITIES REGISTERED<br> (As of the close of the fiscal year)\***

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| | | |
|:---|:---|:---|
| Title of Issue | Amount as to which<br> registration is effective | Names of exchanges <br> on which registered |
| N/A | N/A | N/A |

---

\* The registrant files annual reports on Form 18-K on a voluntary basis.

Name and address of person authorized to receive notices<br> and communications from the Securities and Exchange Commission:

**SINA R. HEKMAT, ESQ.<br> Hogan Lovells US LLP<br> 390 Madison Avenue<br> New York, NY 10017<br> +1 (212) 918 3000**

The undersigned registrant hereby amends its Annual Report on Form 18-K for the fiscal year ended December 31, 2024, as follows:

· Exhibit (d) is hereby amended by adding the text under the caption "Presentation of Financial and Other Information" on page 3 hereof to the "Presentation of Financial and Other Information" section;

· Exhibit (d) is hereby amended by adding the text under the caption "Recent Developments — Landwirtschaftliche Rentenbank" on pages 3 to 5 hereof to the "Recent Developments — Landwirtschaftliche Rentenbank" section;

&nbsp;&nbsp;&nbsp;&nbsp;· Exhibit (d) is hereby amended by replacing the text under the caption "Recent Developments—The Federal Republic of Germany—Overview
of Key Economic Figures" with the text under the caption "Recent Developments—The Federal Republic of Germany—Overview
of Key Economic Figures" on pages 6 to 9 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;· Exhibit (d) is hereby amended by adding the text under the caption "Recent Developments—The Federal Republic of Germany—
Germany's General Government Deficit/Surplus and General Government Gross Debt" on page 9 hereof to the "Recent Developments—The
Federal Republic of Germany" section; and

&nbsp;&nbsp;&nbsp;&nbsp;· Exhibit (d) is hereby amended by adding the text under the caption "Recent Developments—The Federal Republic of Germany—Economic
Outlook" on page 9 hereof to the "Recent Developments—The Federal Republic of Germany" section;

&nbsp;&nbsp;&nbsp;&nbsp;· Exhibit (d) is hereby amended by adding the text under the caption "Recent Developments—The Federal Republic of Germany—Other
Recent Developments—Monetary Policy" on page 10 hereof to the "Recent Developments—The Federal Republic of Germany—Other
Recent Developments" section.

&nbsp;&nbsp;&nbsp;&nbsp;· Exhibit (h) "Governing Law of Landwirtschaftliche Rentenbank (with English translation)" attached hereto is hereby added
and the exhibit index is amended accordingly.

This report is intended to be incorporated by reference into Landwirtschaftliche Rentenbank's prospectus dated January 16, 2026 and any future prospectus filed by Landwirtschaftliche Rentenbank with the Securities and Exchange Commission to the extent such prospectus indicates that it intends to incorporate by reference this report.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Presentation of Financial and Other Information](#m_001) | [3](#m_001) |
| [Recent Developments – Landwirtschaftliche Rentenbank](#m_002) | [3](#m_002) |
| [Recent Developments – The Federal Republic of Germany](#m_003) | [6](#m_003) |
| [Signatures](#m_004) | [11](#m_004) |
| [Exhibit Index](#a_001) | [12](#a_001) |

---

**PRESENTATION OF FINANCIAL AND OTHER INFORMATION**

On February 3, 2026, the euro foreign exchange reference rate as published by the European Central Bank was EUR 1.00 = 1.1801 U.S. dollar (0.8474 EUR per U.S. dollar).

**RECENT DEVELOPMENTS**

LANDWIRTSCHAFTLICHE RENTENBANK

**Rentenbank Preliminary Results for the Year Ended December 31, 2025**

The following information is derived from Rentenbank's press release of January 29, 2026, announcing certain preliminary results for 2025. The financial figures in this section are based on preliminary, unaudited results for Rentenbank's fiscal year ended December 31, 2025. Unless otherwise indicated, the financial figures in this section were prepared in accordance with German GAAP. Rentenbank expects its final, audited annual financial statements for 2025 to be announced at a press conference and published in April 2026.

Rentenbank concluded its 2025 financial year with a significant expansion of its promotional activities. New business in special promotional loans increased by 82.1% across all promotional lines to EUR 6.6 billion (as compared to EUR 3.6 billion in 2024). Around 73% of this volume was attributable to the "Agriculture", "Agribusiness" and "Rural Development" promotional lines. Combined new business in these three promotional lines rose by 35.8% to approximately EUR 4.8 billion (as compared to EUR 3.5 billion in 2024). As expected, the "Renewable Energy" promotional line recovered as the interest rate curve normalised, with new business increasing to EUR 1.8 billion (as compared to EUR 76.1 million in 2024). The newly introduced product category "grants from own funds", with a focus on climate footprint accounting, met end borrowers' needs particularly well and has seen very strong demand.

*Significant growth across all promotional lines*

Promotional business in the "Rural Development" promotional line increased to EUR 2.0 billion (as compared to EUR 1.7 billion in 2024). In the "Agriculture" promotional line, loan commitments totalled EUR 1.9 billion, representing an increase of around 33% year on year. In this promotional line, the positive trend in the financing of livestock housing continued. Committed volumes rose to EUR 351.1 million (as compared to EUR 291.6 million in 2024). The promotional programme "Conversion of livestock housing to improve animal welfare", launched in 2024 within the "Future fields" promotional line, proved to be an important building block, with approximately EUR 57 million committed under the programme during the reporting year.

New business with banks via registered bonds, promissory notes and securities also increased significantly, reaching EUR 5.2 billion (as compared to EUR 4.3 billion in 2024). In addition, investments in venture capital funds amounted to EUR 21.4 million (as compared to EUR 48.5 million in 2024).

*Expanded support for innovation*

Rentenbank is consistently continuing its support for innovation along the entire value chain – from the initial idea and development through to market entry and practical implementation of new processes and products. In cooperation with the Federal Ministry of Agriculture, Food and Regional Identity (BMLEH), it continues to provide subordinated loans and innovation vouchers to early-stage agri-related start-ups from a Special Purpose Fund of the Federal Government. This programme is of particular importance for Germany's start-up ecosystem as attracting investors is often especially challenging at this early stage.

At the end of 2025 a new set of guidelines under the federal Special Purpose Fund was announced to support the market launch of innovative drive systems for agricultural machinery. The promotional program is scheduled to start in the first quarter of 2026. Loans offered on highly favourable terms, provided via local banks, will make investments in the use of electromobility on farms particularly attractive.

The 'Growth Alliance' AgTech & FoodTech start-up program saw even greater demand in 2025 and was further expanded. Launched in cooperation with the BMLEH and Frankfurt-based TechQuartier, the Growth Alliance supports new ideas and business models through a range of modules, from the initial concept stage through to the accelerator phase. In addition, Rentenbank is actively involved as a partner in numerous initiatives aimed at promoting innovation and networking within the sector, such as the Future Forest Initiative in Blankenburg in the Harz region.

*Euro remains most important issuance currency*

To refinance its promotional business through special promotional loans and grants to end borrowers, as well as to refinance debt securities purchased from banks and local authorities, Rentenbank raised medium- and long-term funding totalling EUR 10.9 billion on the international capital markets in 2025 (as compared to EUR 8.2 billion in 2024). This exceeded the expected issuance volume of EUR 10 billion and came very close to the planned issuance volume of EUR 11 billion. The most important issuance currency was the euro, accounting for 49% (as compared to 55% in 2024). The share of US dollar issuance declined to 29% (as compared to 32% in 2024). This included the issuance of a five-year USD global bond with a volume of USD 1.5 billion. With demand exceeding USD 10 billion and a spread of 7 basis points over US Treasuries, this was the most successful bond issuance in Rentenbank's history to date. A total of 77% of the issuances were placed with international investors (as compared to 79% in 2024). As in previous years, the largest investor groups were commercial banks, accounting for 49% (as compared to 55% in 2024), and central banks, with a share of 31% (as compared to 35% in 2024) of total medium- and long-term issuance volume.

*Operating result below the previous year's level*

Operating profit before provision for loan losses and valuation amounted to EUR 86.6 million in 2025, below the previous year's level (EUR 161.6 million), primarily because of the significantly increased promotional activity. Net interest income declined accordingly, and due to higher refinancing costs overall, to EUR 228.8 million (as compared to EUR 287.5 million in 2024). A second key factor was the planned increase in administrative expenses to EUR 146.2 million (as compared to EUR 130.8 million in 2024). These higher administrative expenses are attributable, among other things, to the continued implementation of the IT roadmap and targeted investments in the Bank's IT infrastructure. In addition, further staff are also required to implement the projects and initiatives aimed at the Bank's continued development. Part of the planned increase in administrative expenses is therefore attributable to a larger workforce.

*Capital ratio and leverage ratio remain at high levels*

The total capital ratio (which is equivalent to the Common Equity Tier One (CET 1) capital ratio) declined to 32.5% as a result of higher own funds requirements following the initial application of CRR III, compared with the previous year (38.3%). However, the ratio remains well above the regulatory minimum requirement applicable to Rentenbank. The leverage ratio improved to 11.5% (as compared to 10.2% in 2024).

New Business

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | % Change |
|  | (EUR million) | (EUR million) |  |
| **Special promotional loans** | **6558.7** | **3602.1** | **82.1** |
| Of which: Agriculture | 1910.3 | 1438.2 | 32.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Development | 2024.7 | 1736.4 | 16.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agribusiness | 844.4 | 344.7 | 144.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable Energy | 1768.0 | 76.1 | >100 |
| **Registered bonds / Promissory notes / Securities \*** | **5189.3** | **4273.9** | **21.4** |
| **Venture capital investments** | **21.4** | **48.5** | **-55.9** |
| \* without "non-EU" |  |  |  |
| **<u>Funding</u>** |  |  |  |
| **Medium- and long-term funding** | **10885** | **8160** | **33.4** |
| Of which: Euro Medium Term Notes (EMTN) | 7598 | 6163 | 23.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global bonds | 2610 | 1389 | 87.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUD MTN | 617 | 608 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic capital market instruments | 60 | 0 |  |

---

Balance Sheet

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| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2025 | December 31, 2024 | % Change |
|  | (EUR million) | (EUR million) |  |
| Total assets | 90471 | 94985 | -4.8 |
| Loans and advances to banks | 57828 | 65615 | -11.9 |
| Loans and advances to customers | 7101 | 7003 | 1.4 |
| Bonds and other fixed-income securities | 18949 | 16743 | 13.2 |
| Securitised liabilities | 80523 | 83752 | -3.9 |
| Equity (incl. Fund for general banking risk) reported on the balance sheet | 5003 | 4960 | 0.9 |

---

Income Statement

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| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | % Change |
|  | (EUR million) | (EUR million) |  |
| Net interest income | 228.8 | 287.5 | -20.4 |
| Administrative expenses | 146.2 | 130.8 | 11.8 |
| Preliminary operating profit before provision for loan losses and valuation | 86.6 | 161.6 | -46.4 |
| Cost/income ratio (in %) | 50.7 | 41.8 | 8.9% points |

---

Capital Ratio and Leverage Ratio

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2025 | December 31, 2024 | % Change |
| Total capital (in %) = CET 1 capital ratio | 32.5 | 38.3 | - 5.8% points |
| Leverage ratio (in %) | 11.5 | 10.2 | 1.3% points |

---

Figures and percentages may not add up to the total provided due to rounding.

**RECENT DEVELOPMENTS**

THE FEDERAL REPUBLIC OF GERMANY

**Overview of Key Economic Figures**

The following economic information regarding the Federal Republic of Germany is derived from the public official documents cited below. Certain of the information is preliminary.

**Gross Domestic Product (GDP)**

Gross Domestic Product

(adjusted for price, seasonal and calendar effects)<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Reference period | Percentage change on the<br> previous quarter | Percentage change on the same quarter<br> in previous year |
| 4<sup>th</sup> quarter 2024 | 0.2 | -0.2 |
| 1<sup>st</sup> quarter 2025 | 0.4 | 0.3 |
| 2<sup>nd</sup> quarter 2025 | -0.2 | 0.3 |
| 3<sup>rd</sup> quarter 2025 | 0.0 | 0.3 |
| 4<sup>th</sup> quarter 2025 | 0.3 | 0.4 |

---

(1) Adjustment for seasonal and calendar effects according to the Census X13 method.

Germany's gross domestic product ("GDP") rose by 0.3% in the fourth quarter of 2025 compared with the third quarter of 2025 after adjustment for price, seasonal and calendar variations. In particular, household and government final consumption expenditure increased. Price adjusted GDP rose by 0.2% in 2025. After price and calendar adjustment, the increase amounted to 0.3%.

GDP in the fourth quarter of 2025 increased by a price adjusted 0.6% compared with the fourth quarter of 2024. The increase was smaller (+0.4%) after price and calendar adjustment, as there were 0.7 more working days than in the same period a year earlier.

Source: Federal Statistical Office, Gross domestic product in the 4th quarter of 2025 up 0.3% on the previous quarter, Press release No. 035 of January 30, 2026 (https://www.destatis.de/EN/Press/2026/01/PE26_035_811.html).

**Inflation Rate**

Inflation Rate

(based on overall consumer price index)

---

| | | |
|:---|:---|:---|
| Reference period | Percentage change on the<br> previous month | Percentage change on the same<br> month in previous year |
| December 2024 | 0.4 | 2.6 |
| January 2025 | -0.0 | 2.3 |
| February 2025 | 0.2 | 2.3 |
| March 2025 | 0.1 | 2.2 |
| April 2025 | 0.1 | 2.1 |
| May 2025 | 0.2 | 2.1 |
| June 2025 | 0.1 | 2.0 |
| July 2025 | 0.2 | 2.0 |
| August 2025 | 0.2 | 2.2 |
| September 2025 | 0.3 | 2.4 |
| October 2025 | 0.2 | 2.3 |
| November 2025 | 0.2 | 2.3 |
| December 2025 | -0.0 | 1.8 |
| January 2026 | 0.1 | 2.1 |

---

(1) Provisional estimate.

The monthly inflation rate in Germany, measured as the change in the consumer price index in a given month compared to the same month in the previous year, stood at 1.8% in December 2025, reflecting a decrease compared to November and October 2025 (in both cases, 2.3%). In December 2025, the most important driver of inflation was increases in prices of goods and services other than energy and food, referred to as core inflation. These price increases were offset to a degree by decreases in energy prices and increases in food prices at a rate lower than the core inflation rate. The consumer price index in December 2025 remained unchanged from November 2025.

On an annual average basis, consumer prices in Germany rose by 2.2% in 2025 compared to 2024. In 2024, the inflation rate was also 2.2% compared to the previous year. The inflation rate in 2025 and 2024 was therefore markedly lower than in the three preceding years. The annual average rate of inflation was 5.9% in 2023, 6.9% in 2022 and 3.1% in 2021.

Core inflation was 2.4% in December 2025, demonstrating the ongoing dampening impact of energy prices on overall inflation. The year-on-year rate of core inflation was +2.8% in 2025, after standing at +3.0% in 2024 and +5.1% in 2023. Compared with the two preceding years, the rate was down in 2025 but still higher than overall inflation.

Food prices increased by 0.8% in December 2025 compared to December 2024, after experiencing a 1.2% year-on-year increase in November 2025. Sugar, jam, honey and other confectionery, in particular, continued to be significantly more expensive (+8.8%; including chocolate: +18.9%), as did meat and meat products (+3.9%; including beef and veal: +14.1%; poultry meat: +6.3%). By contrast, the prices of edible fats and oils were lower than a year earlier (-20.2%; including butter: -31.7%; olive oil: -17.7%).

Food prices (total) in December 2025 decreased by 0.1% compared to November 2025. Although the price of vegetables increased by 3.3%, the price of butter decreased by 12.5%, after the considerable drop in butter prices already registered in the previous months (November 2025: -4.6%; October 2025: -10.0%).

On an annual average basis, food prices increased by 2.0% in 2025 compared to 2024. While the prices of sugar, jam, honey and other confectionery increased by 5.9% and fruit prices increased by 4.9% year on year, the prices of edible fats and oils decreased by 1.0% and vegetable prices decreased by 0.3%.

Energy prices in December 2025 decreased by 1.3% compared to December 2024, following a decrease of 0.1% in November 2025 compared to the same month in the previous year. Household energy cost 1.7% less in December 2025 than in the same month a year earlier, with consumers particularly benefitting from lower prices for heating oil (-3.6%) and electricity (-1.8%). By contrast, markedly more had to be paid for firewood, wood pellets and other solid fuels (+7.4%) in the household energy category. Motor fuel prices fell by 0.7% compared with December 2024.

On an annual average basis, energy prices in 2025 decreased by 2.4% compared to 2024. Lower prices were recorded for household energy (-2.3%; including heating oil: -5.3%; electricity: -2.2%) and motor fuel (-2.6%).

Prices of goods (total) increased by 0.4% from December 2024 to December 2025. A price increase of +0.8% was recorded for non-durable consumer goods, which include food and energy, and non-alcoholic beverages (+5.9%) and tobacco products (+4.4%), in particular, also became more expensive. Durable consumer goods were less expensive (-0.3%).

Prices of goods (total) rose by 1.0% on an annual average in 2025 compared with 2024. In the goods category, the prices of non-durable consumer goods increased by 1.1%. Non-durable consumer goods prices were also up on an annual average basis for non-alcoholic beverages (+7.0%) and tobacco products (+5.0%), in particular. Durable consumer goods cost 0.6% more in 2025 than a year earlier.

The prices of services (total) increased by 3.5% in December 2025 when compared to December 2024. Net rents exclusive of heating expenses rose by 2.2%. Some services were markedly more expensive, including combined passenger transport services (+11.4%) and services of social facilities (+7.7%). Compared with a year earlier, considerable price increases were also recorded for transport insurance activities (+7.5%), passenger rail transport (+7.2%) and in-patient health services (+6.5%). In December 2025, only a few services cost less than a year earlier, for example telecommunications services (-0.4%).

On a year on year basis, the prices of services (total) in 2025 increased by 3.5% compared with 2024. In the two preceding years, the prices of services also rose significantly on an annual average basis (2024: +3.8%; 2023: +4.4%). Consumers had to pay markedly more for combined passenger transport services (+11.4%), services of social facilities (+8.7%) and insurance services (+7.4%) on an annual average in 2025. From 2024 to 2025, considerable price increases were also recorded for many other services such as in-patient health services (+6.7%), the maintenance and repair of vehicles (+5.5%), package holidays (+4.6%) and catering services in restaurants, cafés and the like (+4.0%). Net rents exclusive of heating expenses, which are a major factor contributing to the development of prices, were up 2.1% in 2025 on an annual average basis and therefore slightly lower than overall inflation. By contrast, the prices of telecommunications services fell by 1.1% from 2024.

According to provisional estimates of the Federal Statistical Office, the consumer price index in January 2026 is expected to be 2.1% higher compared to January 2025 and 0.1% higher compared to December 2025. Core inflation is expected to be 2.5% year-on-year in January 2026.

Sources: Federal Statistical Office, Short-term indicators—Consumer price indices, total (https://www.destatis.de/EN/Themes/Economy/Short-Term-Indicators/Prices/kpre510.html#250146); Federal Statistical Office, Correction: Inflation rate at +2.2% in 2025, press release of January 16, 2026 (https://www.destatis.de/EN/Press/2026/01/PE26_019_611.html); Federal Statistical Office, Inflation rate of +2.1% expected in January 2026, press release of January 30, 2026 (https://www.destatis.de/EN/Press/2026/01/PE26_036_611.html).

**Unemployment Rate**

UNEMPLOYMENT RATE

(percent of unemployed persons in the total labor force according to the<br> International Labour Organization (ILO) definition) (1)

---

| | | |
|:---|:---|:---|
| Reference period | Original <br> percentages(2) | Adjusted percentages (2), <br> (3) |
| December 2024 | 3.2 | 3.5 |
| January 2025 | 3.7 | 3.5 |
| February 2025 | 3.7 | 3.6 |
| March 2025 | 3.7 | 3.6 |
| April 2025 | 3.8 | 3.7 |
| May 2025 | 3.8 | 3.7 |
| June 2025 | 3.6 | 3.7 |
| July 2025 | 3.9 | 3.8 |
| August 2025 | 3.9 | 3.8 |
| September 2025 | 4.0 | 3.8 |
| October 2025 | 3.5 | 3.8 |
| November 2025 | 3.7 | 3.8 |
| December 2025 | 3.6 | 3.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The time series on unemployment are based on the German Labour Force Survey.

&nbsp;&nbsp;&nbsp;&nbsp;(2) All figures except original percentages for December 2024 are provisional.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Trend cycle component (X-13-ARIMA method using JDemetra+; calculation by Eurostat).

Approximately 45.9 million persons resident in Germany were in employment in December 2025. According to provisional calculations of the Federal Statistical Office, the seasonally adjusted number of persons in employment fell slightly (-5,000; 0.0%) compared with the previous month. This number was down by an average of 11,000 month on month in the period from May to November 2025.

Without seasonal adjustment, the number of persons in employment in December 2025 fell by 126,000 (-0.3%) compared with November 2025. This month-on-month decrease was larger than the average recorded for December for the years 2022 to 2024 (-109,000 persons).

Compared with December 2024, the number of persons in employment in December 2025 decreased by 69,000 (-0.2%). In October and November 2025, the year-on-year rate of change was -0.1%. The downward trend in year-on-year labor market figures since August 2025 therefore continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 million people were unemployed in December 2025. That was an increase of 184,000, or 13.0%, compared with December 2024. The unemployment rate rose to 3.6%, an increase of 0.4 percentage points on the same month of the previous year (December 2024: 3.2%).

Adjusted for seasonal and irregular effects, the number of unemployed in December 2025 stood at 1.68 million, an increase of 7,000 on November 2025 (0.4%). The adjusted unemployment rate was unchanged at 3.8%.

Sources: Federal Statistical Office, Employment down slightly in December 2025, press release of January 30, 2026 (https://www.destatis.de/EN/Press/2026/01/PE26_034_132.html); Federal Statistical Office, Genesis-Online Datenbank, Result 13231-0001, Unemployed persons, persons in employment, economically active population, unemployment rate: Germany, months, original and adjusted data, accessed on January 30, 2026 (https://www-genesis.destatis.de/genesis/online?sequenz=tabelleErgebnis&selectionname=13231-0001&zeitscheiben=2&leerzeilen=false&language=en#abreadcrumb).

 ****

**Current Account and Foreign Trade**

Current Account and Foreign Trade

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| | | |
|:---|:---|:---|
|  | (balance in EUR billions) (1) | (balance in EUR billions) (1) |
| Item | January-November<br> 2025 | January-November<br> 2024 |
| Goods | 172.7 | 227.8 |
| Services | -70.7 | -71.0 |
| Primary income | 138.6 | 133.1 |
| Secondary income | -58.4 | -54.5 |
| Current account | **182.1** | **235.3** |

---

(1) Figures may not add up due to rounding.

Source: Deutsche Bundesbank, Major items of the German balance of payments, January 12, 2026 (https://www.bundesbank.de/resource/blob/963060/402da556156b482d7e2ab13d000e9300/472B63F073F071307366337C94F8C870/2026-01-12-zahlungsbilanz-anlage-data.pdf)

**Germany's General Government Deficit/Surplus and General Government Gross Debt**

According to provisional calculations, general government budgets recorded a financial deficit (net borrowing) of EUR 107.4 billion at the end of 2025. This was a decrease of approximately EUR 7.9 billion from 2024. Central government, state government, local government and social security funds recorded a deficit at the close of the year. The financial deficit was almost eight billion euros lower than in 2024 because government revenue (+5.8%) grew more strongly than government expenditure (+5.1%). Measured as a percentage of GDP at current prices, which increased by 3.3%, Germany recorded a deficit ratio of 2.4% in 2025. The ratio was therefore lower than in the previous year (2.7%) and remained below the 3% reference value of the European Stability and Growth Pact.

According to provisional figures of the Deutsche Bundesbank, the general government gross debt ratio was 63.0% of GDP at the end of the third quarter of 2025. This represents a 1.1% increase when compared to the end of the second quarter of 2025 and a 1.6% increase when compared with the end of the third quarter of 2024.

*Sources: Federal Statistical Office, Gross domestic product up 0.2% in 2025, press release of January 15, 2026 (https:// https://www.destatis.de/EN/Press/2026/01/PE26_017_811.html); Deutsche Bundesbank, Verschuldung gem. Maastricht-Vertrag - Deutschland - Gesamtstaat - in % des BIP, accessed on January 28, 2026 (https://www.bundesbank.de/dynamic/action/de/statistiken/zeitreihen-datenbanken/zeitreihen-datenbank/723452/723452?listId=www_v27_web011_21a&tsId=BBGFS1.Q.BQ9959&dateSelect=2025).*

**Economic Outlook**

On January 28, 2026, the Federal Government released the 2026 Annual Economic Report (*Jahreswirtschaftsbericht 2026*). The report found that geopolitical and geoeconomic tensions, protectionism, and the strategic exploitation of resources as an instrument of power politics have been increasing in importance for years.

For 2025 as a whole, real GDP was 0.2% higher than in the previous year. The modest improvement in the final quarter is likely to have been driven by rising industrial output, which is beginning to feed through on the expenditure side into higher investment in machinery and equipment. Foreign trade is not expected to have contributed to growth.

The Federal Government projects GDP to grow by 1.0% in 2026. The Federal Government sees this improvement as an important signal that stagnation in the German economy, which had persisted for five years, is coming to an end.

To revitalize the economy, the report emphasizes the need to strengthen investment and to continue decisive reforms in the face of ongoing structural challenges.

Sources: Bundesministerium für Wirtschaft und Energie, Jahreswirtschaftsbericht 2026, January 28, 2026 (https://www.bundeswirtschaftsministerium.de/Redaktion/DE/Publikationen/Wirtschaft/jahreswirtschaftsbericht-2026.pdf?__blob=publicationFile&v=22); Bundesministerium für Wirtschaft und Energie, The Economic Situation in the Federal Republic of Germany in January 2026, press release of January 15, 2026 (https://www.bundeswirtschaftsministerium.de/Redaktion/EN/Pressemitteilungen/Wirtschaftliche-Lage/2026/20260115-the-economic-situation-in-germany-january-2026.html).

**Other Recent Developments**

**Monetary Policy**

On December 18, 2025, the Governing Council of the European Central Bank ("ECB") decided to keep each of the three key ECB interest rates – the deposit facility rate, the main refinancing operations rate and the marginal lending facility rate – unchanged. The Governing Council has maintained the ECB's key interest rates unchanged since its monetary policy decision of June 5, 2025, which reduced each of these rates by 25 basis points. As of the date of this amendment, the deposit facility, main refinancing operations and marginal lending facility rates are 2.00%, 2.15% and 2.40%, respectively.

In announcing its decision, the Governing Council noted that the Eurosystem staff had revised its estimates of inflation for 2026 upwards, primarily because the staff now expects services inflation to decline more slowly than in earlier projections. However, the staff also revised its estimates for economic growth upwards, expecting growth to be stronger than in its September 2025 projections, driven especially by domestic demand. Inflation is expected to return to the Governing Council's 2% medium-term target in the medium term.

The Governing Council reported that the asset purchase programme (APP) and pandemic emergency purchase programme (PEPP) portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.

Sources: European Central Bank, Monetary policy decisions, press release of December 18, 2025 (https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251218~f264376788.en.pdf).

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant Landwirtschaftliche Rentenbank has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| LANDWIRTSCHAFTLICHE RENTENBANK | LANDWIRTSCHAFTLICHE RENTENBANK |
| By | /s/ Nikola Steinbock |
| Name: | Nikola Steinbock |
| Title: | Chairwoman of the Management Board |
| By | /s/ Stefan Goebel |
| Name: | Stefan Goebel |
| Title: | Managing Director |

---

Date: February 4, 2026

EXHIBIT INDEX

<u>Exhibit</u> <u>Description</u> <br>[Exhibit (h)](tm264436d1_ex99-h.htm) [Governing Law of Landwirtschaftliche Rentenbank (with English translation)](tm264436d1_ex99-h.htm)

## Ex-99.H

**Exhibit (h)**

**Gesetz über die Landwirtschaftliche Rentenbank**

in der Fassung der Bekanntmachung vom 12. Dezember 2013 (BGBl. I S. 4120), das zuletzt durch Artikel 17 des Gesetzes vom 22. Dezember 2023 (BGBl. 2023 I Nr. 411) geändert worden ist

**§ 1 <br> Rechtsform, Sitz**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Landwirtschaftliche Rentenbank, nachstehend Bank genannt, ist eine bun-desunmittelbare Anstalt des öffentlichen Rechts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Die Bank hat ihren Sitz in Frankfurt am Main. Sie unterhält keine Zweignieder-lassungen.

**§ 1a<br> Haftung des Bundes**

Der Bund haftet für die von der Bank aufgenommenen Darlehen und begebe-nen Schuldverschreibungen, die als Festgeschäfte ausgestalteten Termingeschäfte, die Rechte aus Optionen und andere Kredite an die Bank, sowie für Kredite an Dritte, soweit sie von der Bank ausdrücklich gewährleistet werden.

**§ 2<br> Kapital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Das Grundkapital der Bank beträgt 135 Millionen Euro.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Zur Verstärkung ihres Kapitals ist eine Hauptrücklage zu bilden. Dieser ist mindestens die Hälfte des nach Zuführung zur Deckungsrücklage (Absatz 3) verblei-benden Jahresüberschusses zuzuweisen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Neben der Hauptrücklage (Absatz 2) ist eine besondere Deckungsrücklage zu bilden; sie dient der Schaffung zusätzlicher Sicherheiten für die von der Bank ausge-gebenen gedeckten Schuldverschreibungen. Die Deckungsrücklage darf fünf vom Hundert des Nennbetrages der jeweils im Umlauf befindlichen gedeckten Schuldver-schreibungen nicht überschreiten. Ihr dürfen nicht mehr als 50 vom Hundert des Jah-resüberschusses zugewiesen werden.

**§ 3<br> Geschäftsaufgaben**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Bank hat den staatlichen Auftrag, die Landwirtschaft und den ländlichen Raum zu fördern, wobei die jeweiligen Zuständigkeiten des Bundes und der Länder zu beachten sind. Zur Erfüllung ihres Auftrages führt die Bank in folgenden Bereichen nach näherer Bestimmung der Satzung Fördermaßnahmen, insbesondere mittels Fi-nanzierungen, durch:

1. Landwirtschaft, einschließlich Forstwirtschaft, Gartenbau und Fischerei, sowie den vor- und nachgelagerten
Bereichen,

2. Absatz und Lagerhaltung land- und ernährungswirtschaftlicher Produkte, ein-schließlich der
Erschließung und Festigung von Märkten in den Mitgliedstaaten der Europäischen Union und den anderen Vertragsstaaten des
Abkommens über den Europäischen Wirtschaftsraum,

&nbsp;&nbsp;&nbsp;&nbsp;3. agrarbezogener Umweltschutz, Förderung erneuerbarer Energien und nach-wachsender Rohstoffe aus der
Landwirtschaft, Verbreitung des ökologischen Land-baus, Tierschutz in der Landwirtschaft,

4. Verbesserung der Infrastruktur ländlich geprägter Räume,

5. agrarbezogener Verbraucherschutz.

Das Bundesministerium für Ernährung und Landwirtschaft kann im Einvernehmen mit dem Bundesministerium der Finanzen der Bank die Durchführung von Fördermaß-nahmen im Rahmen ihres staatlichen Auftrages gegen angemessenes Entgelt zuwei-sen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Zur Durchführung ihrer Aufgaben kann die Bank alle ihr zur Verfügung stehen-den bankmäßigen Instrumente einsetzen, insbesondere Darlehen, Zuschüsse und sonstige Finanzhilfen gewähren, Bürgschaften übernehmen und Beteiligungen einge-hen. Die Gewährung von Darlehen soll in der Regel über oder zusammen mit anderen Kreditinstituten erfolgen. Im Verhältnis zu anderen Kreditinstituten hat die Bank das gemeinschaftliche Diskriminierungsverbot zu beachten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Die Bank kann im Rahmen ihres Auftrages gemäß Absatz 1 nach näherer Be-stimmung der Satzung auch Gebietskörperschaften und öffentlich-rechtlichen Zweck-verbänden Darlehen und andere Finanzierungsformen gewähren.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Die Bank kann nach näherer Bestimmung der Satzung sonstige Finanzierungen im Interesse der deutschen und europäischen Landwirtschaft oder der ländlich ge-prägten Räume gewähren, soweit es sich dabei um Projekte im Gemeinschaftsinte-resse handelt, die von der Europäischen Investitionsbank oder ähnlichen europäi-schen Finanzierungsinstitutionen mitfinanziert werden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Zur Beschaffung der erforderlichen Mittel kann die Bank Darlehen aufnehmen, ungedeckte und gedeckte Schuldverschreibungen ausgeben, Gewährleistungen über-nehmen sowie alle sonstigen banküblichen Finanzierungsinstrumente einsetzen.

**§ 4 <br> Sonstige Geschäfte**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Bank kann ferner alle Geschäfte und Dienstleistungen betreiben, die mit der Erfüllung ihrer Aufgaben in direktem Zusammenhang stehen. In diesem Rahmen darf sie insbesondere Forderungen und Wertpapiere kaufen und verkaufen sowie Ge-schäfte und Maßnahmen zur Steuerung und Sicherstellung ihrer finanziellen Liquidität durchführen (Treasury Management) und alle für die Risikosteuerung erforderlichen Geschäfte betreiben.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Der Effektenhandel, das Einlagengeschäft und Zahlungsdienste im Sinne des § 1 Absatz 1 Satz 2 des Zahlungsdiensteaufsichtsgesetzes sind der Bank nur für ei-gene Rechnung und nur insoweit gestattet, als sie mit der Erfüllung der öffentlichen Förderaufgaben in direktem Zusammenhang stehen.

**§ 5 <br> Organe**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Organe der Bank sind

1. der Vorstand,

2. der Verwaltungsrat,

&nbsp;&nbsp;&nbsp;&nbsp;3. die Anstaltsversammlung.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Die Aufgaben und Befugnisse der Organe regelt, soweit sie nicht im Gesetz be-stimmt sind, die Satzung.

**§ 6<br> Vorstand** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Der Vorstand besteht aus mindestens zwei Mitgliedern. Die Vor-standsmitglieder werden vom Verwaltungsrat mit einer Mehrheit von mindestens zwei Dritteln seiner Mitglieder bestellt und abberufen. Die Bestellung bedarf der Zustim-mung der Aufsichtsbehörde (§ 11 Abs. 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Der Vorstand führt die Geschäfte der Bank, soweit diese Aufgabe nicht durch Gesetz oder Satzung anderen Organen zugewiesen ist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Der Vorstand vertritt die Bank gerichtlich und außergerichtlich. Die Befugnis zur Vertretung der Bank sowie die Form für Willenserklärungen der vertretungsbe-rechtigten Personen werden durch die Satzung geregelt. Ist eine Willenserklärung der Bank gegenüber abzugeben, so genügt die Abgabe gegenüber einem Mitglied des Vorstandes. Auf die Vertretung der Bank gegenüber ihren Organen sind die für Ak-tiengesellschaften geltenden Vorschriften entsprechend anzuwenden.

**§ 7 <br> Verwaltungsrat**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Der Verwaltungsrat besteht aus

1. acht Vertretern landwirtschaftlicher und ernährungswirtschaftlicher Organi-sationen, von denen benannt
werden sechs vom Deutschen Bauernverband e.V., einer vom Deutschen Raiffeisenverband e.V. sowie einer als Vertreter der Ernäh-rungswirtschaft
(Industrie und Handel) von den ernährungswirtschaftlichen Ver-bänden;

2. drei Landwirtschaftsministern der Länder, die vom Bundesrat für eine von ihm zu bemessende Zeitdauer
bestimmt werden, oder ihren ständigen Vertretern im Amt;

3. einem Vertreter der Gewerkschaften;

4. dem Bundesminister oder der Bundesministerin für Ernährung und Landwirtschaft; die Vertretung
in den Sitzungen des Verwaltungsrates und seiner Ausschüsse durch einen ständigen Vertreter im Amt oder durch einen Abteilungsleiter
ist zu-lässig;

5. je einem Vertreter des Bundesministeriums für Ernährung und Landwirtschaft so-wie des Bundesministeriums
der Finanzen; die Bundesministerien können auch durch andere sachverständige Personen vertreten sein;

6. drei Vertretern von Kreditinstituten oder anderen Kreditsachverständigen, die auf Vorschlag der Bundesregierung
von den anderen Mitgliedern des Verwaltungsrates hinzugewählt werden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Der Vorsitzende des Verwaltungsrates wird vom Verwaltungsrat aus den Rei-hen der vom Deutschen Bauernverband e.V. benannten Mitglieder gewählt. Sein Stellvertreter ist der Bundesminister oder die Bundesministerin für Ernährung und Landwirtschaft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mitglieder der Anstaltsversammlung dürfen dem Verwaltungsrat nicht angehö-ren.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Der Verwaltungsrat überwacht die Geschäftsführung des Vorstandes und be-schließt über dessen Entlastung; er kann dem Vorstand allgemeine und besondere Weisungen erteilen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Der Verwaltungsrat beschließt über den Jahresabschluss, über die Zuführung zur Hauptrücklage und zur Deckungsrücklage sowie über die Aufteilung des Bilanzge-winnes auf den Förderungsfonds (§ 9 Abs. 2) und das Zweckvermögen (§ 9 Abs. 3); er hat seinen Vorschlag über die Gewinnverwendung nach § 9 Abs. 2 der Anstaltsver-sammlung zur Beschlussfassung zuzuleiten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Der Verwaltungsrat beschließt die Satzung und ihre Änderungen. Sie bedürfen der Genehmigung der Aufsichtsbehörde (§ 11 Abs. 1).

**§ 8 <br> Anstaltsversammlung**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Anstaltsversammlung ist die Vertretung der Eigentümer und Pächter der mit der Rentenbankgrundschuld belasteten Grundstücke.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Die Anstaltsversammlung besteht aus 28 Mitgliedern, von denen je zwei von den Ländern Baden-Württemberg, Bayern, Brandenburg, Hessen, Mecklenburg-Vorpommern, Niedersachsen, Nordrhein-Westfalen, Rheinland-Pfalz, Sachsen, Sach-sen-Anhalt, Schleswig-Holstein sowie Thüringen und je eines von den Ländern Berlin, Bremen, Hamburg sowie Saarland benannt werden. Bei der Auswahl der Vertreter sind die einzelnen Betriebsgrößenklassen, insbesondere die bäuerlichen Familienbe-triebe, angemessen zu berücksichtigen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Die Anstaltsversammlung nimmt die Berichte des Vorstandes über die Ge-schäftstätigkeit der Bank und des Verwaltungsrates über die von ihm gefassten Be-schlüsse entgegen und berät die Bank in Fragen der Förderung der Landwirtschaft und des ländlichen Raumes sowie bei allgemeinen agrar- und geschäftspolitischen Fragen. Sie beschließt über die Gewinnverwendung gemäß § 9 Abs. 2.

**§ 9 <br> Gewinnverwendung**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Der Bilanzgewinn darf nur für eine das Allgemeininteresse wahrende Förde-rung der Landwirtschaft und des ländlichen Raumes verwendet werden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Höchstens die Hälfte des zur Verteilung kommenden Betrages fließt einem Förderungsfonds zu, über dessen Verwendung die Anstaltsversammlung nach von ihr zu erlassenden Richtlinien entscheidet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mindestens die Hälfte des zur Verteilung kommenden Betrages soll dem Zweckvermögen des Bundes nach dem Gesetz über das Zweckvermögen des Bundes bei der Landwirtschaftlichen Rentenbank vom 12. August 2005 (BGBl. I S. 2363) zu-geführt werden, solange dieses von der Bank verwaltet wird und solange die Bank von allen Steuern vom Vermögen, vom Einkommen und vom Gewerbebetrieb befreit ist.

**§ 10<br> Besondere Pflicht der Organe**

Sorgfaltspflicht und Verantwortlichkeit der Mitglieder des Vorstandes und des Ver-waltungsrates richten sich nach den entsprechenden Vorschriften für Vorstands- und Aufsichtsratsmitglieder der Aktiengesellschaften.

**§ 11 <br> Aufsicht**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Bank untersteht der Aufsicht des Bundesministeriums für Ernährung und Landwirtschaft (Aufsichtsbehörde), das seine Entscheidungen im Einvernehmen mit dem Bundesministerium der Finanzen trifft. Die Aufsichtsbehörde trägt dafür Sorge, dass der Geschäftsbetrieb der Bank mit dem öffentlichen Interesse insbesondere an der Förderung der Landwirtschaft und des ländlichen Raumes sowie mit den Gesetzen und der Satzung in Einklang steht.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Die Aufsichtsbehörde ist befugt, von den Organen der Bank Auskunft über alle Geschäftsangelegenheiten zu verlangen, Bücher und Schriften der Bank einzusehen sowie an den Sitzungen des Verwaltungsrates und seiner Ausschüsse sowie an der Anstaltsversammlung teilzunehmen und Anträge zu stellen; ihren Vertretern ist je-derzeit das Wort zu erteilen.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Die Aufsichtsbehörde ist ferner befugt, die Anberaumung von Sitzungen der Organe und die Ankündigung von Gegenständen zur Beschlussfassung zu verlangen sowie die Ausführung von Anordnungen und Beschlüssen zu untersagen, die gegen das öffentliche Interesse insbesondere an der Förderung der Landwirtschaft und des ländlichen Raumes oder gegen die Gesetze oder die Satzung verstoßen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Im übrigen ist die Bank in der Verwaltung und Geschäftsführung selbständig, desgleichen in der Anstellung des Personals.

**§ 12<br> Dienstsiegel und öffentliche Urkunden**

Die Bank ist berechtigt, ein Dienstsiegel zu führen. § 39a des Beurkundungsgeset-zes ist entsprechend anzuwenden. Ordnungsgemäß unterschriebene und mit dem Abdruck des Dienstsiegels versehene Erklärungen der Bank haben die Eigenschaft öf-fentlich beglaubigter Urkunden.

**§ 13<br> Gedeckte Schuldverschreibungen**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Die Bank kann gedeckte Schuldverschreibungen nach Maßgabe der Absätze 2 bis 4 ausgeben.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Der Gesamtbetrag der von der Bank ausgegebenen Schuldverschreibungen muss in Höhe des Nennwerts und der Zinsen jederzeit gedeckt sein. Als Deckung sind zulässig

1. Pfandbriefe im Sinne des § 1 Abs. 3 des Pfandbriefgesetzes, die nach den Vor-schriften des Pfandbriefgesetzes
ausgegeben werden,

2. Darlehen an inländische Körperschaften und solche Anstalten des öffentlichen Rechts, für
die eine Anstaltslast oder eine auf Gesetz beruhende Gewährträgerhaf-tung oder eine staatliche Refinanzierungsgarantie gilt
oder die das gesetzliche Recht zur Erhebung von Gebühren und anderen Abgaben innehaben, oder gegen Übernahme der vollen Gewährleistung
durch eine solche Körperschaft oder Anstalt gewährte Darlehen oder sonstige Darlehen der Bank, für die Sicherheiten beste-hen,
die den Anforderungen des Pfandbriefgesetzes für die Deckung von Hypothe-kenpfandbriefen oder Schiffspfandbriefen entsprechen,

3. Darlehen der Bank, für die nach bankmäßigen Grundsätzen ausreichende Sicher-heiten
bestehen.

Die in Satz 2 vorgeschriebene ordentliche Deckung kann vorübergehend durch Gut-haben bei der Deutschen Bundesbank und bei geeigneten Kreditinstituten ersetzt werden (Ersatzdeckung).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Die zur Deckung der Schuldverschreibungen bestimmten Vermögenswerte ein-schließlich der Ersatzdeckung sowie Vermögenswerte in Höhe der Deckungsrücklage nach § 2 Abs. 3 sind von der Bank einzeln in ein Register einzutragen.

§ 5 Abs. 1 S. 1, 3 und 4, Abs. 1a S. 1, 4 und 5 und Abs. 1b des Pfandbriefgesetzes gilt entsprechend; § 5 Abs. 1 S. 5 und Abs. 2 des Pfandbriefgesetzes sowie eine aufgrund des § 5 Abs. 3 des Pfandbriefgesetzes erlassene Rechtsverordnung gelten entsprech-end mit der Maßgabe, dass an die Stelle der Bundesanstalt die in § 11 Abs. 1 genannte Aufsichtsbehörde tritt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Die Aufsichtsbehörde (§ 11 Abs. 1) bestellt nach Anhörung der Bank einen Treuhänder und einen Stellvertreter. Der Treuhänder hat darauf zu achten, dass die Ausgabe, Verwaltung und Deckung der Schuldverschreibungen den gesetzlichen und satzungsmäßigen Bestimmungen und den Anleihebedingungen entsprechen. § 7 Abs. 3 bis 5 und die §§ 8 bis 11 des Pfandbriefgesetzes gelten entsprechend mit der Maßgabe, dass an die Stelle der Bundesanstalt die in § 11 Abs. 1 genannte Aufsichts-behörde tritt.

**§ 13a<br> Mündelsicherheit**

Die Schuldverschreibungen der Bank, die nicht auf ausländische Zahlungsmittel lauten, sind zur Anlegung von Mündelgeldern geeignet.

**§ 14<br> Arreste und Zwangsvollstreckungen**

Auf Arreste und Zwangsvollstreckungen in Vermögenswerte, die in das Deckungs-register nach § 13 Abs. 3 eingetragen sind, ist § 29 des Pfandbriefgesetzes entspre-chend anzuwenden.

**§ 15<br> Sondervorschrift für Refinanzierungskredite**

Kreditinstitute können sich bei der Gewährung von Darlehen aus Mitteln, die sie von der Bank erhalten, die Verzinsung rückständiger Zinsen im Voraus versprechen lassen.

**§ 16<br> Auflösung**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Das Insolvenzverfahren über das Vermögen der Bank ist unzulässig. Die Bank kann nur durch Gesetz aufgelöst werden. Das Gesetz bestimmt über die Verwendung des Vermögens. Es darf nur für eine das Allgemeininteresse wahrende Förderung der Landwirtschaft oder der landwirtschaftlichen Forschung verwendet werden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Im Falle der Auflösung gehen die Gläubiger der gedeckten Schuldverschrei-bungen hinsichtlich der nach § 13 Abs. 3 in dem Register eingetragenen Werte den übrigen Gläubigern der Bank im Rang vor. Soweit diese Werte nicht zur Befriedigung der Gläubiger der gedeckten Schuldverschreibungen notwendig sind, stehen sie den übrigen Gläubigern der Bank zur Verfügung.

**§ 17<br> Übergangsregelungen**

Die bisherigen Deckungsregister der Bank bleiben nach Inkrafttreten des Fünften Gesetzes zur Änderung des Gesetzes über die Landwirtschaftliche Rentenbank als getrennte Deckungsregister neben dem Deckungsregister nach § 13 Abs. 3 bestehen. Die Aufgaben des Treuhänders nach § 13 Abs. 4 erstrecken sich auch auf diese De-ckungsregister.

**§ 18<br> (weggefallen)**

**§ 19 <br> (weggefallen)**

**§ 20 <br> (Inkrafttreten)**

<u>Non-binding translation</u>

**Governing Law of Landwirtschaftliche Rentenbank**

in the version of the announcement dated December 12, 2013 (Federal Gazette I page 4120), as last amended by Article 17 of the Act dated December 22, 2023 (Federal Gazette 2023 I No. 411)

**Section 1**

**Legal form, head office**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Landwirtschaftliche Rentenbank, hereinafter the Bank, is a direct federal institution under public law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bank has its head office in Frankfurt am Main. It does not have any branch offices.

**Section 1a**

**Guarantee of the Federal Republic**

The Federal Republic guarantees all obligations of the Bank in respect of loans extended to and debt securities issued by the Bank, fixed forward transactions or options entered into by the Bank and other credits extended to the Bank as well as credits extended to third parties inasmuch as they are expressly guaranteed by the Bank.

**Section 2**

**Capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The capital stock of the Bank amounts to 135 million Euro.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A principal reserve is to be formed in order to strengthen its capital base. At least half of the annual net income remaining after allocation to the guarantee reserve (paragraph 3) is to be allocated to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A special guarantee reserve is to be formed in addition to the principal reserve (paragraph 2); such guarantee reserve is designed to provide further security for the secured debentures issued by the Bank. The guarantee reserve may not exceed 5 per cent of the nominal value of secured debentures issued at any given time. Not more than 50 per cent of the annual net profit may be allocated to it.

**Section 3**

**Business responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank serves to promote agriculture and the rural areas, whereby the national and state responsibilities are to be taken into consideration. To fulfil its responsibilities, the bank may undertake development measures in accordance with the more specific stipulation of its statutes, in particular by financial instruments, in the following areas:

1. agriculture industry, including forestry, horticulture and fishing, as well as upstream and downstream areas,

2. sales and warehousing of agricultural and food products, including development and consolidation of markets in member states of the European Union and in other states which are parties to the Agreement on the European Economic Area,

3. agriculture related environmental protection, the promotion of renewable energies and renewable raw materials from agriculture, the expansion of ecological farming, protection of animals within the agriculture industry,

4. the improvement of the infrastructure in predominantly rural areas,

5. agriculture related consumer protection.

The Federal Ministry of Food and Agriculture may in agreement with the Federal Ministry of Finance, assign to the Bank the realisation of development measures within the framework of its legal mandate against an appropriate fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To fulfil its responsibilities, the Bank may use all banking instruments at its disposal, in particular loans, grants and other financial means, furnish guarantees and enter into participations. Loans should as a rule be granted via or together with other banks. In relation to other banks, the Bank shall observe the common non-discrimination rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within the scope of its responsibilities according to paragraph 1, the Bank may, in accordance with the more detailed regulations in its statutes, also grant loans and other financing forms to regional authorities and public sector special purpose associations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To the extent that these are projects of common interest which are co-financed by the European Investment Bank or similar European financing institutions the Bank may grant other financing in the interest of German and European agriculture or rural areas, in accordance with the more detailed regulations in its statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To procure necessary funds, the Bank may raise loans, issue covered and uncovered bonds, underwrite guarantees and use all other standard bank financing instruments.

**Section 4**

**Other transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank may furthermore conduct all transactions and services which are directly connected with the performance of its responsibilities. In this context, it may, in particular, buy and sell debt and securities and conduct transactions and measures to ensure its financial liquidity (Treasury Management) and all transactions necessary for diversifying risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the Bank, securities trading, the deposit business and payment services within the meaning of Section 1 para. 1 sentence 2 of the Act on the Supervision of Payment Services (*Zahlungsdiensteaufsichtsgesetz*) are only permitted on its own account and only to the extent that they are directly connected to its public development functions.

**Section 5**

**Official bodies**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Executive
 bodies of the Bank are

1. the Board of
 Management

2. the Board of
 Supervisory Directors

3. the General
 Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The responsibilities and powers of authority of the official bodies of the institution shall be governed by its statutes unless otherwise provided for by law.

**Section 6**

**The Board of Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board of Management comprises at least two members. The board members are appointed and dismissed by the Board of Supervisory Directors with a majority of two thirds of its members. The appointment requires the approval of the supervisory authority (Section 11 para. 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board of Management shall be responsible for conducting the business of the Bank unless such responsibility is allocated to another official body of the institution by law or under the terms of its statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board of Management represents the Bank in court and out of court. The authority to represent the Bank as well as the form for declaration of intention of the authorised representatives is regulated by the statutes. If a declaration of intention is to be submitted to the Bank, the submission to a member of the Board of Management will suffice. The provisions valid for public limited companies are to be applied accordingly to the representation of the Bank with regard to its executive bodies.

**Section 7**

**Board of Supervisory Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board of Supervisory Directors comprises

1. eight representatives
 of agricultural and food organisations, of which six shall be appointed by the Deutscher
 Bauernverband e.V. (German Farmers' Union), one by the Deutscher Raiffeisenverband
 e.V. (Farmers' Cooperative Association) and one as a representative of the food industry
 (trade and industry) by food associations;

2. three agricultural
 ministers from states, who shall be appointed by the Bundesrat (Federal Council) for a period
 still to be determined, or their permanent deputies;

3. a representative
 of the trade unions;

4. the Federal
 Minister of Food and Agriculture; representation in the meetings of the Board of Supervisory
 Directors and its committees by a permanent deputy or by a departmental manager is permitted;

5. one representative
 in each case from the Federal Ministry of Food and Agriculture and the Federal Ministry of
 Finance; the ministries may also be represented by other experts;

6. three representatives from credit institutions
 or other credit experts, who shall be proposed by the Federal Government and co-opted by
 the other members of the Board of Supervisory Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Chairman of the Board of Supervisory Directors shall be elected by the Board of Supervisory Directors from the ranks of the members of the German Farmers' Union. His/her deputy is the Federal Minister of Food and Agriculture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Members of the General Meeting may not belong to the Board of Supervisory Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board of Supervisory Directors monitors the business conduct of the Board of Management and makes decisions regarding its discharge; it may issue to the Board of Management general and specific instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Board of Supervisory Directors decides on the annual accounts, the allocation to the principal reserve and the guarantee reserve as well as on the division of the net profit for the year between the promotional fund (Section 9 para. 2) and the special-purpose fund (Section 9 para. 3); it shall forward its proposal for the appropriation of profits as per Section 9 para. 2 to the General Meeting for a final decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Board of Supervisory Directors decides on the statutes and their amendments. These require the authorisation of the supervisory authority (Section 11 para. 1).

**Section 8**

**General Meeting of the institution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The General Meeting of the institution shall be made up of representatives of the owners and lessors of properties encumbered with the Rentenbank land charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The General Meeting comprises 28 members, of which two members in each case shall be appointed by the states of Baden-Württemberg, Bavaria, Brandenburg, Hessen, Mecklenburg-West Pomerania, Lower Saxony, North Rhine Westphalia, Rhineland-Palatinate, Saxony, Saxony-Anhalt, Schleswig-Holstein and Thuringia and one member in each case by the states of Berlin, Bremen, Hamburg and Saarland. During the selection of the representatives, the individual agro-business size-categories, in particular family farms, are to be taken into consideration appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The General Meeting receives the reports of the Board of Management on the business activities of the Bank and the Board of Supervisory Directors on the resolutions it has passed and advises the Bank in matters of the promotion of agriculture and rural areas as well as on general agricultural and business policy issues. It decides on the appropriation of profits in accordance with Section 9 para. 2.

**Section 9**

**Appropriation of profits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The net profit for the year may only be used for the promotion of agriculture and rural areas, in compliance with general interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) At most half of the amount to be distributed is allocated to a promotional fund, the appropriation of which is decided by the General Meeting in accordance with guidelines, which it is to draw up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) At least half of the amount to be distributed shall be allocated to the special-purpose fund of the Federal Republic as stated by the Act on the Special-Purpose Fund of the Federal Republic at Landwirtschaftliche Rentenbank as of August 12, 2005 (Federal Gazette I, 2363) provided that this is managed by the Bank and provided that the Bank is exempted of all taxes on assets, net income and commercial enterprise.

**Section 10**

**Specific duty of the executive bodies**

The duty of care and responsibility of the members of the Board of Management and the Board of Supervisory Directors comply with the relevant provisions for management board and supervisory board members of public limited companies.

**Section 11**

**Supervision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank is subject to the supervision of the Federal Ministry of Food and Agriculture (supervisory authority), which makes its decisions in agreement with the Federal Ministry of Finance. The supervisory authority ensures that the business operation of the Bank complies with public interest in particular in the promotion of agriculture and rural areas as well as with the laws and its Statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The supervisory authority is empowered to request information from the executive bodies of the Bank on all business matters, to view any books and correspondence of the Bank and to participate in meetings of the Board of Supervisory Directors and its committees as well as in the General Meeting, and to raise motions; its representatives must be admitted to the floor at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The supervisory authority is also authorised to request the calling of meetings of the executive bodies and the announcement of subjects to be decided as well as to prohibit the implementation of directives or resolutions, which contravene public interest in particular the promotion of agriculture and rural areas or are in breach of the laws or the Bank's statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Otherwise, the Bank is independent with regard to its administration and management, likewise in the appointment of personnel.

**Section 12**

**Official seal and public documents**

The Bank is entitled to hold an official seal. Section 39a of the Notarisation Act (*Beurkundungsgesetz*) shall apply accordingly. Bank declarations, which are duly signed and given the stamp of the official seal have the character of officially authenticated public documents.

**Section 13**

**Covered bonds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank may issue covered bonds according to paragraphs 2 to 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The total amount of the bonds issued by the Bank must be covered to the amount of the nominal value and the interest at all times. The following are permitted as cover

1. covered bonds
 which are issued in accordance with Section 1 para. 3 of the German Covered Bond Act *(Pfandbriefgesetz)*,

2. loans to domestic
 statutory corporations and such federal institutions under public law to which a maintenance
 obligation *(Anstaltslast)* or guarantee obligation by law (*Gewährträgerhaftung)* or a governmental refinancing guarantee apply, or which are legally entitled to levy fees
 and other charges, or loans granted under acceptance of the complete guarantee by such a
 statutory corporation or institution under public law, or other loans of the Bank for which
 sufficient collateral exists which meets the requirements of the German Covered Bond Act *(Pfandbriefgesetz)* for the coverage of mortgage bonds or bottomry bonds.

3. loans granted
 by the Bank for which sufficient collateral exists in accordance with the policies of the
 Bank.

The appropriate cover prescribed in clause 2 may be replaced temporarily by credit deposits at Deutsche Bundesbank and at suitable banks (substitute cover).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The assets determined for covering the bonds, including the substitute cover, as well as assets to the amount of principal reserves as per Section 2 para. 3 are to be entered individually into a register by the Bank. Section 5 para. 1 sentences 1, 3 and 4, para. 1a sentences 1, 4 and 5 and para. 1b of the German Covered Bond Act *(Pfandbriefgesetz)* apply accordingly; Section 5 para. 1 sentence 5 and para. 2 of the German Covered Bond Act (*Pfandbriefgesetz*) as well as an ordinance based on Section 5 para. 3 of the German Covered Bond Act (*Pfandbriefgesetz*) apply accordingly provided that instead of the Federal Authority, the supervisory authority named in Section 11 para. 1 supersedes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) After consultation with the Bank, the supervisory authority (Section 11 para. 1) nominates a trustee and a deputy. It is the responsibility of the trustee to ensure that the issuing, administration and cover of bonds comply with the legal and regulatory conditions and terms and conditions of the bonds. Section 7 para. 3 to 5 and Sections 8 to 11 of the German Covered Bond Act *(Pfandbriefgesetz)* apply accordingly, provided that instead of the Federal Authority, the supervisory authority named in Section 11 para. 1 supersedes.

**Section 13a**

**Eligibility for the investment of ward money**

Bonds issued by the Bank which are not denominated in foreign currency are eligible for the investment of ward money.

**Section 14**

**Attachments and compulsory executions**

Section 29 of the German Covered Bond Act *(Pfandbriefgesetz)* shall apply accordingly to attachments and compulsory executions upon assets which are entered in the register of covered bonds as per Section 13 para. 3.

**Section 15**

**Special provision for refinancing loans**

Credit institutions may request in advance an undertaking to pay interest on overdue interest in each case they grant a loan from funds received from the Bank.

**Section 16**

**Dissolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Insolvency proceedings with respect to the Bank's assets are inadmissible. The Bank may only be dissolved by law. Such law shall determine the application of assets. They may only be used for the promotion of agriculture or agricultural research in the interests of the public at large.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of dissolution, creditors of covered bonds shall rank before other creditors of the Bank in relation to the assets entered in the register of covered bonds as per Section 13 para. 3. To the extent that these assets are not required to settle claims of covered bond creditors they are available for the settlement of claims of the remaining creditors of the Bank.

**Section 17**

**Transitional rules**

The current Bank registers for covered bonds are retained as separate coverage registers in addition to the register as per Section 13 para. 3 when the fifth law on the amendment of the law governing Landwirtschaftliche Rentenbank comes into force. The duties of the trustee as per Section 13 para. 4 also encompass these coverage registers.

**Section 18**

(omitted)

**Section 19**

(omitted)

**Section 20**

(coming into force)