# EDGAR Filing Document

**Accession Number:** 0001144797
**File Stem:** 0001104659-26-003529
**Filing Date:** 2026-1
**Character Count:** 264988
**Document Hash:** fa5441de2aebd42444db402756c8895a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-003529.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001104659-26-003529

**CONFORMED SUBMISSION TYPE**: S-B/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**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:** S-B/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291690
- **FILM NUMBER:** 26531429

**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

**[**TABLE OF CONTENTS**](#TOC)

As filed with the Securities and Exchange Commission on January 14, 2026

Registration No. 333-291690

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

PRE-EFFECTIVE AMENDMENT NO. 1

to REGISTRATION STATEMENT under

SCHEDULE B

of THE SECURITIES ACT OF 1933

Landwirtschaftliche Rentenbank (Name of Registrant)

Federal Republic of Germany (Guarantor and Co-Signatory)

Puglisi & Associates 850 Library Avenue Suite 204 Newark, Delaware 19711 United States of America

(Name and Address of Authorized Agent in the United States)

Copies to:

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

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| | | | | |
|:---|:---|:---|:---|:---|
| CALCULATION OF REGISTRATION FEE  | CALCULATION OF REGISTRATION FEE  | CALCULATION OF REGISTRATION FEE  | CALCULATION OF REGISTRATION FEE  | CALCULATION OF REGISTRATION FEE  |
| Title of Each Class of Securities to be Registered  | Amount to be Registered<sup>(1)</sup>  | Amount to be Registered<sup>(1)</sup> <br> Proposed Maximum Offering Price Per Unit<sup>(2)</sup>  | Proposed Maximum Aggregate Offering Price<sup>(3)</sup>  | Amount of Registration Fee<sup>(4)</sup>  |
| Debt Securities of Rentenbank  |  | $3000000000 | $3000000000 | $252701.62 |
| Guarantee of the Federal Republic of Germany  |  |  |  |  |

---

(1) Represents a U.S. dollar amount and/or an equivalent amount in other currencies or in composite currencies, and/or amounts determined by reference to an index or, if the debt securities are to be offered at a discount, the approximate proceeds to the issuer. As discussed below, the amount being registered hereunder includes $1,170,154,800 aggregate principal amount of unissued securities, which were registered on the registrant's registration statement no. 333-267652 filed on September 29, 2022 (the "Prior Registration Statement").

(2) The proposed maximum offering price per unit will be determined from time to time by the registrant in connection with, and at the time of, the issuance by the registrant of securities registered hereunder.

(3) Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

(4) As discussed in the paragraph below, this registration statement includes, as of the date of filing of this registration statement, $1,170,154,800 aggregate principal amount of unissued securities that have been previously registered and for which the registration fee has been previously paid in connection with the Prior Registration Statement. Accordingly, the amount of the registration fee has been calculated based on the proposed maximum aggregate offering price of the additional $1,829,845,200 securities registered on this registration statement.

The securities registered pursuant to this registration statement include, as of the date of filing of this registration statement, $1,170,154,800 aggregate principal amount of unissued securities that were previously registered on the Prior Registration Statement. In connection with the registration of such unissued securities on the Prior Registration Statement, the registrant paid and offset registration fees of $113,739.05, which will continue to be applied to such unissued securities included on this registration statement. The offering of the unissued securities registered under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.

The debt securities covered by this registration statement are to be offered on a delayed or continuous basis pursuant to Releases No. 33-6240 and 33-6424 under the Securities Act of 1933.

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

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#### EXPLANATORY NOTE
The Registrant is filing this Pre-Effective Amendment No. 1 to the Registration Statement originally filed on November 21, 2025 (i) to revise the introductory paragraph under the heading "Clearing and Settlement" on page 10 of the Registration Statement; (ii) to delete the former Exhibit 3.3 (the Law on the Rentenbank Land Charge of May 11, 1949, which has been repealed) from the Index of Exhibits; and (iii) to refile in electronic form Exhibit 4.1, previously filed in paper form.

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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

#### PROSPECTUS Subject to completion, dated January 14, 2026
![[MISSING IMAGE: lg_rentenbank-4c.jpg]](lg_rentenbank-4c.jpg)

### Landwirtschaftliche Rentenbank

### DEBT SECURITIES
Landwirtschaftliche Rentenbank ("Rentenbank"), an institution organized under the public law of the Federal Republic of Germany, may from time to time offer debt securities consisting of bonds, notes and/or other evidences of indebtedness ("Securities"). The Securities will be unconditional obligations of Rentenbank.

Under our governing law (Governing Law of Landwirtschaftliche Rentenbank or *Gesetz über die Landwirtschaftliche Rentenbank*), the Securities will benefit from a statutory guarantee of the Federal Republic of Germany. See "Responsibility of the Federal Republic for Rentenbank".

For each offer and sale of Securities under this prospectus, we will provide a prospectus supplement with the specific terms of each issue.

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these Securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

The date of this prospectus is , 2026

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page**  |
| [About This Prospectus](#tATP)  | [1](#tATP) |
| [Where You Can Find More Information](#tWYCF)  | [1](#tWYCF) |
| [Forward-Looking Statements](#tFOST)  | [2](#tFOST) |
| [Presentation of Financial Information](#tPOFI)  | [2](#tPOFI) |
| [Landwirtschaftliche Rentenbank](#tLARE)  | [3](#tLARE) |
| [Use of Proceeds](#tUOP)  | [6](#tUOP) |
| [Description of the Securities](#tDOTS)  | [6](#tDOTS) |
| [Clearing and Settlement](#tCAS)  | [10](#tCAS) |
| [Responsibility of the Federal Republic for Rentenbank](#tROTF)  | [15](#tROTF) |
| [Debt Record](#tDERE)  | [15](#tDERE) |
| [Taxation](#tTAX)  | [16](#tTAX) |
| [Plan of Distribution](#tPOD)  | [30](#tPOD) |
| [Validity of the Securities](#tVOTS)  | [31](#tVOTS) |
| [Limitations on Actions against the Federal Republic](#tLOAA)  | [31](#tLOAA) |
| [Enforcement of Civil Liabilities against Rentenbank](#tEOCL)  | [31](#tEOCL) |
| [Authorized Representative in the United States](#tARIT)  | [31](#tARIT) |
| [Official Statements and Documents](#tOSAD)  | [31](#tOSAD) |

---

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#### ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the U.S. Securities and Exchange Commission (the "SEC"), under the U.S. Securities Act of 1933, as amended, using a "shelf" registration process. Under this shelf process, we may sell any combination of the Securities described in this prospectus in one or more offerings up to the total dollar amount registered with the SEC (or the equivalent in other currencies). This prospectus provides you with a general description of the Securities we may offer. Each time we sell Securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement together with additional information described below under the heading "Where You Can Find More Information" before you invest.

 **You should rely only on the information provided in this prospectus and in any prospectus supplement including the information incorporated by reference. We have not authorized anyone to provide you with different or additional information. We are not offering Securities in any state where the offer is not permitted by law. You should not assume that the information in this prospectus, or any prospectus supplement, is accurate or complete at any date other than the date indicated on the cover page of those documents. Our activities, financial condition, results of operations and prospects may have changed since that date.** 

A portion of the Securities offered hereby may be offered and sold outside of the United States in transactions not subject to the registration requirements of the U.S. Securities Act of 1933, as amended.

This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Securities offered hereby by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. The offer or sale of Securities and the distribution of this prospectus may be restricted by law in certain jurisdictions, and you should inform yourself about, and observe, any such restrictions.

This prospectus may only be used for the purposes stated herein.

In this prospectus, references to "Rentenbank", "we" or "us" are to Landwirtschaftliche Rentenbank. References to "Germany" or the "Federal Republic" are references to the Federal Republic of Germany, and references to the "Federal Government" are to the government of the Federal Republic of Germany.

#### WHERE YOU CAN FIND MORE INFORMATION
Rentenbank files an annual report on Form 18-K with the SEC. The annual reports include financial, statistical and other information concerning Rentenbank and the Federal Republic. You can inspect and copy such annual reports at the Conventional Reading Room maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Conventional Reading Room. You can also obtain copies of the annual reports at prescribed rates from the SEC's Conventional Reading Room. All filings are also available online through the SEC's EDGAR electronic filing system. Access to EDGAR can be found on the SEC's website, *www.sec.gov*.

The SEC allows us to "incorporate by reference" the information we file with the SEC, which means that we can disclose important information to you by referring to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information as well as the information included in this prospectus. Rentenbank incorporates by reference its annual report on Form 18-K for the year ended December 31, 2024 (filed on [May 9, 2025](https://www.sec.gov/Archives/edgar/data/1144797/000110465925046579/tm2513657d1_18k.htm)), as subsequently amended by amendment number one thereto (filed on [August 7, 2025](https://www.sec.gov/Archives/edgar/data/1144797/000110465925075098/tm2522641d1_18ka.htm)) and amendment number two thereto (filed on [November 6, 2025](https://www.sec.gov/Archives/edgar/data/1144797/000110465925107610/tm2529833d1_18ka.htm)) and any future filings made with the SEC to the extent such filings indicate that they are intended to be incorporated by reference.

You may request a copy of these filings at no cost by writing Landwirtschaftliche Rentenbank, Theodor-Heuss-Allee 80, 60486 Frankfurt am Main, Germany.

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#### FORWARD-LOOKING STATEMENTS
This prospectus, any prospectus supplement and any documents incorporated by reference in this prospectus may contain forward-looking statements. Statements relating to future events, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of these statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contained in any forward-looking statements.

#### PRESENTATION OF FINANCIAL INFORMATION
Financial information relating to Rentenbank and economic data on the Federal Republic are expressed in euro.

As used herein, references to "euro", "EUR" and the euro sign "€" are to the single currency which was introduced as of January 1, 1999, at the start of the third stage of European economic and monetary union, and references to "U.S. dollars" or "$" are to United States dollars.

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#### LANDWIRTSCHAFTLICHE RENTENBANK
 *The following summary information should be read in conjunction with the more complete information included in Rentenbank's annual report on Form 18-K for the year ended December 31, 2024, as amended, and any future periodic reports and amendments filed by Rentenbank with the SEC.* 

#### Overview
 *Rentenbank was founded in 1949 as the development bank for the agriculture, forestry, fishing and food industries in Germany. We are an institution established under public law (rechtsfähige Anstalt des öffentlichen Rechts) and have our headquarters in Frankfurt am Main. We do not have any branches.* 

Our activities and governance structure are regulated by our governing law and our statutes. Under our governing law (*Gesetz über die Landwirtschaftliche Rentenbank*; the "Rentenbank Law"), we are charged with the public task of promoting the agriculture industry (including forestry, horticulture and fisheries) and the development of rural areas through the extension of credit for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the agriculture industry, including forestry, horticulture and fisheries and the upstream and downstream areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sale and warehousing of agricultural and food products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • agriculture-related environmental protection, the promotion of renewable energies and renewable raw materials from agriculture, the expansion of ecological farming and the protection of animals within the agricultural industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the improvement of infrastructure in predominantly rural areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • agriculture-related consumer protection.

We extend credit to German and other public and private sector banks in the European Union, which are active in the financing of the agricultural sector, the food industry and rural areas both by means of traditional loans and by purchasing the debt securities of such banks. We also issue loans to financial institutions for the financing of rural development and infrastructure projects as well as German federal States (*Bundesländer*), German rural districts, German municipalities and public law special purpose corporations. Finally, we extend credit to specific agencies of the Federal Republic and to banks in the United Kingdom, Norway, Switzerland, Australia and Canada.

As an instrumentality serving public policy objectives of the Federal Government, we are not subject to corporate income and trade tax and do not seek to maximize profits.

Rentenbank's founding capital was raised through a public charge imposed on agricultural land in Germany from 1949 to 1958. This charge was established by a federal law, the Law on the Rentenbank Land Charge (*Gesetz über die Rentenbankgrundschuld*), dated May 11, 1949.

At December 31, 2024, Rentenbank had total assets of €95.0 billion.

Our registered office is located at Hochstrasse 2, 60313 Frankfurt am Main, Germany, and our telephone number is +49-69-2107-0. Currently, the headquarters and business address of Rentenbank is Theodor-Heuss-Allee 80, 60486 Frankfurt am Main as Rentenbank's office building at Hochstrasse 2, 60313 Frankfurt am Main is being renovated.

#### Relationship with the Federal Government
Rentenbank has no shareholders and Germany's federal legislature exercises ultimate control over Rentenbank through legislative action. For example, the Rentenbank Law specifies the scope of our activities. The Federal Government exercises supervision of Rentenbank through the Federal Ministry of Agriculture, Food and Regional Identity which makes its decisions in concert with the Federal Ministry of Finance. We may only be liquidated pursuant to legislative action by the federal legislature.

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 *Guarantee of the Federal Republic* 

The Rentenbank Law was amended with effect from January 1, 2014 to provide expressly that the Federal Republic guarantees all existing and future obligations of Rentenbank in respect of money borrowed, bonds and notes issued and derivative transactions entered into by Rentenbank, as well as obligations of third parties that are expressly guaranteed by Rentenbank (Rentenbank Law, Section 1a). Under the Guarantee of the Federal Republic, if Rentenbank fails to make any payment of principal or interest or any other amount required to be paid with respect to securities issued by Rentenbank, or if Rentenbank fails to make any payment required to be made under Rentenbank's guarantee when that payment is due and payable, the Federal Republic will be liable at all times for that payment as and when it becomes due and payable. The Federal Republic's obligation under the Guarantee of the Federal Republic will rank equally, without any preference, with all of its other present and future unsecured and unsubordinated indebtedness. Holders of securities issued by Rentenbank or issued under Rentenbank's guarantee will be able to enforce this obligation directly against the Federal Republic without first having to take legal action against Rentenbank. The Guarantee of the Federal Republic is strictly a matter of statutory law and is not evidenced by any contract or instrument. It may be subject to defenses available to Rentenbank with respect to the obligations covered. For more information about the Guarantee of the Federal Republic, see "Responsibility of the Federal Republic for Rentenbank — Guarantee of the Federal Republic" below.

The Guarantee of the Federal Republic does not affect the obligations of the Federal Republic towards Rentenbank pursuant to the existing institutional liability (*Anstaltslast*). See "— Institutional Liability (*Anstaltslast*)" and "Responsibility of the Federal Republic for Rentenbank — Institutional Liability (*Anstaltslast*)" below.

 *Institutional Liability (Anstaltslast)* 

Rentenbank benefits from *Anstaltslast*, or institutional liability, of the Federal Republic. This means that the Federal Republic will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • safeguard the economic basis of Rentenbank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • keep it in a position to pursue its operations throughout its existence as a statutory body under public law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the event of financial difficulties, enable it by financial contribution or in some other appropriate manner to perform its obligations when due.

This duty under public law exists solely between the Federal Republic and Rentenbank and not between the Federal Republic and any third party. The Federal Republic would not, under *Anstaltslast*, be permitted to allow us to default on an obligation; the Federal Republic would be required on its own authority to take steps to enable us to perform our obligation when due. Under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including holders of any of our securities. Accordingly, while *Anstaltslast* does not constitute a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under *Anstaltslast*, the effect of *Anstaltslast* is that our obligations, including our publicly issued debt securities, or our guarantee of debt securities should a substitute obligor be substituted for Rentenbank, are fully backed by the full faith and credit of the Federal Republic. The obligation of the Federal Republic under *Anstaltslast* would constitute a legally established charge on public funds that would be payable without the need for appropriation or any action by the federal parliament.

Due to *Anstaltslast* and the Guarantee of the Federal Republic, the going concern of Rentenbank and the fulfilment of its obligations are ensured. As a consequence of this liability mechanism, the Rentenbank Law explicitly states that insolvency proceedings with respect to the Issuer's assets are inadmissible.

 *Understanding with the European Commission* 

On March, 1, 2002, representatives of the Federal Government and the Commission of the European Union reached an understanding on the treatment of state guarantees for federal development banks such as Rentenbank for purposes of the European Union state aid rules. Pursuant to the understanding, the use of

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advantages for special credit institutions resulting from *Anstaltslast* and other state guarantees relevant under the state aid rules is allowed for the performance of promotional tasks at the request of the state in promotional areas like financing of small and medium enterprises, infrastructure, environment-friendly investment, housing as well as cooperation with developing countries. Activities, which do not fall under the areas in line with the state aid rules, must either be discontinued by the special credit institutions or be spun-off to legally independent subsidiaries without state support.

With the adoption of the Restructuring Law, the description of our permissible activities in the Rentenbank Law was conformed to the language in respect of which the Federal Republic and the Commission of the European Union reached an understanding on March 1, 2002.

Based on the foregoing, Rentenbank does not currently expect that it will be required to either discontinue or separately incorporate any material portion of its present business activities as a result of the understanding.

 *Supervision by the Federal Government* 

The Rentenbank Law prescribes our internal governance structure, our capital structure, the limited scope and nature of our lending activities and provides for supervision of us by the Federal Republic. Although our day-to-day operations are managed independently by our Management Board with supervision by our Supervisory Board, the Federal Republic exercises supervision through the Federal Ministry of Agriculture, Food and Regional Identity ("Supervising Authority") which exercises its supervision in concert with the Federal Ministry of Finance.

The statutory function of the Supervising Authority is to ensure that the operations of Rentenbank are consistent with the public interest in particular in the promotion of agriculture and rural areas, and are in compliance with German law. The Supervising Authority may request information regarding our operational matters, inspect our books and records and participate in all Supervisory Board meetings and General Meetings with the authority to issue motions and to comment on topics at such meetings. In addition, the Supervising Authority has the authority to request a meeting of any of our three governing bodies and is authorized to prevent the implementation of any resolution that is against public interest or violates German law.

We are also subject to banking supervision and regulation by the Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht*; "BaFin") and the German Central Bank ("Deutsche Bundesbank") under the German Banking Act (*Kreditwesengesetz*).

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#### USE OF PROCEEDS
As may be more specifically described in the relevant prospectus supplement, the net proceeds from the sale of the Securities will be used to finance our lending activities as described in this prospectus, including the refinancing of existing liabilities.

#### DESCRIPTION OF THE SECURITIES
 *The following briefly summarizes the terms and conditions of the Securities to be offered by Rentenbank in distinct series from time to time, and the Fiscal Agency Agreement (as defined in "— General" below) in respect of the Securities. Copies of the form of the Securities and the Fiscal Agency Agreement are filed as exhibits to the registration statement of which this prospectus is a part. This summary is not complete and is qualified in its entirety by reference to such exhibits. Terms that are used in this prospectus and that are defined in the Fiscal Agency Agreement have the respective meanings given to them in the Fiscal Agency Agreement, unless they are otherwise defined in this prospectus.* 

#### General
Rentenbank may issue Securities in distinct series from time to time. This section summarizes the terms of the Securities that are common to all series of Securities. The financial and other specific terms of your series are described in the applicable prospectus supplement, which is attached to or accompanies this prospectus. If the terms described in the prospectus supplement applicable to your Securities differ from the terms described in this prospectus, you should rely on the terms described in the prospectus supplement.

The prospectus supplement that relates to your Securities will specify the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the title of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price or prices at which Rentenbank will issue the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate principal amount, and any limitation of that amount, of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency in which the Securities will be denominated and the denominations in which Rentenbank may issue the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the maturity date of the Securities, on which Rentenbank must repay principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency or currencies in which Rentenbank may pay principal and interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interest rate, if any, which the Securities will bear and, if variable, the method by which the interest rate will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date from which interest will accrue, and the dates on which Rentenbank must pay interest, and the record dates for payment of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether any amount payable on the Securities will be determined based on an index, price or formula, and how any such amount will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where and how Rentenbank will pay principal and interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether and in what circumstances the Securities may be redeemed before maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether any part or all of the Securities will be in the form of a global security and the circumstances in which a global security is exchangeable for certificated (physical) Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other terms of the Securities.

If applicable, the prospectus supplement that relates to your Securities will describe whether and in what circumstances they will be exchangeable for other Securities. The prospectus supplement that relates to your Securities will also describe any special United States federal income tax or other considerations applicable to your Securities.

Rentenbank has appointed Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) as fiscal agent (the "Fiscal Agent") in connection with each series of Securities. The duties of the

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Fiscal Agent are governed by a fiscal agency agreement dated October 16, 2001 between Rentenbank and the Fiscal Agent, as amended by Amendment No. 1 to the Fiscal Agency Agreement dated December 12, 2013 between Rentenbank and the Fiscal Agent, Amendment No. 2 to the Fiscal Agency Agreement dated December 9, 2016 between Rentenbank and the Fiscal Agent and Amendment No. 3 to the Fiscal Agency Agreement dated August 11, 2023 between Rentenbank and the Fiscal Agent (as amended, the "Fiscal Agency Agreement"). The Fiscal Agent for any series will be the same as the Fiscal Agent for any other series. Rentenbank may replace the Fiscal Agent, which is Rentenbank's agent. The Fiscal Agent is not a trustee for the holders of Securities, nor does it have a trustee's responsibilities or duties to act for them. So long as no conflict of interest arises, the Fiscal Agent may engage or be interested in any financial or other transaction with Rentenbank.

#### Rank of Securities
The Securities, when issued, will not be secured by any of Rentenbank's property or assets and will not be subordinated to any of Rentenbank's other general obligations. The Securities therefore will rank equally with each other and with all of Rentenbank's other unsecured and unsubordinated indebtedness, subject to certain exceptions mandated under German law.

#### Additional Amounts
All payments of, or in respect of, principal of, and interest on, the Securities by Rentenbank or any substitute obligor (as defined under "— Substitution of Rentenbank" below) permitted by the terms of the Securities will be made without deduction or withholding for or on account of any present or future taxes, assessments, duties or other governmental charges imposed or levied by or on behalf of the Federal Republic or any political subdivision thereof or any authority or agency therein or thereof having power to tax (including any such amounts deducted or withheld under any law or directive of the European Union that has the effect of law in the Federal Republic) ("German tax"), unless the withholding or deduction of the German tax is required by law. In that event, Rentenbank or the substitute obligor shall pay such additional amounts ("Additional Amounts") as may be necessary in order that the net amounts receivable by the holder of the Securities after such withholding or deduction shall equal the respective amounts which would have been receivable by the holder in the absence of the withholding or deduction, except that no additional amounts shall be payable with respect to any Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to, or to a third party on behalf of, a holder or beneficial owner of Securities who is liable for such German tax in respect of the Securities by reason of his having some connection with the Federal Republic other than merely holding the Securities or receiving principal, interest or other amounts in respect of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where any such German tax is imposed or levied otherwise than by deduction or withholding from any payment of principal or interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • which are presented (where presentation is required) for payment by or on behalf of a holder who would be able to avoid such withholding or deduction by presenting the relevant Securities to another paying agent in a Member State of the European Union.

In addition, any amounts to be paid on the Securities will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the United States Internal Revenue Code of 1986 (the "Code"), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Section of the Code, and no additional amounts will be required to be paid on account of any such deduction or withholding.

If Rentenbank or a substitute obligor becomes subject generally at any time to any taxing jurisdiction other than or in addition to the jurisdiction of the Federal Republic, the requirement to pay Additional Amounts shall also apply with reference to such other jurisdiction(s). For the avoidance of ambiguity, in such circumstances, the reference to German tax above will be treated as including any taxes, assessments, duties or other governmental charges imposed or levied by or on behalf of such other taxing jurisdiction or any political subdivision thereof or any authority or agency therein or thereof having the power to tax.

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#### Redemption for Tax Reasons
If Rentenbank or any substitute obligor must pay you additional amounts because of tax law changes effective after the date of the prospectus supplement for your series of Securities in the case of Rentenbank or after the date the substitute obligor became such in the case of a substitute obligor, Rentenbank or the substitute obligor may redeem all of the outstanding Securities in your series. If Rentenbank or the substitute obligor decides to redeem your Securities, it will give you at least 30 days' notice, and will pay you the principal amount of your Securities plus any accrued interest. Rentenbank or the substitute obligor cannot notify you that it will redeem your Securities until 90 days before the earliest date on which it must pay additional amounts if it made payment on your Securities on that date.

#### Termination for Default
The holder of any Security may, by written notice to Rentenbank and the Fiscal Agent, to be addressed to the specified office of the Fiscal Agent, declare such Security due and payable immediately if Rentenbank fails to pay any amount of principal of (and premium, if any) or interest on the Securities of such series within 30 days of the due date for payment thereof. The right to declare the Securities due shall terminate if the situation giving rise to it has been cured before the right is exercised.

Because each series of Securities shall be independent of each other series, a default with respect to one series of Securities will not, in itself, constitute a default with respect to, or permit the acceleration of maturity of, Securities of a different series.

#### Amendments
Rentenbank and the Fiscal Agent may, without the vote or consent of any holder of Securities, amend the Fiscal Agency Agreement or the Securities of any series in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add to the covenants of Rentenbank for the benefit of the holders of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • surrender any right or power conferred upon Rentenbank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • secure the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cure any ambiguity or cure, correct or supplement any defective provision of the Fiscal Agency Agreement or the Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend the Fiscal Agency Agreement or the Securities of such series in any manner which Rentenbank and the Fiscal Agent may determine and which is not inconsistent in any material respect with such Securities and which does not adversely affect in any material respect the interest of any holder of such Securities.

Rentenbank and the Fiscal Agent may also, with the written consent of the holders of a majority of the principal amount of the Securities of any series, modify any of the other terms or provisions of the Securities of that series or, insofar as it relates to that series, the Fiscal Agency Agreement. However, each and every holder of the Securities of a series must consent to any amendment or provision of the Securities of that series or the Fiscal Agency Agreement that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • change the due date for the payment of the principal of (or premium, if any) or any installment of interest on any Security of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the principal amount of any Security of that series, the portion of such principal amount which is payable upon acceleration of the maturity of such Security, the interest rate thereon or the premium payable upon redemption thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • change the coin or currency in which or the required places at which payment with respect to interest, premium or principal in respect of the Securities of that series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shorten the period during which Rentenbank is not permitted to redeem the Securities of that series, or permit Rentenbank to redeem the Securities of such series if, prior to such action, Rentenbank is not permitted to do so;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the proportion of the principal amount of the Securities of that series the vote or consent of the holders of which is necessary to modify, amend or supplement the Fiscal Agency Agreement or the terms and conditions of those Securities or to make, take or give any request, demand, authorization, direction, notice, consent, waiver or other action provided thereby to be made, taken or given; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • change the obligation of Rentenbank to pay additional amounts.

#### Substitution of Rentenbank
Rentenbank may at any time substitute for itself any other company as principal debtor in respect of the Securities of any series so long as the successor obligor, which we refer to as a substitute obligor, is a company 100% of which is owned, directly or indirectly, by Rentenbank. Any such substitution will not require the consent of holders of the Securities of that series, but Rentenbank will be required to guarantee the obligations of the substitute obligor under those Securities. No substitution may occur unless the substitute obligor is in a position to fulfill all payment obligations under such Securities without being required to withhold tax at source.

A substitution of another company as principal debtor in respect of the Securities of any series is likely to result in the recognition of gain or loss for United States federal income tax purposes by the holders of the Securities of that series and possibly other adverse tax consequences to those holders. Holders should consult their own tax advisors regarding the tax consequences of such a substitution.

#### Further Issues of Securities of Same Series
Rentenbank may from time to time without the consent of the holders of the Securities issue further Securities having identical terms and conditions so that such further Securities shall form a single series with an outstanding series of Securities.

Rentenbank may offer additional Securities which could be deemed to have original issue discount ("OID") for United States federal income tax purposes as part of such further issue. Purchasers of Securities of the applicable series after the date of the further issue will not be able to differentiate between Securities sold as part of the further issue and previously issued Securities of that series. Under such circumstances, purchasers of Securities of that series after the further issue may be required to accrue OID (or greater amounts of OID than they would otherwise have accrued) with respect to their Securities. This may affect the price of the previously outstanding Securities of the applicable series. Purchasers are advised to consult their own advisors regarding the implications of any future decision by Rentenbank to undertake a further issue of Securities with OID.

#### Jurisdiction
Rentenbank will accept the jurisdiction of any state or federal court in the City of New York, in respect of any action arising out of or based on the Securities that may be maintained by any holder of those Securities. Rentenbank will appoint Corporation Service Company in the City of New York as its authorized agent upon which process in any such action may be served. Rentenbank will irrevocably waive any immunity to which it might otherwise be entitled in any action arising out of or based upon the Securities brought in any state or federal court in the City of New York.

Rentenbank is also subject to suit in competent courts in the Federal Republic to the extent permitted by German law.

#### Governing Law
The Fiscal Agency Agreement and the Securities will be governed by, and interpreted in accordance with, the internal laws of the State of New York, except that all matters governing Rentenbank's authorization of issuance of any Securities shall be governed by the laws of the Federal Republic.

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#### CLEARING AND SETTLEMENT
 *The information set forth below with respect to DTC (as defined below), Euroclear (as defined below) or CBL (as defined below), which are collectively referred to as the "clearing systems," is subject to any changes, in or reinterpretation of, the rules, regulations and procedures of the clearing systems currently in effect. The information concerning the clearing systems has been obtained from sources that we believe to be reliable. Investors wishing to use the facilities of any of the clearing systems are advised to confirm the continued applicability of the rules, regulations and procedures of the relevant clearing system. Rentenbank will not have any responsibility or liability for any aspect of the records relating to, or payments made on account of, interests in the Securities held through the facilities of any clearing system or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests of any holder of Securities.* 

#### Certification and Custody
Clearing and settlement arrangements, including the existing links between Euroclear Bank SA/NV, as operator of the Euroclear System ("Euroclear"), and Clearstream Banking S.A. ("CBL") and the participation of these systems in The Depositary Trust Company ("DTC"), will provide investors access to three major clearing systems. At initial settlement, the Securities will be represented by one or more permanent global certificates without interest coupons which will not be exchangeable for definitive certificates representing individual Securities except in very limited circumstances described under "— The Clearing Systems — DTC." The global certificates, which are to be held by a custodian for DTC, will be issued in the name of Cede & Co., as nominee of DTC, and will represent the Securities credited to accounts maintained with DTC by financial institutions that are participants in DTC ("DTC participants"). The Securities are expected to be accepted for clearing and settlement through DTC on the relevant closing date. Euroclear and CBL participate in DTC, and, accordingly, Securities held by investors electing to hold Securities through financial institutions that are participants in Euroclear ("Euroclear participants") and customers of CBL ("CBL customers") are also represented by the global certificates.

Securities represented by the global certificates will equal the total aggregate principal amount of the Securities of the relevant series outstanding at any time. The holders of Securities as the owners of beneficial interests in the global certificates will not be entitled to have Securities registered in their names, and will not be entitled to receive physical delivery of definitive certificates representing individual Securities. Rentenbank may issue definitive certificates representing individual Securities in limited circumstances described under "— The Clearing Systems — DTC."

Each issue of Securities will be assigned an ISIN number, a CUSIP number and a common code, as set forth in the applicable prospectus supplement.

#### Payments
Principal and interest payments on the Securities will be made to the registered holder in the currency specified in the applicable prospectus supplement. All payments duly made by or on behalf of Rentenbank to, or to the order of, the registered holder will discharge Rentenbank's liability under the Securities to the extent of the sum or sums so paid. Therefore, after such payments have been duly made, neither Rentenbank nor the paying agent has any direct responsibility or liability for the payment of principal or interest on the Securities to owners of beneficial interests in the global certificates. Payments by DTC participants and indirect DTC participants (as defined under "— The Clearing Systems — DTC") to owners of beneficial interests in the global certificates will be governed by standing instructions and customary practices and will be the responsibility of the DTC participants or indirect DTC participants as described below. Neither Rentenbank nor the paying agent will have any responsibility or liability for any aspect of the records of DTC relating to or payments made by DTC on account of beneficial interests in the global certificates or for maintaining, supervising or reviewing any records of DTC relating to such beneficial interests. Substantially similar principles will apply with regard to Euroclear and CBL participants.

#### Transfers
Title to book-entry interests in the Securities will pass by book-entry registration of the transfer within the records of DTC, Euroclear or CBL, as the case may be, in accordance with their respective procedures.

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Book-entry interests in the Securities may be transferred within DTC, Euroclear or CBL, as the case may be, in accordance with their respective procedures established for this purpose. Transfers of book-entry interests in the Securities between any of DTC, Euroclear and CBL may be effected in accordance with the procedures established for this purpose by DTC, Euroclear and CBL.

#### The Clearing Systems
 *Overview* 

Beneficial interests in the global certificates will be represented through book-entry accounts at financial institutions acting on behalf of the holders of Securities as direct and indirect participants in DTC. An investor may elect to hold beneficial interests in the global certificates directly through either DTC, Euroclear or CBL, if such investor is a participant in any such system, or indirectly through an organization which is a participant in any such system. Euroclear and CBL will hold interests on behalf of their participants through customer securities accounts in the name of Euroclear and CBL on the books of their respective depositories, which in turn will hold such interests in customer securities accounts in their respective names on the books of DTC.

 *DTC* 

DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the U.S. Securities Exchange Act of 1934, as amended. DTC holds Securities that DTC participants deposit with DTC. DTC also facilitates the post-trade settlement among DTC participants of sales and other Securities transactions in deposited Securities, through electronic computerized book-entry transfers and pledges between DTC participants' accounts. This eliminates the need for physical movement of Securities certificates. DTC participants include both U.S. and non-U.S. Securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. Securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly ("indirect DTC participants"). The DTC Rules applicable to its participants are on file with the SEC.

Purchases of Securities under the DTC system must be made by or through direct DTC participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each beneficial owner of Securities in DTC is, in turn, to be recorded on the direct and indirect DTC participants' records. Beneficial owners will not receive written confirmations from DTC of their purchase. Beneficial owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the direct or indirect DTC participant through which the beneficial owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of direct and indirect DTC participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in Securities, except in certain limited circumstances set forth below.

To facilitate subsequent transfers, all Securities deposited by direct DTC participants with DTC are registered in the name of DTC's nominee, Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co., or such other nominee, do not affect any change in beneficial ownership. DTC has no knowledge of the actual beneficial owners of the Securities; DTC's records reflect only the identity of the direct DTC participants to whose accounts such Securities are credited, which may or may not be the beneficial owners. The direct and indirect DTC participants will remain responsible for keeping account of their holdings on behalf of their customers.

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Conveyance of notices and other communications by DTC to direct DTC participants, by direct DTC participants to indirect DTC participants, and by direct DTC participants and indirect DTC participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Payment of principal of and interest on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit direct DTC participants' accounts upon DTC's receipt of funds and corresponding detail information from Rentenbank or the paying agent, on the relevant payment date in accordance with their respective holdings shown on DTC's records. Payments by DTC participants to beneficial owners will be governed by standing instructions and customary practices, as is the case with Securities held for the accounts of customers registered in "street name," and will be the responsibility of such DTC participant and not of DTC, the paying agent, or us, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal of and interest on the Securities to Cede & Co. (or such other DTC nominee as may be requested by an authorized representative of DTC), is Rentenbank's or the paying agent's responsibility, disbursement of such payments to direct DTC participants will be the responsibility of DTC, and disbursement of such payments to the beneficial owners will be the responsibility of direct and indirect DTC participants.

DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Rentenbank or the paying agent. Under such circumstances, in the event that a successor depository is not obtained, definitive certificates representing individual Securities are required to be printed and delivered.

 *CBL* 

CBL is incorporated under the laws of Luxembourg. CBL holds securities for its customers and facilitates the settlement and custody of securities transactions between CBL customers through electronic book-entry changes in accounts of CBL customers, thereby eliminating the need for physical movement of certificates. Transactions may be settled in CBL in various currencies, including U.S. dollars. CBL provides to its customers, among other things, services for safekeeping, administration, settlement and custody of securities, as well as collateral management, securities lending and borrowing services. CBL also deals with domestic securities markets in many countries through established depository and custodial relationships.

CBL is licensed as a credit institution in Luxembourg and, as such, is subject to regulation by the *Commission de Surveillance du Secteur Financier*. CBL is also a depository of securities and other financial instruments which operates a securities settlement system and, as such is supervised by the Central Bank of Luxembourg.

CBL customers are financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations and may include the managers of an offering hereunder from time to time. Indirect access to CBL is available to other institutions that clear through or maintain a custodial relationship with an accountholder of CBL. CBL has established an electronic bridge with Euroclear to facilitate settlement of trades between CBL and Euroclear.

Distributions with respect to securities held beneficially through CBL will be credited to cash accounts of CBL customers in accordance with CBL's rules and procedures, to the extent received by its U.S. depository.

 *Euroclear* 

Euroclear holds securities and book-entry interests in securities for participating organizations and facilitates the clearing and settlement of securities transactions between Euroclear participants as defined in the Terms and Conditions Governing Use of Euroclear as amended from time to time and between Euroclear participants and participants of certain other securities settlement systems through electronic book-entry changes in accounts of such participants or through other securities intermediaries.

Euroclear provides Euroclear participants, among other things, with safekeeping, administration, clearing and settlement, securities lending and borrowing, and related services. Euroclear participants are

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investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations. Certain of the managers or other financial entities involved in the offering may be Euroclear participants.

Clearing and Settlement

Although Euroclear has agreed to the procedures provided below in order to facilitate transfers of securities among Euroclear participants and between Euroclear participants and participants of other securities settlement systems, it is under no obligation to perform or continue to perform such procedures and such procedures may be modified or discontinued at any time.

Initial Distribution

Investors electing to acquire Securities through an account with Euroclear or some other securities intermediary must follow the settlement procedures of such an intermediary with respect to the settlement of new issues of Securities. Securities to be acquired against payment through an account with Euroclear will be credited to the securities clearing accounts of the respective Euroclear participants in the securities processing cycle for the same business day or the business day following the settlement date for value as of the settlement date.

Secondary Markets

Investors electing to acquire, hold or transfer Securities through an account with Euroclear or some other securities intermediary must follow the settlement procedures of such an intermediary with respect to the settlement of secondary market transactions in Securities. Euroclear will not monitor or enforce any transfer restrictions with respect to the Securities offered herein.

Custody

Investors who are participants in the Euroclear system may acquire, hold or transfer interests in the Securities by book-entry to accounts with Euroclear. Investors who are not participants in the Euroclear system may acquire, hold or transfer interests in the Securities through accounts with a participant in the Euroclear system or any other securities intermediary that holds a book-entry interest in the Securities through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Custody Risk

Investors that acquire, hold and transfer interests in the Securities by book-entry through accounts with Euroclear or any other securities intermediary are subject to the laws and contractual provisions governing their relationship with their securities intermediary, as well as the laws and contractual provisions governing the relationship between such securities intermediary and each other securities intermediary, if any, standing between such securities intermediary and Euroclear.

#### Global Clearing and Settlement Procedures
 *Initial Settlement* 

All of the Securities will initially be registered in the name of Cede & Co., the nominee of DTC. CBL and Euroclear may hold omnibus positions on behalf of their participants through customers' securities accounts in CBL's and/or Euroclear's names on the books of their respective U.S. depository, which, in turn, holds such positions in customers' securities accounts in its U.S. depository's name on the books of DTC.

Holders of the Securities may hold their Securities through DTC (in the United States) or CBL or Euroclear (in Europe) if they are participants of such systems, or directly through organizations that are participants in such systems.

Customary settlement procedures will be followed for participants of each system at initial settlement. Settlement procedures applicable to the domestic U.S. dollar-denominated bond market will be followed for primary market purchasers which are participants in DTC, and Securities will be credited to their securities accounts on the settlement date against payment in U.S. dollars in same-day funds. Investors electing to hold

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their Securities through Euroclear or CBL accounts will follow the cross-border settlement procedures for the U.S. market. Securities will be credited to the securities clearance accounts of Euroclear and CBL holders either on the issue date or on the settlement day following the relevant issue date and, in case of settlement against payment, the related cash will be booked with value date equal to the relevant issue date.

 *Secondary Market* 

Secondary market trading between DTC participants (other than U.S. depositories) will be settled using the procedures applicable to U.S. corporate debt obligations in same-day funds.

Secondary market trading between Euroclear participants and CBL customers will be settled using the procedures also applicable to conventional Eurobonds.

Cross-market transfers between participants in DTC, on the one hand, and Euroclear participants or CBL customers, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or CBL, as the case may be, by their respective depositories. Cross-market transactions will require delivery of instructions to Euroclear and CBL, as the case may be, by the counterparty in the relevant system in accordance with the rules and procedures and within the established deadlines of the relevant system. Euroclear or CBL, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its respective depositories to support settlement on its behalf by delivering or receiving interests in the global Securities in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Euroclear participants or CBL customers may not deliver instructions directly to the depositories for Euroclear or CBL. After settlement has been completed, the Securities will be credited to the respective clearing system and by the clearing system, in accordance with its usual procedures, to the Euroclear participant's or CBL customers' accounts. Due to time zone differences, credit for the Securities will appear either on the same day or on the business day following the relevant DTC settlement day on the accounts of Euroclear participants or CBL customers, as the case may be. Therefore, cash credit or debit on the Euroclear participants or CBL customers' accounts, as the case may be, will be back-valued to, and the interest on the Securities will accrue from, the value date (which would be the preceding day, i.e., the DTC settlement day). If settlement is not completed on the intended value date (i.e., the trade fails), the Euroclear or CBL cash credit or debit will be valued instead as of the actual settlement date.

Because the settlement is taking place during New York business hours, DTC participants can employ their usual procedures for sending Securities to the applicable U.S. depository for the benefit of Euroclear participants or CBL customers. The sale proceeds will be available to the DTC seller on the settlement date. Thus, to the DTC participant, a cross-market transaction will settle no differently from a trade between two DTC participants.

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#### RESPONSIBILITY OF THE FEDERAL REPUBLIC FOR RENTENBANK

#### Guarantee of the Federal Republic
As discussed under "Landwirtschaftliche Rentenbank — Relationship with the Federal Republic — Guarantee of the Federal Republic" above, under the Guarantee of the Federal Republic, in the event that Rentenbank fails to make any payment of principal or interest or any other amount required to be paid with respect to securities issued by Rentenbank, when that payment is due and payable, the Federal Republic will be liable at all times for that payment as and when it becomes due and payable.

The Federal Republic has not appointed an agent in the United States upon whom process may be served in any action based on its obligations under the Guarantee of the Federal Republic, has not consented to or agreed to submit to the jurisdiction of any court in the United States in respect of such actions and has not waived any immunity from the jurisdiction of courts in the United States to which it may be entitled in respect of any such action. As a result, it may not be possible to obtain a judgment against the Federal Republic in respect of securities covered by the Guarantee of the Federal Republic in a court in the United States or to enforce in the Federal Republic any such judgment that may be so obtained.

The Federal Republic may be sued in the courts of the Federal Republic, without any public official's or authority's consent to bring proceedings or obtain judgment against the Federal Republic.

#### Institutional Liability (Anstaltslast)
As discussed under "Landwirtschaftliche Rentenbank — Relationship with the Federal Republic — Institutional Liability (*Anstaltslast*)" above, our obligations are effectively backed by the full faith and credit of the Federal Republic. Under the German administrative law principle of *Anstaltslast*, or institutional liability, the Federal Republic is responsible for ensuring that we can meet our obligations, including our publicly issued debt securities, or our guarantee of debt securities should a Substitute Obligor be substituted for Rentenbank, when they are due. Under the *Anstaltslast* principle, the Federal Republic, as the government body establishing an entity with legal capacity such as Rentenbank, has an institutional liability to Rentenbank requiring the Federal Republic to safeguard Rentenbank's economic basis and to keep it in a position to pursue its operations and enable it, in the event of financial difficulties, through the allocation of funds or in some other appropriate manner, to perform its obligations when due. *Anstaltslast* is not a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under it. However, the Federal Republic is required on its own authority to take steps to enable us to perform our obligations when due. Moreover, under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including Security holders. The obligation of the Federal Republic under *Anstaltslast* would constitute a charge on public funds that, as a legally established obligation, would be payable without the need for any appropriation or any other action by the federal parliament.

#### DEBT RECORD
Neither Rentenbank nor the Federal Republic has ever defaulted on the payment of, or premium or interest on, any security issued by it.

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#### TAXATION

#### German Taxation
The following is a general discussion of certain German tax consequences of the acquisition and ownership of Securities offered by Rentenbank. This discussion does not purport to be a comprehensive description of all tax considerations that may be relevant to a decision to purchase the Securities. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws of Germany currently in force and as applied on the date of this prospectus, which are subject to change, in some cases with retroactive or retrospective effect.

 **Prospective purchasers of Securities are advised to consult their own tax advisors as to the tax consequences of the purchase, ownership and disposition of Securities, including the effect of any state or local taxes, under the tax laws applicable in Germany and each country of which they are residents or nationals.** 

 *Income Tax* 

Securities Held by Tax Residents as Private Assets

*Taxation of Interest*. Payments of interest on the Securities to holders who are tax residents of Germany (*i.e.*, persons whose residence or habitual abode is located in Germany) are subject to German income tax (*Einkommensteuer*), and if applicable, a solidarity surcharge (*Solidaritätszuschlag*) is levied in addition to such tax. Furthermore, church tax may be levied, where applicable. If coupons or interest claims are disposed of separately (*i.e.*, without the Securities), the proceeds from the disposition are subject to income tax. The same applies to proceeds from the redemption of coupons or interest claims if the Securities are disposed of separately.

Payments of interest on the Securities to individual tax residents of Germany are generally subject to a flat income tax (*Abgeltungssteuer*) at a rate of 25% (plus solidarity surcharge in an amount of 5.5% of such tax, resulting in a total tax charge of 26.375%, and, if applicable, church tax).

The total investment income of an individual will be decreased by a lump sum deduction (*Sparer-Pauschbetrag*) of currently EUR 1,000 (EUR 2,000 for married couples filing jointly), not by a deduction of expenses actually incurred.

In case the Securities' issue price exceeds the amount paid in respect of such Securities at redemption or maturity, Holders who purchase such Securities at the issue price and hold the Securities until redemption or maturity will realize a loss. The tax treatment of such losses in certain circumstances is not entirely clear. According to recently published statements of the German tax authorities regarding "negative interest" incurred on bank deposits made by private investors such losses cannot be fully deducted for German income tax purposes except for an annual lump-sum deduction (*Sparer-Pauschbetrag*) as described above if they are treated as expenses in connection with capital investment income. In case of staggered interest components relating to a bank deposit, the German tax authorities hold the view that the aggregate amount of interest received must be considered to determine whether "positive interest" or "negative interest" has been received.

If the Securities are held in a custodial account which the holder of Securities maintains with a German branch of a German or non-German credit institution (*Kreditinstitut*) or financial services institution (*Finanzdienstleistungsinstitut*) (each within the meaning of the German Banking Act (*Kreditwesengesetz*)) or with a German investment firm (*Wertpapierinstitut* within the meaning of the German Investment Firm Act (*Wertpapierinstitutsgesetz*)) (the "Disbursing Agent"), or where the Securities are not held in a custodial account and a Disbursing Agent disburses or credits to a holder (other than a non-German bank, a non-German financial services institution or a non-German investment firm) the proceeds from the Securities on delivery of a coupon, the flat income tax will be levied by way of withholding at the aforementioned rate from the gross interest payment to be made by the Disbursing Agent.

In general, no withholding tax will be levied if the holder of Securities is an individual (i) whose Securities do not form part of the property of a trade or business and (ii) who filed a withholding exemption certificate (*Freistellungsauftrag*) with the Disbursing Agent but only to the extent the interest income derived from

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the Securities together with other investment income does not exceed the maximum exemption amount shown on the withholding exemption certificate. Similarly, no withholding tax will be deducted if the holder of Securities has submitted to the Disbursing Agent a certificate of non-assessment (*Nichtveranlagungsbescheinigung*) issued by the relevant local tax office.

If no Disbursing Agent is involved in the payment process the holder of Securities will have to include its income on the Securities in its tax return and the flat income tax of 25% (plus solidarity surcharge and, if applicable, church tax) will be collected by way of assessment.

Payment of the flat income tax will generally satisfy any income tax liability (including the solidarity surcharge and, if applicable, church tax) of the holder in respect of such investment income. Holders of Securities may apply for a tax assessment on the basis of general rules applicable to them if the resulting income tax burden is lower than 25%.

*Taxation of Capital Gains*. Capital gains from the disposition or redemption of Securities will also be subject to the flat income tax on investment income at a rate of 25% (plus solidarity surcharge in an amount of 5.5% of such tax, resulting in a total tax charge of 26.375%, and, if applicable, church tax), irrespective of any holding period. This also applies to Securities on which the principal is effectively repaid in whole or in part although the repayment was not guaranteed.

If the Securities are held in a custodial account which the holder of such Securities maintains with a Disbursing Agent the flat income tax will be levied by way of withholding from the difference between the redemption amount (or the proceeds from the disposition) and the issue price (or the purchase price) of the Securities. If the Securities have been transferred to the custodial account of the Disbursing Agent only after their acquisition, and no evidence on the acquisition data has been provided to the new Disbursing Agent by the Disbursing Agent which previously held the Securities in its custodial account, or where the Securities are not held in a custodial account and a Disbursing Agent disburses or credits to a holder (other than a non-German bank, a non-German financial services institution or a non-German investment firm) the proceeds from the Securities on delivery of Securities, withholding tax will be levied on 30% of the proceeds from the disposition or redemption of the Securities.

If no Disbursing Agent is involved in the payment process the holder will have to include capital gains from the disposition or redemption of the Securities in its tax return and the flat income tax of 25% (plus solidarity surcharge and, if applicable, church tax) will be collected by way of assessment.

Payment of the flat income tax will generally satisfy any income tax liability (plus solidarity surcharge and, if applicable, church tax) in respect of such investment income. Holders of Securities may apply for a tax assessment on the basis of general rules applicable to them if the resulting income tax burden is lower than 25%.

Securities Held by Tax Residents as Business Assets

Payments of interest on the Securities and capital gains from the disposition or redemption of Securities held as business assets by German tax resident individuals or corporations (including via a partnership, as the case may be), are generally subject to German income tax or corporate income tax (in each case plus solidarity surcharge and, if applicable, church tax in case of individuals). Interest and capital gains will also be subject to trade tax if the Securities form part of the property of a German trade or business. The trade tax rate depends on the municipal multiplier of the respective municipality.

In case the Securities' issue price exceeds the amount paid in respect of such Securities at redemption or maturity, holders who purchase such Securities at the issue price and hold the Securities until redemption or maturity will realize a loss. The tax treatment of such losses in certain circumstances is not entirely clear. According to published statements of the German tax authorities regarding "negative interest" incurred on bank deposits made by business investors, such losses should generally be tax deductible as business expenses.

If the Securities are held in a custodial account which the holder of such Securities maintains with a Disbursing Agent, or where the Securities are not held in a custodial account and a Disbursing Agent disburses or credits to a holder the proceeds from the Securities on delivery thereof, tax at a rate of 25%

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(plus a solidarity surcharge of 5.5% of such tax) will also be withheld from interest payments on Securities and generally also from capital gains from the disposition or redemption of Securities held as business assets. In these cases, the withholding tax does not satisfy the income tax liability of the holder of Securities, as in the case of the flat income tax, but will be credited as advance payment against the personal income or corporate income tax liability (plus, if applicable, the solidarity surcharge and, if applicable, church tax in case of individuals) of the holder.

With regard to capital gains no withholding will generally be required in the case of Securities held by corporations resident in Germany, provided that in the case of corporations of certain legal forms, the status of the corporation has been evidenced by a certificate of the competent tax authority. The same applies upon application in the case of Securities held by individuals or partnerships as business assets.

Securities Held by Non-Residents

Interest and capital gains are not subject to German taxation in the case of non-residents, (*i.e.*, persons having neither their residence nor their habitual abode nor legal domicile nor place of effective management in Germany), unless the Securities form part of the business property of a permanent establishment (*Betriebsstätte*) including a permanent representative (*ständiger Vertreter*) maintained in Germany. Interest and capital gains may, however, also be subject to German income tax if it otherwise constitutes taxable income in Germany such as income from the letting and leasing of certain German-situs property or income from certain capital investments directly or indirectly secured by German-situs real estate.

Non-residents of Germany are, in general, exempt from German withholding tax on interest and capital gains and from solidarity surcharge thereon. However, if the interest or capital gain is subject to German taxation as set forth in the preceding paragraph and the Securities are held in a custodial account with a Disbursing Agent or the Securities are not held in a custodial account and a Disbursing Agent disburses or credits to a non-resident of Germany (other than a non-German bank or a non-German financial services institution) the proceeds from the Securities on delivery of a coupon or Securities, withholding tax will be levied as explained above under "— Securities Held by Tax Residents as Private Assets" or under "— Securities Held by Tax Residents as Business Assets," respectively.

Interest, including accrued interest, and capital gains are in principle also subject to German taxation, if the Notes are held by a non-resident Noteholder, which is resident in a non-cooperative country or territory within the meaning of the German Act Combating Tax Avoidance and Unfair Tax Competition (*Steueroasen-Abwehrgesetz*).

 *Inheritance and Gift Tax* 

No inheritance or gift taxes with respect to any of the Securities will arise under the laws of Germany, if, in the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither the donor nor the donee, is a resident of Germany and such Securities are not attributable to a German trade or business for which a permanent establishment is maintained, or a permanent representative has been appointed, in Germany. Exceptions from this rule apply to certain German citizens who previously maintained a residence in Germany.

 *Other Taxes* 

No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the issuance, delivery or execution of the Securities. Currently, net assets tax (*Vermögensteuer*) is not levied in Germany.

#### United States Taxation
This section describes the material United States federal income tax consequences of owning the Securities and is the opinion of Hogan Lovells US LLP, special tax counsel to Rentenbank. It applies to you only if you acquire the Securities in the offering or offerings contemplated by this prospectus and you hold your Securities as capital assets for tax purposes. This section addresses only United States federal income taxation and does not discuss all of the tax consequences that may be relevant to you in light of your

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individual circumstances, including foreign, state or local tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dealer in securities or currencies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an insurance company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a tax-exempt organization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a regulated investment company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that owns Securities that are a hedge or that are hedged against interest rate or currency risks,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that owns Securities as part of a straddle or conversion transaction for tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that purchases or sells Securities as part of a wash sale for tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a United States expatriate, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

This section deals only with Securities that are due to mature 30 years or less from the date on which they are issued. The United States federal income tax consequences of owning Securities that are due to mature more than 30 years from their date of issue will be discussed in an applicable prospectus supplement. This section deals only with Securities in registered form. This section is based on the Code, as amended, its legislative history, existing and proposed regulations under the Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

If an entity or arrangement that is treated as a partnership for United States federal income tax purposes holds the Securities, the United States federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the Securities should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the Securities.

 **Please consult your own tax advisor concerning the consequences of owning these Securities in your particular circumstances under the Code and the laws of any other taxing jurisdiction.** 

 *United States Holders* 

This subsection describes the tax consequences to a United States holder. You are a United States holder if you are a beneficial owner of a Security and you are for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a domestic corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate whose income is subject to United States federal income tax regardless of its source, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust.

If you are not a United States holder, this subsection does not apply to you and you should refer to

"— Non-United States Holders" below.

Payments of Interest

Except as described below in the case of interest on a discount Security that is not qualified stated interest, each as defined below under "— Original Issue Discount — General", you will be taxed on any

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interest on your Security, whether payable in U.S. dollars or a foreign currency, including a composite currency or basket of currencies other than U.S. dollars, as ordinary income at the time you receive the interest or when it accrues, depending on your method of accounting for tax purposes.

Interest paid by us on the Securities and original issue discount, if any, accrued with respect to the Securities (as described below under "Original Issue Discount") is generally income from sources outside the United States and will generally be "passive" income for purposes of the rules regarding the foreign tax credit allowable to a United States holder.

*Cash Basis Taxpayers*. If you are a taxpayer that uses the cash receipts and disbursements method of accounting for tax purposes and you receive an interest payment that is denominated in, or determined by reference to, a foreign currency, you must recognize income equal to the U.S. dollar value of the interest payment, based on the exchange rate in effect on the date of receipt, regardless of whether you actually convert the payment into U.S. dollars.

*Accrual Basis Taxpayers*. If you are a taxpayer that uses the accrual method of accounting for tax purposes, you may determine the amount of income that you recognize with respect to an interest payment denominated in, or determined by reference to, a foreign currency by using one of two methods. Under the first method, you will determine the amount of income accrued based on the average exchange rate in effect during the interest accrual period or, with respect to an accrual period that spans two taxable years, that part of the period within the taxable year.

If you elect the second method, you would determine the amount of income accrued on the basis of the exchange rate in effect on the last day of the accrual period (or, in the case of an accrual period that spans two taxable years, the exchange rate in effect on the last day of the part of the period within the taxable year). Additionally, under this second method, if you receive a payment of interest within five business days of the last day of your accrual period or taxable year, you may instead translate the interest accrued into U.S. dollars at the exchange rate in effect on the day that you actually receive the interest payment. If you elect the second method it will apply to all debt instruments that you hold at the beginning of the first taxable year to which the election applies and to all debt instruments that you subsequently acquire. You may not revoke this election without the consent of the Internal Revenue Service.

When you actually receive an interest payment, including a payment attributable to accrued but unpaid interest upon the sale or retirement of your Security, denominated in, or determined by reference to, a foreign currency for which you accrued an amount of income, you will recognize ordinary income or loss measured by the difference, if any, between the exchange rate that you used to accrue interest income and the exchange rate in effect on the date of receipt, regardless of whether you actually convert the payment into U.S. dollars.

Original Issue Discount

*General*. If you own a Security, other than a short-term Security with a term of one year or less, it will be treated as a discount Security issued at an original issue discount or "OID" if the amount by which the Security's stated redemption price at maturity exceeds its issue price is more than a *de minimis* amount. Generally, a Security's issue price will be the first price at which a substantial amount of Securities included in the issue of which the Security is a part is sold to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers. A Security's stated redemption price at maturity is the total of all payments provided by the Security that are not payments of qualified stated interest. Generally, an interest payment on a Security is qualified stated interest if it is one of a series of stated interest payments on a Security that are unconditionally payable at least annually at a single fixed rate, with certain exceptions for lower rates paid during some periods, applied to the outstanding principal amount of the Security. There are special rules for variable rate Securities that are discussed under "— Variable Rate Securities".

In general, your Security is not a discount Security if the amount by which its stated redemption price at maturity exceeds its issue price is less than the *de minimis* amount of 1/4 of 1 percent of its stated redemption price at maturity multiplied by the number of complete years to its maturity (or, in the case of a Note providing for the payment of any amount other than qualified stated interest (as defined above) prior to maturity, multiplied by the weighted average maturity of the Note). Your Security will have *de minimis* 

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original issue discount if the amount of the excess is less than the *de minimis* amount. If your Security has *de minimis* original issue discount, you must include the amount of such *de minimis* original issue discount in income as stated principal payments are made on the Security, unless you make the election described below under "— Election to Treat All Interest as Original Issue Discount". You can determine the includible amount with respect to each such payment by multiplying the total amount of your Security's *de minimis* original issue discount by a fraction equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount of the principal payment made

divided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the stated principal amount of the Security.

*Inclusion of Original Issue Discount in Income.* Generally, if your discount Security matures more than one year from its date of issue, you must include OID in income before you receive cash attributable to that income. The amount of OID that you must include in income is calculated using a constant-yield method, and generally you will include increasingly greater amounts of OID in income over the life of your discount Security. More specifically, you can calculate the amount of OID that you must include in income by adding the daily portions of OID with respect to your discount Security for each day during the taxable year or portion of the taxable year that you own your discount Security. You can determine the daily portion by allocating to each day in any accrual period a pro rata portion of the OID allocable to that accrual period. You may select an accrual period of any length with respect to your discount Security and you may vary the length of each accrual period over the term of your discount Security. However, no accrual period may be longer than one year and each scheduled payment of interest or principal on your discount Security must occur on either the first or final day of an accrual period.

You can determine the amount of OID allocable to an accrual period by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • multiplying your discount Security's adjusted issue price at the beginning of the accrual period by your Security's yield to maturity, and then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subtracting from this figure the sum of the payments of qualified stated interest on your Security allocable to the accrual period.

You must determine the discount Security's yield to maturity on the basis of compounding at the close of each accrual period and adjusting for the length of each accrual period. Further, you determine your discount Security's adjusted issue price at the beginning of any accrual period by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adding your discount Security's issue price and any accrued OID for each prior accrual period (determined without regard to the amortization of any acquisition or bond premium, as described below), and then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subtracting any payments made on your discount Security in any prior accrual period that were not qualified stated interest payments.

If an interval between payments of qualified stated interest on your discount Security contains more than one accrual period, then, when you determine the amount of OID allocable to an accrual period, you must allocate the amount of qualified stated interest payable at the end of the interval (including any qualified stated interest that is payable on the first day of the accrual period immediately following the interval) pro rata to each accrual period in the interval based on their relative lengths. In addition, you must increase the adjusted issue price at the beginning of each accrual period in the interval by the amount of any qualified stated interest that has accrued prior to the first day of the accrual period but that is not payable until the end of the interval. You may compute the amount of OID allocable to an initial short accrual period by using any reasonable method if all other accrual periods, other than a final short accrual period, are of equal length.

The amount of OID allocable to the final accrual period is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount payable at the maturity of your Security (other than any payment of qualified stated interest), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your Security's adjusted issue price as of the beginning of the final accrual period.

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*Acquisition Premium.* If you purchase your Security for an amount that is less than or equal to the sum of all amounts (other than qualified stated interest) payable on your Security after the purchase date but is greater than the amount of your Security's adjusted issue price (as determined under "— General" above), the excess is "acquisition premium". If you do not make the election described below under "— Election to Treat All Interest as Original Issue Discount", then you must reduce the daily portions of OID by an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the excess of your adjusted basis in the Security immediately after purchase over the adjusted issue price of the Security

divided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the excess of the sum of all amounts payable (other than qualified stated interest) on the Security after the purchase date over the Security's adjusted issue price.

*Pre-Issuance Accrued Interest*. An election can be made to decrease the issue price of your Security by the amount of pre-issuance accrued interest if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a portion of the initial purchase price of your Security is attributable to pre-issuance accrued interest,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the first stated interest payment on your Security is to be made within one year of your Security's issue date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the payment will equal or exceed the amount of pre-issuance accrued interest.

If this election is made, a portion of the first stated interest payment will be treated as a return of the excluded pre-issuance accrued interest and not as an amount payable on your Security.

*Securities Subject to Contingencies Including Optional Redemption*. Your Security is subject to a contingency if it provides for an alternative payment schedule or schedules applicable upon the occurrence of a contingency or contingencies (other than a remote or incidental contingency), whether such contingency relates to payments of interest or of principal. In such a case, you must determine the yield and maturity of your Security by assuming that the payments will be made according to the payment schedule most likely to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and amounts of the payments that comprise each payment schedule are known as of the issue date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • one of such schedules is significantly more likely than not to occur.

If there is no single payment schedule that is significantly more likely than not to occur (other than because of a mandatory sinking fund), you must include income on your Security in accordance with the general rules that govern contingent payment obligations. These rules will be discussed in the applicable prospectus supplement.

Notwithstanding the general rules for determining yield and maturity, if your Security is subject to contingencies, and either you or we have an unconditional option or options that, if exercised, would require payments to be made on the Security under an alternative payment schedule or schedules, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of an option or options that we may exercise, we will be deemed to exercise or not to exercise an option or combination of options in the manner that minimizes the yield on your Security, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of an option or options that you may exercise, you will be deemed to exercise or not exercise an option or combination of options in the manner that maximizes the yield on your Security.

If both you and we hold options described in the preceding sentence, those rules will apply to each option in the order in which they may be exercised. You would determine the yield on your Security for the purposes of those calculations by using any date on which your Security may be redeemed or repurchased as the maturity date and the amount payable on such date in accordance with the terms of your Security as the principal amount payable at maturity.

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If a contingency (including the exercise of an option) actually occurs or does not occur contrary to an assumption made according to the above rules then, except to the extent that a portion of your Security is repaid as a result of this change in circumstances and solely to determine the amount and accrual of OID, you must redetermine the yield and maturity of your Security by treating your Security as having been retired and reissued on the date of the change in circumstances for an amount equal to your Security's adjusted issue price on that date.

*Election to Treat All Interest as Original Issue Discount*. You may elect to include in gross income all interest that accrues on your Security using the constant-yield method described above under "— General", with the modifications described below. For purposes of this election, interest will include stated interest, OID, *de minimis* original issue discount, market discount, *de minimis* market discount and unstated interest, as adjusted by any amortizable bond premium (described below under "— Securities Purchased at a Premium") or acquisition premium.

If you make this election for your Security, then, when you apply the constant-yield method:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issue price of your Security will equal your cost,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issue date of your Security will be the date you acquired it, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no payments on your Security will be treated as payments of qualified stated interest.

Generally, this election will apply only to the Security for which you make it; however, if the Security for which this election is made has amortizable bond premium, you will be deemed to have made an election to apply amortizable bond premium against interest for all debt instruments with amortizable bond premium (other than debt instruments the interest on which is excludible from gross income) that you own as of the beginning of the taxable year in which you acquire the Security for which you made this election or which you acquire thereafter. Additionally, if you make this election for a market discount Security, you will be treated as having made the election discussed below under "— Market Discount" to include market discount in income currently over the life of all debt instruments having market discount that you acquire on or after the first day of the first taxable year to which the election applies. You may not revoke any election to apply the constant-yield method to all interest on a Security or the deemed elections with respect to amortizable bond premium or market discount Securities without the consent of the Internal Revenue Service.

*Variable Rate Securities.* Your Security will be a variable rate Security if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your Security's issue price does not exceed the total noncontingent principal payments by more than the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 multiplied by the product of the total noncontingent principal payments and the number of complete years to maturity from the issue date, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

15% of the total noncontingent principal payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • your Security provides for stated interest, compounded or paid at least annually, only at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

one or more qualified floating rates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

a single fixed rate and one or more qualified floating rates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

a single objective rate, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

a single fixed rate and a single objective rate that is a qualified inverse floating rate; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the value of any variable rate on any date during the term of your Security is set no earlier than three months prior to the first day on which that value is in effect and no later than one year following that first day.

Your Security will have a variable rate that is a qualified floating rate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • variations in the value of the rate can reasonably be expected to measure contemporaneous variations in the cost of newly borrowed funds in the currency in which your Security is denominated; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate is equal to such a rate either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

multiplied by a fixed multiple that is greater than 0.65 but not more than 1.35; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

multiplied by a fixed multiple greater than 0.65 but not more than 1.35, and then increased or decreased by a fixed rate.

If your Security provides for two or more qualified floating rates that are within 0.25 percentage points of each other on the issue date or can reasonably be expected to have approximately the same values throughout the term of the Security, the qualified floating rates together constitute a single qualified floating rate.

Your Security will not have a qualified floating rate, however, if the rate is subject to certain restrictions (including caps, floors, governors, or other similar restrictions) unless such restrictions are caps, floors or governors that are fixed throughout the term of the Security or such restrictions are not reasonably expected to significantly affect the yield on the Security.

Your Security will have a variable rate that is a single objective rate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate is not a qualified floating rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate is determined using a single, fixed formula that is based on objective financial or economic information that is not within the control of or unique to the circumstances of the issuer or a related party.

Your Security will not have a variable rate that is an objective rate, however, if it is reasonably expected that the average value of the rate during the first half of your Security's term will be either significantly less than or significantly greater than the average value of the rate during the final half of your Security's term.

An objective rate as described above is a qualified inverse floating rate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate is equal to a fixed rate minus a qualified floating rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the variations in the rate can reasonably be expected to inversely reflect contemporaneous variations in the cost of newly borrowed funds (disregarding any caps, floors, governors, or other similar restrictions that would not, as described above, cause a rate to fail to be a qualified floating rate).

Your Security will also have a single qualified floating rate or an objective rate if interest on your Security is stated at a fixed rate for an initial period of one year or less followed by either a qualified floating rate or an objective rate for a subsequent period, and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fixed rate and the qualified floating rate or objective rate have values on the issue date of the Security that do not differ by more than 0.25 percentage points or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the value of the qualified floating rate or objective rate is intended to approximate the fixed rate.

In general, if your variable rate Security provides for stated interest at a single qualified floating rate or objective rate, or one of those rates after a single fixed rate for an initial period, all stated interest on your Security is qualified stated interest. In this case, the amount of OID, if any, is determined by using, in the case of a qualified floating rate or qualified inverse floating rate, the value as of the issue date of the qualified floating rate or qualified inverse floating rate, or, for any other objective rate, a fixed rate that reflects the yield reasonably expected for your Security.

If your variable rate Security does not provide for stated interest at a single qualified floating rate or a single objective rate, and also does not provide for interest payable at a fixed rate other than a single fixed rate for an initial period, you generally must determine the interest and OID accruals on your Security by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determining a fixed rate substitute for each variable rate provided under your variable rate Security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • constructing the equivalent fixed rate debt instrument, using the fixed rate substitute described above,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determining the amount of qualified stated interest and OID with respect to the equivalent fixed rate debt instrument, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adjusting for actual variable rates during the applicable accrual period.

When you determine the fixed rate substitute for each variable rate provided under the variable rate Security, you generally will use the value of each variable rate as of the issue date or, for an objective rate that is not a qualified inverse floating rate, a rate that reflects the reasonably expected yield on your Security.

If your variable rate Security provides for stated interest either at one or more qualified floating rates or at a qualified inverse floating rate, and also provides for stated interest at a single fixed rate other than at a single fixed rate for an initial period, you generally must determine interest and OID accruals by using the method described in the previous paragraph. However, your variable rate Security will be treated, for purposes of the first three steps of the determination, as if your Security had provided for a qualified floating rate, or a qualified inverse floating rate, rather than the fixed rate. The qualified floating rate, or qualified inverse floating rate, that replaces the fixed rate must be such that the fair market value of your variable rate Security as of the issue date approximates the fair market value of an otherwise identical debt instrument that provides for the qualified floating rate, or qualified inverse floating rate, rather than the fixed rate.

*Short-Term Securities.* In general, if you are an individual or other cash basis United States holder of a Security having a term of one year or less, a short-term Security, you are not required to accrue OID (as specially defined below for the purposes of this paragraph) for United States federal income tax purposes unless you elect to do so, although it is possible that you may be required to include any stated interest in income as you receive it. If you are an accrual basis taxpayer, a taxpayer in a special class, including, but not limited to, a regulated investment company, a common trust fund, or a certain type of pass-through entity, or a cash basis taxpayer who so elects, you will be required to accrue OID on short-term Securities on either a straight-line basis or under the constant-yield method, based on daily compounding. If you are not required and do not elect to include OID in income currently, any gain you realize on the sale or retirement of your short-term Security will be ordinary income to the extent of the accrued OID, which will be determined on a straight-line basis unless you make an election to accrue the OID under the constant-yield method, through the date of sale or retirement. However, if you are not required and do not elect to accrue OID on your short-term Securities, you will be required to defer deductions for interest on borrowings allocable to your short-term Securities in an amount not exceeding the deferred income until the deferred income is realized.

When you determine the amount of OID subject to these rules, you must include all interest payments on your short-term Security, including stated interest, in your short-term Security's stated redemption price at maturity.

*Foreign Currency Discount Securities.* If your discount Security is denominated in, or determined by reference to, a foreign currency, you must determine OID for any accrual period on your discount Security in that foreign currency and then translate the amount of OID into U.S. dollars in the same manner as stated interest accrued by an accrual basis United States holder, as described under "— United States Holders — Payments of Interest". You may recognize ordinary income or loss when you receive an amount attributable to OID in connection with a payment of interest or the sale or retirement of your Security.

Market Discount

You will be treated as if you purchased your Security, other than a short-term Security, at a market discount, and your Security will be a market discount Security if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are an initial purchaser and you purchase your Security for less than its issue price as determined above under "— Original Issue Discount — General"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the difference between your Security's stated redemption price at maturity or, in the case of a discount Security, the Security's revised issue price, and the price you paid for your Security is equal to or greater than 1/4 of 1 percent of your Security's stated redemption price at maturity or, in the case of a discount security, the Security's revised issue price, multiplied by the number of complete years

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to the Security's maturity. To determine the revised issue price of your Security for these purposes, you generally add any OID that has accrued and that has not been paid on your Security to its issue price.

If your Security's stated redemption price at maturity or, in the case of a discount Security, its revised issue price, does not exceed the price you paid for the Security by 1/4 of 1 percent multiplied by the number of complete years to the Security's maturity, the excess constitutes *de minimis* market discount, and the rules discussed below are not applicable to you.

You must treat any gain you recognize on the maturity or disposition of your market discount Security as ordinary income to the extent of the accrued market discount on your Security. You will accrue market discount on the market discount Note on a straight-line basis unless you elect to accrue market discount using a constant-yield method. If you make this election, it will apply only to the Security with respect to which it is made and such election may not be revoked.

Alternatively, you may elect to include market discount in income currently over the life of your Security. If you make this election, it will apply to all debt instruments with market discount that you acquire on or after the first day of the first taxable year to which the election applies. You may not revoke this election without the consent of the Internal Revenue Service. If you own a market discount Security and do not make this election, you will generally be required to defer deductions for interest on borrowings allocable to your Security in an amount not exceeding the accrued market discount on your Security until the maturity or disposition of your Security.

If you have elected to include market discount in income currently with respect to a Security denominated in, or providing for payments determined by reference to, a currency other than the U.S. dollar, the amount of market discount will be determined for any accrual period in the relevant foreign currency and then translated into U.S. dollars on the basis of the average rate in effect during the accrual period. Exchange gain or loss realized with respect to such accrued market discount shall be determined in accordance with the rules relating to accrued interest described above. Accrued market discount (other than market discount currently included in income) taken into account upon the receipt of any partial principal payment or upon the sale, retirement or other disposition of a Note is generally translated into U.S. dollars at the spot rate on such payment or disposition date.

Securities Purchased at a Premium

If you purchase your Security for an amount in excess of its principal amount (or, in the case of a discount Security, in excess of the sum of all amounts payable on the Security after the acquisition date (other than payments of qualified stated interest)), you may elect to treat the excess as amortizable bond premium. If you make this election, you will reduce the amount required to be included in your income each year with respect to interest on your Security by the amount of amortizable bond premium allocable to that year, based on your Security's yield to maturity.

If your Security is denominated in, or determined by reference to, a foreign currency, you will compute your amortizable bond premium in units of the foreign currency and your amortizable bond premium will reduce your interest income in units of the foreign currency. Gain or loss recognized that is attributable to changes in exchange rates between the time your amortized bond premium offsets interest income and the time of the acquisition of your Security is generally taxable as ordinary income or loss. If you make an election to amortize bond premium, it will apply to all debt instruments, other than debt instruments the interest on which is excludible from gross income, that you own at the beginning of the first taxable year to which the election applies, and to all debt instruments that you thereafter acquire, and you may not revoke it without the consent of the Internal Revenue Service. See also "Original Issue Discount — Election to Treat All Interest as Original Issue Discount".

Purchase, Sale, Retirement and Other Disposition of the Securities

Your tax basis in your Security will generally be the U.S. dollar cost (as defined below) of your Security, adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adding any OID or market discount, *de minimis* original issue discount and *de minimis* market discount previously included in income with respect to your Security, and then

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subtracting any payments on your Security that are not qualified stated interest payments and any amortizable bond premium applied to reduce interest on your Security.

If you purchase your Security with a foreign currency, the U.S. dollar cost of your Security will generally be the U.S. dollar value of the purchase price on the date of purchase. However, if you are a cash basis taxpayer, or an accrual basis taxpayer that so elects, and your Security is traded on an established securities market, as defined in the applicable Treasury regulations, the U.S. dollar cost of your Security will be the U.S. dollar value of the purchase price on the settlement date of your purchase.

You will generally recognize gain or loss on the sale or retirement of your Security equal to the difference between the amount you realize on the sale or retirement, excluding any amounts attributable to accrued but unpaid interest (which will be treated as interest payments), and your tax basis in your Security. Such gain or loss will generally be treated as United States source gain or loss. If your Security is sold or retired for an amount in foreign currency, the amount you realize will be the U.S. dollar value of such amount on the date the Security is disposed of or retired, except that in the case of a Security that is traded on an established securities market, as defined in the applicable Treasury regulations, a cash basis taxpayer, or an accrual basis taxpayer that so elects, will determine the amount realized based on the U.S. dollar value of the foreign currency on the settlement date of the sale.

You will recognize capital gain or loss when you sell or retire your Security, except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • described above under "Original Issue Discount — Short-Term Securities" or "Market Discount", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attributable to changes in exchange rates as described below.

Capital gain of a non-corporate United States holder is generally taxed at preferential rates where the holder has a holding period greater than one year. The deductibility of capital losses is subject to limitations.

You must treat a portion of the gain or loss that you recognize on the sale or retirement of a Security as United States source ordinary income or loss to the extent attributable to changes in exchange rates between the date of acquisition and the date of the sale or retirement. However, you take exchange gain or loss into account only to the extent of the total gain or loss you realize on the transaction.

Exchange of Amounts in Other Than U.S. Dollars

If you receive foreign currency as interest on your Security or on the sale or retirement of your Security, your tax basis in the foreign currency will equal its U.S. dollar value when the interest is received or at the time of the sale or retirement (or the settlement date if your Security is traded on an established securities market and you are either a cash basis taxpayer or an accrual basis taxpayer that so elects). If you purchase foreign currency, you generally will have a tax basis equal to the U.S. dollar value of the foreign currency on the date of your purchase. If you sell or dispose of a foreign currency, including if you use it to purchase Securities or exchange it for U.S. dollars, any gain or loss recognized generally will be ordinary income or loss and generally will be United States source gain or loss.

Indexed Securities, Amortizing Securities and Securities Convertible or Exchangeable Into Other Securities

The applicable prospectus supplement will discuss any special United States federal income tax rules with respect to Securities the payments on which are determined by reference to any index, Securities that are subject to the rules governing contingent payment obligations, amortizing Securities and Securities that are convertible or exchangeable into other securities.

 *Foreign Financial Assets Reporting* 

A United States holder that owns "specified foreign financial assets" with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to file an information report with respect to such assets with its tax returns. "Specified foreign financial assets" may include financial accounts maintained by foreign financial institutions, as well as the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued

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by non-United States persons, (ii) financial instruments and contracts that have non-United States issuers or counterparties and (iii) interests in foreign entities. United States holders are urged to consult their tax advisors regarding the application of this reporting requirement to their ownership of the Securities.

 *Non-United States Holders* 

This subsection describes the tax consequences to a "Non-United States holder" of Securities issued by Rentenbank. The discussion below does not address the tax consequences to a Non-United States holder of an investment in a Security that references directly or indirectly the performance of United States equities. The tax treatment of any such Securities will be discussed in the applicable prospectus supplement.

You are a Non-United States holder if you are the beneficial owner of a Security and are, for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a nonresident alien individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a foreign corporation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate or trust that in either case is not subject to United States federal income tax on a net income basis on income or gain from a Security.

If you are a United States holder of Securities issued by Rentenbank, this subsection does not apply to you.

Payment of Interest

Subject to the discussions of Foreign Account Tax Compliance withholding and backup withholding below, payments of principal, premium, if any, and interest, including OID, on a Security is exempt from United States federal income tax, including withholding tax, whether or not you are engaged in a trade or business in the United States, unless you both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • have an office or other fixed place of business in the United States to which the interest is attributable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • either (1) derive the interest in the active conduct of a banking, financing or similar business within the United States or (2) are a corporation the principal business of which is trading in stocks or securities for your own account.

Purchase, Sale, Retirement and Other Disposition of the Securities

You generally will not be subject to United States federal income tax on gain realized on the sale, exchange or retirement of a Security unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the gain is effectively connected with your conduct of a trade or business in the United States, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are an individual, you are present in the United States for 183 or more days during the taxable year in which the gain is realized and certain other conditions exist.

For purposes of the United States federal estate tax, the Securities will be treated as situated outside the United States and will not be includible in the gross estate of a holder who is neither a citizen nor a resident of the United States at the time of death.

 *Treasury Regulations Requiring Disclosure of Reportable Transactions* 

Treasury regulations require United States taxpayers to report certain transactions that give rise to a loss in excess of certain thresholds (a "Reportable Transaction"). Under these regulations, if the Securities are denominated in a foreign currency, a United States holder (or a Non-United States holder that holds the Securities in connection with a U.S. trade or business) that recognizes a loss with respect to the Securities that is characterized as an ordinary loss due to changes in currency exchange rates (under any of the rules discussed above) would be required to report the loss on Internal Revenue Service Form 8886 (Reportable Transaction Disclosure Statement) if the loss exceeds the thresholds set forth in the regulations. For individuals and trusts, this loss threshold is $50,000 in any single taxable year. For other types of taxpayers

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and other types of losses, the thresholds are higher. You should consult with your tax advisor regarding any tax filing and reporting obligations that may apply in connection with acquiring, owning and disposing of Securities.

 *Foreign Account Tax Compliance Withholding* 

A 30 per cent. withholding tax may be imposed on certain payments to non-U.S. financial institutions that fail to comply with information reporting requirements or certification requirements in respect of their direct and indirect United States shareholders and/or United States accountholders. To avoid becoming subject to the 30 per cent. withholding tax on payments to them, non-U.S. financial institutions may be required to report information to the Internal Revenue Service regarding the holders of the Securities and, in the case of holders or beneficial owners who (i) fail to provide the relevant information, (ii) are non-U.S. financial institutions who have not agreed to comply with these information reporting requirements, or (iii) hold Securities directly or indirectly through such a non-compliant non-U.S. financial institution, withhold on a portion of payments under the Securities. However, such withholding would not apply to payments on Securities made before the date that is two years after the date on which final regulations defining "foreign passthru payment" are enacted. In addition, these requirements would not apply to Securities issued before the date that is six months after the date on which final regulations implementing "foreign passthru payment" withholding are enacted. Holders are urged to consult their tax advisors and any banks or brokers through which they will hold Notes as to the consequences (if any) of these rules to them.

 *Backup Withholding and Information Reporting* 

This section describes the backup withholding and information reporting requirements regarding holders of Securities issued by Rentenbank.

If you are a non-corporate United States holder, information reporting requirements, on Internal Revenue Service Form 1099, generally will apply to payments of principal, premium and interest (including OID) on a Security within the United States, and the payment of proceeds to you from the sale of a Security effected at a United States office of a broker.

Additionally, backup withholding generally will apply to such payments if you fail to comply with applicable certification requirements or (in the case of interest payments) you are notified by the Internal Revenue Service that you have failed to report all interest and dividends required to be shown on your federal income tax returns.

If you are a United States alien holder, you are generally exempt from backup withholding and information reporting requirements with respect to payments of principal, premium and interest (including OID) made to you outside the United States by Rentenbank or another non-United States payor. You are also generally exempt from backup withholding and information reporting requirements in respect of payments of principal, premium and interest (including OID) made within the United States and the payment of the proceeds from the sale of a Security effected at a United States office of a broker, as long as either (i) the payor or broker does not have actual knowledge or reason to know that you are a United States person and you have furnished a valid Internal Revenue Service Form W-8 or other documentation upon which the payor or broker may rely to treat the payments as made to a non-United States person, or (ii) you otherwise establish an exemption.

Payment of the proceeds from the sale of Securities effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and in certain cases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States, (ii) the proceeds or confirmation are sent to the United States or (iii) the sale has certain other specified connections with the United States.

You generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund claim with the Internal Revenue Service.

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#### PLAN OF DISTRIBUTION
Rentenbank may sell Securities to or through underwriters, and also may sell Securities directly to other purchasers or through agents. Only agents or underwriters named in the prospectus supplement are deemed to be agents or underwriters, as the case may be, in connection with the Securities offered thereby. Each prospectus supplement with respect to Securities will set forth the terms of the offering of such Securities, including the name or names of any underwriters or agents, the price of such Securities or the basis on which the price will be determined and the net proceeds to Rentenbank from such sale, any underwriting discounts or other items constituting underwriters' compensation, any discounts or concessions allowed or reallowed or paid to dealers and any securities exchanges on which such Securities may be listed.

The distribution of the Securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.

In connection with the sale of Securities, underwriters may receive compensation from Rentenbank or from purchasers of Securities for whom they may act as agents in the form of discounts, concessions or commissions. Underwriters may sell Securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions for the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of Securities may be deemed to be underwriters, and any discount or commission received by them from Rentenbank and any profit on the resale of Securities by them may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as amended. Any such underwriter or agent will be identified, and any such compensation received from Rentenbank will be described, in the prospectus supplement.

If underwriters are used in the sale, Securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. Securities may be offered to the public either through underwriting syndicates represented by managing underwriters or others, as designated. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase Securities will be subject to certain conditions precedent and the underwriters will be obligated to purchase all Securities offered thereby if any are purchased. Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

Securities may be sold directly by Rentenbank to one or more purchasers, or through agents designated by Rentenbank from time to time. Any agent involved in the offer or sale of Securities will be named, and any commissions payable by Rentenbank to such agents will be set forth, in the applicable prospectus supplement. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment.

Under agreements which may be entered into by Rentenbank, underwriters, dealers and agents who participate in the distribution of Securities may be entitled to indemnification by Rentenbank against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. Agents and underwriters may engage in transactions with or perform services for Rentenbank in the ordinary course of business.

If so indicated in the prospectus supplement, Rentenbank will authorize underwriters or other persons acting as Rentenbank's agents to solicit offers by certain institutions to purchase Securities from Rentenbank pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by Rentenbank. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the Securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchase is subject. The underwriters and such other agents will not have any responsibility in respect to the validity or performance of such contracts.

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#### VALIDITY OF THE SECURITIES
The validity of the Securities will be passed upon on behalf of Rentenbank by the in-house legal advisors of Rentenbank. The validity of the Securities will also be passed upon by Hogan Lovells US LLP. Hogan Lovells US LLP may rely as to all matters of German law on the opinions of the in-house legal advisors of Rentenbank. The in-house legal advisors of Rentenbank may rely as to all matters of United States Federal and New York law on the opinion of Hogan Lovells US LLP. All statements in this prospectus with respect to the Guarantee of the Federal Republic have been passed upon by the in-house legal advisors of Rentenbank, and are included upon their authority.

#### LIMITATIONS ON ACTIONS AGAINST THE FEDERAL REPUBLIC
The Federal Republic will not waive any immunity from jurisdiction or appoint an agent in the United States for service of process for any purposes; the Federal Republic is, however, subject to suit in competent courts in Germany. The United States Foreign Sovereign Immunities Act may provide an effective means of service and preclude granting sovereign immunity in actions in the United States arising out of or based on the United States federal securities laws. Under that Act, execution upon the property of the Federal Republic in the United States to enforce a judgment is limited to an execution upon property of the Federal Republic used for the commercial activity on which the claim was based. A judgment of a United States state or federal court may not be enforceable in a German court if based on jurisdiction based on the United States Foreign Sovereign Immunities Act or if based on the United States federal securities laws or if such enforcement would otherwise violate German public policy or be inconsistent with German procedural law. Under the laws of the Federal Republic, the property of the Federal Republic is not subject to attachment or to seizure. See also "Responsibility of the Federal Republic for Rentenbank".

#### ENFORCEMENT OF CIVIL LIABILITIES AGAINST RENTENBANK
We are located in Germany and the members of the Management Board and the Advisory Board, as well as the experts and governmental officials referred to in this prospectus, are nonresidents of the United States, and all or a substantial portion of the assets of Rentenbank and of certain of such other persons are located outside the United States. As a result, it may be difficult or impossible for investors to effect service within the United States upon such persons, or to realize in the United States upon judgment of United States courts against such persons, including judgments predicated upon civil liabilities under the United States securities laws. There may be doubt as to the enforceability in the German courts in original actions of liabilities predicated upon such securities laws and as to the enforceability in such courts of judgments of United States courts including judgments imposing liabilities predicated upon such securities laws.

#### AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
The name and address of the authorized representative of Rentenbank and the Federal Republic in the United States for purposes of the Securities Act in connection with the registration statement of which this prospectus is a part is Puglisi & Associates, whose address is 850 Library Avenue, Suite 204, Newark, Delaware 19711, USA.

#### OFFICIAL STATEMENTS AND DOCUMENTS
The information set forth in this prospectus or incorporated in this prospectus by reference relating to the Federal Republic is stated by Dr. Markus Hörmann in his official capacity as *Ministerialrat* in the Federal Ministry of Finance. The documents referred to in the information incorporated herein by reference relating to the Federal Republic as being the sources of financial or statistical data set forth therein are in all cases official public documents of the Federal Republic or its agencies, with the exception of the International Financial Statistics of the International Monetary Fund, the Annual Report of the European Investment Bank and documents released by the European Union on its website, which are official public documents of these international organizations.

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#### PART II

#### INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Expenses
Expenses, other than underwriting discounts and commissions, payable by Rentenbank in connection with the issuance and sale of the securities are estimated as follows:

---

| | |
|:---|:---|
| SEC Registration Fee  | $252702 |
| Printing Costs  | 40000 |
| Legal Fees and Expenses  | 500000 |
| Auditors' Fees and Expenses  | 75000 |
| Fiscal Agent, Registrar and Paying Agent Fees  | 20000 |
| Total  | $887702 |

---

#### Undertakings
The registrant hereby undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereto) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*provided, however*, that the registrant shall not be required to file a post-effective amendment otherwise required by clause (i), (ii) or (iii) above if the information required to be included in a post-effective amendment is contained in any report filed under the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 that is part of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report on Form 18-K or of amendments thereto under the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered thereby, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser, each prospectus filed by the registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration

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statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the registrant undertakes that in a primary offering of securities of the registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

any preliminary prospectus or prospectus of the registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

any free writing prospectus relating to the offering prepared by or on behalf of the registrant or used or referred to by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the portion of any other free writing prospectus relating to the offering containing material information about the registrant or its securities provided by or on behalf of the registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

any other communication that is an offer in the offering made by the registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

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#### SIGNATURE OF REGISTRANT
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant, Landwirtschaftliche Rentenbank, has duly caused this amendment to registration statement no. 333-291690 to be signed on its behalf by the undersigned, thereunto duly authorized, in Frankfurt am Main, Federal Republic of Germany, on January 14, 2026.

#### 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

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#### SIGNATURE OF THE FEDERAL REPUBLIC OF GERMANY
Pursuant to the requirements of the Securities Act of 1933, as amended, the Federal Republic of Germany, has duly caused this amendment to registration statement no. 333-291690 to be signed on its behalf by the undersigned, thereunto duly authorized, in Berlin, Federal Republic of Germany, on January 14, 2026.\* The Federal Republic hereby appoints Puglisi & Associates as its authorized agent and representative under the Securities Act of 1933 in connection with this registration statement and any amendment hereto with all powers consequent to such appointment.

#### FEDERAL REPUBLIC OF GERMANY
By:

/s/ Markus Hörmann

Name: Dr. Markus Hörmann

*Ministerialrat*

Federal Ministry of Finance, Berlin

\*

Consent is hereby given to the use of the name of the undersigned and the making of statements with respect to the undersigned under the caption "Official Statements and Documents" in the Prospectus included in the registration statement.

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURE OF AUTHORIZED AGENT
Pursuant to the requirements of the Securities Act of 1933, as amended, the duly authorized agent of Landwirtschaftliche Rentenbank and the Federal Republic of Germany in the United States, has signed this amendment to registration statement no. 333-291690 on January 14, 2026.

#### PUGLISI & ASSOCIATES
By:

/s/ Donald J. Puglisi

Name:

Donald J. Puglisi

Title:

Managing Director, Authorized Representative

------

[**TABLE OF CONTENTS**](#TOC)

#### INDEX TO EXHIBITS

---

| | |
|:---|:---|
| **Exhibit**  | **Description of Exhibit**  |
| &nbsp;&nbsp; 1.1 | [Form of Underwriting Agreement Standard Provisions for the Securities\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex1-1.htm) |
| &nbsp;&nbsp; 3.1 | [Governing Law of Landwirtschaftliche Rentenbank (with English translation) (filed as Exhibit 3.1 to Rentenbank's Registration Statement under Schedule B of the Securities Act of 1933 (Registration No. 333-267652) and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1144797/000120864622000095/ex3_1.htm) |
| &nbsp;&nbsp; 3.2 | [Statutes of Landwirtschaftliche Rentenbank (with English translation) (filed as Exhibit 3.2 to Rentenbank's Registration Statement under Schedule B of the Securities Act of 1933 (Registration No. 333-267652) and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1144797/000120864622000095/ex3_2.htm) |
| &nbsp;&nbsp; 4.1 | [Fiscal Agency Agreement for the Securities between Rentenbank and Bankers Trust Company dated October 16, 2001 (originally filed as Exhibit 4.1 to Rentenbank's Registration Statement under Schedule B of the Securities Act of 1933 (Registration No. 333-98953) in paper form)](tm2528699d4_ex4-1.htm) |
| &nbsp;&nbsp; 4.2 | [Amendment No. 1 to Fiscal Agency Agreement for the Securities between Rentenbank and Deutsche Bank Trust Company Americas (including form of the Security) dated December 12, 2013 (filed as Exhibit 4.2 to Rentenbank's Registration Statement under Schedule B of the Securities Act of 1933 (Registration No. 333-192812) and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1144797/000120864613000343/ex4-2.htm) |
| &nbsp;&nbsp; 4.3 | [Amendment No. 2 to Fiscal Agency Agreement for the Securities between Rentenbank and Deutsche Bank Trust Company Americas (including form of the Security) dated December 9, 2016 (filed as Exhibit 4.3 to Rentenbank's Registration Statement under Schedule B of the Securities Act of 1933 (Registration No. 333-215084) and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1144797/000120864616000184/ex4-3.htm) |
| &nbsp;&nbsp; 4.4 | [Amendment No. 3 to Fiscal Agency Agreement for the Securities between Rentenbank and Deutsche Bank Trust Company Americas (including form of the Security) dated August 11, 2023 (filed as Exhibit (g) to Amendment No. 1 to Rentenbank's Annual Report on Form 18-K/A for the fiscal year ended December 31, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1144797/000120864623000085/c120678_18ka.htm#exg) |
| &nbsp;&nbsp; 4.5 | [Form of the Security (included in Exhibit 4.4)](https://www.sec.gov/Archives/edgar/data/1144797/000120864623000085/c120678_18ka.htm#exg) |
| &nbsp;&nbsp; 5.1 | [Opinion (including consent) of the in-house legal advisors of Rentenbank, in respect of the legality of the Securities\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex5-1.htm) |
| &nbsp;&nbsp; 5.2 | [Opinion (including consent) of the in-house legal advisors of Rentenbank, in respect of the Guarantee of the Federal Republic\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex5-2.htm) |
| &nbsp;&nbsp; 5.3 | [Opinion (including consent) of Hogan Lovells US LLP in respect of the legality of the Securities\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex5-3.htm)  |
| &nbsp;&nbsp; 8.1 | [Opinion (including consent) of Hogan Lovells US LLP in respect of specified United States federal income tax matters\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex8-1.htm) |
| 23.1 | [Consent of Dr. Markus Hörmann, Regierungsdirektor (Government Director) (included on p. II-4)](#tSIG1) |
| 23.2 | [Consent of Deloitte GmbH Wirtschaftsprüfungsgesellschaft\*](https://www.sec.gov/Archives/edgar/data/1144797/000110465925114911/tm2528699d2_ex23-2.htm) |

---

\*

Previously filed with the registration statement no. 333-291690 filed on November 21, 2025.

------

## Exhibit 4.1

**Exhibit 4.1**

FISCAL AGENCY AGREEMENT

Between

LANDWIRTSCHAFTLICHE RENTENBANK

and

BANKERS TRUST COMPANY

Fiscal Agent

Dated as of October 16, 2001

DEBT SECURITIES

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

---

| | |
|:---|:---|
| Section 1. Securities Issuable in Series | 2 |
| Section 2. Fiscal Agent; Other Agents | 4 |
| Section 3. Authentication | 4 |
| Section 4. Payment and Cancellation | 5 |
| Section 5. Exchange of Securities | 6 |
| Section 6. Register | 8 |
| Section 7. Optional Redemption | 8 |
| Section 8. Conditions of Fiscal Agent's Obligations | 9 |
| Section 9. Resignation and Appointment of Successor | 10 |
| Section 10. Payment of Taxes | 11 |
| Section 11. Meetings and Amendments | 12 |
| Section 12. Governing Law | 14 |
| Section 13. Notices | 14 |
| Section 14. Consent to Service; Jurisdiction | 15 |
| Section 15. Hearings | 15 |
| Section 16. Counterparts | 15 |

---

FISCAL AGENCY AGREEMENT, dated as of October 16, 2001 (this "Agreement"), between LANDWIRTSCHAFTLICHE RENTENBANK, a credit Institution organized under the laws of the Federal Republic of Germany (the "Bank"), and BANKERS TRUST COMPANY, a New York banking Corporation duly incorporated and existing under the laws of the state of New York, as fiscal agent.

Section 1. *Securities Issuable in Series*. (a) *General*. The Bank may issue its notes, bonds, debentures and/or other unsecured evidences of indebtedness (the "Securities") in separate series from time to time (each such series of Securities being hereinafter referred to as a "Series" or the "Securities of a Series"). All Securities will be the unsecured and unsubordinated obligations of the Bank and each Series will rank *pari passu* with each other Series (whether by reason of priority of date of issue or otherwise) and at least equally with all other unsecured and unsubordinated obligations of the Bank, present and future (subject to certain statutory exceptions under the laws of the Federal Republic of Germany (the "Republic") The aggregate principal amount of the Securities of all Series which may be authenticated and delivered under this Agreement and which may be outstanding at any time is not limited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorization*. The Securities of a Series delivered to the Fiscal Agent (as defined in Section 2 hereof) for authentication on original issuance pursuant to Section 3 hereof shall be authorized by the Bank in a certificate (the "Authorization") executed by two officers of the Bank and shall establish and, subject to Section 3 hereof, shall set forth or prescribe the manner for determining the terms and provisions of the Securities of such Series, including (without limitation) (i) the designation, aggregate principal amount, any limitation on such principal amount, currency or currencies of denomination and payment, and authorized denominations of such Securities; (ii) the percentage of the principal amount at which such Securities will be issued; (iii) the maturity date of such Securities; (iv) the interest payment rate or rates of such Securities, if any, and the manner in which such rate or rates will be determined, (v) the interest payment dates and relevant record dates (each such date a "Record Date") of such Securities, if any, and the date from which the interest accrues; (vi) any index, price or formula to be used for determining the amount of any payment of principal of, or premium (if any) or interest on, such Securities; (vii) any optional or mandatory redemption terms of such Securities; (viii) whether such Securities will be in bearer form (which may or may not be registrable as to principal) with interest Coupons, if any, or in fully registered form without interest Coupons, or both, and restrictions on the exchange of one form for another; and (ix) any other specific provisions of such Securities.

Each Authorization shall be delivered to the Fiscal Agent and copies thereof shall be held on file and available for inspection at the principal corporate trust office of the Fiscal Agent in the Borough of Manhattan, The City of New York, and in the offices of any Paying Agents (as referred to below) for the Securities of the Series to which such Authorization relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Forms of Securities*. The Securities of a Series will be issuable in substantially the form of Exhibit A hereto or such other form as shall be established pursuant to the Authorization and in the denominations specified in the Authorization. In this Agreement, Securities which are not in temporary form are referred to as "definitive Securities", Securities which are in temporary form are referred to as "temporary Securities", and Securities which are in global form are referred to as "global Securities".

All Securities shall be executed and sealed manually or in facsimile on behalf of the Bank by such officer or officers of the Bank as shall have been authorized by the Authorization (the "Authorized Officers"). Securities bearing the manual or facsimile signatures and seals of persons who were at the time of affixing such signature or seal thereto Authorized Officers of the Bank may nevertheless be authenticated and delivered and shall bind the Bank, notwithstanding that such persons shall have ceased, for any reason, to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of any such Security. The Securities of a Series may also have such additional provisions, omissions, variations or substitutions as are not inconsistent with the provisions of this Agreement or of the Authorization, and may have such letters, numbers or other marks of identification and such legends or endorsements not referred to in the Authorization placed thereon as may be required to comply with any law or with any rules made pursuant thereto or with the rules of any securities exchange or governmental agency or as may, consistently herewith, be determined necessary or advisable by the Bank, as conclusively evidenced by the execution of such Securities by the Authorized Officers. All Securities of a particular Series shall be otherwise substantially identical except as to denomination and as provided herein or in the Authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Temporary Securities*. Until definitive Securities of a Series are prepared, the Bank may (and, if the Authorization so requires, the Bank shall) execute, and there shall be authenticated and delivered in accordance with the provisions of Section 3 hereof (in lieu of definitive printed Securities of such Series), temporary Securities of such Series Such temporary Securities may be in global form; *provided*, *however*, that any temporary Security in global form shall be in registered form, unless otherwise provided in the Authorization relating to the Securities of such Series. Such temporary Securities of a Series shall be subject to the same limitations and conditions and entitled to the same rights and benefits as definitive Securities of such Series, except as provided herein or therein. Unless otherwise provided herein or therein, temporary Securities of a Series shall be exchangeable for definitive Securities of such Series when such definitive Securities are available for delivery; and upon the surrender for exchange of temporary Securities of a Series which are so exchangeable, the Bank shall execute and there shall be authenticated and delivered, in accordance with the provisions of Sections 5 and 6 hereof, in exchange for such temporary Securities of a Series, a like aggregate principal amount of definitive Securities (*provided that* such Securities have not been previously redeemed) of such Series of like tenor. The Bank shall pay all charges, including (without limitation) stamp and other taxes and governmental charges, incident to any exchange of temporary Securities for definitive Securities. All temporary Securities shall be identified as such and shall describe the right of the holder thereof to effect an exchange for definitive Securities and the manner in which such an exchange may be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Book-Entry Provisions*. This Section 1(e) shall apply only to global Securities of a Series deposited with or on behalf of a depositary located in the United States (a "U.S. Depositary"), except as may otherwise be provided in the Authorization.

If the Bank shall establish in the Authorization that the registered Securities of a Series are to be issued in whole or in part in the form of one or more global Securities deposited with or on behalf of a U.S. Depositary, then the Bank shall execute and the Fiscal Agent shall, in accordance with this Section l(e) and the Authorization with respect to such Series, authenticate and deliver one or more global Securities that (i) shall be registered in the name of the U.S. Depositary for such global Security or Securities or the nominee of such U.S. Depositary, (ii) shall be delivered by the Fiscal Agent to such U.S. Depositary or pursuant to such U.S. Depositary's Instruction and (iii) except as otherwise provided in the Authorization, shall bear a legend substantially to the following effect "Unless this certificate is presented by an authorized representative of the Depositary Trust Company ("**DTC**"), 55 Water Street 49th Floor, New York, NY 10041-0099 to Landwirtschaftliche Rentenbank or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC and any payment is made to DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch the registered owner hereof, Cede & Co., has an interest herein".

Members of, or participants in, a U.S. Depositary ("Agent Members") shall have no rights under this Fiscal Agency Agreement with respect to any global Security held on their behalf by a U.S. Depositary or under the global Security, and such U.S. Depositary may be treated by the Bank, the Fiscal Agent, and any agent of the Bank or the Fiscal Agent as the owner of such global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Bank, the Fiscal Agent, or any agent of the Bank or the Fiscal Agent, from giving effect to any written certification, proxy or other authorization furnished by a U.S. Depositary or impair, as between a U.S. Depositary and its Agent Members, the Operation of customary practices governing the exercise of the rights of a holder of any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Legends*. Securities of a Series shall be stamped or otherwise be imprinted with such legends, if any, as are provided in the Authorization or pursuant to Section l(c) hereof. Any legends so provided may be removed as provided in the Authorization or pursuant to Section l(c) hereof.

Section 2. *Fiscal Agent; Other Agents*. The Bank hereby appoints Bankers Trust Company, having its principal corporate trust office at 4 Albany Street, New York, New York 10006, as fiscal agent of the Bank in respect of the Securities upon the terms and subject to the conditions herein set forth, and Bankers Trust Company, hereby accepts such appointment. Bankers Trust Company, and any successor or successors as such fiscal agent qualified and appointed in accordance with Section 9 hereof, are herein called the "Fiscal Agent". The Fiscal Agent shall have the powers and authority granted to and conferred upon it in the Securities and hereby and such further powers and authority to act on behalf of the Bank as may be mutually agreed upon by the Bank and the Fiscal Agent. All of the terms and provisions with respect to such powers and authority contained in the Securities are subject to and governed by the terms and provisions hereof.

The Fiscal Agent shall act as agent (a "Paying Agent") for the payment (subject to applicable laws and regulations) of the principal of (and premium, if any) and any interest on the Securities of a Series, and as agent (a "Transfer Agent") for the transfer and exchange of Securities of a Series, at such place or places as the Bank may determine; *provided*, *however*, that for so long as any Securities of such Series are listed on the Luxembourg Stock Exchange or The London Stock Exchange, and such Exchange shall so require, the Bank shall maintain a Paying Agent in Luxembourg or London, as the case may be; and provided, further, that the Bank shall at all times maintain a Paying Agent, Registrar and Transfer Agent in the Borough of Manhattan, The City of New York. Subject to the provisions of Section 9(c) hereof, the Bank may vary or terminate the appointment of the Paying Agent or Transfer Agent at any time and from time to time upon giving not less than ninety days' notice to the Fiscal Agent.

In respect of the Securities of a Series, the Bank shall cause notice of any resignation, termination or appointment of any Paying Agent or Transfer Agent or of the Fiscal Agent and of any change in the office through which any such Agent will act to be given as provided in the text of the Securities of such Series.

Section 3. *Authentication*. The Fiscal Agent shall, upon receipt of Securities of a Series duly executed on behalf of the Bank for the purposes of the original issuance of Securities of such Series, (i) authenticate the said Securities in an aggregate principal amount not in excess of the aggregate principal amount specified in the text of the Securities of such Series in accordance with the Authorization and deliver the said Securities in accordance with the written order or orders of the Bank signed on its behalf by any person authorized by or pursuant to the Authorization and (ii) thereafter authenticate and deliver Securities of such Series in accordance with the provisions therein or hereinafter set forth. Subject to the applicable provisions of Section 5(a) hereof, each Security shall be dated the date of its authentication.

Notwithstanding the provisions of Section l(b) and of the preceding paragraph, if all Securities of a Series are not to be originally issued at one time, it shall not be necessary to deliver the Authorization otherwise required pursuant to Section l(b) or the order or orders otherwise required pursuant to such preceding paragraph at or prior to the time of authentication of each Security of such Series if such documents are delivered at or prior to the time of authentication upon original issuance of the first Security of such Series to be issued.

No Security shall be entitled to any benefit under this Agreement or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication executed by the Fiscal Agent or any authenticating agent by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefit of this Agreement.

The Fiscal Agent may, with the consent of the Bank, appoint by an instrument or instruments in writing one or more agents (which may include itself) for the authentication of Securities of a Series and, with such consent, vary or terminate any such appointment upon written notice and approve any change in the office through which any authenticating agent acts The Bank (by written notice to the Fiscal Agent and the authenticating agent whose appointment is to be terminated) may also terminate any such appointment at any time. The Fiscal Agent hereby agrees to solicit written acceptances from the entities concerned (in form and substance satisfactory to the Bank) of such appointments. In its acceptance of such appointment, each such authenticating agent shall agree to act as an authenticating agent pursuant to the terms and conditions of this Agreement.

Section 4. *Payment and Cancellation*. (a) Payment. Subject to the following provisions, the Bank shall provide to the Fiscal Agent on or prior to 10:00 a.m. New York City time on each date on which a payment of principal of (or premium, if any) or any interest on the Securities of a Series shall become due, in funds available on or prior to the opening of business in New York City on such date, as set forth m the text of the Securities of such Series, such amount, in such coin or currency, as is necessary to make such payment, and the Bank hereby authorizes and directs the Fiscal Agent from funds so provided to it to make or cause to be made payment of the principal of (and premium, if any) and any interest, as the case may be, on the Securities of such Series as set forth herein and in the text of said Securities. The Fiscal Agent shall arrange directly with any Paying Agent who may have been appointed by the Bank pursuant to the provisions of Section 2 hereof for the payment from funds so paid by the Bank of the principal of (and premium, if any) and any interest on the Securities of such Series as set forth herein and in the text of said Securities.

Any interest on registered Securities of a Series shall be paid, unless otherwise provided in the text of the Securities of such Series, to the persons (the "registered owners") in whose names such Securities are registered on the register maintained pursuant to Section 6 hereof at the close of business on the Record Dates designated in the text of the Securities of such Series. Principal of (and premium, if any, on) registered Securities of a Series shall be payable against surrender thereof at the principal corporate trust office of the Fiscal Agent and at the offices of such other Paying Agents as the Bank shall have appointed pursuant to Section 2 hereof. Payments of principal of (and premium, if any) shall be made against surrender of registered Securities of such Series, and payments of any interest on registered Securities of a Series shall be made, in accordance with the foregoing and subject to applicable laws and regulations, by check mailed on the due date for such payment to the person entitled thereto at such person's address appearing on the register of the Securities of such Series maintained pursuant to Section 6 hereof, or, in the case of payments of principal (and premium, if any), to such other address as the registered owner shall provide in writing at the time of such surrender; *provided*, *however*, that, if provided in the Authorization relating to the Securities of such Series, such payments may be made, in the case of a registered owner of the aggregate principal amount of U.S.$1,000,000 or more (or the equivalent in a foreign currency) Securities of such Series specified in the Authorization, by wire transfer to an account denominated in the currency in which such payments are to be made maintained by the payee with a bank as specified in the Authorization if such registered owner so elects by giving written notice to the Fiscal Agent, not less than 15 days (or such fewer days as the Fiscal Agent may accept) prior to the Record Date for payments to be made, of such election and of the account to which payment is to be made.

Interest on Securities of a Series in which the rate of interest is a fixed rate will be computed on a basis of a 360-day year of twelve 30-day months unless otherwise provided in the Authorization relating to Securities of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Withholding; Payment of Additional Amounts*. In respect of the Securities of each Series issued hereunder, at least 10 days prior to the first date of payment of interest (which, for purposes of this subsection (b), shall include accrued original issue discount) on the Securities of such Series and at least 10 days prior to each date, if any, of payment of principal (and premium, if any) or interest thereafter if there has been any change with respect to the matters set forth in the below-mentioned certificate, the Bank will furnish the Fiscal Agent and each other Paying Agent with a certificate of Authorized Officers instructing the Fiscal Agent and each other Paying Agent whether such payment of principal of (and premium, if any) or any interest on such Securities shall be made without deduction or withholding for or on account of any tax, assessments, duties or other governmental charges imposed by the Republic (including any such amounts deducted or withheld under any law or directive of the European Union that has the effect of law in the Republic) (or if there is a substitution of the Bank in accordance with the terms of such Securities imposed by the jurisdiction of the substitute obligor (as defined in the Security) or any political subdivisions thereof or any authority or agency therein or thereof having power to tax) If any such deduction or withholding shall be required, then such certificate shall specify, by country, the amount, if any, required to be withheld on such payment to holders of such Securities, and the Bank will pay or cause to be paid to the Fiscal Agent additional amounts, if any, required by the terms of such Securities to be paid. The Bank agrees to indemnify the Fiscal Agent and each other Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any certificate furnished pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Cancellation*. All Securities delivered to the Fiscal Agent (or any other Agent appointed by the Bank pursuant to Section 2 hereof) for payment, redemption, registration of transfer or exchange (other than Securities delivered to the Fiscal Agent), shall be forwarded to the Fiscal Agent by the Paying or Transfer Agent to which they are delivered. All such Securities shall be canceled and destroyed by the Fiscal Agent or such other person as may be jointly designated by the Bank and the Fiscal Agent, which shall thereupon furnish certificates of such destruction to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *References to Include Additional Amounts*. All references in this Agreement to principal, premium and interest in respect of Securities of a Series shall, unless the context otherwise requires, be deemed to mean and include all additional amounts, if any, payable in respect thereof as set forth herein or in the text of the Securities of such Series.

Section 5. *Exchange of Securities*. (a) *General*. The Fiscal Agent, or ns agent duly authorized by the Fiscal Agent, is hereby authorized from time to time in accordance with the provisions of the Securities and of this Section to authenticate and deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities of a Series in exchange for or in lieu of Securities of such Series of like tenor and of like form which become mutilated (upon surrender of such security), destroyed, stolen or lost; provided, however, that (x) in the case of any such exchange for a destroyed, stolen or lost Security there shall have been delivered to the Fiscal Agent and to the Bank evidence to their satisfaction as to the destruction, theft or loss of such Security and such sufficient indemnity as may be required by them to save each of them and any agent of either of them harmless and (y) in no event will a registered Security be exchanged for a bearer Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities of a Series of authorized denominations in exchange for a like aggregate principal amount of Securities of such Series of like tenor and of like form, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if specifically so provided by the provisions of the Securities of a Series, Securities of such Series in exchange for Securities of another Series;

*provided*, *however*, that any global Security shall be exchangeable only as provided in Sections 5(a) and 5(b).

Securities shall be dated the date of their authentication by the Fiscal Agent unless otherwise provided in the Authorization relating to the Securities of such Series. Each Security authenticated and delivered upon any transfer or exchange for or in lieu of the whole or any part of any Security shall carry all the rights, if any, to interest accrued and unpaid which were carried by the whole or such part of such Security. Notwithstanding anything to the contrary herein contained, such new Security shall be so dated that neither gain nor loss in interest shall result from such transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Global Securities.* This Section 5(b) shall apply only to global Securities deposited with a U.S. Depositary pursuant to Section l(e), unless otherwise provided in the Authorization.

A global Security shall be exchangeable if (x) the U.S. Depositary with respect to such global Security notifies the Bank that it is unwilling or unable to continue as U.S. Depositary for all global Securities or if at any time such U.S. Depositary ceases to be a clearing agency registered under the U.S. Securities Exchange Act of 1934, as amended, (y) the Bank delivers to the Fiscal Agent a written notice executed by Authorized Officers that all global Securities shall be exchangeable or (2) an event of default has occurred and is continuing with respect to the Securities.

Unless the global Security is presented by an authorized representative of the U,S. Depositary to the Bank or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. as nominee of the U.S. Depositary and any payment is made to such nominee, any unauthorized transfer, pledge or other use of the global Security for value or otherwise shall be wrongful since the registered owner of the global Security, the nominee of the U.S. Depositary, has an interest in the global Security.

If the beneficial owners of interests in a global Security are entitled to exchange interests for definitive Securities of such Series of another authorized form, as provided in the second preceding paragraph, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged the Bank shall deliver to the Fiscal Agent definitive Securities in aggregate principal or face amount equal to the principal or face amount of such global Security executed by the Bank. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered by the U.S. Depositary to the Fiscal Agent, as the Bank's agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge and the Fiscal Agent shall authenticate and deliver, in exchange for each portion of such global Security, an equal aggregate principal amount of definitive Securities of the same Series of authorized denominations and of like tenor as the portion of such global Security to be exchanged; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of such Series and like tenor to be redeemed and ending on the relevant date of redemption. Any global Security that is exchangeable pursuant to this Section 5(b) shall be exchangeable for definitive Securities issuable in the denominations specified in the Authorization and registered in such names as the U.S. Depositary that is the holder of such global Security shall direct in writing. If a definitive Security is issued in exchange for any portion of a global Security after the close of business at the office or agency where such exchange occurs on any Record Date and before the opening of business at such office or agency on the relevant interest payment date, interest will not be payable on such interest payment date in respect of such definitive Security, but will be payable on such interest payment date only to the person to whom interest in respect of such portion of such global Security is payable.

The U.S. Depositary may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Fiscal Agency Agreement or the Securities.

Section 6. *Register*. The Fiscal Agent, as agent of the Bank for the purpose, shall maintain at its principal corporate trust office in the Borough of Manhattan, The City of New York, a register for each Series of Securities for the registration of transfers of Securities of such Series. Upon presentation for the purpose of registration of transfer at the said office of the Fiscal Agent of any Security of such Series, accompanied by a written instrument of transfer in the form approved by the Bank and the Fiscal Agent (it being understood that, until notice to the contrary is given to holders of Securities of a Series, the Bank and the Fiscal Agent shall each be deemed to have approved the form of instrument of transfer, if any, printed on any definitive registered Security of such Series), executed by the registered holder, in person or by such holder's attorney thereunto duly authorized in writing, such Security shall be transferred upon the register for the Securities of such Series, and a new Security of such Series and of like tenor shall be authenticated and issued in the name of the transferee; provided, however, that registered Securities may be delivered for the purpose of registration of transfer by mail at the risk and expense of the transferor. Transfers and exchanges of Securities of a Series shall be subject to such restrictions as shall be set forth in the text of the Securities of such Series and such reasonable regulations as may be prescribed by the Bank. Successive registrations and registrations of transfers as aforesaid may be made from time to time as desired, and each such registration shall be noted on the Security register. No service charge shall be made for any registration, registration of transfer or exchange of the Securities of a Series unless otherwise provided by the provisions of the Securities of such Series, but, except as otherwise provided herein with respect to the exchange of temporary securities for definitive securities, the Fiscal Agent (and any Transfer Agent or authenticating agent appointed pursuant to Section 2 or 3 hereof respectively) or the Bank may require payment of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith and any other amounts required to be paid by the provisions of the Securities of such Series.

Any Transfer Agent appointed pursuant to Section 2 hereof shall provide to the Fiscal Agent such information as the Fiscal Agent may reasonably require in connection with the delivery by such Transfer Agent of Securities in exchange for other Securities.

Neither the Fiscal Agent nor any Transfer Agent shall be required to make registrations of transfer or exchange of Securities of a Series during any periods set forth in the text of the Securities of such Series.

The Fiscal Agent shall, upon request, make available to the Bank a copy of the register maintained by it hereunder.

Section 7. *Optional Redemption*. In the event that the provisions of the Securities of a Series permit the Bank to redeem Securities of such Series at its option, the Bank shall, unless otherwise provided in the text of the Securities of such Series, give written notice to the Fiscal Agent of the principal amount of Securities of such Series to be so redeemed not less than 60 days prior to the optional redemption date and, if earlier, no later than 15 days prior to the date on which notice is required to be given to holders of the Securities of such Series pursuant to the following sentence (or such shorter period as may be acceptable to the Fiscal Agent) All notices of redemption of the Securities of a Series shall be made in the name and at the expense of the Bank and shall be given in accordance with the provisions applicable thereto set forth in the Authorization relating to or the text of the Securities of such Series.

Section 8. *Conditions of Fiscal Agent's Obligation*s. The Fiscal Agent accepts its duties herein set forth upon the terms and conditions hereof including the following, to all of which the Bank agrees and to all of which the rights of holders from time to time of Securities are subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compensation and Indemnity*. The Fiscal Agent shall be entitled to reasonable compensation as agreed in writing with the Bank for all services rendered by it, and the Bank agrees promptly to pay such compensation and to reimburse the Fiscal Agent for the reasonable and out-of-pocket expenses (including attorneys fees and expenses) reasonably incurred by it in connection with or arising out of its Services hereunder. The Bank also agrees to indemnify the Fiscal Agent for, and to hold it harmless against, any loss, liability or expense (including legal expense), incurred by it without negligence or bad faith, arising out of or in connection with its acting as Fiscal Agent hereunder, as well as the reasonable costs and expenses of defending against any claim of liability arising hereunder. The obligations of the Bank under this Section 8(a) shall survive payment of all the Securities and the resignation or removal of the Fiscal Agent. None of the provisions contained in this Agreement shall require the Fiscal Agent to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agency*. In acting under this Agreement and in connection with the Securities, the Fiscal Agent is acting solely as agent of the Bank and does not assume any responsibility for the correctness of the recitals in the Securities (except for the correctness of the statement in its certificate of authentication thereon) or any obligation or relationship of agency or trust, for or with any of the owners or holders of the Securities, except that all funds held by the Fiscal Agent for the payment of principal of (and premium, if any) and any interest on the Securities shall be held in trust for such owners or holders, as the case may be, as set forth herein and in the Securities; provided, however, that monies held in respect of the Securities of a Series remaining unclaimed at the end of two years after the principal of all the Securities of such Series shall have become due and payable (whether at maturity or otherwise) and monies sufficient therefor shall have been duly made available for payment shall, together with any interest made available for payment thereon, be repaid to the Bank, as provided and in the manner set forth in the Securities of such Series. Upon such repayment, the aforesaid trust with respect to the Securities of such Series shall terminate and all duties of the Fiscal Agent and Paying Agents with respect to such funds shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Advice of Counsel*. The Fiscal Agent and any Paying Agent or Transfer Agent appointed by the Bank pursuant to Section 2 hereof may consult with their respective counsel or other counsel satisfactory to them at the reasonable expense of the Bank, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by them' hereunder in good faith and without negligence and in accordance with such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Reliance*. The Fiscal Agent and any Paying Agent or Transfer Agent appointed by the Bank pursuant to Section 2 hereof each shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any Security or Authorization, notice, direction, consent, certificate, affidavit, Statement, or other paper or document believed by it, in good faith and without negligence, to be genuine and to have been passed or signed by the proper parties, whether such paper or documents shall have been delivered in original or facsimile form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Interest in Securities, etc*. So long as no conflict of interest arises, the Fiscal Agent, any Paying Agent or Transfer Agent appointed by the Bank pursuant to Section 2 hereof and their respective officers, directors and employees may become the owners of, or acquire any interest in, any Securities, with the Same rights that they would have if they were not the Fiscal Agent, such Paying Agent or Transfer Agent or such other person, and may engage or be interested in any financial or other transaction with the Bank, and may act on, or as depository, Trustee or agent for, any committee or body of holders of Securities or other obligations of the Bank, as freely as if they were not the Fiscal Agent, such Paying Agent or Transfer Agent or such other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Non-Liability for Interest*. Subject to any agreement between the Bank and the Fiscal Agent to the contrary, the Fiscal Agent shall not be under any liability for interest on monies at any time received by it pursuant to any of the provisions of this Agreement or of the Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Certifications*. Whenever in the administration of this Agreement the Fiscal Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Fiscal Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith or negligence on its part, rely upon a certificate signed by any person authorized by or pursuant to the Authorization and delivered to the Fiscal Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Implied Obligations*. The duties and obligations of the Fiscal Agent shall be determined solely by the express provisions of this Agreement, and the Fiscal Agent shall not be liable except for the performance of such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Fiscal Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *No Responsibility for Representations*. The Fiscal Agent shall not be responsible for any of the recitals or representations herein or in any Securities (except as to the Fiscal Agent's certificate of authentication thereon), all of which are made solely by the Bank.

Section 9. *Resignation and Appointment of Successor*. (a) Fiscal Agent and Paying Agent The Bank agrees, for the benefit of the holders from time to time of the Securities of a Series, that there shall at all times be a Fiscal Agent hereunder which shall be a bank or trust company organized and doing business under the laws of the United States of America or the State of New York, in good standing and having an established place of business in the Borough of Manhattan, The City of New York, and authorized under such laws to exercise corporate trust powers, until all the Securities of such Series authenticated and delivered hereunder (i) shall have been delivered to the Fiscal Agent for payment and cancellation thereof or (ii) become due and payable and monies sufficient to pay the principal of (and premium, if any) and any interest on the Securities of such Series shall have been made available to the Fiscal Agent for payment and either paid or returned to the Bank as provided herein and in such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Resignation*. The Fiscal Agent may at any time resign by giving written notice to the Bank of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such date shall not be less than 90 days from the date on which such notice is given, unless the Bank agrees to accept shorter notice The Fiscal Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed on behalf of the Bank and specifying such removal and the date when it shall become effective. Notwithstanding the dates of effectiveness of resignation or removal, as the case may be, to be specified in accordance with the preceding sentences, such resignation or removal shall take effect only upon the appointment by the Bank, as hereinafter provided, of a successor Fiscal Agent (which, to qualify as such, shall be a bank or trust company organized and doing business under the laws of the United States of America or of the State of New York, in good standing and having and acting through an established place of business in the Borough of Manhattan, The City of New York, and authorized under such laws to exercise corporate trust powers) and the acceptance of such appointment by such successor Fiscal Agent. Upon its resignation or removal, the Fiscal Agent shall be entitled to payment by the Bank pursuant to Section 8 hereof of compensation for Services rendered and to reimbursement of out-of-pocket expenses incurred hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Successors*. In case at any time the Fiscal Agent or any Paying Agent in respect of the Securities of a Series (if such Paying Agent is the only Paying Agent located in a place where, by the terms of the Securities of such Series or this Agreement, the Bank is required to maintain a Paying Agent) shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or consent to the appointment of a receiver of all or any substantial part of its property, or shall admit in writing its inability to pay or meet its debts as they severally mature, or if a receiver of it or of all or any substantial part of its property shall be appointed, or if an order of any court shall be entered approving any petition filed by or against it under the provisions of applicable receivership, bankruptcy, insolvency, reorganization or other similar legislation, or if a receiver of it or its property shall be appointed, or if any public officer shall take charge or control of it or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Fiscal Agent or Paying Agent, as the case may be, qualified as aforesaid, shall be appointed by the Bank by an instrument in writing, filed with the successor Fiscal Agent or Paying Agent, as the case may be, and the predecessor Fiscal Agent or Paying Agent, as the case may be Upon the appointment as aforesaid of a successor Fiscal Agent or Paying Agent, as the case may be, and acceptance by such successor of such appointment, the Fiscal Agent or Paying Agent, as the case may be, so succeeded shall cease to be Fiscal Agent or Paying Agent, as the case may be, hereunder. If no successor Fiscal Agent or other Paying Agent, as the case may be, shall have been so appointed by the Bank and shall have accepted appointment as hereinafter provided, and, in the case of such other Paying Agent, if such other Paying Agent is the only Paying Agent located in a place where, by the terms of the Securities of a Series or this Agreement, the Bank is required to maintain a Paying Agent, then any holder of a Security who has been a bona fide holder of a Security for at least six months (which Security, in the case of such other Paying Agent, is of the Series referred to in this sentence), on behalf of himself and all others similarly situated, or the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor agent. The Bank shall give prompt written notice to each other Paying Agent of the appointment of a successor Fiscal Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Acknowledgment*. Any successor Fiscal Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Bank an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent hereunder, and such predecessor, upon payment of its compensation and reimbursement of its disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Fiscal Agent shall be entitled to receive, all monies, securities, books, records or other property on deposit with or held by such predecessor as Fiscal Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Merger, Consolidation, etc*. Any corporation into which the Fiscal Agent hereunder may be merged, or any corporation resulting from any merger or consolidation to which the Fiscal Agent shall be a party, or any corporation to which the Fiscal Agent shall sell or otherwise transfer all or substantially all the assets and business of the Fiscal Agent, provided that it shall be qualified as aforesaid, shall be the successor Fiscal Agent under this Agreement without the execution or filing of any paper or any further act on the pari of any of the parties hereto.

Section 10. *Payment of Taxes*. The Bank will pay all stamp and other duties, if any, which may be imposed by the Republic, the United States of America or any political subdivision of either thereof or taxing authority of or in the foregoing with respect to this Agreement or as a consequence of the initial issuance of the Securities of any Series.

Section 11. *Meetings and Amendments*. (a) *Calling of Meeting, Notice and Quorum*. A meeting of holders of Securities of a Series may be called at any time and from time to time to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement or the Securities of such Series to be made, given or taken by holders of Securities of such Series or to modify, amend or supplement the terms of the Securities of such Series or this Agreement as hereinafter provided. The Fiscal Agent may at any time call a meeting of holders of Securities of a Series for any such purpose to be held at such time and at such place in the Borough of Manhattan, The City of New York as the Fiscal Agent shall determine. Notice of every meeting of holders of Securities of a Series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given as provided in the terms of the Securities of such Series, not less than 30 nor more than 60 days prior to the date fixed for the meeting. In case at any time the Bank or the holders of at least 10% in aggregate principal amount of the Outstanding Securities (as defined in subsection (d) of this Section) of a Series shall have requested the Fiscal Agent to call a meeting of the holders of Securities of such Series for any such purpose, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, the Fiscal Agent shall call such meeting for such purposes by giving notice thereof; provided, however, that prior to giving such notice or attending any such meeting, the Bank or the holders requesting such meeting, as the case may be, shall have furnished to the Fiscal Agent indemnity or an advance of funds satisfactory to the Fiscal Agent from and against or for all fees, costs and expenses (including the reasonable fees or expenses of its counsel) it may incur in connection with giving such notice or attending such meeting.

To be entitled to vote at any meeting of holders of Securities of a Series, a person shall be a holder of Outstanding Securities of such Series or a person duly appointed by an instrument in writing as proxy for such a holder. The persons entitled to vote a majority in principal amount of the Outstanding Securities of a Series shall constitute a quorum. At the reconvening of any meeting adjourned for a lack of a quorum, the persons entitled to vote 25% in principal amount of the outstanding Securities of a Series shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. The Fiscal Agent may make such reasonable and customary regulations as it shall deem advisable for any meeting of holders of Securities of a Series with respect to the appointment of proxies in respect of holders of Securities of such Series, the Record Date for determining the registered owners of Securities of such Series who are entitled to vote at such meeting (which date shall be set forth in the notice calling such meeting herein above referred to and which shall be not less than 30 nor more than 90 days prior to such meeting), the adjournment and chairmanship of such meeting, the appointment and duties of inspectors of votes, the Submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Approval*. (i) At any meeting of holders of Securities of a Series duly called and held as specified above, upon the affirmative vote, in person or by proxy thereunto duly authorized in writing, of the holders of not less than a majority in aggregate principal amount of the Securities of such Series then Outstanding represented at such meeting (or of such other percentage as may be set forth in the text of the Securities of such Series with respect to the action being taken), or (ii) with the written consent of the owners of not less than a majority in aggregate principal amount of the Securities of a Series then Outstanding (or of such other percentage as may be set forth in the text of the Securities of such Series with respect to the action being taken), the Bank and the Fiscal Agent may modify, amend or supplement the terms of the Securities of such Series or, insofar as respects the Securities of such Series, this Agreement, in any way, and the holders of Securities of such Series may make, take or give any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement or the Securities of such Series to be made, given or taken by holders of Securities of such Series, provided, however, that no such action may, without the consent of the holder of each Security of such Series affected thereby, (A) change the due date for the payment of the principal of (or premium, if any) or any installment of interest on any Security of such Series, (B) reduce the principal amount of any Security of such Series, the portion of such principal amount which is payable upon acceleration of the maturity of such Security, the interest rate thereon or the premium payable upon redemption thereof, (C) change the coin or currency in which or the required places at which payment with respect to interest, premium or principal in respect of Securities of such Series is payable, (D) shorten the period during which the Bank is not permitted to redeem the Securities of such Series, or permit the Bank to redeem the Securities of such Series if, prior to such action, the Bank is not permitted so to do, (E) reduce the proportion of the principal amount of Securities of such Series the vote or consent of the holders of which is necessary to modify, amend or supplement this Agreement or the terms and conditions of the Securities of such Series or to make, take or give any request, demand, authorization, direction, notice, consent, waiver or other action provided hereby or thereby to be made, taken or given, or (F) change the obligation of the Bank to pay additional amounts. The Bank and the Fiscal Agent may, without the vote or consent of any holder of Securities, amend this Agreement or the Securities of a Series for the purpose of (A) adding to the covenants of the Bank for the benefit of the holders of the Securities, (B) surrendering any right or power conferred upon the Bank, (C) securing the Securities pursuant to the requirements of the Securities or otherwise, (D) curing any ambiguity, or curing, correcting or supplementing any defective provision thereof or (E) amending this Agreement or the Securities of such Series in any manner which shall not be inconsistent in any material respect with the Securities of such Series and which shall not adversely affect in any material respect the interest of any holder of Securities.

It shall not be necessary for the vote or consent of the holders of Securities of a Series to approve the particular form of any proposed modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action, but it shall be sufficient if such vote or consent shall approve the substance thereof

The Bank and the Fiscal Agent shall not modify, amend or supplement the terms of the Securities of any Series or this Agreement unless there shall have been delivered to the Fiscal Agent (i) a certificate of an officer of the Bank and (ii) a written opinion or opinions of counsel satisfactory to the Fiscal Agent (who may be counsel to the Bank), each stating that such modification, amendment or supplement is authorized or permitted by the Securities of such Series or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Binding Nature of Amendments, Notices, Notations, etc*. Any instrument given by or on behalf of any holder of a Security of a Series in connection with any consent to or vote for any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action will be irrevocable once given and will be conclusive and binding on all subsequent holders of such Security or any Security issued directly or indirectly in exchange or substitution therefor or in lieu thereof. Any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action will be conclusive and binding on all holders of Securities of a Series, whether or not they have given such consent or cast such vote, and whether or not notation of such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action is made upon the Securities of such Series. Notice of any modification or amendment of, supplement to, or request, demand, authorization, direction, notice, consent, waiver or other action with respect to the Securities of a Series or this Agreement (other than for purposes of curing any ambiguity or of curing, correcting or supplementing any defective provision hereof or thereof) shall be given to each holder of Securities affected thereby, in all cases as provided in Securities of such Series.

Securities of a Series authenticated and delivered after the effectiveness of any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action may bear a notation in the form approved by the Fiscal Agent and the Bank as to any matter provided for in such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action. New Securities of such Series modified to conform, in the judgment of the Fiscal Agent and the Bank, to any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action may be prepared and executed by the Bank, authenticated by the Fiscal Agent (or any authenticating agent appointed pursuant to Section 3 hereof) and delivered in exchange for Outstanding Securities of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *"Outstanding" Defined*. For purposes of the provisions of this Agreement and the Securities, any Security authenticated and delivered pursuant to this Agreement shall, as of any date of determination, be deemed to be "Outstanding", *except*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities theretofore canceled by the Fiscal Agent or delivered to the Fiscal Agent for payment and cancellation or any inventory of Securities held by the Fiscal Agent for reissuance but not reissued by the Fiscal Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities which have been called for redemption in accordance with their terms or which have become due and payable at maturity or otherwise and in each case with respect to which monies sufficient to pay the principal thereof (and premium, if any) and any interest thereon shall have been made available to the Fiscal Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to this Agreement;

*provided*, *however*, that in determining whether the holders of the requisite principal amount of Outstanding Securities of a Series are present at a meeting of holders of Securities of such Series for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment, modification or supplement hereunder, Securities of such Series owned directly or indirectly by the Bank shall be disregarded and deemed not to be Outstanding.

Section 12. *Governing Law*. This Agreement shall be governed by, and interpreted in accordance with, the internal laws of the State of New York, except that all matters governing authorization of issuances of any series of Securities and execution thereof by the Bank shall be governed by the laws of the Federal Republic of Germany.

Section 13. *Notices*. All notices or Communications hereunder, except as herein otherwise specifically provided, shall be in English and in writing and if sent to the Fiscal Agent shall be delivered, transmitted by facsimile, telexed or telegraphed to it at Bankers Trust Company, 4 Albany Street, New York, New York 10006 (Facsimile: 1-212-250-0933), Attention: Corporate Trust & Agency Services; or if sent to the Bank shall be delivered or transmitted by facsimile to it at Landwirtschaftliche Rentenbank, Hochstrasse 2, 60313 Frankfurt, Germany, (Facsimile; 49 69-2107-507), Attention: Issue Operations. The foregoing addresses for notices or communications may be changed by written notice given by the addressee to each party hereto, and the addressee's address shall be deemed changed for all purposes from and after the giving of such notice.

If the Fiscal Agent shall receive any notice or demand addressed to the Bank by the holder of a Security, the Fiscal Agent shall promptly forward such notice or demand to the Bank.

All notices given as aforesaid shall be effective when actually received.

Notice to holders of Securities of a Series shall be given as provided in the terms of the Securities of such Series, *provided*, *however*, if the Fiscal Agent is requested in writing to give notice in the name and at the expense of the Bank it shall receive notice from Bank at least 15 days prior to the last date for notice to the holders.

Section 14. *Consent to Service; Jurisdiction*. The Bank hereby appoints CT Corporation System, at 111 Eighth Avenue, New York, New York 10011, as its authorized agent (the "Authorized Agent") upon whom process may be served in any suit, action or proceeding arising out of or based on the Securities or this Agreement ("Proceedings") which may be instituted in any State or Federal court in the City of New York by the holder of any Security or coupon or by the Fiscal Agent and, to the fullest extent permitted by applicable law, expressly accepts the jurisdiction of any such court in respect of any such Proceeding. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Securities have been provided to the Fiscal Agent pursuant to the terms hereof and either paid or and returned to the Bank as provided in Section 8(b) hereof, except that, if for any reason, CT Corporation System ceases to be able to act as Authorized Agent or ceases to have an address in the Borough of Manhattan, The City of New York, the Bank will appoint another person (which may be the Fiscal Agent) in the Borough of Manhattan, The City of New York, selected in its discretion, as its Authorized Agent. Prior to the date of issuance of any Securities hereunder, the Bank shall obtain the acceptance of CT Corporation System to its appointment as such Authorized Agent, a copy of which acceptance it shall provide to the Fiscal Agent. The Bank shall take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated above, as such address may be changed within the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to each party hereto, shall be deemed, to the fullest extent permitted by applicable law, in every respect, effective service of process upon the Bank. The Bank is also subject to suit in competent courts in the Republic to the extent permitted by applicable law.

In respect of any Proceedings, to the fullest extent permitted by applicable law, the Bank irrevocably consents to the giving of any relief and the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement or execution (against any assets whatsoever, irrespective of their uses or intended uses) of any order or judgement made or given in any such Proceedings, and, to the extent that the Bank may in any jurisdiction claim for itself or its assets, or have attributed to it or its assets, any right of immunity on the grounds of sovereignty from any legal action, suit or proceeding, the Bank hereby irrevocably agrees not to claim and waives such immunity to the fullest extent permitted by law.

Section 15. *Hearings*. The section headings herein are for convenience only and shall not affect the construction hereof.

Section 16. *Counterparts*. This Agreement may be executed in one or more counterparts, and by each party separately on a separate counterpart, and each such counterpart when executed and delivered shall be deemed to be an original. Such counterparts shall together constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Fiscal Agency Agreement and the Fiscal Agent has affixed its corporate seal as of the date first above written.

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| | | |
|:---|:---|:---|
| LANDWIRTSCHAFTLICHE RENTENBANK | LANDWIRTSCHAFTLICHE RENTENBANK | LANDWIRTSCHAFTLICHE RENTENBANK |
| By | /s/ Uwe Zimpelmann | /s/ Uwe Zimpelmann |
|  | Name: | Uwe Zimpelmann |
|  | Title: | Managing Director |
|  |  | Member of the Board |
| By | /s/ Andreas Mücke | /s/ Andreas Mücke |
|  | Name: | Andreas Mücke |
|  | Title: | Legal Advisor |
| BANKERS TRUST COMPANY | BANKERS TRUST COMPANY | BANKERS TRUST COMPANY |
| By | Wanda Camacko | Wanda Camacko |
|  | Name: | Wanda Camacko |
|  | Title: | Vice President |

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**EXHIBIT A**

**FORM OF SECURITY**

[Form of Face of Security]

[CUSIP No. ________]

[ISIN No. __________]

LANDWIRTSCHAFTLICHE RENTENBANK

● % Notes due ●

No. R-

$●

LANDWIRTSCHAFTLICHE RENTENBANK (herein called the "Bank"), for value received, hereby promises to pay to ______________________________, or registered assigns, the principal sum of $● (…..) on ●, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, [semi-annually] in arrears on……………. [and…………] in each year, commencing ● (each an 'Interest Payment Date"), at the rate of •% per annum to be determined in accordance with the provisions hereinafter set forth], until the principal hereof is paid or made available for payment, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of •% per annum on any overdue principal [and premium] and on any overdue instalment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided herein and in the Fiscal Agency Agreement hereinafter referred to, be paid to the person (the "registered holder") in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the or (whether or not a business day), as the case may be (each a "Regular Record Date"), next preceding such Interest Payment Date. Interest will be calculated on the basis of a 360-day year, consisting of twelve 30-day months. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the registered holder on such Regular Record Date and may either be paid to the person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such interest to be fixed by the Bank, notice whereof shall be given to registered holders of Securities of this series not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange.

Principal of (and premium, if any, on) this Security shall be payable against surrender hereof at the principal corporate trust office of the Fiscal Agent hereinafter referred to [or at such other offices or agencies as the Bank may designate and notify the holders as provided in Paragraphs [3 and 4] hereof] and at the offices of such other Paying Agents as the Bank shall have appointed pursuant to the Fiscal Agency Agreement. Payments of principal of and premium, if any, shall be made against surrender of registered Securities of a Series, and payments of principal of (and premium, if any, on) and interest on this Security shall be made, in accordance with the foregoing and subject to applicable laws and regulations, by check mailed on or before the due date for such payment to the person entitled thereto at such person's address appearing on the aforementioned register or, in the case of payments of principal (and premium, if any) to such other address as the registered holder may specify upon such surrender; <u>provided</u>, <u>however</u>, that any payments shall be made, in the case of a registered holder of at least U.S.$1,000,000 aggregate principal amount of Securities of such Series, by wire transfer to an account maintained by the payee with a bank located in ● if such registered holder so elects by giving written notice to the Fiscal Agent, not less than 15 days (or such fewer days as the Fiscal Agent may accept in its judgment) prior to the record date (the "Record Date") for payments to be made, of such election and of the account details to which payments are to be made. The Bank covenants that until this Security has been delivered to the Fiscal Agent for cancellation, or monies sufficient to pay the principal of (and premium, if any, on) and interest on this Security have been made available for payment and either paid or returned to the Bank as provided herein, it will at all times maintain offices or agencies in the Borough of Manhattan, The City of New York and in Europe which, so long as the Securities are listed on the Luxembourg Stock Exchange and such Exchange shall so require, shall include an office or agency in Luxembourg for the payment of the principal of (and premium, if any, on) and interest on the Securities as herein provided.

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Fiscal Agent by manual signature, this Security shall not be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed and sealed.

Dated: October •, 2001

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| | |
|:---|:---|
| L LANDWIRTSCHAFTLICHE RENTENBANK | L LANDWIRTSCHAFTLICHE RENTENBANK |
| By | |
|  | Name: |
|  | Title: |
| By | |
|  | Name: |
|  | Title: |

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This is one of the Securities of the series designated therein referred to in the within-mentioned Fiscal Agency Agreement.

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| | |
|:---|:---|
| BANKERS TRUST COMPANY | BANKERS TRUST COMPANY |
| By | |
|  | Authorized Signatory |

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**FORM OF REVERSE OF SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Security is one of a duly authorized issue of debt securities of the Bank (herein called the "Securities"), issued and to be issued in one or more series in accordance with a Fiscal Agency Agreement, dated as of October ●, 2001 (herein called the "Fiscal Agency Agreement"), between the Bank and Bankers Trust Company, as Fiscal Agent (herein called the "Fiscal Agent", which term includes any successor fiscal agent under the Fiscal Agency Agreement), copies of which Fiscal Agency Agreement are on file and available for inspection at the principal corporate trust office of the Fiscal Agent in the Borough of Manhattan, The City of New York and, so long as the Securities are listed on the Luxembourg Stock Exchange and such Exchange shall so require, at the office of the Paying Agent hereinafter named in Luxembourg. This Security is one of the series designated on the face hereof, limited in aggregate principal amount to U.S.$●. The Fiscal Agency Agreement may be amended from time to time in accordance with the terms thereof.

The Securities are the unsecured and unsubordinated obligations of the Bank and will rank *pari passu* with all other evidences of indebtedness issued in accordance with the Fiscal Agency Agreement and at least equally with all other unsecured and unsubordinated obligations of the Bank, present and future (subject to certain statutory exceptions under the laws of the Federal Republic of Germany (the "Republic")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Securities are issuable in fully registered form, and rank *pari passu* without any discrimination, preference or priority among them whatsoever. Securities are issuable in [the] authorized denomination of U.S.$● and any integral multiple thereof.

The Bank reserves the right from time to time without the consent of the holders of the Securities of any series to issue further Securities having identical terms and conditions with the Securities of such series, so that such further Securities shall be consolidated, form a single series with and increase the aggregate principal amount of the Securities of such series. In the event of any such increase, the term "Securities" shall from then on also refer to such additionally issued Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Bank shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Securities may be surrendered for registration of transfer or exchange. The Bank has initially appointed the principal corporate trust office of the Fiscal Agent as its agent in the Borough of Manhattan, the City of New York, for such purpose and has agreed to cause to be kept at such office a register in which, subject to such reasonable regulations as it may prescribe, the Bank will provide for the registration of Securities and registration of transfers of Securities. The Bank reserves the right to vary or terminate the appointment of the Fiscal Agent as security registrar or of any Transfer Agent or to appoint additional or other registrars or Transfer Agents or to approve any change in the office through which any security registrar or any Transfer Agent acts, provided that there will be, for so long as this Security shall be outstanding, a security registrar in the Borough of Manhattan, The City of New York.

The transfer of a Security is registrable on the aforementioned register upon surrender of such Security at the principal corporate trust office of the Fiscal Agent duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Fiscal Agent duly executed by, the registered holder thereof or his attorney duly authorized in writing. Upon such surrender of this Security for registration of transfer, the Bank shall execute, and the Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities, dated the date of authentication thereof, of any authorized denominations and of a like aggregate principal amount.

At the option of the registered holder upon request confirmed in writing, Securities may be exchanged for Securities of any authorized denominations and of a like tenor, form and aggregate principal amount upon surrender of the Securities to be exchanged at the [office of any Transfer Agent or at the] principal corporate trust office of the Fiscal Agent. Whenever any Securities are so surrendered for exchange, the Bank shall execute, and the Fiscal Agent shall authenticate and deliver, the Securities which the registered holder making the exchange is entitled to receive. Any registration of transfer or exchange will be effected upon the Fiscal Agent, as the case may be, being satisfied with the documents of title and identity of the person making the request and subject to such reasonable regulations as the Bank may from time to time agree with the Fiscal Agent.

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Bank, evidencing the same debt, and entitled to the same benefits, as the Securities surrendered upon such registration of transfer or exchange. No service charge shall be made for any registration of transfer or exchange, but the Bank, the Fiscal Agent, or any other agent of the Bank appointed pursuant to the Fiscal Agency Agreement may require payment of a sum sufficient to cover any stamp or other tax or other governmental Charge payable in connection therewith, other than an exchange in connection with a partial redemption of a Security not involving any registration of a transfer.

Prior to due presentment of this Security for registration of transfer, the Bank, the Fiscal Agent and any agent of the Bank or the Fiscal Agent may treat the person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank nor the Fiscal Agent nor any such agent shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Bank shall pay to the Fiscal Agent at its principal office in the Borough of Manhattan, The City of New York, on or prior to each Interest Payment Date, any redemption date and the maturity date of the Securities, in funds available on or prior to the opening of business in New York City on such date, in such amounts sufficient (with any amounts then held by the Fiscal Agent and available for the purpose) to pay the interest on, the redemption price of and accrued interest (if the redemption date is not an Interest Payment Date) on, and the principal of, the Securities due and payable on such Interest Payment Date, or maturity date, as the case may be. The Fiscal Agent shall apply the amounts so paid to it to the payment of such interest, redemption price and principal in accordance with the terms of the Securities. Any monies paid by the Bank to the Fiscal Agent for the payment of the principal of (or premium, if any) or interest on any Securities and remaining unclaimed at the end of two years after such principal (or premium) or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall then be repaid to the Bank upon its written request, and upon such repayment all duties of the Fiscal Agent with respect thereto shall cease, without, however, limiting in any way any obligation the Bank may have to pay the principal of (and premium, if any) and interest on this Security as the same shall become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the due date for the payment of the principal of (and premium, if any, on) or interest on any Security or the date fixed for redemption of any Security shall be at any place of payment a day on which banking institutions are authorized or obligated by law to close, then payment of principal (and premium) or interest need not be made on such date at such place but may be made on the next succeeding day at such place which is not a day on which banking institutions are authorized or obligated by law to close, with the same force and effect as if made on-the date for such payment or the date fixed for redemption, and no interest shall accrue for the period after such date.

[Add any appropriate definition of a business day and description of business day conventions.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. (a) All payments of principal of (premium, if any, on) and interest on, this Security by the Bank or any substitute obligor appointed pursuant to paragraph 15 hereof will be made without deduction or withholding for or on account of any present or future taxes, assessments, duties or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic or of any political subdivision thereof or any authority or agency therein or thereof having power to tax (including such amounts deducted or withheld under any law or directive of the European Union that has the effect of law in the Republic) ("German tax"), unless the withholding or deduction of such German tax is required by law. In that event, the Bank or the substitute obligor shall pay such additional amounts ("Additional Amounts") as may be necessary in order that the net amounts receivable by the holder of this Security after such withholding or deduction shall equal the respective amounts which would have been receivable by such holder in the absence of such withholding or deduction, except that no such additional amounts shall be payable in relation to any payment in respect of this Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to, or to a third party on behalf of a holder or beneficial owner of this Security who is liable to such German tax in respect of this Security by reason of his having some connection with the Republic other than merely holding this Security or receiving principal interest or other amounts in respect of this Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where any such German tax is imposed or levied otherwise than by deduction or withholding from any payment of principal or interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Counsel meeting of 26-27 November 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive or law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) which are presented (where presentation is required) for payment by or on behalf of a holder who would be able to avoid such withholding or deduction by presenting the relevant Securities to another Paying Agent in a Member State of the European Union.

If the Bank or a substitute obligor becomes subject generally at any time to any taxing jurisdiction other than or in addition to the jurisdiction of the Republic, the requirement under this Section 5 to pay Additional Amounts shall also apply with reference to such other jurisdiction(s). For the avoidance of ambiguity, references in this Section 5 to the Republic shall be treated as including such other jurisdiction(s) or any political subdivision thereof or any authority or agency therein or thereof having the power to tax, and references to German tax shall be treated as including any taxes, assessments, duties or other governmental charges imposed or levied by or on behalf of such other jurisdiction(s) or such political subdivision, authority or agency.

Except as otherwise set forth in this Security and in the Fiscal Agency Agreement, the Bank shall pay all stamp and other duties, if any, which may be imposed by the Republic, the United States or any political subdivision thereof or taxing authority of or in the foregoing with respect to the Fiscal Agency Agreement or the issuance of this Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically provided in this Security, the Bank shall not be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein in connection with this Security. Whenever in this Security there is a reference, in any context, to the payment of the principal of or premium, if any, on or interest on, or in respect of, any Security, such mention shall be deemed to include mention of the payment of additional amounts provided for in paragraph 5(a) to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of such paragraph and express mention of the payment of additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) If as a result of any change in the laws or regulations or rulings of the Republic (or, the case of a substitute obligor appointed pursuant to Section 15 hereof, the applicable jurisdiction in which such substitute obligor is organized) or of any political subdivision thereof or agency therein or thereof having the power to tax, or any change, in the official position regarding the interpretation or administration of any such laws, regulations or rulings, which change is proposed and becomes effective after the date of original issuance of the Securities of this series in the case of the Bank (or after the date on which the substitute obligor became such pursuant to Section 15 hereof, in the case of the substitute obligor), the Bank or the substitute obligor would be required to pay Additional Amounts in respect of such Securities and such circumstances are evidenced by the delivery by the Bank to the Fiscal Agent of a certificate signed by two Authorized Officers of the Bank stating that the said circumstances prevail and describing the facts leading thereto and an opinion of the internal legal counsel of the Bank to the effect that such circumstances prevail, the Bank or the substitute obligor may, at its option and having given no less than 30 days notice to the holders, redeem the Securities of this series in their entirety and not in part at their respective principal amounts together with accrued interest (if any) thereon. No such notice of redemption may be given earlier than 90 days prior to the earliest date on which the Bank or the substitute obligor would be obliged to pay such additional amounts were a payment in respect of the Securities of this series then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices to redeem Securities shall be given to holders of Securities in writing mailed, first-class postage prepaid, to each holder of Securities so to be redeemed, at his address as it appears in the register herein above referred to. If by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impracticable to give notice to the holders of Securities in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Bank or by the Fiscal Agent on behalf of and at the instruction of the Bank shall constitute sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the mailed notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Security shall affect the sufficiency of any notice with respect to other Securities. Such notices will be deemed to have been given on the date of mailing. Notices to redeem Securities shall specify the date fixed for redemption, the applicable redemption price, the place or places of payment, that payment will be made upon presentation and surrender of the Securities to be redeemed, that interest accrued to the date fixed for redemption (unless such date is an Interest Payment Date) will be paid as specified in said notice, and that on and after said date interest thereon will cease to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If notice of redemption has been given in the manner set forth in clause (b) of this Paragraph 6, the Securities so to be redeemed shall become due and payable on the redemption date specified in such notice and upon presentation and surrender of the Securities at the place or places specified in such notice, the Securities shall be paid and redeemed by the Bank at the places and in the manner herein specified and at the redemption price herein specified together with accrued interest (unless the redemption date is an Interest Payment Date) to the redemption date. From and after the redemption date, if monies for the redemption of Securities called for redemption shall have been made available at the principal corporate trust office of the Fiscal Agent for redemption on the redemption date, the Securities called for redemption shall cease to bear interest, and the only right of the holders of such Securities shall be to receive payment of the redemption price together with accrued interest (unless the redemption date i$ an Interest Payment Date) to the redemption date as aforesaid. If monies for the redemption of the Securities are not made available for payment until after the redemption date, the Securities called for redemption shall not cease to bear interest until such monies have been so made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Redemption at Holder's Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities of this series may be redeemed, at the option of the holders thereof, upon the occurrence of a Redemption Event (as hereinafter defined), at a redemption price equal to 100% of the principal amount of the Securities, together with interest accrued thereon to the date of redemption; provided, however, that the right of the holder to redeem shall, if the Bank gives a Notice of a Redemption Event (as hereinafter defined), terminate upon expiration of the Option Period (as hereinafter defined) relating to such-Redemption Event. In the event of the occurrence of more than one Redemption Event, each such Redemption Event shall be deemed to confer upon the holder of this Security a separate right of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank agrees that, if a Redemption Event occurs, it will promptly give written notice thereof to the Fiscal Agent (the "Notice of a Redemption Event"). Promptly after receiving such Notice of a Redemption Event, the Fiscal Agent shall give written notice to the holder of this Security (the "Notice of Right to Tender") stating that a Redemption Event has occurred and including a form of notice (the "Redemption Notice") pursuant to which the holder of this Security may elect to cause redemption. The Bank may, but shall not be obligated to, fix a record date for the purpose of determining the holders of Securities entitled to elect to cause redemption of any such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Bank gives a Notice of a Redemption Event (i) the holder of this Security shall, if such holder elects to cause redemption of this Security, deliver the Redemption Notice, together with the certificate or certificates representing the Securities to be redeemed, or evidence of ownership of the Securities represented by this Security (as hereinafter provided), to the Fiscal Agent within a period of 60 days (the "Option Period") of the date of the Notice of Right to Tender, and (ii) the Bank shall select a date for redemption (the "Redemption Date"), which shall be within 60 days from the end of the Option period, and, on the Redemption Date, shall redeem the Securities tendered for redemption within the Option Period. At least 10 days prior to the Redemption Date, the Bank shall deliver notice of the Redemption Date in the manner provided for herein to each holder who requested redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Redemption Event shall occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) there is a change in the ownership of the Bank's Capital stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) there is a promulgation, enactment or termination of, or an amendment to, or a change in the laws, treaties, regulations or rulings of the Republic or any political subdivision or authority or legislative body thereof or therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) there is an amendment to or change in the official interpretation or application or any such laws, treaties, regulations or rulings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any action has been taken by the Republic or any political subdivision or authority or legislative body thereof or therein, or any action has been taken and has resulted in a final determination by a court of competent jurisdiction not subject to further appeal, whether or not such action was taken or brought with respect to the Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the result of any such condition, action or event described in clauses (A) through (D) above is that the Bank's obligations under the Securities are no longer fully backed by either the credit of the Republic pursuant to the German public law principle of institutional liability (*Anstaltslast*) or any other instrument effectively replacing such institutional liability or if such event will occur within the next 150 days,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notices to redeem Securities shall be given to holders of Securities in writing mailed, first-class postage prepaid, to each holder of Securities to be redeemed, at bis address as it appears in the register hereinabove referred to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impracticable to give notice to the holders of Securities in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Bank or by the Fiscal Agent on behalf of and at the instruction of the Bank shall constitute sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the mailed notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Security shall affect the sufficiency of any notice with respect to other Securities. Such notices will be deemed to have been given on the date of mailing. Notices to redeem Securities shall specify the date fixed for redemption, the applicable redemption price, the place or places of payment, that payment will be made upon presentation and surrender of the Securities to be redeemed, that interest accrued to the date fixed for redemption (unless such date is an Interest Payment Date) will be paid as specified in said notice, and that on and after said date interest thereon will cease to accrue. If the redemption is pursuant to the provisions above, such notice shall also state that such condition or conditions precedent have occurred or been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If notice of redemption has been given in the manner set forth herein, the Securities so to be redeemed shall become due and payable on the redemption date specified in such notice and upon presentation and surrender of the Securities or evidence of ownership of the Securities represented by this Security satisfactory to the Fiscal Agent, at the place or places specified in such notice, the Securities shall be paid and redeemed by the Bank at the places and in the manner and currency herein specified and at the redemption price herein specified together with accrued interest (unless such date is an Interest Payment Date) to the redemption date. From and after the redemption date, if monies for the redemption of Securities called for redemption shall have been made available at the corporate trust office of the Fiscal Agent for redemption on the redemption date, the Securities called for redemption shall cease to bear interest, and the only right of the holders of such Securities shall be to receive payment of the redemption price together with accrued interest (unless such date is an Interest Payment Date) to the redemption date as aforesaid. If monies for the redemption of the Securities are not made available for payment until after the redemption date, the Securities called for redemption shall not cease to bear interest until such monies have been so made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bank fails to pay any amount of principal (and premium, if any) or interest in respect of this Security within 30 days of the due date for payment thereof: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Bank defaults in the performance or observance of any of its other obligations under or in respect of this Security and such default remains unremedied for 90 days after written notice requiring such default to be remedied has been delivered to the Bank by hand or by registered mail at the specified office of the Fiscal Agent by the holder of this Security (except where such default is incapable of remedy, in which case no such notice is required); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Bank stops or suspends payment of its debts generally, or announces its inability to meet its financial obligations, or (ii) a court opens bankruptcy or other insolvency proceedings against the Bank, such proceedings are instituted and have not been discharged or stayed within 60 days, or the Bank applies for or institutes such proceedings or takes any action for a readjustment or deferment of its obligations generally or makes a general assignment or composition with or for the benefit of its creditors or declares a moratorium in respect of its indebtedness, or (iii) the Bank goes into liquidation or is dissolved according to its Governing Law unless this is done in connection with a merger, consolidation or other form of combination with or into any other company or entity not involving or arising out of insolvency and such other or new company or entity assumes all of the obligations of the Bank under this Security the registered holder of this Security may, at such holder's option, declare the principal of this Security and the interest accrued hereon to be due and payable immediately by written notice to the Bank and the Fiscal Agent at its principal corporate trust office, and unless all such defaults shall have been cured by the Bank prior to receipt of such written notice, the principal of this Security and the interest accrued thereon] (such amount] shall become and be immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If any mutilated Security is surrendered to the Fiscal Agent, the Bank shall execute, and the Fiscal Agent shall authenticate and deliver in exchange therefor, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding.

If there be delivered to the Bank and the Fiscal Agent (i) evidence to their satisfaction of the destruction, Joss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of each of them harmless, then, in the absence of notice to the Bank or the Fiscal Agent that such Security has been acquired by a bona fide purchaser, the Bank shall execute, and upon its request the Fiscal Agent shall authenticate and deliver in Heu of any such destroyed, lost or stolen Security a new Security of like tenor and principal amount and bearing a number not contemporaneously outstanding.

Upon the issuance of any new Security under this Paragraph 9, the Bank may require the payment of a sum sufficient to cover any stamp or other tax or other governmental Charge that may be imposed in relation thereto and any other expenses (including the fees and the expenses of the Fiscal Agent) connected therewith.

Every new Security issued pursuant to this Paragraph in lieu of any destroyed, lost or stolen Security, shall constitute an original additional contractual obligation of the Bank, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone.

Any new Security delivered pursuant to this Paragraph shall be dated the date of its authentication.

The provisions of this Paragraph 9 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed; lost or stolen Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. (a) At any meeting of holders of the Securities duly called and held as specified in the Fiscal Agency Agreement, upon the affirmative vote, in person or by proxy thereunto duly authorized in writing, of the holders of not less than 50% in aggregate principal amount of the Securities the outstanding represented at such meeting, or (b) with the written consent of the owners of not less than 50% in aggregate principal amount of the Securities then outstanding, the Bank and the Fiscal Agent may modify, amend or supplement the terms of the Securities or, insofar as respects the Securities, the Fiscal Agency Agreement, in any way, and the holders of the Securities may make, take or give any request, demand, authorization, direction, notice, consent, waiver or other action provided by the Fiscal Agency Agreement of the Securities to be made, given or taken by holders of the Securities; *provided*, *however*, that prior to giving such notice or attending any such meeting, the Bank or the holders requesting such meeting, as the case may be, shall have furnished to the Fiscal Agent indemnity or an advance of funds satisfactory to the Fiscal Agent from and against or for all fees, costs and expense (including the reasonable fees or expenses of its counsel) it may incur in connection with giving such notice or attending such meeting; *provided further*, *however*, that no such action may, without the consent of the holder of each Security, (A) change the due date for payment of the principal of (or premium, if any) or any installment of interest on any Security, (B) reduce the principal amount of any Security, the portion of such principal amount which is payable upon the acceleration of the maturity of any Security, the interest rate thereon or the premium payable upon redemption thereof (C) change the coin or currency in which or the required places at which payment with respect to interest, premium or principal in respect of the Securities is payable, (D) shorten the period during which the Bank is not permitted to redeem the Securities, or permit the Bank to redeem the Securities, if, prior to such action, the Bank is not permitted so to do, (E) reduce the proportion of the principal amount of Securities the vote or consent of the holders of which is necessary to modify, amend or supplement the Fiscal Agency Agreement or the terms and conditions of the Securities or to make, take or give any request, demand, authorization, direction, notice, consent, waiver or other action provided hereby or thereby to be made, taken or given, or (F) change the obligation of the Bank to pay additional amounts. The Bank and the Fiscal Agent may, without the vote or consent of any holder of Securities, amend the Fiscal Agency Agreement or the Securities for the purpose of (A) adding to the covenants of the Bank for the benefit of the holders of the Securities, (B) surrendering any right or power conferred upon the Bank, (C) securing the Securities pursuant to the requirements of the Securities or otherwise, (D) curing any ambiguity, or curing, correcting or supplementing any defective provisions of the Securities or (E) amending the Fiscal Agency Agreement or the Securities in any manner which shall not be inconsistent in any material respect with the Securities and which shall not adversely affect in any material respect the interest of any holder of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. No reference herein to the Fiscal Agency Agreement and no provision of this Security or of the Fiscal Agency Agreement shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Security shall be governed by, and interpreted in accordance with, the internal laws of the State of New York, except all that matters governing authorization and execution of this Security by the Bank shall be governed by the laws of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Bank hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Security, and to constitute this Security the valid obligation of the Bank in accordance with its terms have been done and performed and have happened in due and strict compliance with the applicable laws of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Bank has appointed CT Corporation System at 111 Eighth Avenue, New York, New York 10011, as its authorized agent (the "Authorized Agent") upon whom process may be served in any suit, action or proceeding arising out of or based on the Securities ("Proceedings") which may be instituted in any State or Federal court in the City of New York by the holder of any Security, and the Bank, to the fullest extent permitted by applicable law, hereby expressly accepts the jurisdiction of any such court in respect of such Proceedings. Such appointment shall be irrevocable until all amounts in respect of the principal of (and premium, if any) and any interest due and to become due on or in respect of all the Securities have been provided to the Fiscal Agent pursuant to the terms of the Fiscal Agency Agreement and either paid or returned to the Bank as provided in Section 8(b) of the Fiscal Agency Agreement; except that if, for any reason, CT Corporation System ceases to be able to act as such authorized agent or to have an address in the Borough of Manhattan, The City of New York, the Bank will appoint another person in the Borough of Manhattan, The City of New York as its authorized agent. The Bank is also subject to suit in competent courts in the Republic to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any Proceedings, to the fullest extent permitted by applicable law, the Bank irrevocably consents to the giving of any relief and the issue of any process in connection with such Proceedings, including, without limitation, the making, enforcement, or execution (against any assets whatsoever, irrespective of their uses or intended uses) of any order or judgement made or given in any such Proceedings, and, to the extent that the Bank may in any jurisdiction claim for itself or its assets, or have attributed to it or its assets, any right of immunity on the grounds of sovereignty from any legal action, suit or proceeding, the Bank hereby irrevocably agrees not to claim and waives such immunity to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. (a) The Bank shall without the consent of the holders of the Securities of a series be entitled at any time to substitute for itself any other company (a "substitute obligor") 100% of the shares or other equity interest carrying the right to vote of which are directly or indirectly owned by the Bank, as principal debtor in respect of all obligations arising from or in connection with the Securities of such series, provided that the substitute obligor is in a position to fulfill all payment obligations arising from or in connection with the Securities of such series without the necessity of any taxes or duties to be withheld at source, and to transfer any amounts which are required therefor to the Fiscal Agent without any restrictions, and provided further than the Bank irrevocably and unconditionally guarantees such obligations of the substitute obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of such substitution, any reference in this Security to the Bank shall from then on be deemed to refer to the substitute obligor, and any reference to the Republic shall from then on be deemed to refer to the country of domicile of the substitute obligor and any reference to the Bank under Section 8(c) hereof shall from then on be deemed to refer to the substitute obligor and the Bank in its capacity as guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Unless otherwise specified in the Fiscal Agency Agreement or this Security, whenever the Fiscal Agency Agreement or this Security requires that the Bank or the Fiscal Agent give notice to the registered holder(s) hereof, the Bank or the Fiscal Agent will cause such notice to be mailed by first-class mail to such holder at his address set forth the registrar maintained by the Fiscal Agent.