H.

The interest rate rk is defined as: In the above equation denotes the number of days of the period kpre of the TLTRO-III k and denotes the number of days of the period kpost of the TLTRO-III k. The interest rate applicable to each TLTRO-III k is calculated as follows: (1) For amounts borrowed in the first seven operations, that is, if k = 1,...,7: (a) If a participant equals or exceeds its benchmark net lending in the special reference period and in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLSpecial ≥ NLB, then ; (ii) during the additional special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLADSpecial ≥ NLB, then ; (iii) during the rest of the life of the respective TLTRO-III: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial ≥ NLB and NLADSpecial ≥ NLB, then . (b) If a participant equals or exceeds its benchmark net lending in the special reference period but does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLSpecial ≥ NLB, then ; (ii) during the additional special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the average of the deposit facility rate over the life of the respective TLTRO-III, that is if NLSpecial ≥ NLB and NLADSpecial < NLB, then ; (iii) during the rest of the life of the respective TLTRO-III: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial ≥ NLB and NLADSpecial < NLB , then . (c) If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB and EX ≥ 1,15, then iri = 100 % and ; (ii) during the additional special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLADSpecial ≥ NLB , then ; (iii) during the rest of the life of the respective TLTRO-III: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB, NLADSpecial ≥ NLB and EX ≥ 1,15, then iri = 100 % and (d) If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period, but exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB and EX ≥ 1,15, then iri = 100 % and ; (ii) during the additional special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLADSpecial < NLB, NLSpecial < NLB and EX ≥ 1,15, then iri = 100 % and ; (iii) during the rest of the life of the respective TLTRO-III: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB, NLADSpecial < NLB and EX ≥ 1,15, then iri = 100 % and (e) If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the period from the settlement date of the respective TLTRO-III until 23 June 2020: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is, if NLSpecial < NLB and 0 < EX < 1,15, then and ; (ii) during the special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the interest rate calculated according to point (i), that is: if NLSpecial < NLB and 0 < EX < 1,15, then and ; (iii) during the additional special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLADSpecial ≥ NLB, then ; (iv) during the period from 24 June 2022 until the maturity of the respective TLTRO-III or until its early repayment date: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB, NLADSpecial ≥ NLB and 0 < EX < 1,15, then . (f) If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period but exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is: if NLSpecial < NLB and 0 < EX < 1,15, then and ; (ii) during the additional special interest rate period: the lower of the average of the main refinancing operation rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is: if NLSpecial < NLB, NLADSpecial < NLB and 0 < EX < 1,15, then and ; (iii) during the rest of the life of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is, if NLSpecial < NLB, NLADSpecial < NLB and 0 < EX < 1,15, then and . (g) If a participant does not equal or exceed its benchmark net lending in the special reference period, does not exceed its benchmark outstanding amount in the second reference period, but equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the period from the settlement date of the respective TLTRO-III until 23 June 2020: the average of the main refinancing operation rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB and EX ≤ 0, then iri = 0 % and (ii) during the special interest rate period: the average of the main refinancing operation rate over that period minus 50 basis points, that is: if NLSpecial < NLB and EX ≤ 0, then ; (iii) during the additional special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLADSpecial ≥ NLB, then ; (iv) during the period from 24 June 2022 until the maturity of the respective TLTRO-III or until its early repayment date: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB, NLADSpecial ≥ NLB and EX ≤ 0, then . (h) If a participant does not equal or exceed its benchmark net lending in the special reference period or in the additional special reference period and does not exceed its benchmark outstanding amount in the second reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the special interest rate period: the average of the main refinancing operation rate over that period minus 50 basis points, that is: if NLSpecial < NLB and EX ≤ 0, then ; (ii) during the additional special interest rate period: the average of the main refinancing operation rate over that period minus 50 basis points, that is: if NLSpecial < NLB, NLADSpecial < NLB and EX ≤ 0, then ; (iii) during the rest of the life of the respective TLTRO-III: the average of the main refinancing operation rate over the life of the respective TLTRO-III, that is: if NLSpecial < NLB, NLADSpecial < NLB and EX ≤ 0, then iri = 0 % and (2) For amounts borrowed in the eighth or subsequent TLTROs-III, that is, if k = 8, 9 or 10: (a) If a participant equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the additional special interest rate period: the average of the deposit facility rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: if NLADSpecial ≥ NLB, then ; (ii) during the period from 24 June 2022 until the maturity of the respective TLTRO-III or until its early repayment date: the average of the deposit facility rate over the life of the respective TLTRO-III, that is: if NLADSpecial ≥ NLB, then (b) If a participant does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is: (i) during the additional special interest rate period: the average of the main refinancing operation rate over the respective period minus 50 basis points, that is: if NLADSpecial < NLB, then ; (ii) during the period from 24 June 2022 until the maturity of the respective TLTRO-III or until its early repayment date: the average of the main refinancing operation rate over the life of the respective TLTRO-III, that is: if NLADSpecial < NLB, then . The interest rate incentive adjustment (iri) is expressed by rounding to 15 decimal positions. The interest rates are expressed by rounding to 15 decimal positions. The final interest rate rk is expressed as an annual percentage rate, rounded down to the fourth decimal position.’