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CAIXABANK, S.A. (Incorporated As a Limited Liability Company (Sociedad Anonima) in Spain)

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CAIXABANK, S.A. (Incorporated As a Limited Liability Company (Sociedad Anonima) in Spain) CAIXABANK, S.A. (incorporated as a limited liability company (sociedad anonima) in Spain) EUR 594,300,000 Unsecured Mandatory Exchangeable Bonds due 2016 Exchangeable for existing shares in Repsol, S.A. The EUR 594,300,000 4.5 per cent. Mandatory Exchangeable Bonds due 2016 (the “Bonds”) of CaixaBank, S.A. (the “Issuer”) will be exchangeable into their respective entitlements to the Exchange Property (as defined herein), initially comprising 32,564,383.56 ordinary shares in Repsol, S.A. (“Repsol”) of EUR 1 par value each (the “Repsol Shares”) unless the Issuer shall have made a Cash Settlement Election (as defined herein), in which case holders of the Bonds (the “Bondholders”) shall be entitled to receive the relevant Cash Settlement Amount (as defined herein) in respect of the Exchange Property. The Bonds may be so exchanged either voluntarily at the option of the Bondholders or mandatorily by the Issuer, as described herein. The Exchange Property will be subject to adjustment from time to time as provided herein. See “Terms and Conditions of the Bonds – Exchange Property Adjustments”. Interest on the Bonds is payable at the rate of 4.5 per cent. per annum payable annually in arrear on 22 November in each year, commencing on 24 November 2014. In addition the Bondholders will receive on an annual basis the gross amount of any distribution in cash made with respect to the Repsol Shares. The Bonds will be exchangeable, at the option of the Bondholder (the “Exchange Right”) on or after 1 January 2014 until the day which is the 25th Barcelona Business Day (as defined herein) prior to the Maturity Date (as defined herein) (the “Exchange Period”) for the Minimum Exchange Ratio (as defined herein) of the Exchange Property per Bond, unless the Issuer shall have made a Cash Election. Unless otherwise previously exchanged, redeemed or purchased and cancelled, on 22 November 2016 (the “Maturity Date”) all outstanding Bonds will be mandatorily redeemed by delivery by, or on behalf of the Issuer on the relevant Settlement Date (as defined herein) to, or to the account of, the relevant Bondholders of the Maturity Exchange Ratio of the Exchange Property per Bond, unless the Issuer shall have made a Cash Election, in which case Bondholders shall be entitled to receive the relevant Cash Alternative Amount in respect of the Exchange Property. At any time during the Exchange Period, the Issuer may give notice to Bondholders in accordance with the Conditions to exchange their outstanding Bonds into Repsol Shares (and/or other property comprising the Exchange Property) by reference to the then prevailing Maximum Exchange Ratio (as defined herein) of the Exchange Property plus payment of the accrued Fixed Interest and the Make Whole Amount (subject to the Settlement Alternative Options (as defined herein)). This Prospectus has been approved by the Central Bank of Ireland (the “CBI”) in its capacity as competent authority under Directive 2003/71/EC, as amended (including the amendments made by Directive 2010/73/EU) (the “Prospectus Directive”). The CBI only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to Bonds that are to be admitted to trading on the regulated market of the Irish Stock Exchange (the “Main Securities Market”) or on another regulated market for the purposes of Directive 2004/39/EC (the “Markets in Financial Instruments Directive”) or that are to be offered to the public in any Member State of the European Economic Area. Application has been made to the Irish Stock Exchange (the “Irish Stock Exchange”) for Bonds to be admitted to its official list (the “Official List”) and trading on the Main Securities Market. The existing issued Repsol Shares are listed on the Madrid Stock Exchange and the Buenos Aires Stock Exchange. See “Description of Repsol and the Repsol Shares”. Neither the Bonds, nor the Repsol Shares have been or will be registered under the United States Securities Act of 1933 (the “Securities Act”) or with any securities regulatory authority of any jurisdiction. The Bonds have been offered in offshore transactions outside the United States in reliance on Regulation S (“Regulation S”) under the Securities Act 1 and, unless the Bonds are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available, may not be offered, sold or delivered within the Untied States or to or for the benefit of U.S. persons. The Bonds are unsubordinated and (subject to the provisions of Condition 3 (Negative Pledge)) unsecured obligations of the Issuer. Upon the insolvency of the Issuer the Bonds will rank pari passu among themselves and equally with all other unsecured and unsubordinated obligations of the Issuer (unless they qualify as subordinated claims pursuant to article 92 of Law 22/2003 (Ley Concursal) of 9th July, 2003 (the “Insolvency Law”) or equivalent legal provisions which replace it in the future, and subject to any applicable legal and statutory exceptions). An investment in Bonds issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors". Potential investors should note the statements on pages 89 to 95 regarding the tax treatment in Spain of income obtained in respect of the Bonds and the disclosure requirements imposed by Law 13/1985, of 25th May, 1985, as amended, on the Issuer. In particular, payments on the Bonds may be subject to Spanish withholding tax if certain information relating to the Bonds is not received by the Issuer in timely manner. References in this Prospectus to Bonds being “listed” (and all related references) shall mean that such Bonds have been admitted to trading on the Main Securities Market and have been admitted to the Official List of the Irish Stock Exchange. The Issuer has been rated BBB-, Baa3, BBB and A (low) (each of which has a negative outlook) by Standard & Poor’s Credit Market Services Europe Limited (“S&P”), Moody’s Investors Services España, S.A. (“Moody’s”), Fitch Ratings España, S.A.U. (“Fitch”) and DBRS Ratings Limited (“DBRS”). Each of Standard and Poor’s, Moody’s, Fitch and DBRS is established in the European Union and is registered under the Regulation (EC) No. 1060/2009 (as amended) (the “CRA Regulation”). As such each of S&P, Moody’s, Fitch and DBRS is included in the list of credit rating agencies published by the European Securities and Markets Authority (“ESMA”) on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. The Bonds are not rated. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. The date of this Prospectus is 18 December 2013. 2 IMPORTANT INFORMATION This Prospectus comprises a prospectus for the purposes of the Prospectus Directive. The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Prospectus shall be read and construed on the basis that such documents are incorporated and form part of this Prospectus. No person is or has been authorised by the Issuer to give any information or to make any representation not contained in or not consistent with this Prospectus or any other information supplied in connection with the Bonds and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer. Neither this Prospectus nor any other information supplied in connection with the Bonds (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer that any recipient of this Prospectus or any other information supplied in connection with the Bonds should purchase any Bonds. Each investor contemplating purchasing any Bonds should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other information supplied in connection with the issue of the Bonds constitutes an offer or invitation by or on behalf of the Issuer to any person to subscribe for or to purchase any Bonds. Neither the delivery of this Prospectus nor the offering, sale or delivery of the Bonds shall in any circumstances imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof. IMPORTANT INFORMATION RELATING TO THE USE OF THIS PROSPECTUS AND OFFERS OF BONDS GENERALLY This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Bonds in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this Prospectus and the offer or sale of Bonds may be restricted by law in certain jurisdictions. The Issuer does not represent that this Prospectus may be lawfully distributed, or that any Bonds may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering.
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