Iv. Norddeutsche Landesbank Girozentrale

This document compiles two base prospectuses relating to different categories of securities pursuant Art. 22 (6) of the Com- mission Regulation (EC) No 809/2004 of 29 April 2004 (the “Prospectus Regulation”): (i) the base prospectus concerning non-equity securities within the meaning of No. 4 of Article 22 (6) of the Prospectus Regulation (“Non-Equity-Securities”), and (ii) the base prospectus containing Pfandbriefe as non-equity securities within the meaning of No. 3 of Article 22 (6) of the Prospectus Regulation (together, the “Debt Issuance Programme Prospectus” or the “Prospectus”).

Prospectus Dated 18 May 2006

(incorporated as public law institution (Anstalt des öffentlichen Rechts) established under, and governed by, the laws of the Federal Republic of Germany and the Federal States (Bundesländer) of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen-Anhalt))

EUR 25,000,000,000 Programme for the Issuance of Debt Instruments

Under this EUR 25,000,000,000 Programme for the Issuance of Debt Instruments (the “Programme”) Norddeutsche Landes- bank Girozentrale (also referred to as “NORD/LB” or as “Issuer”) may from time to time issue instruments (including Pfand- briefe unless otherwise stated) (the “Instruments”) denominated in any currency (subject always to compliance with all legal and/ or regulatory requirements) as agreed between the Issuer and the relevant dealers as defined in the Prospectus (the “Dealers”). The Issuer has requested the Bundesanstalt für Finanzdienstleistungsaufsicht of the Federal Republic of Germany in its capacity as competent authority (the “Competent Authority”) to provide the Commission de Surveillance du Secteur Financier (“CSSF”) with a certificate of approval attesting that this Prospectus has been drawn up in accordance with the German Securities Prospectus Act (the “Wertpapierprospektgesetz”), which implements the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 into German Law (the “Notification”). The Issuer may request the Competent Authority to provide further competent authorities in additional host Member States within the European Economic Area with a Notifi- cation. The Issuer will make an application to list Instruments issued under the Programme on the regulated market (as defined by the Directive 2004/39/EC) of the Luxembourg Stock Exchange. Instruments issued under the Programme may be admitted to trading on the Luxembourg Stock Exchange. They may also be listed on an alternative stock exchange or may not be listed at all. Notice of the aggregate nominal amount of Instruments, interest (if any) payable in respect of the Instruments, the issue price of Instruments and any other terms and conditions not contained herein which are applicable to each issue of Instruments will be set forth in the final terms to the Instruments (the “Final Terms”). This Debt Issuance Programme Prospectus replaces and supersedes the Prospectus dated 17 October 2005 and all previous information memoranda relating to the Programme.

Arranger for the Programme NORDDEUTSCHE LANDESBANK GIROZENTRALE

Dealers BARCLAYS CAPITAL CITIGROUP COMMERZBANK CORPORATES & MARKETS CREDIT SUISSE DEUTSCHE BANK DRESDNER KLEINWORT WASSERSTEIN HSBC JPMORGAN MERRILL LYNCH INTERNATIONAL MORGAN STANLEY NOMURA INTERNATIONAL NORDDEUTSCHE LANDESBANK GIROZENTRALE UBS INVESTMENT BANK 2

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TABLE OF CONTENTS

Page I. SUMMARY ...... 5 1. SUMMARY OF THE RISK FACTORS ...... 5 2. SUMMARY OF THE PROGRAMME ...... 10 3. SUMMARY OF THE DESCRIPTION OF THE ISSUER ...... 11 4. SUMMARY OF THE INSTRUMENTS ...... 14

ZUSAMMENFASSUNG ...... 17 1. ZUSAMMENFASSUNG DER RISIKOFAKTOREN ...... 17 2. ZUSAMMENFASSUNG DES PROGRAMMS ...... 23 3. ZUSAMMENFASSUNG DER EMITTENTENBESCHREIBUNG ...... 24 4. ZUSAMMENFASSUNG DER WERTPAPIERBESCHREIBUNG ...... 27

II. RISK FACTORS ...... 31 1. RISK FACTORS RELATING TO THE ISSUER ...... 31 2. RISK FACTORS RELATING TO THE INSTRUMENTS ...... 34 2.a) General Risk Factors relating to the Instruments ...... 34 2.b) Specific Risk Factors relating to Product Group A Instruments ...... 35 2.c) Specific Risk Factors relating to Product Group B Instruments ...... 37 2.d) Specific Risk Factors relating to Product Group C Instruments ...... 40

III. RESPONSIBILITY ...... 41

IV. NORDDEUTSCHE LANDESBANK GIROZENTRALE ...... 42 1. Auditors ...... 42 2. General Information on the Issuer ...... 42 3. Business Overview ...... 44 4. Organisational Structure ...... 51 5. Information on Trends ...... 54 6. Management and Supervisory Bodies of NORD/LB ...... 55 7. Owners of NORD/LB ...... 61 8. Liability of Owners for obligations of NORD/LB ...... 61 9. Information on the Financial Position of the NORD/LB Group ...... 62

V. DESCRIPTION OF THE INSTRUMENTS TO BE ISSUED UNDER THE PROGRAMME ...... 64 1. PRODUCT GROUP A INSTRUMENTS ...... 64 1.a) Description of Product Group A Instruments ...... 64 1.b) Terms and Conditions ...... 70 1.c) Final Terms ...... 99 2. PRODUCT GROUP B INSTRUMENTS ...... 114 2.a) Description of Product Group B Instruments ...... 114 2.b) Terms and Conditions ...... 120 2.c) Final Terms ...... 153 3. PRODUCT GROUP C INSTRUMENTS ...... 169 3.a) Description of Product Group C Instruments ...... 169 3.b) Terms and Conditions ...... 171 3.c) Final Terms ...... 192 4

VI. GENERAL DESCRIPTION OF PFANDBRIEF MARKETS ...... 206

VII. TAXATION ...... 211

VIII. SUBSCRIPTION AND SALE ...... 219

IX. GENERAL INFORMATION ...... 223 1. Issue Procedures ...... 223 2. Interest of natural and legal persons involved in this issue ...... 224 3. Use of proceeds ...... 224 4. Authorisation ...... 224 5. Approval of this Prospectus and notification ...... 224 6. Availability of Documents ...... 225 7. Incorporation by Reference ...... 225 8. Stabilisation ...... 225 9. Important Notices about this Prospectus ...... 226

X. ANNEX Financial Statements 2005 of NORDL/LB and NORDL/LB Group ...... F 1 Balance sheet NORD/LB Group and income statement NORD/LB Group 1. January – 31. December 2005 . . . . . F 3 Cash flow statement NORD/LB Group ...... F 8 Segment report ...... F 10 Statement of charges in equity ...... F 15 Balance sheet NORD/LB Bank as at 31. December 2005 and income statement NORD/LB Bank 1. January 2005 - 31. December 2005 ...... F 16 Notes to the Group and Company accounts of Norddeutsche Landesbank Girozentrale as at 31. December 2005 ...... F 21 Auditors’ report ...... F 50 XI. NAMES AND ADRESSES ...... G 1-2 I. Summary 5

I. SUMMARY

The following constitutes a summary (the “Summary“) of the essential characteristics and risks associated with the Issuer and the Instruments to be issued under the Programme. This Summary should be read as an introduction to this Prospectus. Any decision by an investor to invest in the Instruments should be based on consideration of this Prospectus as a whole, any supplements thereto and the relevant Final Terms. Where a claim relating to the information contained in this Prospectus, any supplement thereto and the relevant Final Terms is brought before a court, the plaintiff investor might, under the applicable national legislation, have to bear the costs of translating the Prospectus, any supplement thereto and the relevant Final Terms before any legal proceedings are initiated. Civil liability attaches to those persons who have tabled this Summary including a translation thereof, and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus.

The following Summary does not purport to be complete and is taken from and qualified in its entirety by the remainder of this Prospectus and, in relation to a particular Series of Instruments, the relevant Final Terms. Expressions defined and used in the Securities Description and in the Terms and Conditions shall have the same meaning in this Summary.

1. SUMMARY OF THE RISK FACTORS

1.1 Summary of the Risk Factors relating to the Issuer Credit Risks and Risks Relating Together with some of its subsidiaries, NORD/LB, as a general commercial bank, conducts to Management Systems and their its business in the financing sector and is therefore subject to the risk that borrowers Implementation: and other contractual partners may be or become unable to meet their payment obligations towards NORD/LB. NORD/LB’s loan portfolio focuses, in particular, on shipping and aircraft finance, as well as private and corporate customers in Northern Germany, especially in the Brunswick region. The guidelines on risk management, risk management procedures and the associated evaluation methods at NORD/LB and its subsidiaries acting as financial institutions may prove to be inadequate for protection against specific risks, despite continual adjustments to changes of legal and market conditions. This also includes risks NORD/LB has not recognised or anticipated in the past or will not recognise or anticipate for the future. There is no guarantee that NORD/LB‘s methods for identifying, monitoring and controlling risks will always be sufficient and appropriate in the future. Any default by a major borrower or the occurrence of credit risks resulting from inadequate or inappropriate risk management systems could have a material adverse effect on the financial and asset position and the profitability of NORD/LB and therefore adversely affect its ability to fulfil its obligations towards investors under the Instruments issued.

Increased Exposure to NORD/LB and its Financial Sector Subsidiaries are exposed to market price risks due Market Price Risk: to their trading and investment activities. At NORD/LB, the interest rate risk, exchange rate risk and equity position risk as well as the volatility risk are also regarded as market price risks. NORD/LB has been active in the bond, foreign exchange and stock markets and has established corresponding trading portfolios and investment positions. In- dividual investment decisions are based on estimates and forecasts for future developments in the financial markets, as the success of such transactions mainly depends on market and price developments. In particular, complex capital market products are designed to generate income from market price movements and market price differences. 6 I. Summary

Should market disturbances arise, which lead to extreme distortions in the money markets and capital markets and were not anticipated or forecast by NORD/LB and its Financial Sector Subsidiaries, or should forecasts regarding market developments prove to be incorrect, this could have a negative effect on the financial and asset position and the profitability of NORD/LB and its Financial Sector Subsidiaries, and in extreme cases limit their ability to fulfil their obligations towards the investors under the Instruments.

Liquidity Risk As a participant in the capital market, NORD/LB is exposed to liquidity risk, i.e. the risk that it may not be able to meet its current or future payment obligations in time or in full or, in the event of a liquidity crisis, that it may only be able to raise funds at increased market rates or dispose of assets only at discounted rates. The legal framework conditions of NORD/LB have changed as a result of the abolition of the maintenance obligation and guarantor’s liability on 19 July 2005. For example, the joint and several liability of the owners for liabilities of NORD/LB ceased to exist as of this date. As a result, NORD/LB’s capital market rating suffered, making it more expensive to raise funds in the capital market. To avoid higher funding costs and to provide for future liquidity risks, NORD/LB secured the corresponding supply of liquidity for its future business activities through long-term liabilities. Furthermore, NORD/LB has a considerable volume of cover funds which can be used to issue covered securities, thereby raising further liquidity in the capital market. Should a downgrade in rating or other unforeseeable circumstances make it more difficult for NORD/LB to raise funds in the capital market and/or should the available resources not be sufficient for the continuation of business activities or should it not be possible to raise liquidity in the capital market using the cover funds available, the financial and asset position and the profitability of NORD/LB could be impaired, and in extreme cases its ability to fulfil its obligations towards investors under the Instruments could be limited.

Shareholder Risks NORD/LB has holdings in other companies and is therefore exposed to shareholder risks. Shareholder risks are understood at NORD/LB as risks of losses arising from providing equity capital to third parties and the provision of comfort in this regard. NORD/LB’s holding portfolio primarily consists of investments in other financial institutions and service providers which are directly related to the banking industry. To manage shareholder risks, NORD/LB’s holding portfolio is subject to ongoing critical review and adjustment. However, there can be no assurance that the procedures to manage shareholder risks are sufficient in all individual cases and that there are no unforeseen negative developments within an affiliate which lead to a reduction of the value of the affiliate and therefore have a negative effect on the financial and asset position and the profitability of NORD/LB, which would limit its ability to fulfil its obligations towards investors under the Instruments.

Although NORD/LB has taken precautions against operational risks, it cannot be ruled out that these may be insufficient in individual cases and the realization of such risk could have a negative effect on the financial and asset position and the profitability of NORD/LB, which would limit its ability to fulfil its obligations towards the investors under the Instruments issued.

Abolishment of Maintenance Maintenance Obligation (Anstaltslast) and Guarantee Obligation (Gewährträgerhaftung) Obligation and Guarantee Obligation: have been abolished for the time after 18 July 2005. Liabilities existing on 18 July 2001 will continue to be covered by the Guarantee Obligation until their maturity runs out. Liabilities existing by 18 July 2005 and created after 18 July 2001 will continue to be covered by the Guarantee Obligation under the condition that their maturity does not go beyond 31 December 2015. No such grandfathering apply to Instruments issued and offered pursuant to this Prospectus.

1.2 Summary of the General Risk Factors relating to all Instruments issued under this Programme Liquidity Risk of Instruments: The Instruments issued under this Programme may be listed or unlisted. Regardless of whether Instruments are listed or unlisted, there is no assurance that a liquid market for the Instruments will develop or, if existent, will continue to exist. A listing of Instru- ments on any stock exchange does not necessarily lead to greater liquidity. It is therefore not certain whether a holder will be able to sell the Instruments at any time and/or at fair market prices. The possibility to sell the Instruments might additionally be restricted by country specific regulations.

Currency Risk/Dual Currency Holders of Instruments denominated in a foreign currency and holders of Dual Currency Instruments: Instruments are exposed to risks due to fluctuating currency exchange rates, which may affect the value and the rate of return of such Instruments.

Risk of Early Redemption: If the Issuer has the right to redeem or to call the Instruments prior to the maturity date or if the Instruments are, due to the occurrence of an event set out in the terms and conditions, Instruments, redeemed prior to the maturity date, a holder of such Instruments is exposed to the risk that the yield will be lower than expected.

1.3 Summary of the Specific Risk Factors relating to Product Group A Intruments In addition to the general risk factors, the following specific risk factors apply to Product Group A Instruments. With the exception of Bond Reedemable Instruments, for Product Group A Instruments redemption at par value or at a specified percentage of their par value is guaranteed; therefore, the specific risk factors are mainly related to the payment of interest that prospective investors may receive. In the case of Bond Reedemable Instruments, Product Group A Instruments may also be redeemed by delivery of bonds at the option of the Issuer. For such Instruments, the redemption at par value is not guaranteed.

Fixed Rate Instruments/ The value of Fixed Rate Instruments generally depends on the market interest rate. Step-up/Step-down Instruments: A holder of such Instruments is exposed to the risk that the price for the Instruments falls due to an increase in the market interest rate. The same risk applies to Step-up/ Step-down Instruments if the market interest rates for comparable bonds are higher than the rates for such Instruments.

Zero Coupon Instruments: A holder of such Instruments is exposed to the risk that the price for the Instruments falls due to an increase in the market interest rate. Changes in the market interest rate have an even stronger impact on the price of Zero Coupon Instruments, as prices for 8 I. Summary

such Instruments are more volatile than prices for Fixed Rate Instruments due to the lack of annuall interest payments.

Floating Rate Instruments A holder of Floating Rate Instruments is exposed to the risk of fluctuating interest rate with or without a Cap: levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Instruments prior to redemption The interest rate for Floating Rate Instruments may be capped at a specified level. In the event of a cap, a holder will not benefit from the reference rate rising above the cap.

CMS Instruments A holder of Constant-Maturity-Swap Instruments is exposed to the risk of fluctuating with or without a Cap: swap rate levels and an uncertain interest income, which makes it impossible to determine the yield of this Instrument in advance. If the level of the swap rate is capped at a specified level, the yield of the Constant- Maturity-Swap Instruments may be lower than the yield of similar structured Instruments without a cap.

Range Accrual Instruments: The interst rate level for floating interest periods of Range-Accrual Instruments will be influenced by several factors. Relevant factors are the base value, whose development dictates the interest rate, as well as the stipulated range or threshold for the reference value. A holder of such Instruments is exposed to the risk of a fluctuating base value, which impacts the interest rate for the relevant interest period. The interest rate decreases, the lesser the number of interest determination dates during an observation period on which the reference interest rate lies within the stipulated range or threshold. Strong fluctuations of the base value within the respective Interest Period may result in a lower interest rate and a lower yield for Range Accrual Instruments than for Instru- ments without this structure or even result in no interest income for the holder for one or several floating rate interest periods. In the worst case, the Instruments may bear no interest for all floating rate interest periods.

Instruments with a redemption A holder of Instruments with a redemption at par value or by delivery of bonds at the at par value or by delivery of bonds option of the Issuer is exposed to the risk that if bonds are delivered, there is no at the option of the Issuer: assurance that there will be a market for these bonds, which may be listed or unlisted. The proceeds from a sale of these bonds may be lower than the invested capital and the holder may incur a loss.

1.4 Summary of the Specific Risk Factors relating to Product Group B Instruments In addition to the aforementioned summarised general risk factors and the summarised risk factors relating to Product Group A Instruments, the following summarised risk factors apply to Product Group B Instruments. Since for Product Group B Instru- ments the redemption at par value may not be guaranteed, the specific risk factors are mainly related to the payment of redemption. Prospective investors should be aware that they may face a loss of all or part of their investment. Product Group B comprises Instruments that are linked to an index or to equities as well as Instruments which, at the option of the Issuer, may be redeemed at par value or against delivery of shares. Further Product Group B Instruments comprise Range-Accrual Instru- ments, whose floating interest rate depends on a base value, for example a share index.

Index Linked Instruments: An investment in Index Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed-rate debt security. If the interest rate of Index Linked Interest Instruments is linked to an index, other factor and/or formula, it I. Summary 9

may result in an interest rate that is less than that payable on a conventional fixed-rate debt security issued at the same time, including the possibility that no interest will be paid, and if the redemption amount of Index Linked Redemption Instruments is linked to an index, other factor and/or formula, the principal amount payable at maturity may be less than the invested capital, including the possibility that no redemption will be paid. Investors should be aware that the market price of Index Linked Instruments may be highly volatile (depending on the volatility of the relevant index, other factor and/or formula). The past performance of the relevant index, other factor and/or formula should not be taken as an indication of the future performance of such index, other factor and/or formula during the term of Index Linked Instruments.

Equity Linked Instruments: An investment in Equity Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed-rate debt security. If the interest rate of Equity Linked Interest Instruments is linked to equities and/or a formula, it may result in an interest rate that is less than that payable on a conventional fixed-rate debt security issued at the same time, including the possibility that no interest will be paid, and if the redemption amount of Equity Linked Redemption Instruments is so linked to equities, the redemption amount payable at maturity may be less than the invested capital; including the possibility that no principal will be paid. Investors should be aware that the market price of Equity Linked Instruments may be highly volatile (depending on the volatility of the relevant equities). The past performance of the relevant equities and/or formula should not be taken as an indication of future performance of such equities and/or formula during the term of Equity Linked Instruments.

Instruments with a redemption at A holder of Instruments with a redemption at par value or by delivery of shares at the par value or by delivery of shares option of the Issuer is exposed to the risk of a decrease in the price of the shares. If at the option of the Issuer: in this situation the Issuer redeems the Instruments against delivery of shares, a loss may occur amounting to the difference between the invested capital and the aggregate market value of the shares per Instrument delivered at maturity.

Potential Conflict of Interest in Independent business area’s of the Issuer, the Dealer(s) or any of their respective Respect of the Underlying Value: affiliates may independently do business with companies that might be issuers of an underlying of an Instrument or issuers of equities included in an index to which Instru- ments are linked. The decision of these business areas may have an influence on the underlying value.

1.5 Summary of the Specific Risk Factors relating to Product Group C Instruments The redemption of Product Group C Instruments at par value is guaranteed. Therefore, the same specific risk factors as described in Product A Instruments shall apply, with exception of the risk factor relating to Bond Redeemable Instruments. 10 I. Summary

2. SUMMARY OF THE PROGRAMME

Issuer: Norddeutsche Landesbank Girozentrale

Arranger: Norddeutsche Landesbank Girozentrale

Dealers: Barclays Bank PLC, Citigroup Global Markets Limited, Commerzbank AG, Credit Suisse Securities (Europe) Limited, Deutsche Bank Aktiengesellschaft, Dresdner Bank Aktien- gesellschaft, HSBC Bank plc, J.P. Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co. International Limited, Nomura International plc, Norddeutsche Landesbank Girozentrale, UBS Limited and any other dealer appointed from time to time by the Issuer in relation to a particular Series of Instruments.

Fiscal Agent: Fortis Banque Luxembourg S.A.

Paying Agent: Fortis Banque Luxembourg S.A., Norddeutsche Landesbank Girozentrale and other institutions, all as indicated in the applicable Final Terms.

Listing Agent: Fortis Banque Luxembourg S.A. as to the listing on the Luxembourg Stock Exchange

Programme Amount: EUR 25,000,000,000 (or its appropriate equivalent in other currencies).

Method of Issue: Instruments will be issued on a continuous basis in Tranches (each a “Tranche”), each Tranche consisting of Instruments which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a Series (the “Series”) of Instruments. Further Instruments may be issued as part of existing Series. The specific terms of each Tranche (which will be supplemented, where necessary, with supple- mental terms and conditions) will be set forth in the relevant Final Terms.

Final Terms: The Final Terms determine the contractual terms of a specific Series by supplementing, completing and/ or replacing the terms and conditions of each Series and contain the information items describing the specific Series for example by preparing an annex.

Distribution: Instruments may be distributed by way of private or public offerings and, in each case, on a syndicated or non-syndicated basis. The method of distribution of the Instruments will in each case be stated in the relevant Final Terms.

Maturities: There is no minimum nor maximum maturity and Instruments may be issued with no specified maturity date provided, however, that Instruments will only be issued in compliance with all applicable legal and/or regulatory requirements.

Taxation: Payments in respect of any Instruments will be made without withholding in respect of taxes, contribution or fees imposed, levied or collected by or on behalf of the jurisdiction of incorporation of the Issuer or, if such taxes are required to be withheld, will (subject to the exceptions set out therein) be increased as described in the Section “Withholding Tax” of the terms and conditions. I. Summary 11

Use of proceeds: The net proceeds of the issue of each Series of Instruments will be used by the Issuer for the general financing of its activities.

Clearing and Settlement: Instruments will be accepted for clearing through Clearing Systems as specified in the applicable Final Terms. Clearing Systems may be Clearstream Frankfurt, Clearstream Luxembourg, Euroclear, or any other clearing system specified in the applicable Final Terms.

Governing Law: German Law

Jurisdiction: Hanover is the place of performance with regard to the Instruments. For all merchants (Kaufleute) within the meaning of the German Commercial Code, legal persons under public law, special government funds (öffentlich-rechtliche Sondervermögen) and persons without a general place of jurisdiction in the Federal Republic of Germany, Hanover is the non-exclusive place of jurisdiction for all disputes arising under the matters regulated in the terms and conditions.

Selling Restrictions: For a description of certain restrictions on offers, sales and deliveries of Instruments and on the distribution of offering material in Germany, the United States of America, the United Kingdom, Japan, France, the European Economic Area and Italy, see the information in “Subscription and Sale”. Further restrictions may be required in connection with any particular Series of Instruments and will be specified in the applicable Final Terms.

3. SUMMARY OF THE DESCRIPTION OF THE ISSUER

Name: Norddeutsche Landesbank – Girozentrale –

Legal Form: Institution under German public law having legal capacity (rechtsfähige Anstalt des öffentlichen Rechts) in the federal states of Lower Saxony (Niedersachsen), Saxony- Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpom- mern); registered at the Hanover Municipal Court (Amtsgericht) under HR A26247

Registered Offices: Hanover, Brunswick, Magdeburg

Administrative head Office: Hanover

Governing Bodies: Management Board, Supervisory Board and Owners’ Meeting

Members of the Management Board:Dr. Hannes Rehm, Chairman Dr. Hans Vieregge, Vice Chairman Jürgen Kösters Dr. Gunter Dunkel Dr. Jürgen Allerkamp Dr. Johannes-Jörg Riegler 12 I. Summary

Supervisory Board: The members of the Supervisory Board are determined in the Statutes of the Issuer.

Owners: The federal states of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen-Anhalt), the Savings Banks Association of Lower Saxony (Niedersächsischer Sparkassen- und Giroverband) (the “SVN”), the Savings Banks Holding Association of Saxony-Anhalt (Sparkassenbeteiligungsverband Sachsen-Anhalt) (the “SBV”) and the Special Purpose Savings Banks Holding Association of Mecklenburg-Western Pomerania (Sparkassen- beteiligungszweckverband Mecklenburg-Vorpommern) (the “SZV”). The Owners delegate their members in accordance with the provisions of the Issuer’s Articles of Association to the Owners’ meeting.

Remit: The Issuer is the state bank (Landesbank), central bank for the savings bank (Sparkassen- zentralbank) and the state savings bank in the Brunswick (Braunschweig) region (Braun- schweigische Landessparkasse).

Business Areas: The Issuer acts as general commercial bank (Geschäftsbank) in the following five main business areas: - Savings Bank Network Within the savings bank network with currently 66 savings banks in the states of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen-Anhalt) and Mecklenburg Western Pomerania (Mecklenburg-Vorpommern), the savings banks are provided with all products and services they require as direct customer or to complete their product range in their core business areas in private customer business, small and medium-sized corporate customer business, as well as in the municipal and agricultural lending business. Syndicated lending business is a special focus of the Bank`s Network business. NORD/LB advises on and also offers to the corporate customers of the savings banks new forms of financing. The savings banks are offered money and capital market products, derivatives and funding business as direct customers. - Retail In the main business area Retail, the NORD/LB Group’s operations comprise business with medium-sized enterprises, as well as private and business customers with concentration on the states of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen- Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern). This business area is divided into “Private and Commercial Customers” and “Corporate Customers”. NORD/LB acts as a full service provider vis-à-vis its medium-sized Cor- porate Customers, offering a full range of banking services. Private and Commercial Customer business is mainly carried out in the Brunswick region. The product range includes all NORD/LB’s standard banking products and services. - Special Financing In this area, the Issuer focuses on: - Ship Financing (financing on modern and market-standard tonnage) and Aircraft Financing (financing of regional aircraft and short, medium and long-haul aircraft, which conform to the latest noise and pollution regulations) - Real-Estate Banking (financing large-volume commercial properties and real estate portfolios in Germany and abroad) I. Summary 13

- Leasing Financing (providing finance to leasing companies, financing volume leasing structures relating to movables and property and the purchase of portfolios of small leasing receivables) - Corporate and Structured Finance (export and trade finance, project finance, other structured finance of financial engineering, asset-backed transactions as well as on-balance sheet loans) - Investment Banking The Investment Banking is responsible for selling money market, foreign exchange and capital market products, as well as, generating market access for these products and manages market price risks for the Bank as a whole. Within NORD/LB the business segment Investment Banking is located in Hanover as well as in the branches London, New York and Singapore. - Promotional Funding The promotional funding has a strict task orientation, i.e. the promotional funding is neutral in competition and not profit-oriented. The promotional funding covers agricultural, business, infrastructure and housing and urban projects and other development programmes that are financed on instruction by the state owners with funds from the EU, the Federal Government and the federal states, as well as public refinancing funds, e.g. the European Investment Bank or KfW. Group Structure: The Issuer is the parent company of the NORD/LB Group with its own business activities. Subsidiaries are, inter alia the Bremer Landesbank Kreditanstalt Oldenburg – Giro- zentrale –, Bremen, Norddeutsche Landesbank Luxembourg S.A., Luxembourg, Öffentliche Lebensversicherung Braunschweig, Braunschweig, and the Öffentliche Sachversicherung Braunschweig, Braunschweig, which are included in the consolidated accounts of the Issuer.

Selected important Events occuring recently as Part of the Issuer`s Business Activity Abolition of Maintenance Obligation On the basis of an understanding between the Federal Republic of Germany and the (Anstaltslast) and Guarantee EU-Commisssion of 17 July 2001 (the “Understanding”), the Guarantee Obligation Obligation (Gewährträgerhaftung): (Gewährträgerhaftung), i.e. the liability of the Owners for the liabilities of public-sector financial institutions, was abolished after a transitional period from 19 July 2001 to 18 July 2005. At the same time, the Maintenance Obligation (Anstaltslast), i.e. the obligation of public authorities to provide their companies with, among other things, the necessary financial resources to fulfill their duties, has been replaced by a conventional commercial owner relationship between the relevant financial institution and its Owners. Under grandfathering provisions, in respect of liabilities that were agreed before 19 July 2001 the Guarantee Obligation applies until their maturity; for liabilities agreed between 19 July 2001 and 18 July 2005 (inclusive), this applies subject to this being no later than 31 December 2015. The grandfathering provisions do not apply to liabilities entered into after 18 July 2005 and thus do not apply on Instruments issued under this Prospectus. As a result of the Understanding, German public sector financial institution, including NORD/LB, are subject to the same regulations in the event of insolvency as German private financial institutions. 14 I. Summary

Bank DnB NORD A/S In mid-2005 NORD/LB and DnB NOR Bank ASA decided to intensify their activities in Finland, Denmark, Poland and the Baltic States of Estonia, Latvia and Lithuania by a joint-venture, Bank DnB NORD A/S. NORD/LB brought its subsidiaries in Latvia, Lithuania and Poland, into DnB NORD A/S in November 2005, its branch in Helsinki/Finland in February 2006 and its Danish corporate customer loan portfolio in January 2006. NORD/LB holds 49 per cent. of the shares in DnB NORD A/S and DnB NOR Bank ASA is the majority shareholder with 51 per cent. of the shares. NORD/LB has thus deconsolidated its previous business activities in the North East Europe region.

Rating for Unsubordinated Aa3 by Moody’s Investors Limited, A by Fitch Ratings Limited and A by Standard and Long Term Liabilities of the Issuer: Poor’s Ratings Services

Applicable Law: German law

Business Address: NORD/LB, Friedrichswall 10, 30159 Hanover Tel.: + 49 (0) 511 / 361 – 0

Website: www.nordlb.de

4. SUMMARY OF THE INSTRUMENTS

Instruments: For purposes of clarification, Instruments which may be issued by the Issuer under this Programme, have been seperated into three product groups: Product Group A Instruments comprise Instruments with guaranteed redemption at par value or at least at a specified percentage of their par value or Instruments which, at the option of the Issuer, may be redeemed in cash or by delivery of a fixed number of bonds. Product Group A Instruments may be issued, for example, as Fixed Rate Instruments, Zero Coupon Instruments, Dual Currency Instruments, Step-up/Step-down Instruments, Floating Rate Instruments with and without cap, Constant Maturity Swap Instruments and Range Accrual Instruments as well as combinations thereof. Product Group B comprise Instruments for which the payment of interest or the redemption is linked to an index or to equities as well as Instruments which, at the option of the Issuer, may be redeemed at par value or against delivery of shares; a redemption of the Instruments at par value may not be guaranteed. Product Group C Instruments consists of Pfandbriefe issued as covered Instruments either as result of claims against mortgages as mortgage Pfandbriefe (Hypotheken- pfandbriefe) (“Mortgage Pfandbriefe”) or claims against public sector bodies as public sector Pfandbriefe (Öffentliche Pfandbriefe) (“Public Sector Pfandbriefe”) and which will be redeemed at their par value at maturity.

Form of Instruments: Instruments are issued in bearer form. The Issuer will deliver a temporary global note, or (if so specified in the relevant Final Terms in respect of Instruments governed by German law to which U.S. Treasury Regu- lation Section 1.163-5(c)(2)(i)(C) applies) a permanent global note. Such global note will be deposited on or before the relevant issue date therefore with a depositary or a I. Summary 15

common depositary for Euroclear, Clearstream Luxembourg, Clearstream Frankfurt and/or any other relevant clearing system. Such temporary global note will be exchangeable for a permanent global note or, if so specified in the relevant Final Terms, for notes in definitive bearer form (not applicable to Product Group B Instruments and Product Group C Instruments) on or after the date which is forty days after the completion of the distribution of the Instruments of the relevant Series and provided certification as to the beneficial ownership thereof as required by U.S. Treasury regulations (substantially in the form set out in the temporary global note or in such form as is customarily issued in accordance with the regulations of the relevant clearing systems) has been received. Instruments in definitive bearer form will, if interest-bearing, have interest coupons attached. Product Groups B and C Instruments will not be issued in definitive bearer form. The Issuer may also issue Instruments in electronic form if permitted by law. As of 30 June 2006, the "Classical Global Notes" as described above may be replaced by “New Global Notes”, which will be deposited directly with Euroclear and Clearstream Luxembourg as common safekeepers, if Instruments shall be eligible collateral. The Final Terms will specifiy whether the Instruments are issued as Classical Global Notes or New Global Notes.

Status and Ranking: Instruments may be issued on a subordinated or an unsubordinated basis, in each case as specified in the Final Terms. Instruments issued on an unsubordinated and unsecured basis will rank pari passu without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Issuer, present and future, except liabilities having prior ranking by law. Instruments issued on a subordinated basis will rank pari passu without any preference among themselves and otherwise as specified in the terms and conditions. In the event of the liquidation or bankruptcy of the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer. Product Group A Instruments are only be issued on a subordinated basis. Pfandbriefe/Product Group C Instruments will constitute unsubordinated obligations ranking pari passu among themselves and (i) in the case of Public Sector Pfandbriefe at least pari passu with all other obligations of the Issuer under Public Sector Pfand- briefe and (ii) in the case of Mortgage Pfandbriefe at least pari passu with all other obligations of the Issuer under Mortgage Pfandbriefe. Pfandbriefe are covered, however, by separate pools of public sector loans (in the case of Public Sector Pfandbriefe) or mortgage loans (in the case of Mortgage Pfandbriefe).

Redemption: Product Group A Instruments: Instruments will be redeemed on the maturity date at their par value or at least as a specified percentage of their par value or, at the option of the Issuer, by delivery of a fixed number of bonds. Product Group B Instruments comprises Instruments that are linked to an index or to equities as well as Instruments which, at the option of the Issuer, are redeemed at par value or against delivery of shares; a redemption of the Instruments at par value may not be guaranteed. 16 I. Summary

Product Group C Instruments: Pfandbriefe are redeemed on the maturity date at their par value.

Early Redemption: Early redemption will be permitted for taxation reasons. Unsubordinated Instruments may also be redeemed early, if the Issuer exercises its right to require an early redemption of the Instruments or – in case of Product Group A Instruments and Product Group B Instruments only – if the holder of the Instruments exercises its right to require an early redemption of the Instruments, if so specified in the relevant Final Terms. The Final Terms may also specify the redemption amount and if applicable the determination of the redemption amount, which is especially relevant for Product Group B Instruments. In the event that call and/or put options are applicable to any Instruments, the details thereof (including notice periods) will be set out in the applicable Final Terms. Calls/puts will in all cases be subject to any legal and/or regulatory requirements providing for minimum maturities for an issue denominated in a specific currency.

Interest: Instruments may be either interest bearing at fixed or floating rates or non-interest bearing. In case of floating rate interest the rate of interest may depend on the development of a reference interest rate (i.e. EURIBOR, LIBOR), of a reference value (i.e. Foreign Currency Exchange Rate, Value of Gold, also EURIBOR or LIBOR), of swap rate(s) or an index or equities and will in each case be determined for the relevant interest periods as specified in the Final Terms. In the case of Step-up and Step-down Instru- ments the rate of interest may be adjusted at each agreed date, as set out in the applicable Final Terms. Additionally the interest rate may be limited to a maximum amount or a minimum amount or both.

Denominations: Instruments will be issued in such denominations as may be specified in the relevant Final Terms, subject to compliance with all applicable legal or regulatory requirements.

Currencies: Instruments may be denominated in any currency or currencies subject to compliance with all applicable legal or regulatory requirements and as further specified in the relevant Final Terms. Payments in respect of Instruments may, subject to compliance as aforesaid, be made in, and/or linked to, any currency or currencies other than the currency in which such Instruments are denominated.

Issue Price: Instruments may be issued at par or at a discount or premium to par as stated in the relevant Final Terms.

Negative Pledge: None

Cross Default: None

Events of Default: The terms and conditions of unsubordinated Product Group A Instruments and Product Group B Instruments provide for events of default entitling holders to demand immediate redemption of the Instruments. The relevant redemption amount will be specified in the applicable Final Terms.

Product Group C Instruments will not provide for any event of default entitling holders to demand immediate redemption of the Instruments. I. Zusammenfassung 17

I. ZUSAMMENFASSUNG

Der folgende Abschnitt stellt die Zusammenfassung (die “Zusammenfassung”) der wesentlichen mit der Emittentin und den unter dem Programm zu begebenden Schuldverschreibungen verbundenen Merkmale und Risiken dar. Die Zusammenfassung ist als Einleitung zu dem Prospekt zu verstehen. Der Anleger sollte jede Entscheidung zur Anlage in die Schuldverschreibungen auf die Prüfung des gesamten Prospektes, etwaiger Nachträge hierzu und der maßgeblichen Endgültigen Bedingungen stützen. Wenn vor einem Gericht Ansprüche aufgrund der in diesem Prospekt, einem etwaigen Nachtrag oder den Endgültigen Bed- ingungen enthaltenen Informationen geltend gemacht werden, könnte der als Kläger auftretende Anleger aufgrund anwend- barer einzelstaatlicher Rechtsvorschriften die Kosten für die Übersetzung des Prospektes, etwaiger Nachträge und der maß- geblichen Endgültigen Bedingungen vor Prozessbeginn zu tragen haben. Diejenigen Personen, die die Zusammenfassung einschließlich einer Übersetzung der Zusammenfassung vorgelegt haben und deren Notifizierung beantragt haben, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospektes gelesen wird.

Die Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit. Die ihr zugrunde liegenden Informationen wurden den übrigen Teilen des Prospekts entnommen, welche zusammen mit den in Bezug auf eine Serie relevanten Endgültigen Bedingungen den inhaltlichen Rahmen für den Inhalt der Zusammenfassung vorgeben. Begriffe, die in den Wetpapier- beschreibungen und in den Anleihebedingungen definiert oder verwendet werden, haben die gleiche Bedeutung in der Zusammenfassung.

1. ZUSAMMENFASSUNG DER RISIKOFAKTOREN

1.1 Zusammenfassung der Risikobeschreibung der Emittentin

Kreditrisiken und Risiken im Die NORD/LB ist als allgemeine Geschäftsbank zusammen mit einigen ihrer Tochter- Zusammenhang mit Manage- gesellschaften aktiv im Finanzierungsbereich tätig und daher dem Risiko ausgesetzt, mentsystemen und deren dass Kreditnehmer und andere Vertragspartner nicht in der Lage sind oder zukünftig Umsetzung nicht in der Lage sein werden, ihre Zahlungsverpflichtungen gegenüber der NORD/LB- Gruppe zu erfüllen. Besondere Schwerpunkte des Kreditportfolios der NORD/LB liegen in der Schiffs- und Flugzeugfinanzierung sowie im Privat- und Firmenkundengeschäft in Norddeutschland, hier im speziellen in der Region Braunschweig. Die Richtlinien zur Risikosteuerung, Risikosteuerungsverfahren sowie entsprechende Bewertungsmethoden der NORD/LB und ihrer als Kreditinstitut tätigen Tochtergesell- schaften könnten sich trotz fortlaufender Anpassung an sich verändernde rechtliche Rahmen- sowie Marktbedingungen als unzulänglich zur Abschirmung gegen einzelne Risiken erweisen. Dies schließt auch solche Risiken ein, welche die NORD/LB in der Vergangenheit nicht erkannt oder erwartet hat oder in Zukunft nicht erkennen oder erwarten wird. Es gibt keine Gewähr dafür, dass sich die Methoden der NORD/LB zur Erkennung, Überwachung und Beherrschung von Risiken in Zukunft in jedem Fall als genügend und angemessen erweisen werden. Jeder Ausfall von Kreditnehmern mit großvolumigen Krediten oder der Eintritt von Kreditrisiken infolge von Unzulänglichkeiten oder Unangemessenheiten des Risikom- anagementsystems könnte erhebliche nachteilige Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB zur Folge haben und damit ihre Fähigkeit beeinträchtigen, ihre Verpflichtungen im Rahmen der Schuldverschreibun- gen gegenüber den Anlegern zu erfüllen. 18 I. Zusammenfassung

Erhöhte Marktpreisrisiken Die NORD/LB und ihre im Finanzsektor aktiven Tochtergesellschaften sind aufgrund ihrer Handels- und Investitionsaktivitäten Marktpreisrisiken ausgesetzt. Die NORD/LB versteht unter Marktpreisrisiken das Zins-, Währungs- und Aktienrisiko sowie das Volatilitätsrisiko. Die NORD/LB war bereits in der Vergangenheit im Renten-, Devisen- und Aktienmarkt engagiert und hat entsprechende Handelsbestände und Anlage- positionen aufgebaut. Den jeweiligen Investitionsentscheidungen liegen Einschätzungen und Prognosen über künftige Entwicklungen der Finanzmärkte zugrunde, da der Erfolg solcher Geschäfte überwiegend von Marktbewegungen und Kursverläufen abhängt. Insbesondere komplexe Kapitalmarktprodukte sind darauf angelegt, aus Marktpreis- bewegungen und Marktpreisdifferenzen Erträge zu generieren. Sollte es zu Marktstörungen kommen, die zu extremen Verwerfungen in den Geld- und Kapitalmärkten führen und die von der NORD/LB und ihren Tochtergesellschaften nicht erwartet bzw. prognostiziert werden konnten, oder Fehleinschätzungen über Marktentwicklungen eingetreten sein, kann es zu nachteiligen Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB und ihrer Tochtergesellschaften kommen, die im Extremfall ihre Fähigkeit beeinträchtigen, ihre Verpflichtungen aus den Schuldverschreibungen gegenüber den Anlegern erfüllen zu können.

Liquiditätsrisiko Die NORD/LB ist als Kapitalmarktteilnehmer dem Liquiditätsrisiko ausgesetzt, d.h. dem Risiko, gegenwärte oder zukünftige Zahlungsverpflichtungen möglicherweise nicht zeitgerecht oder nicht in voller Höhe erfüllen zu können oder im Falle einer Liquiditätskrise die Mittelbeschaffung nur zu erhöhten Marktsätzen vornehmen bzw. Aktiva nur mit Abschlägen zu den Marktpreisen veräußern zu können. Die rechtlichen Rahmenbedingungen der NORD/LB haben sich durch den Wegfall von Anstaltslast und Gewährträgerhaftung zum 19. Juli 2005 verändert. So ist ab diesem Zeitpunkt die gesamtschuldnerische Haftung der Träger für Verbindlichkeiten der NORD/LB entfallen. Als Konsequenz hieraus hat sich das Kapitalmarktrating der NORD/LB verschlechtert hat und sich damit die Liquiditätsbeschaffung am Kapitalmarkt verteuert. Zur Vermeidung höherer Refinanzierungskosten und als Vorsorge vor künftigen Liqui- ditätsrisiken hat die NORD/LB durch entsprechende Bevorratung mit langfristigen Passivmitteln Liquidität für ihre zukünftigen Geschäftsaktivitäten gesichert. Desweiteren verfügt die NORD/LB in erheblichem Umfang über Deckungsmasse, die zur Emission gedeckter Wertpapiere und damit zur Aufnahme weiterer Liquidität am Kapitalmarkt dienen kann. Sollten eine Ratingverschlechterung oder andere, nicht vorhersehbare Umstände die Mittelaufnahme der NORD/LB am Kapitalmarkt erschweren und/oder die bevorrateten Mittel für die Weiterführung der Geschäftsaktivitäten nicht ausreichen bzw. anhand der vorhandenen Deckungsmasse keine Liquidität am Kapitalmarkt mehr aufgenommen werden können, kann dies nachteilige Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB haben und im Extremfall ihre Fähigkeit beeinträchtigen, ihre Verpflichtungen aus den Schuldverschreibungen gegenüber den Anlegern erfüllen zu können.

Anteilseignerrisiko Die NORD/LB verfügt über Beteiligungen und ist damit dem Anteilseignerrisiko ausgesetzt. Unter Anteilseignerrisiken versteht die NORD/LB Verluste, die aus der Zurver- fügungstellung von Eigenkapital an Dritte und der damit verbundenen Sicherheiten- leistungen entstehen können. Das Beteiligungsportpolio der NORD/LB besteht I. Zusammenfassung 19

größtenteils aus Engagements an anderen Kredit- und Finanzinstituten bzw. Dienst- leistern, die einen direkten Bezug zum Bankgeschäft haben. Zur Steuerung ihres Anteilseignerrisikos unterzieht die NORD/LB ihr Beteiligungsportfolio fortlaufend einer kritischen Bestandsaufnahme und nimmt Veränderungen des Bestandes vor. Es gibt jedoch keine Gewähr dafür, dass die Verfahren zur Steuerung ihrer Anteils- eignerrisiken im Einzelfall ausreichen und unvorhergesehene negative Entwicklungen innerhalb von Beteiligungsunternehmen zu einer Verringerung des Beteiligungsansatzes und damit zu nachteiligen Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB führen, die ihre Fähigkeit beeinträchtigen, ihre Verpflichtungen aus den Schuldverschreibungen gegenüber den Anlegern erfüllen zu können.

Operationelle Risiken Die NORD/LB und ihre Tochtergesellschaften sind als Wirtschaftsunternehmen opera- tionellen Risiken, d.h. der Gefahr von Schäden, die infolge der Unangemessenheit oder des Versagens von internen Abläufen, Mitarbeitern oder Technologie oder durch externe Einflüsse eintreten, einschließlich Rechtsrisiken sowie Reputationsrisiken als Folge- und Sekundärrisiken. Obwohl die NORD/LB Vorsorge gegen operationelle Risiken getroffen hat, ist nicht auszuschließen, dass diese im Einzelfall nicht ausreichen und der Eintritt des Risikos negative Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB hat und damit ihre Fähigkeit beeinträchtigen kann, ihre Verpflichtungen aus den Schuld- verschreibungen gegenüber den Anlegern erfüllen zu können.

Wegfall von Anstaltslast Die Anstaltslast und die Gewährträgerhaftung sind mit Ablauf des 18. Juli 2005 ab- und Gewährträgerhaftung: geschafft worden. Sämtliche Verbindlichkeiten, die am 18. Juli 2001 existierten, werden bis zu ihrer Endfälligkeit von der Gewährträgerhaftung erfasst. Für Verbindlichkeiten, die nach dem 18. Juli 2001 und bis zum Ablauf des 18. Juli 2005 entstanden sind, werden weiterhin von der Gewährträgerhaftung erfasst, sofern ihre Endfälligkeit den 31. Dezember 2015 nicht überschreitet. Diese „Grandfathering“-Regelungen finden keine Anwendung auf Wertpapiere, die unter diesem Prospekt emittiert und angeboten werden.

1.2 Zusammenfassung der allgemeinen Risikofaktoren in Bezug auf alle Schuldverschreibungen, die unter dem Programm begeben werden Liquiditätsrisiko von Schuld- Die Schuldverschreibungen, die unter diesem Programm begeben werden, können verschreibungen: börsennotiert oder nicht börsennotiert sein. Unabhängig davon, ob die Schuldver- schreibungen börsennotiert oder nicht börsennotiert sind, gibt es keine Gewähr, dass sich ein liquider Markt für die Schuldverschreibungen entwickelt, oder, falls ein solcher bereits existiert, dass dieser weiter fortbestehen wird. Eine Notierung von Schuldver- schreibungen an einer Börse führt nicht zwangsläufig zu höherer Liquidität. Daher gibt es keine Gewissheit, ob ein Inhaber seine Schuldverschreibungen jederzeit und/oder zu einem fairen Marktpreis verkaufen kann. Die Möglichkeit eines Verkaufs der Schuld- verschreibungen kann zudem aus länderspezifischen Gründen eingeschränkt sein.

Währungsrisiko/Doppelwährungs- Inhaber von Schuldverschreibungen in Fremdwährung und Inhaber von Doppel- Schuldverschreibungen: währungsschuldverschreibungen sind Risiken durch schwankende Wechselkurse ausgesetzt, die den Wert und die Rendite dieser Schuldverschreibungen beeinflussen können. 20 I. Zusammenfassung

Risiko der vorzeitigen Rückzahlung: Wenn die Emittentin das Recht hat, die Schuldverschreibungen vor dem Fälligkeitstermin zurückzuzahlen oder zu kündigen oder wenn die Schuldverschreibungen vor dem Fälligkeitstermin durch Eintreten eines in den Anleihebedingungen bestimmten Er- eignisses fällig gestellt werden, ist der Inhaber der Schuldverschreibungen dem Risiko ausgesetzt, dass der Ertrag aus der Investition geringer ausfällt als erwartet.

1.3 Zusammenfassung der besonderen Risikofaktoren in Bezug auf die Schuldverschreibungen der Produktgruppe A Zusätzlich zu den in der vorstehenden Zusammenfassung aufgeführten allgemeinen Risikofaktoren finden auf die Schuldver- schreibungen der Produktgruppe A die in der nachfolgenden Zusammenfassung genannten besonderen Risikofaktoren Anwendung. Mit Ausnahme der Schuldverschreibungen mit Rückzahlung zum Nennbetrag oder Lieferung von Schuldverschrei- bungen nach Wahl der Emittentin ist für Schuldverschreibungen der Produktgruppe A die Rückzahlung zum Nennwert oder zumindest zu einem festgelegten Prozentsatz garantiert; daher beziehen sich die spezifischen Risiken hauptsächlich auf die Zinszahlungen, welche potentielle Investoren erhalten können und auf eine mögliche Rückzahlung in Schuldverschreibungen. Für diese Schuldverschreibungen ist die Rückzahlung zum Nennwert nicht garantiert.

Festverzinsliche Schuldverschrei- Der Wert festverzinslicher Schuldverschreibungen ist grundsätzlich vom Marktzins bungen, Step-up/Step-down abhängig. Inhaber solcher Schuldverschreibungen sind dem Risiko ausgesetzt, dass Schuldverschreibungen: der Kurs für die Schuldverschreibungen aufgrund einer Erhöhung des Marktzinssatzes fällt. Dasselbe Risiko besteht bei Step-up/Step-down Schuldverschreibungen, falls der Marktzins für vergleichbare Schuldverschreibungen höher ist als die Zinsssätze für solche Schuldverschreibungen.

Nullkuponanleihen: Ein Inhaber solcher Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs der Schuldverschreibungen aufgrund einer Erhöhung des Marktzinssatzes fällt. Änderungen des Marktzinssatzes haben einen größeren Einfluss auf Nullkuponanleihen, da die Kurse solcher Schuldverschreibungen aufgrund fehlender jährlicher Zinszahlungen volatiler sind als Kurse für festverzinsliche Schuldverschreibungen.

Variabel verzinsliche Schuldver- Inhaber variabel verzinslicher Schuldverschreibungen sind dem Risiko von Zins- schreibungen mit oder ohne Cap: schwankungen ausgesetzt. Zinssatzschwankungen machen eine vorherige Bestimmung der Rendite variabel verzinslicher Schuldverschreibungen unmöglich. Variabel verzinsliche Schuldverschreibungen können mit einer Zinsobergrenze (Cap) versehen sein. Im Fall eines Cap profitiert der Inhaber nicht davon, wenn der Referenz- wert über die Zinsobergrenze hinaus steigt.

CMS-Schuldverschreibungen Inhaber von Constant-Maturity-Swap Schuldverschreibungen sind dem Risiko eines mit oder ohne Cap: schwankenden Swapsatzniveaus und dem Risko ungewisser Zinseinnahmen ausgesetzt, wodurch eine Festlegung der Rendite im voraus unmöglich ist. Sollte das Swapsatzniveau durch eine Obergrenze beschränkt sein, könnte die Rendite der Constant-Maturity-Swap Schuldverschreibungen niedriger ausfallen als die Rendite vergleichbarer Schuldverschreibungen ohne entsprechende Obergrenze.

Range-Accrual Schuldver- Der Höhe des Zinssatzes für die variablen Zinsperioden der Range-Accrual Schuldver- schreibungen: schreibungen wird durch verschiedene Faktoren bestimmt. Maßgebliche Faktoren sind der festgelegte Basiswert, dessen Entwicklung die Höhe des Zinssatzes bestimmt, sowie die vorgegebene Bandbreite, innerhalb derer der Basiswert schwanken kann. Inhaber dieser Wertpapiere sind dem Risiko eines schwankenden Basiswerts ausgesetzt, der I. Zusammenfassung 21

Einfluss auf die Höhe des Zinssatzes der jeweiligen Zinsperiode hat. Der Zinssatz für die jeweilige Zinsperiode sinkt, je geringer die Anzahl der Feststellungstage innerhalb der Beobachtungsperiode ist, an denen sich der Basiswert in der vorgegebenen Band- breite bewegt. Starke Schwankungen des Basiswerts innerhalb der jeweiligen Zins- periode können daher zu einer niedrigeren Verzinsung und einer geringeren Rendite der Range-Accrual Schuldverschreibungen im Vergleich zu anderen Schuldverschrei- bungen ohne diese Struktur oder sogar zu einer Nullverzinsung für eine oder mehrere variable Zinsperioden führen. Im schlimmsten Fall werden für die Schuldverschreibungen für alle variablen Zinsperioden keine Zinsen gezahlt.

Schuldverschreibungen mit Rück- Inhaber von Schuldverschreibungen mit Rückzahlung zum Nennbetrag oder durch zahlung zum Nennbetrag oder Lieferung von Schuldverschreibungen nach Wahl der Emittentin sind dem Risiko aus- Lieferung von Schuldverschrei- gesetzt, dass für die gelieferten Schuldverschreibungen, die börsennotiert oder auch bungen nach Wahl der Emittentin: nicht börsennotiert sein können, möglicherweise kein entsprechender Markt existiert. Wenn die gelieferten Schuldverschreibungen veräußert werden, kann der Erlös geringer sein als das eingesetzte Kapital und der Inhaber kann einen Verlust in Höhe der ermittelten Differenz erleiden.

1.4 Zusammenfassung der besonderen Risikofaktoren in Bezug auf die Schuldverschreibungen der Produktgruppe B Zusätzlich zu den in der vorstehenden Zusammenfassung aufgeführten allgemeinen Risikofaktoren und den in der Zusammen- fassung aufgeführten Risikofaktoren in Bezug auf Schuldverschreibungen der Produktgruppe A finden auf die Schuldverschrei- bungen der Produktgruppe B die in der nachfolgenden Zusammenfassung genannten Risikofaktoren Anwendung. Aufgrund der Tatsache, dass für Schuldverschreibungen der Produktgruppe B die Rückzahlung zum Nennwert ggf. nicht garantiert ist, beziehen sich die besonderen Risiken im Wesentlichen auf den Rückzahlungsbetrag. Interessierte Anleger sollten sich darüber im Klaren sein, dass sie unter Umständen einen vollständigen Verlust ihrer Anlage in Kauf nehmen müssen. Schuldverschrei- bungen der Produktgruppe B beinhalten Schuldverschreibungen, deren Rückzahlungsbetrag oder deren Verzinsung an die Wertentwicklung eines Index oder einer oder mehrerer Aktien gekoppelt ist, sowie Schuldverschreibungen, die nach Wahl der Emittentin zum Nennwert oder gegen Lieferung von Aktien zurückgezahlt werden können. Des Weiteren umfasst die Produkt- gruppe B Range-Accrual Schuldverschreibungen, deren variable Verzinsung von einem Basiswert, vorliegend eines Aktien- index, bezieht.

Index Linked Instruments: Eine Anlage in Index Linked Schuldverschreibungen birgt erhebliche Risiken, welche mit ähnlichen Anlagen in konventionellen festverzinslichen Anleihen nicht verbunden sind. Wenn der Zinssatz von Index Linked Interest Schuldverschreibungen an einen Index oder anderen Faktor und/oder eine Formel gebunden ist, kann ein Zinssatz zur Anwendung kommen, der geringer ist, als der Zinssatz, der für eine zum gleichen Zeit- punkt emittierte konventionelle festverzinsliche Anleihe gilt, wobei auch die Möglich- keit besteht, dass keine Zinsen gezahlt werden; wenn der Rückzahlungsbetrag einer Index Linked Redemption Schuldverschreibung an einen Index oder anderen Faktor und/oder eine Formel gebunden ist, kann der bei Fälligkeit zahlbare Betrag geringer sein als das eingesetzte Kapital, wobei auch die Möglichkeit besteht, dass kein Kapital zurückgezahlt wird. Anleger sollten sich auch bewusst sein, dass der Marktpreis von Index Linked Schuldverschreibungen (in Abhängigkeit von der Volatilität des maßgeb- lichen Index oder des anderen relevanten Faktors und/oder der Formel) einer hohen Volatilität ausgesetzt sein kann. Die historische Performance des maßgeblichen Index oder des anderen relevanten Faktors und/oder der Formel sollte nicht als Richtlinie für die zukünftige Performance dieses Index oder des anderen relevanten Faktors und/oder 22 I. Zusammenfassung

der Formel während der Laufzeit der Index Linked Schuldverschreibungen betrachtet werden.

Equity Linked Instruments: Eine Anlage in Equity Linked Schuldverschreibungen birgt erhebliche Risiken, welche mit ähnlichen Anlagen in konventionellen festverzinslichen Anleihen nicht verbunden sind. Wenn der Zinssatz von Equity Linked Interest Schuldverschreibungen an Aktien und/oder eine Formel gebunden ist, kann ein Zinssatz zur Anwendung kommen, der geringer ist als der Zinssatz, der für eine zum gleichen Zeitpunkt emittierte konventionelle festverzinsliche Anleihe gilt, wobei auch die Möglichkeit besteht, dass keine Zinsen gezahlt werden; wenn der Rückzahlungsbetrag von Equity Linked Redemption Schuld- verschreibungen an Aktien gebunden ist, kann der bei Fälligkeit zahlbare Betrag geringer sein, als das eingesetzte Kapital, wobei auch die Möglichkeit besteht, dass kein Kapital zurückgezahlt wird. Anleger sollten sich auch bewusst sein, dass der Marktpreis von Equity Linked Schuldverschreibungen (in Abhängigkeit von der Volatilität der maßgeb- lichen Aktien) einer hohen Volatilität ausgesetzt sein kann. Die historische Performance der maßgeblichen Aktien und/oder der Formel sollte nicht als Richtlinie für die zukünftige Performance der Aktien und/oder der Formel während der Laufzeit der Equity Linked Schuldverschreibungen betrachtet werden.

Schuldverschreibungen mit Rück- Inhaber von Schuldverschreibungen mit Rückzahlung zum Nennbetrag oder Lieferung zahlung zum Nennbetrag oder von Aktien nach Wahl der Emittentin sind dem Risiko fallender Aktienkurse ausgesetzt. Lieferung von Aktien nach Wahl Tilgt die Emittentin bei fallenden Aktienkursen die Schuldverschreibungen durch Lieferung der Emittentin: der Aktien, kann ein Verlust in Höhe der Differenz zwischen dem eingesetzen Kapital und dem kumulativen Marktwert der am Fälligkeitstag gelieferten Aktien je Schuldver- schreibung eintreten.

Range-Accrual Schuldverschrei- Die Höhe des Zinssatzes für die variablen Zinsperioden der Range-Accrual Schuldver- bungen: schreibungen wird durch verschiedene Faktoren bestimmt. Maßgebliche Faktoren sind der festgelegte Basiswert, z. B. ein Aktienindex, dessen Entwicklung die Höhe des Zins- satzes bestimmt, sowie die vorgegebene Bandbreite, innerhalb derer der Basiswert schwanken kann. Inhaber dieser Wertpapiere sind dem Risiko eines schwankenden Basiswerts ausgesetzt, der Einfluss auf die Höhe des Zinssatzes der jeweiligen Zins- periode hat. Die Entwicklung des Zinssatzes verhält sich analog zu den Range-Accrual Schuldverschreibungen der Produktgruppe A.

Potentieller Interessenkonflikt im Unabhängige Geschäftseinheiten der Emittentin, der Dealer oder ihrer jeweiligen Hinblick auf den zugrundeliegenden Tochtergesellschaften können ihrerseits Geschäfte mit Gesellschaften betreiben, deren Basiswert: Wertpapiere als Basiswert den Schuldverschreibungen zugrunde liegen oder die Teil eines Index sind, der als Basiswert einer strukturierten Schuldverschreibung dient. Geschäftliche Entscheidungen dieser Einheiten können Auswirkungen auf den zugrunde liegenden Basiswert haben.

1.5 Zusammenfassung der besonderen Risikofaktoren in Bezug auf die Schuldverschreibungen der Produktgruppe C Die Rückzahlung der Schuldverschreibungen der Produktgrupe C zum Nennwert ist garantiert. Aus diesem Grund gelten die gleichen speziellen Risikofaktoren wie für Schuldverschreibungen der Produktgruppen A, mit Ausnahme der Risiken bei Schuld- verschreibungen mit Rückzahlung zum Nennbetrag oder Lieferung von Schuldverschreibungen nach Wahl der Emittentin. I. Zusammenfassung 23

2. ZUSAMMENFASSUNG DES PROGRAMMS

Emittentin: Norddeutsche Landesbank Girozentrale

Arranger: Norddeutsche Landesbank Girozentrale

Dealer: Barclays Bank PLC, Citigroup Global Markets Limited, Commerzbank AG, Credit Suisse Securities (Europe) Limited, Deutsche Bank Aktiengesellschaft, Dresdner Bank Aktien- gesellschaft, HSBC Bank plc, J.P. Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co. International Limited, Nomura International plc, Norddeutsche Landesbank Girozentrale, UBS Limited sowie alle sonstigen Dealer, die die Emittentin nur für eine bestimmte Serie von Schuldverschreibungen von Zeit zu Zeit bestellt.

Fiscal Agent: Fortis Banque Luxembourg S.A.

Zahlstelle: Fortis Banque Luxembourg S.A., Norddeutsche Landesbank Girozentrale und andere Institute, die jeweils in den einschlägigen Endgültigen Bedingungen angegeben sind.

Listing Agent: Fortis Banque Luxembourg S.A. für die Notierung an der Luxemburger Börse.

Programmbetrag: EUR 25.000.000.000 (oder der jeweilige Gegenwert in anderen Fremdwährungen).

Emissionsverfahren: Die Schuldverschreibungen werden fortlaufend in Tranchen begeben (einzeln als „Tranche“ bezeichnet), wobei jede Tranche aus in jeder Hinsicht identischen Schuld- verschreibungen besteht. Eine oder mehrere Tranchen, die ausdrücklich zusammengefasst sind und ein und dieselbe Serie darstellen und die in jeder Hinsicht, außer in Bezug auf das Ausgabedatum, den Verzinsungsbeginn, den Ausgabekurs und den ersten Zinszahlungstag, identisch sind, können zu einer Serie („Serie“) von Schuldver- schreibungen zusammengefasst sein. Weitere Schuldverschreibungen können als Teil einer bestehenden Serie ausgegeben werden. Die spezifischen Emissionsbedingungen der einzelnen Tranchen (welche gegebenenfalls durch ergänzende Emissionsbedingungen ergänzt werden) sind in den Endgültigen Bedingungen aufgeführt.

Endgültige Bedingungen: Die Endgültigen Bedingungen bestimmen die vertraglichen Bedingungen jeder einzelnen Serie, indem sie die Anleihebedingungen für jede Serie ergänzen, vervollständigen und/oder ersetzen, zum Beispiel durch Erstellung eines Anhanges, sowie die Informations- bestandteile zur Beschreibung der jeweiligen Serie beinhalten.

Vertrieb: Schuldverschreibungen können im Wege einer Privatplatzierung oder im Wege eines öffentlichen Angebotes vertrieben werden, und zwar jeweils in syndizierter oder nicht syndizierter Form. Die entsprechende Vertriebsmethode für die Schuldverschreibungen wird in den jeweiligen Endgültigen Bedingungen angegeben.

Fälligkeiten: Mindest- oder Höchstlaufzeiten bestehen nicht, und Schuldverschreibungen können auch ohne Angabe eines konkreten Fälligkeitszeitpunkts begeben werden, vorausgesetzt, dass bei der Emission alle geltenden gesetzlichen und/oder aufsichtsrechtlichen Voraussetzungen erfüllt werden. 24 I. Zusammenfassung

Steuern: Zahlungen auf die Schuldverschreibungen sind ohne Einbehalt oder Abzug von Steuern, Abgaben oder Gebühren zu leisten, die durch das oder zu Gunsten des Landes, in dem die Emittentin ihren Sitz hat auferlegt, erhoben oder eingezogen werden beziehungs- weise wenn solche Steuern auferlegt, erhoben oder eingezogen werden, sind die Zahlungen (vorbehaltlich der darin geregelten Ausnahmen) zu erhöhen wie in den Anleihebedingungen unter „Quellensteuer“ dargestellt.

Verwendung der Emissionserträge: Der Nettoertrag aus der Emission der einzelnen Serien der Schuldverschreibungen wird von der Emittentin zur allgemeinen Finanzierung ihrer Geschäftstätigkeit verwendet.

Clearing und Abrechnung: Die Schuldverschreibungen werden über die in den Endgültigen Bedingungen spezi- fizierten Clearing Systeme abgerechnet. Clearing Systeme können Clearstream Frankfurt, Clearstream Luxembourg, Euroclear, oder jedes andere Clearing System, das durch die Endgültigen Bedingungen bestimmt wird, sein.

Anwendbares Recht: Deutsches Recht

Gerichtsstand: Erfüllungsort im Zusammenhang mit den Schuldverschreibungen ist Hannover. Nicht ausschließlicher Gerichtsstand für Kaufleute gemäß Handelsgesetzbuch, juristische Personen des öffentlichen Rechts, öffentlich-rechtliche Sondervermögen sowie für Personen ohne allgemeinen Gerichtsstand in der Bundesrepublik Deutschland für alle Rechtsstreitigkeiten aus den durch die Anleihebedingungen geregelten Angelegen- heiten ist Hannover.

Verkaufsbeschränkungen: Angaben zu bestimmten Verkaufs-, Handels- und Lieferungsbeschränkungen von Schuldverschreibungen sowie Beschränkungen für die Verbreitung von Angebots- unterlagen in Deutschland, USA, Großbritannien, Japan, Frankreich, dem europäischen Wirtschaftsraum und Italien befinden sich im Abschnitt „Subscription and Sale“. Im Rahmen einer bestimmten Serie von Schuldverschreibungen können weitere Be- schränkungen erforderlich sein, die dann in den Endgültigen Bedingungen aufgeführt sind.

3. ZUSAMMENFASSUNG DER EMITTENTENBESCHREIBUNG

Bezeichnung: Norddeutsche Landesbank – Girozentrale –

Rechtsform: Rechtsfähige Anstalt des öffentlichen Rechts in den Ländern Niedersachsen, Sachsen-Anhalt und Mecklenburg-Vorpommern; eingetragen beim Amtsgericht Hannover unter HR A26247

Sitz: Hannover, Braunschweig, Magdeburg

Hauptverwaltung: Hannover

Organe: Vorstand, Aufsichtsrat und Trägerversammlung

Vorstandsmitglieder: Herr Dr. Hannes Rehm, Vorstandsvorsitzender Herr Dr. Hans Vieregge, stellvertretender Vorsitzender I. Zusammenfassung 25

Herr Jürgen Kösters Herr Dr. Gunter Dunkel Herr Dr. Jürgen Allerkamp Herr Dr. Johannes-Jörg Riegler

Aufsichtsrat: Die Mitglieder des Aufsichtsrates bestimmen sich aus der Satzung der Emittentin.

Träger: Träger der Emittentin sind jeweils die Länder Niedersachsen und Sachsen-Anhalt sowie der Niedersächsische Sparkassen- und Giroverband (der „SVN“), der Sparkassen- Beteiligungsverband Sachsen-Anhalt (der „SBV“) und der Sparkassen-Beteiligungs- Zweckverband Mecklenburg-Vorpommern (der „SZV“). Die Träger entsenden ihre Mitglieder gemäß den Bestimmungen der Satzung der Emittentin in die Träger- versammlung.

Funktionen: Die Emittentin ist Landesbank, Sparkassenzentralbank sowie Landessparkasse in der Braunschweiger Region (Braunschweigische Landessparkasse).

Geschäftsfelder: Die Emittentin ist als allgemeine Geschäftsbank in den nachfolgenden fünf Geschäfts- feldern tätig: - Verbund Im Verbundgeschäft mit derzeit 66 Sparkassen in den Ländern Niedersachsen, Sachsen-Anhalt und Mecklenburg-Vorpommern werden den Sparkassen alle Produkte und Dienstleistungen angeboten, die diese als Direktkunde oder zur Vervollständigung ihrer Produktpalette in ihren Kerngeschäftsfeldern im Privat- kundengeschäft, im mittelständischen Firmenkundengeschäft sowie im Kommunal- und Agrarkreditgeschäft benötigen. Ein besonderer Schwerpunkt liegt auf dem Konsortialkreditgeschäft. Den Firmenkunden der Sparkassen werden aber auch neue Finanzierungsformen angeboten. Als Direktkunden werden den Sparkassen u.a. Geld- und Kapitalmarktprodukte, Derivate und das Refinanzierungsgeschäft angeboten. - Retail Im Hauptgeschäftsfeld Retail des NORD/LB-Konzerns werden Geschäfte mit mittel- ständischen Firmenkunden, Privat- und Geschäftskunden mit Schwerpunkt in den Ländern Niedersachsen, Mecklenburg-Vorpommern und Sachsen-Anhalt getätigt. Das Geschäftsfeld teilt sich in „Privat- und Geschäftskunden“ und „Firmenkunden“ auf. Gegenüber ihren mittelständischen Firmenkunden tritt die Bank als Full-Service- Anbieter für Bankdienstleistungen auf und bietet die gesamte Bandbreite an Bank- dienstleistungen. Das Geschäft mit Privatkunden konzentriert sich vorwiegend auf die Region Braunschweig. Die Produktpalette beinhaltet alle üblichen Bankdienst- leistungen und -produkte der NORD/LB - Spezialfinanzierungen Schwerpunkt der Emittentin in diesem Geschäftsfeld sind: - Schiffsfinanzierungen (Finanzierung von moderner und marktgängiger Tonnage) und Flugzeugfinanzierungen (Finanzierung von Regionalflugzeugen sowie Kurz-, Mittel- und Langstreckenflugzeugen, die aktuellen Lärm- und Schadstoffvorschriften entsprechen) 26 I. Zusammenfassung

- Immobilien Banking (Finanzierung großvolumiger gewerblicher Immobilienobjekte und –portfolien im In- und Ausland) - Leasingfinanzierungen (Bereitstellung von Finanzmitteln an einzelne Leasing- gesellschaften, Finanzierung von großvolumigen Leasingstrukturen für Mobilien und für Immobilien sowie den Portfolioankauf von kleinteiligen Leasingforderungen) - Corporate and Structured Finance (Export- und Handelsfinanzierungen, Projekt- finanzierungen, weitere strukturierte Finanzierungen des Financial Engineerings, Asset-Backed-Transaktionen sowie Bilanzkredite) - Investment Banking Das Investment Banking verantwortet den Vertrieb von Geldmarkt-, Devisen- und Kapitalmarktprodukten und stellt für die Gesamtbank den Marktzugang in diesen Produkten sicher und managt Marktpreisrisiken. Das Geschäftsfeld Investment Banking wird innerhalb der NORD/LB sowohl von Hannover als auch von den Nieder- lassungen London, New York und Singapur heraus betrieben. - Fördergeschäft Das Fördergeschäft verfügt über eine strikte Aufgabenorientierung, d. h. das Förder- geschäft ist wettbewerbsneutral und nicht gewinnorientiert. Das Fördergeschäft umfasst Aufgaben der Wirtschafts-, Agrar-, Unternehmens-, Infrastruktur-, Wohn- raum- und Städtebauförderung sowie weiterer Förderprogramme, die im Auftrag der staatlichen Träger mit Mitteln der EU, des Bundes und den Ländern sowie mit Hilfe öffentlicher Refinanzierungsfonds, beispielsweise über die Europäische Investitionsbank oder die KfW, finanziert werden.

Konzernstruktur: Die Emittentin ist Obergesellschaft des NORD/LB-Konzerns mit eigener operationeller Geschäftstätigkeit. Zu den vollkonsolidierten Tochtergesellschaften gehören u.a. die Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen, die Norddeutsche Landesbank Luxembourg S.A., Luxembourg, die Öffentliche Lebensversicherung Braunschweig, Braunschweig, und die Öffentliche Sachversicherung Braunschweig, Braunschweig. Wichtige Ereignisse jüngster Zeit in der Geschäftstätigkeit der Emittentin, die in hohem Maße für die Bewertung der Solvenz wichtig sind

Wegfall von Anstaltslast und Nach einem Übergangszeitraum vom 19. Juli 2001 bis zum 18. Juli 2005 sind die Gewährträgerhaftung: Gewährträgerhaftung und Anstaltslast für Landesbanken abgeschafft worden. Auf Grund einer am 17. Juli 2001 (die “Verständigung”) Verständigung zwischen der deutschen Regierung und der Europäischen Komission würden die Gewährträgerhaftung, d.h. die Haftung der Träger für Verbindlichkeiten öffentlich-rechtlicher Kreditinstitute, nach einer Übergangszeit vom 19. Juli 2001 bis zum 18. Juli 2005 abgeschafft. Nach einer Übergangszeit vom 19 Juli 2001 bis zum 18. Juli 2005 wurde zeitgleich die Anstaltslast abgeschafft, d.h. die Verpflichtung der öffentlichen Hand, ihre Unternehmen zur Aufgabenerfüllung u.a. mit den erfolderlichen finanziellen Mitteln auszustatten, und durch eine normale marktwirtschaftliche Eigentümerbeziehung zwischen dem jeweiligen Kreditinstitut und seinen Eigentümern ersetzt. Nach den geltenden Übergangsvorschriften gilt die Gewährträgerhaftung für alle Ver- bindlichkeiten, die vor dem 19. Juli 2001 entstanden sind, bis zu deren Endfälligkeit; I. Zusammenfassung 27

für Verbindlichkeiten, die zwischen dem 19. Juli 2001 und dem 18. Juli 2005 (ein- schließlich) vereinbart wurden und werden, gilt dies, sofern die Endfälligkeit nicht über den 31. Dezember 2015 hinausreicht. Diese Übergangsregelungen gelten nicht für Verbindlichkeiten, die nach dem 18. Juli 2005 entstanden sind und somit nicht für Schuldverschreibungen, die unter diesem Prospekt begeben wurden. Als Ergebnis der Verständigung finden auf deutsche öffentlich-rechtliche Kreditinstitute, wie die NORD/LB, die gleichen Insolvenzvorschriften Anwendung wie auf deutsche private Kreditinstitute.

Bank DnB NORD A/S Mitte des vergangenen Jahres haben sich die NORD/LB und die DnB NOR Bank ASA darauf verständigt, ihre geschäftlichen Aktivitäten in Finnland, Dänemark, Polen sowie den baltischen Ländern Estland, Lettland und Litauen durch ein Gemeinschaftsunter- nehmen, die Bank DnB NORD A/S, zu intensivieren. Die NORD/LB hat im November 2005 ihre Tochtergesellschaften in Lettland, Litauen und Polen, im Februar 2006 die Nieder- lassung in Helsinki/Finnland sowie im Januar 2006 ihr Kreditportfolio im dänischen Firmenkundengeschäft in die Bank DnB NORD A/S eingebracht. Die NORD/LB hält an dem Gemeinschaftsunternehmen 49 %, die DnB NOR Bank ASA ist mit 51 % der Anteile Mehrheitsgesellschafter. Die NORD/LB hat so ihre bisherigen Geschäftsaktivitäten in ihrem Geschäftsfeld Nordosteuropa dekonsolidiert.

Rating der Emittentin für langfristige, Moody’s Investors Limited: Aa3, Fitch Ratings Limited: A und Standard and Poor’s nicht nachrangige Verbindlichkeiten: Ratings Services: A

Geltendes Recht: Deutsches Recht

Geschäftsanschrift: NORD/LB, Friedrichswall 10, 30159 Hannover Tel.: 0511 / 361 – 0

Internetseite: www.nordlb.de

4. ZUSAMMENFASSUNG DER WERTPAPIERBESCHREIBUNG

Schuldverschreibungen: Zur besseren Übersichtlichkeit sind die Schuldverschreibungen, die unter diesem Programm von der Emittentin begeben werden können, in drei Produktgruppen zusammengefasst worden:

Zu Schuldverschreibungen der Produktgruppe A gehören alle Schuldverschreibungen, die über eine garantierte Rückzahlung zu ihrem Nennwert oder zumindest zu einem bestimmten Prozentsatz verfügen bzw. die nach Wahl der Emittentin in Geld oder durch Lieferung einer feststehenden Anzahl von Schuldverschreibungen getilgt werden. Schuldverschreibungen in der Produktgruppe A können z.B. als festverzinsliche Schuld- verschreibungen, Nullkupon-Schuldverschreibungen, variabel verzinsliche Schuldver- schreibungen mit oder ohne Cap, Step-up/Step-down Schuldverschreibungen, Doppel- währungsschuldverschreibungen, Constant-Maturity-Swap-Schuldverschreibungen, Range Accrual Schuldverschreibungen und Kombinationen daraus begeben werden.

Zu den Schuldverschreibungen der Produktgruppe B gehören alle Schuldverschrei- bungen, deren Zinszahlung oder deren Rückzahlung an einen Index gekoppelt ist 28 I. Zusammenfassung

sowie Schuldverschreibungen, die nach Wahl der Emittentin in Geld oder durch Lieferung einer feststehenden Anzahl von Aktien getilgt werden; eine Rückzahlung der Schuldverschreibungen zu ihrem Nennbetrag ist nicht in jedem Fall garantiert.

Schuldverschreibungen der Produktgruppe C bilden die Pfandbriefe, die als gedeckte Schuldverschreibungen entweder aufgrund erworbener Hypotheken als Hypotheken- pfandbriefe oder aufgrund erworbener Forderungen gegen staatliche Stellen als sog. Öffentliche Pfandbriefe von der Emittentin begeben werden und die bei Fälligkeit zu ihrem Nennwert zurückgezahlt werden.

Verbriefung der Schuldver- Schuldverschreibungen werden als Inhaberpapiere begeben. schreibungen: Inhaberschuldverschreibungen verbrieft die Emittentin zunächst durch eine vorläufige Globalurkunde oder soweit dies in den entsprechenden Endgültigen Bedingungen der dem deutschen Recht unterliegenden Schuldverschreibungen angegeben ist und soweit die Vorschrift der U.S. Treasury Regulation 1.163-5(c)(2)(i)(C) anwendbar ist, durch eine Dauerglobalurkunde. Die Globalurkunde wird an oder vor dem entsprechenden Emis- sionstag bei einem Verwahrer oder bei einem gemeinsamen Verwahrer von Euroclear, Clearstream Luxembourg, Clearstream Frankfurt und/oder einem anderen einschlägigen Clearingsystem hinterlegt. Der Austausch der vorläufigen Globalurkunde gegen eine Dauerglobalurkunde oder – soweit dies in den entsprechenden Endgültigen Bedingungen vorgesehen ist – gegen effektive, auf den Inhaber lautende Urkunden (gilt nicht für Schuldverschrei- bungen der Produktgruppen B und C) erfolgt frühestens 40 Tage („Austauschtag“) nach Abschluss des Vertriebs der Schuldverschreibungen der betreffenden Serie, und zwar gegen Vorlage einer Bescheinigung über das wirtschaftliche Eigentum (beneficial ownership) entsprechend den U.S.-Treasury Regulations (deren Form in der vorläufigen Globalurkunde enthalten ist oder deren Form üblicherweise den Bestimmungen des entsprechenden Clearingsystems entspricht). Effektive Urkunden über Inhaberschuldverschreibungen, die verzinslich sind, verfügen über anhängende Zinsscheine. Für Schuldverschreibungen der Produktengruppen B und C werden keine effektiven Urkunden ausgegeben. Soweit dies rechtlich zulässig ist, kann die Emittentin Schuldverschreibungen auch in elektronischer Form verbriefen. Nach dem 30. Juni 2006 können die oben beschriebenen „Klassischen Globalurkunden” durch „Neue Globalurkunden“ abgelöst werden, die direkt bei Euroclear bzw. Clearstream Luxembourg hinterlegt werden, wenn die Schuldverschreibungen EZB-fähig gestellt werden sollen. Die Art der Globalurkunden wird in den Endgültigen Bedingungen angegeben.

Status und Rang: Die Schuldverschreibungen können, wie in den jeweiligen Endgültigen Bedingungen festgelegt, als nachrangige oder nicht nachrangige Schuldverschreibungen ausgegeben werden. Schuldverschreibungen, die als nicht nachrangig und nicht dinglich besicherte Ver- bindlichkeiten begeben werden, stehen untereinander und mit sämtlichen anderen I. Zusammenfassung 29

nicht nachrangigen und nicht dinglich besicherten, gegenwärtigen und zukünftigen Verbindlichkeiten der Emittentin im gleichen Rang, ausgenommen Verbindlichkeiten, die kraft Gesetzes Vorrang haben. Nachrangige Schuldverschreibungen sind untereinander gleichrangig; im Übrigen gelten die Anleihebedingungen. Im Falle der Liquidation oder des Konkurses der Emittentin gehen solche Verbindlichkeiten den Ansprüchen nicht nachrangigerm Gläubiger der Emittentin im Range nach. Nur Schuldverschreibungen der Produktgruppe A werden in nachrangiger Form begeben. Schuldverschreibungen der Produktgruppe C/Pfandbriefe begründen nicht nachrangige Verbindlichkeiten, die untereinander gleichrangig und (i) im Falle von öffentlichen Pfandbriefen mindestens gleichrangig mit allen anderen Verbindlichkeiten der Emittentin im Rahmen der öffentlichen Pfandbriefe und (ii) im Falle von Hypothekenpfandbriefen mindestens gleichrangig mit allen anderen Verbindlichkeiten der Emittentin im Rahmen der Hypothekenpfandbriefe sind. Pfandbriefe sind jedoch durch getrennte Deckungs- massen bestehend aus öffentlichen Krediten (bei öffentlichen Pfandbriefen) oder Hypothekenkrediten (bei Hypothekenpfandbriefen) gedeckt.

Rückzahlung: Schuldverschreibungen der Produktgruppe A: Die Schuldverschreibungen werden am Fälligkeitstag zu ihrem Nennwert oder zumindest zu einem bestimmten Prozentsatz zurückgezahlt bzw. nach Wahl der Emittentin durch Lieferung einer feststehenden Anzahl von Schuldverschreibungen getilgt. Produktgruppe B umfasst Schuldverschreibungen, deren Zins- bzw. Wertentwicklung auf einen Index oder Aktien bezogen ist, sowie Schuldverschreibungen, die nach Wahl der Emittentin zum Nennwert oder gegen Lieferung von Aktien getilgt werden. Eine Rückzahlung der Schuldverschreibungen zum Nennwert kann nicht garantiert werden. Schuldverschreibungen der Produktgruppe C: Die Pfandbriefe werden am Fälligkeits- tag zu ihrem Nennwert zurückgezahlt.

Vorzeitige Rückzahlung: Eine vorzeitige Rückzahlung ist aus steuerlichen Gründen zulässig. Darüber hinaus können nicht nachrangige Schuldverschreibungen vorzeitig zurück- gezahlt werden, wenn die Emittentin ihr Wahlrecht auf vorzeitige Rückzahlung der Schuldverschreibungen oder – ausschließlich im Fall von Schuldverschreibungen der Produktgruppen A und B – wenn der Gläubiger einer Schuldverschreibung sein Wahl- recht zur vorzeitigen Rückzahlung der Schuldverschreibungen ausübt, soweit die jeweiligen Endgültigen Bedingungen dies vorsehen. In den Endgültigen Bedingungen können auch der Rückzahlungsbetrag und das Verfahren für die Bestimmung des Rückzahlungsbetrags soweit anwendbar, insbesondere für Produktgruppe B, festgelegt werden. Für den Fall, dass mit einer Schuldverschreibung Call/Put-Optionen verbunden sind, werden die Einzelheiten (einschließlich der Ankündigungsfristen) in den anwendbaren Endgültigen Bedingungen festgesetzt. Calls/Puts unterliegen in jedem Fall den gesetzlichen und/oder aufsichtsrechtlichen Bestimmungen bezüglich der Mindestlaufzeit einer Emission bezogen auf die jeweilige Währung.

Verzinsung: Schuldverschreibungen können als festverzinsliche, variabel verzinsliche oder un- verzinsliche Titel ausgegeben werden. Bei variabel verzinslichen Schuldverschreibungen kann der Zinssatz von der Entwicklung eines Referenzzinssatzes (z.B. EURIBOR, LIBOR), 30 I. Zusammenfassung

eines Referenzwertes (z.B. Wechselkurs, Goldkurs, auch EURIBOR oder LIBOR), eines Swapsatzes oder eines Indexes abhängen; der Zinssatz gilt jeweils für die betreffende Zinsperiode gemäß den Endgültigen Bedingungen. Im Fall von Step-up/Step-down Schuldverschreibungen kann der Zinssatz zu jedem vereinbarten Zeitpunkt angepasst werden, wie in den anwendbaren Endgültigen Bedingungen spezifiziert. Ferner kann der Zinssatz auf einen Höchstbetrag oder einen Mindestbetrag oder beides begrenzt werden.

Stückelung: Die Schuldverschreibungen können in der in den Endgültigen Bedingungen bezeichneten Weise unter Erfüllung der geltenden gesetzlichen und aufsichtsrechtlichen Voraussetzungen eingeteilt werden.

Währungen: Die Schuldverschreibungen können, wie in den entsprechenden Endgültigen Be- dingungen festgelegt, unter dem Vorbehalt der Einhaltung aller einschlägigen gesetzlichen oder aufsichtsrechtlichen Voraussetzungen in einer oder mehreren beliebigen Währungen begeben werden. Zahlungen auf diese Schuldverschreibungen können, unter Beachtung des vorstehenden Vorbehalts, in einer, und/oder mit Bezug auf jede Währung oder auch auf Währungen erfolgen, die nicht der Währung entsprechen, auf die die Schuldverschreibungen lauten.

Ausgabepreis: Die Schuldverschreibungen können entsprechend den Endgültigen Bedingungen zum Nennwert oder mit einem Disagio oder Agio begeben werden.

Negativverpflichtung: Keine

Cross Default-Klausel: Keine

Kündigungsgründe: Die Anleihebedingungen für die nicht nachrangigen Schuldverschreibungen der Produktgruppen A und B sehen außerordentliche Kündigungsgründe für den Anleger vor. Der anfallende Rückzahlungsbetrag wird in den Endgültigen Bedingungen festgelegt.

Für Pfandbriefe sind keine Kündigungsgründe vorgesehen, die die Gläubiger be- rechtigen, die unverzügliche Rückzahlung der Schuldverschreibungen zu verlangen. II. Risk Factors 31

II. RISK FACTORS

Together with all other information included in this Prospectus including the relevant Final Terms as well as the information contained in Section V (“Securities Description”), prospective investors should take into account the following risks relating to NORD/LB in its role as Issuer and the following risks relating to the Instruments offered under this Prospectus when deciding whether or not to acquire those Instruments. An investment in any Instrument offered under this Prospectus should only be made after all the relevant facts pertaining to the Instruments in question, in particular the following general risk factors and the specific risk factors have been taken knowledge of and carefully examined. In addition, potential investors should be aware that the risks described herein may coincide and thus intensify. The risks described below do not replace the essential individual financial and investment advice from a bank or financial and investment services provider as to the risks associated with, and the consequences of the purchase, the ownership and the disposition of Instruments, including the effect of any laws of any country investors are resident in, prior to any decision to invest in the Instruments.

1. RISK FACTORS RELATING TO THE ISSUER

The occurrence of the risks described below may have a considerable adverse effect on the financial position of NORD/LB (the ”NORD/LB“ or the ”Issuer“) and therefore restrict its ability to fulfill its obligations to investors in respect of the securities it has issued:

Credit Risks and Risks Relating to Management Systems and their Implementation Together with some of its subsidiaries, NORD/LB, as a general commercial bank, conducts its business in the financing sector and is therefore subject to the risk that borrowers and other contractual partners may be or become unable to meet their payment obligations towards NORD/LB. NORD/LB’s loan portfolio focuses, in particular, on shipping and aircraft finance, as well as private and corporate customers in Northern Germany, especially in the Brunswick region. To manage individual risks, NORD/LB and its subsidiaries, which act as financial institutions, have implemented guidelines on risk management, risk management procedures and valuation methods, which are regularly adjusted to changes of the legal framework and market conditions. These guidelines also cover procedures for the granting of loans. The final decision on the granting of a loan to a customer is made by the Credit Risk Management department independent of market segments. This department is also responsible for the continuous evaluation of existing credit exposures. The respective individual risks are evaluated using Basel II compliant rating procedures, which were implemented by NORD/LB and which were developed within the Sparkassen-Finanzverbund. Within the scope of these procedures, which are calibrated in line with the probability of default, the ratings are represented on the master rating scale of the German Savings Banks and Giro Association (Deutscher Sparkassen und Giroverband). The determination of the rating score varies according to customer group. For customers who produce financial statements, the rating is determined using a scorecard procedure, which is based on either a statistical positive/negative analysis or a shadow rating (optimisation of internal rating procedure by comparison with external ratings). Both procedures are partly combined with capital market-oriented models (e.g. goodwill models for listed companies). For loans under which interest and redemption payments are effected directly from the cash flow generated by the financed property or projects (e.g. shipping finance), NORD/LB uses a simulation-based rating procedure on the basis of Monte Carlo simulation. In its lending business to private customers, the counterparty default risk is determined using the application scoring and conduct scoring procedure developed by the Sparkassen-Verbund. Specific rating procedures have also been developed to assess cross-border country and transfer risks. The quality of forecasts produced using such rating procedures is con- tinually reviewed and refined in cooperation with the institutions of the Sparkassen-Verbund. The overall control of rating, scoring and risk modelling methods is pooled within NORD/LB in Credit Risk Controlling. As part of the risk management, the Credit Management Committee represents the link within NORD/LB between individual loan decisions and credit portfolio management. Besides defining a target portfolio, portfolio management includes, in particular, the systematic, regular and controlled adjustment of the actual portfolio to the target portfolio in line with specific criteria. The 32 II. Risk Factors

Credit Management Committee uses all instruments available to proactively manage risks, including implementation of limitations and use of credit derivatives or securitisation techniques in order to transfer risks. Although the NORD/LB Group has reviewed the credit risks of individual loan exposures and the loan portfolio as a whole and will continue to do so in the future, it cannot be ruled out that unforeseen and unavoidable risks or risks that were not identified in the past will arise and lead to loan losses. In addition, collateral provided to cover credit default risks may be insufficient to cover actual losses if market prices fall. The guidelines on risk management, risk management procedures and the associated evaluation methods at NORD/LB and its subsidiaries acting as financial institutions may also prove to be inadequate for protection against specific risks, despite continual adjustments to changes of legal and market conditions. This also includes risks NORD/LB has not recognised or anticipated in the past or will not recognise or anticipate for the future. There is no guarantee that NORD/LB‘s methods for identifying, monitoring and controlling risks will always be sufficient and appropriate in the future. Any default by a major borrower or the occurrence of credit risks resulting from inadequate or inappropriate risk management systems could have a material adverse effect on the financial and asset position and the profitability of NORD/LB and therefore adversely affect its ability to fulfil its obligations towards investors under the Instruments.

Increased Exposure to Market Price Risk NORD/LB and its subsidiaries operating as banks, e.g Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen, Norddeutsche Landesbank Luxembourg S.A., Luxembourg, and the Skandifinanz Bank AG, Zurich, (the “Financial Sector Subsidiaries”) are exposed to market price risks due to their trading and investment activities. At NORD/LB, the interest rate risk, exchange rate risk and equity position risk as well as the volatility risk are also regarded as market price risks. NORD/LB has been active in the bond, foreign exchange and stock markets and has established corresponding trading portfolios and investment positions. Individual investment decisions are based on estimates and forecasts for future developments in the financial markets, as the success of such transactions mainly depends on market and price developments. In particular, complex capital market products are designed to generate income from market price movements and market price differences. Limits are calculated and set up using a value-at-risk procedure based on the historic simulation method in order to inter- nally manage, monitor and limit market price risks. In parallel to this, NORD/LB analyses the impact of stress scenarios on the overall position of the bank and the individual sub-portfolios on a daily basis. In December 2005, NORD/LB’s internal risk model was recognised by the German Federal Financial Supervisory Authority (BaFin). Since 31 December 2005, NORD/LB has been using this model to calculate capital requirements for general interest rate risks as well as general and specific equity position risks in accordance with Principle I of the German Banking Act (KWG). Should market disturbances arise, which lead to extreme distortions in the money markets and capital markets and were not anticipated or forecast by NORD/LB and its Financial Sector Subsidiaries, or should forecasts regarding market developments prove to be incorrect, this could have a negative effect on the financial and asset position and the profitability of NORD/LB and its Financial Sector Subsidiaries, and in extreme cases limit their ability to fulfil their obligations towards the investors under the Instruments.

supply of liquidity for its future business activities through long-term liabilities. Furthermore, NORD/LB has a considerable volume of cover funds which can be used to issue covered securities, thereby raising further liquidity in the capital market. Should a downgrade in rating or other unforeseeable circumstances make it more difficult for NORD/LB to raise funds in the capital market and/or should the available resources not be sufficient for the continuation of business activities or should it not be possible to raise liquidity in the capital market using the cover funds available, the financial and asset position and the profitability of NORD/LB could be impaired, and in extreme cases its ability to fulfil its obligations towards investors under the Instruments could be limited.

Shareholder Risks NORD/LB has holdings in other companies and is therefore exposed to shareholder risks. Shareholder risks are understood at NORD/LB as risks of losses arising from providing equity capital to third parties and the liabilities under letters of comfort in this regard. NORD/LB’s holding portfolio primarily consists of investments in other financial institutions and service providers which are directly related to the banking industry. To manage shareholder risks, NORD/LB’s holding portfolio is subject to ongoing critical review and adjustment. To minimise existing risks, NORD/LB controls the consistent risk management and transparency through the supervisory bodies of its subsidiaries. In addition, affiliates are bound by the Group strategy and obliged to safeguard the Group’s interests in relation to each other and among themselves by the central requirements of NORD/LB’s Management Board. However, there can be no assurance that the procedures to manage shareholder risks are sufficient in all individual cases and that there are no unforeseen negative developments within an affiliate which lead to a reduction of the value of the affiliate and therefore have a negative effect on the financial and asset position and the profitability of NORD/LB, which would limit its ability to fulfil its obligations towards investors under the Instruments.

Operational Risks As business enterprises, NORD/LB and its subsidiaries are exposed to operational risks, i.e. the risk of losses caused by the inadequacy or failure of internal processes, employees or technology or external influences including legal risks and reputation risks as a result of consequential or secondary risks. Consequently, security and contingency programs have been drawn up to protect people and property, which include the use of buildings, replacement procurement of office equipment and furniture, and energy supplies. In the IT division, procedural instructions, adequate replacement capacity and back-up copies prevent major failures. Emergency programs or insurances are in place for particularly sensitive areas. The central Risk Controlling Department is responsible for the design and definition of the controlling methods, procedures and concepts used as well as their further development. This further development takes place particularly with regard to the identification and prompt implementation of all regulatory and statutory requirements which apply to the management and control of operational risks. In addition, Risk Controlling is responsible for implementing and executing new methods and independent reports on the outcomes. Although NORD/LB has taken precautions against operational risks, it cannot be ruled out that these may be insufficient in individual cases and the realization of such a risk could have a negative effect on the financial and asset position and the profitability of NORD/LB, which would limit its ability to fulfil its obligations towards the investors under the Instruments.

Abolishment of Maintenance Obligation and Guarantee Obligation Maintenance Obligation (Anstaltslast) and Guarantee Obligation (Gewährträgerhaftung) have been abolished for the time after 18 July 2005. Liabilities existing on 18 July 2001 will continue to be covered by the Guarantee Obligation until their maturity runs out. Liabilities existing by 18 July 2005 and created after 18 July 2001 will continue to be covered by the 34 II. Risk Factors

Guarantee Obligation under the condition that their maturity does not go beyond 31 December 2015. No such grandfathering provisions apply to Instruments issued and offered pursuant to this Prospectus.

2. RISK FACTORS RELATING TO THE INSTRUMENTS

Risk factors relating to the Instruments may be divided into general risk factors applicable to all Instruments and specific risk factors applicable only to Instruments of a specific product group. Terms not otherwise defined herein shall have the meanings specified in the Securities Description and the Terms and Conditions.

2.a) General Risk Factors relating to the Instruments

Liquidity Risk Instruments issued under this Programme may be listed or unlisted. Irrespective as to whether Instruments are listed or unlisted, there is no assurance that a liquid market for the Instruments will develop or, if existent, will continue to exist. The fact that Instruments are listed does not necessarily lead to greater liquidity. In an illiquid market, an investor may not be able to sell its Instruments at any time at fair market prices. Unless expressly agreed otherwise, the Issuer is under no obligation to redeem any Instruments prior to maturity.

Sale of Instruments prior to Maturity Irrespective of the liquidity risk, the movements in the price of listed Instruments depend on a wide variety of factors. These may, inter alia, include movements in the general market interest rate, macro-economic developments or demand in the market. Also, the price specified for an Instrument on the relevant stock exchange may be subject to significant fluctuations. The stock market price of any Instruments may fall below its issue or purchase price. In the event of a sale of Instruments prior to maturity, a holder may lose all or a part of the capital invested. For unlisted Instruments, it may be more difficult to obtain pricing information, which may adversely affect their liquidity. The possibility to sell unlisted Instruments may be additionally restricted for country-specific reasons. In the event of any sale of Instruments prior to maturity, a holder may lose all or part of the capital invested. In case of Instruments for which interest rates will be calculated at the end of an interest period, no accrued interest will be paid, at the time of a sale of such Instruments. Therefore, the price of such Instruments will decrease on each interest payment date.

Currency Risk If Instruments are denominated in a foreign currency, fluctuations in the exchange rate have a significant impact on any interest and principal payments a holder may receive in its domestic currency on the interest payment date(s) and on the maturity date, respectively. For example, if Instruments are denominated in a currency other than the euro in case of, any fall in the exchange rate of such currency against the euro (and a corresponding rise of the value of the euro), the price of such Instruments and the value of interest and principal payments made thereunder expressed in euro falls accordingly.

Subordinated Instruments Subordinated Instruments create unsecured and subordinated liabilities of the Issuer. In the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer consequently in any such event no amounts will be payable under any obligations relating to such Instruments, until the claims of all unsubordinated creditors of the Issuer will have been satisfied in full. II. Risk Factors 35

Early Redemption The applicable Final Terms may grant a right to the Issuer to redeem unsubordinated Instruments prior to their maturity date. The Instruments may also be subject to an early redemption in case of the occurrence of an event specified in the Final Terms. The Issuer will always have the right to redeem the Instruments if it is required to make any additional payments on the Instruments for the reason of taxation. Due to an early redemption the holder of the Instruments is exposed to the risk that it does not receive the yield it has expected and does not even receive this yield in case of reinvesting the money.

Credit Rating Instruments issued under the Programme may be rated or unrated. Rating agencies may assign different ratings to different Series of Instruments issued under the Programme. The rating of any specific Series of Instruments may also differ from the rating that rating agencies have assigned to the Programme. 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. Any change in the credit rating could adversely affect the trading price of the Instruments. In the event of a sale of the Instrument prior to maturity, a holder would then incur a loss of the capital invested.

Provisions and Fees Provisions, fees and other costs may reduce any return on the investment in the Instruments. Potential investors should therefore consult their own financial advisers about any provisions, fees and other costs which are incurred when purchasing or while holding the Instruments prior to any investment.

Taxation Taxation and its effects depend on the individual circumstances of the relevant holder. Holders of Instruments should therefore obtain information from and consult their tax adviser on the tax consequences applying to their individual situation prior to any investment decision.

Change of Law The terms and conditions of the Instruments are governed by German law. Any discussion of German law in this Prospectus is based on the laws and regulations of Germany in effect as of the date of this Prospectus and no assurance can be given as to the impact of possible judicial decisions or changes in German law or administrative practice after the date of this Prospectus.

2.b) Specific Risk Factors relating to Product Group A Instruments

In addition to the general risk factors, the following specific risk factors apply to Product Group A Instruments. With the exception of Bond Reedemable Instruments, for Product Group A Instruments redemption at par value or at a specified percentage of their par value is guaranteed; therefore, the specific risk factors are mainly related to the payment of interest that prospective investors may receive. In the case of Bond Reedemable Instruments, Product Group A Instruments may also be redeemed by delivery of bonds at the option of the Issuer. For such Instruments, the redemption at par value is not guaranteed.

Fixed Rate Instruments / Step-up/Step-down Instruments A holder of Fixed Rate Instruments will be paid fixed interest during the term of the Instrument. Fixed Rate Instruments are not affected by an increase or decrease in the general interest rate level during the term of the Instrument with the exception of the market price. As the relevant market interest rate changes, the price of a Fixed Rate Instrument also changes, but in the opposite direction. If the market interest rate increases, the price of a Fixed Rate Instruments typically falls until the yield of such Instruments is approximately equal to the market interest rate. In case of an early redemption of the Instruments at a decreased market interest rate, the holder is exposed to the risk of obtaining a lower yield and any subsequent reinvestment being effected at a lower interest rate than the agreed fixed rate. In the event of a sale of Instruments prior to maturity, a holder may incur a loss of the capital invested. 36 II. Risk Factors

The same risk applies to Step-up/Step-down Instruments if the market interest rates in respect of comparable bonds are higher than the rates applicable to such Instruments.

Floating Rate Instruments with or without a Cap Floating Rate Instruments bear a variable rate of interest which comprises a reference interest rate and, if applicable, a margin. Each variable interest rate is assigned to one interest period, which may be three or six months, or any other period, as set out in the applicable Final Terms and will be determined beforehand for each interest period. The variable rate of interest changes in line with changes in the applicable reference interest rate; thus, the variable interest rate may also decrease. As a holder of Floating Rate Instruments you are exposed to the risk of fluctuating interest rate levels of the applicable reference interest rate during the term of the Instruments. It is impossible to determine the yield of a Floating Rate Instrument in advance. The variable rate of interest to be paid for Floating Rate Instruments may also be capped at a certain level (the “Cap”). A holder will not benefit from a rise in the reference interest rate in the event it rises above and beyond the Cap. Therefore, where the reference interest rate rises above the Cap, yield on such Instruments may be lower than the yield of Floating Rate Instru- ments without a Cap.

CMS-Instruments with or without a Cap CMS-Instruments bear a floating interest rate on the basis of a swap rate or on the basis of a formula including one or more swap rate(s) for specified interest periods. A holder of CMS-Instruments is exposed to the risk of fluctuating swap rate levels and an uncertain interest income. Swap rate levels will be influenced by a number of interrelated factors, such as the macroeconomic situation, financial and political events and the general market interest rate level. Fluctuations of the applicable swap rate make it impossible to determine the yield of the CMS-Instruments in advance. The level of the swap rate may be capped at a specified limit and/or be limited to a specified lower level. A holder will not benefit from a rise in the underlying swap rate or formula in the event it rises above and beyond the Cap. Therefore, where the underlying swap rate or formula rises above the Cap, the yield on such Instruments may be lower than the yield of CMS- Instruments or Floating Rate Instruments without a cap.

Zero Coupon Instruments Zero Coupon Instruments will be issued at a discount to their nominal value and there will be no periodic interest payments made on such Instruments during their maturity. The discount – the difference between the issue price and the redemption amount (which will be at a minimum 100 per cent. of the par value of the Instruments) – determines the interest a holder will receive until the maturity date and reflects the market interest rate. Changes in general market interest rates have a stronger impact on the price of Zero Coupon Instruments than on the price for Fixed Rate Instruments having the same maturity, due to the discounted issue price of the Zero Coupon Instruments.

Range-Accrual Instruments As described in the part “Description of the Instruments to be issued under the Programme” the amount of interest payable on the Instruments depends in full or in part on the performance of a base value. The future performance of the base value cannot be foreseen. The base value may be subject to considerable fluctuations due to changes in the money and capital markets. A holder of Range-Accrual Instruments is exposed to the risk that, in the worst case, the interest rate may be zero for one, several or all interest periods, if the base value does not fall within the range or above or below the threshold on any Interest Determination Date during the entire observation period for the respective interest period. The price of Range-Accrual Instruments may be influenced by the general interest rate volatility and changes to the general market interest rate level. II. Risk Factors 37

Dual Currency Instruments With the exception of Zero Coupon Instruments, any of the Instruments set out above may be issued as Dual Currency Instruments. Dual Currency Instruments are redeemed at final maturity in the currency in which they were issued. Interest, however, is earned in a currency different from the currency the Instruments are issued in, and on the interest payment dates is converted into the currency they were issued in at the exchange rate applicable at the time. A holder of Dual Currency Instruments is exposed to the exchange risk for the interest amount received in the different currency. Exchange rates between currencies may be determined by various factors relating to the supply and demand in the international currency markets, which are influenced by macroeconomic factors, speculative transactions and intervention by the central banks and governmental authorities (including currency controls and restrictions). Fluctuating exchange rates may also affect the value of the Dual Currency Instruments.

Bond Reedemable Instruments with a Redemption at Par Value or by Delivery of Bonds at the Option of the Issuer Instruments may be redeemed at maturity, at the option of the Issuer, either in cash at their par value or by delivery of bonds of a specific issuer. The type of redemption will be determined by the Issuer, in its sole discretion, a number of banking days before the relevant maturity date as specified in the applicable Final Terms. A redemption in bonds may be expected if the aggregate market value of the bonds to be delivered per Instrument at the Determination Date is less than the par value of such Instrument. A holder of Bond Redeemable Instruments should be aware that if bonds are delivered upon redemption, there is no assurance that there is a liquid market for these bonds, which may be listed or unlisted. Proceeds received from a sale of the bonds may be lower than the par value of the Instruments and a holder may thus incur a loss of all or part of the invested capital.

Other Interest Provisions For other interest provisions in the framework as provided in Section V.1.b), in particular in case of interest formulas and combined interest structures, the Final Terms may specify additional risk factors.

2.c) Specific Risk Factors relating to Product Group B Instruments

In addition to the general risk factors and the risk factors relating to Product Group A Instruments, the following specific risk factors apply to Product Group B Instruments. Since for Product Group B Instruments the redemption at par value may not be guaranteed, the specific risk factors are mainly related to the payment of redemption that prospective investors may obtain. Prospective investors should be aware that they may face a total loss of their investment.

Index Linked Instruments Index Linked Instruments may either be issued as Index Linked Redemption Instruments or as Index Linked Interest Instru- ments or as a combination of both. Redemption payments in respect of Index Linked Redemption Instruments or interest payments in respect of Index Linked Interest Instruments will be calculated by reference to such index (including for example currencies, commodities or securities exchange indices) or other factors (including for example changes in inflation rates) and/or such formula as set out in the relevant Final Terms. An investment in Index Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed-rate debt security. If the interest rate of Index Linked Interest Instruments is so indexed, it may result in an interest rate that is less than that payable on a conventional fixed-rate debt security issued at the same time, including the possibility that no interest will be paid, and if the principal amount of Index Linked Redemption Instruments is so indexed, the principal amount payable at maturity may be less than the original purchase price of Index Linked Instruments including the possibility that no redemption payment will be made. The secondary market for Index Linked Instruments will be affected by a number of parameters, independent of the creditworthiness of the Issuer and the value of the applicable index or other factor and/or formula, including the volatility of the applicable index, other factor and/or formula, the time remaining until the maturity of Index Linked Instruments, the amount outstanding of Index Linked Instruments and market interest rates. Therefore, investors should be aware that the market price of Index Linked Instruments may be highly volatile (depending on the volatility of the relevant index, other factor and/or 38 II. Risk Factors

formula). The value of the applicable index, other factor and/or formula depends on a number of interrelated parameters, including economic, financial and political events, over which the Issuer has no control. Additionally, if the formula used to determine the redemption amount or interest payable with respect to Index Linked Instruments contains a multiple or leverage factor, the effect of any change in the applicable index will be increased. The past performance of the relevant index, other factor and/or formula should not be taken as an indication of the future performance of such index, other factor and/or formula during the term of Index Linked Instruments. A holder of Index Linked Redemption Instruments may lose all or part of the invested capital. Equity Linked Instruments Equity Linked Instruments may either be issued as Equity Linked Redemption Instruments or as Equity Linked Interest Instruments or as a combination of both. Payments of principal in respect of Equity Linked Redemption Instruments or of interest in respect of Equity Linked Interest Instruments will be calculated by reference to equities and/or a formula as set out in the relevant Final Terms. An investment in Equity Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed-rate debt security. If the interest rate of Equity Linked Interest Instruments is linked to equities and/or a formula, it may result in an interest rate that is less than that payable on a conventional fixed- rate debt security issued at the same time, including the possibility that no interest will be paid, and if the principal amount of Equity Redemption Linked Instruments is so linked to equities, the principal amount payable at maturity may be less than the original purchase price of Equity Linked Instruments including the possibility that no redemption payment will be made. The secondary market for Equity Linked Instruments will be affected by a number of parameters, independent of the creditworthiness of the Issuer and the value of the applicable equities, including the volatility of the applicable equities, the time remaining until the maturity of Equity Linked Instruments, the amount outstanding of Equity Linked Instruments and market interest rates. Therefore, investors should be aware that the market price of Equity Linked Instruments may be highly volatile (depending on the volatility of the relevant equities). The value of the relevant equities depends on a number of interrelated parameters, including economic, financial and political events, over which the Issuer has no control. Additionally, if the formula used to determine the redemption amount or interest payable with respect to Equity Linked Instruments contains a multiple or leverage factor, the effect of any change in the relevant equities will be increased. The past performance of the relevant equities and/or formula should not be taken as an indication of future performance of such equities and/or formula during the term of Equity Linked Instruments. A holder of Equity Linked Redemption Instruments may lose all or part of the invested capital.

Share Reedemable Instruments with a Redemption at Par Value or by Delivery of Shares at the Option of the Issuer Instruments may be redeemed at maturity, at the option of the Issuer, either in cash at their par value or by delivery of shares in a given stock corporation (Aktiengesellschaft). The type of redemption will be determined by the Issuer, in its sole discretion, a number of banking days before the relevant maturity date as specified in the applicable Final Terms. A redemption in shares may be expected if the aggregate value of the shares to be delivered per Instrument at the Determination Date is lower than the par value of the Instrument. Redemption of the Instruments at their par value is therefore not guaranteed. A holder of Share Reedemable Instruments should be aware that the Issuer will exercise its right of redemption irrespective of the price of the shares on any stock exchange i.e. even where the share price is above the dermined value the Issuer reserves the right to reedem the Share Redeemable Instruments by delivery of shares. In the event of redemption in shares, a holder may suffer a loss in the amount of the difference between the par value of the Instrument and the market value of the shares per Instrument delivered at maturity. A holder is exposed to the risk of a decrease in the price of the company’s shares, because a falling share price increases the likelihood of a redemption in shares. Proceeds received from a sale of the shares may be lower than the par value of the Instruments and a holder may thus incur a loss of all or part of the invested capital.

Potential Conflict of Interest in Respect of the Underlying Value In addition to issuing instruments, each of the Issuer, the Dealer(s) or any of their respective affiliates may also have other business areas which independently do business with companies that might be part of an underlying related to Instruments issued under this Programme (including, without limitation, shares, bonds, equities and indices). A holder should be aware II. Risk Factors 39

that it cannot be ruled out that decisions of those independent business areas may have a positive or a negative influence on the underlying value.

Instruments with Participation in a Rising Underlying Value In case of Instruments with a Participation in a Rising Value, repayment of the invested capital is not guaranteed in the case of a guaranteed redemption amount which is fixed at less than 100 per cent. of the par value. Furthermore, as a result of a possible positive participation in an underlying value, a holder will receive a yield below the market compared with Instru- ments with the same maturity without a participation option and with redemption at par. A holder faces the risk of a loss of the invested capital amounting to the difference between the invested capital and the guaranteed redemption amount if the latter was fixed at less than 100 per cent., and a lower yield on the invested capital during the term of the Instruments if the Instruments are redeemed at the guaranteed redemption amount. The yield on the invested capital may be lower than the usual market yield for an investment in ordinary fixed rate Instru- ments issued by the Issuer with the same maturity, and the yield cannot be offset by a participation in the case of a falling underlying value.

Instruments with a Participation in a Falling Underlying Value Redemption of Instruments with a participation in a Falling Underlying Value at par value is not guaranteed. It should be noted that a change in the value of the underlying value on which the Instruments are based can result in the value of the Instruments falling considerably below the purchase price paid for the Instruments in accordance with the performance of the underlying value level, which in turn may result in the holder of the Instruments incurring a considerable loss with regard to the purchase price paid for the Instruments. The risk consists of a falling underlying value during the term of the Instru- ments in whose negative, relative performance the Instruments are participating at the Determination Date(s) in the amount of the participation rate. This negative participation results in a loss of the invested capital amounting to the difference between the purchase price and the redemption amount at maturity. The yield on the invested capital may be lower than the usual market yield for an investment in ordinary fixed rate Instruments issued by the Issuer with the same maturity, and the return cannot be offset by a higher interest rate in the case of a falling underlying value.

Instruments with Participation in a Falling and a Rising Underlying Value Redemption of the Instruments with a participation in a Falling and Rising Underlying Value at par value is not guaranteed. It should be noted that a change in the value of the underlying value on which the Instruments are based may result in the value of the Instruments falling considerably below the purchase price paid for the Instruments in accordance with the performance of the underlying value level, which in turn may result in the holder of the Instruments incurring a considerable loss compared to the purchase price paid for the Instruments. The risk consists of a falling underlying value during the term of the Instruments in whose negative, relative performance the Instruments are participating on the determination date(s) in the amount of the participation rate. This negative participation results in a loss of the invested capital amounting to the difference between the purchase price and in relation to the redemption amount at maturity. The yield on the invested capital may be lower than the usual market yield for an investment in ordinary fixed rate Instru- ments issued by the Issuer with the same maturity and the yield cannot be offset by a participation in the case of a falling index.

Instruments with another variety of Equity Linked or Index Linked Structure For other Equity Linked or Index Linked instruments, in particular Instruments in the framework as provided in Section V.2.b) with another variety of equity linked or index linked redemption, the Final Terms may specify additional risk factors. 40 II. Risk Factors

2.d) Specific Risk Factors relating to Product Group C Instruments

The redemption of Product Group C Instruments at par value is guaranteed. Therefore, the same specific risk factors as for Product Group A Instruments apply to Product Group C Instruments, with the exception of risks related to Bond Redeemable Instruments. III. Responsibility 41

III. RESPONSIBILITY

RESPONSIBILITY The Issuer, Norddeutsche Landesbank Girozentrale, with its registered offices in Hanover, Brunswick and Magdeburg, accepts responsibility for the information contained in this Prospectus. The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is to the best of its knowledge in accordance with the facts and makes no omission likely to affect its import. With regard to any financial information relating to any public companies, as reproduced from information provided by the relevant company, which will be provided together with the relevant Final Terms in the event of an issue of Instruments with redemption in principal or shares, principal or bonds with physical delivery or Index-Linked and Equity-Linked Instruments, the Issuer accepts responsibility only as follows: The Issuer confirms that all information has been accurately reproduced and that as far as it is aware and is able to ascertain from information published by the relevant third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

IMPORTANT NOTICE The Instruments have not been approved or disapproved by the U.S. Securities and Exchange Commission (the “SEC”) or any state securities commission in the United States nor has the SEC or any state securities commission passed upon the accuracy or the adequacy of this Prospectus. Any representation to the contrary is a criminal offence in the United States. Subject to certain exceptions, the Instruments may not be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S under the Securities Act). Neither this Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation (for other important notices see Section IX 8). 42 IV. Norddeutsche Landesbank Girozentrale

IV. NORDDEUTSCHE LANDESBANK GIROZENTRALE

1. AUDITORS

The annual financial statements of NORD/LB as well as the consolidated financial statements of the NORD/LB Group for the financial years ending 31 December 2004 and 2005 were prepared in accordance with German accounting principles (including those set out in the German Commercial Code) and audited and issued with an unqualified auditor’s report by Pricewater- houseCoopers Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft (formerly PwC Deutsche Revision Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft), Fuhrberger Strasse 5, D-30625 Hanover. PricewaterhouseCoopers Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft is a member of the Chamber of Public Accountants (Wirtschaftsprüferkammer).

2. GENERAL INFORMATION ON THE ISSUER

Legal Name and Entry in the Commercial Register (Handelsregister) Norddeutsche Landesbank – Girozentrale – is registered under HRA 26247 in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Hanover.

Establishment of NORD/LB Norddeutsche Landesbank – Girozentrale – was established on 1 July 1970 pursuant to Section 1 of the Act of 14 May 1970 pertaining to Norddeutsche Landesbank – Girozentrale – (Gesetz über die Norddeutsche Landesbank – Girozentrale –) (hereinafter referred to as “NORD/LB Act”) through a merger of the following financial institutions:

Niedersächsische Landesbank – Girozentrale – (founded 1917) Braunschweigische Staatsbank (founded 1765) Hannoversche Landeskreditanstalt (founded 1840) and Niedersächsische Wohnungskreditanstalt – Stadtschaft – (founded 1918)

Pursuant to Section 1 of the NORD/LB Act, all rights and obligations of the above-mentioned merged institutions were transferred to NORD/LB by way of universal succession (Gesamtrechtsnachfolge) without prior settlement proceedings.

Legal Form and Applicable Law, Registered Office NORD/LB is an institution under German public law having legal capacity (rechtsfähige Anstalt des öffentlichen Rechts) in accordance with (i) the State Treaty between Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen-Anhalt) and and the former owner Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern) concerning Norddeutsche Landesbank – Girozentrale – dated 16/23/24 March 2005 and effective as of 19 July 2005 (hereinafter referred to as “State Treaty 2005”) and (ii) the statutes (Satzung) of NORD/LB (hereinafter referred to as “Statutes”), adopted by the owners’ meeting (Träger- versammlung) of NORD/LB (hereinafter referred to as “Owners’ Meeting”), as described in Section “Management and Supervisory Bodies of NORD/LB” on 13 July 2005 with effect from 19 July 2005, published on 29 July 2005, last amended with effect from 31 October 2005, published on 30 November 2005.

NORD/LB`s registered offices are in Hanover, Brunswick and Magdeburg. The head office is located in Hanover.

Rating for Long Term Unsubordinated Liabilities As at the date of this Prospectus, the ratings of the Issuer for Long Term Unsubordinated Liabilities are as follows: Aa3 by Moody’s Investors Ltd, A by Fitch Ratings Ltd. and A by Standard and Poor’s Ratings Services. IV. Norddeutsche Landesbank Girozentrale 43

Series to be issued under the Programme may be rated or unrated. Where a Series of Instruments is rated, its rating may not be the same as the rating applicable to the Issuer. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Any negative change in the credit rating of the Issuer could adversely affect the trading price of the Instruments. The current rating respectively is available via electronic information systems.

Business Address NORD/LB’s business address is Friedrichswall 10, D-30159 Hanover, Germany, Tel: +49 (0) 511 361-0.

Recent Events in the Issuer’s Business Activities of Considerable Importance in the Assessment of Solvency The following recent events in the business activities of NORD/LB are of considerable importance to the assessment of solvency:

Abolition of Maintenance Obligation and Guarantee Obligation On the basis of an understanding between the Federal Republic of Germany an the EU-Commisssion of 17 July 2001 (the “Understanding”), the Guarantee Obligation (Gewährträgerhaftung), i.e. the liability of the Owners for the liabilities of public-sector financial institutions, was abolished after a transitional period from 19 July 2001 to 18 July 2005. At the same time, the Maintenance Obligation (Anstaltslast), i.e. the obligation of public authorities to provide their companies with, among other things, the necessary financial resources to fulfill their duties, has been replaced by a conventional commercial owner relationship between the relevant financial institution and its Owners.

Under grandfathering provisions, in respect of liabilities that were agreed before 19 July 2001 the Guarantee Obligation applies until their maturity; for liabilities agreed between 19 July 2001 and 18 July 2005 (inclusive), this applies subject to their maturity no later than 31 December 2015. The grandfathering provisions do not apply to liabilities entered into after 18 July 2005 and thus do not apply on Instruments issued under this Prospectus.

As a result of the Understanding, German public sector financial institution, including NORD/LB, are subject to the same regulations in the event of insolvency as German private financial institutions.

Bank DnB NORD A/S In mid-2005 NORD/LB and DnB NOR Bank ASA decided to intensify their activities in Finland, Denmark, Poland and the Baltic States of Estonia, Latvia and Lithuania by a joint-venture, Bank DnB NORD A/S. NORD/LB holds 49 per cent. of the shares in DnB NORD A/S and DnB NOR Bank ASA is the majority shareholder with 51 per cent. of the shares.

As part of its shareholding in the joint venture company, NORD/LB brought its subsidiaries in Latvia, Lithuania and Poland, into DnB NORD A/S in November 2005, its branch in Helsinki/Finland in February 2006 and its Danish corporate customer loan portfolio in January 2006. The representative offices of NORD/LB in Oslo/Norway and Tallinn/Estonia will be dissolved; the Estonian market will be served by the newly founded branch of NORD/LB Latvia. NORD/LB´s branch in Stockholm/Sweden has been transferred to DnB NOR Bank ASA in conjunction with the foundation of the joint-venture. NORD/LB has thus deconsolidated its previous business activities in the North East Europe region. Its strategic focus on this region is now continued through the joint venture company DnB NORD A/S and its subsidiaries.

Bank DnB NORD A/S received its Danish banking license on 6 December 2005 and has been operational since 2 January 2006. 44 IV. Norddeutsche Landesbank Girozentrale

3. BUSINESS OVERVIEW

Responsibilities and Functions In accordance with the Statutes, NORD/LB’s functions are that of a state bank (Landesbank) for the states of Lower Saxony (Niedersachsen) and Saxony Anhalt (Sachsen-Anhalt), a savings banks central bank (Sparkassenzentralbank) for the member savings banks of the states of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern) (its “Savings Banks Owners”) as well as a general commercial bank (Geschäftsbank). In addition, it may pursue other business activities of any kind that serve the purposes either of NORD/LB or of its Owners. It may assume special tasks relating to economic or fiscal policy. It is authorised to issue German covered bonds (Pfandbriefe), public-sector bonds (öffentliche Pfandbriefe), ship pfandbriefe (Schiffspfandbriefe) and other bonds. In addition, it may conduct building society business itself or through independent affiliated operations. In the Brunswick region, NORD/LB acts in the capacity of a savings bank under the name “Braunschweigische Landessparkasse”.

The Business Model To adopt its business model to the changed situation due to the abolition of the guarantee obligation in July 2005 and to secure a sound funding base for NORD/LB and NORD/LB-Group, NORD/LB developed in a close cooperation with its Owners a business modell to newly align its business activities. During the implementation phase, changes in the strategic focus of NORD/LB, such as the performance of business activities in North East Europe by the joint venture bank DnB Bank NORD A/S described in Sections “Recent Events in the Issuer`s Business Activities of Considerable Importance in the Assessment of Solvency” and “Description of Other Holdings”, resulted in a reshaping of the previous segments in the business model and in a cancellation of the former business segment “NORD/LB Retail – North East Europe”.

The business model of NORD/LB and the NORD/LB Group can be divided into the following five main business areas:

– Savings Bank Network (including the business segments “Syndicated Business with Savings Banks”, “Promotional Fund Services and and Municipalities” and “Institutional Savings Bank Business”)

– Retail (including the business segments ”Private and Commercial Customers” and ”Corporate Customers”)

– Special Financing (including the business segments ”Ship and Aircraft Financing”, ”Real-Estate Banking”, ”Leasing Financing” and ”Corporate and Structured Financing”)

– Investment Banking (including the business segments ”Treasury“,”Asset/Liability Management“, ”Capital Markets“ and ”Sales“)

– Development Business

The following chart (as of 05 April 2006) is designed to provide an overview of the business model of the NORD/LB Group in its current structure. The activities listed under the individual business areas are also carried out by subsidiaries operating as banks, e.g Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen, Norddeutsche Landesbank Luxembourg S.A., Luxembourg, and the Skandifinanz Bank AG, Zurich, (the “Financial Sector Subsidiaries”) as well as the Group`s subsidiaries LBS Norddeutsche Landesbausparkasse Berlin-Hannover and Öffentliche Versicherung Braunschweig. IV. Norddeutsche Landesbank Girozentrale 45

NORD/LB-Group

CorporateCorporate CenterCenter

Savings bank network Retail Special finance Investment Banking Promotional funding

● Syndicated business ● Private and ● Ship and aircraft ● Treasury ● LFI with savings banks commercial financing Mecklenburg ● customers Asset/Liability Western ● Promotional fund ● Real-estate banking management Pomerania services and munici- ● Corporate ● ● palities customers Leasing financing Capital markets ● LTS Lower ● Institutional ● Corporate and ● Sales Saxony savings banks structured financing ● Investitions business Bank Saxony Anhalt ● ● Bremer LB ● Bremer LB ● Bremer LB ● Bremer LB IPA Lower Saxony ● Luxembourg ● Luxembourg ● LHI ● Luxembourg ● LBS Nord ● Bank DnB Nord ● Skandifinanz Bank ● NORDCON ● ÖVB

NORD/LBNORD/LB ServicesServices

The Five Main Business Areas Savings Bank Network This business areas comprises the savings bank network (the “Network”) consisting of 66 savings banks (as of 1 January 2006) in the federal states of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern). It is one of the most important business areas of the Bank.

NORD/LB and the savings banks (Sparkassen) maintain a close working relationship on the basis of NORD/LB’s ownership structure. Within the Savings Bank Network, each individual savings bank has a fixed first contact, responsible for customer relationship management. Necessary products and services are provided by the relevant special divisions.

NORD/LB provides the savings banks with all products and services they require as a direct customer or to complete their product range in their core business areas in the private customer business, small and medium-sized corporate customer business, as well as in the municipal and agricultural lending business. Syndicated lending business is a special focus of the Network business. In the light of the new capital adequacy regulation, Basel II, the existing equity of many corporate customers is becoming increasingly important with respect to the procurement of external financing. NORD/LB advises on and also offers to the corporate customers of the savings banks new forms of financing, such as mezzanine financing in the form of profit participation rights (Genussrechte) and financial derivatives as part of its syndication activities. NORD/LB also supports the savings banks during Merger and Acquisition transactions and provides various consultancy services (e.g. on investment projects supported by public funds).

For the savings banks` private banking business, NORD/LB issues structured securities (e.g. securities backed by shares and bonds). The product range also includes individual asset management for private customers of the savings banks (private Vermögensverwaltung). Since last year, private bank Joh. Berenberg, Gossler & Co. KG in Hamburg has been acting as port- 46 IV. Norddeutsche Landesbank Girozentrale

folio manager on a basis of cooperation with NORD/LB, and manages customer monies in securities and financial investments in line with investment guidelines agreed with the respective customer. NORD/LB holds a stake of 25 per cent. in Joh. Berenberg, Gossler & Co. KG.

In addition, the savings banks are offered money market and capital market products, derivatives and funding business including as direct customers. NORD/LB supports and advises the savings banks regarding the issue of their own registered public-sector covered bonds (öffentliche Namenspfandbriefe) and registered mortgage covered bonds (Hypotheken-Namens- pfandbriefe). As a further alternative form of funding, NORD/LB has been offering cover pooling (Deckungspooling) since last year. Where cover pooling (Deckungspooling) is concerned, the savings banks transfer their cover pools to NORD/LB who can use the pools in its own cover account for the issue of covered bonds. The transfer of the cover pools is carried out by selling the receivable together with the charge on the property to NORD/LB with the subsequent entry in a funding register maintained by the savings bank. In return, the savings bank receives funds on the basis of covered capital market conditions. The S-PORT platform enables the savings banks to trade their own credit risks in synthetic form.

Retail In the main business area of Retail, the NORD/LB Group’s operations comprise business with medium-sized enterprises, as well as private and business customers with concentration on the states of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern). The Retail business of NORD/LB Group is carried out in the North East of Germany by NORD/LB – partly in its function as Braunschweigische Landessparkasse -, by the Bremer Landesbank (business district state of Bremen as well as the northwestern of Lower Saxony (Niedersachsen)) and Öffentliche Versicherung Braunschweig, as business partner within the business area NORD/LB Retail. One focus of NORD/LB`s operations is the Brunswick region, where it benefits from direct access to private, business and corporate customers through its function as a savings bank with several branches. Based on the number of inhabitants, NORD/LB has a market share of approximately 50 per cent. in private and business customers in the Brunswick region. “Retail” is divided into two business segments, “Private and Commercial Customers” and “Corporate Customers”.

- Private and Commercial Customers Private and commercial customer business is mainly carried out in the Brunswick region. NORD/LB offers products and services to approximately 430,000 private and business customers through an independent profit centre represented by 107 branches (as of 01 April 2006), including 17 self-service centres. Other centres for private customer business are located in Hanover, Hamburg, Magdeburg and Schwerin.

The product range includes all NORD/LB’s standard banking products and services (e.g. current accounts, residential loans, consumer loans, savings accounts, securities business, bank and credit cards), as well as complementary products (e.g. financial services of partners within the Network, such as building savings contracts (Bausparverträge), fund units, insurance products, as well as tax optimised investment products and asset management products in cooperation with the DEKA Bank Deutsche Girozentrale Luxembourg SA and the private bank Joh. Berenberg, Gossler & Co. KG). Through its Internet platform, NORD/LB offers Internet banking and direct brokerage products and services.

In addition, NORD/LB offers a wide range of special financial services and advisory services to wealthy private, real estate and business customers at 21 competence centres.

- Corporate Customers In addition, NORD/LB offers a wide range of special financial services and advisory services to wealthy private, real estate and business customers at 21 competence centres.

This division essentially serves medium-sized corporate customers who have an annual turnover of EUR 5.0 million to EUR 500.0 million or a credit volume of at least EUR 1.0 million within the core region of North East Germany, including the Brunswick region. The corporate customer business division was established in 2003 as a result of the merger of five IV. Norddeutsche Landesbank Girozentrale 47

independent market segments into one business division in order to achieve a uniform management and sales and risk strategy for this segment. The special divisions of Agricultural Banking and Corporate Finance were integrated into the corporate customer business division in 2004.

The corporate customer business division is represented by its offices in 5 locations within the area covered by the Braunschweigische Landessparkasse as well as in Hanover, Hamburg, Magdeburg and Schwerin. NORD/LB’s market penetration and customer relations within the Brunswick region are mainly due to NORD/LB’s function as a savings bank (Braunschweigische Landessparkasse). On the basis of certain agreements between NORD/LB and the Network Saving Banks, prospective customers located outside the Brunswick region but within federal states of the Owners will be acquired only with the consent of the relevant local savings bank.

NORD/LB acts as a full service provider vis-à-vis its medium-sized corporate customers, offering a full range of banking services. In particular, the services include the provision of short, medium and long-term loans, both in euros and foreign currencies, the assumption of guarantees and sureties, leasing financing, mezzanine financing, loans against a promissory note (Schuldscheindarlehen) as well as structured financing. In conjunction with its Investment Banking division, customers are also offered capital market instruments such as the issuance of promissory notes (Schuldscheindarlehen) or asset backed securities transactions as well as derivative structures for the purpose of hedging interest and currency risks and/or optimising financing structures. NORD/LB also focuses on deposit banking, commercial transactions with securities and money market instruments, as well as processing national and international payments, electronic banking and the credit card business. NORD/LB provides corporate customers with solutions for corporate pension plans (betriebliche Altersvorsorge) as well as insolvency insurance for credit balances on working time accounts (Wertguthaben aus Arbeits- zeitkonten) in form of a surety or as a guarantee model.

The Corporate Finance division, which forms part of the medium-sized corporate customer division, advises companies on all questions that arise in connection with full or partial acquisition or sale of companies (Mergers & Acquisitions Services). Corporate Finance also assists local authorities in restructuring their investment portfolios by means of privatisation consultancy services. In addition, Corporate Finance performs the structuring of equity measures and coordinates sydication activities for medium-sized companies.

Agricultural Banking, which also forms part of the medium-sized corporate customer division, provides special financial services in order to meet the financing requirements of customers operating within primary agricultural production as well as customers on the upstream or downstream value added chain where the financing requirement exceeds EUR 500,000.00. Customer services are primarily provided in the federal states of Lower Saxony (Niedersachsen), Saxony- Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern) through offices in Hanover, Magdeburg and Schwerin.

Special Financing This business segment is divided into Ship and Aircraft Financing, Corporate and Structured Financing, RealEstate Banking and Leasing Financing. Within NORD/LB, the business area Corporate and Structured Finance is operated specifically from Hanover as well as from the branches in London, New York and Singapore. The Shanghai branch, which was opened in 2004, also offers these products.

- Ship and Aircraft Financing Shipping and Aircraft Financing is considered part of NORD/LB’s core activities. NORD/LB has been active in this segment for more than 30 years and is one of its leading players: NORD/LB was ranked among the top five of all German ship finance banks in terms of outstanding credit exposure in 2004 (Source: Hansa, Volume 141, 2004, p. 8–19).

In the Shipping Financing division, NORD/LB finances modern and marketable tonnage. The portfolio is diversified with a primary focus (measured by credit exposure) on container shipping (45 per cent.). This is followed by multipurpose shipping and coaster (“Multipurpose”; 21 per cent.), tankers (chemical, product and oil tankers; 12 per cent.), 48 IV. Norddeutsche Landesbank Girozentrale

bulk carriers (9 per cent.), cruise ships and ferries (6 per cent. each), as well as other ships (reefer ships, RoRo, etc.; 7 per cent.). Currently the transport industry is benefiting from increasing globalisation and high growth rates, mainly in China and India. The trend towards larger ships, mainly in container shipping, allows for the realisation of economies of scale and increases the appeal of marine transport. In addition, the replacement of single-hulled ships by double- hulled ships has a positive effect on the shipping financing segment.

In the Aircraft Financing division, the Bank finances regional aircrafts (with a capacity of up to 90 passengers) as well as short, mid and long-haul passenger aircrafts that complies with the latest noise and pollution regulations (“Stage III”). The Bank’s largest financing volume is taken up by the Europe region, followed by America, Africa/Near and Middle East. Due to the distinctive cyclical environment and structural changes in the aviation industry, NORD/LB has been selective in developing its aircraft portfolio. From a strategic point of view, the focus is on financed assets and adequate repayment; beside that, the creditworthiness of the airline or the leasing company applying for the loan is material.

- Corporate and Structured Financing The Corporate and Structured Financing division combines traditional corporate finance with forms of special finance. The Bank’s product portfolio includes export and trade finance, project finance, other structured finance of financial engineering, asset-backed transactions as well as on-balance sheet loans, which are mainly offered to small and medium-sized companies in the regions in which NORD/LB is represented. The customers of corporate banking have traditionally been large-scale international companies in selected industries with sales exceeding EUR 500 million. Many of these companies are based in Germany. Target industries comprise energy (including oil and gas), water, waste and sewage, infrastructure and construction, automotive and chemical, plant construction, as well as financial institutions (only at the international branches). Public-sector institutions are also included in this division’s customer base, mainly in respect of cross-border leases and public private partnerships.

As well as offering the entire product range, the international branches London, New York and Singapore have developed their own particular expertise in the area of special finance depending on market conditions. For example, the London branch specialises in public private partnerships for public-sector projects, such as social housing and transport, the New York branch in asset-backed finance, and the Singapore branch in property development. The branches in Singapore and Shanghai are also active in trade and export finance. The Shanghai branch, which opened in April 2004, is currently setting up its business with savings bank customers in this segment.

NORD/LB has limited operations in the emerging markets, such as Mexico. The main products offered are project and export finance, the latter usually being covered by an export agency.

- Real-Estate Banking NORD/LB’s real-estate banking division has been active in the German commercial real estate market since 1984 and internationally since 1998.

The division focuses on financing of large-volume commercial properties and real estate portfolios in Germany and abroad. Most of the transactions are with professional real estate customers with a high degree of creditworthiness and many years of experience.

In addition to traditional forms of financing, within the framework of real estate investment banking, structured financing is becoming a further column for the financing of individual properties and portfolios. In this regard, the use of derivatives is becoming increasingly significant.

The business area is focused on clearly selected and clearly definable markets, customers and properties. In Germany this comprises, in particular, the major cities such as Hamburg, Munich, Berlin, Frankfurt and Düsseldorf as well as IV. Norddeutsche Landesbank Girozentrale 49

strong economic centres such as the Rhine-Main region and the Ruhr region. Internationally, the focus is on North America, the UK, the Netherlands, France and Spain, as well as Scandinavia and East Europe. Financing is generally provided in respect of marketable, well-situated real estate with a minimum loan amount of EUR 5 million per property. The division is also a centre of competence for commercial real estate finance in the network of the savings banks.

As of 31 December 2005 the credit portfolio according to internal calculations of real estate banking totalled around EUR 6.7 billion. Of this, around 28 per cent. was attributable to properties financed outside Germany. According to the company’s own calculations, the portfolio of German financings amounted to EUR 4.8 billion with approximately 30 per cent. attributable to the segment for hospitals and senior housings. The entire private residential lending, the housing associations business, as well as business property leasing, are not part of the real estate banking division and are therefore not included in this figure.

According to internal calculations of NORD/LB, the volume of new business in 2005 amounted to around EUR 2.4 billion, whereof around 45 per cent. was accounted for by international business and around 55 per cent. by business in Germany.

As a result of revaluations and emerging trends, NORD/LB increased its risk provisions accordingly in 2005 especially in the health care sector.

- Leasing Financing In addition to providing finance to leasing companies, this segment finances large volume leasing structures relating to movables and property and the purchase of portfolios of small leasing receivables. The customers of the Leasing division are mainly German leasing companies and their subsidiaries.

The focus of property leasing is on administrative and logistical buildings, large scale commercial properties and public-sector buildings. Movables leasing mainly finances vehicles, IT equipment and other plant and machinery.

According to internal calculations by NORD/LB, the leasing finance portfolio increased by approximately 0.6 per cent. to EUR 3.66 billion as of 31 December 2005 compared with the previous year. The portfolio is almost entirely made up of German business.

Investment Banking Within NORD/LB the business segment Investment Banking (“IB”) is located in Hanover as well as in the branches London, New York and Singapore.

IB is responsible for selling money market, foreign exchange and capital market products, as well as, generating market access for these products and manages market price risks for NORD/LB as a whole.

IB comprises of the following divisions: Capital Markets, Treasury, Investment Banking units of the international branches in London, New York, Singapore and Shanghai, the IB Sales and Asset/Liability Management, as well as Business Development. As the business is traditionally customer-focused, income is essentially generated in IB Sales. In addition to customer based transactions, Asset/Liability Management generates income from interest rate management on interest rate products.

Sales activities with respect to corporate and institutional customers for all IB products is concentrated within IB sales.

The Investment Banking liquidity trading divisions Capital Markets and Treasury provide market access and product expertise for institutional customers. It is their responsibility to identify market opportunities and future business areas and render them usable for NORD/LB. Within the framework of their trading function, the divisions focus on selected markets and counterparties with an emphasis on OECD countries. In essence, the position of NORD/LB in the money, foreign exchange and capital markets is determined by anticipated customer demand. 50 IV. Norddeutsche Landesbank Girozentrale

Strategic investments in fixed income, credit, equity and structured products are continuously further developed and managed within the Capital Markets division.

The Asset/Liability Management manages the interest rate risk and the structural liquidity risk for NORD/LB. Another main responsibility of the division is the management of covered bonds on the basis of loan portfolios secured by mortgages and the debts of municipal and other public-sector borrowers.

The International branches ensure the market access for NORD/LB’s international investment strategy and the internationally operating customers of NORD/LB at the relevant locations.

NORD/LB’s customers are predominantly based in the regions of Lower Saxony (Niedersachsen), Saxony-Anhalt (Sachsen- Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern). The Bank’s target customers in the institutional customer segment are insurance companies, building societies (Bausparkassen), social security agencies (Sozialversicherungs- träger), special pension funds (Versorgungswerke) and investment companies throughout Germany, selected national and international asset managers as well as selected banks in Central Europe. The selection of corporate customers is in line with NORD/LB’s industry focus and comprises small and medium-sized companies as well as large-scale enterprises.

Customer services for Network Savings Banks will be performed by the business area “Savings Bank Network”. In this regard, Investment Banking will provide all necessary products and services to the Network Savings Banks.

The product range of the IB segment is mainly geared towards the target customer requirements. The range includes fixed income, equity, foreign exchange, credit and money market products, as well as, in particular, strategically relevant products such as corporate bonds, interest rate, foreign exchange and credit derivatives, borrowers’ note loans and structured products.

In selecting structured products, NORD/LB focuses on marketable structures, which are adjusted to suit customer requirements in the Retail and Wholesale business in close co-operation with other customers responsible divisions of the Bank. The products offered include interest rate structures, equity and index-linked bonds and credit structures. The table below provides an overview of the volume of structured products issued in the last three years. The figures are based on internal calculations by NORD/LB each as of 31 December:

2003 2004 2005 Own issues EUR 3.17 billion EUR 4.37 billion EUR 4.865 billion Other issues EUR 307 million EUR 463 million EUR 331 million Total EUR 3.48 billion EUR 4.83 billion EUR 5.196 billion

Within the framework of managing the Bank’s entire credit portfolio, the Investment Banking segment advises and supports credit divisions in respect of portfolio management. In connection with this, various instruments, in particular securitisation and credit risk trading, are implemented and further developed as possible means of allocating risk for NORD/LB and for use by the Network Savings Banks as well as other customers.

Promotional Funding NORD/LB’s promotional funding is carried out by the Niedersächsische Treuhandstelle (“LTS”), the Landesförderinstitut Mecklenburg-Vorpommern (“LFI”), Investitionsbank Sachsen-Anhalt (“IB ISA”) and the Niedersächsische Investment Promotion Agency (“IPA”). All costs and risks of the promotional funding are borne by the respective state owners of these institutions in their function as “promoters” pursuant to the applicable regulations. The promotional funding differs from all other business areas of NORD/LB’s business model by virtue of its strict task orientation, i.e. the promotional funding is neutral in competition and not profit-oriented. The promotional funding as the fifth main business area of the NORD/LB Group covers agricultural, business, infrastructure and housing projects and other development programmes that are financed on instruction by the IV. Norddeutsche Landesbank Girozentrale 51

state owners with funds from the EU, the Federal Government and the federal states, as well as public refinancing funds, e.g. the European Investment Bank or KfW.

According to internal information from the relevant institution, the Investitionsbank Sachsen-Anhalt paid EUR 518.7 million in 2005, the Landesförderinstitut Mecklenburg-Vorpommern EUR 443.0 million and the Niedersächsische Landestreuhand- stelle, EUR 396.6 million in subsidies. The Niedersächsische Investment Promotion Agency primarily carries out measures relating to company establishments and does not grant any subsidies.

Next to the promotional funding organisations set up in NORD/LB, NORD/LB holds a 50 per cent. stake in NBank, which has performed business development activities for the federal state of Lower Saxony (Niedersachsen) since 2004. On 17 January 2006, the Lower Saxony regional government resolved to integrate the Landestreuhandstelle into NBank. The aim is to amalgamate NBank and Landestreuhandstelle by 31 December 2007.

4. ORGANISATIONAL STRUCTURE

NORD/LB is the ultimate parent company of the NORD/LB Group with its own business activities.

Organisational Chart Including the subsidiaries, which are included in the consolidated accounts of the Issuer, NORD/LB’s corporate structure is as follows: 52 IV. Norddeutsche Landesbank Girozentrale

NORDDEUTSCHE LANDESBANK GIROZENTRALE

Bremer Landesbank 92,5 % 100 % Norddeutsche Landesbank Luxembourg S.A. Kreditanstalt Oldenburg – Girozentrale –, Bremen Luxemburg

100 % 100 % 100 % Bremer Landesbank Bremische Skandifinanz Bank AG Capital Markets PLC Grundstücks- GmbH Zürich/Schweiz London Bremen

100 % 100 % BLB Immobilien GmbH BLB Leasing GmbH Bremen Oldenburg

10 % NORDWEST VERMÖGEN 90 % Bremische Grund- stücks-GmbH & Co. KG Bremen

Bremische Grund- 100 % stücks-GmbH & Co. Bonn-Center, Bremen

Öffentliche Lebensversicherung Braunschweig 75 % 100 % NORD/LB Norddeutsche Securities PLC, London Braunschweig

Öffentliche Sachversicherung Braunschweig 75 % 100 % Norddeutsche Investitionen Beteiligungsgesellschaft mbH Braunschweig Hannover

100 % 100 % Nord-Ostdeutsche Bankbeteiligungsgesellschaft mbH NORDCON Asset Management Holding GmbH, Hannover Hannover

99,75 % 94 % NORDCON Investment Management AG 0,25 % 6 % LHI Leasing GmbH, München Hannover

100 %

LHI Asset Management GmbH, München

NORD/FM Norddeutsche Facility Management GmbH 100 % 100 % Nieba GmbH, Hannover Hannover IV. Norddeutsche Landesbank Girozentrale 53

Description of Selected Consolidated Subsidiaries Bremer Landesbank Bremer Landesbank is a financial institution established under German public law (Anstalt des öffentlichen Rechts). 92.5 per cent. of its share capital is held by NORD/LB and 7.5 per cent. by the Free Hanseatic City of Bremen.

In accordance with its Articles of Association, Bremer Landesbank is a universal bank that acts as a state bank (Landesbank), a central bank for the 15 savings banks in its region and as a commercial bank providing a comprehensive range of banking services at national and international level. The activities of Bremer Landesbank as a commercial bank include investment and portfolio management, corporate finance and advisory services and, through its subsidiaries, leasing and factoring services.

Bremer Landesbank’s business territory comprises the federal state of Bremen and North West Lower Saxony (Niedersachsen).

Bremer Landesbank receives deposits from and provides loans to its customers and offers its affiliated savings banks a wide range of financial services, conducts their foreign business and grants joint loans to trade and industry.

Within the framework of its treasury activities and liquidity management, Bremer Landesbank issues unsecured bearer bonds and Pfandbriefe. In addition, Bremer Landesbank uses a European Commercial Paper Programme (ECP) as well as a European Medium Term Note Programme (EMTN). NORD/LB acts as arranger in respect of both programmes.

Norddeutsche Landesbank Luxembourg S.A. Norddeutsche Landesbank Luxembourg S.A. (the “NORD/LB Luxembourg”) is a wholly owned subsidiary of NORD/LB. It manages all types of standard loan transactions in the Euro market in cooperation with NORD/LB. The loan portfolio of NORD/LB Luxembourg mainly consists of short-term and long-term fixed interest rate loans, as well as roll-over loans and revolving credit facilities.

In the line with its business activities with the savings banks network, NORD/LB Luxembourg primarily grants loans to customers of savings banks, guaranteed by the relevant savings bank.

NORD/LB Luxembourg also offers international private banking and asset management to its international private customers. The scope of investment products ranges from deposits in all convertible currencies through to bonds, stocks, derivatives and investment funds. In addition, NORD/LB Luxembourg has established in-house investment funds, which are managed by a third party.

NORD/LB Luxembourg acts as a market participant on its own behalf in the international financial markets. Within the internal risk limits, the bank`s treasury manages its liquidity, its interest rate and, to a lesser extent, its foreign exchange risks. NORD/LB Luxembourg maintains its own trading books in USD, EUR and other liquid currencies. In the on-balance sheet business, NORD/LB Luxembourg`s main focus concentrates on commercial paper, overnight money and time deposit transactions as well as securities and bonded loans (Schuldscheindarlehen). Primarily held in the portfolio of securities are notes issued by the public sector and by banks with an external rating not less than A-/A3 (Moody’s Investors Service Limited/ Standard & Poor’s, a division of McGraw-Hill Companies Inc.). To control interest risks NORD/LB Luxembourg trades in swaps and futures.

NORD/LB Luxembourg’s refinancing basis comprises deposits from banks and institutional investors, open market transactions with the European Central Bank and the Swiss National Bank, as well as issues of commercial papers under its European Commercial Paper Programme, established in 2001, as well as its US Commercial Paper Programme, established in 2002. Securities issued under the aforementioned programmes have maturity periods of less than a year.

In addition, NORD/LB Luxembourg uses a Euro Medium-Term-Note-Programme (“EMTN”) launched in 2005 for the issuance of medium-term and long-term securities. 54 IV. Norddeutsche Landesbank Girozentrale

Öffentliche Lebensversicherung Braunschweig, Öffentliche Sachversicherung Braunschweig Öffentliche Lebensversicherung Braunschweig and Öffentliche Sachversicherung Braunschweig are public-law institutions with registered offices in Brunswick. The owners of both companies are NORD/LB with a share of 75 per cent. and SVN and the federal state of Lower Saxony (Niedersachsen) with 12.5 per cent. each. Both companies offer insurance services. The products of Öffentliche Lebensversicherung Braunschweig include cash value life insurance, term insurance, disability insurance and pension insurance. The portfolio of Öffentliche Sachversicherung Braunschweig includes car insurance, general liability insurance, home contents, fire and accident insurance.

Description of partially consolidated (teilkonsolidiert) Holdings

Bank DnB NORD A/S As described in the section “Recent Events in the Issuer`s Business Activities of Considerable Importance in the Assessment of Solvency” Bank DnB NORD A/S is a joint venture of NORD/LB and DnB NOR Bank ASA, NORD/LB holds of 49 per cent. of the shares and DnB NORD Bank ASA 51 per cent. of the shares. Bank DnB NORD/AS has its registered office in Copenhagen/Denmark. It received its Danish banking licence on 6 December 2005 and has been operational since 2 January 2006. Bank DnB NORD A/S-Group has around 1,600 employees and 120 branches in six countries around the Baltic Sea. In Estonia, Latvia and Lithuania, it is active as an universal bank in the SME business as well as in retail banking. In Poland, Denmark and Finland it is active in corporate client business.

KreditServices Nord GmbH KreditServices Nord GmbH (“KSN”) is a joint venture company of Sparkasse Hannover and NORD/LB. Sparkasse Hannover holds 51 per cent. of the nominal capital of KSN, which was established in July 2005, while NORD/LB has a 49 per cent. stake. KSN has its registered office in Hanover and commenced operations in September 2005. The company currently has around 300 employees. Back-office transaction management for credit transactions with private and business customers of Sparkasse Hannover and NORD/LB are the functions of KSN. There are plans to provide these tasks to other savings banks.

LBS Norddeutsche Landesbausparkasse Berlin – Hannover LBS Norddeutsche Landesbausparkasse Berlin – Hannover (the “LBS”) is a joint public-law institution of the federal states of Lower Saxony (Niedersachsen) and Berlin. The owners of LBS with 44 per cent. each are SVN and NORD/LB (indirectly) as well as Landesbank Berlin – Girozentrale – with 12 per cent. NORD/LB’s holding is held through Nord-Ostdeutsche Bank- beteiligungs GmbH, a wholly owned subsidiary of NORD/LB. LBS carries out building society saving activities (Bausparen) and finances inter alia the construction, purchase and modernization of residential property (homes, multi-dwellings and individual flats).

SGK Servicegesellschaft Kreditmanagement mbH In autumn of last year, NORD/LB, West LB AG, JC Flowers & Co. and Shinsei Bank established SGK Servicegesellschaft Kredit- management mbH (“SGK”). One of the tasks of the Frankfurt-based joint venture is the restructuring and processing of non- performing loans. SGK’s products and services are aimed at public sector institutions and the private banking sector in Germany. NORD/LB and West LB AG each hold a participation of 33 1/3 per cent. in SGK. The remaining shares are held by the Japanese Shinsei Bank (24 1/3 per cent.) and JC Flowers from the USA (9 per cent.).

5. INFORMATION ON TRENDS

Since publication of the audited financial statements for 2005 and the consolidated financial statements for 2005 on 16 May 2006, there have been no material negative changes in the outlook for NORD/LB and/or the NORD/LB Group. IV. Norddeutsche Landesbank Girozentrale 55

NORD/LB assumes that the abolition of Maintenance Obligation (Anstaltslast) and Guarantee Obligation (Gewährträgerhaftung) described under Section ”Abolition of Maintenance Obligation and Guarantee Obligation“ will affect the business performance of the Issuer over the remainder of the current financial year.

6. MANAGEMENT AND SUPERVISORY BODIES OF NORD/LB

The governing bodies of NORD/LB are:

● the Board of Management (Vorstand),

● the Supervisory Board (Aufsichtsrat) and

● the Owners’ Meeting (Trägerversammlung)

Management Board Function of the Board of Management The Board of Management manages the Bank’s business operations. It decides on all matters concerning day-to-day business, including general issues relating to liquidity, refinancing and investment, setting terms and conditions for the lending, deposit and service business as well as the acquisition and sale of real estate.

The Board of Management is appointed by the Supervisory Board. It comprises of 6 members, who can be contacted at NORD/LB’s business address.

Outside NORD/LB, the members of the Board of Management currently hold the following mandates which are significant with respect to the Issuer:

Name Company Capacity Dr. Hannes Rehm Bank DnBNord A/S, Copenhagen Board of Directors (Vice Chairman) Chairman Bankgesellschaft Berlin AG, Berlin Supervisory Board Bremer Landesbank Kreditanstalt Oldenburg 1. Supervisory Board – Girozentrale – Bremen 2. General Working and Credit Committee (Chairman) 3. Member of Owners’ Meeting DekaBank Deutsche Girozentrale, 1. Management Board Main Functions: Berlin/Frankfurt am Main 2. Steering Committee Savings Banks, 3. Audit Committee Network/Syndicate/Sales, LBS Norddeutsche Landesbausparkasse Central Tasks/ Berlin-Hannover, Berlin and Hanover Supervisory Board (Chairman) Human Resources/ Norddeutsche Landesbank Luxembourg S.A., Legal, Audit Luxembourg Management Board (Chairman) Nord-Ostdeutsche Bankbeteiligungs- gesellschaft mbH, Hanover Managing Director Provinzial Lebensversicherung Hannover, Hanover Supervisory Board Salzgitter AG, Salzgitter Supervisory Board 56 IV. Norddeutsche Landesbank Girozentrale

Name Company Capacity Dr. Hans Vieregge AWD Holding AG, Hanover 1. Supervisory Board Deputy Chairman 2. Audit Committee Blohm + Voss GmbH, Hamburg Supervisory Board Deutsche Factoring GmbH & Co., Bremen Supervisory Board Emsland Stärke GmbH, Emlichheim 1. Supervisory Board (Chairman) 2. Chairman of Strategy Committee of the Supervisory Board IFA Hotel & Touristik AG, Duisburg Supervisory Board Ivestitionsbank Sachsen-Anhalt. Management Board Main Functions: Magdeburg Ship and Aircraft Financing, Joh. Berenberg, Gossler & Co. KG, Hamburg 1. Management Board Leasing Financing, 2. Credit Committee (Chairman) Holdings LBS Norddeutsche Landesbausparkasse Berlin-Hannover, Berlin and Hanover Supervisory Board LHI Leasing GmbH, Munich Supervisory Board (Chairman) NBank Investitions- und Förderbank Supervisory Board Niedersachens GmbH, Hanover NORDCON Investment Management AG, Hanover Supervisory Board (Vice Chairman) Norddeutsche Landesbank Luxembourg S.A., Luxembourg Management Board NORD HOLDING 1. Supervisory Board (Chairman) Unternehmensbeteiligungsgesellschaft mbH, 2. Staff Committee Hanover Jürgen Kösters DekaBank Deutsche Girozentrale, 1. Fonds Committee (Vice Chairman) Berlin/Frankfurt am Main 2. Fonds Sale Committee (Vice Chairman) Joh. Berenberg, Gossler & Co. KG, Hamburg Management Board LBS Norddeutsche Landesbausparkasse Main Functions: Berlin-Hannover, Berlin and Hanover Supervisory Board Investment Banking, Norddeutsche Landesbank Luxembourg S.A., Asset Liability Management Luxembourg Management Board NORDCON Investment Management AG, Hanover Supervisory Board (Chairman) BÖAG Börsen Aktiengesellschaft AG, Hanover Supervisory Board Toto-Lotto Niedersachsen GmbH, Hanover Supervisory Board (Vice Chairman) IV. Norddeutsche Landesbank Girozentrale 57

Name Company Capacity Dr. Gunter Dunkel Akcine bendrove bankas NORD/LB Lietuva, Vilnius/Lithuania Supervisory Board (Chairman) Akciju sabiedriba NORD/LB Latvija, Riga/Latvia Supervisory Board (Chairman) Bank DnB NORD A/S, Kopenhagen Board of Directors (member) Main Functions: NORD/LB Bank Polska Corporate and Norddeutsche Landesbank Spólka Acyjna S.A., Structured Finance, Warsaw/Poland Supervisory Board (Chairman) Organisation, IT Norddeutsche Landesbank Luxembourg S.A., Luxembourg Management Board Skandifinanz Bank AG, Zurich Management Board (Vice President from 8 September 2004) LHI Leasing GmbH, Munich Supervisory Board (Vice Chairman) Viscardi AG, Munich Supervisory Board Dr. Jürgen Allerkamp Akcine bendrove bankas NORD/LB Lietuva, Vilnius/Lithuania Supervisory Board Akciju sabiedriba NORD/LB Latvija, Riga/Latvia Supervisory Board B + S Card Service GmbH, Frankfurt am Main Supervisory Board ConCardis GmbH, Frankfurt am Main Supervisory Board Deka Immobilien Investment GmbH, Frankfurt am Main Supervisory Board Main Functions: LBS Norddeutsche Landesbausparkasse 1. Supervisory Board Private and Commercial Berlin-Hannover, Berlin und Hanover 2. Audit Committee (Chairman) Customers/Corporate Customers NORD/LB Bank Polska Relationship/Brunswick, Norddeutsche Landesbank Spólka Acyjna S.A., Real-Estate Banking Finances Warsaw/Poland Supervisory Board NILEG Norddeutsche Immobiliengesellschaft mbH, Hanover Supervisory Board LHI Leasing GmbH, Munich Supervisory Board Öffentliche Lebensversicherung Sachsen-Anhalt/ Öffentliche Feuerversicherung Sachsen-Amhalt, Magdeburg Supervisory Board Öffentliche Lebensversicherung Braunschweig/ Öffentliche Sachversicherung Braunschweig, Brunswick Supervisory Board (Chairman) Dr. Johannes-Jörg Riegler Bank DnB NORD A/S, Copenhagen Board of Directors (member) Main Functions: KreditServices Nord GmbH, Hanover Shareholders’ meeting (Chairman) Credit Risk Management, Redevelopment Risk Controlling 58 IV. Norddeutsche Landesbank Girozentrale

Supervisory Board Function of the Supervisory Board In accordance with Section 13 (1) of the Statutes, the Supervisory Board shall advise the Board of Management and supervise its conduct of the Bank`s business.

In addition to other matters mentioned in the Statutes, the Supervisory Board shall resolve on:

● the appointment and dismissal of the members of the Board of Management

● general guidelines for NORD/LB’s business

● the annual business plan to be presented by the Board of Management

● standing orders for the Board of Management

● the selection and appointment of the auditors

● the adoption of the annual report and financial statements

● the acquisition of equity interests.

The Supervisory Board may resolve that other types of transaction and activities that are of particular importance to NORD/LB shall be subject to its approval.

Composition of the Supervisory Board In accordance with Section 10 (1) of the Statutes, the Supervisory Board shall be composed of:

1. the competent member of each of the State Governments of the States of Lower Saxony (Niedersachsen) and Saxony- Anhalt (Sachsen-Anhalt); 2. the chair of SVN; 3. the general managers of of SBV and SZV; 4. seven further members, to be appointed by the Owners in accordance with the following formula to serve for a term for four years: a) four members appointed by the State of Lower Saxony (Niedersachsen), b) three members appointed by SVN. 5. representatives of NORD/LB’s employees, who together shall constitute one-third of the members and who shall be appointed to the Supervisory Board in accordance with the provisions of the applicable legislation on employees` representation.

In accordance with Section 10 (2) of the Statutes, the members of the Supervisory Board listed under No. 4 above may resign at any time. Their appointment may be terminated prematurely for good reason (aus wichtigem Grund) by the Owner that appointed them. If a member leaves the Supervisory Board prematurely, a successor is to be appointed for the remainder of his or her time of office.

The Supervisory Board is currently composed of 18 members, whose names are listed on Page F 34-35 of the Annex. The members of the Supervisory Board can be contacted at NORD/LB’s business address. IV. Norddeutsche Landesbank Girozentrale 59

Significant activities outside NORD/LB with respect to the Issuer NORD/LB is aware of the fact that the following members of the Supervisory Board perform, amongst other things, the following activities outside NORD/LB:

Name Mandate Capacity Hermann Bröring Niedersächsischer Sparkassen- und Giroverband, Chairman of the Association’s Meeting Chief Administrative Officer Hanover and Chairman of the Association’s of the Emsland District Management Board Dr. Michael Frenzel Axa Konzern AG, Cologne Supervisory Board Chairman of the Management Continental AG, Hanover Supervisory Board Board of TUI AG Deutsche Bahn AG, Berlin Supervisory Board (Chairman) E.ON Energie AG, Munich Supervisory Board Hapag-Lloyd AG, Hamburg Supervisory Board (Chairman) Hapag-Lloyd Flug GmbH, Hamburg Supervisory Board (Chairman) TUI Deutschland GmbH, Hanover Management Board (Chairman) ING BHF-Bank AG, Frankfurt am Main Management Board Volkswagen AG, Wolfsburg Supervisory Board

Owners’ Meeting Function of the Owners’ Meeting According to Section 20 (5) of the Statutes the Owners’ Meeting decide by a three-quarters majority of the capital stock represented and the consent of a least four of five Owners on: a) the amendment of the Statues, b) the determination and the alteration of the capital stock and changes in the proportions of the Bank`s capital stock held by the various Owners; c) general principles of business policy, d) the acceptance for other entities incorporated under public law into the Bank and the taking of stakes in such entities in the Bank, and the merger of the Bank with other Banks established under public law through a merger agreement, e) the conversion of the Bank into a public limited company (Aktiengesellschaft) or other legal form, and the adoption of the Articles of Association of such public limited company, f) standing orders for the Owners’ Meeting; The following require a three-quarters majority of the capital stock represented and the consent of at least three of the five Owners: g) the raising, and determination of the amount and the conditions, of other forms liable equity capital, h) the conclusion, modification and termination of profit transfer and controlling agreements; The following require a simple majority of the capital stock represented on: i) the appropriation of the net annual surplus, j) the approval of the appointment of the Chair of the Board of Management, k) the granting of discharge to the Board of Management and Supervisory Board, l) the establishment, transfer and closure of branches, m) the commencement of building society operations in Saxony-Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern), 60 IV. Norddeutsche Landesbank Girozentrale

n) any resolution on arrangements relating to costs and risks of establishing institutions with partial legal capacity, o) the separate accounts of Braunschweigische Landessparkasse, p) the appointment of Committee members who are not Members of the Supervisory Board, q) the level of renumeration of the Members of the Supervisory Board, the Committees and the Advisory Council r) any other matter assigned to it in these Statues, provided that no other majority is provided for herein.

Voting rights in the Owners’ Meeting shall be exercised pursuant to Section 20 (2) of the Statutues in accordance with the proportion of the Bank`s capital stock held by each Owner.

The Chair of the Owners’ Meeting may also seek the adoption of a resolution by the Owners’ Meeting by circulating it to the Members in written or facsimile form. Subject to there being technical provision for the unequivocal identification of the sender of a message, such a proposal may also be circulated electronically. In all such cases, the proposed resolution require the explicit approval of all members.

Composition of the Owners’ Meeting In accordance with Section 20 (1) of the Statutes, each Owner shall delegate up to two representatives to the Owners’ Meeting. The representatives of each Owner may only vote unanimously. The members of the Board of Management may attend meetings in an advisory capacity without voting rights, if invited to do so by the Chair of the Owners` Meeting.

The Chair of the Owners’ Meeting shall be the Chair of SVN.

The Owners’ Meeting must be convened if one of the Owners, at least seven members of the Supervisory Board or the Board of Management so demand, giving reasons for their action.

The Owners’ Meeting is currently composed of the following 10 members, who can be contacted at NORD/LB’s business address.

Chairman Thomas Mang President Sparkassenverband Niedersachsen

For the federal state of Lower Saxony (Niedersachsen) For SVN Dr. Lothar Hagebölling Klaus Brandes State Secretary Chairman of the Managing Board Ministry of Finance of Lower Saxony (Niedersachsen) of Kreissparkasse Verden

Thomas Schneider Thomas Mang Head of Division President Ministry of Finance of Lower Saxony (Niedersachsen) Sparkassenverband Niedersachsen

For the federal state of Saxony-Anhalt (Sachsen-Anhalt)ForSBV Heinrich Heine Dieter Burmeister Ministerialrat Head of division Chairman of the Management Board Ministry of Finance, Saxony Anhalt (Sachsen-Anhalt) of Kreissparkasse Stendal

Ulrich Koehler Burkhard Kanngießer State Secretary Chief Administrative Officer Ministry of Finance, Saxony Anhalt (Sachsen-Anhalt) of the Bördekreis District IV. Norddeutsche Landesbank Girozentrale 61

For SZV Dr. Paul Krüger Mayor, City of Neubrandenburg

Peter Siebken Chair of the Management Board Sparkasse Neubrandenburg-Demmin

No conflicts of interest between members of the Board of Management and Supervisory Board Currently, there are no potential conflicts of interest between members of the Board of Management and Supervisory Board, in relation to their obligations to NORD/LB and their private interests or other obligations.

7. OWNERS OF NORD/LB

The Owners of NORD/LB are the federal states of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen-Anhalt) (referred to together as the “State Owners”), Niedersächsischer Sparkassen- und Giroverband (the “SVN”), Sparkassen-Beteiligungsverband Sachsen-Anhalt (the “SBV”) and Sparkassen-Beteiligungszweckverband Mecklenburg-Vorpommern (the “SZV”) (referred to together as the “Savings Banks Owners”, as well as referred to together with the State Owners as “Owners” and individually as “Owner”). The federal state of Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern) ceased to be a State Owner of the Bank when the State Treaty came into force on 19 July 2005. Although NORD/LB ceases to be state bank (Landesbank) for Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern), it does still have the function of central bank (Sparkassen- zentralbank) for the member savings banks in this region. The shares of capital stock of NORD/LB held by Mecklenburg- Western Pomerania (Mecklenburg-Vorpommern) were taken over in equal parts by SVN and SBV.

With regard to NORD/LB’s capital stock, the federal state of Lower Saxony (Niedersachsen) holds a 41,75 per cent. stake, the federal state of Saxony-Anhalt (Sachsen-Anhalt) 8,25 per cent., SVN 37,25 per cent., SBV 7,53 per cent. and SZV 5,22 per cent. Changes in the proportion of the Bank`s capital stock may be changed by resolution of the Owners’ Meeting by a three- quarter majority of the capital stock represented and the consent of at least four of the five Owners.

8. LIABILITY OF THE OWNERS FOR OBLIGATIONS OF NORD/LB

Since 19 July 2005, the existing liability systematic of NORD/LB has fundamentally changed. On the basis of the understanding reached between the Federal Republic of Germany and the EU Commission in 2001, the liability guarantees under the guarantee obligation (Gewährträgerhaftung) and maintenance obligation (Anstaltslast) previously applying to the German state banks were abolished for the time after 18 July 2005. Accordingly the legal basis of NORD/LB as of 19 July 2005 provides for the Owners of the Bank on 18 July 2005 being jointly and severally liable for the fulfilment of all liabilities of NORD/LB enters into up and including to that time. This obligation also applies to the federal state of Mecklenburg-Western Pomerania (Mecklenburg-Vorpommern) which ceased to be an Owner with effect from 19 July 2005.

In accordance with the understanding, a distinction is to be made between the responsibility for liabilities agreed up to 18 July 2001, which is not limited in time, and the responsibility for liabilities which were agreed during the transition period from 19 July 2001 up to and including 18 July 2005, which only applies if their term does not extend beyond 31 December 2015. A major portion of the existing liabilities of NORD/LB are covered by this “grandfathering” arrangement and remain partly unlimited and partly guaranteed by the Owners until expiry of the year 2015.

The Owners of NORD/LB will meet their liabilities to creditors under the guarantee obligation without delay for commitments agreed up until 18 July 2005 immediately upon having properly established in writing when the due dates of such liabilities that creditors of such liabilities cannot be satisfied out of the Bank`s assets. 62 IV. Norddeutsche Landesbank Girozentrale

For commitments entered into after 18 July 2005 there is no liability on the part of the Owners. The relationship between NORD/LB and its Owners regarding such liabilities is a conventional commercial owner relationship. As of 19 July 2005 public-law financial institutions in Germany, including NORD/LB, are subject to the same regulations in the event of insolvency, as German private financial institutions.

9. INFORMATION ON THE FINANCIAL POSITION OF THE NORD/LB GROUP

Capitalisation and Liabilities of the NORD/LB Group The following table sets forth the capitalisation and liabilities of the NORD/LB Group as at 31 December 2004 and 31 December 2005: 31 December 20051) 31 December 20041) 31 December 20041) Adjusted figures2) (EUR million) (EUR million) (EUR million) Subscribed capital Share capital 1,086 375 375 Capital contribution as per Section 15 (1) State Treaty3) 51 51 51 Other capital contributions 1,684 2,821 1,988 2,414 1,988 2,414 Capital reserves Appropriated reserves 767 767 767 Contribution as per Section 15 (2) State Treaty4) 38 38 38 Other reserves 1,778 2,583 443 1,248 529 1,334 Retained earnings 819 1,449 1,240 Withdrawals – 819 -713 736 -713 527 Balancing item for shares of minority shareholders 104 93 76 Total equity capital (without distributable profit) 6,327 4,491 4,351 Subordinated liabilities 2,761 2,975 3,014 Participatory capital5) 1,009 1,009 1,009 Indebtedness Liabilities to banks 61,776 69,505 70,573 Liabilities to customers 49,377 45,964 48,907 of which Liabilities to banks and customers (long term)6) (56,269) – (53,105) Securitised liabilities 62,782 62,666 62,813 Total capitalisation 184,032 186,610 190,667 Contingent liabilities 11,704 8,631 8,758 Other obligations 17,957 15,997 16,297

1) Items were rounded up/down to the nearest EUR million. 2) There were significant changes in the companies included in the consolidation of NORD/LB consolidated accounts between 2004 and 2005, particularly as a result of restructuring measures. The adjusted figures were drawn up for 2004 for the purpose of better comparability. In this case figures were adjusted to show consolidated accounts as at and for the year ended 31 December 2004 as they would have been prepared if consolidation in the financial year 2004 had already included these changes (as at 31 December 2005). The adjusted figures of the NORD/LB Group for 2004 were derived from the audited consolidated financial statements as at 31 December 2005. 3) The capital contribution of 14 May 1970 is a balancing item of EUR 51.1 million paid by SVN to the federal state of Lower Saxony (Niedersachsen). This amount was transferred to NORD/LB by the federal state of Lower Saxony (Niedersachsen) as a special capital contribution. 4) The contribution results from a loan granted to NORD/LB by the federal state of Lower Saxony (Niedersachsen), which, in accordance with an agreement between the federal state of Lower Saxony (Niedersachsen) and NORD/LB with effect from 1 July 1970, ranks below all other creditor’s claims against NORD/LB. The loan is regarded as a reserve in accordance with Section 10 (2a) No. 5 German Banking Act (KWG). 5) Participatory capital outstanding are long-term liabilities that are subordinated, subject to loss participation, performance-linked and, due to their terms and conditions, regarded as so-called “Tier II” capital in accordance with Section 10 (5) German Banking Act (KWG), EU directives on capital and Basle Capital Accord. 6) ”Long-term“ is defined as longer than 2 years. The figures are not calculated according to German Commercial Law. They are approximate values based on figures from balance sheet statistics. Differences result mainly from pro rata interest and a change in the scope of consolidation. In addition, the figures are based on original terms to maturity. IV. Norddeutsche Landesbank Girozentrale 63

Historical Financial Information All the financial information presented and contained in this Prospectus and relating to NORD/LB and the NORD/LB Group is based on NORD/LB’s annual and consolidated financial statements for the financial years ended 31 December 2004 and 2005, including the notes thereto.

The audited historical financial information of the Bank and the NORD/LB Group (annual and consolidated financial statements, Management Report and Group Management Report and the auditor’s report) for the financial year 2004 are incorporated by reference. These information can be found in the Debt Issuance Programme Prospectus dated 17 October 2005, which is published on the website www.nordlb.de of the Issuer.

The audited historical financial information of the Bank and the NORD/LB Group (annual and consolidated financial statements and the auditor’s report) for the financial year 2005 are printed below under Annex. These pages are made easily identifiable with an “F” preceding each page number.

Court and Arbitration Proceedings NORD/LB and other state banks (Landesbanken) were involved in EU state aid proceedings emanating from a complaint by the Association of German Banks (Bundesverband deutscher Banken) on the payment of non-market rates on development capital. The ruling of 20 October 2004 obliged the Federal Republic of Germany to pay 6.76 per cent. on utilised capital as well as 0.15 per cent. on non-utilised capital, plus default interest from the date on which the capital was contributed, and to abolish the aid by the end of 2004. In agreement with its shareholders, NORD/LB complied with this obligation by paying EUR 712.6 million from retained profits on 30 December 2004. The contribution agreement with the federal state of Lower Saxony (Niedersachsen) was adjusted in line with the EU ruling for the years from 2005.

In 2005, NORD/LB implemented a number of capital measures, including two cash capital increases, one of EUR 850 million and one of approx. EUR 1.2 billion, and accepted new silent participations totalling EUR 900 million. Existing silent participations totalling approx. EUR 1.2 billion were also released and repaid. A confirmation by the European Commission of whether the capital measures are in line with the state aid regulations of the EU Treaty is still outstanding.

Due to its extensive business activities, NORD/LB is regularly involved in the most diverse court proceedings in connection with a range of different transactions.

On 28 October 2005, GBS Entwicklungs- und Betriebs GmbH, Munich, brought an action before the District Court (Landge- richt) in Hanover against NORD/LB for payment of compensation amounting to EUR 145.6 million. The plaintiff wishes to make NORD/LB liable for the failure of its “Planet Harz” project in spring of 1999 due to alleged breach of duties under the agency agreement assumed and tortous acts. NORD/LB considers the action to be unfounded and has responded to the action accordingly.

Under proceedings against NORD/LB regarding legal aid (Prozesskostenhilfeverfahren) brought by the insolvency administrator of the assets of kef IT-Systemhaus, claims have been lodged amounting to EUR 376 million. It is alleged that the unjustified calling-in of a loan led to the insolvency of the borrower. The amount relates to the goodwill of the company claimed by the insolvency administrator. NORD/LB considers the claims to be unfounded. The Higher Regional Court (Oberlandesgericht) in Brunswick confirmed this assessment in a ruling on 25 August 2004. The insolvency administrator has lodged a constitutional complaint against the decision of the Higher Regional Court (Oberlandesgericht). No decision has yet been made in this regard.

In the last 12 months, however, with the exception of the above-mentioned EU state aid proceedings, the capital measures and the aforementioned court proceedings there have been no state interventions, court or arbitration proceedings that have had, or in NORD/LB`s opinion, could have, a significant or unusual effect on the financial position or profitability of NORD/LB and/or the NORD/LB Group, nor are there any direct indications that such proceedings are pending.

Significant Changes in the Financial Position of the NORD/LB Group Since the end of the financial year 2005 there have been no significant changes in the financial position of the NORD/LB Group. 64 V. Description of the Instruments – Product Group A Instruments

V. DESCRIPTION OF THE INSTRUMENTS TO BE ISSUED UNDER THE PROGRAMME

This section contains a description of the Instruments issued under the Programme as required by the Wertpapierprospekt- gesetz and the Prospectus Regulation. Terms not otherwise defined herein shall have the meanings specified in the terms and conditions.

The description of Instruments is sectioned according to the following product groups:

Product Group A comprises Instruments for which the payment of interest or the value of redemption may be fixed or linked to an interest rate. Product Group A Instruments include for example Fixed Rate Instruments, Floating Rate Instruments, Step-up/Step-down Instruments, Zero Coupon Instruments, Dual Currency Instruments as well as Instruments with a specific interest rate structure such as Constant-Maturity-Swap Instruments and Range Accrual Instruments or combinations thereof, whereby in each case the redemption of the Instruments at par value or at least at a specified percentage of the par value is guaranteed, or the Instruments will be redeemed at a fixed percentage of their par value.

Instruments of Product Group A may also be redeemed by delivery of bonds at the option of the Issuer (together the “Product Group A Instruments”).

Product Group B comprises Instruments for which the payment of interest or the redemption is linked to an index or to equities as well as Instruments which, at the option of the Issuer, may be redeemed at par value or against delivery of shares; a redemption of the Instruments at par value may not be guaranteed (the “Product Group B Instruments”).

Product Group C comprises Pfandbriefe; Pfandbriefe are redeemed at par value in each case and are covered by assets (the “Product Group C Instruments”).

For each product group a distinction has to be made between the general description set out below, the terms and conditions and the form of final terms. The general description sets out – irrespective of the characteristics of any specific Series – the general features of Instruments within each Product Group. The contractual terms are laid down in the terms and conditions for each product group (the “Terms and Conditions”) of which the German version is legally binding. The purpose of the form of final terms is to provide a form for the determination of the contractual terms of any specific Series and to provide a form for the presentation of the information items describing any specific Series (for each Series the “Final Terms”).

In case of conflicts between these parts, the following rules apply:

1) contractual terms prevail over the descriptive parts and

2) the terms and/or information items relating to any Series as specified in the relevant Final Terms prevail over the general terms and/or information items as contained in this Prospectus.

1. PRODUCT GROUP A INSTRUMENTS

1.a) Description of Product Group A Instruments

Type, Class and ISIN The Issuer intends to issue Instruments in bearer form under the Programme as described in this Prospectus on an ongoing basis.

The definite terms of any issue of Instruments and the relevant security code will in each case be determined in the Final Terms. V. Description of the Instruments – Product Group A Instruments 65

Governing Law The form and content of the Instruments as well as the rights and obligations of the holders and the Issuer under the relevant Instruments shall be governed by German law.

Form of Instruments Instruments issued under the Programme may be issued in bearer form only.

In respect of Instruments issued in bearer form, the Issuer will deliver a temporary global note, or (if so specified in the relevant Final Terms in respect of Instruments governed by German law to which U.S. Treasury Regulation Section 1.163-5(c)(2)(i)(C) applies) a permanent global note. Such global note will be deposited on or before the relevant issue date with a depositary or a common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear System (1 Boulevard du Roi Albert IIB – 1210 Brussels, Belgium) (“Euroclear”) and/or Clearstream Banking, société anonyme, Luxembourg (42 Avenue JF Kenney, L-1855 Luxembourg, Luxembourg) (“Clearstream Luxembourg”) and/or Clearstream Banking AG, Frankfurt am Main (Neue Börsenstr. 1, D-60487 Frankfurt am Main) (“Clearstream Frankfurt”) and/ or any other relevant clearing system as specified in the Final Terms.

Such temporary global note will be exchangeable for a permanent global note or, if so specified in the relevant Final Terms, for notes in definitive bearer form on or after the date which is forty days after the completion of the distribution of the Instruments of the relevant Series and provided certification as to the beneficial ownership thereof as required by U.S. Treasury regulations (substantially in the form set out in the temporary global note or in such form as is customarily issued in accordance with the regulations of the relevant clearing systems) has been received.

Instruments in definitive bearer form will, if interest-bearing, have interest coupons attached.

The Issuer may also issue Instruments in electronic form if permitted by law and specified in the relevant Final Terms. Any Instrument, for so long as it exists in book entry form, shall be in accordance with the Terms and Conditions applicable to it (“Dematerialised Instruments”).

As of 30 June 2006, a new legal and holding structure for international debt securities issued in global bearer form jointly through Euroclear and Clearstream Luxembourg will be introduced. As opposed to the procedure for Instruments issued under the current regime described above (the "Classical Global Notes"), the global notes issued under the new regime will not be deposited with a depositary or a common depositary, but directly with Euroclear and Clearstream Luxembourg as common safekeepers (the "New Global Notes"). The new structure is mandatory for the recognition of Instruments as eligible collateral for Eurosystem monetary policy and intra-day credit operations. The Final Terms will specifiy whether the Instruments are issued as Classical Global Notes (in each case before 30 June 2006 and as of 30 June 2006 for Instruments for which the eligiblity for Eurosystem monetary policy is not intended) or New Global Notes.

Currency Instruments issued under the Programme may be denominated in any currency or currencies subject to compliance with all applicable legal or regulatory requirements and as further specified in the relevant Final Terms.

Status and Ranking of the Instruments Product Group A Instruments may be issued on a subordinated or an unsubordinated basis as specified in the relevant Final Terms.

Instruments issued on an unsubordinated and unsecured basis will rank pari passu without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Issuer, present and future, except liabilities having prior ranking by law. 66 V. Description of the Instruments – Product Group A Instruments

Instruments issued on a subordinated basis will rank pari passu without any preference among themselves and otherwise as specified in the relevant Final Terms. In the event of the Issuer’s insolvency, repayment on these subordinated Instruments will only be made when prior ranking claims of unsubordinated Instruments have been satisfied and if there are still remaining funds to satisfy the claims of the subordinated Instruments.

Description of Rights In respect of Product Group A Instruments, the Final Terms may provide for the following early redemption rights:

Early Redemption of Unsubordinated Instruments at the Option of the Issuer (“Call”) or at the Option of a Holder (“Put”) If specified in the relevant Final Terms an early redemption of Instruments may be demanded if the Issuer exercises a Call option right in accordance with Section 6 (2) of the Terms and Conditions or the holder of the Instruments exercises its Put option right in accordance with Section 6 (2) of the Term and Conditions of the Instruments.

Early Redemption for Taxation Reasons by the Issuer The Issuer may be permitted to redeem unsubordinated Instruments upon the occurrence of a taxation event in accordance with Section 6 of the Terms and Conditions. An early redemption for taxation reason is only permitted if it is in compliance with all applicable legal and/or regulatory requirements.

Early Redemption of Unsubordinated Instruments at Demand of a Holder due to an Event of Default A holder of unsubordinated Instruments may demand an early redemption of Instruments, if an event of default according to Section 7 of the Terms and Conditions occurs.

Interest The relevant Final Terms may provide for an interest rate or the specific method of determining the interest rate, if any. This may comprise one of the following interest structures:

Fixed Rate Instruments In case of Instruments for which a fixed interest rate is determined in the Final Terms, interest will be paid on the par value of the Instruments at an annual interest rate. The Instruments will bear interest from the interest commencement date up to the first interest payment date and subsequently from each interest payment date up to the next interest payment date. The interest rate will not be modified until the maturity of the Instruments. Interest will be paid annually in arrears at the relevant interest payment dates.

In case of an issue of Fixed Rate Instruments the Final Terms will specify the interest rate, the interest commencement date, the relevant interest payment date(s), any initial or final broken amount(s), the applicable business day convention and the day count fraction.

Step-up/Step-down Instruments Interest for Step-up/Step-down Instruments is paid on the par value of the Instruments at a fixed interest rate. Interest will be paid for the period from the interest commencement date up to the first interest payment date and subsequently from each interest payment date up to the next interest payment date. The level of the interest rate may change from one interest period to the other. It can increase (“Step-up”) or decrease (“Step-down”) at date(s) stipulated in the Final Terms.

In the case of an issue of Step-up/Step-down Instruments the Final Terms will specify the initial interest rate, any further rates of interest, the relevant interest commencement date, the relevant interest payment date(s), any initial or final broken amount(s), the applicable business day convention and the day count fraction. V. Description of the Instruments – Product Group A Instruments 67

Floating Rate Instruments Interest for Floating Rate Instruments will be paid on the par value at a floating rate of interest. The floating interest rate will generally comprise a reference interest rate and a margin, if applicable. The Instruments will bear interest from the interest commencement date up to the first interest payment date and subsequently from each interest payment date up to the next interest payment date. An interest period may be one, three, six or twelve month(s) or any other time-period specified in the relevant Final Terms. Interest will be paid annually, semi-annually, quarterly or monthly in arrears at the relevant interest payment dates.

The Final Terms will specify the interest commencement date, the interest payment date(s), the applicable business day convention and the day count fraction. In addition, the Final Terms will specify the relevant reference interest rate and the relevant information source for determination of the reference interest rate and, if applicable, give a maximum (“Cap”) or a minimum (“Floor”) interest rate or both.

Constant-Maturity-Swap Instruments Constant-maturity-swap Instruments (the “CMS Instruments”) bear interest at a variable rate. The level of the interest rate for the relevant interest period depends on (a) swap rate(s) as reference rate for these Instruments or (b) on the basis of a formula including one or more swap rate(s). The interest commencement date, the relevant swap rate or formula, the interest periods(s) and all other requirements described above under “Floating Rate Instruments” will be specified in the relevant Final Terms.

Zero Coupon Instruments No interest will be paid on the par value of Zero Coupon Instruments. The Instruments will be offered and sold either at a discount to their principal amount or on an accumulated basis, in each case without periodic payments of interest, as specified in the applicable Final Terms.

Range Accrual Instruments The level of the interest rate for Range Accrual Instruments for each interest period is determined in full or in part by the performance of a base value within a certain range or above or below a certain threshold. Range Accrual Instruments may carry fixed interest rates in one or several interest periods and floating interest rates in the remaining interest periods or floating interest rates for their entire maturity. Fixed interest is paid as described in the section „Fixed Rate Instruments“. The interest level for floating rate interest periods will be linked to the performance of a base value, which may be, inter alia, a EURIBOR rate, a LIBOR rate, an interest margin or an exchange rate. The base value will be determined in the Final Terms.

The relevant Final Terms will provide for the range or the threshold for the base value for the respective floating rate interest period, as well as the determined interest rate which may be payable for this period. In addition, the Final Terms will specify the observation period and the determination dates on which the base value is determined by the Calculation Agent. The interest rate level depends on the number of determination dates on which the base value lies within the range or above or below the threshold. If the base value lies within the range or above or below the threshold on each determination date within the relevant observation period, a holder receives the determined interest rate for such interest period. The interest rate for the relevant interest period decreases, the lower the number of determination dates during an observation period on which the base value lies within the range or above or below threshold up to no interest payment, if not otherwise specified in the Final Terms.

The relevant Final Terms will specify the relevant information as the base value, the Calculation Agent, the floating rate interest period(s), the range, the threshold, the determined interest rate, the observation period for the relevant interest period and the respective determination dates. 68 V. Description of the Instruments – Product Group A Instruments

Dual Currency Instruments Any of the Instruments specified above with the exception of Zero Coupon Instruments may be issued as Dual Currency Instruments. In case of Dual Currency Instruments the interest amount is paid in a currency different from the denomination of the Instruments.

In addition to the type of interest for the Instruments, the applicable Final Terms will specify the different currency in which the amount(s) of interest will be paid.

Other interest provisions The Final Terms may contain additional information concerning the description of the interest structure, in particular, in case of interest formulas and combined interest structures.

Calculation Agent If applicable, the calculation agent will determine, in each case, the relevant amount of interest due and payable on the Instruments. The relevant calculation agent, if any, will be specified in the Final Terms.

Maturity Date and Repayment Procedure The relevant Final Terms may, in each case, specify the maturity date and the repayment procedure for the Instruments. The Final Terms will also determine the repayment procedures depending on the structure of the Instruments. The repayment procedure depends on the structure of the Instruments. This has an influence on the determination of the redemption amount.

Product Group A Instruments may be redeemed at par value or at a fixed percentage of their par value.

Product Group A Instruments may also be redeemed by delivery of bonds at the option of the Issuer (“Bond Redeemable Instruments”). The Issuer will decide and announce the type of redemption on the determination date specified in the relevant Final Terms. The maturity date, the issuer of the bonds, the bonds and the amount of bonds, or, as the case may be information about the bonds to be issued by NORD/LB will be specified in the applicable Final Terms.

Information concerning the Underlying The Underlying The underlying for Product Group A Instruments may consist in the case of Bond Redeemable Instruments of bonds of a specific issuer. In this case and all other cases, the underlying will be described in the Final Terms.

Market disruption and Adjustment Rules Rules for market disruption events and adjustment rules that may affect the base value, if relevant, are stipulated in the Terms and Conditions.

Yield Different calculation methods exist for the calculation of the yield of an Instrument. One method is the internal rate of return method: When the return is calculated in accordance with this method, a discount rate is determined where the sum of the net present values of all payments of principal, distributions and disbursements of principal is even at the beginning of an Instrument’s term and, thus, the principal value is zero (“IRR Method”). From an economic viewpoint, the internal rate of return reflects the interest rate of the principal which is tied to an investment or which is tied on an average over the period under review. The IRR Method is one of the most often used methods of return calculation. V. Description of the Instruments – Product Group A Instruments 69

The yield may also be calculated on the basis of a method (“ICMA Method”), which determines the effective interest rate of Instruments taking into account accrued interest on a daily basis.

Calculation methods other than the IRR Method and ICMA Method may also be applicable as specified in the Final Terms.

The yield, the time for calculation of the yield and the calculation method depend on the Instruments issued under the Programme. In case of Fixed Rate Instruments the yield can be determined at the issue date of the Instruments and will be specified in the Final Terms. The yield of Zero-Coupon Instruments can also be determined at the issue date by using one of the aformentioned calculation methods, as specified in the relevant Final Terms.

The yield of Instruments with an interest rate depending on the development of a reference rate (Floating Rate Instruments with or without a Cap and/or Floor), a base value (Range Accrual Instruments), a swap rate or formula (CMS Instruments), as well as the yield for Instruments with call options cannot be foreseen during their maturity. This applies also to Bond Redeemable Instruments, which may be redeemed by the delivery of bonds. In those cases, the yield may only be determined after the final redemption of the Instruments at the maturity date and/or the call or put redemption date, respectively.

Issue Date In each case, the issue date of Instruments issued under this Programme will be specified in the relevant Final Terms.

Restrictions of Transferability Instruments issued under the Programme will be transferable in compliance with the regulations of the relevant clearing system, in each case as specified in the Final Terms. There are no restrictions on the free transferability of Instruments issued under the Programme. 70 V. Description of the Instruments – Product Group A Instruments

1.b) Terms and Conditions In den Final Terms wird die für die Anleihebedingungen geltende Sprache festgelegt. Jede Sprachfassung für sich bildet eine Einheit.

ANLEIHEBEDINGUNGEN FÜR SCHULDVERSCHREIBUNGEN

§ 1 Stückelung und Form (1) Die Schuldverschreibungen der Norddeutsche Landesbank Girozentrale (die „Emittentin“) im Gesamtnennbetrag von ● sind eingeteilt in ● auf den Inhaber lautende Schuldverschreibungen im Nennbetrag von je ● (die „Schuldverschrei- bungen“). Die Schuldverschreibungen können nach Maßgabe der nachstehenden Vorschriften als Globalurkunde (die „Globalurkunde“), als effektive Urkunden oder, soweit rechtlich zulässig, in elektronischer Form verbrieft sein. (2) [bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (ohne Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership)) einfügen: (a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde (die „vorläufige Global- urkunde“) verbrieft, die binnen einer Frist von nicht mehr als [120] [●] Tagen nach dem Tag der Begebung durch effektive Urkunden über einzelne Schuldverschreibungen mit Zinsscheinen ausgetauscht wird. (b) Die vorläufige Globalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und zusätz- lich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. Die effektiven Urkunden über die Schuldverschreibungen und die Zinsscheine tragen die facsimilierten Unterschriften von zwei vertretungsberechtigten Personen der Emittentin [und sind außerdem mit einem Prägestempel der Emittentin versehen]. Die effektiven Urkunden über die Schuldverschreibungen sind ferner von einem Kontrollbeauftragten des Fiscal Agent unterschrieben.] [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] [bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (mit Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership)) einfügen: (a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde (die „vorläufige Global- urkunde“) verbrieft. Die vorläufige Globalurkunde wird gegen [eine Dauerglobalurkunde ohne Zinsscheine (die „Dauer- globalurkunde“), die die Schuldverschreibungen für ihre gesamte Restlaufzeit verbrieft] [effektive Urkunden über die Schuldverschreibungen mit Zinsscheinen, die fortlaufend nummeriert sind] ausgetauscht. Der Austausch wird frühestens 40 Tage nach dem Valutierungstag vorgenommen und zwar gegen Vorlage einer Bescheinigung über das Nichtbestehen von US-Inhaberschaft (beneficial ownership), die nach Inhalt und Form den Anforderungen des Rechts der Vereinigten Staaten von Amerika oder den dann bestehenden Usancen [des Clearing Systems] [der Clearing Systeme] entspricht. [Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben.] (b) Die vorläufige Globalurkunde [und die Dauerglobalurkunde] [sind] [ist] eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [Die effektiven Urkunden über die Schuldverschreibungen und die Zinsscheine tragen die facsimilierten Unterschriften von zwei vertretungsberechtigten Personen der Emittentin [und sind außerdem mit einem Prägestempel der Emittentin versehen]. Die effektiven Urkunden über die Schuldverschreibungen sind ferner von einem Kontrollbeauftragten des Fiscal Agent unterschrieben.] [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] V. Description of the Instruments – Product Group A Instruments 71

(c) Sollten Zinsen auf Schuldverschreibungen zur Zahlung fällig werden, die durch eine vorläufige Globalurkunde verbrieft sind, werden die entsprechenden Zinszahlungen nur insoweit auf die vorläufige Globalurkunde vorgenommen werden, als eine Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership) dem/den Clearing System(en) vorliegt.] [bei Verbriefung in einer Dauerglobalurkunde einfügen: (a) Die Schuldverschreibungen sind während ihrer gesamten Laufzeit in einer Dauerglobalurkunde ohne Zinsscheine oder, soweit rechtlich zulässig, in elektronischer Form verbrieft (die „Dauerglobalurkunde“). Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. (b) Die Dauerglobalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [Im Fall der elektronischen Verbriefung werden diese entsprechend den die elektronische Verbriefung gestattenden Regularien signiert.]] [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] (3) Als Clearing Systeme (die „Clearing Systeme“) im Sinne dieser Anleihebedingungen [ist] [sind] [Clearstream Banking AG, Frankfurt am Main („Clearstream Frankfurt“)] [,] [Euroclear Bank S.A./N.V., als Betreiber des Euroclear System („Euroclear“)] [und] [Clearstream Banking société anonyme, Luxembourg („Clearstream Luxembourg“)] [und ●] [sowie jedes andere Clearing System] bestimmt.

§ 2 Status und Rang [bei nicht nachrangigen Schuldverschreibungen einfügen: Die Schuldverschreibungen [und Zinsscheine] begründen unmittelbare, unbedingte, nicht nachrangige und nicht dinglich besicherte Verbindlichkeiten der Emittentin, die untereinander und mit sämtlichen anderen nicht nachrangigen und nicht dinglich besicherten Verbindlichkeiten der Emittentin in gleichem Rang stehen, ausgenommen Verbindlichkeiten, die Kraft Gesetzes Vorrang haben.] [bei nachrangigen Schuldverschreibungen einfügen: (1) Die Schuldverschreibungen [und Zinsscheine] begründen Verbindlichkeiten der Emittentin, die untereinander und mit sämtlichen anderen nachrangigen Verbindlichkeiten der Emittentin mindestens in gleichem Rang stehen. Im Falle der Auflösung, der Liquidation oder der Insolvenz der Emittentin oder im Falle eines Verfahrens, das die Auflösung oder Liquidation der Emittentin zur Folge haben kann, sind diese Verbindlichkeiten nachrangig gegenüber den Ansprüchen aller nicht nachrangigen Gläubiger der Emittentin mit der Folge, dass in keinem der genannten Fälle Zahlungen auf die Verbindlichkeiten geleistet werden, solange nicht alle nicht nachrangigen Gläubiger der Emittentin vollständig befriedigt worden sind. (2) Die Gläubiger der Schuldverschreibungen [oder Zinsscheine] sind nicht berechtigt, mit Ansprüchen aus den Schuldver- schreibungen [oder den Zinsscheinen] gegen Ansprüche der Emittentin aufzurechnen. Die Rechte der Gläubiger aus solchen Schuldverschreibungen [oder Zinsscheinen] dürfen zu keiner Zeit von der Emittentin oder einem Dritten in irgendeiner Weise besichert werden. (3) Nachträgliche Vereinbarungen, die den Rangrücktritt gemäß diesem § 2 beschränken oder den Fälligkeitstermin der Schuldverschreibungen vorverlegen, sind unzulässig. Werden Schuldverschreibungen, die längerfristige nachrangige Verbindlichkeiten im Sinne des Kreditwesengesetzes (KWG) darstellen, vor dem Fälligkeitstermin zurückgezahlt, ohne dass die in § 2 Absatz (1) oder § 7 Absatz (1) genannten Voraussetzungen vorliegen, so ist der Emittentin der zurück- gezahlte Betrag ohne Rücksicht auf entgegenstehende Vereinbarungen zurückzugewähren, sofern nicht das durch die Schuldverschreibungen geschaffene haftende Eigenkapital im Sinne des Kreditwesengesetzes durch die Einzahlung zumindest gleichwertigen haftenden Eigenkapitals ersetzt worden ist oder die Bundesanstalt für Finanzdienstleistungs- aufsicht der vorzeitigen Rückzahlung zugestimmt hat.] 72 V. Description of the Instruments – Product Group A Instruments

§ 3 Zinsen (1) [bei festverzinslicher Serie einfügen: Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag jeweils vom ● (einschließlich) bis zum ● (ausschließ- lich) eines jeden Jahres (jeweils eine „Zinsperiode“) mit ● % p.a. (der „Zinssatz“) verzinst. Die Zinsen sind nachträglich am ● eines jeden Jahres in ● [Währung einsetzen] zahlbar (jeweils ein „Zinszahlungstag“), es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [bei [Step-up] [Step-down] Serie einfügen: Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) (diese und folgende Perioden jeweils eine „Zinsperiode“) mit jährlich ● % (dieser und weitere Zinssätze jeweils ein „Zinssatz“) verzinst. Soweit keine Kündigung durch die Emittentin gemäß § 6 Absatz (2) dieser Bedingungen erfolgt, werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst [und soweit keine Kündigung der Emittentin gemäß § 6 Absatz (2) dieser Bedingungen erfolgt, werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (ein- schließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst] [und ●]. Die Zinsen sind jährlich nachträglich am ● eines jeden Jahres in ● [Währung einsetzen] zahlbar (jeweils ein „Zins- zahlungstag“), es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie unter nachstehenden Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [bei Nullkupon Serie einfügen: Periodische Zinszahlungen werden auf die Schuldverschreibungen nicht geleistet.] [bei variabel verzinslicher Serie, Range Accrual Serie, CMS-gebundener Serie oder anderen Regelungen, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungsstrukturen (mit oder ohne feste Verzinsung zu Beginn der Laufzeit) einfügen: [(a) Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) [(die „Zinsperiode“)] mit ● % p. a. [[,] [und] vom ● (einschließlich) bis zum ● (ausschließlich) ([jeweils] die „Zins- periode“) mit ● % p. a.] [etwaige weitere Zinsperioden einsetzen] ([jeweils] der „Zinssatz“) verzinst. Die Zinsen sind jährlich nachträglich am ● eines jeden Jahres ([jeweils] der „Zinszahlungstag“) in ● [Währung einsetzen] zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [(a)][(b)] Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag zu einem gemäß Absatz (1) [(b)][(c)] definierten Variablen Zinssatz verzinst und zwar zunächst ab dem ● (der „Variable Verzinsungsbeginn“) (einschließlich) bis zum ersten Tag der nächstfolgenden Zinsperiode (ausschließlich) und danach von jedem Variablen Zinszahlungstag (ein- schließlich) bis zum nächstfolgenden Variablen Zinszahlungstag (ausschließlich) (jeweils die „Variable Zinsperiode“). „Variabler Zinszahlungstag“ ist der ● [monatlich] [vierteljährlich] [halbjährlich] [andere Zinsperiode]. Der erste Variable Zinszahlungstag ist der ●. Zinsen auf die Schuldverschreibungen sind an jedem Variablen Zinszahlungstag nachträglich in ● [Währung einsetzen] fällig und zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). V. Description of the Instruments – Product Group A Instruments 73

[(b)][(c)] [Der maßgebliche Zinssatz für die Variable Zinsperiode (der „Variable Zinssatz“) entspricht dem in Absatz (1) [(d)][(e)] definierten [Referenzzinssatz] [Range Accrual Satz] [CMS Satz] [andere Regelung, insbesondere Zinsformel einfügen].] [Der Variable Zinssatz der jeweiligen Variablen Zinsperiode errechnet sich als [Aufschlag] [Abschlag] von ● Basispunkten auf den [Referenzzinssatz] [Range Accrual Satz] [CMS Satz][●].] [Er beträgt höchstens ● %.] [Er beträgt mindestens ● %.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen]] [(c)][(d)] Die in § 9 Absatz (1) definierte Berechnungsstelle (wobei dieser Begriff etwaige Nachfolger in dieser Funktion einschließt) veranlasst, dass der Variable Zinssatz, die Variablen Zinsbeträge für die jeweilige Variable Zinsperiode und der betreffende Variable Zinszahlungstag dem Fiscal Agent mitgeteilt werden; dieser wiederum veranlasst, dass die übrigen Zahlstellen informiert werden, sobald dies nach der jeweiligen Festsetzung möglich ist. Die Festsetzung des Variablen Zinssatzes wird den Anleihegläubigern durch den Fiscal Agent über die Clearing Systeme mitgeteilt. Die Festsetzung der Variablen Zinssätze und der jeweils zahlbaren Zinsbeträge ist in jedem Fall endgültig und für alle Beteiligten bindend, es sei denn es läge ein offensichtlicher Irrtum vor. [(d)][(e)] Für die Berechnung des Variablen Zinssatzes gelten die folgenden Definitionen: [bei variabel verzinslicher Serie einfügen: Die „Relevante Informationsquelle“ ist die für die Festlegung des Referenzzinssatzes für die jeweilige Variable Zinsperiode maßgebliche Informationsquelle und ist vorliegend ●. Der „Referenzzinssatz“ ist der in der jeweiligen Variablen Zinsperiode für die Berechnung des Variablen Zinssatzes maß- gebliche [Satz für Einlagen einfügen] und wird von der Berechnungsstelle nach den folgenden Grundsätzen festgelegt: (i) Die Berechnungsstelle ermittelt den für die jeweilige Variable Zinsperiode geltenden Referenzzinssatz in der Währung der Schuldverschreibungen aus der Relevanten Informationsquelle und zwar um oder gegen [11.00] [●] Uhr [Brüsseler] [Londoner] Zeit [am ersten/zweiten [TARGET] [Londoner] [●] Bankarbeitstag vor Beginn] [am Tag des Beginns] der jeweiligen Variablen Zinsperiode (der „Zinsfestsetzungstag“). (ii) Sollte in der Relevanten Informationsquelle am Zinsfestsetzungstag kein Referenzzinssatz veröffentlicht werden, gilt folgendes: [(1)]Die Berechnungsstelle wird [●] [mindestens drei] Banken mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Referenzzinssatzes mitzuteilen. Wenn mindestens zwei Banken quotiert haben, so ist der Referenzzinssatz für die betreffende Variable Zinsperiode das von der Berechnungsstelle errechnete arithmetische Mittel dieser Quotierungen (unter Anwendung der für den jeweiligen Referenzzinssatz geltenden Rundungsregel). [(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Referenzzinssätze gemäß Absatz (1) [(d)][(e)] Ziffer (ii) (1) quotiert, so ist der Referenzzinssatz für die nächste Variable Zinsperiode der an diesem Zinsfestsetzungstag von dieser Bank quotierte Satz.] (iii) Für den Fall, dass der Referenzzinssatz nicht gemäß Absatz (1) [(d)][(e)] Ziffer (ii) bestimmt werden kann, gilt für die folgende Variable Zinsperiode als Referenzzinssatz der Satz, der an dem dem Zinsfestsetzungstag unmittelbar vorhergehenden [TARGET] [Londoner] [●] Bankarbeitstag in der Relevanten Informationsquelle veröffentlicht wurde.] [Sofern eine andere Methode der Feststellung des Referenzzinssatzes anwendbar ist, diese hier einfügen]] [bei Range Accrual Serie einfügen: [„Bandbreite“ sind die in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebenen Werte.] Der „Basiswert“ wird von der Berechnungsstelle nach folgenden Grundsätzen festgelegt [Grundsätze einfügen]. „Beobachtungsperiode“ bezeichnet [●] [den Zeitraum, der für eine Variable Zinsperiode mit dem ● der Variablen Zins- periode beginnt und [mit dem ●] [vor dem letzten Tag] der Variablen Zinsperiode endet]. 74 V. Description of the Instruments – Product Group A Instruments

„Beobachtungstage“ bezeichnet die Gesamtzahl der Feststellungstage innerhalb der Beobachtungsperiode. „Festgelegter Zinssatz“ ist der in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebene Wert. „Feststellungstage“ sind alle [Bankarbeitstage] [Kalendertage] innerhalb einer Beobachtungsperiode. [Sofern die Fest- stellungstage Kalendertage sind, ist einzufügen: Für diejenigen Feststellungstage einer Beobachtungsperiode, die keine Tage sind, an denen Banken in ● geöffnet haben, wird der Basiswert durch den Basiswert des unmittelbar [vorangegangenen] [darauffolgenden] Bankarbeitstages in ● festgesetzt.] Der „Range Accrual Satz“ errechnet sich als Produkt aus dem von der Emittentin festgelegten maximalen Zinssatz (der „Festgelegte Zinssatz“) und einem Multiplikationsfaktor, der berücksichtigt, an wie vielen Tagen innerhalb der Beobachtungsperiode der Basiswert die Zinsbedingung erfüllt (die „Variablen Zinsereignistage“); es gilt für die Berechnung des Range Accrual Satzes die folgende Formel: Range Accrual Satz = Festgelegter Zinssatz x (Variable Zinsereignistage/Beobachtungstage)[, wobei der Range Accrual Satz für jede Variable Zinsperiode mindestens [●] % beträgt.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen] [„Schwellenwert“ sind die in Absatz [(e)][(f)] angegebenen Werte.] „Variable Zinsereignistage“ sind diejenigen Feststellungstage innerhalb einer Beobachtungsperiode[, an denen der Basiswert innerhalb der festgesetzten Bandbreite liegt] [, an denen der Basiswert [oberhalb des Schwellenwerts] [unterhalb des Schwellenwerts] liegt]. [gegebenenfalls weitere Definitionen einfügen] [(e)][(f)] Übersicht zum [Festgelegten Zinssatz] [●] und [zur Bandbreite] [zum Schwellenwert] in Abhängigkeit von der Variablen Zinsperiode:

Variable Zinsperiode [Bandbreite][Schwellenwert] für den Basiswert [●] Festgelegter Zinssatz (von/bis) Untergrenze [einschließlich] Obergrenze [einschließlich] [ausschließlich] [ausschließlich] ●● ● ●● ●● ● ●● ●● ● ●●

] [bei CMS-gebundener Serie einfügen: Die „Relevante Informationsquelle“ ist die für die Festlegung des CMS Satzes für die jeweilige Variable Zinsperiode maß- gebliche Informationsquelle und ist vorliegend ●. Der „CMS Satz“ ist der in der jeweiligen Variablen Zinsperiode für die Berechnung des Variablen Zinssatzes maßgebliche [[maßgebliche Zahl von Jahren einfügen]-Jahres [Währung einfügen]] [●] Swapsatz (der „Jahres-Swapsatz“) und wird von der Berechnungsstelle nach den folgenden Grundsätzen festgelegt: [(i) Die Berechnungsstelle ermittelt den für die jeweilige Variable Zinsperiode geltenden CMS Satz (ausgedrückt als Prozentsatz p. a.) aus der Relevanten Informationsquelle und zwar um oder gegen [11.00] [●] Uhr [Brüsseler] [Londoner] Zeit [am ersten/zweiten [TARGET] [Londoner] [●] Bankarbeitstag vor Beginn] [am Tag des Beginns] der jeweiligen Variablen Zinsperiode (der „Zinsfestsetzungstag“). (ii) Sollte auf der Basis der Relevanten Informationsquelle am Zinsfestsetzungstag kein CMS Satz ermittelt werden können, gilt Folgendes: [(1)] Die Berechnungsstelle wird [●] [mindestens drei] Banken mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Jahres-Swapsatzes mitzuteilen. Wenn mindestens zwei Banken quotiert haben, so wird V. Description of the Instruments – Product Group A Instruments 75

der CMS Satz für die betreffende Variable Zinsperiode auf der Basis des von der Berechnungsstelle errechneten arithmetischen Mittels dieser Quotierungen (entsprechend den jeweils vorherrschenden Swapusancen gerundet) ermittelt. [(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Jahres-Swapsätze gemäß Absatz (1) [(d)][(e)] Ziffer (ii) (1) quotiert, so basiert der CMS Satz für die nächste Variable Zinsperiode auf dem an diesem Zinsfestsetzungstag von dieser Bank quotierte Satz.] (iii) Für den Fall, dass der CMS Satz nicht gemäß Absatz (1) [(d)][(e)] Ziffer (ii) bestimmt werden kann, wird für die folgende Variable Zinsperiode der CMS Satz auf der Basis des Satzes ermittelt, der an dem dem Zinsfestsetzungstag unmittelbar vorhergehenden [TARGET] [Londoner] [●] Bankarbeitstag in der Relevanten Informationsquelle veröffentlicht wurde.] [Sofern eine andere Methode der Feststellung des CMS Satzes anwendbar ist, diese hier einfügen]] [gegebenenfalls andere Regelungen, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungs- strukturen, einfügen] (2) Der Zinsbetrag für jede Schuldverschreibung wird errechnet, indem der für die betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] gemäß Absatz (1) geltende [Zinssatz] [bzw.] [Variable Zinssatz] [(in diesem Absatz [einheitlich] der „Zinssatz“)] und der nachfolgend definierte Zinstagequotient auf den Nennbetrag der Schuldverschreibung bezogen wird. Der so errechnete Zinsbetrag wird auf die nächste Untereinheit der Währung der Schuldverschreibungen gerundet, wobei jeweils ab einer halben solchen Untereinheit nach oben aufgerundet wird. Der Zinstagequotient (der „Zinstagequotient“) in Bezug auf die Berechnung eines Zinsbetrages auf Schuldverschreibungen für einen beliebigen Zeitraum (der „Zinsberechnungszeitraum“) bedeutet: [wenn in den betreffenden Endgültigen Bedingungen Actual/Actual (ICMA-Regelung 251) festgelegt ist einfügen: (a) Im Fall, dass der Zinsberechnungszeitraum gleich oder kürzer ist als der Zeitraum von einem [Zinszahlungstag] [bzw.] [Variablen Zinszahlungstag] (einschließlich) bis zum nächsten [Zinszahlungstag] [bzw.] [Variablen Zinszahlungstag] (ausschließlich) (die „Zinsfeststellungsperiode“): die Anzahl der tatsächlich verstrichenen Tage in diesem Zinsberech- nungszeitraum geteilt durch das Produkt aus (i) der Anzahl der Tage in dieser Zinsfeststellungsperiode und (ii) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres. (b) Im Fall, dass der Zinsberechnungszeitraum länger als eine Zinsfeststellungsperiode ist: die Summe aus (i) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, welche in die zuerst beginnende Zinsfeststellungs- periode des Zinsberechnungszeitraumes fallen, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zins- feststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden, die innerhalb eines Kalenderjahres liegen und (ii) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, der in die nächste Zinsfeststellungs- periode fällt, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zinsfeststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres.] [wenn in den betreffenden Endgültigen Bedingungen Actual/365 (fixed) festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.] [wenn in den betreffenden Endgültigen Bedingungen Actual/360 festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.] [wenn in den betreffenden Endgültigen Bedingungen 30E/360 oder Eurobond Basis festgelegt ist einfügen: die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360. Dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des ersten und des letzten Tages des Zinsberechnungszeitraumes.] 76 V. Description of the Instruments – Product Group A Instruments

[wenn in den betreffenden Endgültigen Bedingungen 30/360, 360/360 oder Bond Basis festgelegt ist einfügen: die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln ist, es sei denn, (i) der letzte Tag des Zinsberechnungszeitraumes fällt auf den 31. Tag eines Monats, während der erste Tag des Zins- berechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats fällt, wobei in diesem Fall der diesen Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (ii) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist.] (3) Ist der jeweilige [Zinszahlungstag] [bzw.] [Variable Zinszahlungstag] [(in diesem Absatz [einheitlich] der „Zinszahlungs- tag“)] kein Bankarbeitstag, dann [bei following einfügen: hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Bankarbeitstag. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verschiebung zu verlangen.] [bei modified following einfügen: erfolgt die Zahlung des Zinsbetrages am folgenden Bankarbeitstag. Die dies betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] verlängert sich dementsprechend. Die darauffolgende Zinsperiode verkürzt sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verlängert hat. Sollte der nächstfolgende Bankarbeitstag allerdings in den nächstfolgenden Kalendermonat fallen, so erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bankarbeitstag und die Zinsperiode verkürzt sich entsprechend] [bei preceding einfügen: erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bank- arbeitstag. Die hiervon betroffene [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zins- periode“)] verkürzt sich entsprechend. Die darauffolgende Zinsperiode verlängert sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verkürzt hat]. (4) Bankarbeitstag im Sinne dieser Bedingungen bezeichnet Tage, an denen [die Geschäftsbanken und Devisenmärkte in ● [Ort einsetzen] Zahlungen in ● [Währung einsetzen] abwickeln], [die Banken für Geschäfte am jeweiligen Ort der Vorlage geöffnet haben] [und] [alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten]. (5) Die Verzinsung der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorhergeht, an dem die Schuldver- schreibungen zur Rückzahlung fällig werden und zwar auch dann, wenn die Leistung nach § 193 BGB erst an einem späteren Tag bewirkt wird. Sollte die Emittentin die Schuldverschreibungen am Fälligkeitstag nicht oder nicht vollständig einlösen, so endet die Verzinsung des ausstehenden [Nennbetrages] [bei Nullkupon Serie: Betrages] der Schuldverschreibungen nicht am Fälligkeitstag (§ 4), sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen. Die Zinsen auf den jeweiligen offenen Betrag werden jedoch längstens bis zum 14. Tage nach dem Zeitpunkt geschuldet, an dem die erforderlichen Beträge zur Erfüllung sämtlicher unter den Schuldverschreibungen geschuldeten Beträge dem Fiscal Agent zur Verfügung gestellt worden sind und dies gemäß § 13 bekannt gemacht worden ist. Der dann geltende Zinssatz bestimmt sich nach dem Gesetz, es sei denn, [der gemäß Absatz (1) vereinbarte Zinssatz] [bei Nullkupon Serie: die Emissionsrendite in Höhe von ● % p. a.] ist höher als der gesetzlich bestimmte Zinssatz. In diesem Fall [gilt der vereinbarte Zinssatz fort] [bei Nullkupon Serie: werden die Schuldverschreibungen in Höhe der Emissionsrendite weiter verzinst].

§ 4 Einlösung der Schuldverschreibungen [bei Rückzahlung zu einem festgelegten Wert einfügen: Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) [zu ihrem Nennbetrag] [zu ● % des Nennbetrages] [bei Nullkupon Serie: zum Amortisierungsbetrag (wie in § 6 Absatz [(2)][(3)] definiert)] in ● [Währung einsetzen] eingelöst. Ist der Fälligkeitstag kein Bankarbeitstag (wie in § 3 Absatz (4) erläutert), erfolgt die Einlösung der Schuldverschreibungen am folgenden Bankarbeitstag.] V. Description of the Instruments – Product Group A Instruments 77

[bei Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch Lieferung von Rentenpapieren einfügen: (1) Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) nach Wahl der Emittentin entweder zum Nennbetrag oder durch Lieferung [eines noch zu emittierenden Rentenpapiers (das „Rentenpapier“) der NORD/LB mit folgender Ausstattung getilgt: ● [Nennbetrag, Währung, Verzinsungsart, ggf. Zinssatz, Laufzeit einsetzen].] [eines Rentenpapiers (das „Rentenpapier“) der ● [Emittent einsetzen] mit folgender Ausstattung getilgt: ● [Nenn- betrag, Währung, Verzinsungsart, ggf. Zinssatz, Laufzeit einsetzen].] Die Emittentin wird die Entscheidung über die Art der Tilgung am ● (der „Ausübungstag“ ) treffen und unverzüglich gemäß § 13 bekannt machen. (2) Falls [● (die „Referenzstelle“)] [die Berechnungsstelle] am Ausübungstag, infolge einer Störung oder Aussetzung des Handels in dem Rentenpapier den ● [Bezeichnung des relevanten Wertes einsetzen] (der „Kurs“) für das Rentenpapier nicht bekannt gibt (die „Marktstörung“), so gilt für die Möglichkeit der Lieferung der Rentenpapiere der wie folgt ermittelte Ersatzkurs (der „Ersatzkurs“): Ersatzkurs ist derjenige Kurs des Rentenpapiers, der sich als arithmetisches Mittel der Quotierungen errechnet, die der Emittentin von mindestens zwei Banken, welche mit dem Rentenpapier handeln, für das Rentenpapier genannt werden (etwa zu dem Zeitpunkt, an dem an diesem Tag die [Referenzstelle] [Berechnungsstelle] ohne diese Marktstörung einen Kurs bekannt geben würde). Sind solche Quotierungen nicht erhältlich, so wird die Emittentin nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen einen Ersatzkurs bestimmen, der nach ihrer Beurteilung den zu diesem Zeitpunkt herrschenden Markt- gegebenheiten entspricht.]

§ 5 Rückkauf nicht nachrangiger Schuldverschreibungen Die Emittentin ist berechtigt, jederzeit und zu jedem Kurs nicht nachrangige Schuldverschreibungen im Markt oder anderweitig zu kaufen und diese nach ihrer Wahl zu halten, zu tilgen oder wieder zu verkaufen.

§ 6 Vorzeitige Rückzahlung [bei Nullkupon Serie einfügen: , Amortisierungsbetrag] [(1)] Sollte infolge einer nach Begebung der Schuldverschreibungen, die nicht nachrangig sind oder längerfristige nachrangige Verbindlichkeiten im Sinne des KWG darstellen, wirksam werdenden Änderung der in dem Land, in dem die Emittentin ihren Sitz hat, geltenden Rechtsvorschriften oder einer Änderung in deren Anwendung oder amtlicher Auslegung die Emittentin zur Zahlung zusätzlicher Beträge gemäß § 8 verpflichtet sein, so ist die Emittentin berechtigt, mit einer Frist von mindestens 30 und höchstens 60 Tagen durch Bekanntmachung gemäß § 13 die ausstehenden Schuldverschreibungen insgesamt, jedoch nicht teilweise, zur vorzeitigen Rückzahlung zum [Nennbetrag zuzüglich der bis zu dem für die Rück- zahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: Amorti- sierungsbetrag (wie nachstehend definiert)] zu kündigen. Eine solche Kündigung darf jedoch frühestens 90 Tage vor dem Zeitpunkt erfolgen, an welchem die Änderung der Rechtsvorschriften oder ihrer Anwendung oder ihrer amtlichen Auslegung wirksam wird. [(2)] [bei Rückzahlung nicht nachrangiger Schuldverschreibungen nur nach Wahl der Emittentin (call) einfügen: Die Emittentin kann die Schuldverschreibungen insgesamt, jedoch nicht einzeln, [zum Nennbetrag (der „Rückzahlungs- betrag“) zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag (wie nachstehend definiert)] [jeweils] zum ● mit einer Ankündigungsfrist von ● Tagen zur Rückzahlung kündigen. Die Kündigung ist gemäß § 13 bekannt zu machen.] 78 V. Description of the Instruments – Product Group A Instruments

[bei Rückzahlung nicht nachrangiger Schuldverschreibungen nur nach Wahl der Gläubiger (put) einfügen: Jeder Gläubiger von Schuldverschreibungen ist berechtigt zu verlangen, dass die Emittentin Schuldverschreibungen am ● [zum Nennbetrag (der „Rückzahlungsbetrag“) zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag] zurück- zahlt. Zur Ausübung dieses Rechts muss der Gläubiger der Schuldverschreibungen mindestens 45 Tage vor dem für die Rückzahlung bestimmten Tag seine Schuldverschreibungen bei einer Zahlstelle hinterlegen und dieser eine ordnungs- gemäß ausgefüllte Ausübungserklärung gemäß Vordruck, der bei jeder Zahlstelle erhältlich ist, übermitteln.] [(3)] [bei Nullkupon Serie einfügen: Der Amortisierungsbetrag entspricht der Summe des (i) ● (der „Emissionskurs“) und (ii) des Produktes aus dem Emissions- kurs und ● (die „Emissionsrendite“) (jährlich kapitalisiert) bezogen auf den Zeitraum, der am ● (der „Ausgabetag“) (ein- schließlich) beginnt und der mit dem Rückzahlungstag (ausschließlich) endet. Soweit dieser Zeitraum nicht einer ganzen Zahl von Kalenderjahren entspricht, so erfolgt die Berechnung auf Grundlage des Zinstagequotienten, gemäß § 3 Absatz (2). Der „Rückzahlungstag“ im Sinne dieses § 6 Absatz [(2)][(3)] ist der frühere der Tage, zu dem die Schuldverschreibungen vorzeitig fällig gestellt werden oder an dem die vorzeitige Zahlung erfolgt.]

§ 7 Kündigungsgründe bei nicht nachrangigen Schuldverschreibungen (1) Jeder Gläubiger von Schuldverschreibungen ist berechtigt, seine Schuldverschreibungen zur Rückzahlung [zum Nenn- betrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag] zu kündigen, falls (a) die Emittentin Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem betreffenden Fälligkeitstag zahlt, oder (b) die Emittentin die ordnungsgemäße Erfüllung irgendeiner sonstigen Verpflichtung aus den Schuldverschreibungen unterlässt und, es sei denn, eine Heilung der Unterlassung ist unmöglich, die Unterlassung länger als 30 Tage fort- dauert, nachdem die Emittentin hierüber eine Benachrichtigung von dem Gläubiger erhalten hat, oder (c) ein Gericht oder eine Behörde im Land des Sitzes der Emittentin ein Insolvenzverfahren oder ein dem gleichstehendes Verfahren gegen die Emittentin eröffnet oder die Emittentin ein solches Verfahren beantragt oder einleitet, ihre sämtlichen Zahlungen einstellt oder die Zahlungseinstellung ankündigt oder eine allgemeine Schuldenregelung zugunsten ihrer Gläubiger anbietet oder trifft, oder (d) die Emittentin aufgelöst oder liquidiert wird oder ihren gesamten oder einen wesentlichen Teil ihrer Geschäftstätig- keit aufgibt, es sei denn, dass ein solcher Vorgang im Zusammenhang mit einer Verschmelzung, Konsolidierung oder einer anderen Form des Zusammenschlusses mit einer anderen Gesellschaft oder einer Umwandlung vorgenommen wird und diese Gesellschaft, im Fall der Emittentin, alle Verpflichtungen aus diesen Anleihebedingungen übernimmt. (2) Eine Kündigungserklärung gemäß Absatz (1) ist der Emittentin in Schriftform (§ 126 BGB) abzugeben. Die elektronische Form ist ausgeschlossen. Mit dem Zugang dieser Erklärung bei der Emittentin und dem Vorliegen eines Kündigungsgrundes gemäß Absatz (1) werden die gekündigten Schuldverschreibungen [zum Nennbetrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisie- rungsbetrag] sofort fällig, es sei denn, dass vor dem Zugang der Erklärung alle Ereignisse, die die Kündigung ausgelöst haben, für sämtliche Schuldverschreibungen nicht mehr bestehen. V. Description of the Instruments – Product Group A Instruments 79

§ 8 Quellensteuer (1) Kapital und Zinsen auf die Schuldverschreibungen sind ohne Einbehalt oder Abzug von gegenwärtigen oder zukünftigen Steuern, Abgaben oder Gebühren, die durch das oder in dem Land, in dem die Emittentin ihren Sitz hat, auferlegt, erhoben oder eingezogen werden („Quellensteuern“) zu zahlen, es sei denn, dass ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist. Wenn ein Einbehalt oder Abzug von Quellensteuern gesetzlich vorgeschrieben ist, ist die Emittentin verpflichtet, diejenigen zusätzlichen Beträge an die Gläubiger der Schuldverschreibungen zu zahlen, die erforderlich sind, damit die von den Gläubigern der Schuldverschreibungen empfangenen Nettobeträge nach solchen Einbehalten oder Abzügen den jeweiligen Beträgen an Kapital und Zinsen entsprechen, die sie ohne solche Einbehalte oder Abzüge empfangen hätten. Die Emittentin ist jedoch nicht verpflichtet, zusätzliche Beträge im Hinblick auf solche Quellensteuern zu zahlen: (a) die von einem Kredit- oder Finanzdienstleistungsinstitut in Deutschland (oder einer in Deutschland belegenen Zweigstelle eines ausländischen Kredit- oder Finanzdienstleistungsinstituts) einbehalten oder abgezogen werden, weil es die Schuldverschreibungen in seiner Eigenschaft als Depotbank oder Inkassobeauftragte des Gläubigers oder in einer ähnlichen Funktion verwahrt oder verwaltet hat oder noch verwahrt oder verwaltet; oder (b) die durch die Erfüllung von gesetzlichen Anforderungen oder durch die Vorlage einer Nichtansässigkeitserklärung oder durch die sonstige Geltendmachung eines Anspruchs auf Befreiung gegenüber der betreffenden Steuerbehörde vermeidbar sind oder gewesen wären; oder (c) die nur deshalb zahlbar sind, weil der Gläubiger der Schuldverschreibungen in einer anderen Beziehung zu dem Land steht, in dem die Emittentin ihren Sitz hat, als dem bloßen Umstand, dass er Gläubiger der Schuldverschreibungen [oder des Zinsscheines] ist, auf die [bzw. auf den] die Zahlung erfolgt; oder (d) denen der Gläubiger der Schuldverschreibungen nicht unterläge, wenn er innerhalb von 30 Tagen nach dem jeweiligen Fälligkeitstag bzw. nach dem Tag, an dem die für eine solche Zahlung erforderlichen Beträge bei dem Fiscal Agent eingegangen sind und dies gemäß § 13 bekannt gemacht worden ist, die Zahlung von Kapital und Zinsen verlangt hätte; oder (e) die von einer Zahlstelle abgezogen oder einbehalten werden, wenn die Zahlung durch eine andere, insbesondere eine ausländische Zahlstelle ohne einen solchen Abzug oder Einbehalt hätte erfolgen können; oder (f) die nur deshalb abgezogen oder einbehalten werden, weil Schuldverschreibungen oder Zinsscheine effektiv zur Einlösung vorgelegt werden; oder (g) die aufgrund einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von Zinserträgen oder einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die Bundesrepublik Deutschland oder die Europäische Union beteiligt sind, oder einer Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abgezogen oder einbehalten werden; oder (h) die abgezogen oder einbehalten werden, weil der wirtschaftliche Eigentümer der Schuldverschreibungen nicht selbst rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen ist und der Abzug oder Einbehalt bei Zahlungen an den wirtschaftlichen Eigentümer nicht erfolgt wäre oder eine Zahlung zusätzlicher Beträge bei einer Zahlung an den wirtschaftlichen Eigentümer nach Maßgabe der vorstehenden Regelungen (a) bis (g) hätte vermieden werden können, wenn dieser zugleich rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen gewesen wäre. (2) Jede Bezugnahme in diesen Anleihebedingungen im Zusammenhang mit dem zu zahlenden Betrag an Kapital und Zinsen umfasst auch zusätzliche Beträge gemäß diesem § 8. 80 V. Description of the Instruments – Product Group A Instruments

§ 9 Fiscal Agent, Zahlstellen [, Berechnungsstelle]; Zahlungen (1) Der anfänglich bestellte Fiscal Agent [und] [,] die anfänglich bestellten Zahlstelle(n) [und die anfänglich bestellte Berech- nungsstelle] sowie deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt: Fiscal Agent: ● Zahlstelle(n): ● [[Berechnungsstelle: ●] Der Fiscal Agent [und] [,] die Zahlstelle(n) [und die Berechnungsstelle] behalten sich das Recht vor, jederzeit die bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen. (2) Die Emittentin behält sich das Recht vor, jederzeit die Bestellung eines Fiscal Agents oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu beenden und einen anderen Fiscal Agent oder andere / zusätzliche Zahlstelle(n) [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird jederzeit (i) einen Fiscal Agent unterhalten und (ii) eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle in einer kontinentaleuropäischen Stadt unterhalten [und (iii) solange die Schuldverschrei- bungen an der Börse ● notiert sind, eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle am Sitz der Börse und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [und (iv) falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der teilweisen oder vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam, außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird, sofern die Gläubiger hierüber gemäß § 13 vorab unter Einhaltung einer Frist von mindestens 30 Tagen und nicht mehr als 45 Tagen informiert wurden. (3) Die Zahlstellen handeln ausschließlich als Erfüllungsgehilfen der Emittentin. Sie haben daher keinerlei Pflichten gegen- über den Gläubigern von Schuldverschreibungen [oder Zinsscheinen] und stehen auch nicht in einem Auftragsverhältnis zu diesen. (4) Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind, auf den Nennbetrag der Schuldverschreibungen bei Fälligkeit in ● [Währung einsetzen] leisten. [Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind, auf die Zinsscheine bei Fälligkeit in ● [Währung einsetzen] leisten.] (5) Die Zahlungen auf die Schuldverschreibungen [und Zinsscheine] erfolgen, ohne dass, abgesehen von der Beachtung etwaiger Steuer-, Devisen-, und sonstigen Vorschriften des Landes der betreffenden Zahlstelle, die Ausfertigung einer gesonderten Erklärung oder die Erfüllung einer sonstigen Formalität verlangt werden darf. Die Zahlungen auf die Schuldverschreibungen [und Zinsscheine], die sich in Girosammelverwahrung eines oder mehrerer Clearing System(e) befinden, erfolgt/erfolgen an das/die Clearing System(e) zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des/der Clearing System(s)(e), die Hinterleger der Schuldverschreibungen [und Zinsscheine] sind. Zahlungen der Emittentin an das/die Clearing System(e) befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren Zahlungs- verbindlichkeiten aus den Schuldverschreibungen [und Zinsscheinen]. [bei effektiven Schuldverschreibungen die nachfolgenden Absätze (6) bis (9) einfügen: (6) Zahlungen auf Schuldverschreibungen und Zinsscheine, die sich nicht in Girosammelverwahrung eines Clearing Systems befinden, erfolgen gegen Einreichung der Schuldverschreibungen oder der Zinsscheine V. Description of the Instruments – Product Group A Instruments 81

[bei Zahlungen in Euro: - bei Zahlstellen im Inland durch Barauszahlung; - bei Zahlstellen im Ausland durch einen Scheck der auf Euro lautet bezogen auf eine Bank im Inland oder durch Über- weisung auf ein Euro-Konto des Empfängers.] [bei Zahlungen in anderer Währung als Euro: - durch Überweisung auf ein Währungskonto des Empfängers oder durch einen Scheck in der Währung der Schuldver- schreibungen bezogen auf eine Bank an einem Hauptfinanzplatz im Lande der Währung.] (7) [bei festverzinslicher Serie einfügen: Die zur Rückzahlung fälligen Schuldverschreibungen sind mit allen am Tag der Fälligkeit der Schuldverschreibungen noch nicht fälligen Zinsscheinen einzureichen. Der Betrag fehlender noch nicht fälliger Zinsscheine wird vom Rück- zahlungsbetrag abgezogen.] [bei variabel verzinslicher Serie einfügen: Die zur Rückzahlung fälligen Schuldverschreibungen sind mit allen am Tage der Fälligkeit der Schuldverschreibungen noch nicht fälligen Zinsscheinen einzureichen. Zinsscheine, die bis zum Zeitpunkt der Fälligkeit der Schuldverschreibungen noch nicht fällig geworden sind, werden am Fälligkeitstag der Schuldverschreibungen ungültig.] (8) Eine Zahlstelle ist nicht verpflichtet, die Berechtigung des Einreichers von Schuldverschreibungen oder Zinsscheinen zu prüfen. (9) Die Emittentin ist berechtigt, die von den Gläubigern innerhalb von zwölf Monaten nach Fälligkeit nicht erhobenen Beträge an Kapital und Zinsen bei dem Amtsgericht Hannover zu hinterlegen. Soweit die Emittentin auf das Recht zur Rück- nahme der hinterlegten Beträge verzichtet, erlöschen die betreffenden Ansprüche der Gläubiger gegen die Emittentin.]

§ 10 Vorlegungsfrist [, Ausschluss des Anspruches wegen abhanden gekommener oder vernichteter Zinsscheine] Die in § 801 Absatz (1) Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre abgekürzt. [bei effektiven Schuldverschreibungen einfügen: Die Vorlegungsfrist für die Zinsscheine beträgt nach Maßgabe von § 801 Absatz (2) BGB vier Jahre, beginnend mit dem Ende des Kalenderjahres, in dem der betreffende Zinsschein fällig wird. Der Anspruch der Inhaber von Zinsscheinen wegen abhanden gekommener oder vernichteter Zinsscheine gemäß § 804 Absatz (1) Satz 1 BGB ist ausgeschlossen. (vgl. § 804 Absatz (2) BGB).]

§ 11 Ersetzung der Emittentin (1) Die Emittentin kann, sofern sie sich mit keiner Zahlung auf Kapital oder Zinsen der Schuldverschreibungen im Rückstand befindet, jederzeit ohne Zustimmung der Gläubiger hinsichtlich sämtlicher Rechte und Pflichten aus oder im Zusammen- hang mit den Schuldverschreibungen durch eine Tochtergesellschaft der Emittentin (die „Neue Emittentin“) ersetzt werden, wenn: (a) ein für die Emittentin wichtiger Grund vorliegt, wie insbesondere jedoch nicht ausschließlich die Einführung einer Quellensteuer, die die Emittentin zu Zusatzzahlungen verpflichtet, eine wesentliche Änderung im Kapitalmarkt statt- findet oder eine wesentliche Änderung aufsichtsrechtlicher Bestimmungen im Sitzland der Emittentin eintritt und (b) die Neue Emittentin alle Verpflichtungen der Emittentin aus oder in Verbindung mit den Schuldverschreibungen und unter diesen Anleihebedingungen durch einen wirksamen schriftlichen Übertragungsvertrag einschließlich gegebenenfalls weiterer zur Wirksamkeit der Ersetzung erforderlicher Verträge, Erklärungen und Genehmigungen (gemeinsam die „Übertragungsdokumente“) dergestalt übernimmt, dass die Neue Emittentin jedem Anleihegläubiger gegenüber 82 V. Description of the Instruments – Product Group A Instruments

die Verpflichtung aus diesen Anleihebedingungen in demselben Umfang übernimmt, als wenn die Neue Emittentin in den Schuldverschreibungen und Anleihebedingungen anstelle der Emittentin (oder anstelle einer vorherigen Neuen Emittentin) als Hauptschuldnerin genannt worden wäre und (c) die Emittentin und die Neue Emittentin alle erforderlichen staatlichen Genehmigungen und Erlaubnisse für die Ersetzung nach Maßgabe dieses § 11 erhalten haben und (d) die Neue Emittentin imstande ist, sämtliche Zahlungsverpflichtungen aus oder im Zusammenhang mit den Schuld- verschreibungen in der Währung der Schuldverschreibungen ohne Abzug oder Einbehalt von oder wegen Steuern, Abgaben oder amtlichen Gebühren zu erfüllen und (e) [bei börsennotierten Schuldverschreibungen einfügen: jede Wertpapierbörse, an der die Schuldverschreibungen notiert werden, bestätigt hat, dass die Schuldverschreibungen nach der geplanten Ersetzung der Emittentin durch die Neue Emittentin weiterhin an der betreffenden Wertpapierbörse notiert sind und] [(f)]sofern die NORD/LB die Verpflichtungen der Neuen Emittentin aus oder im Zusammenhang mit den Schuldverschrei- bungen durch eine [nicht nachrangige/nachrangige] Garantie garantiert und [(f)][(g)] [bei nachrangigen Schuldverschreibungen einfügen: wenn es sich darüber hinaus bei den Schuldverschreibungen um nachrangige Schuldverschreibungen handelt, (i) die Neue Emittentin ein Tochterunternehmen im Sinne der §§ 1 Absatz 7 und 10 Absatz 5a Satz 11 KWG ist, (ii) die von der Neuen Emittentin übernommenen Verbindlichkeiten zu Bedingungen nachrangig sind, die mit den Nachrang- bestimmungen der übernommenen Verbindlichkeiten identisch sind, (iii) die Neue Emittentin den Betrag der Schuld- verschreibungen bei der NORD/LB zu Bedingungen anlegt, die denen der nachrangigen Schuldverschreibungen entsprechen und (iv) die NORD/LB die Verbindlichkeiten der neuen Emittentin aus den Schuldverschreibungen auf nachrangiger Basis garantiert und] [(f)][(g)][(h)] wenn Rechtsgutachten seitens von der Emittentin ausgewählter Rechtsberater einer international anerkannten Sozietät von Rechtsanwälten gegenüber dem Fiscal Agent abgegeben worden sind, die jeweils nicht mehr als drei Tage vor dem geplanten Ersetzungstermin datieren dürfen, und zwar für die Rechtsordnungen, in denen die Neue Emittentin ihren eingetragenen Sitz hat sowie für die Bundesrepublik Deutschland. Diese Rechtsgutachten müssen in geeigneter Form bestätigen, dass nach erfolgter Ersetzung die Voraussetzungen der vorstehenden Ziffern (b) – [(e)][(f)][(g)] vorliegen. (2) Im Falle einer solchen Ersetzung sind sämtliche Bezugnahmen in diesen Anleihebedingungen (einschließlich § 11 Absatz (1)) auf die „Emittentin“ auf die „Neue Emittentin“ und sämtliche Bezugnahmen auf das „Land der Emittentin“ auf das Land, in dem die Neue Emittentin ihren Sitz hat oder als Steuerinländer gilt, zu beziehen. (3) Eine Ersetzung der Emittentin gemäß § 11 Absatz (1) ist gemäß § 13 bekannt zu machen.

§ 12 Begebung weiterer Schuldverschreibungen Die Emittentin behält sich vor, ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung in der Weise zu begeben, dass sie mit den Schuldverschreibungen zusammengefasst werden, eine einheitliche Serie mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff „Schuldverschreibungen“ umfasst im Falle einer solchen Erhöhung auch solche zusätzlich begebenen Schuldverschreibungen.

§ 13 Bekanntmachungen (1) [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung in einer führenden Tageszeitung mit allgemeiner Verbreitung in Luxemburg.] V. Description of the Instruments – Product Group A Instruments 83

[bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung im Einklang mit den Regeln der Börse, an der die Schuld- verschreibungen notiert sind.] [Sofern eine Bekanntmachung durch Elektronische Publikation auf der Website der betreffenden Börse möglich ist, einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung durch elektronische Publikation auf der Website der [betreffende Börse einfügen] (www.[Internetadresse einfügen]).] (2) Jede Bekanntmachung gilt mit dem Tag der Veröffentlichung (bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.] (3) [Im Fall von Schuldverschreibungen, die nicht börsennotiert sind, einfügen: Die Emittentin wird alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die Gläubiger übermitteln. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.] [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Solange die Schuldverschreibungen an der Börse Luxemburg notiert sind, findet Absatz (1) Anwendung. Soweit dies Mitteilungen über den Zinssatz betrifft oder die Regeln der Luxemburger Börse dies zulassen, kann die Emittentin die Veröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger ersetzen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt. [bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: Die Emittentin ist berechtigt, eine Zeitungsveröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger zu ersetzen, vorausgesetzt, dass die Regeln der Börse, an der die Schuldverschrei- bungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.]

§ 14 Verschiedenes (1) Form und Inhalt der Schuldverschreibungen [und der Zinsscheine] sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht. [Die englische Sprachfassung der abgedruckten Anleihebedingungen dient lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen.] (2) Erfüllungsort im Zusammenhang mit den Schuldverschreibungen ist Hannover. Für Kaufleute, juristische Personen des öffentlichen Rechts, öffentlich-rechtliche Sondervermögen und Personen ohne allgemeinen Gerichtsstand in der Bundesrepublik Deutschland ist Hannover nicht-ausschließlicher Gerichtsstand für alle Streitigkeiten aus den in den Anleihebedingungen geregelten Angelegenheiten. (3) Sollte eine der Bestimmungen dieser Anleihebedingungen ganz oder teilweise unwirksam oder undurchführbar sein oder werden, so bleiben die übrigen Bestimmungen hiervon unberührt. [Anstelle der unwirksamen oder undurchführbaren Bestimmungen gilt eine wirksame bzw. durchführbare Bestimmung, die den wirtschaftlichen Zwecken der unwirksamen bzw. undurchführbaren Bestimmung soweit wie möglich Rechnung trägt.]1)

1) Nicht bei einem Angebot an Privatanleger einfügen. 84 V. Description of the Instruments – Product Group A Instruments

(4) Jeder Gläubiger von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, kann in Rechtsstreitigkeiten gegen die Emittentin oder Rechtsstreitigkeiten, an denen der Gläubiger und die Emittentin beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen lediglich unter Vorlage folgender Unterlagen wahrnehmen und durchsetzen: [bei klassischer Globalurkunde (Classical Global Note) einfügen: (a) einer Bescheinigung seiner Depotbank, die (i) den vollen Namen und die volle Anschrift des Gläubigers bezeichnet; (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot des Gläubigers gutgeschrieben sind, und (iii) bestätigt, dass die Depot- bank die Clearstream Frankfurt bzw. dem gemeinsamen Verwahrer von Clearstream Luxembourg oder Euroclear (der „Gemeinsame Verwahrer“) eine schriftliche Mitteilung gemacht hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der Clearstream Frankfurt oder des Gemeinsamen Verwahrers sowie des betroffenen Clearstream Frankfurt-Kontoinhabers oder Clearstream Luxembourg- oder Euroclear-Teilnehmers trägt, sowie (b) einer von einem Vertretungsberechtigten der Clearstream Frankfurt oder des Gemeinsamen Verwahrers beglaubigten Ablichtung der Globalurkunde.] [andere Regelung für neue Globalurkunden (New Global Notes) gegebenenfalls einzufügen: ●] Im Sinne der vorstehenden Bestimmungen dieses § 14 Absatz (4) ist „Depotbank“ eine Bank oder sonstiges Finanzinstitut (einschließlich Clearstream Frankfurt; Clearstream Luxembourg und Euroclear), das über die erforderlichen Genehmigungen für das Wertpapier-Depotgeschäft verfügt und bei dem der Gläubiger Schuldverschreibungen im Depot verwahren lässt. V. Description of the Instruments – Product Group A Instruments 85

The Final Terms will specify the language applicable on the Terms and Conditions. Each language version forms a unit for itself.

TERMS AND CONDITIONS OF THE INSTRUMENTS

§ 1 Denomination and Form (1) The Instruments issued by Norddeutsche Landesbank Girozentrale (the “Issuer”) of a total par value of ● are divided into ● Instruments in bearer form with a par value of ●, each (the “Instruments”). In accordance with the following provisions, the Instruments may be represented by a global note (the “Global Note”), in definitive form or, to the extent permitted by law, in electronic form. (2) [To be inserted in case of temporary representation by a Temporary Global Note (without certification that no US-ownership (beneficial ownership) is involved): (a) On issue, the Instruments will initially be represented by a temporary Global Note (the “Temporary Global Note”), which will be exchanged for Instruments in definitive form with interest coupons within a period not exceeding [120] [●] days as of the date of issue. (b) The Temporary Global Note is to be signed by two authorised representatives of the Issuer in their own hand and, in addition thereto, by an authentication agent of the Fiscal Agent in his own hand. The Instruments in definitive form and the interest coupons will bear the facsimile signatures of two authorised representatives of the Issuer [and, in addition thereto, the Issuer’s impressed stamp]. The Instruments in definitive form will also bear the signature of an authentication agent of the Fiscal Agent.] [To be adjusted in case of New Global Notes, if necessary] [To be inserted in case of a representation by a Temporary Global Note (with certification that no US-ownership (beneficial ownership) is involved): (a) On issue, the Instruments will initially be represented by a temporary Global Note (the “Temporary Global Note”). The Temporary Global Note will be exchanged for [a permanent Global Note without interest coupons (the “Permanent Global Note”), which represents the Instruments for their entire residual term] [Instruments in definitive form with interest coupons numbered consecutively]. The exchange will take place 40 days after settlement, at the earliest, against the presentation of a certification that no US-ownership (beneficial ownership) is involved, which corresponds to the requirements of the laws of the United States of America in terms of content and form or the existing practices [of the Clearing System] [of the Clearing Systems]. [Instruments in definitive form for individual notes and interest coupons will not be issued.] (b) The Temporary Global Note [and the Permanent Global Note] [are] [is] to be signed by two authorised representatives of the Issuer in their own hand and, in addition, by an authentication agent of the Fiscal Agent in his own hand. [The Instruments in definitive form and the interest coupons will bear the facsimile signatures of two authorised representatives of the Issuer [and, in addition thereto, the Issuer’s impressed stamp]. The Instruments in definitive form will also bear the signature of an authentication agent of the Fiscal Agent]. [To be adjusted in case of New Global Notes, if necessary] (c) Should interest on Instruments, which are represented by a Temporary Global Note, become due for payment, the respective interest payments will only be effected on the Temporary Global Note if and to the extent that a certification that no US-ownership (beneficial ownership) is involved has been presented to the Clearing System(s).] 86 V. Description of the Instruments – Product Group A Instruments

[To be inserted in case of a representation by a Permanent Global Note: (a) The Instruments will be represented for their entire term by a permanent Global Note without interest coupons or, if permitted by law, in electronic form (the “Permanent Global Note”). Instruments in definitive form and interest coupons will not be issued. (b) The Permanent Global Note will be signed by two authorised representatives of the Issuer in their own hand and, in addition, by an authentication agent of the Fiscal Agent in his own hand. [In the case of a representation in electronic form, they will be signed in accordance with the regulations permitting electronic securitisation.]] [To be adjusted n case of New Global Notes, if necessary] (3) Clearing systems (the “Clearing Systems”) within the meaning of these Terms and Conditions [is] [are] [Clearstream Banking AG, Frankfurt/Main (“Clearstream Frankfurt”)] [,] [Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”)] [and] [Clearstream Banking société anonyme, Luxembourg (“Clearstream Luxembourg”)] [and ●] [as well as any other clearing system].

§ 2 Status and Ranking [To be inserted in case of Unsubordinated Instruments: The Instruments [and interest coupons] establish direct, unconditional, unsubordinated, unsecured liabilities of the Issuer, which rank pari passu with each other and with all other unsubordinated, unsecured liabilities of the Issuer, except for liabilities ranking prior by law.] [To be inserted in case of Subordinated Instruments: (1) The Instruments [and interest coupons] establish liabilities of the Issuer ranking at least pari passu with each other and with all other subordinated liabilities of the Issuer. In the event of the Issuer’s dissolution, liquidation or insolvency or in the event of proceedings that may result in the Issuer’s dissolution or liquidation, these liabilities will be subordinated to all the unsubordinated creditors of the Issuer with the result that, in all cases specified, payments will not be made on the liabilities until all of the Issuer’s unsubordinated creditors have been satisfied in full. (2) The holders of the Instruments [or interest coupons] will not be entitled to set off claims under the Instruments [or interest coupons] against the Issuer’s claims. Holders’ rights under Instruments of this kind [or interest coupons] may not be secured by the Issuer or a third party in any way at any time. (3) Subsequent agreements restricting subordination in accordance with this Section 2 or accelerating the maturity of the Instruments are inadmissible. If Instruments that constitute long-term subordinated liabilities for the purposes of the German Banking Act are repaid prior to maturity without the preconditions of Section 2 Paragraph (1) or Section 7 Para- graph (1) being met, the amount repaid is to be returned to the Issuer without any account being taken of agreements to the contrary unless the liable equity capital created by the Instruments for the purposes of the German Banking Act is replaced by the contribution of liable equity capital being at least equal in value or the German Federal Financial Super- visory Authority (BaFin) has agreed to the premature repayment.]

The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Paragraph (2)).] [To be inserted in case of [Step-Up] [Step-Down] Series: The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) (this period and any subsequent period each referred to as “Interest Period”) at an annual rate of ● per cent (this interest rate and other interest rates each referred to as an “Interest Rate”). Unless the Issuer calls the Instruments in accordance with Section 6 Para- graph (2) of these Terms and Conditions, the Instruments will subsequently bear interest on the par value as of ● (inclusively) until ● (exclusively) at an annual rate of ● per cent [and unless the Issuer calls the Instruments in accordance with Section 6 Paragraph (2) of these Terms and Conditions, the Instruments will subsequently bear interest on their par value as of ● (inclusively) until ● (exclusively) at an annual rate of ● per cent] [and ●]. Interest is payable annually in arrears in ● [insert currency] on ● of each year (each, an “Interest Payment Date”) unless the Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for periods of less than one year, the calculation will be made on the basis of day count fractions (Paragraph (2)).] [To be inserted in case of Zero Coupon Series: There will be no periodic interest payments on the Instruments.] [To be inserted in case of Floating Rate Series, Range Accrual Series, CMS-linked Series and other provisions in particular, in case of interest formulas and combined interest structures (with or without fixed interest payments at the commencement of the term): [(a) The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) [(the “Interest Period”)] at a rate of ● per cent p.a.[[,] [and] as of ● (inclusively) until ● (exclusively) ([each,] the “Interest Period”) at a rate of ● per cent p. a.] [insert other interest periods, if applicable] ([each,] the “Interest Rate”). Interest is payable annually in arrears on ● of each year (each, the "Interest Payment Date") in ● [insert currency], unless the respective Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Paragraph (2)).] [(a)][(b)] The Instruments will bear interest on their par value at a floating rate defined pursuant to Paragraph (1)[(b)][(c)] initially as of ● (the “Floating Rate Interest Commencement Date”) (inclusively) until the first day of the next following interest period (exclusively) and thereafter as of each Floating Rate Interest Payment Date (inclusively) until the next following Floating Rate Interest Payment Date (exclusively) (in each case, the “Floating Rate Interest Period”). The “Floating Rate Interest Payment Date” is the ● [monthly], [quarterly], [semi-annual] [other Interest Period]. The first Floating Rate Interest Payment Date is ●. Interest on the Instruments is due and payable in arrears on each Floating Rate Interest Payment Date in ● [insert currency], unless the respective Floating Rate Interest Payment Date is not a Bank Business Day (as defined in Para- graphs (3) and (4) below). [(b)][(c)] [The relevant Interest Rate for the Floating Rate Interest Period (the "Floating Rate" corresponds to the [Reference Interest Rate] [Range Accrual Rate] [CMS Rate] as defined in Paragraph (1)[(d)][(e)] [insert other provisions, in particular, interest formula].] [The Floating Rate of the respective Floating Rate Interest Period is calculated as [mark-up] [a discount] of ● basis points on the [Reference Interest Rate] [Range Accrual Rate] [CMS Rate] [●].] [It amounts to a minimum of ● %.] [It amounts to a maximum of ● %.] [insert additional provisions on payment of interest, if necessary]] [(c)] [(d)] The Calculation Agent defined in Section 9 Paragraph (1) (whereas this term shall include any legal successor to this function) shall ensure that the specifications of the Floating Rate, the interest amounts for the respective 88 V. Description of the Instruments – Product Group A Instruments

Floating Rate Interest Period, and the respective Floating Rate Interest Payment Date are submitted to the Fiscal Agent, who, again, shall provide for the notification of the other Paying Agents as soon as possible after the relevant determination. The holders of the Instruments will be informed about the determination of the Floating Rate by the Fiscal Agent through the Clearing Systems. The determination of the Floating Rates and the interest payable in each case shall in any event be final and binding upon the parties involved, except in case of a manifest error. [(d)][(e)] For the calculation of the Floating Rate, the following definitions shall apply: [To be inserted in case of Floating Rate Series: The “Relevant Information Source” is the authoritative source of information for stipulating the Reference Interest Rate for the respective Floating Rate Interest Period, which, in the present case, is ●. The “Reference Interest Rate” is the [insert rate for deposits] relevant for the calculation of the Floating Rate applicable during the respective Floating Rate Interest Period and will be stipulated by the Calculation Agent in accordance with the following principles: [(i) The Calculation Agent will determine the Reference Interest Rate applicable to the respective Floating Rate Interest Period in the currency of the Instruments from the Relevant Information Source at or around [11.00] [●] [a.m.][p.m.] [Brussels] [London] time [on the first/second [TARGET] [London] [●] Bank Business Day before the commencement] [on the commencement date] of the respective Floating Rate Interest Period (the “Interest Determination Date”). (ii) If no Reference Interest Rate is published in the Relevant Information Source on the Interest Determination Date, the following shall apply: [(1)] The Calculation Agent will ask [●] [at least three] banks of international standing (“Banks”) to provide quotations for the Reference Interest Rate. If at least two Banks have quoted, the Reference Interest Rate for the relevant Floating Rate Interest Period will be the arithmetic mean of these quotations as calculated by the Calculation Agent (in application of the rounding provisions applicable to the respective Reference Interest Rate). [(2) If Reference Interest Rates in accordance with Paragraph (1)[(d)][(e)] Sub-section (ii)(1) are quoted by only one Bank on the Interest Determination Date, the Reference Interest Rate for the next Floating Rate Interest Period will be the rate quoted by this Bank on this Interest Determination Date.] (iii) In the event that the Reference Interest Rate cannot be determined in accordance with Paragraph (1)[(d)][(e)] Sub-section (ii), the rate published in the Relevant Information Source on the [TARGET] [London] [●] Bank Business Day that immediately precedes the Interest Determination Date will apply as the Reference Interest Rate to the following Floating Rate Interest Period.] [If any other method is to be applied to determine the Reference Interest Rate, please insert here] [To be inserted in case of Range Accrual Series: [“Range” are the values specified in Paragraph (1)[(e)][(f)] with regard to the respective Floating Rate Interest Period.] The “Base Value” will be determined by the Calculation Agent according to the following principles [insert principles]. “Observation Period” means [●] [the period with regard to a Floating Rate Interest Period that commences with the ● of such Floating Rate Interest Period and ends [with the ●] [before the last day] of the Floating Rate Interest Period]. “Observation Dates” means the total number of Determination Dates within the Observation Period. “Determined Interest Rate” is the rate specified for the respective Floating Rate Interest Period in Paragraph (1)[(e)][(f)]. V. Description of the Instruments – Product Group A Instruments 89

“Determination Dates” are all [Bank Business Days] [calendar days] within an Observation Period. [If the Determination Dates are calendar days, insert: For Determination Dates during an Observation Period, which are days on which banks in ● are not open for business, the Base Value shall be determined by the Base Value of the immediately [preceding] [subsequent] Bank Business Day in ●.] The “Range Accrual Rate” shall be the product of the maximum interest rate to be determined by the Issuer (the “Determined Interest Rate”) and a multiplication factor, which takes into account the number of days within the Observation Period on which the Base Value meets the interest requirement; for the calculation of the Range Accrual Rate, the following formula shall apply: Range Accrual Rate = Determined Interest Rate x (Floating Rate Interest Event Dates/Observation Dates)[, whereas the Range Accrual Rate for each Floating Rate Interest Period shall not be less than [●] per cent.] [insert other provisions on payment of interest, if applicable] [”Threshold” shall be the values specified in Paragraph [(e)][(f)].] "Floating Rate Interest Event Dates” shall be the Determination Dates during an Observation Period [on which the Base Value lies within the determined Range][on which the Base Value lies [above the Threshold][below the Threshold]]. [insert other definitions, if required] [(e)][(f)] Overview on [Determined Interest Rate] [●] and [on the Range] [on the Threshold] dependent upon the Floating Rate Interest Period:

Floating Rate Interest Period [Range][Thresholds] of the Base Value [●] [Determined (as of/until) Floor Cap Interest Rate] [inclusively] [exclusively] [inclusively] [exclusively]

●●●●● ●●●●● ●●●●●

] [To be inserted in case of CMS-linked Series: The “Relevant Information Source” shall be the authoritative information source for stipulating the CMS Rate for the respective Floating Rate Interest Period, which, in the present case, is ●. The “CMS Rate” shall be the [[insert relevant number of years]-year [insert currency] [ ●] Swap Rate (the ”Annual Swap Rate”) on which the calculation of the Floating Interest Rate is based during the respective Floating Rate Interest Period, which is determined by the Calculation Agent in accordance with the following principles: [(i) The Calculation Agent will determine the CMS Rate (as percentage rate per annum) applicable to the respective Floating Rate Interest Period on the basis of the Relevant Information Source at or around [11.00] [●] [a.m.] [p.m.] [Brussels] [London] time [on the first/second [TARGET] [London] [●] Bank Business Day before the commencement] [on the commencement date] of the respective Floating Rate Interest Period (the “Interest Determination Date”). (ii) If no CMS Rate can be determined on the basis of the Relevant Information Source on the Interest Determination Date, the following shall apply: [(1)] The Calculation Agent will ask [●] [at least three] banks of international standing (“Banks”) to provide their quotations for the Annual Swap Rate. If at least two Banks have quoted, the CMS Rate for the respective Floating Rate Interest Period will be determined on the basis of the arithmetic mean of these quotations as calculated by the Calculation Agent (in accordance with the relevant Swap practices). 90 V. Description of the Instruments – Product Group A Instruments

[(2) If Annual Swap Rates in accordance with Paragraph (1) [(d)][(e)] Sub-section (ii) (1) are quoted by only one Bank on the Interest Determination Date, the CMS Rate for the next Floating Rate Interest Period will be based on the rate quoted by this Bank on this Interest Determination Date.] (iii) In the event that the CMS Rate cannot be determined in accordance with Paragraph (1)[(d)][(e)] Sub-section (ii), the CMS Rate for the following Floating Rate Interest Period will be determined on the basis of the Rate published in the Relevant Information Source on the [TARGET] [London] [●] Bank Business Day which immediately precedes the Interest Determination Date.] [If any other method is to be applied to determine the CMS Rate, please insert here.]] [If applicable, insert other provisions, in particular, in case of interest formulas and combined interest structures.] (2) The interest payable on each Instrument will be calculated by relating the [Interest Rate] [or] [Floating Interest Rate] [(in this Section [consistently] referred to as the "Interest Rate")] applicable to the respective [Interest Period] [or] [Floating Rate Interest Period] (in this Section [consistently] referred to as the “Interest Period”) pursuant to Paragraph (1) and the Day Count Fraction as defined below to the par value of the Instrument. The interest amount calculated this way shall be rounded down to or, in case the value equals or exceeds half of a monetary unit, up to the next monetary unit in the currency in which the Instrument is denominated. With reference to the calculation of interest payable on Instruments for any period (the “Interest Calculation Period”), day count fractions (the “Day Count Fractions”) means: [If Actual/Actual (ICMA Regulation 251) is specified in the relevant Final Terms, insert: (a) in the event that the Interest Calculation Period is equal to or shorter than the period from one [Interest Payment Date] [or] [Floating Rate Interest Date] (inclusively) to the next [Interest Payment Date] [or] [Floating Rate Interest Date] (exclusively) (the “Interest Determination Period"): the number of days actually elapsed in this Interest Calculation Period divided by the product of (i) the number of days in this Interest Determination Period and (ii) the number of Interest Determination Periods within a calendar year. (b) in the event that the Interest Calculation Period exceeds the Interest Determination Period: the sum of (i) the number of days actually elapsed in the Interest Calculation Period, which fall in the first commencing Interest Determination Period of the Interest Calculation Period, divided by the product of (x) the number of days in this Interest Determination Period and (y) the number of Interest Determination Periods that fall within a calendar year and (ii) the number of days actually elapsed in the Interest Calculation Period falling in the next Interest Determination Period, divided by the product of (x) the number of days in this Interest Determination Period and (y) the number of Interest Determination Periods within a calendar year.] [If Actual/365 (fixed) is specified in the relevant Final Terms, insert: the number of days actually elapsed in the Interest Calculation Period divided by 365.] [If Actual/360 is specified in the relevant Final Terms, insert: the number of days actually elapsed in the Interest Calculation Period divided by 360.] [If 30E/360 or Eurobond Basis is specified in the relevant Final Terms, insert: the number of days in the Interest Calculation Period divided by 360. The number of days is to be determined on the basis of a year of 360 days with 12 months of 30 days, each, without taking account of the first and last day of the Interest Calculation Period.] [If 30/360, 360/360 or Bond Basis is specified in the relevant Final Terms insert: the number of days in the Interest Calculation Period divided by 360, whereas the number of days is to be established on the basis of a year of 360 days with 12 months of 30 days, each, unless: V. Description of the Instruments – Product Group A Instruments 91

(i) the last day of the Interest Calculation Period falls on the 31st day of a month, while the first day of the Interest Calculation Period falls neither on the 30th nor on the 31st day of a month, whereas the month comprising this day is not to be treated as a month reduced to 30 days in this case, or (ii) the last day of the Interest Calculation Period falls on the last day of February, whereas February is not to be treated as a month extended to 30 days in this case.] (3) If the relevant [Interest Payment Date] [or] [Floating Rate Interest Date] [(in this paragraph consistently referred to as the “Interest Payment Date”)] is not a Bank Business Day, then [in case of ‘following’, insert: the holders shall not be entitled to receive payment before the next Bank Business Day. Holders are not entitled to demand further interest or other payments because of this deferment.] [in case of ‘modified following’, insert: Interest will be paid on the following Bank Business Day. The respective [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph consistently referred to as the "Interest Period")] will be extended accordingly. The following Interest Period will be shortened by the number of days by which the previous Interest Period was extended. However, if the following Bank Business Day falls within the following calendar month, interest due will be paid on the preceding Bank Business Day and the Interest Period will be shortened accordingly.] [in case of ‘preceding’, insert: Interest will be paid on the preceding Bank Business Day. The [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph consistently referred to as the "Interest Period")] will be shortened accordingly. The following Interest Period will be extended by the number of days by which the previous Interest Period was shortened.] (4) For these purposes, a “Bank Business Day” is a day on which [commercial banks and foreign exchange markets in ● [insert location] settle payments in ● [insert currency], [on which banks are open for business in any relevant place of presentation] [and] [all relevant parts of the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are operating to transfer the respective payments]. (5) Accrual of interest on the Instruments will end on expiry of the date preceding the date on which the Instruments are due for redemption; this also applies if payment is effected on a later date under Section 193 German Civil Code (BGB). Should the Issuer fail to redeem the Instruments on the maturity date or not redeem the Instruments in full, the accrual of interest on the outstanding [par value] [in case of Zero Coupon Series: amount] of the Instruments will not end on the maturity date (Section 4), but upon actual redemption of the Instruments. However, interest on the respective outstanding amount will be owed for a maximum of 14 days as of the date on which the amounts necessary to settle all debts under the Instruments have been provided to the Fiscal Agent and notice thereof has been given by publication in accordance with Section 13. The interest rate then applicable is based on the legal provisions, unless [the interest rate agreed in accordance with Paragraph (1)] [in case of Zero Coupon Series: the issuing yield in the amount of ● % per annum] is higher than the legally stipulated interest rate. In this case, [the agreed interest rate will continue to apply] [in case of Zero Coupon Series: the Instruments will continue to accrue interest at the issuing yield rate].

§ 4 Redemption of Instruments [To be inserted in case of redemption at a fixed value: The Instruments will be redeemed on ● (the “Maturity Date”) [at par value] [at ● per cent of their par value] [in case of Zero Coupon Series: at the amortised face value (as defined in Section 6 Paragraph [(2)][(3)]] in ● [insert currency]. If the Maturity Date falls on a day that is not a Bank Business Day (as defined in Section 3 Paragraph (4)), the Instruments will be redeemed on the following Bank Business Day.] [To be inserted in case of an option on the part of the Issuer to redemption in principal or by delivery of bonds: (1) The Instruments will be redeemed on ● (the “Maturity Date”) at the option of the Issuer either by payment in principal or by delivering 92 V. Description of the Instruments – Product Group A Instruments

[a bond that is still to be issued (the “Bond”) by NORD/LB with the following terms: ● [insert par value, currency, type of interest payment, interest rate, if applicable, maturity].] [a bond (the “Bond”) issued by ● [insert Issuer] with the following terms: ● [insert par value, currency, type of interest payment, interest rate, if applicable, maturity].] The Issuer will decide on the type of redemption on ● (the “Determination Date”) and will announce it without delay in accordance with Section 13. (2) If [● (the “Reference Agent”)] [the Calculation Agent] does not announce the ● [insert description of the value in question] (the “Price”) for the Bond on the Determination Date because trading in the Bond is interrupted or suspended (the “Market Interruption”), the replacement price (the “Replacement Price”), as established below, will apply to the option of delivering the Bonds: The Replacement Price is the price of the Bond calculated as the arithmetic mean of the quotations for the Bonds, which are quoted to the Issuer by at least two banks dealing in the Bonds (at around the date on which the [Reference Agent] [Calculation Agent] would have announced a Price on this date without this Market Interruption). If quotations of this kind are unobtainable, the Issuer will at its discretion (Section 315 BGB) determine a Replacement Price taking account of the interests of the holders of the Instruments involved as a group and existing market practice at the time, which, in its opinion, corresponds to the market circumstances prevailing at this time.]

§ 5 Repurchase of Unsubordinated Instruments The Issuer is entitled to purchase Unsubordinated Instruments in the market or elsewhere at any time and to hold them, redeem them or re-sell them at its own discretion.

§ 6 Early Redemption [in case of Zero Coupon Series, insert: Redemption Amount] [(1)] Should the Issuer be obliged to pay additional amounts in accordance with Section 8 as a result of a change affecting the legal provisions applying in the country in which the Issuer’s registered office is situated after the issue of Instruments being unsubordinated or longer-term subordinated liabilities for the purposes of the German Banking Act (KWG) or as a result of a change in their application or official interpretation, the Issuer subject to a 30- to 60-days’ notice shall be entitled to announce in accordance with Section 13 that it calls in the outstanding Instruments in total – but not in part – for early redemption at [par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: amortised face value (as defined below)]. However, notice of this kind may be given no earlier than 90 days before the date on which the change in the legal provisions or their application or their official interpretation comes into effect. [(2)] [To be inserted in case of a Redemption of Unsubordinated Instruments only at the option of the Issuer (call): The Issuer may give notice that the Instruments will be redeemed in total, but not in part, [at their par value (the “Redemption Amount”) plus the accrued interest accumulated up to the date destined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: at the amortised face value (as defined below)] [in each case] effective as of ● with a notice period of ● days to repayment. Notice of termination is to be given in accordance with Section 13.] [To be inserted in case of a Redemption of Unsubordinated Instruments only at the option of the holder (put): Each holder of Instruments is entitled to demand that the Issuer redeems Instruments on ● [at their par value (the “Redemption Amount”) plus any interest accrued until the date specified for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: at the amortised face value]. To exercise this right, the holder of the Instruments must deposit his Instruments with a Paying Agent at least 45 days before the date specified for repayment and convey to the Paying Agent a properly completed statement that he is exercising his right using the form available from every Paying Agent.] V. Description of the Instruments – Product Group A Instruments 93

[(3)] [To be inserted in case of Zero Coupon Series: The amortised face value corresponds to the sum of the (i) ● (the “Issue Price”) and (ii) the product of the Issue Price and ● (the “Issuing Yield”) (annually capitalised) relating to the period that starts on ● (the “Issue Date”) (inclusively) and ends on the redemption date (exclusively). If this period does not equate to a whole number of calendar years, the calculation is based on day count fractions, as predefined in Section 3 Paragraph (2). The “Redemption Date” for the purposes of this Section 6 Paragraph [(2)][(3)] is the earlier of the days on which the Instruments are called for early redemption or on which the early payment takes place.]

§ 7 Events of Default for Unsubordinated Instruments (1) Each holder of Instruments is entitled to demand early redemption of his Instruments at [par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: the amortised face value] if (a) the Issuer fails to pay principal or interest within 30 days of the Maturity Date in question or (b) the Issuer fails to perform any other obligation under the Instruments and, unless it is impossible to rectify the non- performance, the non-performance lasts longer than 30 days as of the Issuer receiving notification to this effect from the holder; or (c) a court or any other authority in the country where the Issuer’s registered office is located opens insolvency proceedings or proceedings equal to this against the Issuer or the Issuer applies for or initiates proceedings of this kind, suspends all its payments or announces suspension of payments or offers or arranges a general debt settlement in favour of its creditors; or (d) the Issuer is dissolved or liquidated or gives up its entire business activity or a substantial part thereof, unless proceedings of this kind are carried out in connection with a merger, consolidation or another form of merger with another company or a conversion, and this company, in the case of the Issuer, assumes all the obligations under these Terms and Conditions. (2) Any notice of early redemption with regard to the Instruments in accordance with Paragraph (1) shall be given in writing to the Issuer (Section 126 BGB). The electronic form may not be used. Upon receipt of this declaration by the Issuer and the existence of an event of default in accordance with Paragraph (1), the redeemed Instruments will immediately become due [at par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: at the amortised face value] unless all the events on which the notice of early redemption was based cease to exist with regard to all Instruments prior to receipt of the declaration.

§ 8 Withholding Tax (1) Principal and interest on the Instruments are to be paid without withholding or deduction for present or future taxes, contributions or fees that may be imposed, levied or collected by the country or in the country where the Issuer’s registered office is located (“Withholding Taxes”) unless a withholding or deduction of this kind is prescribed by law. If a withholding or deduction of Withholding Taxes is prescribed by law, the Issuer will be obliged to pay those additional amounts to the holders of the Instruments that are needed to ensure that the net amounts received by the holders of the Instruments after withholdings or deductions of this kind correspond to the respective amounts of capital and interest that they would have received without withholdings or deductions of this kind. However, the Issuer is not obliged to pay additional amounts with respect to Withholding Taxes of this kind: 94 V. Description of the Instruments – Product Group A Instruments

(a) that are withheld or deducted by a credit or financial institution in Germany (or a branch office of a foreign credit or financial institution situated in Germany) because it has kept or administered or keeps or administers the Instruments in its capacity as custodian bank or collection agent of the holder, or in a similar capacity; or (b) that are avoidable or would have been avoidable through fulfilment of statutory requirements or through the submission of a declaration of non-residence or by otherwise enforcing a claim for exemption vis à vis the relevant tax authority; or (c) that are only payable because the holder of the Instruments has another relationship with the country in which the Issuer’s registered office is situated other than merely the fact that he is a holder of the Instruments [or the interest coupon] on which the payment is effected; or (d) that the holder of the Instruments would not be subject to if he had demanded payment of capital and interest within 30 days of the respective Maturity Date or after the date on which the moneys needed for a payment of this kind were received by the Fiscal Agent and this has been announced in accordance with Section 13; or (e) that are deducted or retained by a Paying Agent, if the payment could have been effected by another Paying Agent, in particular, a foreign Paying Agent, without a withholding or deduction of this kind; or (f) that are only deducted or retained because Instruments or interest coupons are effectively presented for redemption; or (g) that are deducted or retained on the basis of a directive or regulation of the European Union relating to the taxation of interest income or an inter-governmental agreement on its taxation in which the Federal Republic of Germany or the European Union is involved or a provision that implements or follows this directive, regulation or agreement; or (h) that are deducted or retained because the beneficial owner of the Instruments is not the legal owner (holder) of the Instruments and the deduction or withholding in respect of payments to the beneficial owner would not have been made or a payment of additional amounts to the beneficial owner in accordance with above regulations (a) to (g) would have been avoidable, if the beneficial owner of the Instruments had himself been the legal owner (holder). (2) Each reference in these Terms and Conditions in connection with the amount of capital and interest to be paid also encompasses additional amounts in accordance with the present Section 8.

§ 9 Fiscal Agent, Paying Agents [, Calculation Agent]; Payments (1) The initially appointed Fiscal Agent [and] [,] the initially appointed Paying Agent(s) [and the initially appointed Calculation Agent] as well as their initially appointed offices are as follows: Fiscal Agent: ● Paying Agent(s): ● [Calculation Agent: ●] The Fiscal Agent [and] [,] the Paying Agent(s) [and the Calculation Agent] reserve the right to replace the designated office with another designated office in the same town at any time. (2) The Issuer reserves the right to change or terminate the appointment of a Fiscal Agent or a Paying Agent [or a Calculation Agent] at any time and to appoint another Fiscal Agent or another/an additional Paying Agent(s) [or another Calculation Agent] at any time. At all times, the Issuer will maintain (i) a Fiscal Agent and (ii) a Paying Agent (who may be the Fiscal Agent) with a designated office in a continental European city [and (iii) as long as the Instruments are listed on the stock exchange ●, a Pay- ing Agent (which may be the Fiscal Agent) with a designated office at the stock exchange’s registered office and/or at such other places as required by the rules of this stock exchange] [and (iv) if payments are illegal or actually excluded at or by the offices of all Paying Agents outside the United States because of the introduction of exchange restrictions or V. Description of the Instruments – Product Group A Instruments 95

similar restrictions with respect to the partial or complete payment or reception of the corresponding amounts in US Dollars, will maintain a Paying Agent with a designated office in New York City]. Except in the event of insolvency when a change of this kind becomes effective immediately, any variation, dismissal, appointment or other change will only become effective if the holders of the Instruments were informed of this in advance in accordance with Section 13 subject to a notice period of at least 30 days and not more than 45 days. (3) The Paying Agents will act solely as the Issuer’s agents. Thus, they have no duties vis à vis holders of Instruments [or interest coupons] and will not act as their agents in any way. (4) The Issuer will make all payments, inasmuch as they are owed in accordance with these Terms and Conditions, on the par value of the Instruments on maturity in ● [insert currency]. [The Issuer will make all payments, inasmuch as they are owed in accordance with these Terms and Conditions, on the interest coupons on maturity in ● [insert currency].] (5) The payments on the Instruments [and interest coupons], will be effected without the issue of a separate declaration or fulfilment of any other formality having to be demanded apart from compliance with possible tax, foreign exchange and other provisions in the country where the relevant Paying Agent is based. The payments on the Instruments [and interest coupons], that are held in general current deposit with one or more Clearing System(s) will be effected to the Clearing System(s) for crediting to the accounts of the respective account holders with the Clearing System(s), who have deposited the Instruments [and interest coupons]. The payments by the Issuer to the Clearing System(s) will release the Issuer from its payment liabilities under the Instruments [and interest coupons] up to the level of the payments made. [In case of Definitive Instruments, insert Paragraphs (6) to (9): (6) Payments on Instruments and interest coupons that are not held in general current deposit with a Clearing System, will be made against submission of the Instruments or the interest coupons [in case of payments in Euro: - at Paying Agents in Germany by means of a cash payment; - at Paying Agents abroad by means of a cheque denominated in Euro drawn on a bank in Germany or by credit transfer to a Euro account held by the recipient.] [in case of payments in another currency other than Euro: - by credit transfer to a currency account held by the recipient or by a cheque in the currency of the Instruments drawn on a bank at a main financial centre in the country of the currency.] (7) [To be inserted in case of Fixed Rate Series: The Instruments due for redemption are to be presented with all the interest coupons that are not yet due on the Maturity Date of the Instruments. The amount of missing interest coupons that are not yet due will be deducted from the redemption amount.] [To be inserted in case of Floating Rate Series: The Instruments due for redemption are to be presented with all interest coupons being not yet due on the Maturity Date of the Instruments. Interest coupons that have not become due by the Maturity Date of Instruments will become invalid on the Maturity Date of Instruments.] (8) A Paying Agent is not obliged to check the entitlement of the person presenting the Instruments or interest coupons. (9) The Issuer is entitled to deposit amounts of capital and interest not collected by holders within twelve months of maturity with the Hannover District Court. If the Issuer waives its right to take back the amounts deposited, the holders’ relevant claims against the Issuer will lapse. 96 V. Description of the Instruments – Product Group A Instruments

§ 10 Presentation Period[, Exclusion of any Claim on the grounds of lost or destroyed Interest Coupons] The presentation period stipulated in Section 801 Paragraph (1) Sentence 1 German Civil Code (BGB) is reduced to ten years for the Instruments. [To be inserted in case of definitive Instruments: According to the provisions of Section 801 Paragraph 2 BGB the presentation period for interest coupons is four years starting from the end of the calendar year in which the interest coupon in question becomes due. The claim of holders of interest coupons on the grounds of lost or destroyed interest coupons under Section 804 Paragraph (1) Sentence 1 BGB is excluded. (cf. Section 804 Paragraph (2) BGB).]

§ 11 Substitution of the Issuer (1) If no payment of capital or interest on the Instruments is in arrears, the Issuer may be substituted at any time without the holders’ consent with respect to all rights and obligations arising under or in connection with the Instruments by a subsidiary of the Issuer (the “New Issuer”), if: (a) the Issuer has good cause, including but not limited to the introduction of a withholding tax that would oblige the Issuer to make additional payments, a significant change takes place in the capital markets or a significant change occurs in the provisions of supervisory law in the country where the Issuer’s registered office is situated; and (b) the New Issuer assumes all the Issuer’s obligations under or in connection with the Instruments and under these Terms and Conditions by means of an effective, written transfer agreement including, if applicable, further agreements, declarations and permits needed to make the replacement effective (together the “Transfer Documents”) in such a way that the New Issuer assumes the obligation to each Instrument holder under these Terms and Conditions to the same extent as if the New Issuer had been named in the Instruments and the Terms and Conditions as the principal debtor in place of the Issuer (or in place of a previous New Issuer); and (c) the Issuer and the New Issuer have obtained all government approvals and permits required for the substitution in accordance with the provisions of the present Section 11; and (d) the New Issuer is able to fulfill all payment obligations under or in connection with the Instruments in the currency of the Instruments without any deduction or withholding of or because of taxes, contributions or official fees; and (e) [To be inserted in case of listed Instruments: each stock exchange on which the Instruments are listed has confirmed that the Instruments will continue to be listed on the stock exchange in question after the planned substitution of the Issuer by the New Issuer; and] [(f)] if NORD/LB will guarantee the New Issuer’s obligations under or in connection with the Instruments through a [unsubordinated/subordinated] guarantee; and [(f)][(g)] [To be inserted in case of Subordinated Instruments: if, furthermore, the Instruments are subordinated Instruments, (i) the New Issuer is a subsidiary for the purposes of Section 1 Paragraph 7 and Section 10 Paragraph 5a Sentence 11 KWG, (ii) the liabilities assumed by the New Issuer are subordinated on terms that are identical with the subordination provisions of the assumed liabilities, (iii) the New Issuer will invest the amount of the Instruments with NORD/LB on terms that match those of the subordinated Instruments and (iv) NORD/LB will guarantee the New Issuer’s liabilities under the Instruments on a subordinated basis; and] [(f)][(g)][(h)] if legal opinions of legal advisors from an internationally recognised law firm chosen by the Issuer have been given to the Fiscal Agent, which in each case may not be dated more than three days before the planned substitution date for the jurisdictions in which the New Issuer has its registered office and for the Federal Republic of Germany. These legal opinions must confirm in a suitable form that, following the substitution, the preconditions of Paragraphs (b) – [(e)][(f)][(g)] above will have been met. V. Description of the Instruments – Product Group A Instruments 97

(2) In the event of a substitution of this kind, all references in these Terms and Conditions (including Section 11 Paragraph (1)) to the “Issuer” are to refer to the “New Issuer” and all references to the “Issuer’s country” will apply to the country in which the New Issuer has its registered office or is deemed to be tax resident. (3) Any substitution of the Issuer in accordance with Section 11 Paragraph (1) is to be announced in accordance with Section 13.

§ 12 Issue of further Instruments The Issuer reserves the right to issue further Instruments with the same terms without the consent of holders in such a way that they will be consolidated with the Instruments, form a uniform Series with them and increase their total par value. In the event of an increase of this kind, the term “Instruments” also encompasses additional Instruments issued in this way.

§ 13 Announcements [(1)] [To be inserted in case of Instruments listed at the Luxembourg Stock Exchange: [For the Instruments, announcements will be made in a leading daily newspaper with a circulation in all of Luxembourg.] [To be inserted in case of Instruments listed at another stock exchange: For the Instruments, announcements will be made in line with the rules of the stock exchange on which the Instruments are listed.] [To be inserted, if an announcement by electronic publication on the website of the respective stock exchange is possible: Announcements for the Instruments shall be made by way of electronic publication on the website of [insert respective stock exchange] (www.[insert internet address]).] [(2)] Every announcement will be deemed to be effective on the date of publication (on the date of the first publication of this kind in the case of several publications).] [(3)] [To be inserted in case of unlisted Instruments: The Issuer shall submit all announcements relating to the Instruments to the Clearing System to be forwarded to the holders. Any such announcement shall be deemed to have been made to the holders of the Instruments on the third day after the day of the notification to the Clearing System.] [To be inserted in case of Instruments listed on the Luxembourg Stock Exchange: As long as the Instruments are listed on the Luxembourg Stock Exchange, Paragraph (1) shall apply. As far as announcements on the interest rate are concerned or to the extent permitted by the rules of the Luxembourg Stock Exchange, the Issuer may replace the announcement pursuant to Paragraph (1) by an announcement to the Clearing Systems to be forwarded to the holders of the Instruments. Any such announcement shall be deemed to have been made to the holders on the third day after the day on which the announcement has been made to the Clearing System.] [To be inserted in case of Instruments listed on another stock exchange: The Issuer is entitled to replace an announcement in a newspaper in accordance with Paragraph (1) with a notice to the Clearing Systems to be forwarded to the holders provided that the rules of the stock exchange on which the instruments are listed permit this form of announcement. Each notification of this kind will be deemed to have been made to the holders from the 3rd day after the date of its notification to the Clearing Systems.]

§ 14 Miscellaneous (1) The form and content of the Instruments [and the interest coupons] as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. 98 V. Description of the Instruments – Product Group A Instruments

[The English language version of the printed Terms and Conditions is for information only and is non-binding. Only the German language version of the printed Terms and Conditions is legally binding.] (2) Hanover is the place of performance in connection with the Instruments. For merchants, legal persons under public law, special governmental funds and persons without a general place of jurisdiction in the Federal Republic of Germany, Hanover is the non-exclusive place of jurisdiction for all disputes arising in connection with the matters regulated in the Terms and Conditions. (3) Should one of the provisions of these Terms and Conditions be or become ineffective or invalid in whole or in part, this will not affect the remaining provisions. [The ineffective or invalid provision is to be replaced by an effective or valid provision, which comes as close as possible to the commercial intent of the ineffective or invalid provision.]1) (4) In legal disputes against the Issuer or legal disputes in which the holder and Issuer are involved, each holder of the Instruments that are represented by global notes may protect and assert his rights under his Instruments in his own name by presenting the following documents: [to be inserted in case of Classic Global Notes: (a) a certificate from his Depository Bank that states (i) the full name and full address of the holder; (ii) gives a total par value for the Instruments that are credited to the holder’s securities deposit account with this Depository Bank on the date this certificate is issued and (iii) confirms that the Depository Bank has sent a written notification to Clearstream Frankfurt or the common depository of Clearstream Luxembourg or Euroclear (the “Common Depository”) containing the details in (i) and (ii) and bearing the certificate of Clearstream Frankfurt or the Common Depository and the Clearstream Frankfurt account holder in question or the participant in Clearstream, Luxembourg or Euroclear, as well as (b) a copy of the Global Note certified by an authorised representative of Clearstream Frankfurt or the Common Depository.] [insert other provisions in case of New Global Notes, if necessary] For the purposes of the above provisions of this Section 14 Paragraph (4), “Depository Bank” is a bank or other credit institution (including Clearstream Frankfurt; Clearstream Luxembourg and Euroclear), which has the necessary permits for securities deposit business and with which the holder has Instruments held on deposit.

1) Not to be inserted in case of offers to retail investors. V. Description of the Instruments – Product Group A Instruments 99

1.c) Final Terms

Form of Final Terms of Product Group A Instruments Muster der endgültigen Bedingungen für Schuldverschreibungen der Produktgruppe A

Final Terms Endgültige Bedingungen [Date] [Datum]

[Title of relevant Series of Instruments] issued pursuant to the [Bezeichnung der betreffenden Serie der Schuldverschreibungen] begeben aufgrund des

EUR 25,000,000,000 Programme for the Issuance of Debt Instruments of der

Norddeutsche Landesbank Girozentrale

Diese Endgültigen Bedingungen enthalten Angaben zur Emission von Schuldverschreibungen unter dem EUR 25.000.000.000 Programme for the Issuance of Debt Instruments (das „Programm“) der Norddeutsche Landesbank Girozentrale (die „Emittentin“). Die Endgültigen Bedingungen zum Prospekt zu dem Programm vom ●, gegebenenfalls aktualisiert um etwaige Nachträge, werden gemäß Art. 26 Abs. 5 Satz 2 der Verordnung der Europäischen Kommission (EG) Nr. 809/2004 vom 29. April 2004 (die „Prospektverordnung“) in Form eines gesonderten Dokuments präsentiert. Der Prospekt sowie etwaige Nachträge [und die Endgültigen Bedingungen] wurden auf der Website der Emittentin veröffentlicht (http://www.nordlb.de).

[The Final Terms of the Instruments must be read in conjunction with the Prospectus as may be updated by Supplements. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus as may be supplemented. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions.]

[Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die Endgültigen Bedingungen und der Prospekt ergänzt um etwaige Nachträge zusammen gelesen werden. Begriffe, die in den Anleihebedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden.] 100 V. Description of the Instruments – Product Group A Instruments

[In case of the increase of a Series issued under a Prospectus with an earlier date insert the following alternative language:

The Final Terms are to be read in conjunction with the Prospectus as may be updated by Supplements, save in respect of the Terms and Conditions which are extracted from the Prospectus dated [original date] [and supplemented on ●] and are attached hereto. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus [as so supplemented] and the Prospectus dated [original date] [and supplemented on ●]. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Con- ditions.]

[Im Falle einer Aufstockung einer Serie, die unter einem Prospekt mit einem früheren Datum begeben wurde, die folgende alternative Formulierung einfügen:

Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Dies gilt nicht für die Anleihebedingungen, welche dem Prospekt vom [Orginaldatum] [und ergänzt um einen Nachtrag am ●] zu entnehmen sind und diesem Dokument beigefügt werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die Endgültigen Bedingungen und der Basisprospekt [ergänzt um etwaige Nachträge] sowie der Prospekt vom [Originaldatum] [und ergänzt um einen Nachtrag am ●] zusammen gelesen werden. Begriffe in Großbuchstaben, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung wie in den Anleihebedingungen festgelegt.]

All references in this Final Terms to numbered Sections and Paragraphs are to Sections and Paragraphs of the Terms and Conditions, if not otherwise specified.

Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Anleihebedingungen, soweit nichts Anderes angegeben ist.

[To be inserted in case of Long-Form Conditions:

All provisions in the Terms and Conditions corresponding to items in these Final Terms which are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and conditions applicable to the Instruments (the “Conditions”).]

[Im Fall von nicht-konsolidierten Bedingungen einfügen:

Sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt sind oder die gestrichen sind, gelten als in den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die „Bedingungen“) als gestrichen.]

[To be inserted in case of Integrated Conditions:

The conditions applicable to the Instruments (the “Conditions”) and the English language translation thereof, if any, are based on the provisions of this Prospectus and are attached to this Final Terms and replace in full the Terms and Conditions of the Instruments as set out in the Prospectus and take precedence over any conflicting provisions in this Final Terms.]

[Im Fall von konsolidierten Bedingungen einfügen:

Die für die Schuldverschreibungen geltenden Anleihebedingungen (die „Bedingungen“) sowie eine etwaige englischsprachige Übersetzung wurden auf der Grundlage der Vorgaben des Prospekts erstellt und sind diesen Endgültigen Bedingungen bei- gefügt. Die Bedingungen ersetzen in Gänze die im Prospekt abgedruckten Anleihebedingungen und gehen etwaigen ab- weichenden Bestimmungen dieser Endgültigen Bedingungen vor.] V. Description of the Instruments – Product Group A Instruments 101

PART I - GENERAL INFORMATION TEIL I - ALLGEMEINE INFORMATIONEN

1. Issue Price [ ] per cent. Ausgabepreis [ ] % 2. Issue Date1) [ ] Tag der Begebung1) 3. Series No. [ ] Serien Nr. [ ] Tranche No. [ ] [not applicable] Tranche Nr. [ ] [nicht anwendbar] 4. Form of Conditions (see also Section IX Subsection 1 of the Prospectus)2) Form der Bedingungen (zur Erklärung siehe Abschnitt IX Nr. 1 des Prospekts)2) Long-Form Conditions Nicht-konsolidierte Bedingungen Integrated Conditions Konsolidierte Bedingungen 5. Language of Conditions 3) Sprache der Bedingungen 3) German only Ausschließlich Deutsch German and English (German controlling) 4) Deutsch und Englisch (deutscher Text maßgeblich) 4) English only Ausschließlich Englisch 6. Method of distribution Vertriebsmethode Non-syndicated Nicht-syndiziert Syndicated Syndiziert

1) The Issue Date is the date of payment and settlement of the Instruments. In the case of free delivery, the Issue Date is the delivery date. Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Tag der Begebung der Tag der Lieferung. 2) To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Instruments in bearer form sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Instruments in bearer form sold on a syndicated basis. Integrated Conditions will also be required where the Instruments are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors. Die Form der Bedingungen ist in Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass nicht-konsolidierte Bedingungen für Schuldverschreibungen verwendet werden, die auf nicht-syndizierter Basis verkauft und die nicht öffentlich angeboten werden. Konsolidierte Bedingungen werden in der Regel für Schuldverschreibungen verwendet, die auf syndizierter Basis verkauft werden. Konsolidierte Bedingungen sind auch erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise an Privatinvestoren verkauft oder öffentlich angeboten werden. 3) According to Section 14 Paragraph 1 form and content of the Instuments and possible interest coupons as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. Form und Inhalt der Schuldverschreibungen und etwaiger Zinsscheine sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich gem. § 14 Absatz 1 der Anleihebedingungen in jeder Hinsicht nach deutschem Recht. 4) According to Section 14 Paragraph 1 Sentence (2) the English language form of the printed Terms and Conditions is for information only and is non-binding. Only the German laguage version of the printing Terms Conditions is legally binding. Die englische Sprachfassung der abgedruckten Anleihebedingungen dient gem. § 14 Absatz 1 Satz (2) lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen. 102 V. Description of the Instruments – Product Group A Instruments

7. Securities Identification Numbers Wertpapier-Kennnummern Common Code [ ] Common Code ISIN Code [ ] ISIN-Code German Securities Code [ ] Wertpapier-Kennnummer (WKN) Any other securities number [ ] Sonstige Wertpapier-Kennnummer

PART II - INFORMATION RELATED TO SPECIFIC ARTICLES OF TERMS AND CONDITIONS TEIL II - INFORMATIONEN IN BEZUG AUF EINZELNE ARTIKEL DER ANLEIHEBEDINGUNGEN

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1) 1. Specified Currency [ ] Festgelegte Währung 2. Total Par Value [ ] Gesamtnennbetrag Par Value of the Series Nennbetrag der Serie Par Value of the Tranche Nennbetrag der Tranche If fungible with an existing Series, details of that Series, including the date on which the Instruments become fungible [ ] [not applicable] Bei Fungibilität mit einer bestehenden Serie, Einzelheiten dieser Serie und das Datum, ab wann Fungibilität besteht, einfügen [ ] [nicht anwendbar] 3. Number of Instruments to be issued in each Specified Denomination [ ] Zahl der in jeder Stückelung auszugebenden Schuldverschreibungen 4. Specified Denomination [ ] Festgelegte Stückelung 5. Type of Global Note [ ] Art der Globalurkunde New Global Note Neue Globalurkunde Classic Global Note Klassische Globalurkunde Documentation Verbriefung Temporary Global Note exchangeable for Definitive Instruments with certification of non-US beneficial ownership V. Description of the Instruments – Product Group A Instruments 103

Vorläufige Globalurkunde austauschbar gegen effektive Stücke mit Bescheinigung des Nichtbestehens von US Inhaberschaft Temporary Global Note exchangeable for Permanent Global Note with certification of non-US beneficial ownership Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde mit Bescheinigung des Nichtbestehens von US Inhaberschaft Temporary Global Note exchangeable for Definitive Instruments without certification of non-US beneficial ownership Vorläufige Globalurkunde austauschbar gegen effektive Stücke ohne Bescheinigung des Nichtbestehens von US Inhaberschaft Permanent Global Note Dauerglobalurkunde Other (specify) [ ] Sonstige (angeben) Authorised officer, if not Fiscal Agent [ ] Kontrollbeauftragter, wenn nicht Fiscal Agent 6. Clearing System Clearstream Banking AG Neue Börsenstraße 1 D-60485 Frankfurt am Main Euroclear Bank S.A./N.V. (Euroclear Operator) 1 Boulevard du Roi Albert II B-1210 Brussels Clearstream Banking S.A., Luxembourg 42 Avenue JF Kennedy L-1855 Luxembourg Other (specify) [ ] Sonstige (angeben) STATUS (§ 2) STATUS (§ 2) 7. Unsubordinated Nicht-nachrangig Subordinated Nachrangig INTEREST (§ 3) ZINSEN (§ 3) 8. Fixed Rate Instruments Provisions Modalitäten für Festverzinsliche Schuldverschreibungen Interest Rate [ ] per cent. per annum Zinssatz [ ] % per annum Interest Commencement Date [ ] Verzinsungsbeginn Interest Payment Date(s) [ ] Zinszahlungstage(e) 104 V. Description of the Instruments – Product Group A Instruments

First Interest Payment Date [ ] Erster Zinszahlungstag Initial Broken Amount(s) (per specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jede festgelegte Stückelung) Interest Payment Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht Final Broken Amount(s) (per specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Other (specify) [ ] Sonstige (angeben) Step-up/Step-down Instruments Provisions Modalitäten für Step-up/Step-down Schuldverschreibungen First Rate of Interest [ ]per cent. p.a. Erster Zinssatz [ ]% p.a. Interest Commencement Date First Rate of Interest/up to (excluding) [ ] Verzinsungsbeginn erster Zinssatz/bis (ausschließlich) Second Rate of Interest [ ]per cent. p.a. Zweiter Zinssatz [ ] % p.a. Interest Commencement Date Second Rate of Interest/up to (excluding) [ ] Verzinsungsbeginn zweiter Zinssatz/bis (ausschließlich) Further Rates of Interest [ ]per cent. p.a. Weitere Zinssätze [ ] % p.a. Interest Commencement Date Further Rates of Interest/up to (excluding) [ ] Verzinsungsbeginn weitere Zinssätze/bis (ausschließlich) Interest Payment Date(s) [ ] Zinszahlungstag(e) First Interest Payment Date [ ] Erster Zinszahlungstag Initial Broken Amount(s) (per specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jede festgelegte Stückelung) Interest Payment Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht Final Broken Amount(s) (per specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Zero Coupon Instruments Provisions Modalitäten für Nullkupon-Schuldverschreibungen Amortization Yield [ ] Emissionsrendite V. Description of the Instruments – Product Group A Instruments 105

Floating Rate Instruments provisions Modalitäten für variabel verzinsliche Schuldverschreibungen Floating Rate Interest Commencement Date [ ] Variabler Verzinsungsbeginn Floating Rate Interest Payment Dates [ ] Variable Zinszahlungstage Floating Rate Interest Period(s) [ ] [weeks/months/other – specify] Variable Zinsperiode(n) [ ] [Wochen/Monate/andere – angeben] First Floating Rate Interest Payment Date [ ] Erster Variabler Zinszahlungstag Reference Interest Rate and Relevant Information Source Referenzzinssatz und Relevante Informationsquelle EURIBOR (Brussels time/TARGET Business Day/ EURIBOR-Panel/Eurozone Interbank Market) EURIBOR (Brüsseler Zeit/TARGET Bankarbeitstag/ EURIBOR-Panel/Eurozone Interbankenmarkt) Screen page [ ] Bildschirmseite LIBOR (London time/London Business Day/City of London/ London Office/London Interbank Market) LIBOR (Londoner Ortszeit/Londoner Bankarbeitstag/City of London/ Londoner Geschäftsstelle/Londoner Interbankenmarkt) Screen page [ ] Bildschirmseite Other (specify) [ ] Sonstige (angeben) Screen page [ ] Bildschirmseite Interest Determination Date Zinsfestsetzungstag Second Business Day prior to commencement of Interest Period Zweiter Bankarbeitstag vor Beginn der jeweiligen Zinsperiode Other (specify) [ ] Sonstige (angeben) Reference Banks Referenzbanken Five banks of international standing Fünf Banken mit internationalem Standing Three banks of international standing Drei Banken mit internationalem Standing 106 V. Description of the Instruments – Product Group A Instruments

Other applicable rounding provision (specify) [ ] Andere anwendbare Rundungsbestimmung (angeben) Other Method of Determination of the Reference Interest Rate and the Relevant Information Source (insert details including Interest Determination Date, Reference Banks, fallback provisions) [ ] Andere Grundsätze der Bestimmung des Referenzzinsatzes und der Relevanten Informationsquelle (Einzelheiten angeben einschließlich Zinsfestlegungstag, Referenzbanken, Ausweichbestimmungen) Combination of Fixed Rate Instruments provisions and Floating Rate Instruments provisions (insert details) [ ] Kombination von Modalitäten für Festverzinsliche Schuldverschreibungen und Modalitäten für variabel verzinsliche Schuldverschreibungen (Einzelheiten angeben) Range Accrual Instruments provisions (insert details) [ ] Modalitäten für Range Accrual Instruments (Einzelheiten angeben) CMS Instruments provisions (insert details) [ ] Modalitäten für CMS-gebundene variabel verzinsliche Schuldverschreibungen (Einzelheiten angeben) Other interest provisions (insert details, in particular in case of a formula or a combination of interest structures) [ ] Andere Zinsbestimmungen (Einzelheiten angeben, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungsstrukturen) 9. Day Count Fraction Zinstagequotient Actual/Actual (ICMA Rule 251) Actual/365 (Fixed) Actual/360 30/360 or 360/360 (Bond Basis) 30E/360 (Eurobond Basis) Adjustment Anpassung Other relevant methodology (specify) [ ] Andere anwendbare Methode (angeben) 10. Business Day Convention Geschäftstag-Konvention Modified Following Business Day Convention Modifizierte folgender Geschäftstag-Konvention FRN Convention (specify period(s)) [ ] [months/other– specify] FRN Konvention (Zeitraum (Zeiträume) angeben) [ ] [Monate/andere – angeben] Following Business Day Convention Folgender Geschäftstag-Konvention Preceding Business Day Convention Vorangegangener Geschäftstag-Konvention V. Description of the Instruments – Product Group A Instruments 107

11. Margin [ ] per cent. p.a. Marge [ ] % p.a. plus plus minus minus 12. Minimum and Maximum Rate of Interest Mindest- und Höchstzinssatz Minimum Rate of Interest [ ] per cent. p.a. Mindestzinssatz [ ] % p.a. Maximum Rate of Interest [ ] per cent. p.a. Höchstzinssatz [ ] % p.a. 13. Other general provisions related to interest Andere allgemeine Modalitäten bezogen auf die Verzinsung Currency [ ] Währung Bank Business Days (location) [ ] Bankarbeitstage (Ort) REDEMPTION (§ 4) RÜCKZAHLUNG (§ 4) 14. Final Redemption at Maturity Rückzahlung bei Endfälligkeit Maturity Date [ ] Fälligkeitstag Final Redemption Amount Rückzahlungsbetrag Par Value Nennbetrag Other (specify) [ ] Sonstige (angeben) Redemption at par value or by delivery of bonds Rückzahlung zum Nennbetrag oder in Rentenpapieren Bond [ ] Rentenpapier Issuer of the Bond [ ] Emittent des Rentenpapiers Currency [ ] Währung Rate of Interest [ ] Zinssatz 108 V. Description of the Instruments – Product Group A Instruments

Day Count Fraction [ ] Zinstagequotient Maturity [ ] Laufzeit ISIN of the bond [ ] ISIN des Rentenpapieres Par value for each specified denomination [ ] Nennbetrag je festgelegte Stückelung Determination Date [ ] Feststellungstag Price [ ] Kurs Reference Agent (if different from Calculation Agent) [ ] Referenzstelle (soweit abweichend von der Berechnungsstelle) Other (specify) [ ] Sonstige (angeben) EARLYREDEMPTION (§ 6) VORZEITIGE RÜCKZAHLUNG (§ 6) 15. Early Redemption Vorzeitige Rückzahlung Early Redemption at the Option of the Issuer (Call) Vorzeitige Rückzahlung nach Wahl der Emittentin (Call) Redemption Amount [ ] Rückzahlungsbetrag Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call) Period of Notice to Holders [ ] Ankündigungsfrist Early Redemption at the Option of a Holder (Put) Vorzeitige Rückzahlung nach Wahl des Gläubigers (Put) Put Redemption Amount(s) [ ] Rückzahlungsbetrag/-beträge (Put) Put Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Put) FISCAL AGENT, PAYING AGENTS, CALCULATION AGENT (§ 9) FISCAL AGENT, ZAHLSTELLEN, BERECHNUNGSSTELLE (§ 9) 16. Calculation Agent, if not Fiscal Agent/specified office [ ] Berechnungsstelle, wenn nicht Fiscal Agent/bezeichnete Geschäftsstelle Paying Agent(s)/specified office(s) [ ] Zahlstelle(n)/bezeichnete Geschäftsstelle(n) V. Description of the Instruments – Product Group A Instruments 109

Fiscal Agent/specified office [ ] Fiscal Agent/bezeichnete Geschäftsstelle Currency [ ] Währung Stock Exchange [ ] Börse ANNOUNCEMENTS (§ 13) BEKANNTMACHUNGEN (§ 13) 17. Place and medium of announcement Ort und Medium der Bekanntmachung Luxembourg (d’Wort) Luxemburg (d’Wort) Internet address [ ] Internetadresse Clearing System Clearing System Other (specify) [ ] Sonstige (angeben)

PART III - OTHER INFORMATION PART III - WEITERE INFORMATIONEN

1. Risk factors (specifying risks described in Section II of the Prospectus) [none/specifiy details] Risikofaktoren (konkretisierend zu den Risikofaktoren, die in Abschnitt II im Prospekt beschrieben sind) [keine/Einzelheiten einfügen] 2. Interest of natural and legal persons involved in the issue/offer [none/specifiy details] Interessen von Seiten natürlicher und juristischer Personen, die an der Emission/dem Angebot beteiligt sind [keine/Einzelheiten einfügen] 3. Information concerning the Instruments (others than those related to specific articles of terms and conditions) Informationen über die Schuldverschreibungen (andere als die auf bestimmte Artikel der Anleihebedingungen bezogenen) Information concerning the interest rates (in addition to Section V Subsection 1a) of the Prospectus) [ ] Informationen zur Verzinsung (ergänzend zu Abschnitt V Nr.1a) des Prospekts) Information concerning the underlying (in addition to Section V Subsection 1a) of the Prospectus)5) [ ] Informationen zum Basiswert (ergänzend zu Abschnitt V Nr.1a) des Prospekts)5)

5) Where the rate is not fixed, description of the underlying on which it is based and of the method used to relate the two and an indication where information about the past and the further performance of the underlying and its volatility can be obtained; if the security has a derivative component in the interest payment, provide a clear and comprehensive explanation to help investors understand how the value of their investment is affected by the value of the underlying instrument(s), especially under the circumstances when the risks are most evident. In case of Instruments with a minimum denomination of EUR 50,000 a description of the underlying on which it is based and of the method used to relate the two is sufficient. Ist der Zinssatz nicht festgelegt, Beschreibung des zugrunde liegenden Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte und Angabe, wo Informationen über die vergangene und künftige Wertentwicklung des zugrunde liegenden Basiswertes und seiner Volatilität eingeholt werden können; wenn das Wertpapier eine derivative Komponente bei der Zinszahlung hat, ist eine klare und umfassende Erläuterung beizubringen, die den Anlegern verständlich macht, wie der Wert ihrer Anlage durch den Wert des Basisinstruments/der Basisinstrumente beeinflusst wird, insbesondere in Fällen, in denen die Risiken sehr offensichtlich sind. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000 ist eine Beschreibung des Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte ausreichend. 110 V. Description of the Instruments – Product Group A Instruments

Yield on issue price6) [ ] Emissionsrendite6) Method of calculating the yield (for an explanation see Section V Subsection 1a) of the Prospectus)7) Berechnungsmethode der Rendite (für eine Erläuterung siehe Abschnitt V Nr. 1a) des Prospekts)7) Internal Rate of Return Method Interne Zinsfußmethode ICMA Method ICMA Methode Other method (specify) [ ] Andere Methode (angeben) Information on taxes on the income from the Instruments withheld at source in respect of countries where the offer is being made or admission to trading is being sought (in addition to Section VII of the Prospectus)8) [none/specify details/not applicable] Informationen über die an der Quelle einbehaltene Einkommensteuer auf Schuldverschreibungen hinsichtlich der Länder in denen das Angebot unterbreitet oder die Zulassung zum Handel beantragt wird (in Ergänzung zu Abschnitt VII des Prospekts)8) [keine/Einzelheiten einfügen/nicht anwendbar] 4. Additional information Zusätzliche Informationen Rating of the Instruments9) [none/specify details] Rating der Schuldverschreibungen9) [keine/Einzelheiten einfügen]

6) Only applicable to Fixed Rate Instruments with a fixed maturity date. The calculation of yield is carried out on the basis of the Issue Price. Nur für festverzinsliche Schuldverschreibungen mit fester Fälligkeit anwendbar. Berechnung der Rendite erfolgt auf Basis des Ausgabekurses. 7) Delete in case of Instruments with a mimimum denomination of EUR 50,000. Zu löschen im Fall von Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 8) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 9) In the case of Instruments with a minimum denomination of less than EUR 50,000 give brief explanation of the meaning of the ratings if this has previously been published by the rating provider. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von weniger als EUR 50.000 kurze Erklärung zur Bedeutung des Ratings angeben, falls diese vorher von dem Ersteller des Ratings veröffentlicht wurde. V. Description of the Instruments – Product Group A Instruments 111

PART IV - TERMS AND CONDITIONS OF THE OFFER8) PART IV - BEDINGUNGEN UND VORAUSSETZUNGEN FÜR DAS ANGEBOT10)

1. Conditions, offer statistics, expected time table and action required to apply for offer Bedingungen, Angebotsstatistiken, erwarteter Zeitplan und erforderliche Maßnahmen für die Antragstellung Conditions to which the offer is subject [none/specify details] Bedingungen, denen das Angebot unterliegt [keine/Einzelheiten einfügen] Time period, including any possible amendments, during which the offer will be open [not applicable/specify details] Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt [nicht anwendbar/Einzelheiten einfügen] A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants [not applicable/specify details] Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner [nicht anwendbar/Einzelheiten einfügen] Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate amount to invest) [not applicable/specify details] Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung (entweder in Form der Anzahl der Schuldverschreibungen oder des aggregierten zu investierenden Betrags [nicht anwendbar/Einzelheiten einfügen] Method and time limits for paying up the securities and for its delivery [not applicable/specify details] Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung [nicht anwendbar/Einzelheiten einfügen] Manner and date in which results of the offer are to be made public [not applicable/specify details] Art und Weise und des Termins, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind [nicht anwendbar/Einzelheiten einfügen] 2. Plan of distribution and allotment Plan für die Aufteilung der Wertpapiere und deren Zuteilung Various categories of potential investors to which the Instruments are offered Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen angeboten wurden Professional investors Qualifizierte Anleger Others (specify details) [ ] Andere (Einzelheiten einfügen) Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made [not applicable/specify details] Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist [nicht anwendbar/Einzelheiten einfügen]

10) Information items contained in Part IV No. 1 and No. 2 are not applicable in the case of non-syndicated Instruments that are not offered to the public pursuant to Section 3 Para. 1 and Para. 2 of the Wertpapierprospektgesetz and Article 3 Para. 1 and Para. 2 of the Prospectus Directive. Informationsbestandteile, die in Part IV Nr. 1 und Nr. 2 enthalten sind, sind nicht anwendbar bei nicht-syndizierten Schuldverschreibungen, die nicht öffentlich gemäß § 3 Abs. 1 und Abs. 2 Wertpapierprospektgesetz und Artikel 3 Abs. 1 und Abs. 2 Prospektrichtlinie angeboten werden. 112 V. Description of the Instruments – Product Group A Instruments

11) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 12) Include names and addresses of entities agreeing to underwrite the issue on a firm commitment basis, and/or name and address of the entities agreeing to place the issue without a firm commitment or under ‘best efforts’ arrangements. Give indication of the material features of the agreements, including the quotas. Where not all of the issue is underwritten, a statement of the portion not covered. Einzufügen sind Name und Anschrift der Institute, die bereit sind, die Emission auf Grund einer bindenden Zusage zu übernehmen, und/oder Name und Anschrift der Institute, die bereit sind, eine Emission ohne bindende Zusage oder gemäß Vereinbarungen „zu den bestmöglichen Bedingungen“ zu platzieren. Anzugeben sind die Hauptmerkmale der Vereinbarungen, einschließlich der Quoten. Wird die Emission nicht zur Gänze übernommen, ist eine Erklärung zum nicht abgedeckten Teil einzufügen. 13) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. V. Description of the Instruments – Product Group A Instruments 113

PART V - ADMISSION TO TRADING PART V - ZULASSUNG ZUM HANDEL

1. Listing [Luxembourg/Frankfurt/other (specify)/None] Listing [Luxemburg/Frankfurt /andere Börse (angeben)/Keines] 2. Admission to trading [Application has been made for the Instruments to be admitted to trading on [ ] with effect from [ ].] [Not applicable] Zulassung zum Handel [Ein Antrag auf Zulassung der Schuldverschreibungen zum Handel an [ ] mit Wirkung zum [ ] wurde gestellt.] [Nicht anwendbar] 3. Estimate of total amount of expenses related to admission to trading14) [not applicable/specify details] Geschätzte Gesamtkosten in Zusammenhang mit der Zulassung zum Handel14) [nicht anwendbar/Einzelheiten einfügen]

These Final Terms comprise the final terms required to list and have admitted to trading the issue of Instruments described herein pursuant to the EUR 25,000,000,000 Nord/LB Programme for the Issuance of Debt Instruments. Diese Endgültigen Bedingungen enthalten die endgültigen Bedingungen, die für die Zulassung dieser Schuldverschreibungen gemäß dem EUR 25.000.000.000 Programme for the Issuance of Debt Instruments der Nord/LB erforderlich sind.

The Issuer accepts responsibility for the information contained in these Final Terms. [[Information on the underlying] has been extracted from [●]. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, no facts have been omitted which would render the reproduced information inaccurate or misleading.] Die Emittentin übernimmt die Verantwortung für die in den Endgültigen Bedingungen enthaltenen Informationen. [[Infor- mationen zum Basiswert] wurden [●] entnommen. Die Emittentin bestätigt hiermit, dass diese Informationen korrekt wieder- gegeben wurden und, soweit sie sich bewusst ist, keine Tatsachen weggelassen wurden, welche die wiedergegebenen Infor- mationen unkorrekt oder irreführend machen würden.]

Norddeutsche Landesbank Girozentrale, [Signing Date/Unterzeichnungsdatum]

[Name of signatory] [Name des Unterzeichnenden]

14) Not applicable if the minimum denomination of Instruments is less than EUR 50,000. Nicht anwendbar bei einer Mindeststückelung der Schuldverschreibungen von weniger als EUR 50.000. 114 V. Description of the Instruments – Product Group B Instruments

2. PRODUCT GROUP B INSTRUMENTS

2.a) Description of Product Group B Instruments Product Group B Instruments may be redeemed at the option of the Issuer at their par value or against delivery of shares, as specified in the Final Terms (“Share Redeemable Instruments”).

Product Group B Instruments may also be issued as Instruments where payments of interest will be made by reference to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the relevant Final Terms) (“Index Linked Interest Instruments”) or as Instruments where payment of interest will be calculated by reference to a single equity security or a basket of equity securities (as indicated in the relevant Final Terms) (“Equity Linked Interest Instruments”).

Product Group B Instruments may also be issued as Instruments where payment of principal will be calculated by reference to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the relevant Final Terms) (“Index Linked Redemption Instruments”) or as Instruments where payment of principal will be calculated by reference to a single equity security or a basket of equity securities (as indicated in the relevant Final Terms) (“Equity Linked Redemption Instruments”).

Index Linked Interest and Index Linked Redemption Instruments (together the “Index Linked Instruments”) as well as Equity Linked Interest and Equity Linked Redemption Instruments (together the “Equity Linked Instruments”) also comprise Instruments with combinations of features of those types of Instruments and Instruments with a payment of fixed interest rates or Instruments where payment of interest is linked to a floating interest rate or linked to a range accrual interest structure.

Type, Class and ISIN Instruments issued under the Programme may be issued in bearer form only.

The definite terms of any issue of Instruments and the relevant security code will in each case be determined in the Final Terms.

Governing Law The form and content of the Instruments as well as the rights and obligations of the holders and the Issuer under the relevant Instruments shall be governed by German law.

Form of Instruments Instruments issued under the Programme may be issued in bearer form or electronic form if permitted by law, in each case as specified in the relevant Final Terms.

In respect of Instruments issued in bearer form, the Issuer will deliver a temporary global note, or (if so specified in the relevant Final Terms in respect of Instruments governed by German law to which U.S. Treasury Regulation Section 1.163-5(c)(2)(i)(C) applies) a permanent global note. Such global note will be deposited on or before the relevant issue date with a depositary or a common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear System (1 Boulevard du Roi Albert IIB – 1210 Brussels, Belgium) (“Euroclear”) and/or Clearstream Banking, société anonyme, Luxembourg (42 Avenue JF Kennedy, L-1855 Luxembourg, Luxembourg) (“Clearstream Luxembourg”) and/or Clearstream Banking AG, Frankfurt am Main (Neue Börsenstr. 1, D-60487 Frankfurt am Main) (“Clearstream Frankfurt”) and/ or any other relevant clearing system as specified in the Final Terms. V. Description of the Instruments – Product Group B Instruments 115

Such temporary global note will be exchangeable for a permanent global note on or after the date which is forty days after the completion of the distribution of the Instruments of the relevant Series and provided certification as to the beneficial ownership thereof as required by U.S. Treasury regulations (substantially in the form set out in the temporary global note or in such form as is customarily issued in accordance with the regulations of the relevant clearing systems) has been received. The Issuer may also issue Instruments in electronic form if permitted by law and specified in the relevant Final Terms. Any Instrument, for so long as it exists in book entry form, shall be in accordance with the Terms and Conditions applicable to it (“Dematerialised Instruments”).

As of 30 June 2006, a new legal and holding structure for international debt securities issued in global bearer form jointly through Euroclear and Clearstream Luxembourg will be introduced. As apposed to the procedure for Instruments issued under the current regime described above (the "Classical Global Notes"), the global notes issued under the new regime will not be deposited with a depositary or a common depositary, but directly with Euroclear and Clearstream Luxembourg as common safekeepers (the "New Global Notes"). The new structure is mandatory for the recognition of Instruments as eligible collateral for Eurosystem monetary policy and intra-day credit operations. The Final Terms will specifiy whether the Instruments are issued as Classical Global Notes (in each case before 30 June 2006 and as of 30 June 2006 for Instruments for which the eligiblity for Eurosystem monetary policy is not intended) or New Global Notes.

Status and Ranking of the Instruments Product Group B Instruments may be issued on an unsubordinated basis only. Instruments issued on an unsubordinated and unsecured basis will rank pari passu without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Issuer, present and future, except liabilities having prior ranking by law.

Description of Rights In respect to Product Group B Instruments, the Final Terms may provide for the following early redemption rights:

Early Redemption for Unsubordinated Instruments at the Option of the Issuer (“Call”) or at the Option of the holder of the Instruments (“Put”) If specified in the relevant Final Terms an early redemption of Instruments may only be demanded, if the Issuer exercises a Call option right in accordance with Section 6 (2) of the Terms and Conditions or the holder of the Instruments exercises its Put option right in accordance with Section 6 (2) of the Terms and Conditions of the Instruments.

Early Redemption for Taxation Reasons by the Issuer The Issuer may be permitted to redeem unsubordinated Instruments upon the occurrence of a taxation event in accordance with Section 6 of the Terms and Conditions. An early redemption for taxation reasons is only permitted if it is in compliance with all applicable legal and/or regulatory requirements.

Early Redemption for Unsubordinated Instruments due to demand of a holder of Instruments in an Event of Default A holder of unsubordinated Instruments may demand an early redemption of Instruments, if an event of default according to the Section “Events of Default” of the Terms and Conditions occurs.

Interest The relevant Final Terms may provide for an interest rate or the specific method of determining the interest rate, if any. This may comprise one of the following interest structures. 116 V. Description of the Instruments – Product Group B Instruments

Fixed Rate Instruments In the case of Instruments for which a fixed interest rate is determined in the Final Terms, interest will be paid on the par value of the Instruments at an annual interest rate. The Instruments will bear interest from the interest commencement date up to the first interest payment date and subsequently from each interest payment date up to the next interest payment date. The interest rate will not be modified until the maturity of the Instruments. Interest will be paid annually in arrears at the relevant interest payment dates.

In the case of an issue of Fixed Rate Instruments the Final Terms will specify the interest rate, the interest commencement date, the relevant interest payment date(s), any initial or final broken amount(s), the applicable business day convention and the day count fraction.

Floating Rate Instruments Interest for Floating Rate Instruments will be paid on the par value at a floating rate of interest. The floating interest rate will generally comprise a reference interest rate and a margin, if applicable. The Instruments will bear interest from the interest commencement date up to the first interest payment date and subsequently from each interest payment date up to the next interest payment date. An interest period may be one, two, three, six or twelve month(s) or any other time-period as specified in the relevant Final Terms. Interest will be paid annually, semi-annually, quarterly or monthly in arrears at the relevant interest payment dates.

The Final Terms will specify the interest commencement date, the interest payment date(s), the applicable business day convention and the day count fraction. In addition, the Final Terms will specify the relevant reference rate and the relevant information source for determination of the interest rate and, if applicable, give a maximum (“Cap”) or a minimum (“Floor”) interest rate or both.

Zero Coupon Instruments Zero Coupon Instruments will be issued with a discount to their principal amount or on an accumulated basis, in each case without periodic payments of interest. The Final Terms may specify the issue price, the issue date and the redemption date for the Instruments.

Range Accrual Instruments The level of the interest rate for Range Accrual Instruments for each interest period is determined in full or in part by the performance of a base value within a certain range or above or below a certain threshold. Range Accrual Instruments may carry fixed interest rates for one or several interest periods and floating interest rates for the remaining interest periods or floating interest rates for their entire maturity. Fixed interest is paid as described in the section „Fixed Rate Instruments“. The interest level for floating rate interest periods will be linked to the performance of a base value. Such base value may be an index or equities. The base value will be determined in the Final Terms.

The relevant Final Terms will provide for the range or the threshold for the base value for the respective floating rate interest period, as well as the determined interest rate which may be payable for this period. In addition, the Final Terms will specify the observation period and the interest determination dates on which the base value is determined by the Calculation Agent. The interest rate level depends on the number of interest determination dates on which the base value lies within the range or above or below the threshold. If the base value lies within the range or above or below the threshold on each interest determination date within the relevant observation period, a holder receives the determined interest rate for such interest period. The interest rate for the relevant interest period decreases, the lower the number of interest determination dates during an observation period on which the base value lies within the range or above or below the threshold up to interest payment, if not otherwise specified in the Final Terms.

The relevant Final Terms will specify the relevant information source in relation to the base value, the Calculation Agent, the floating rate interest period(s), the range, the threshold, the determined interest rate, the observation period for the relevant interest period, the respective interest determination dates and the final valuation date, i.e. the date on which the base value is ultimately determined by the calculation agent. V. Description of the Instruments – Product Group B Instruments 117

Other interest provisions The Final Terms may contain additional information concerning the description of the interest structure, in particular in case of interest formulas and combined interest structures.

Equity Linked Interest Instruments or Index Linked Interest Instruments Interest paid on Equity Linked Interest Instruments and Index Linked Interest Instruments depends on the development of an underlying equity value or an underlying index value, in each case as determined and described in the applicable Final Terms.

Calculation Agent If applicable, the calculation agent will determine, in each case, the relevant amount of interest and the redemption amount due and payable on the Instruments. The relevant calculation agent, if any, may be specified in the Final Terms.

Maturity Date and Repayment Procedure The maturity date of the Instruments issued under this Programme will be determined in the Final Terms. The Final Terms will also determine the repayment procedures depending on the structure of the Instruments. The repayment procedure depends on the structure of the Instruments. This has an influence on the determination of the redemption amount.

Redemption at a Fixed Value The Final Terms may determine, that Instruments will be redeemed at the maturity date at their par value or at a specified percentage of the par value of the Instruments.

Redemption in Principal or by Delivery of Shares at the Option of the Issuer At the maturity date the Instruments may be redeemed at the option of the Issuer in cash at their par value or by delivery of a certain amount of shares of a specified company. The Issuer will decide and announce the type of redemption on the determination date specified in the relevant Final Terms. The maturity date, the company, the shares and the amount of shares to be delivered will be specified in the applicable Final Terms.

Instruments with Participation in a Rising Underlying Value Instruments with participation in a rising underlying value are redeemed at maturity at least at a pre-determined percentage of their par value. In addition, a holder of Instruments has the option to participate in a rising underlying value: if on the determination date(s) the underlying value is determined to be above or at least at a threshold value set at the time the Instruments are issued, the Instruments shall be redeemed at maturity at the pre-determined percentage of their par value plus a participation in this positive, relative performance of the underlying value as set at the time of issue. The participation may be limited to a specific underlying value level. If the underlying value level is below the threshold value on the determination date(s), the Instruments are redeemed at the pre-determined percentage of their par value.

Instruments with Participation in a Falling Underlying Value Redemption of Instruments with participation in a falling underlying value is made at final maturity at most at a pre-determined percentage of their par value because the holder of the Instruments is participating in a falling underlying value. The participation is calculated as follows: if on the determination date(s) the underlying value is determined to be above or at least at a threshold value set at the time the Instruments are issued, the Instruments shall be redeemed at maturity at the pre-determined percentage of their par value. If the underlying value level is below the threshold value on the determination date(s), the Instruments are redeemed at the pre-determined percentage of their par value less a participation in this negative, relative performance of the underlying value as set at the time of issue. The participation may be limited to a specific underlying value level. 118 V. Description of the Instruments – Product Group B Instruments

Instruments with Participation in a Falling and a Rising Underlying Value Redemption of Instruments with participation in a falling and a rising underlying value depends on the performance of the basic underlying value because the holder of the Instruments is participating in both a falling and rising underlying value. If on the determination date(s) the underlying value is determined to be above or at least at a threshold value set at the time the Instruments are issued, the Instruments shall be redeemed at maturity at the guaranteed redemption amount plus a participation in this positive, relative performance of the underlying value as set at the time of issue. If the underlying value level is below the threshold value on the determination date(s), redemption of the Instruments may be made at the guaranteed redemption amount less a participation in this negative, relative performance of the underlying value as determined at the time of issue. The participation in a falling underlying value may also be limited, depending on the terms of the Instru- ments, whereby a deduction from the guaranteed redemption amount is only made if the underlying value level on the determination date is calculated to be below or at a pre-determined percentage of the reduced threshold value. Therefore, if the underlying value level on the determination date is between the reduced threshold value and the threshold value, a holder receives the guaranteed redemption amount upon maturity of the Instruments without deduction of a participation. Only where the underlying value level is determined to be below the reduced threshold value a holder will participate in the negative, relative performance of the underlying value, whereby the performance is related to the reduced threshold value and the established underlying value level on the determination date.

The participation in a rising underlying value may be limited to a specific underlying value level. Similarly, the participation in a falling underlying value may be limited to a specific underlying value level.

Instruments with another variety of Equity Linked or Index Linked Redemption The redemption of another variety of Equity Linked Redemption Instruments or Index linked Redemption Instruments is dependent on the development of one or more underlying value(s) (i.e. share(s), a basket of shares, an index), as determined and described in the Final Terms.

Information concerning the Underlying The Underlying The underlying for Product Group B Instruments consists in the case of Index Linked Instruments as well as Equity Linked Instruments of an index and equities respectively, in case of Share Redeemable Instruments the underlying consists of shares. In the case of Index Linked Instruments and Equity Linked Instruments as well as Share Redeemable Instruments, the underlying will be described in the Final Terms.

Market Disruption and Adjustment Rules Rules for market disruption events and adjustment rules that may affect the underlying value or the reference value, if relevant, are stipulated in Section “Adjustment, Market Disruption” of the Terms and Conditions.

Physical Delivery of the Underlying Value If the event of physical delivery of the Underlying Value the procedure will be determined in the Final Terms. The Final Terms may, in each case, specify the maturity date and the relevant repayment procedure for the relevant Instruments.

Yield The yield, the time for calculation of the yield and the calculation method depend on the Instruments issued under the Pro- gramme. The yield of an Instrument may only be calculated when the interest rate and the redemption amount are known. Because the redemption amount and, as the case may be, the interest rate of Instruments issued under this Product Group B Instruments depend on the development of an underlying value or a reference value the yield of these Instruments can not be determined before their maturity date. This also applies to the Share Redeemable Instruments. V. Description of the Instruments – Product Group B Instruments 119

Once redeemed, the yield of these Instruments may be calculated inter alia on the basis of the IRR Method or the ICMA Method, mentioned in Section IV. Subsection 1. a).

Issue Date In each case, the issue date of Instruments issued under this Programme will be specified in the relevant Final Terms.

Restrictions of Transferability Instruments issued under the Programme will be transferable in compliance with the regulations of the relevant clearing system, in each case as specified in the Final Terms. There are no restrictions on the free transferability of Instruments issued under the Programme with regard to the Issuer. 120 V. Description of the Instruments – Product Group B Instruments

2.b) Terms and Conditions In den Final Terms wird die für die Anleihebedingungen geltende Sprache festgelegt. Jede Sprachfassung für sich bildet eine Einheit.

ANLEIHEBEDINGUNGEN FÜR SCHULDVERSCHREIBUNGEN

§ 1 Stückelung und Form (1) Die Schuldverschreibungen der Norddeutsche Landesbank Girozentrale (die „Emittentin“) im Gesamtnennbetrag von ● sind eingeteilt in ● auf den Inhaber lautende Schuldverschreibungen im Nennbetrag von je ● (die „Schuldverschreibungen“). Die Schuldverschreibungen können nach Maßgabe der nachstehenden Vorschriften als Globalurkunde (die „Globalurkunde“) oder, soweit rechtlich zulässig, in elektronischer Form verbrieft sein. (2) [bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (mit Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership)) einfügen: (a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde (die „vorläufige Global- urkunde“) verbrieft. Die vorläufige Globalurkunde wird gegen eine Dauerglobalurkunde ohne Zinsscheine (die „Dauer- globalurkunde“), die die Schuldverschreibungen für ihre gesamte Restlaufzeit verbrieft, ausgetauscht. Der Austausch wird frühestens 40 Tage nach dem Valutierungstag vorgenommen und zwar gegen Vorlage einer Bescheinigung über das Nichtbestehen von US-Inhaberschaft (beneficial ownership), die nach Inhalt und Form den Anforderungen des Rechts der Vereinigten Staaten von Amerika oder den dann bestehenden Usancen [des Clearing Systems] [der Clearing Systeme] entspricht. Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. (b) Die vorläufige Globalurkunde und die Dauerglobalurkunde sind eigenhändig von zwei vertretungsberechtigten Per- sonen der Emittentin und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] (c) Sollten Zinsen auf Schuldverschreibungen zur Zahlung fällig werden, die durch eine vorläufige Globalurkunde verbrieft sind, werden die entsprechenden Zinszahlungen nur insoweit auf die vorläufige Globalurkunde vorgenommen werden, als eine Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership) dem/den Clearing System(en) vorliegt.] [bei Verbriefung in einer Dauerglobalurkunde einfügen: (a) Die Schuldverschreibungen sind während ihrer gesamten Laufzeit in einer Dauerglobalurkunde ohne Zinsscheine oder, soweit rechtlich zulässig, in elektronischer Form verbrieft (die „Dauerglobalurkunde“). Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. (b) Die Dauerglobalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [Im Fall der elektronischen Verbriefung werden diese entsprechend den die elektronische Verbriefung gestattenden Regularien signiert.]] [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] (3) Als Clearing Systeme (die „Clearing Systeme“) im Sinne dieser Anleihebedingungen [ist] [sind] [Clearstream Banking AG, Frankfurt am Main („Clearstream Frankfurt“)] [,] [Euroclear Bank S.A./N.V., als Betreiber des Euroclear System („Euroclear“)] [und] [Clearstream Banking société anonyme, Luxembourg („Clearstream Luxembourg“)] [und ●] [sowie jedes andere Clearing System] bestimmt. V. Description of the Instruments – Product Group B Instruments 121

§ 2 Status und Rang Die Schuldverschreibungen begründen unmittelbare, unbedingte, nicht nachrangige und nicht dinglich besicherte Verbind- lichkeiten der Emittentin, die untereinander und mit sämtlichen anderen nicht nachrangigen und nicht dinglich besicherten Verbindlichkeiten der Emittentin in gleichem Rang stehen, ausgenommen Verbindlichkeiten, die kraft Gesetzes Vorrang haben.

§ 3 Zinsen (1) [bei festverzinslicher Serie einfügen: Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag jeweils vom ● (einschließlich) bis zum ● (ausschließ- lich) eines jeden Jahres (jeweils eine „Zinsperiode“) mit ● % p.a. (der „Zinssatz“) verzinst. Die Zinsen sind nachträglich am ● eines jeden Jahres in ● [Währung einsetzen] zahlbar (jeweils ein „Zinszahlungstag“), es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (§ 3 Absatz (2)).] [bei Nullkupon Serie einfügen: Periodische Zinszahlungen werden auf die Schuldverschreibungen nicht geleistet.] [bei variabel verzinslicher Serie, Range Accrual Serie oder anderen Regelungen einfügen (mit oder ohne feste Verzinsung zu Beginn der Laufzeit): [(a) Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) [(die „Zinsperiode“)] mit ● % p. a. [[,] [und] vom ● (einschließlich) bis zum ● (ausschließlich) ([jeweils] die „Zins- periode“) mit ● % p. a.] [etwaige weitere Zinsperioden einsetzen] ([jeweils] der „Zinssatz“) verzinst. Die Zinsen sind jährlich nachträglich am ● eines jeden Jahres ([jeweils] der „Zinszahlungstag“) in ● [Währung einsetzen] zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [(a)][(b)] Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag zu einem gemäß Absatz (1) [(b)][(c)] definierten Variablen Zinssatz verzinst und zwar zunächst ab dem ● (der „Variable Verzinsungsbeginn“) (einschließlich) bis zum ersten Tag der nächstfolgenden Zinsperiode (ausschließlich) und danach von jedem Variablen Zinszahlungstag (ein- schließlich) bis zum nächstfolgenden Variablen Zinszahlungstag (ausschließlich) (jeweils die „Variable Zinsperiode“). „Variabler Zinszahlungstag“ ist der ● [monatlich] [vierteljährlich] [halbjährlich] [andere Zinsperiode]. Der erste Variable Zinszahlungstag ist der ●. Zinsen auf die Schuldverschreibungen sind an jedem Variablen Zinszahlungstag nachträglich in ● [Währung einsetzen] fällig und zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). [(b)][(c)] [Der maßgebliche Zinssatz für die Variable Zinsperiode (der „Variable Zinssatz“) entspricht dem in Absatz (1) [(d)][(e)] definierten [Referenzzinssatz] [Range Accrual Satz] [andere Regelung, insbesondere Zinsformel einfügen].] [Der Variable Zinssatz der jeweiligen Variablen Zinsperiode errechnet sich als [Aufschlag] [Abschlag] von ● Basis- punkten auf den [Referenzzinssatz] [Range Accrual Satz] [●].] [Er beträgt höchstens ● %.] [Er beträgt mindestens ● %.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen]] [(c)][(d)] Die in § 9 Absatz (1) definierte Berechnungsstelle (wobei dieser Begriff etwaige Nachfolger in dieser Funktion einschließt) veranlasst, dass der Variable Zinssatz, die Variablen Zinsbeträge für die jeweilige Variable Zinsperiode 122 V. Description of the Instruments – Product Group B Instruments

und der betreffende Variable Zinszahlungstag dem Fiscal Agent mitgeteilt werden; dieser wiederum veranlasst, dass die übrigen Zahlstellen informiert werden, sobald dies nach der jeweiligen Festsetzung möglich ist. Die Festsetzung des Variablen Zinssatzes wird den Anleihegläubigern durch den Fiscal Agent über die Clearing Systeme mitgeteilt. Die Festsetzung der Variablen Zinssätze und der jeweils zahlbaren Zinsbeträge ist in jedem Fall endgültig und für alle Beteiligten bindend, es sei denn es läge ein offensichtlicher Irrtum vor. [(d)][(e)] Für die Berechnung des Variablen Zinssatzes gelten die folgenden Definitionen: [bei variabel verzinslicher Serie einfügen: Die „Relevante Informationsquelle“ ist die für die Festlegung des Referenzzinssatzes für die jeweilige Variable Zins- periode maßgebliche Informationsquelle und ist vorliegend ●. Der „Referenzzinssatz“ ist der in der jeweiligen Variablen Zinsperiode für die Berechnung des Variablen Zinssatzes maßgebliche [Satz für Einlagen einfügen] und wird von der Berechnungsstelle nach den folgenden Grundsätzen festgelegt: [(i) Die Berechnungsstelle ermittelt den für die jeweilige Variable Zinsperiode geltenden Referenzzinssatz in der Währung der Schuldverschreibungen aus der Relevanten Informationsquelle und zwar um oder gegen [11.00] [●] Uhr [Brüsseler] [Londoner] Zeit [am ersten/zweiten [TARGET] [Londoner] [●] Bankarbeitstag vor Beginn] [am Tag des Beginns] der jeweiligen Variablen Zinsperiode (der „Zinsfestsetzungstag“). (ii) Sollte in der Relevanten Informationsquelle am Zinsfestsetzungstag kein Referenzzinssatz veröffentlicht werden, gilt folgendes: [(1)] Die Berechnungsstelle wird [●] [mindestens drei] Banken mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Referenzzinssatzes mitzuteilen. Wenn mindestens zwei Banken quotiert haben, so ist der Referenzzinssatz für die betreffende Variable Zinsperiode das von der Berechnungsstelle errechnete arithmetische Mittel dieser Quotierungen (unter Anwendung der für den jeweiligen Referenzzinssatz geltenden Rundungsregel). [(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Referenzzinssätze gemäß Absatz (1) [(d)][(e)] Ziffer (ii) (1) quotiert, so ist der Referenzzinssatz für die nächste Variable Zinsperiode der an diesem Zins- festsetzungstag von dieser Bank quotierte Satz.] (iii) Für den Fall, dass der Referenzzinssatz nicht gemäß Absatz (1) [(d)][(e)] Ziffer (ii) bestimmt werden kann, gilt für die folgende Variable Zinsperiode als Referenzzinssatz der Satz, der an dem dem Zinsfestsetzungstag unmittelbar vorhergehenden [TARGET] [Londoner] [●] Bankarbeitstag in der Relevanten Informationsquelle veröffentlicht wurde.] [Sofern eine andere Methode der Feststellung des Referenzzinssatzes anwendbar ist, diese hier einfügen]] [bei Range Accrual Serie einfügen: [„Bandbreite“ sind die in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebenen Werte.] Der „Basiswert“ wird von der Berechnungsstelle nach folgenden Grundsätzen ermittelt [Grundsätze einfügen]. „Beobachtungsperiode“ bezeichnet [●] [den Zeitraum, der für eine Variable Zinsperiode mit dem ● der Variablen Zinsperiode beginnt und [mit dem ●] [vor dem letzten Tag] der Variablen Zinsperiode endet]. „Beobachtungstage“ bezeichnet die Gesamtzahl der Feststellungstage innerhalb der Beobachtungsperiode. „Festgelegter Zinssatz“ ist der in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebene Wert. „Feststellungstage“ sind alle [Bankarbeitstage] [Kalendertage] innerhalb einer Beobachtungsperiode. [Sofern die Feststellungstage Kalendertage sind, ist einzufügen: Für diejenigen Feststellungstage einer Beobachtungsperiode, V. Description of the Instruments – Product Group B Instruments 123

die keine Tage sind, an denen Banken in ● geöffnet haben, wird der Basiswert durch den Basiswert des unmittelbar [vorangegangenen] [darauffolgenden] Bankarbeitstages in ● festgesetzt.] Der „Range Accrual Satz“ errechnet sich als Produkt aus dem von der Emittentin festgelegten maximalen Zinssatz (der „Festgelegte Zinssatz“) und einem Multiplikationsfaktor, der berücksichtigt, an wie vielen Tagen innerhalb der Beobachtungsperiode der Basiswert die Zinsbedingung erfüllt (die „Variablen Zinsereignistage“); es gilt für die Berechnung des Range Accrual Satzes die folgende Formel: Range Accrual Satz = Festgelegter Zinssatz x (Variable Zinsereignistage/Beobachtungstage)[, wobei der Range Accrual Satz für jede Variable Zinsperiode mindestens [●] % beträgt.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen] [„Schwellwert“ sind die in Absatz [(e)][(f)] angegebenen Werte.] „Variable Zinsereignistage“ sind diejenigen Feststellungstage innerhalb einer Beobachtungsperiode[, an denen der Basiswert innerhalb der festgesetzten Bandbreite liegt] [, an denen der Basiswert [oberhalb des Schwellwerts] [unterhalb des Schwellwerts] liegt]. [gegebenenfalls weitere Definitionen einfügen] [(e)][(f)] Übersicht zum [Festgelegten Zinssatz] [●] und [zur Bandbreite] [zum Schwellwert] in Abhängigkeit von der Variablen Zinsperiode:

Variable Zinsperiode [Bandbreite][Schwellwert] für den Basiswert [●] Festgelegter Zinssatz (von/bis) Untergrenze [einschließlich] Obergrenze [einschließlich] [ausschließlich] [ausschließlich] ●● ● ●● ●● ● ●● ●● ● ●●

] [gegebenenfalls andere Regelungen, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungs- strukturen, einfügen] [Im Fall von Equity Linked Interest Schuldverschreibungen oder Index Linked Interest Schuldverschreibungen sind anwendbare Bestimmungen anstelle dieses Absatzes (1) hier und in den betreffenden Endgültigen Bedingungen einzufügen.] (2) Der Zinsbetrag für jede Schuldverschreibung wird errechnet, indem der für die betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] gemäß Absatz (1) geltende [Zinssatz] [bzw.] [Variable Zinssatz] [(in diesem Absatz [einheitlich] der „Zinssatz“)] und der nachfolgend definierte Zinstagequotient auf den Nennbetrag der Schuldverschreibung bezogen wird. Der so errechnete Zinsbetrag wird auf die nächste Untereinheit der Währung der Schuldverschreibungen gerundet, wobei jeweils ab einer halben solchen Untereinheit nach oben aufgerundet wird. Der Zinstagequotient (der „Zinstagequotient“) in Bezug auf die Berechnung eines Zinsbetrages auf Schuldverschreibungen für einen beliebigen Zeitraum (der „Zinsberechnungszeitraum“) bedeutet: [wenn in den betreffenden Endgültigen Bedingungen Actual/Actual (ICMA-Regelung 251) festgelegt ist einfügen: (a) Im Fall, dass der Zinsberechnungszeitraum gleich oder kürzer ist als der Zeitraum von einem [Zinszahlungstag] [bzw.] [Variablen Zinszahlungstag] (einschließlich) bis zum nächsten [Zinszahlungstag] [bzw.] [Variablen Zinszahlungstag] (ausschließlich) (die „Zinsfeststellungsperiode“): die Anzahl der tatsächlich verstrichenen Tage in diesem Zinsberech- nungszeitraum geteilt durch das Produkt aus (i) der Anzahl der Tage in dieser Zinsfeststellungsperiode und (ii) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres. 124 V. Description of the Instruments – Product Group B Instruments

(b) Im Fall, dass der Zinsberechnungszeitraum länger als eine Zinsfeststellungsperiode ist: die Summe aus (i) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, welche in die zuerst beginnende Zinsfeststellungs- periode des Zinsberechnungszeitraumes fallen, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zins- feststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden, die innerhalb eines Kalenderjahres liegen und (ii) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, der in die nächste Zinsfeststellungs- periode fällt, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zinsfeststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres.] [wenn in den betreffenden Endgültigen Bedingungen Actual/365 (fixed) festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.] [wenn in den betreffenden Endgültigen Bedingungen Actual/360 festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.] [wenn in den betreffenden Endgültigen Bedingungen 30E/360 oder Eurobond Basis festgelegt ist einfügen: die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360. Dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des ersten und des letzten Tages des Zinsberechnungszeitraumes.] [wenn in den betreffenden Endgültigen Bedingungen 30/360, 360/360 oder Bond Basis festgelegt ist einfügen: die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln ist, es sei denn, (i) der letzte Tag des Zinsberechnungszeitraumes fällt auf den 31. Tag eines Monats, während der erste Tag des Zins- berechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats fällt, wobei in diesem Fall der diesen Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (ii) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist.] (3) Ist der jeweilige [Zinszahlungstag] [bzw.] [Variable Zinszahlungstag] [(in diesem Absatz [einheitlich] der „Zinszahlungstag“)] kein Bankarbeitstag, dann [bei following einfügen: hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Bankarbeitstag. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verschiebung zu verlangen.] [bei modified following einfügen: erfolgt die Zahlung des Zinsbetrages am folgenden Bankarbeitstag. Die dies betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] ver- längert sich dementsprechend. Die darauffolgende Zinsperiode verkürzt sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verlängert hat. Sollte der nächstfolgende Bankarbeitstag allerdings in den nächstfolgenden Kalendermonat fallen, so erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bankarbeitstag und die Zinsperiode verkürzt sich entsprechend] [bei preceding einfügen: erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bank- arbeitstag. Die hiervon betroffene [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zins- periode“)] verkürzt sich entsprechend. Die darauffolgende Zinsperiode verlängert sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verkürzt hat.] (4) Bankarbeitstag im Sinne dieser Bedingungen bezeichnet Tage, an denen [die Geschäftsbanken und Devisenmärkte in ● [Ort einsetzen] Zahlungen in ● [Währung einsetzen] abwickeln], [die Banken für Geschäfte am jeweiligen Ort der Vorlage geöffnet haben] [und] [alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten]. (5) Die Verzinsung der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorhergeht, an dem die Schuldver- schreibungen zur Rückzahlung fällig werden und zwar auch dann, wenn die Leistung nach § 193 BGB erst an einem späteren Tag bewirkt wird. V. Description of the Instruments – Product Group B Instruments 125

Sollte die Emittentin die Schuldverschreibungen am Fälligkeitstag nicht oder nicht vollständig einlösen, so endet die Verzinsung des ausstehenden [Nennbetrages] [bei Nullkupon Serie: Betrages] der Schuldverschreibungen nicht am Fälligkeitstag (§ 4), sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen. Die Zinsen auf den jeweiligen offenen Betrag werden jedoch längstens bis zum 14. Tage nach dem Zeitpunkt geschuldet, an dem die erforderlichen Beträge zur Erfüllung sämtlicher unter den Schuldverschreibungen geschuldeten Beträge dem Fiscal Agent zur Verfügung gestellt worden sind und dies gemäß [§ 13] [§ 14] bekannt gemacht worden ist. Der dann geltende Zinssatz bestimmt sich nach dem Gesetz, es sei denn, [der gemäß § 3 Absatz (1) vereinbarte Zinssatz] [bei Nullkupon Serie: die Emissionsrendite in Höhe von ● % p. a.] ist höher als der gesetzlich bestimmte Zinssatz. In diesem Fall [gilt der vereinbarte Zinssatz fort] [bei Nullkupon Serie: werden die Schuldverschreibungen in Höhe der Emissionsrendite weiter verzinst].

[im Fall von Rückzahlung zu einem festgelegten Wert oder Tilgungswahlrecht der Emittentin einfügen: § 4 Einlösung der Schuldverschreibungen [bei Rückzahlung zu einem festgelegten Wert einfügen: Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) [zu ihrem Nennbetrag] [zu ● % ihres Nennbetrages] [bei Nullkupon Serie: zum Amortisierungsbetrag (wie in § 6 Absatz [(2)][(3)] definiert)] in ● [Währung einsetzen] eingelöst. Ist der Fälligkeitstag kein Bankarbeitstag (wie in § 3 Absatz (4) erläutert), erfolgt die Einlösung der Schuldverschreibungen am folgenden Bankarbeitstag.] [bei einem Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch Lieferung von Aktien einfügen: (1) Die Tilgung der Schuldverschreibungen erfolgt am ● (der „Fälligkeitstag“) nach Wahl der Emittentin entweder durch Zahlung des Nennbetrages oder durch Lieferung von ● Aktien (ISIN: ●) (die „Aktien“) der ● (die „Gesellschaft“) je Schuldverschreibung im Nennbetrag von je ●. Die Emittentin wird die Entscheidung über die Art der Tilgung am ● (der „Ausübungstag“) treffen und unverzüglich gemäß [§ 13] [§ 14] bekannt machen. Die Anzahl der gegebenenfalls zu liefernden Aktien kann nach Absatz (2) angepasst werden. Bruchteile von Aktien werden nicht geliefert. Etwaige Spitzen werden durch Zahlung eines ● [Währung einsetzen] Betrages ausgeglichen, wobei sich der Wert der auszugleichenden Bruchteile an dem am Ausübungstag von der [● (die „Referenzstelle“)] [Berechnungs- stelle] festgestellten [● Kurs] (der „Kurs“) der Aktien orientiert. (2) Wird die Aktie der Gesellschaft während der Laufzeit der Schuldverschreibungen durch ein Anpassungsereignis oder in sonstiger Weise verändert, finden die Bestimmungen des § 7 Anwendung.]

[bei Tilgung in Abhängigkeit von einem Basiswert einfügen: § 4 Einlösung der Schuldverschreibungen (1) Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) wie folgt getilgt: [bei Schuldverschreibungen mit Partizipation an einem steigenden Basiswert einfügen (Basiswert hängt nur von einem Referenzwert ab): (i) Notiert der Kurs des Basiswerts, wie in § 4 Absatz (2) definiert, am ● (der „Feststellungstag“) oberhalb von oder mindestens bei ● Punkten (der „Schwellwert“), erhält der Anleihegläubiger [den Nennbetrag] [● % des Nennbetrages] zuzüglich einer Partizipation zurück. Die Partizipation beträgt P (der „Partizipationsfaktor“) multipliziert mit der positiven relativen Wertentwicklung des Basiswertes. Die positive relative Wertentwicklung des Basiswertes entspricht dem Quotienten aus der Zahl, um die der Kurs des Basiswertes am Feststellungstag den Schwellwert über- schreitet und dem Schwellwert. [Es werden jedoch maximal ● % des Nennbetrages zurückgezahlt (der „Cap“).] 126 V. Description of the Instruments – Product Group B Instruments

Daraus ergibt sich folgende Berechnungsformel für den Rückzahlungskurs: (Kurs am Feststellungstag – Schwellwert) Min 100 ● % + P* ; Cap {[[ ][ ] ( Schwellwert )][ ]} (ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellenwertes, so werden die Schuldverschreibungen zu [ihrem Nennbetrag] [● % des Nennbetrages] eingelöst. (iii) Ein Punkt des Basiswertes entspricht ●.] [bei Schuldverschreibungen mit Partizipation an einem sinkenden Basiswert einfügen (Basiswert hängt nur von einem Referenzwert ab): (i) Notiert der Kurs des Basiswerts, wie in § 4 Absatz (2) definiert, am ● (der „Feststellungstag“) oberhalb oder mindestens bei ● Punkten (der „Schwellwert“), so werden die Schuldverschreibungen zu [ihrem Nennbetrag] [● % des Nenn- betrages] eingelöst. [bei einem Cash Settlement mit Partizipationsfaktor einfügen: (ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellenwertes, so werden die Schuldverschreibungen anteilig eingelöst. Der Anteil beträgt 100 % des Nennbetrages der Schuldverschreibungen abzüglich einer Partizipation an der negativen relativen Wertentwicklung des Basiswertes. Die Partizipation beträgt P (der „Partizipationsfaktor“) multipliziert mit der negativen relativen Wertentwicklung des Basiswertes. Die negative relative Wertentwicklung entspricht dem Quotienten aus der Zahl, um die der Kurs des Basiswertes am Feststellungstag den Schwellwert unterschreitet und dem Schwellwert. [Es werden jedoch mindestens ● % des Nennbetrages zurückgezahlt (der „Floor“).] Daraus ergibt sich folgende Berechnungsformel für den Rückzahlungskurs: (Schwellwert – Kurs am Feststellungstag) Max 100 % – P* ; Floor {[ ( Schwellwert )][ ]} (iii) Ein Punkt des Basiswertes entspricht ●.] [bei einem Basiswert in Form eines Index mit Physical Delivery der enthaltenen Aktien einfügen: (ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellenwertes, so werden die Schuldverschreibungen durch Lieferung der am Feststellungstag im Basiswert enthaltenen Aktien entsprechend der an diesem Tag dort geltenden Gewichtung zurückgezahlt. Bruchteile von Aktien werden nicht geliefert. Etwaige Spitzen werden durch Zahlung eines ● [Währung einsetzen] Betrages ausgeglichen, wobei sich der Wert der auszugleichenden Bruchteile an dem am Feststellungstag von der [● (die „Referenzstelle“)] [Berechnungsstelle] festgestellten [● Kurs] (der „Kurs“) der Aktien orientiert. (iii) Ein Punkt des Basiswertes entspricht ●.] [bei Schuldverschreibungen mit Partizipation an einem steigenden und sinkenden Basiswert einfügen: Die Partizipation der Schuldverschreibungen an einem steigenden Basiswert richtet sich nach den nachfolgend unter (i) dargestellten Grundsätzen, die Partizipation der Schuldverschreibungen an einem sinkenden Basiswert richtet sich nach den nachfolgend unter (ii) dargestellten Grundsätzen. (i) Notiert der Kurs des Basiswerts, wie in § 4 Absatz (2) definiert, am ● (der „Feststellungstag“) oberhalb oder mindestens bei ● Punkten (der „Schwellwert“), erhält der Anleihegläubiger ● % des Nennbetrages zuzüglich einer Partizipation

zurück. Die Partizipation beträgt Ppositiv (der „Positive Partizipationsfaktor“) multipliziert mit der positiven relativen Wertentwicklung des Basiswertes. Die positive relative Wertentwicklung des Basiswertes entspricht dem Quotienten aus dem Wert, um den der Kurs des Basiswertes am Feststellungstag den Schwellwert überschreitet und dem Schwellwert. [Der Anleihegläubiger erhält jedoch maximal ● % (der „Cap“) des Schwellenwertes.] V. Description of the Instruments – Product Group B Instruments 127

(ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellenwertes, so werden die Schuldverschreibungen dann nur anteilig eingelöst, wenn der Basiswert am Feststellungstag nur noch ● % des Schwellenwertes oder weniger (der „Minderungswert“) erreicht. Der Anteil beträgt in diesem Fall ● % des Nennbetrages der Schuldverschreibungen abzüglich einer Partizipation an der den Minderungswert überschreitenden negativen relativen Wertentwicklung des

Basiswertes. Die Partizipation beträgt Pnegativ (der „Negative Partizipationsfaktor“) multipliziert mit der den Minde- rungswert überschreitenden negativen relativen Wertentwicklung des Basiswertes. Die den Minderungswert über- schreitende negative relative Wertentwicklung entspricht dem Quotienten aus dem Wert, um den der Basiswert am Feststellungstag das Produkt aus Minderungswert und Schwellwert unterschreitet und dem Schwellwert. (iii) Der Rückzahlungskurs lässt sich, in Abhängigkeit vom Kurs des Basiswertes am Feststellungstag wie folgt berechnen: (a) Notiert der Kurs des Basiswertes am Feststellungstag über oder mindestens bei dem Schwellwert ergibt sich folgende Berechnungsformel: Kurs am Feststellungstag – Schwellwert 100 % + Min Ppositiv * ; Cap ( ( Schwellwert )[ ]) (b) Notiert der Kurs des Basiswertes am Feststellungstag unterhalb des Schwellenwertes, aber überhalb des Minde- rungswertes werden ● % des Nennbetrages zurückgezahlt. (c) Notiert der Kurs des Basiswertes am Feststellungstag unter oder mindestens bei dem Minderungswert ergibt sich folgende Berechnungsformel: Minderungswert * Schwellwert – Kurs am Feststellungstag 100 % – Pnegativ * ( Schwellwert ) (iv) Ein Punkt des Basiswertes entspricht ●.]

[Im Fall von Schuldverschreibungen bei denen die Abhängigkeit der Rückzahlung vom Basiswert eine andere ist, anwendbare Bestimmungen anstelle dieses Absatzes (1) hier und in den betreffenden Endgültigen Bedingungen einfügen.] [Im Fall von Schuldverschreibungen, bei denen der Basiswert von mehreren Referenzwerten abhängt, sind die Bestimmungen zum Verhältnis der Referenzwerte in Bezug auf die Berechnung des Basiswerts sowie Bestimmungen zur Tilgung abhängig von der Entwicklung des Basiswerts anstelle dieses Absatzes (1) hier und in den betreffenden Endgültigen Bedingungen einzufügen.] (2) [bei einem Basiswert in Form eines Index einfügen (Index Linked Redemption Schuldverschreibungen): [Grundlage für die obigen Feststellungen und Berechnungen ist der ● [Bezeichnung des relevanten Wertes einsetzen] (der „Kurs“) des ● (der „Basiswert“) mit seinen jeweils anwendbaren Regeln (das „Index Konzept“). [Diese wurden von ● aufgestellt. Die jeweilige Art und Weise der Berechnung, Feststellung und Veröffentlichung des Index erfolgt durch ● (der „Sponsor“)]1). [Der Index wird abgebildet aus [●] [● mit einem Anteil am Index von ● und ● mit einem Anteil am Index von ●] [und ●] (jeweils die „Indexkomponente“). Der Index wird gemäß den vorgenannten Regeln [täglich] [wöchentlich] um ● [Uhrzeit einsetzen] festgestellt und auf ● veröffentlicht. Die Feststellung und Veröffentlichung des Index erfolgt durch ● (der „Sponsor“)]2).

1) Nur bei bestehendem Index, z.B. DAX etc. 2) Nur bei individuell gebildetem Index. 128 V. Description of the Instruments – Product Group B Instruments

Das Index Konzept gilt auch dann, wenn sich während der Laufzeit der Schuldverschreibungen Veränderungen in der [Berechnung] [Zusammensetzung] [des Index] [oder seiner Zusammensetzung] [der Indexkomponenten] [oder ihrer Zusammensetzung], gleich welcher Art, ergeben oder andere Maßnahmen vorgenommen werden, die sich auf das Indexkonzept auswirken, es sei denn, aus § 7 ergibt sich etwas anderes.]][gegebenenfalls andere Regelung einfügen] [bei einem Basiswert in Form einer Aktie oder eines Aktienkorbes einfügen (Equity Linked Redemption Schuldver- schreibungen): [Grundlage für die obigen Feststellungen und Berechnungen ist ● [Bezeichnung des relevanten Wertes einsetzen] (der „Kurs“) der [Aktie der Gesellschaft] (der „Basiswert“) (ISIN ●).] [Grundlage für die obigen Feststellungen und Berechnungen ist der ● [Bezeichnung des relevanten Wertes einsetzen] (der „Kurs“) des Aktienkorbs, der aus folgenden Referenzwerten berechnet wird: ● [Bezeichnung des relevanten Wertes einsetzen] (der „Referenzkurs“) des ● (ISIN ●) ● [Bezeichnung des relevanten Wertes einsetzen] (der „Referenzkurs“) des ● (ISIN ●) [●] (zusammen der „Basiswert“).] [gegebenenfalls andere Regelung einfügen] Wird [die Aktie der Gesellschaft] [der Aktienkorb] während der Laufzeit der Schuldverschreibungen durch ein Anpassungs- ereignis oder in sonstiger Weise verändert, so finden die Bestimmungen des § 7 Anwendung.]

§ 5 Rückkauf von Schuldverschreibungen Die Emittentin ist berechtigt, jederzeit und zu jedem Kurs Schuldverschreibungen im Markt oder anderweitig zu kaufen und diese nach ihrer Wahl zu halten, zu tilgen oder wieder zu verkaufen.

§ 6 Vorzeitige Rückzahlung [bei Nullkupon Serie einfügen:, Amortisierungsbetrag] [(1)] Sollte infolge einer nach Begebung der Schuldverschreibungen, die nicht nachrangig sind, wirksam werdenden Änderung der in dem Land, in dem die Emittentin ihren Sitz hat, geltenden Rechtsvorschriften oder einer Änderung in deren Anwendung oder amtlicher Auslegung die Emittentin zur Zahlung zusätzlicher Beträge gemäß [§ 8] [§ 9] verpflichtet sein, so ist die Emittentin berechtigt, mit einer Frist von mindestens 30 und höchstens 60 Tagen durch Bekanntmachung gemäß [§ 13] [§ 14] die ausstehenden Schuldverschreibungen insgesamt, jedoch nicht teilweise, zur vorzeitigen Rück- zahlung zum [Nennbetrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: Amortisierungsbetrag (wie nachstehend definiert)] zu kündigen. Eine solche Kündigung darf jedoch frühestens 90 Tage vor dem Zeitpunkt erfolgen, an welchem die Änderung der Rechts- vorschriften oder ihrer Anwendung oder ihrer amtlichen Auslegung wirksam wird. [(2)] [bei Rückzahlung nach Wahl der Emittentin (call) einfügen: [Die Emittentin kann die Schuldverschreibungen insgesamt, jedoch nicht einzeln, [zu einem Kurs, [der ihrem Nennbetrag entspricht] [der ● % ihres Nennbetrages entspricht] [Berechnungsmethode einfügen] (der „Rückzahlungsbetrag“) zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag (wie nachstehend definiert)] [jeweils] zum ● mit einer Ankündigungsfrist von ● Tagen zur Rückzahlung kündigen. Die Kündigung ist gemäß [§ 13] [§ 14] bekannt zu machen.] [bei Rückzahlung nach Wahl der Gläubiger (put) einfügen: Jeder Gläubiger von Schuldverschreibungen ist berechtigt zu verlangen, dass die Emittentin Schuldverschreibungen am ● [zu einem Kurs, [der ihrem Nennbetrag entspricht] [der ● % ihres Nennbetrages entspricht] [Berechnungsmethode einfügen] (der „Rückzahlungsbetrag“) zuzüglich etwaiger bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag] zurückzahlt. Zur Ausübung dieses Rechts muss der Gläubiger der Schuldverschreibungen mindestens 45 Tage vor dem für die Rück- V. Description of the Instruments – Product Group B Instruments 129

zahlung bestimmten Tag seine Schuldverschreibungen bei einer Zahlstelle hinterlegen und dieser eine ordnungsgemäß ausgefüllte Ausübungserklärung gemäß Vordruck, der bei jeder Zahlstelle erhältlich ist, übermitteln.] [(3)] [bei Nullkupon Serie einfügen: Der Amortisierungsbetrag entspricht der Summe des (i) ● (der „Emissionskurs“) und (ii) des Produktes aus dem Emissions- kurs und ● (die „Emissionsrendite“) (jährlich kapitalisiert) bezogen auf den Zeitraum, der am ● (der „Ausgabetag“) (ein- schließlich) beginnt und der mit dem Rückzahlungstag (ausschließlich) endet. Soweit dieser Zeitraum nicht einer ganzen Zahl von Kalenderjahren entspricht, so erfolgt die Berechnung auf Grundlage des Zinstagequotienten, gemäß § 3 Absatz (2). Der „Rückzahlungstag“ im Sinne dieses § 6 Absatz [(2)][(3)] ist der frühere der Tage, zu dem die Schuldverschreibungen vorzeitig fällig gestellt werden oder an dem die vorzeitige Zahlung erfolgt.]

[bei Index Linked Schuldverschreibungen einfügen: § 7 Anpassung, Marktstörung (1) [Wird der Index] [Werden die Indexkomponenten] nicht mehr vom ursprünglichen Sponsor, sondern von einer anderen Person, Gesellschaft oder Institution, die die Emittentin für geeignet hält (der „Nachfolgesponsor“) berechnet und ver- öffentlicht, so werden die gemäß [§ 3] [und/oder] [§ 4] benannten Feststellungen und Berechnungen auf der Grundlage des vom Nachfolgesponsor berechneten und veröffentlichten Index berechnet. Jede in diesen Anleihebedingungen enthaltene Bezugnahme auf den ursprünglichen Sponsor gilt, sofern es der Zusammenhang erlaubt, als Bezugnahme auf den Nachfolgesponsor. [Wird der Index] [Werden die Indexkomponenten] ganz oder teilweise aufgehoben bzw. durch ein anderes Indexkonzept ersetzt, wird die Emittentin nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen bestimmen, ob und welches andere Indexkonzept ([der „Ersatzindex“] [die „Ersatzkomponente“]) künftig für die obigen Feststellungen und Berechnungen zugrunde zu legen sind, und diese Angaben gemäß [§ 13] [§ 14] bekannt machen. Jede in diesen Anleihebedingungen enthaltene Bezugnahme auf [den Index] [die Indexkomponenten] gilt dann, sofern es der Zusammenhang erlaubt, als Bezugnahme auf [den Ersatzindex] [die Ersatzkomponente]. Ist nach Ansicht der Emittentin die Festlegung [eines anderen maßgeblichen Indexkonzeptes] [einer anderen maß- geblichen Indexkomponente], aus welchen Gründen auch immer, nicht möglich, wird die Emittentin für die Weiter- berechnung und Veröffentlichung des für die obigen Feststellungen und Berechnungen maßgeblichen Wertes auf der Grundlage des bisherigen Konzeptes und dessen zuletzt festgestellten Werten Sorge tragen, und diese Angaben gemäß [§ 13] [§ 14] bekannt machen. (2) Sollte am Feststellungstag [der Index oder ein Ersatzindex] [eine Indexkomponente oder eine Ersatzkomponente] nicht festgestellt und veröffentlicht werden oder nach Auffassung der Emittentin eine Marktstörung vorliegen, so gilt der nächstfolgende Bankarbeitstag, an dem diese wieder festgestellt und veröffentlicht wird und an dem keine Marktstörung vorliegt, als Feststellungstag. Wird der Feststellungstag auf den dritten Bankarbeitstag vor dem Fälligkeitstag verschoben und wird auch an diesem Tag der o.g. Wert nicht festgestellt und veröffentlicht oder liegt nach Auffassung der Emittentin eine Marktstörung vor, dann wird die Emittentin den maßgeblichen Kurs unter Anwendung der zuletzt für die Berechnung des o.g. Wertes gültigen Berechnungsmethode errechnen, wobei die Emittentin für die Berechnung die Kurse der [im Index] [in der Indexkomponente] enthaltenen Wertpapiere an diesem Tag zu dem Zeitpunkt zugrunde legt, an dem üblicherweise deren maßgeblicher Kurs bestimmt wird (der „Feststellungszeitpunkt“). Sollte der Handel eines oder mehrerer der für die Berechnung [des Index] [der Indexkomponente] maßgeblichen Wertpapiere an einem solchen Tag ausgesetzt oder wesentlich eingeschränkt sein, wird die Emittentin unter Hinzuziehung eines unabhängigen Sach- verständigen sowie unter Berücksichtigung der an dem Feststellungszeitpunkt herrschenden Marktgegebenheiten den Kurs der jeweiligen Wertpapiere zu dem Feststellungszeitpunkt nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen schätzen. 130 V. Description of the Instruments – Product Group B Instruments

Für diese Zwecke bezeichnet „Bankarbeitstag“ einen Tag, an dem der Sponsor den Basiswert gemäß seiner Regularien ermittelt und veröffentlicht. „Marktstörung“ bedeutet für diesen Absatz die Aussetzung oder die Einschränkung des Handels der [im Index] [in der Indexkomponente] enthaltenen Wertpapiere an den Wertpapierbörsen oder Handelssystemen, deren Kurse für die Berechnung [des Index] [der Indexkomponente] herangezogen werden, sofern eine solche Aussetzung oder Einschränkung nach Auffassung der Emittentin eine Berechnung wesentlich beeinflusst oder eine Aussetzung oder Einschränkung des Handels von auf [den Index] [die Indexkomponente] bezogenen Terminkontrakten oder Optionskontrakten an der Termin- börse mit dem größten Handelsvolumen in auf [den Index] [die Indexkomponente] bezogenen Terminkontrakten oder Optionskontrakten vorliegt.]

[bei Equity Linked Schuldverschreibungen oder einem Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch Lieferung von Aktien einfügen: § 7 Anpassung, Marktstörung (1) [Wird die Aktie der Gesellschaft während der Laufzeit der Schuldverschreibungen durch ein Anpassungsereignis oder in sonstiger Weise verändert, so wird die Emittentin die erforderlichen Anpassungen vornehmen. Diese Anpassungen sowie die Bestimmung des Zeitpunktes, ab dem sie gelten, erfolgen durch die Emittentin nach deren billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen, wie sie im Regelwerk der [EUREX Deutschland] [andere Terminbörse] (die „Terminbörse“) oder eine an deren Stelle getretenen Nachfolgeorganisation für solche Anpassungen bestimmt sind. Dabei ist es das ausschließliche Ziel dieser Anpassungen, den Börsenwert bzw., wenn keine Börsennotierung vorliegt, den Wert der Schuldverschreibungen zu erhalten, den diese vor dem die Anpassung auslösenden Ereignis, dem „Anpassungszeitpunkt“, hatten. Anpassungsereignis (das „Anpassungsereignis“) ist jede Entscheidung oder Maßnahme der zuständigen Organe der Gesellschaft: (a) die in Bezug auf das Kapital oder das Vermögen der Gesellschaft durch diese selbst oder durch einen Dritten getroffen wird (z.B. Kapitalerhöhung durch Ausgabe neuer Aktien gegen Einlage, Ausgabe von Wertpapieren mit Options- oder Wandelrechten auf Aktien, Kapitalerhöhung aus Gesellschaftsmitteln, Aktiensplits, Ausgliederung eines Unternehmens- teils, Fusion, Liquidation, Verstaatlichung oder einer anderen Maßnahme) und (b) wegen derer die Terminbörse den Basispreis und/oder die Kontraktgröße für auf die Aktie der Gesellschaft bezogene Optionskontrakte (die „Optionskontrakte“) anpasst oder die Optionskontrakte auf andere Weise verändert. Sind nach dem Regelwerk der Terminbörse wegen dieser Entscheidung oder Maßnahme keine Anpassungen in Bezug auf an der Terminbörse gehandelte, auf die Aktien der Gesellschaft bezogene Optionskontrakte vorzunehmen, so werden durch die Emittentin keine Anpassungen vorgenommen, es sei denn, es werden solche Anpassungen nach Buchstabe (b) nur deshalb nicht vorgenommen, weil zu dem Zeitpunkt, zu dem sie vorzunehmen wären, an der Terminbörse keine Optionskontrakte ausstehen. In diesem Fall wird die Emittentin Anpassungen entsprechend dem Regelwerk der Termin- börse in der Art und Weise vornehmen, als wenn zum Anpassungszeitpunkt auf die Aktien der Gesellschaft bezogene Optionskontrakte gehandelt würden. (2) Falls am Feststellungstag, infolge einer Störung oder Aussetzung des Handels in der Aktie der Gesellschaft, ein Kurs für die Aktie nicht festgestellt werden kann (die „Marktstörung“), so gilt für die Möglichkeit der Lieferung von Aktien der wie nachfolgend ermittelte Ersatzkurs: Ersatzkurs ist derjenige Kurs der Aktie der Gesellschaft, der von der Terminbörse beim Handel bzw. der Abwicklung von Optionskontrakten zugrunde gelegt wird, oder, falls ein solcher Kurs nicht erhältlich ist, derjenige Kurs der Aktie der Ge- sellschaft, der sich als arithmetisches Mittel aus denjenigen Ankaufs- und Verkaufskursen errechnet, welche der Emittentin V. Description of the Instruments – Product Group B Instruments 131

von drei namhaften, im Handel mit der Aktie der Gesellschaft tätigen Kredit- oder Finanzinstituten für die Aktie der Ge- sellschaft genannt werden (etwa zu dem Zeitpunkt, an dem an diesem Tag die [Referenzstelle] [Berechnungsstelle] ohne diese Marktstörung einen Börsenkurs bekannt gegeben hätte). Sind solche Kurse nicht erhältlich, so wird die Emittentin nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen einen Ersatzkurs bestimmen, der nach ihrer Beurteilung den zu diesem Zeit- punkt herrschenden Marktgegebenheiten entspricht.]

[Im Fall eines Aktienkorbs als Basiswert bzw. im Fall von anderen Marktstörungs- und Anpassungsregeln sind anwendbare Bestimmungen, insbesondere im Hinblick auf Ersetzung von einzelnen Referenzwerten, anstelle der obigen Be- stimmungen hier und in den betreffenden Endgültigen Bedingungen einzufügen.] [§ 7] [§ 8] Kündigungsgründe (1) Jeder Gläubiger von Schuldverschreibungen ist berechtigt, seine Schuldverschreibungen zur Rückzahlung [zum Nenn- betrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag] zu kündigen, falls (a) die Emittentin Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem betreffenden Fälligkeitstag zahlt, oder (b) die Emittentin die ordnungsgemäße Erfüllung irgendeiner sonstigen Verpflichtung aus den Schuldverschreibungen unterlässt und, es sei denn, eine Heilung der Unterlassung ist unmöglich, die Unterlassung länger als 30 Tage fort- dauert, nachdem die Emittentin hierüber eine Benachrichtigung von dem Gläubiger erhalten hat, oder (c) ein Gericht oder eine Behörde im Land des Sitzes der Emittentin ein Insolvenzverfahren oder ein dem gleichstehendes Verfahren gegen die Emittentin eröffnet oder die Emittentin ein solches Verfahren beantragt oder einleitet, ihre sämtlichen Zahlungen einstellt oder die Zahlungseinstellung ankündigt, oder eine allgemeine Schuldenregelung zugunsten ihrer Gläubiger anbietet oder trifft, oder (d) die Emittentin aufgelöst oder liquidiert wird oder ihren gesamten oder einen wesentlichen Teil ihrer Geschäftstätig- keit aufgibt, es sei denn, dass ein solcher Vorgang im Zusammenhang mit einer Verschmelzung, Konsolidierung oder einer anderen Form des Zusammenschlusses mit einer anderen Gesellschaft oder einer Umwandlung vorgenommen wird und diese Gesellschaft, im Fall der Emittentin, alle Verpflichtungen aus diesen Anleihebedingungen übernimmt. (2) Eine Kündigungserklärung gemäß Absatz (1) ist der Emittentin in Schriftform (§ 126 BGB) abzugeben. Die elektronische Form ist ausgeschlossen. Mit dem Zugang dieser Erklärung bei der Emittentin und dem Vorliegen eines Kündigungsgrundes gemäß Absatz (1) werden die gekündigten Schuldverschreibungen [zum Nennbetrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisie- rungsbetrag] sofort fällig, es sei denn, dass vor dem Zugang der Erklärung alle Ereignisse, die die Kündigung ausgelöst haben, für sämtliche Schuldverschreibungen nicht mehr bestehen.

[§ 8] [§ 9] Quellensteuer (1) Kapital und Zinsen auf die Schuldverschreibungen sind ohne Einbehalt oder Abzug von gegenwärtigen oder zukünftigen Steuern, Abgaben oder Gebühren, die durch das oder in dem Land, in dem die Emittentin ihren Sitz hat, auferlegt, erhoben oder eingezogen werden („Quellensteuern“) zu zahlen, es sei denn, dass ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist. Wenn ein Einbehalt oder Abzug von Quellensteuern gesetzlich vorgeschrieben ist, ist die Emittentin verpflichtet, diejenigen zusätzlichen Beträge an die Gläubiger der Schuldverschreibungen zu zahlen, die erforderlich sind, damit die von den Gläubigern der Schuldverschreibungen empfangenen Nettobeträge nach solchen Einbehalten oder Abzügen den jeweiligen Beträgen an Kapital und Zinsen entsprechen, die sie ohne solche Einbehalte oder Abzüge empfangen hätten. Die Emittentin ist jedoch nicht verpflichtet, zusätzliche Beträge im Hinblick auf solche Quellensteuern zu zahlen: 132 V. Description of the Instruments – Product Group B Instruments

(a) die von einem Kredit- oder Finanzdienstleistungsinstitut in Deutschland (oder einer in Deutschland belegenen Zweigstelle eines ausländischen Kredit- oder Finanzdienstleistungsinstituts) einbehalten oder abgezogen werden, weil es die Schuldverschreibungen in seiner Eigenschaft als Depotbank oder Inkassobeauftragte des Gläubigers oder in einer ähnlichen Funktion verwahrt oder verwaltet hat oder noch verwahrt oder verwaltet; oder (b) die durch die Erfüllung von gesetzlichen Anforderungen oder durch die Vorlage einer Nichtansässigkeitserklärung oder durch die sonstige Geltendmachung eines Anspruchs auf Befreiung gegenüber der betreffenden Steuerbehörde vermeidbar sind oder gewesen wären; oder (c) die nur deshalb zahlbar sind, weil der Gläubiger der Schuldverschreibungen in einer anderen Beziehung zu dem Land steht, in dem die Emittentin ihren Sitz hat, als dem bloßen Umstand, dass er Gläubiger der Schuldverschreibungen [oder des Zinsscheines] ist, auf die [bzw. auf den] die Zahlung erfolgt; oder (d) denen der Gläubiger der Schuldverschreibungen nicht unterläge, wenn er innerhalb von 30 Tagen nach dem jeweiligen Fälligkeitstag bzw. nach dem Tag, an dem die für eine solche Zahlung erforderlichen Beträge bei dem Fiscal Agent eingegangen sind und dies gemäß [§ 13] [§ 14] bekannt gemacht worden ist, die Zahlung von Kapital und Zinsen verlangt hätte; oder (e) die von einer Zahlstelle abgezogen oder einbehalten werden, wenn die Zahlung durch eine andere, insbesondere eine ausländische Zahlstelle ohne einen solchen Abzug oder Einbehalt hätte erfolgen können; oder (f) die nur deshalb abgezogen oder einbehalten werden, weil Schuldverschreibungen oder Zinsscheine effektiv zur Ein- lösung vorgelegt werden; oder (g) die aufgrund einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von Zinserträgen oder einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die Bundesrepublik Deutschland oder die Europäische Union beteiligt sind, oder einer Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abgezogen oder einbehalten werden; oder (h) die abgezogen oder einbehalten werden, weil der wirtschaftliche Eigentümer der Schuldverschreibungen nicht selbst rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen ist und der Abzug oder Einbehalt bei Zahlungen an den wirtschaftlichen Eigentümer nicht erfolgt wäre oder eine Zahlung zusätzlicher Beträge bei einer Zahlung an den wirtschaftlichen Eigentümer nach Maßgabe der vorstehenden Regelungen (a) bis (g) hätte vermieden werden können, wenn dieser zugleich rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen gewesen wäre. (2) Jede Bezugnahme in diesen Anleihebedingungen im Zusammenhang mit dem zu zahlenden Betrag an Kapital und Zinsen umfasst auch zusätzliche Beträge gemäß diesem § [8] [9].

[§ 9] [§ 10] Vorlegungsfrist Die in § 801 Absatz (1) Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre abgekürzt.

[§ 10] [§ 11] Fiscal Agent, Zahlstellen, [Berechnungsstelle]; Zahlungen [und/oder Tilgungen] (1) Der anfänglich bestellte Fiscal Agent [und] [,] die anfänglich bestellten Zahlstelle(n) [und die anfänglich bestellte Berech- nungsstelle] sowie deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt: Fiscal Agent: ● Zahlstelle(n): ● [Berechnungsstelle: ●] Der Fiscal Agent [und] [,] die Zahlstelle(n) [und die Berechnungsstelle] behalten sich das Recht vor, jederzeit die bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen. V. Description of the Instruments – Product Group B Instruments 133

(2) Die Emittentin behält sich das Recht vor, jederzeit die Bestellung eines Fiscal Agents oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu beenden und einen anderen Fiscal Agent oder andere / zusätzliche Zahlstelle(n) [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird jederzeit (i) einen Fiscal Agent unterhalten und (ii) eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle in einer kontinentaleuropäischen Stadt unterhalten [und (iii) solange die Schuldverschrei- bungen an der Börse ● notiert sind, eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle am Sitz der Börse und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [und (iv) falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der teilweisen oder vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam, außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird, sofern die Gläubiger hierüber gemäß [§ 13] [§ 14] vorab unter Einhaltung einer Frist von mindestens 30 Tagen und nicht mehr als 45 Tagen informiert wurden. (3) Die Zahlstellen handeln ausschließlich als Erfüllungsgehilfen der Emittentin. Sie haben daher keinerlei Pflichten gegen- über den Gläubigern von Schuldverschreibungen und stehen auch nicht in einem Auftragsverhältnis zu diesen. (4) Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind, auf den Nennbetrag der Schuldverschreibungen bei Fälligkeit in ● [Währung einsetzen] leisten. (5) Die Zahlungen [oder, soweit geschuldet, sonstigen Tilgungsleistungen] auf die Schuldverschreibungen erfolgen, ohne dass, abgesehen von der Beachtung etwaiger Steuer-, Devisen-, und sonstigen Vorschriften des Landes der betreffenden Zahlstelle, die Ausfertigung einer gesonderten Erklärung oder die Erfüllung einer sonstigen Formalität verlangt werden darf. Die Zahlungen [oder, soweit geschuldet, sonstigen Tilgungsleistungen] auf die Schuldverschreibungen, die sich in Giro- sammelverwahrung einer oder mehrerer Clearing System(e) befinden, erfolgen an das/die Clearing System(e) zur Gut- schrift auf den Konten der jeweiligen Kontoinhaber der/des Clearing System(s/e), die Hinterleger der Schuldverschreibungen sind. Zahlungen [oder sonstige Tilgungsleistungen] der Emittentin an das/die Clearing System(e) befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren Zahlungs[-/Tilgungs]verbindlichkeiten aus den Schuldverschreibungen.

[§ 11] [§ 12] Ersetzung der Emittentin (1) Die Emittentin kann, sofern sie sich mit keiner Zahlung auf Kapital oder Zinsen der Schuldverschreibungen im Rückstand befindet, jederzeit ohne Zustimmung der Gläubiger hinsichtlich sämtlicher Rechte und Pflichten aus oder im Zusammen- hang mit den Schuldverschreibungen durch eine Tochtergesellschaft der Emittentin (die „Neue Emittentin“) ersetzt werden, wenn: (a) ein für die Emittentin wichtiger Grund vorliegt, wie insbesondere jedoch nicht ausschließlich die Einführung einer Quellensteuer, die die Emittentin zu Zusatzzahlungen verpflichtet, eine wesentliche Änderung im Kapitalmarkt statt- findet oder eine wesentliche Änderung aufsichtsrechtlicher Bestimmungen im Sitzland der Emittentin eintritt und (b) die Neue Emittentin alle Verpflichtungen der Emittentin aus oder in Verbindung mit den Schuldverschreibungen und unter diesen Anleihebedingungen durch einen wirksamen schriftlichen Übertragungsvertrag einschließlich gegebenenfalls weiterer zur Wirksamkeit der Ersetzung erforderlicher Verträge, Erklärungen und Genehmigungen (gemeinsam die „Übertragungsdokumente“) dergestalt übernimmt, dass die Neue Emittentin jedem Anleihegläubiger gegenüber die Verpflichtung aus diesen Anleihebedingungen in demselben Umfang übernimmt, als wenn die Neue Emittentin in den Schuldverschreibungen und Anleihebedingungen anstelle der Emittentin (oder anstelle einer vorherigen Neuen Emittentin) als Hauptschuldnerin genannt worden wäre und 134 V. Description of the Instruments – Product Group B Instruments

(c) die Emittentin und die Neue Emittentin alle erforderlichen staatlichen Genehmigungen und Erlaubnisse für die Ersetzung nach Maßgabe dieses [§ 11] [§ 12] erhalten haben und (d) die Neue Emittentin imstande ist, sämtliche Zahlungsverpflichtungen aus oder im Zusammenhang mit den Schuld- verschreibungen in der Währung der Schuldverschreibungen ohne Abzug oder Einbehalt von oder wegen Steuern, Abgaben oder amtlichen Gebühren zu erfüllen und (e) [bei börsennotierten Schuldverschreibungen einfügen: jede Wertpapierbörse, an der die Schuldverschreibungen notiert werden, bestätigt hat, dass die Schuldverschreibungen nach der geplanten Ersetzung der Emittentin durch die Neue Emittentin weiterhin an der betreffenden Wertpapier- börse notiert sind und] [(f)]sofern die NORD/LB die Verpflichtungen der Neuen Emittentin aus oder im Zusammenhang mit den Schuldverschrei- bungen durch eine [nicht nachrangige/nachrangige] Garantie garantiert und [(f)][(g)] wenn Rechtsgutachten seitens von der Emittentin ausgewählter Rechtsberater einer international anerkannten Sozietät von Rechtsanwälten gegenüber dem Fiscal Agent abgegeben worden sind, die jeweils nicht mehr als drei Tage vor dem geplanten Ersetzungstermin datieren dürfen, und zwar für die Rechtsordnungen, in denen die Neue Emittentin ihren eingetragenen Sitz hat sowie für die Bundesrepublik Deutschland. Diese Rechtsgutachten müssen in geeigneter Form bestätigen, dass nach erfolgter Ersetzung die Voraussetzungen der vorstehenden Ziffern (b) - [(e)][(f)] vorliegen. (2) Im Falle einer solchen Ersetzung sind sämtliche Bezugnahmen in diesen Anleihebedingungen (einschließlich [§ 11] [§ 12] Absatz (1) auf die „Emittentin“ auf die „Neue Emittentin“ und sämtliche Bezugnahmen auf das „Land der Emittentin“ auf das Land, in dem die Neue Emittentin ihren Sitz hat oder als Steuerinländer gilt, zu beziehen. (3) Eine Ersetzung der Emittentin gemäß [§ 11] [§ 12] Absatz (1) ist gemäß [§ 13] [§ 14] bekannt zu machen.

[§ 12] [§ 13] Begebung weiterer Schuldverschreibungen Die Emittentin behält sich vor, ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung in der Weise zu begeben, dass sie mit den Schuldverschreibungen zusammengefasst werden, eine einheitliche Serie mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff „Schuldverschreibungen“ umfasst im Falle einer solchen Erhöhung auch solche zusätzlich begebenen Schuldverschreibungen.

[§ 13] [§ 14] Bekanntmachungen [(1)] [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung in einer führenden Tageszeitung mit allgemeiner Verbreitung in Luxemburg.] [bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung im Einklang mit den Regeln der Börse, an der die Schuld- verschreibungen notiert sind.] [Sofern eine Bekanntmachung durch Elektronische Publikation auf der Website der betreffenden Börse möglich ist, einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung durch elektronische Publikation auf der Website der [betreffende Börse einfügen] (www.[Internetadresse einfügen]).] [(2) Jede Bekanntmachung gilt mit dem Tag der Veröffentlichung (bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.] V. Description of the Instruments – Product Group B Instruments 135

[(3)] [Im Fall von Schuldverschreibungen, die nicht börsennotiert sind, einfügen: Die Emittentin wird alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die Gläubiger übermitteln. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.] [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Solange die Schuldverschreibungen an der Börse Luxemburg notiert sind, findet Absatz (1) Anwendung. Soweit dies Mitteilungen über den Zinssatz betrifft oder die Regeln der Luxemburger Börse dies zulassen, kann die Emittentin die Veröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger ersetzen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt. [bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: [Die Emittentin ist berechtigt, eine Zeitungsveröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger zu ersetzen, vorausgesetzt, die Regeln der Börse, an der die Schuldverschreibungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.]

[§ 14] [§ 15] Verschiedenes (1) Form und Inhalt der Schuldverschreibungen, sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht. [Die englische Sprachfassung der abgedruckten Anleihebedingungen dient lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen.] (2) Erfüllungsort im Zusammenhang mit den Schuldverschreibungen ist Hannover. Für Kaufleute, juristische Personen des öffentlichen Rechts, öffentlich-rechtliche Sondervermögen und Personen ohne allgemeinen Gerichtsstand in der Bundesrepublik Deutschland ist Hannover nicht-ausschließlicher Gerichtsstand für alle Streitigkeiten aus den in den Anleihebedingungen geregelten Angelegenheiten. (3) Sollte eine der Bestimmungen dieser Anleihebedingungen ganz oder teilweise unwirksam oder undurchführbar sein oder werden, so bleiben die übrigen Bestimmungen hiervon unberührt. [Anstelle der unwirksamen oder undurchführbaren Bestimmungen gilt eine wirksame bzw. durchführbare Bestimmung, die den wirtschaftlichen Zwecken der unwirksamen bzw. undurchführbaren Bestimmung soweit wie möglich Rechnung trägt.] (4) Jeder Gläubiger von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, kann in Rechtsstreitigkeiten gegen die Emittentin oder Rechtsstreitigkeiten, an denen der Gläubiger und die Emittentin beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen lediglich unter Vorlage folgender Unterlagen wahrnehmen und durchsetzen: [bei klassischer Globalurkunde (Classical Global Notes) einfügen: (a) einer Bescheinigung seiner Depotbank, die (i) den vollen Namen und die volle Anschrift des Gläubigers bezeichnet; (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot des Gläubigers gutgeschrieben sind, und (iii) bestätigt, dass die Depot- bank die Clearstream Frankfurt bzw. dem gemeinsamen Verwahrer von Clearstream Luxembourg oder Euroclear (der „Gemeinsame Verwahrer“) eine schriftliche Mitteilung gemacht hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der Clearstream Frankfurt oder des Gemeinsamen Verwahrers sowie des betroffenen Clearstream Frankfurt-Kontoinhabers oder Clearstream Luxembourg- oder Euroclear-Teilnehmers trägt, sowie 136 V. Description of the Instruments – Product Group B Instruments

(b) einer von einem Vertretungsberechtigten der Clearstream Frankfurt oder des Gemeinsamen Verwahrers beglaubigten Ablichtung der Globalurkunde.] [andere Regelung für neue Globalurkunden (New Global Notes) gegebenenfalls einzufügen: ●] Im Sinne der vorstehenden Bestimmungen dieses § [14] [15] (4) ist „Depotbank“ eine Bank oder sonstiges Finanzinstitut (einschließlich Clearstream Frankfurt; Clearstream Luxembourg und Euroclear), das über die erforderlichen Genehmigungen für das Wertpapier-Depotgeschäft verfügt und bei dem der Gläubiger Schuldverschreibungen im Depot verwahren lässt. V. Description of the Instruments – Product Group B Instruments 137

The Final Terms will specify the language applicable on the Terms and Conditions. Each language version forms a unit for itself.

TERMS AND CONDITIONS OF THE INSTRUMENTS

§ 1 Denomination and Form (1) The Instruments issued by Norddeutsche Landesbank Girozentrale (the “Issuer”) of a total par value of ● are divided into ● Instruments in bearer form with a par value of ●, each (the “Instruments”). In accordance with the following provisions, the Instruments may be represented by a global note (the “Global Note”) or, to the extent permitted by law, in electronic form. (2) [To be inserted in case of temporary representation by a Temporary Global Note (with certification that no US ownership (beneficial ownership) is involved): (a) On issue, the Instruments will initially be represented by a temporary Global Note (the “Temporary Global Note”). The Temporary Global Note will be exchanged for a permanent Global Note without interest coupons (the “Permanent Global Note”), which represents the Instruments for their entire residual term. The exchange will take place 40 days after settlement, at the earliest, against the presentation of a certification that no US-ownership (beneficial ownership) is involved, which corresponds to the requirements of the laws of the United States of America in terms of content and form or the existing practices of the clearing system(s). Instruments in definitive form and interest coupons will not be issued. (b) The Temporary Global Note and the Permanent Global Note are to be signed by two authorised representatives of the Issuer in their own hand and, in addition thereto, by an authentication agent of the Fiscal Agent in his own hand. [To be adjusted in case of New Global Notes, if necessary] (c) Should interest on Instruments, which are represented by a Temporary Global Note, become due for payment, the respective interest payments will only be effected on the Temporary Global Note if and to the extent that a certification that no US-ownership (beneficial ownership) has been presented to the Clearing System(s).] [To be inserted in case of a representation by a Permanent Global Note: (a) The Instruments will be represented for their entire term by a permanent Global Note without interest coupons or, if permitted by law, in electronic form (the “Permanent Global Note”). Instruments in definitive form and interest coupons will not be issued. (b) The Permanent Global Note will be signed by two authorised representatives of the Issuer in their own hand and, in addition, by an authentication agent of the Fiscal Agent in his own hand. [In the case of a representation in electronic form, they will be signed in accordance with the regulations permitting electronic securitisation.]] [To be adjusted in case of New Global Notes, if necessary] (3) Clearing systems (the “Clearing Systems”) within the meaning of these Terms and Conditions [is] [are] [Clearstream Banking AG, Frankfurt/Main (“Clearstream Frankfurt”)] [,] [Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”)] [and] [Clearstream Banking société anonyme, Luxembourg (“Clearstream Luxembourg”)] [and ●] [as well as any other clearing system]. 138 V. Description of the Instruments – Product Group B Instruments

§ 2 Status and Ranking The Instruments establish direct, unconditional, unsubordinated and unsecured liabilities of the Issuer which rank pari passu with each other and with all other unsubordinated, unsecured liabilities of the Issuer, except for liabilities ranking prior by law.

§ 3 Interest (1) [To be inserted in case of Fixed Rate Series: The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) of each year (each, an “Interest Period”) at a rate of ● per cent (the “Interest Rate”). Interest is payable in arrears in ● [insert currency] on ● of each year (each, an “Interest Payment Date”) unless the Interest Payment Date in question is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Section 3 Paragraph (2)).] [To be inserted in case of Zero Coupon Series: There will be no periodic interest payments on the Instruments.] [To be inserted in case of Floating Rate Series, Range Accrual Series or other provisions (with or without fixed interest payments at the commencement of the term): [(a) The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) (the “Interest Period) at a rate of ● per cent p.a. [[,] [and] as of ● (inclusively) until ● (exclusively) ([each] the “Interest Period”) at a rate of ● per cent p.a.] [insert other interest periods, if applicable] ([each,] the “Interest Rate”). Interest is payable annually in arrears on ● of each year (each, the “Interest Payment Date”) in ● [insert currency], unless the respective Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Paragraph (2)).] [(a)] [(b)] The Instruments will bear interest on their par value at a floating rate defined pursuant to Paragraph (1) [(b)][(c)] initially as of ● (the “Floating Rate Interest Commencement Date”) (inclusively) until the first day of the next following interest period (exclusively) and thereafter as of each Floating Rate Interest Payment Date (inclusively) until the next following Floating Rate Interest Payment Date (exclusively) (in each case the “Floating Rate Interest Period”). The “Floating Rate Interest Payment Date” is the ● [monthly], [quarterly], [semi-annual] [other Interest Period]. The first Floating Rate Interest Payment Date is ●. Interest on the Instruments is due and payable in arrears on each Floating Rate Interest Payment Date in ● [insert currency], unless the respective Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). [(b)] [(c)] [The relevant Interest Rate for the Floating Rate Interest Period (the "Floating Rate") corresponds to the [Reference Interest Rate] [Range Accrual Rate] as defined in Paragraph (1)[(d)][(e)] [insert other provisions, in particular, interest formula].] [The Floating Rate of the respective Floating Rate Interest Period is calculated as [mark-up] [a discount] of ● basis points on the [Reference Interest Rate] [Range Accrual Rate] [●].] [It amounts to a maximum of ● %.] [It amounts to a minimum of ● %.] [insert additional provisions on payment of interest, if necessary]] [(c)] [(d)] The Calculation Agent defined in Section 9 Paragraph (1) (whereas this term shall include any legal successor to this function) shall ensure that the specifications of the Floating Rate, the interest amounts for the respective Floating Rate Interest Period, and the respective Floating Rate Interest Payment Date are submitted to the Fiscal Agent who again shall provide for the notification of the other Paying Agents as soon as possible after the relevant determination. V. Description of the Instruments – Product Group B Instruments 139

The holders of the Instruments will be informed about the determination of the Floating Rate by the Fiscal Agent through the Clearing Systems. The determination of the Floating Rates and the interest payable in each case shall in any event be final and binding upon the parties involved, except in case of a manifest error. [(d)][(e)] For the calculation of the Floating Rate, the following definitions shall apply: [To be inserted in case of Floating Rate Series: The “Relevant Information Source” is the authoritative source of information for stipulating the Reference Interest Rate for the respective Floating Rate Interest Period, which, in the present case, is ●. The “Reference Interest Rate” is the [insert rate for deposits] relevant for the calculation of the Floating Rate applicable during the respective Floating Rate Interest Period and will be stipulated by the Calculation Agent in accordance with the following principles: [(i) The Calculation Agent will determine the Reference Interest Rate applicable to the respective Floating Rate Interest Period in the currency of the Instruments from the Relevant Information Source at or around [11.00] [●] [a.m.][p.m.] [Brussels] [London] time [on the first/second [TARGET] [London] [●] Bank Business Day before the commencement] [on the commencement date] of the respective Floating Rate Interest Period (the “Interest Determination Date”). (ii) If no Reference Interest Rate is published in the Relevant Information Source on the Interest Determination Date, the following shall apply: [(1) The Calculation Agent will ask [●] [at least three] banks of international standing (“Banks”) to provide quotations for the Reference Interest Rate. If at least two Banks have quoted, the Reference Interest Rate for the relevant Floating Rate Interest Period will be the arithmetic mean of these quotations as calculated by the Calculation Agent (in application of the rounding provisions applicable to the respective Reference Interest Rate). [(2) If Reference Interest Rates in accordance with Paragraph (1) [(d)][(e)] Sub-section (ii)(1) are quoted by only one Bank on the Interest Determination Date, the Reference Interest Rate for the next Floating Rate Interest Period will be the rate quoted by this Bank on this Interest Determination Date.] (iii) In the event that the Reference Interest Rate cannot be determined in accordance with Paragraph (1) [(d)] [(e)] Sub-section (ii), the Rate published in the Relevant Information Source on the [TARGET] [London] [●] Bank Business Day that immediately precedes the Interest Determination Date will apply as the Reference Interest Rate to the following Floating Rate Interest Period.] [If any other method is to be applied to determine the Reference Interest Rate, please insert here] [To be inserted in case of Range Accrual Series: [“Range” are the values specified in Paragraph (1)[(e)][(f)] with regard to the respective Floating Rate Interest Period.] The “Base Value” will be determined by the Calculation Agent according to the following principles [insert principles]. “Observation Period” means [●] [the period with regard to a Floating Rate Interest Period that commences with the ● of such Floating Rate Interest Period and ends [with the ●] [before the last day] of the Floating Rate Interest Period]. “Observation Dates” means the total number of Determination Dates within the Observation Period. “Determined Interest Rate” is the rate specified for the respective Floating Rate Interest Period in Paragraph (1)[(e)][(f)]. “Determination Dates” are all [Bank Business Days] [calendar days] within an Observation Period. [If the Determination Dates are calendar days, insert: For Determination Dates during an Observation Period, which are days on which banks in ● are not open for business, the Base Value shall be determined by the Base Value of the immediately [preceding] [subsequent] Bank Business Day in ●.] 140 V. Description of the Instruments – Product Group B Instruments

The “Range Accrual Rate” shall be the product of the maximum interest rate to be determined by the Issuer (the “Determined Interest Rate”) and a multiplication factor, which takes into account the number of days within the Observation Period on which the Base Value meets the interest requirement; for the calculation of the Range Accrual Rate, the following formula shall apply: Range Accrual Rate = Determined Interest Rate x (Floating Rate Interest Event Dates/Observation Dates)[, whereas the Range Accrual Rate for each Floating Rate Interest Period shall not be less than [●] per cent.] [insert other provisions on payment of interest, if applicable] [”Threshold” shall be the values specified in Paragraph [(e)][(f)].] "Floating Rate Interest Event Dates” shall be the Determination Dates during an Observation Period [on which the Base Value lies within the determined Range][on which the Base Value lies [above the Threshold][below the Threshold]]. [insert other definitions, if required] [(e)][(f)] Overview on [Determined Interest Rate] [●] and [on the Range] [on the Threshold] dependent upon the Floating Rate Interest Period:

Floating Rate Interest Period [Range][Thresholds] of the Base Value [●] [Determined (as of/until) Floor Cap Interest Rate] [inclusively] [exclusively] [inclusively] [exclusively]

●●●●● ●●●●● ●●●●●

] [In particular in case of interest formula or combined interest structures, insert any other determination method, if applicable.] [In case of Equity Linked Interest Instruments or Index Linked Interest Instruments set forth applicable provisions herein in lieu of Paragraph (1) and specify in the Final Terms.] (2) The interest payable on each Instrument will be calculated by relating the [Interest Rate] [or] [Floating Interest Rate] [(in this Section [consistently] referred to as the “Interest Rate”)] applicable to the respective [Interest Period] [or] [Floating Rate Interest Period] (in this Section [consistently] referred to as the “Interest Period”) pursuant to Paragraph (1) and the Day Count Fraction as defined below to the par value of the Instrument. The interest amount calculated this way shall be rounded down to or, in case the value equals or exceeds half of a monetary unit, up to the next monetary unit in the currency in which the Instrument is denominated. With reference to the calculation of interest payable on Instruments for any period (the “Interest Calculation Period”), day count fractions (the “Day Count Fractions”) means: [If Actual/Actual (ICMA Regulation 251) is specified in the relevant Final Terms insert: (a) in the event that the Interest Calculation Period is equal to or shorter than the period from one [Interest Payment Date] [or] [Floating Rate Interest Payment Date] (inclusively) to the next [Interest Payment Date] [or] [Floating Rate Interest Payment Date] (exclusively) (the “Interest Determination Period”): the number of days actually elapsed in this Interest Calculation Period divided by the product of (i) the number of days in this Interest Determination Period and (ii) the number of Interest Determination Periods within a calendar year. (b) in the event that the Interest Calculation Period exceeds the Interest Determination Period: the sum of (i) the number of days actually elapsed in the Interest Calculation Period, which fall in the first commencing Interest Determination Period of the Interest Calculation Period, divided by the product of (x) the number of days in this Interest Determination V. Description of the Instruments – Product Group B Instruments 141

Period and (y) the number of Interest Determination Periods that fall within a calendar year and (ii) the number of days actually elapsed in the Interest Calculation Period falling in the next Interest Determination Period divided by the product of (x) the number of days in this Interest Determination Period and (y) the number of Interest Determination Periods within a calendar year.] [If Actual/365 (fixed) is specified in the relevant Final Terms insert: the number of days actually elapsed in the Interest Calculation Period divided by 365.] [If Actual/360 is specified in the relevant Final Terms insert: the number of days actually elapsed in the Interest Calculation Period divided by 360.] [If 30E/360 or Eurobond Basis is specified in the relevant Final Terms insert: the number of days in the Interest Calculation Period divided by 360. The number of days is to be determined on the basis of a year of 360 days with 12 months of 30 days each, without taking account of the first and last day of the Interest Calculation Period.] [If 30/360, 360/360 or Bond Basis is specified in the relevant Final Terms insert: the number of days in the Interest Calculation Period divided by 360, whereas the number of days is to be established on the basis of a year of 360 days with 12 months of 30 days, each, unless, (i) the last day of the Interest Calculation Period falls on the 31st day of a month while the first day of the Interest Calculation Period falls neither on the 30th nor on the 31st day of a month, whereas the month comprising this day is not to be treated as a month reduced to 30 days in this case, or (ii) the last day of the Interest Calculation Period falls on the last day of February, whereas February is not to be treated as a month extended to 30 days in this case.] (3) If the relevant [Interest Payment Date] [or] [Floating Rate Interest Payment Date] [(in this paragraph [consistently] referred to as the “Interest Payment Date”)] is not a Bank Business Day, then [in case of following insert: the holders shall not be entitled to receive payment before the next Bank Business Day. Holders are not entitled to demand further interest or other payments because of this deferment.] [in case of modified following insert: Interest will be paid on the following Bank Business Day. The respective [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph [consistently] referred to as the “Interest Period”)] will be extended accordingly. The following Interest Period will be shortened accordingly. The following Interest Period will be extended by the number of day by which the previous Interest Period was startened. However, if the following Bank Business Day falls within the following calendar month, interest due will be paid on the preceding Bank Business Day and the Interest Period will be shortened accordingly.] [in case of preceding insert: Interest will be paid on the preceding Bank Business Day.] The [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph [consistently] referred to as the "Interest Period")] will be shortened accordingly. The following Interest Period will be extended by the number of days by which the previous Interest Period was shortened.] (4) For these purposes, a “Bank Business Day” is a day on which [commercial banks and foreign exchange markets in ● [insert location] settle payments in ● [insert currency], [on which banks are open for business in any relevant place of presentation] [and] [all relevant parts of the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are operating to transfer the respective payments]. (5) Accrual of interest on the Instruments will end on expiry of the date preceding the date on which the Instruments are due for redemption; this also applies if payment is effected on a later date under Section 193 German Civil Code (BGB). Should the Issuer fail to redeem the Instruments on the maturity date or not redeem the Instruments in full, the accrual of interest on the outstanding [par value] [in case of Zero Coupon Series: amount] of the Instruments will not end on the maturity date (Section 4) but upon actual redemption of the Instruments. However, interest on the respective outstanding amount will be owed for a maximum of 14 days as of the date on which the amounts necessary to settle all debts under 142 V. Description of the Instruments – Product Group B Instruments

the Instruments have been provided to the Fiscal Agent and notice thereof has been given by publication in accordance with [Section 13] [Section 14]. The interest rate then applicable is based on the legal provisions, unless [the interest rate agreed in accordance with Section 3 Paragraph (1)] [in case of Zero Coupon Series: the issuing yield in the amount of ● % per annum] is higher than the legally stipulated interest rate. In this case, [the agreed interest rate will continue to apply] [in case of Zero Coupons Series: the Instruments will continue to accrue interest at the issuing yield rate].

[In case of Redemption at fixed value or Option on the part of the Issuer to redemption insert: § 4 Redemption of Instruments [Redemption at fixed value insert: The Instruments will be redeemed on ● (the “Maturity Date”) [at par value] [at ● % of their par value] [in case of Zero Coupon Series: at the amortised face value (as defined in Section 6 Paragraph [(2)] [(3)])] [in ● [insert currency]. If the Maturity Date falls on a day that is not a Bank Business Day (as defined in Section 3 paragraph (4)), the Instruments will be redeemed on the following Bank Business Day.] [Option on the part of the Issuer to redemption in principal or by delivery of shares insert: (1) The Instruments will be redeemed on ● (the “Maturity Date”) at the option of the Issuer either by payment in principal or by delivering ● shares (ISIN: ●) (the “Shares”) in ● (the “Company”) per Instrument equal to the par value of ● each. The Issuer will decide on the type of redemption on ● (the “Exercise Date”) and will announce it without delay in accordance with [Section 13] [Section 14] below. If necessary, the number of shares to be delivered may be adjusted in accordance with Paragraph (2). No share fractions will be delivered. Any fractions will be evened out by payment of an ● [insert currency] amount, whereby the value of the fractions to be evened out will be based on the [● price] (the “Price”) of the shares determined by [● (the “Reference Agent”)] [the Calculation Agent] on the Exercise Date. (2) If the Company’s shares change during the term of the Instruments as a result of an adjustment or some other event, the provisions in Section 7 will apply.]

[In case of Redemption depending on an Underlying Value insert: § 4 Redemption of Instruments (1) The Instruments will be redeemed on ● (the “Maturity Date”) as follows: [Instruments with participation in a rising Underlying Value insert (Underlying Value depends only on one reference value): (i) If the Price of the Underlying Value, as defined in Section 4 Paragraph (2), is listed above or at least at ● points (the “Threshold Value”) on ● (the “Determination Date”), the holder of the Instruments will receive [the par value] [● % of the par value] plus a participation. The participation will amount to P (the “Participation Factor”) multiplied by the relative increase in value in the Underlying Value. The relative increase in value of the Underlying Value corresponds to the quotient from the figure by which the price of the Underlying Value exceeds the Threshold Value on the Deter- mination Date and the Threshold Value. [However, a maximum amount of ● % of the par value will be redeemed (the “Cap”).] This produces the following calculation formula for the redemption price: (Price on the Determination Date - Threshold Value) Min 100 ● % + P* ; Cap {[[ ][ ] ( Threshold Value )][ ]} V. Description of the Instruments – Product Group B Instruments 143

(ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the Instruments will be redeemed [at their par value] [at ● % of their par value]. (iii) One point of the Underlying Value corresponds with ●.] [Instruments with participation in a falling Underlying Value insert (Underlying Value depends only on one reference value): (i) If the Price of the Underlying Value, as defined in Section 4 Paragraph (2), is listed above or at least at ● points (the “Threshold Value”) on ● (the “Determination Date”), the Instruments will be redeemed at [their par value] [● % of their par value]. [Cash Settlement with a Participation Factor insert: (ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the Instruments will be redeemed proportionately. The proportion will amount to 100 % of the par value of the Instruments less a participation in the relative fall in value in the Underlying Value. The participation will amount to P (the “Participation Factor”) multiplied by the relative fall in value in the Underlying Value. The relative fall in value corresponds to the quotient from the figure by which the price of the Underlying Value falls below the Threshold Value on the Determination Date and the Threshold Value. [However, a minimum of ● % of the par value will be redeemed (the “Floor”).] This produces the following calculation formula for the redemption price: (Threshold Value - Price on the Determination Date) Max 100 % – P* ; Floor {[ ( Threshold Value )][ ]} (iii) One point of the Underlying Value corresponds with ●.] [Underlying Value in the form of an index with Physical Delivery of the shares contained in the Underlying Value insert: (ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the Instruments will be redeemed by delivery of the shares contained in the Underlying Value on the Determination Date in accordance with the weighting applying on this date. No share fractions will be delivered. Any fractions will be evened out by payment of an ● [insert currency] amount whereby the value of the fractions to be evened out will be based on the [● price] (the “Price”) of the shares established by [● (the “Reference Agent”)] [the Calculation Agent] on the Determination Date. (iii) One point of the Underlying Value corresponds with ●.]] [Instruments with participation in a rising and falling Underlying Value insert: The participation of Instruments in a rising Underlying Value is based on the principles presented below under (i), the participation of Instruments in a falling Underlying Value is based on the principles presented below under (ii). (i) If the Price of the Underlying Value, as defined in Section 4 Paragraph (2), is listed above or at least at ● points (the “Threshold Value”) on ● (the “Determination Date”), the holder of the Instruments will receive ● % of the par value

plus a participation. The participation will amount to Ppositive (the “Positive Participation Factor”) multiplied by the relative increase in value in the Underlying Value. The relative increase in value in the Underlying Value corresponds to the quotient from the value by which the price of the Underlying Value exceeds the Threshold Value on the Deter- mination Date and the Threshold Value. [However, the holder of the Instruments will receive a maximum of ● % (the “Cap”) of the Threshold Value.] (ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the Instruments will only be redeemed proportionately, if the Underlying Value only reaches ● % of the Threshold Value or less (the “Reduced Value”) on the Determination Date. In this case, the proportion will amount to ● % of the par value of the Instru- ments less a participation in the relative fall in value in the Underlying Value in excess of the Reduced Value. The

participation will amount to Pnegative (the “Negative Participation Factor”) multiplied by the relative fall in value in the 144 V. Description of the Instruments – Product Group B Instruments

Underlying Value in excess of the Reduced Value. The relative fall in value in excess of the Reduced Value corresponds to the quotient from the value by which the Underlying Value falls below the product of the Reduced Value and the Threshold Value on the Determination Date and the Threshold Value. (iii) The redemption price can be calculated as follows on the basis of the price of the Underlying Value on the Deter- mination Date: (a) If the Price of the Underlying Value on the Determination Date is above or at least the Threshold Value, the calculation formula is as follows: Price on the Determination Date - Threshold Value 100 % + Min Ppositive * ; Cap ( ( Threshold Value )[ ]) (b) If the Price of the Underlying Value on the Determination Date is under the Threshold Value but beyond the Reduced Value ● % of the par value is redeemed. (c) If the Price of the Underlying Value on the Determination Date is below or at least the Reduced Value, the calculation formula is as follows: Reduced Value * Threshold Value - Price on the Determination Date 100 % – Pnegative * ( Threshold Value ) (iv) One point of the Underlying Value corresponds with ●.] [In case of Instruments where the redemption has another kind of dependence on the Underlying Value set forth applicable provisions herein in lieu of para. 1 and specify in the Final Terms.] [In case of Instruments where the Underlying Value depends on several reference values set forth applicable provisions relating to the ratio of the reference values to be used when calculating the Underlying Value, as well as applicable provisions relating to the dependence of redemption upon the performance of the Underlying Value, herein in lieu of para. 1 and specify in the Final Terms.] (2) [Underlying Value in the form of an index insert (Index Linked Redemption Instruments): The ● [insert description of the value in question] (the “Price”) of the ● (the “Underlying Value”) with the rules applicable to it at any time (the “Index Concept”) is the basis for the above determinations and calculations. [These were drawn up by ●. The respective means of calculating, determing and publishing the index is carried out by ● (the “Sponsor”)].1) [The index is reproduced from [●] [● with part of the index of ● and ● with part of the index of ●] [and ●] (each an “Index Component”). The index will be determined [daily] [weekly] at ● [insert time] in accordance with the above mentioned rules and published on ●. The index will be determined and published by ● (the “Sponsor”)].2) The Index Concept will also apply if changes in the [calculation] [composition] [of the index] [or its composition] [of the Index Components] [or their composition], of whatever kind, occur or other measures are undertaken during the term of the Instruments having an impact on the Index Concept unless otherwise specified in Section 7.] [if applicable, insert another provision] [Underlying Value in the form of shares or a basket of shares insert (Equity Linked Redemption Instruments: [The ● [insert description of the value in question] (the “Price”) of the [Company’s shares] (the “Underlying Value”) (ISIN: ●) is the basis for the above determinations and calculations.]

1) Only for an existing index e.g. DAX etc. 2) Only for an individually created index. V. Description of the Instruments – Product Group B Instruments 145

[The ● [insert description of the value in question] (the “Price”) of the basket of shares, calculated from the reference values as described below, is the basis for the above determinations and calculations. The Underlying Value will be calculated from the following reference values: The ● [insert description of the value in question] (the “Reference Price”) of the ● (ISIN: ●); and The ● [insert description of the value in question] (the “Reference Price”) of the ● (ISIN: ●); [●] (together the “Underlying Value”)] [if applicable, insert another provision] If the [Company’s shares] [basket of shares] change[s] as a result of an adjustment or other event during the term of the Instruments, the provisions in Section 7 will apply.]

§ 5 Purchase of Instruments The Issuer is entitled, to purchase Instruments in the market or elsewhere at any time and to hold them, redeem them or re-sell them at its own discretion.

§ 6 Early Redemption [in case of Zero Coupon Series ,insert: amortised face value] [(1)] Should the Issuer be obliged to pay additional amounts in accordance with [Section 8] [Section 9] as a result of a change affecting the legal provisions applying in the country in which the Issuer’s registered office is situated after the issue of Instruments being unsubordinated or as a result of a change in their application or official interpretation, the Issuer subject to a 30- to 60-days´ notice shall be entitled to announce in accordance with Section [13][14] that it calls in the outstanding Instruments in total - but not in part - for early redemption at [par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: amortised face value (as defined below)]. However, notice of this kind may be given no earlier than 90 days before the date on which the change in the legal provisions or their application or their official interpretation comes into effect. [(2)] [To be inserted in case of Redemption of Instruments only at the option of the Issuer (call): [The Issuer may give notice that the Instruments will be redeemed in total, but not in part, [[at a price [that corresponds to their par value] [that corresponds to ● % of their par value] [insert calculation method] (the “Redemption Amount”) plus the accrued interest accumulated up to the date destined for redemption and calculated pursuant to Section 3 Para- graph (2)] [in case of Zero Coupon Series: at the amortised face value (as defined below)] [each] at ● with a notice period of ● days to repayment. Notice of termination is to be given in accordance with [Section 13] [Section 14].] [To be inserted in case of a Redemption of Instruments only at the option of the Holder (put): Each holder of Instruments is entitled to demand that the Issuer redeems Instruments on ● [at a price, [which corresponds to their par value] [which corresponds to ● % of their par value] [insert calculation method] (the “Redemption Amount”) plus any interest accrued until the date specified for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: at the amortised face value]. To exercise this right, the holder of the Instruments must deposit his Instruments with a Paying Agent at least 45 days before the date specified for repayment and convey to the Paying Agent a properly completed statement that he is exercising his right using the form available from every Paying Agent.] [(3)] [To be inserted in case of Zero Coupon Series: The amortised face value corresponds to the sum of the (i) ● (the “Issue Price”) and (ii) the product of the Issue Price and ● (the (annually capitalised) (“Issuing Yield”) relating to the period that starts on ● (the “Issue Date” (inclusive) and ends on the Redemption Date (exclusive) . If this period does not equate to a whole number of calendar years, the calculation is based on day count fractions, as per Section 3 Paragraph (2). 146 V. Description of the Instruments – Product Group B Instruments

The “Redemption Date” for the purposes of this Section 6 Paragraph [(2)] [(3)] is the earlier of the days on which the Instruments are called for early redemption or on which the early payment takes place.]

[To be inserted in case of Index Linked Instruments: § 7 Adjustment, Market Disruption (1) [If the index is] [If the Index Components are] no longer calculated and published by the original Sponsor but calculated and published by another person, company or institution, which the Issuer considers suitable (the “Successor Sponsor”), the determinations and calculations according to Section [3] [and/or] [Section 4] will be calculated on the basis of the index calculated and published by the Successor Sponsor. Each reference to the original Sponsor contained in these Terms and Conditions will count, where the context so permits, as a reference to the Successor Sponsor. [If the index is] [If the index components are] abolished in whole or in part or replaced by another Index Concept, the Issuer will at its discretion (Section 315 BGB) taking account of the interests of the holders of the Instruments involved as a group and existing market practice at the time determine whether and which other Index Concept ([the “Replace- ment Index”] [the “Replacement Components”]) is to be used in future as a basis for the above determinations and calculations and will announce these details in accordance with [Section 13] [Section 14]. Each reference contained in these Terms and Conditions to [the Index] [the Index Components] will then be deemed to be, where the context so permits, as a reference to [the Replacement Index] [the Replacement Components]. If, in the view of the Issuer, it is impossible to determine [another authoritative Index Concept] [other authoritative Index Components] for whatever reason, the Issuer will ensure the continued calculation and publication of the authoritative value for the above determinations and calculations on the basis of the previous concept and announce these details in accordance with [Section 13] [Section 14]. (2) Should [the Index or a Replacement Index] [an Index Component or a Replacement Component] not be determined and published or if, in the view of the Issuer, there is a Market Interruption, the following Bank Business Day on which it is determined and published and on which there is no Market Interruption will be deemed to be the Determination Date. If the Determination Date is postponed to the third Bank Business Day before the Maturity Date and the above mentioned value is not determined and published on this date or if, in the opinion of the Issuer, there is a Market Interruption, the Issuer will then calculate the authoritative Price applying the calculation method last applying to the calculation of the above mentioned value whereby the Issuer will take the prices of the securities contained [in the Index] [in the Index Components] on this date at the time their authoritative value price is usually determined (the “Determination Time”) as a basis for the calculation. Should trading in one or more of the material securities for calculating [the Index] [the Index Components] be suspended or significantly restricted on such a day, the Issuer will involve an independent expert and take account of the market circumstances prevailing at the time in estimating the price of the relevant securities at its discretion (Section 315 BGB) taking account of the interests of the holders of the Instruments involved as a group and existing market practice at the time. For the purposes of this Paragraph, “Bank Business Day” is a day on which the Sponsor, in accordance with its rules, determines and publishes the Underlying Value. For the purposes of this Paragraph, a “Market Interruption” signifies the suspension of or restriction in trading of the securities contained [in the Index] [in the Index Components] on stock exchanges or trading systems, the prices of which are used for calculating [the Index] [the Index Components] if, in the view of the Issuer, a suspension or restriction of this kind will have a significant impact on the calculation or trading in futures contracts or option contracts related to [the Index] [the Index Components] has been suspended or restricted on the Futures and Options Exchange with the greatest trading volume in futures contracts or option contracts related to [the Index] [the Index Components].]] V. Description of the Instruments – Product Group B Instruments 147

[To be inserted in case of Equity Linked Instruments or Option on the part of the Issuer to redemption in principal or by delivery of shares: § 7 Adjustment, Market Disruption (1) [If the Company’s shares change as a result of an adjustment or other event during the term of the Instruments, the Issuer will make the necessary adjustments. These adjustments and determination of the time from which they apply will be effected by the Issuer at its discretion (Section 315 BGB) taking account of the interests of the holders of the Instruments involved as a group and existing market practice at the time, as established in the rules of [EUREX Deutschland] [other futures and options exchange] (the “Futures and Options Exchange”) or a successor organisation replacing it for adjust-ments of this kind. The sole aim of these adjustments is to maintain the stock market value or, if there is no stock market quotation, the value of the Instruments before the event triggering the adjustment, the “Adjustment Date”. An adjustment event (“Adjustment Event”) is any decision or action by the Company’s executive bodies: (a) that is reached by the bodies themselves or a third party with regard to the Company’s capital or assets (e.g. capital increase by issuing new shares in return for contributions, issuing securities with option or conversion rights to shares, increasing capital from company funds, share splits, hiving off part of the company, merger, liquidation, nationalisation or another measure) and (b) because of which the Futures and Options Exchange adjusts the strike price and/or contract size for option contracts relating to the Company’s shares (the “Option Contracts”) or amends the Option Contracts in some other way. If, according to the rules of the Futures and Options Exchange, no adjustments are to be made with regard to the Option Contracts relating to the Company’s shares traded on the Futures and Options Exchange because of this decision or action, the Issuer will not undertake any adjustments unless adjustments of this kind in accordance with (b) were not carried out only because there were no Option Contracts outstanding at the time they would have to have been carried out. In this case, the Issuer will carry out adjustments in accordance with the rules of the Futures and Options Exchange as if Option Contracts relating to the Company’s shares were traded at the Adjustment Date. (2) If a price for the shares cannot be determined on the Determination Date because trading in the Company’s shares is interrupted or suspended (the “Market Interruption”), the replacement price, as established below, will apply to the option of delivering shares: The replacement price is the price of the Company’s shares that is used as a basis by the Futures and Options Exchange in trading or settling Options Contracts, or, if such a price is unobtainable, the price of the Company’s shares that is calculated as the arithmetic mean of the purchase and selling prices, which are quoted to the Issuer by three reputable banks for the Company’s shares or credit institutions involved in trading the Company’s shares (at about the date on which the [Reference Agent] [Calculation Agent] would have announced a stock market price without this Market Inter- ruption). If prices of this kind are unobtainable, the Issuer will at its discretion (Section 315 BGB) determine a replacement price taking account of the interests of the holders of the Instruments involved as a group and existing market practice at the time, which in its opinion corresponds to the market circumstances prevailing at this time.] [In case of a basket of shares as Underlying Value or in case of other Market Interruption and Adjustment Provisions, set forth applicable provisions herein (especially relating to the substitution of single reference values) in lieu of the provisions set out above and specify in the Final Terms.]

[§ 7] [§ 8] Events of Default (1) Each holder of Instruments is entitled to demand early redemption of his Instruments at [par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)]] [in case of Zero Coupon Series: the amortised face value] if 148 V. Description of the Instruments – Product Group B Instruments

(a) the Issuer fails to pay principal or interest within 30 days of the Maturity Date in question or (b) the Issuer fails to perform any other obligation under the Instruments and, unless it is impossible to rectify the non- performance, the non-performance lasts longer than 30 days as of the Issuer receiving notification to this effect from the holder or (c) a court or any other authority in the country where the Issuer’s registered office is located opens insolvency proceedings or proceedings equal to this against the Issuer or the Issuer applies for or initiates proceedings of this kind, suspends all its payments or announces suspension of payments, or offers or arranges a general debt settlement in favour of its creditors or (d) the Issuer is dissolved or liquidated or gives up its entire business activity or a substantial part thereof unless proceedings of this kind are carried out in connection with a merger, consolidation or another form of merger with another company or a conversion and this company, in the case of the Issuer, assumes all the obligations under these Terms and Conditions. (2) Any notice of early redemption with regard to the Instruments in accordance with Paragraph (1) shall be given in writing to the Issuer (Section 126 BGB). The electronic form may not be used. Upon receipt of this declaration by the Issuer and the existence of an event of default in accordance with Paragraph (1), the redeemed Instruments will immediately become due [at par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)]] [in case of Zero Coupon Series: at the amortised face value] unless all the events on which the notice of early redemption was based cease to exist with regard to all Instru- ments prior to receipt of the declaration.

[§ 8] [§ 9] Withholding Tax (1) Principal and interest on the Instruments are to be paid without withholding or deduction for present or future taxes, contributions or fees that may be imposed, levied or collected by the country or in the country where the Issuer’s registered office is located (“Withholding Taxes”) unless a withholding or deduction of this kind is prescribed by law. If a withholding or deduction of Withholding Taxes is prescribed by law, the Issuer will be obliged to pay those additional amounts to the holders of the Instruments that are needed to ensure that the net amounts received by the holders of the Instruments after withholdings or deductions of this kind correspond to the respective amounts of capital and interest that they would have received without withholdings or deductions of this kind. However, the Issuer is not obliged to pay additional amounts with respect to Withholding Taxes of this kind: (a) that are withheld or deducted by a credit or financial institution in Germany (or a branch office of a foreign credit or financial institution situated in Germany) because it has kept or administered or keeps or administers the Instruments in its capacity as custodian bank or collection agent of the holder, or in a similar capacity; or (b) that are avoidable or would have been avoidable through fulfilment of statutory requirements or through the submission of a declaration of non-residence or by otherwise enforcing a claim for exemption vis à vis the relevant tax authority; or (c) that are only payable because the holder of the Instruments has another relationship with the country in which the Issuer’s registered office is situated other than merely the fact that he is a holder of the Instruments [or the interest coupon] on which the payment is effected; or (d) that the holder of the Instruments would not be subject to if he had demanded payment of capital and interest within 30 days of the respective Maturity Date or after the date on which the moneys needed for a payment of this kind were received by the Fiscal Agent and this has been announced in accordance with Section [13] [14]; or V. Description of the Instruments – Product Group B Instruments 149

(e) that are deducted or retained by a Paying Agent, if the payment could have been effected by another Paying Agent, in particular, a foreign Paying Agent, without a withholding or deduction of this kind; or (f) that are only deducted or retained because Instruments or interest coupons are effectively presented for redemption; or (g) that are deducted or retained on the basis of a directive or regulation of the European Union relating to the taxation of interest income or an inter-governmental agreement on its taxation in which the Federal Republic of Germany or the European Union is involved or a provision that implements or follows this directive, regulation or agreement; or (h) that are deducted or retained because the beneficial owner of the Instruments is not the legal owner (holder) of the Instruments and the deduction or withholding in respect of payments to the beneficial owner would not have been made or a payment of additional amounts to the beneficial owner in accordance with above regulations (a) to (g) would have been avoidable, if the beneficial owner of the Instruments had himself been the legal owner (holder). (2) Each reference in these Terms and Conditions in connection with the amount of capital and interest to be paid also encompasses additional amounts in accordance with the present Section [8] [9].

[§ 9] [§ 10] Presentation Period The presentation period stipulated in Section 801 Paragraph (1) Clause 1 BGB is reduced to ten years for the Instruments.

[§ 10] [§ 11] Fiscal Agent, Paying Agents [, Calculation Agent]; Payments [and/or Redemption] (1) The initially appointed Fiscal Agent [and] [,] the initially appointed Paying Agent(s) [and the initially appointed Calculation Agent] as well as their initially appointed offices are as follows: Fiscal Agent: ● Paying Agent(s): ● [Calculation Agent: ●] The Fiscal Agent [and] [,] the Paying Agent(s) [and the Calculation Agent] reserve the right to replace the designated office with another designated office in the same town at any time. (2) The Issuer reserves the right to change or terminate the appointment of a Fiscal Agent [or a Paying Agent or a Calculation Agent] at any time and to appoint another Fiscal Agent or another/an additional Paying Agent(s) [or another Calculation Agent] at any time. At all times, the Issuer will maintain (i) a Fiscal Agent and (ii) a Paying Agent (who may be the Fiscal Agent) with a designated office in a continental European city [and (iii) as long as the Instruments are listed on the stock exchange ●, a Paying Agent (which may be the Fiscal Agent) with a designated office at the stock exchange’s registered office and/or at such other places as required by the rules of this stock exchange] [and (iv) if payments are illegal or actually excluded at or by the offices of all Paying Agents outside the United States because of the introduction of exchange restrictions or similar restrictions with respect to the partial or complete payment or reception of the corresponding amounts in US Dollars, will maintain a Paying Agent with a designated office in New York City]. Except in the event of insolvency when a change of this kind becomes effective immediately, any variation, dismissal, appointment or other change will only become effective if the holders of the Instruments were informed of this in advance in accordance with [Section 13] [Section 14] subject to compliance with a notice period of at least 30 days and not more than 45 days. (3) The Paying Agents will act solely as the Issuer’s agents. Thus, they therefore have no duties vis à vis holders of Instru- ments and will not act as their agents in any way. 150 V. Description of the Instruments – Product Group B Instruments

(4) The Issuer will make all payments, inasmuch as they are owed in accordance with these Terms and Conditions, on the par value of the Instruments on maturity in ● [insert currency]. (5) The payments [and/or other redemption, if applicable,] on the Instruments, will be effected without the issue of a separate declaration or fulfilment of any other formality having to be demanded apart from compliance with possible tax, foreign exchange and other provisions in the country where the relevant Paying Agent is based. The payments [and/or other redemption, if applicable,] on the Instruments, that are held in general current deposit with one or more Clearing System(s) will be effected to the Clearing System(s) for crediting to the accounts of the respective account holders with the Clearing System(s), who have deposited the Instruments. The payments [or other redemption] by the Issuer to the Clearing System(s) will release the Issuer from its payment liabilities under the Instruments up to the level of the payments [/redemption] made.

[§ 11] [§ 12] Substitution of the Issuer (1) If no payment of capital or interest on the Instruments is in arrears, the Issuer may be substituted at any time without the holders’ consent with respect to all rights and obligations arising under or in connection with the Instruments by a [subsidiary of the Issuer] (the “New Issuer”), if: (a) the Issuer has good cause, including but not limited to the introduction of a withholding tax that would oblige the Issuer to make additional payments, a significant change takes place in the capital markets or a significant change occurs in the provisions of supervisory law in the country where the Issuer’s registered office is situated; and (b) the New Issuer assumes all the Issuer’s obligations under or in connection with the Instruments and under these Terms and Conditions by means of an effective, written transfer agreement including, if applicable, further agreements, declarations and permits needed to make the replacement effective (together the “Transfer Documents”) in such a way that the New Issuer assumes the obligation to each Instrument Holder under these Terms and Conditions to the same extent as if the New Issuer had been named in the Instruments and the Terms and Conditions as the principal debtor in place of the Issuer (or in place of a previous New Issuer); and (c) the Issuer and the New Issuer have obtained all government approvals and permits required for the substitution in accordance with the provisions of the present [Section 11] [Section 12]; and (d) the New Issuer is able to fulfill all payment obligations under or in connection with the Instruments in the currency of the Instruments without any deduction or withholding of or because of taxes, contributions or official fees; and (e) [To be inserted in case of Listed Instruments: each stock exchange on which the Instruments are listed has confirmed that the Instruments will continue to be listed on the stock exchange in question after the planned substitution of the Issuer by the New Issuer; and] [(f)]if NORD/LB will guarantee the New Issuer’s obligations under or in connection with the Instruments through a [unsubordinated/subordinated] guarantee; and [(f)] [(g)] if legal opinions of legal advisors from an internationally recognised law firm chosen by the Issuer have been given to the Fiscal Agent, which in each case may not be dated more than three days before the planned substitution date for the jurisdictions in which the New Issuer has its registered office and for the Federal Republic of Germany. These legal opinions must confirm in a suitable form that, following the substitution, the preconditions of the paragraphs (b) – [(e)][(f)] above will have been met. (2) In the event of a substitution of this kind all references in these Terms and Conditions (including [Section 11] [Section 12] Paragraph (1) to the “Issuer” are to refer to the “New Issuer” and all references to the “Issuer’s country” will apply to the country in which the New Issuer has its registered office or is deemed to be tax resident. (3) Any substitution of the Issuer in accordance with [Section 11] [Section 12] Paragraph (1) is to be announced in accordance with [Section 13] [Section 14]. V. Description of the Instruments – Product Group B Instruments 151

[§ 12] [§ 13] Issue of further Instruments The Issuer reserves the right to issue further Instruments with the same terms without the consent of holders in such a way that they will be consolidated with the Instruments, form a uniform Series with them and increase their total par value. In the event of an increase of this kind, the term “Instruments” also encompasses additional Instruments issued in this way.

[§ 13] [§ 14] Announcements [(1)] [To be inserted in case of Instruments listed at the Luxembourg Stock Exchange insert: For the Instruments, announcements will be made in a leading daily newspaper with a circulation in all of Luxembourg.] [To be inserted in case of Instruments listed at another stock exchange: For the Instruments, announcements will be made in line with the rules of the stock exchange on which the Instruments are listed.] [To be inserted, if an announcement by electronic publication on the website of the respective stock exchange is possible: Announcements for the Instruments shall be made by way of electronic publication on the website of [insert respective stock exchange] (www.[insert internet address]).] [(2) Every announcement will be deemed to be effective on the date of publication (on the date of the first publication of this kind in the case of several publications).] [To be inserted in case of unlisted Instruments: [(3)] The Issuer shall submit all announcements relating to the Instruments to the Clearing System to be forwarded to the holders. Any such announcement shall be deemed to have been made to the holders of the Instruments on the third day after the day of the notification to the Clearing System.] [To be inserted in case of Instruments listed on the Luxembourg Stock Exchange: As long as the Instruments are listed on the Luxembourg Stock Exchange, Paragraph (1) shall apply. As far as announcements on the interest rate are concerned or to the extent permitted by the rules of the Luxembourg Stock Exchange, the Issuer may replace the announcement pursuant to Paragraph (1) by an announcement to the Clearing Systems to be forwarded to the holders of the Instruments. Any such announcement shall be deemed to have been made to the holders on the third day after the day on which the announcement has been made to the Clearing System.] [To be inserted in case of Instruments listed on another stock exchange: [The Issuer is entitled to replace an announcement in a newspaper in accordance with Paragraph (1) with a notice to the Clearing Systems to be forwarded to the holders provided that the rules of the stock exchange on which the instruments are listed permit this form of announcement. Each notification of this kind will be deemed to have been made to the holders from the 3rd day after the date of its notification to the Clearing Systems.]

[§ 14] [15] Miscellaneous (1) The form and content of the Instruments as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. [The English language version of the printed Terms and Conditions is for information only and is non-binding. Only the German language version of the printed Terms and Conditions is legally binding.] (2) Hanover is the place of performance in connection with the Instruments. For merchants, legal persons under public law, special governmental funds and persons without a general place of jurisdiction in the Federal Republic of Germany Hanover is the non-exclusive place of jurisdiction for all disputes arising in connection with the matters regulated in the Terms and Conditions. 152 V. Description of the Instruments – Product Group B Instruments

(3) Should one of the provisions of these Terms and Conditions be or become ineffective or invalid in whole or in part, this will not affect the remaining provisions. [The ineffective or invalid provision is to be replaced by an effective or valid provision, which comes as close as possible to the commercial intent of the ineffective or invalid provision.] (4) In legal disputes against the Issuer or legal disputes in which the holder and Issuer are involved, each holder of the Instruments that are represented by global notes may protect and assert his rights under his Instruments in his own name by presenting the following documents: [to be inserted in case of classic Global Notes: (a) a certificate from his Depository Bank that states (i) the full name and full address of the holder; (ii) gives a total par value for the Instruments that are credited to the holder’s securities deposit account with this Depository Bank on the date this certificate is issued and (iii) confirms that the Depository Bank has sent a written notification to Clearstream, Frankfurt or the common depository of Clearstream Luxembourg or Euroclear (the “Common Depository”) containing the details in (i) and (ii) and bearing the certificate of Clearstream Frankfurt or the Common Depository and the Clearstream Frankfurt account holder in question or the participant in Clearstream Luxembourg or Euroclear, as well as (b) a copy of the Global Note certified by an authorised representative of Clearstream Frankfurt or the Common Depository.] [insert other provisions in case of New Global Notes, if necessary] For the purposes of the above provisions of this Section [14] [15] (4) “Depository Bank” is a bank or other credit institution (including Clearstream Frankfurt; Clearstream Luxembourg and Euroclear), which has the necessary permits for securities deposit business and with which the holder has Instruments held on deposit. V. Description of the Instruments – Product Group B Instruments 153

2.c) Final Terms

Form of Final Terms of Product Group B Instruments Muster der Endgültigen Bedingungen für Schuldverschreibungen der Produktgruppe B

Final Terms Endgültige Bedingungen

[Date] [Datum]

[Title of relevant Series of Instruments] issued pursuant to the [Bezeichnung der betreffenden Serie der Schuldverschreibungen] begeben aufgrund des

EUR 25,000,000,000 Programme for the Issuance of Debt Instruments

of der

Norddeutsche Landesbank Girozentrale

These Final Terms are issued to give details of an issue of Instruments under the EUR 25,000,000,000 Programme for the Issuance of Debt Instruments (the “Programme”) of Norddeutsche Landesbank Girozentrale (“the Issuer”). The Final Terms attached to the Prospectus related to the Programme dated ● as may be updated from time to time by Supplements are presented in the form of a separate document containing only the final terms according to Article 26 para. 5 subpara. 2 of the Commission’s Regulation (EC) No 809/2004 of 29 April 2004 (the “Prospectus Regulation”). The Prospectus as well as any Supplement(s) thereto [and the Final Terms] have been published on the website of the Issuer (http://www.nordlb.de). Diese Endgültigen Bedingungen enthalten Angaben zur Emission von Schuldverschreibungen unter dem EUR 25.000.000.000 Programme for the Issuance of Debt Instruments (das „Programm“) der Norddeutsche Landesbank Girozentrale (die „Emittentin“). Die Endgültigen Bedingungen zum Prospekt zu dem Programm vom ●, gegebenenfalls aktualisiert um etwaige Nachträge, werden gemäß Art. 26 Abs. 5 Satz 2 der Verordnung der Europäischen Kommission (EG) Nr. 809/2004 vom 29. April 2004 (die „Prospektverordnung“) in Form eines gesonderten Dokuments präsentiert. Der Prospekt sowie etwaige Nachträge [und die Endgültigen Bedingungen] wurden auf der Website der Emittentin veröffentlicht (http://www.nordlb.de). 154 V. Description of the Instruments – Product Group B Instruments

The Final Terms of the Instruments must be read in conjunction with the Prospectus as may be updated by Supplements. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus as may be supplemented. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions. Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die End- gültigen Bedingungen und der Prospekt ergänzt um etwaige Nachträge zusammen gelesen werden. Begriffe, die in den Anleihe- bedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden. [In case of the increase of a Series issued under a Prospectus with an earlier date insert the following alternative language: The Final Terms are to be read in conjunction with the Prospectus as may be updated by Supplements, save in respect of the Terms and Conditions which are extracted from the Prospectus dated [original date] [and supplemented on ●] and are attached hereto. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus [as so supplemented] and the Prospectus dated [original date] [and supplemented on ●]. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions.] [Im Falle einer Aufstockung einer Serie, die unter einem Prospekt mit einem früheren Datum begeben wurde, die folgende alternative Formulierung einfügen: Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Dies gilt nicht für die Anleihebedingungen, welche dem Prospekt vom [Orginaldatum] [und ergänzt um einen Nachtrag am ●] zu entnehmen sind und diesem Dokument beigefügt werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die Endgültigen Bedingungen und der Basisprospekt [ergänzt um etwaige Nachträge] sowie der Prospekt vom [Originaldatum] [und ergänzt um einen Nachtrag am ●] zusammen gelesen werden. Begriffe in Großbuchstaben, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung wie in den Anleihebedingungen festgelegt.] All references in this Final Terms to numbered Sections and Paragraphs are to Sections and Paragraphs of the Terms and Conditions, if not otherwise specified. Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Anleihebedingungen, soweit nichts Anderes angegeben ist. [To be inserted in case of Long-Form Conditions: All provisions in the Terms and Conditions corresponding to items in these Final Terms which are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and conditions applicable to the Instruments (the “Conditions”).] [Im Fall von nicht-konsolidierten Bedingungen einfügen: Sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt sind oder die gestrichen sind, gelten als in den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die „Bedingungen“) als gestrichen.] [To be inserted in case of Integrated Conditions: The conditions applicable to the Instruments (the “Conditions”) and the English language translation thereof, if any, are based on the provisions of this Prospectus and are attached to this Final Terms and replace in full the Terms and Conditions of the Instruments as set out in the Prospectus and take precedence over any conflicting provisions in this Final Terms.] [Im Fall von konsolidierten Bedingungen einfügen: Die für die Schuldverschreibungen geltenden Anleihebedingungen (die „Bedingungen“) sowie eine etwaige englischsprachige Übersetzung wurden auf der Grundlage der Vorgaben des Prospekts erstellt und sind diesen Endgültigen Bedingungen bei- gefügt. Die Bedingungen ersetzen in Gänze die im Prospekt abgedruckten Anleihebedingungen und gehen etwaigen ab- weichenden Bestimmungen dieser Endgültigen Bedingungen vor.] V. Description of the Instruments – Product Group B Instruments 155

PART I - GENERAL INFORMATION TEIL I - ALLGEMEINE INFORMATIONEN

1. Issue Price [ ] per cent. Ausgabepreis [ ] % 2. Issue Date1) [ ] Tag der Begebung1) 3. Series No. [ ] Serien Nr. [ ] Tranche No. [ ] [not applicable] Tranche Nr. [ ] [nicht anwendbar] 4. Form of Conditions (see also Section IX. Subsection 1) of the Prospectus2) Form der Bedingungen (zur Erklärung siehe Abschnitt IX. Nr. 1) des Prospekts2) Long-Form Conditions Nicht-konsolidierte Bedingungen Integrated Conditions Konsolidierte Bedingungen 5. Language of Conditions3) Sprache der Bedingungen3) German only Ausschließlich Deutsch German and English (German controlling)4) Deutsch und Englisch (deutscher Text maßgeblich)4) English only Ausschließlich Englisch 6. Method of distribution Vertriebsmethode Non-syndicated Nicht-syndiziert Syndicated Syndiziert

1) The Issue Date is the date of payment and settlement of the Instruments. In the case of free delivery, the Issue Date is the delivery date. Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Tag der Begebung der Tag der Lieferung. 2) To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Instruments in bearer form sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Instruments in bearer form sold on a syndicated basis. Integrated Conditions will also be required where the Instruments are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors. Die Form der Bedingungen ist in Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass nicht-konsolidierte Bedingungen für Schuldverschreibungen verwendet werden, die auf nicht-syndizierter Basis verkauft und die nicht öffentlich angeboten werden. Konsolidierte Bedingungen werden in der Regel für Schuldverschreibungen verwendet, die auf syndizierter Basis verkauft werden. Konsolidierte Bedingungen sind auch erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise an Privatinvestoren verkauft oder öffentlich angeboten werden. 3) According to Section [14] [15] Paragraph 1 form and content of the Instuments and possible interest coupons as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. Form und Inhalt der Schuldverschreibungen und etwaiger Zinsscheine sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich gem. § [14] [15] Absatz 1 der Anleihebedingungen in jeder Hinsicht nach deutschem Recht. 4) According to Section [14] [15] Paragraph 1 Sentence (2) the English language form of the printed Terms and Conditions is for information only and is non- binding. Only the German laguage version of the printing Terms Conditions is legally binding. Die englische Sprachfassung der abgedruckten Anleihebedingungen dient gem. § [14] [15] Absatz 1 Satz (2) lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen. 156 V. Description of the Instruments – Product Group B Instruments

PART II - INFORMATION RELATED TO SPECIFIC ARTICLES OF TERMS AND CONDITIONS TEIL II - INFORMATIONEN IN BEZUG AUF EINZELNE ARTIKEL DER ANLEIHEBEDINGUNGEN

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1) 1. Specified Currency [ ] Festgelegte Währung 2. Total Par Value [ ] Gesamtnennbetrag Par Value of the Series Nennbetrag der Serie Par Value of the Tranche Nennbetrag der Tranche If fungible with an existing Series, details of that Series, including the date on which the Instruments become fungible [ ] [not applicable] Bei Fungibilität mit einer bestehenden Serie, Einzelheiten dieser Serie und das Datum, ab wann Fungibilität besteht, einfügen [ ] [nicht anwendbar] 3. Number of Instruments to be issued in each Specified Denomination [ ] Zahl der in jeder Stückelung auszugebenden Schuldverschreibungen 4. Specified Denomination [ ] Festgelegte Stückelung 5. Type of Global Note Art der Globalurkunde New Global Note [ ] Neue Globalurkunde Classic Global Note Klassische Globalurkunde Documentation Verbriefung Temporary Global Note exchangeable for Permanent Global Note with certification of non-US beneficial ownership Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde mit Bescheinigung des Nichtbestehens von US Inhaberschaft V. Description of the Instruments – Product Group B Instruments 157

Permanent Global Note Dauerglobalurkunde Other (specify) [ ] Sonstige (angeben) Authorised officer, if not Fiscal Agent [ ] Kontrollbeauftragter, wenn nicht Fiscal Agent 6. Clearing System Clearstream Banking AG Neue Börsenstraße 1 D-60485 Frankfurt am Main Euroclear Bank S.A./N.V. (Euroclear Operator) 1 Boulevard du Roi Albert II B-1210 Brussels Clearstream Banking S.A., Luxembourg 42 Avenue JF Kennedy L-1855 Luxembourg Other (specify) [ ] Sonstige (angeben) INTEREST (§ 3) ZINSEN (§ 3) 7. Fixed Rate Instruments Provisions Modalitäten für Festverzinsliche Schuldverschreibungen Interest Rate [ ] per cent. per annum Zinssatz [ ] % per annum Interest Commencement Date [ ] Verzinsungsbeginn Interest Payment Date(s) [ ] Zinszahlungstage(e) First Interest Payment Date [ ] Erster Zinszahlungstag Initial Broken Amount(s) (per specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jede festgelegte Stückelung) Interest Payment Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht Final Broken Amount(s) (per specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Other (specify) [ ] Sonstige (angeben) Zero Coupon Instruments Provisions Modalitäten für Nullkupon-Schuldverschreibungen Amortization Yield [ ] Emissionsrendite 158 V. Description of the Instruments – Product Group B Instruments

Floating Rate Instruments Provisions Modalitäten für variabel verzinsliche Schuldverschreibungen Floating Rate Interest Commencement Date [ ] Variabler Verzinsungsbeginn Floating Rate Interest Payment Dates [ ] Variable Zinszahlungstage Floating Rate Interest Period(s) [ ] [weeks/months/other – specify] Variable Zinsperiode(n) [ ] [Wochen/Monate/andere – angeben] First Floating Rate Interest Payment Date [ ] Erster variabler Zinszahlungstag Reference Interest Rate and Relevant Information Source Referenzzinssatz und Relevante Informationsquelle EURIBOR (Brussels time/TARGET Business Day/ EURIBOR-Panel/Eurozone Interbank Market) EURIBOR (Brüsseler Zeit/TARGET Bankarbeitstag/ EURIBOR-Panel/Eurozone Interbankenmarkt) Screen page [ ] Bildschirmseite LIBOR (London time/London Business Day/City of London/ London Office/London Interbank Market) LIBOR (Londoner Ortszeit/Londoner Bankarbeitstag/City of London/ Londoner Geschäftsstelle/Londoner Interbankenmarkt) Screen page [ ] Bildschirmseite Other (specify) [ ] Sonstige (angeben) Screen page [ ] Bildschirmseite Interest Determination Date Zinsfestsetzungstag Second Business Day prior to commencement of Interest Period Zweiter Bankarbeitstag vor Beginn der jeweiligen Zinsperiode Other (specify) [ ] Sonstige (angeben) Reference Banks Referenzbanken Five banks of international standing Fünf Banken mit internationalem Standing Three banks of international standing Drei Banken mit internationalem Standing V. Description of the Instruments – Product Group B Instruments 159

Other applicable rounding provision (specify) [ ] Andere anwendbare Rundungsbestimmung (angeben) Other Method of Determination of the Reference Interest Rate and the Relevant Information Source (insert details including Interest Determination Date, Reference Banks, fallback provisions) [ ] Andere Grundsätze der Bestimmung des Referenzzinssatzes und der Relevanten Informationsquelle (Einzelheiten angeben einschließlich Zinsfestlegungstag, Referenzbanken, Ausweichbestimmungen) Combination of Fixed Rate Instruments provisions and Floating Rate Instruments provisions (insert details) [ ] Kombination von Modalitäten für Festverzinsliche Schuldverschreibungen und Modalitäten für variabel verzinsliche Schuldverschreibungen (Einzelheiten angeben) Range Accrual Instruments provisions (insert details) [ ] Modalitäten für Range Accrual Instruments (Einzelheiten angeben) Other interest provisions (insert details, in particular in case of interest formulas or combined interest structures) [ ] Andere Zinsbestimmungen (Einzelheiten angeben, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungsstrukturen) Equity Linked Interest/Index Linked Interest Instruments provisions (specify) [ ] Modalitäten für Equity Linked Interest/Index Linked Interest Schuldverschreibungen (angeben) 8. Day Count Fraction Zinstagequotient Actual/Actual (ICMA Rule 251) Actual/365 (Fixed) Actual/360 30/360 or 360/360 (Bond Basis) 30E/360 (Eurobond Basis) Adjustment Anpassung Other relevant methodology (specify) [ ] Andere anwendbare Methode (angeben) 9. Business Day Convention Geschäftstag-Konvention Modified Following Business Day Convention Modifizierte folgender Geschäftstag-Konvention FRN Convention (specify period(s)) [ ] [months/other– specify] FRN Konvention (Zeitraum (Zeiträume) angeben) [ ] [Monate/andere – angeben] Following Business Day Convention Folgender Geschäftstag-Konvention Preceding Business Day Convention Vorangegangener Geschäftstag-Konvention 160 V. Description of the Instruments – Product Group B Instruments

10. Margin [ ] per cent. p.a. Marge [ ] % p.a. plus plus minus minus 11. Minimum and Maximum Rate of Interest Mindest- und Höchstzinssatz Minimum Rate of Interest [ ] per cent. p.a. Mindestzinssatz [ ] % p.a. Maximum Rate of Interest [ ] per cent. p.a. Höchstzinssatz [ ] % p.a. 12. Other general provisions related to interest Andere allgemeine Modalitäten bezogen auf die Verzinsung Currency [ ] Währung Bank Business Days (location) [ ] Bankarbeitstage (Ort) REDEMPTION (§ 4) RÜCKZAHLUNG (§ 4) 13. Maturity Date [ ] Fälligkeitstag 14. Redemption at fixed value Rückzahlung zu einem festgelegten Wert Par Value Nennbetrag Other (specify) [ ] Sonstige (angeben) Redemption in principal or delivery of shares Rückzahlung zum Nennbetrag oder Lieferung von Aktien Public Company [ ] Gesellschaft Registered Office [ ] Sitz Commercial Register Number [ ] Handelsregister Nummer ISIN of the shares [ ] ISIN der Aktie Number of shares for each specified denomination [ ] Aktienstückzahl je festgelegte Stückelung V. Description of the Instruments – Product Group B Instruments 161

Exercise Date [ ] Feststellungstag Price [ ] Kurs Currency [ ] Währung Futures and Options Exchange [ ] Terminbörse Reference Agent (if different from Calculation Agent) [ ] Referenzstelle (soweit abweichend von der Berechnungsstelle) Other (specify) [ ] Sonstige (angeben) 15. Redemption of Instruments with participation in a rising Underlying Value Rückzahlung von Schuldverschreibungen mit Partizipation an einem steigenden Basiswert or oder Redemption of Instruments with participation in a falling Underlying Value Rückzahlung von Schuldverschreibungen mit Partizipation an einem sinkenden Basiswert or oder Redemption of Instruments with participation in a rising and a falling Underlying Value Rückzahlung von Schuldverschreibungen mit Partizipation an einem steigenden und sinkenden Basiswert Threshold Value [ ] Schwellwert One point of the Underlying Value is equivalent to [ ] Ein Punkt des Basiswertes entspricht Redemption Amount in Paragraph 1 (i) [ ] Rückzahlungsbetrag in Absatz 1 (i) Redemption Amount in Paragraph 1 (ii) [ ] Rückzahlungsbetrag in Absatz 1 (ii) Reduced Value [ ] Minderungswert (Positive) Participation Factor [ ] Partizipationsfaktor (positiv) (Negative) Participation Factor [ ] Partizipationsfaktor (negativ) Cap [ ] Cap Floor [ ] Floor 162 V. Description of the Instruments – Product Group B Instruments

Sponsor [ ] Sponsor Index Components [ ] Indexkomponente Determination [ ] Feststellung Publication [ ] Veröffentlichung Futures and Options Exchange [ ] Terminbörse Physical Settlement (specify) [ ] Physical Settlement (angeben) Currency [ ] Währung Reference Agent (if different from Calculation Agent) [ ] Referenzstelle (soweit abweichend von der Berechnungsstelle) Price of shares [ ] Kurs der Aktien Others (specify) [ ] Sonstige (angeben) Redemption of Instruments where redemption has another kind of dependence on the Underlying Value, or for Instruments where the Underlying Value depends on several reference values insert (specify provisions relating to the ratio of the reference values to be used when calculating the Underlying Value, and/or applicable provisions relating to the dependence of redemption upon the performance of the Underlying Value) [ ] Rückzahlung von Schuldverschreibungen mit einer anderen Abhängigkeit der Rückzahlung vom Basiswert und solchen, bei denen der Basiswert von mehreren Referenzwerten abhängt (Bestimmungen zum Verhältnis der Referenzwerte in Bezug auf die Berechnung des Basiswerts und/oder Bestimmungen zur Tilgung abhängig von der Entwicklung des Basiswerts angeben) Underlying Value Basiswert Index Linked Redemption Amount Instruments Index Linked Redemption Amount Schuldverschreibungen Underlying Value (Index) [ ] Basiswert (Index) Value in question [ ] Relevanter Wert Other (specify) [ ] Sonstige (angeben) Equity Linked Redemption Amount Instruments Equity Linked Redemption Amount Schuldverschreibungen V. Description of the Instruments – Product Group B Instruments 163

Underlying Value consisting of one share Basiswert bestehend aus einer Aktie Underlying Value (Share) [ ] Basiswert (Aktie) ISIN of the Underlying Value [ ] ISIN des Basiswertes Value in question [ ] Relevanter Wert Underlying Value consisting of a basket of shares Basiswert bestehend aus einem Aktienkorb Reference Values and values in question (specify) [ ] Referenzwerte und relevante Werte (angeben) Value in question (relating to the basket of shares) [ ] Relevanter Wert (bezogen auf den Aktienkorb) Provisions on adjustment and market disruption [ ] Bestimmungen zu Anpassung und Marktstörung EARLYREDEMPTION (§ 6) VORZEITIGE RÜCKZAHLUNG (§ 6) 16. Early Redemption Vorzeitige Rückzahlung Early Redemption at the Option of the Issuer Vorzeitige Rückzahlung nach Wahl der Emittentin Redemption Amount and/or method, if any, of calculation of such amount(s) [ ] Rückzahlungsbetrag und/oder gegebenenfalls Methode zu seiner Berechnung Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call) Notice to Holders [ ] Ankündigungsfrist Early Redemption at the Option of a Holder Vorzeitige Rückzahlung nach Wahl des Gläubigers Put Redemption Amount(s) and/or method, if any, of calculation of such amount(s) [ ] Rückzahlungsbetrag/-beträge (Put) und/oder gegebenenfalls Methode zu seiner Berechnung Put Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Put) FISCAL AGENT, PAYING AGENTS, CALCULATION AGENT ([§ 10] [§ 11]) FISCAL AGENT, ZAHLSTELLEN, BERECHNUNGSSTELLE ([§ 10] [§ 11]) 17. Calculation Agent, if not Fiscal Agent/specified office [ ] Berechnungsstelle, wenn nicht Fiscal Agent/bezeichnete Geschäftsstelle Paying Agent(s)/specified office(s) [ ] Zahlstelle(n)/bezeichnete Geschäftsstelle(n) 164 V. Description of the Instruments – Product Group B Instruments

Fiscal Agent/specified office [ ] Fiscal Agent/bezeichnete Geschäftsstelle Currency [ ] Währung Stock Exchange [ ] Börse ANNOUNCEMENTS ([§ 13] [§ 14]) BEKANNTMACHUNGEN ([§ 13] [§ 14]) 18. Place and medium of announcement Ort und Medium der Bekanntmachung Luxembourg (d’Wort) Luxemburg (d’Wort) Internet address [ ] Internetadresse Clearing System Clearing System Other (specify) [ ] Sonstige (angeben)

PART III - OTHER INFORMATION PART III - WEITERE INFORMATIONEN

1. Risk factors (specifying risks described in Section II of the Prospectus) [none/specifiy details] Risikofaktoren (konkretisierend zu den Risikofaktoren, die in Abschnitt II im Prospekt beschrieben sind) [keine/Einzelheiten einfügen] 2. Interest of natural and legal persons involved in the issue/offer [none/specifiy details] Interessen von Seiten natürlicher und juristischer Personen, die an der Emission/dem Angebot beteiligt sind [keine/Einzelheiten einfügen] 3. Information concerning the Instruments (others than those related to specific articles of terms and conditions) Informationen über die Schuldverschreibungen (andere als die auf bestimmte Artikel der Anleihebedingungen bezogenen) Information concerning interest rates (in addition to Section V Subsection 2.a) of the Prospectus) [ ] Informationen zur Verzinsung (ergänzend zu Abschnitt V Nr. 2.a) des Prospekts) V. Description of the Instruments – Product Group B Instruments 165

Information concerning the underlying (in addition to Section V Subsection 2.a) of the Prospectus)5) [ ] Informationen zum Basiswert (ergänzend zu Abschnitt V Nr. 2.a) des Prospekts)5) Information on taxes on the income from the Instruments withheld at source in respect of countries where the offer is being made or admission to trading is being sought (in addition to Section VII of the Prospectus)6) [none/specify details/not applicable] Informationen über die an der Quelle einbehaltene Einkommensteuer auf Schuldverschreibungen hinsichtlich der Länder in denen das Angebot unterbreitet oder die Zulassung zum Handel beantragt wird (in Ergänzung zu Abschnitt VII des Prospekts)6) [keine/Einzelheiten einfügen/nicht anwendbar] 4. Additional information Zusätzliche Informationen Rating of the Instruments7) [none/specify details] Rating der Schuldverschreibungen7) [keine/Einzelheiten einfügen]

5) Description of the underlying on which it is based and of the method used to relate the two and an indication where information about the past and the further performance of the underlying and its volatility can be obtained - in case of Index Linked Instruments - including a description of the index and - in the case of Equity Linked Instruments composed by a basket of shares - including a disclosure of the relevant weithings of each underlying in the basket. A description of the underlying is also required if the redemption can be at the Option of the Issuer in prinicipal or by delivery of shares and bonds respectively. If the security has a derivative component in the interest and or redemption payment, provide a clear and comprehensive explanation to help investors understand how the value of their investment is affected by the value of the underlying instrument(s), especially under the circumstances when the risks are most evident. In case of Instruments with a minimum denomination of EUR 50,000 a description of the underlying on which it is based and of the method used to relate the two is sufficient. Beschreibung des zugrunde liegenden Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte und Angabe, wo Infor- mationen über die vergangene und künftige Wertentwicklung des zugrunde liegenden Basiswertes und seiner Volatilität eingeholt werden können. Dies beinhaltet im Fall von Index Linked Schuldverschreibungen eine Beschreibung des Index und im Fall von Equity Linked Schuldverschreibungen, die auf einem Aktienkorb beruhen, die Angabe der jeweiligen Gewichtungen der Referenzwerte innerhalb des Aktienkorbs. Eine Beschreibung des Basiswertes ist auch dann erforderlich, wenn ein Tilgungswahlrecht der Emittentin bezüglich der Rückzahlung in Aktien bzw. in Schuldverschreibungen oder zum Nennbetrag besteht. Wenn das Wert- papier eine derivative Komponente bei der Zinszahlung oder Rückzahlung hat, ist eine klare und umfassende Erläuterung beizubringen, die den Anlegern ver- ständlich macht, wie der Wert ihrer Anlage durch den Wert des Basisinstruments/der Basisinstrumente beeinflusst wird, insbesondere in Fällen, in denen die Risiken sehr offensichtlich sind. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000 ist eine Beschreibung des Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte ausreichend. 6) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 7) In the case of Instruments with a minimum denomination of less than EUR 50,000 give brief explanation of the meaning of the ratings if this has previously been published by the rating provider. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von weniger als EUR 50.000 kurze Erklärung zur Bedeutung des Ratings angeben, falls diese vorher von dem Ersteller des Ratings veröffentlicht wurde. 166 V. Description of the Instruments – Product Group B Instruments

PART IV - TERMS AND CONDITIONS OF THE OFFER8) PART IV - BEDINGUNGEN UND VORAUSSETZUNGEN FÜR DAS ANGEBOT8)

1. Conditions, offer statistics, expected time table and action required to apply for offer Bedingungen, Angebotsstatistiken, erwarteter Zeitplan und erforderliche Maßnahmen für die Antragstellung Conditions to which the offer is subject [none/specify details] Bedingungen, denen das Angebot unterliegt [keine/Einzelheiten einfügen] Time period, including any possible amendments, during which the offer will be open [not applicable/specify details] Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt [nicht anwendbar/Einzelheiten einfügen] A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants [not applicable/specify details] Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des zuviel gezahlten Betrags an die Zeichner [nicht anwendbar/Einzelheiten einfügen] Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate amount to invest) [not applicable/specify details] Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung (entweder in Form der Anzahl der Schuldverschreibungen oder des aggregierten zu investierenden Betrags) [nicht anwendbar/Einzelheiten einfügen] Method and time limits for paying up the securities and for its delivery [not applicable/specify details] Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung [nicht anwendbar/Einzelheiten einfügen] Manner and date in which results of the offer are to be made public [not applicable/specify details] Art und Weise und des Termins, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind [nicht anwendbar/Einzelheiten einfügen] 2. Plan of distribution and allotment Plan für die Aufteilung der Wertpapiere und deren Zuteilung Various categories of potential investors to which the Instruments are offered Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen angeboten wurden Professional investors Qualifizierte Anleger Others (specify details) [ ] Andere (Einzelheiten einfügen) Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made [not applicable/specify details] Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist [nicht anwendbar/Einzelheiten einfügen]

8) Information items contained in Part IV No. 1 and No. 2 are not applicable in the case of non-syndicated Instruments that are not offered to the public pursuant to Section 3 Para. 1 and Para. 2 of the Wertpapierprospektgesetz and Article 3 Para. 1 and Para. 2 of the Prospectus Directive. Informationsbestandteile, die in Part IV Nr. 1 und Nr. 2 enthalten sind, sind nicht anwendbar bei nicht-syndizierten Schuldverschreibungen, die nicht öffentlich gemäß § 3 Abs. 1 und Abs. 2 Wertpapierprospektgesetz und Artikel 3 Abs. 1 und Abs. 2 Prospektrichtlinie angeboten werden. V. Description of the Instruments – Product Group B Instruments 167

9) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 10) Include names and addresses of entities agreeing to underwrite the issue on a firm commitment basis, and/or name and address of the entities agreeing to place the issue without a firm commitment or under ‘best efforts’ arrangements. Give Indication of the material features of the agreements, including the quotas. Where not all of the issue is underwritten, a statement of the portion not covered. Einzufügen sind Name und Anschrift der Institute, die bereit sind, die Emission auf Grund einer bindenden Zusage zu übernehmen, und/oder Name und Anschrift der Institute, die bereit sind, eine Emission ohne bindende Zusage oder gemäß Vereinbarungen „zu den bestmöglichen Bedingungen“ zu platzieren. Anzugeben sind die Hauptmerkmale der Vereinbarungen, einschließlich der Quoten. Wird die Emission nicht zur Gänze übernommen, ist eine Erklärung zum nicht abgedeckten Teil einzufügen. 11) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 168 V. Description of the Instruments – Product Group B Instruments

PART V - ADMISSION TO TRADING PART V - ZULASSUNG ZUM HANDEL

1. Listing [Luxembourg/Frankfurt/other (specify)/None] Listing [Luxemburg/Frankfurt /andere Börse (angeben)/Keines] 2. Admission to trading [Application has been made for the Instruments to be admitted to trading on [ ] with effect from [ ].] [Not applicable] Zulassung zum Handel [Ein Antrag auf Zulassung der Schuldverschreibungen zum Handel an [ ] mit Wirkung zum [ ] wurde gestellt.] [Nicht anwendbar] 3. Estimate of total amount of expenses related to admission to trading12) [not applicable/specify details] Geschätzte Gesamtkosten in Zusammenhang mit der Zulassung zum Handel12) [nicht anwendbar/Einzelheiten einfügen]

These Final Terms comprise the final terms required to list and have admitted to trading the issue of Instruments described herein pursuant to the EUR 25,000,000,000 NORD/LB Programme for the Issuance of Debt Instruments. Diese Endgültigen Bedingungen enthalten die endgültigen Bedingungen, die für die Zulassung dieser Schuldverschreibungen gemäß dem EUR 25.000.000.000 Programme for the Issuance of Debt Instruments der NORD/LB erforderlich sind.

The Issuer accepts responsibility for the information contained in these Final Terms. [[Information on the underlying] has been extracted from [●]. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, no facts have been omitted which would render the reproduced information inaccurate or misleading.] Die Emittentin übernimmt die Verantwortung für die in den Endgültigen Bedingungen enthaltenen Informationen. [[Infor- mationen zum Basiswert] wurden [●] entnommen. The Emittentin bestätigt hiermit, dass diese Informationen korrekt wieder- gegeben wurden und, soweit sie sich bewusst ist, keine Tatsachen weggelassen wurden, welche die wiedergegebenen Infor- mationen unkorrekt oder irreführend machen würden.]

Norddeutsche Landesbank Girozentrale, [Signing Date/Unterzeichnungsdatum]

[Name of signatory] [Name des Unterzeichnenden]

12) Not applicable if the minimum denomination of Instruments is less than Euro 50,000. Nicht anwendbar bei einer Mindeststückelung der Schuldverschreibungen von weniger als Euro 50.000. V. Description of the Instruments – Product Group C Instruments 169

3. PRODUCT GROUP C INSTRUMENTS

3.a) Description of Product Group C Instruments Under this Programme the Issuer may issue Pfandbriefe in bearer form) according to the German Pfandbrief Act (Pfandbrief- gesetz). Pfandbriefe are covered bonds, which may be issued on the basis of mortgages as Mortgage Pfandbriefe (Hypotheken- pfandbriefe) or on the basis of claims acquired against public-sector bodies as Public Sector Pfandbriefe (Öffentliche Pfand- briefe) (together the “Pfandbriefe” or “Product Group C Instruments”). At the maturity date they will be redeemed at their par value.

Type, Class and ISIN The Issuer intends to issue, on an ongoing basis, Pfandbriefe in bearer form on an unsubordinated basis.

The definite terms of any issue of Pfandbriefe and the relevant security code will in each case be determined in the relevant Final Terms.

Governing Law The form and content of the Pfandbriefe as well as the rights and obligations of the holders and the Issuer under the relevant Pfandbriefe shall be governed by German law.

Form of Pfandbriefe Pfandbriefe may be issued in bearer form or electronic form if permitted by law, in each case as specified in the relevant Final Terms. Definitive bearer notes as well as definitive interest coupons will not be issued. For the issuing procedure of notes and the exchange of Pfandbriefe see Section V, Subsection 1.a) relating to Product Group A Instruments above.

Currency Pfandbriefe issued under the Programme may be denominated in any currency or currencies subject to compliance with all applicable legal or regulatory requirements and as further specified in the relevant Final Terms.

Status and Ranking of the Pfandbriefe Pfandbriefe establish direct, unconditional, unsubordinated liabilities of the Issuer which rank pari passu among themselves. They are covered in accordance with the German Pfandbrief Act (Pfandbriefgesetz) and rank pari passu with all other unsubordinated present and future liabilities of the Issuer issued under Mortgage Pfandbriefe and Public Sector Pfandbriefe. The Pfandbriefe will constitute unsubordinated obligations ranking pari passu among themselves and (i) in the case of Public Sector Pfandbriefe at least pari passu with all other obligations of the Issuer und Public Sector Pfandbriefe and (ii) in the case of Mortgage Pfandbriefe at least pari passu with all other obligations of the Issuer under Mortgage Pfandbriefe. Pfand- briefe are covered, however, by separate pools of public sector loans (in the case of Public Sector Pfandbriefe) or mortgage loans (in the case of Mortgage Pfandbriefe) (see for a more detailed description Section VI).

Description of Rights In respect of Pfandbriefe, the Final Terms may determine the following early redemption rights:

Early redemption at the option of the Issuer (“Call”) If specified in the relevant Final Terms, an early redemption of Pfandbriefe may be demanded, if the Issuer exercises his Call option right according to Section 6 (2) of the Terms and Conditions. 170 V. Description of the Instruments – Product Group C Instruments

Early redemption for taxation reasons by the Issuer The Issuer may be permitted to redeem unsubordinated Pfandbriefe upon the occurrence of a taxation event in accordance with Section 7 of the terms and conditions of the Pfandbriefe. An early redemption for taxation reason is only permitted if it is in compliance with all applicable legal and/or regulatory requirements.

Interest The relevant Final Terms may provide for an interest rate or the specific method of determining the interest rate, if any, as described in Section V. Subsection 1.a) relating to Product Group A Instruments.

Maturity Date and Repayment Procedure The Final Terms will, in each case, specify the maturity date and the relevant repayment procedure for the relevant Pfand- briefe.

Yield As described in Section V. Subsection 1. a) relating to Product Group A Instruments under “Yield”, the yield of an Instrument may be calculated by different methods. The yield, the time for calculation of the yield and the calculation method depend on the Pfandbriefe issued under the Programme. In case of Fixed Rate Pfandbriefe the yield may be determined at the issue date and will be specified in the relevant Final Terms. The yield of Zero-Coupon Pfandbriefe may also be determined at the issue date by using one of the aforementioned calculation methods, as specified in the relevant Final Terms.

The yield of Pfandbriefe with an interest rate depending on the development of a reference rate (Floating Rate Pfandbriefe with or without a Cap and/or Floor), a reference value (Range Accrual Pfandbriefe), a swap rate or formula (CMS Pfandbriefe), as well as the yield for Pfandbriefe with call-options cannot be foreseen during their maturity. It may only be determined after the final redemption of the Pfandbriefe at the maturity date and/or the call redemption date, respectively.

Issue Date In each case, the issue date of Pfandbriefe issued under this Programme will be specified in the relevant Final Terms.

Restrictions of Transferability Pfandbriefe issued under the Programme will be transferable in compliance with the regulations of the relevant clearing system, in each case as specified in the Final Terms. There are no restrictions on the free transferability of Pfandbriefe issued under the Programme. V. Description of the Instruments – Product Group C Instruments 171

3.b) Terms and Conditions In den Final Terms wird die für die Anleihebedingungen geltende Sprache festgelegt. Jede Sprachfassung für sich bildet eine Einheit.

ANLEIHEBEDINGUNGEN FÜR AUF DEN INHABER LAUTENDE PFANDBRIEFE

§ 1 Stückelung und Form (1) Die [im Fall von Hypothekenpfandbriefen einfügen: Hypothekenpfandbriefe] [im Fall von Öffentlichen Pfandbriefen einfügen: Öffentlichen Pfandbriefe] der Norddeutsche Landesbank Girozentrale (die „Emittentin“) im Gesamtnennbetrag von ● sind eingeteilt in ● auf den Inhaber lautende Schuldverschreibungen im Nennbetrag von je ● (die „Schuldver- schreibungen“). Die Schuldverschreibungen können nach Maßgabe der nachstehenden Vorschriften als Globalurkunde (die „Globalurkunde“) oder, soweit rechtlich zulässig, in elektronischer Form verbrieft sein. (2) [bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (mit Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership)) einfügen: (a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde (die „vorläufige Global- urkunde“) verbrieft. Die vorläufige Globalurkunde wird gegen eine Dauerglobalurkunde ohne Zinsscheine (die „Dauer- globalurkunde“), die die Schuldverschreibungen für ihre gesamte Restlaufzeit verbrieft, ausgetauscht. Der Austausch wird frühestens 40 Tage nach dem Valutierungstag vorgenommen und zwar gegen Vorlage einer Bescheinigung über das Nichtbestehen von US-Inhaberschaft (beneficial ownership), die nach Inhalt und Form den Anforderungen des Rechts der Vereinigten Staaten von Amerika oder den dann bestehenden Usancen der Wertpapiersammelbank(en) entspricht. Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. (b) Die vorläufige Globalurkunde und die Dauerglobalurkunde sind eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und dem von der Bundesanstalt für Finanzdienstleistungsaufsicht bestellten Treuhänder und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] (c) Sollten Zinsen auf Schuldverschreibungen zur Zahlung fällig werden, die durch eine vorläufige Globalurkunde verbrieft sind, werden die entsprechenden Zinszahlungen nur insoweit auf die vorläufige Globalurkunde vorgenommen werden, als eine Bescheinigung des Nichtbestehens von US-Inhaberschaft (beneficial ownership) [des Clearing Systems] [der Clearing Systeme] vorliegt.] [bei Verbriefung in einer Dauerglobalurkunde einfügen: (a) Die Schuldverschreibungen sind während ihrer gesamten Laufzeit in einer Dauerglobalurkunde ohne Zinsscheine oder, soweit rechtlich zulässig, in elektronischer Form verbrieft (die „Dauerglobalurkunde“). Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. (b) Die Dauerglobalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der Emittentin und dem von der Bundesanstalt für Finanzdienstleistungsaufsicht bestellten Treuhänders und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent unterschrieben. [Im Fall der elektronischen Verbriefung werden diese entsprechend den die elektronische Verbriefung gestattenden Regularien signiert.]] 172 V. Description of the Instruments – Product Group C Instruments

[für neue Globalurkunden (New Global Notes) gegebenenfalls zu ergänzen: ●] (3) Als Clearing Systeme (die „Clearing Systeme“) im Sinne dieser Anleihebedingungen [ist] [sind] [Clearstream Banking AG, Frankfurt am Main („Clearstream Frankfurt“)] [,] [Euroclear Bank S.A./N.V., als Betreiber des Euroclear System („Euroclear“)] [und] [Clearstream Banking société anonyme, Luxembourg („Clearstream Luxembourg“)] [und ●] [sowie jedes andere Clearing System] bestimmt.

§ 2 Status und Rang Die Schuldverschreibungen begründen unmittelbare, unbedingte und nicht nachrangige Verbindlichkeiten der Emittentin, die untereinander gleichrangig sind. Die Schuldverschreibungen sind nach Maßgabe des Pfandbriefgesetzes gedeckt und stehen mindestens im gleichen Rang mit allen anderen Verpflichtungen der Emittentin aus [im Fall von Hypothekenpfand- briefen einfügen: Hypothekenpfandbriefen] [im Fall von Öffentlichen Pfandbriefen einfügen: Öffentlichen Pfandbriefen].

§ 3 Zinsen (1) [bei festverzinslicher Serie einfügen: Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag jeweils vom ● (einschließlich) bis zum ● (ausschließ- lich) eines jeden Jahres (jeweils eine „Zinsperiode“) mit ● % p.a. (der „Zinssatz“) verzinst. Die Zinsen sind nachträglich am ● eines jeden Jahres in ● [Währung einsetzen] zahlbar (jeweils ein „Zinszahlungstag“), es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [bei [Step-up] [Step-down] Serie einfügen: Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) (diese und folgende Perioden jeweils eine „Zinsperiode“) mit jährlich ● % (dieser und weitere Zinssätze jeweils ein „Zinssatz“) verzinst. Soweit keine Kündigung durch die Emittentin gemäß § 6 Absatz (2) dieser Bedingungen erfolgt, werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst [und soweit keine Kündigung der Emittentin gemäß § 6 Absatz (2) dieser Bedingungen erfolgt, werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (ein- schließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst] [und ●]. Die Zinsen sind jährlich nachträglich am ● eines jeden Jahres in ● [Währung einsetzen] zahlbar (jeweils ein „Zinszahlungs- tag“), es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie unter nachstehenden Absätzen (3) und (4) definiert). Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [bei Nullkupon Serie einfügen: Periodische Zinszahlungen werden auf die Schuldverschreibungen nicht geleistet.] [bei variabel verzinslicher Serie, Range Accrual Serie, CMS-gebundener Serie oder anderen Regelungen, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungsstrukturen (mit oder ohne feste Verzinsung zu Beginn der Laufzeit) einfügen: [(a) Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) [(die „Zinsperiode“)] mit ● % p. a. [[,] [und] vom ● (einschließlich) bis zum ● (ausschließlich) ([jeweils] die „Zinsperiode“) mit ● % p. a.] [etwaige weitere Zinsperioden einsetzen] ([jeweils] der „Zinssatz“) verzinst. Die Zinsen sind jährlich nach- träglich am ● eines jeden Jahres ([jeweils] der „Zinszahlungstag“) in ● [Währung einsetzen] zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). V. Description of the Instruments – Product Group C Instruments 173

Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (Absatz (2)).] [(a)][(b)] Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag zu einem gemäß Absatz (1) [(b)][(c)] definierten Variablen Zinssatz verzinst und zwar zunächst ab dem ● (der „Variable Verzinsungsbeginn“) (einschließlich) bis zum ersten Tag der nächstfolgenden Zinsperiode (ausschließlich) und danach von jedem Variablen Zinszahlungstag (ein- schließlich) bis zum nächstfolgenden Variablen Zinszahlungstag (ausschließlich) (jeweils die „Variable Zinsperiode“). „Variabler Zinszahlungstag“ ist der ● [monatlich] [vierteljährlich] [halbjährlich] [andere Zinsperiode]. Der erste Variable Zinszahlungstag ist der ●. Zinsen auf die Schuldverschreibungen sind an jedem Variablen Zinszahlungstag nachträglich in ● [Währung einsetzen] fällig und zahlbar, es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag (wie nachstehend in Absätzen (3) und (4) definiert). [(b)][(c)] [Der maßgebliche Zinssatz für die Variable Zinsperiode (der „Variable Zinssatz“) entspricht dem in Absatz (1) [(d)][(e)] definierten [Referenzzinssatz] [Range Accrual Satz] [CMS Satz] [andere Regelung, insbesondere Zinsformel einfügen].] [Der Variable Zinssatz der jeweiligen Variablen Zinsperiode errechnet sich als [Aufschlag] [Abschlag] von ● Basispunkten auf den [Referenzzinssatz] [Range Accrual Satz] [CMS Satz] [●].] [Er beträgt höchstens ● %.] [Er beträgt mindestens ● %.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen]] [(c)][(d)] Die in § 9 Absatz (1) definierte Berechnungsstelle (wobei dieser Begriff etwaige Nachfolger in dieser Funktion ein- schließt) veranlasst, dass der Variable Zinssatz, die Variablen Zinsbeträge für die jeweilige Variable Zinsperiode und der betreffende Variable Zinszahlungstag dem Fiscal Agent mitgeteilt werden; dieser wiederum veranlasst, dass die übrigen Zahlstellen informiert werden, sobald dies nach der jeweiligen Festsetzung möglich ist. Die Festsetzung des Variablen Zinssatzes wird den Anleihegläubigern durch den Fiscal Agent über die Clearing Systeme mitgeteilt. Die Festsetzung der Variablen Zinssätze und der jeweils zahlbaren Zinsbeträge ist in jedem Fall endgültig und für alle Beteiligten bindend, es sei denn es läge ein offensichtlicher Irrtum vor. [(d)][(e)] Für die Berechnung des Variablen Zinssatzes gelten die folgenden Definitionen: [bei variabel verzinslicher Serie einfügen: Die „Relevante Informationsquelle“ ist die für die Festlegung des Referenzzinssatzes für die jeweilige Variable Zinsperiode maßgebliche Informationsquelle und ist vorliegend ●. Der „Referenzzinssatz“ ist der in der jeweiligen Variablen Zinsperiode für die Berechnung des Variablen Zinssatzes maß- gebliche [Satz für Einlagen einfügen] und wird von der Berechnungsstelle nach den folgenden Grundsätzen festgelegt: [(i) Die Berechnungsstelle ermittelt den für die jeweilige Variable Zinsperiode geltenden Referenzzinssatz in der Währung der Schuldverschreibungen aus der Relevanten Informationsquelle und zwar um oder gegen [11.00] [●] Uhr [Brüsseler] [Londoner] Zeit [am ersten/zweiten [TARGET] [Londoner] [●] Bankarbeitstag vor Beginn] [am Tag des Beginns] der jeweiligen Variablen Zinsperiode (der „Zinsfestsetzungstag“). (ii) Sollte in der Relevanten Informationsquelle am Zinsfestsetzungstag kein Referenzzinssatz veröffentlicht werden, gilt folgendes: [(1)] Die Berechnungsstelle wird [●] [mindestens drei Banken] mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Referenzzinssatzes mitzuteilen. Wenn mindestens zwei Banken quotiert haben, so ist der Referenzzinssatz für die betreffende Variable Zinsperiode das von der Berechnungsstelle errechnete arithmetische Mittel dieser Quotierungen (unter Anwendung der für den jeweiligen Referenzzinssatz geltenden Rundungsregel). [(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Referenzzinssätze gemäß Absatz (1) [(d)][(e)] Ziffer (ii) (1) quotiert, so ist der Referenzzinssatz für die nächste Variable Zinsperiode der an diesem Zinsfestsetzungstag von dieser Bank quotierte Satz.] 174 V. Description of the Instruments – Product Group C Instruments

(iii) Für den Fall, dass der Referenzzinssatz nicht gemäß Absatz (1) [(d)][(e)] Ziffer (ii) bestimmt werden kann, gilt für die folgende Variable Zinsperiode als Referenzzinssatz der Satz, der an dem dem Zinsfestsetzungstag unmittelbar vorhergehenden [TARGET] [Londoner] [●] Bankarbeitstag in der Relevanten Informationsquelle veröffentlicht wurde.] [Sofern eine andere Methode der Feststellung des Referenzzinssatzes anwendbar ist, diese hier einfügen]] [bei Range Accrual Serie einfügen: [„Bandbreite“ sind die in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebenen Werte.] Der „Basiswert“ wird von der Berechnungsstelle nach folgenden Grundsätzen festgelegt [Grundsätze einfügen]. „Beobachtungsperiode“ bezeichnet [●] [den Zeitraum, der für eine Variable Zinsperiode mit dem ● der Variablen Zins- periode beginnt und [mit dem ●] [vor dem letzten Tag] der Variablen Zinsperiode endet]. „Beobachtungstage“ bezeichnet die Gesamtzahl der Feststellungstage innerhalb der Beobachtungsperiode. „Festgelegter Zinssatz“ ist der in Absatz (1) [(e)][(f)] für die jeweilige Variable Zinsperiode angegebene Wert. „Feststellungstage“ sind alle [Bankarbeitstage] [Kalendertage] innerhalb einer Beobachtungsperiode. [Sofern die Fest- stellungstage Kalendertage sind , ist einzufügen: Für diejenigen Feststellungstage einer Beobachtungsperiode, die keine Tage sind, an denen Banken in ● geöffnet haben, wird der Basiswert durch den Basiswert des unmittelbar [vorangegangenen] [darauffolgenden] Bankarbeitstages in ● festgesetzt.] Der „Range Accrual Satz“ errechnet sich als Produkt aus dem von der Emittentin festgelegten maximalen Zinssatz (der „Festgelegte Zinssatz“) und einem Multiplikationsfaktor, der berücksichtigt, an wie vielen Tagen innerhalb der Beobach- tungsperiode der Basiswert die Zinsbedingung erfüllt (die „Variablen Zinsereignistage“); es gilt für die Berechnung des Range Accrual Satzes die folgende Formel: Range Accrual Satz = Festgelegter Zinssatz x (Variable Zinsereignistage/Beobachtungstage)[, wobei der Range Accrual Satz für jede Variable Zinsperiode mindestens [●] % beträgt.] [gegebenenfalls weitere Regelungen zur Verzinsung einfügen] [„Schwellwert“ sind die in Absatz [(e)][(f)] angegebenen Werte.] „Variable Zinsereignistage“ sind diejenigen Feststellungstage innerhalb einer Beobachtungsperiode[, an denen der Basiswert innerhalb der festgesetzten Bandbreite liegt] [, an denen der Basiswert [oberhalb des Schwellwerts] [unterhalb des Schwellwerts] liegt]. [gegebenenfalls weitere Definitionen einfügen] [(e)][(f)] Übersicht zum [Festgelegten Zinssatz] [●] und [zur Bandbreite] [zum Schwellwert] in Abhängigkeit von der Variablen Zinsperiode:

] V. Description of the Instruments – Product Group C Instruments 175

[bei CMS-gebundener Serie einfügen: Die „Relevante Informationsquelle“ ist die für die Festlegung des CMS-Satzes für die jeweilige Variable Zinsperiode maß- gebliche Informationsquelle und ist vorliegend ●. Der „CMS Satz“ ist der in der jeweiligen Variablen Zinsperiode für die Berechnung des Variablen Zinssatzes maßgebliche [[maßgebliche Zahl von Jahren einfügen]-Jahres [Währung einfügen]] [●] Swapsatz (der „Jahres-Swapsatz“) und wird von der Berechnungsstelle nach den folgenden Grundsätzen festgelegt: [(i) Die Berechnungsstelle ermittelt den für die jeweilige Variable Zinsperiode geltenden CMS Satz (ausgedrückt als Prozent- satz p.a.) aus der Relevanten Informationsquelle und zwar um oder gegen [11.00] [●] Uhr [Brüsseler] [Londoner] Zeit [am ersten/zweiten [TARGET] [Londoner] [●] Bankarbeitstag vor Beginn] [am Tag des Beginns] der jeweiligen Variablen Zinsperiode (der „Zinsfestsetzungstag“). (ii) Sollte auf der Basis der Relevanten Informationsquelle am Zinsfestsetzungstag kein CMS Satz ermittelt werden können, gilt Folgendes: [(1)] Die Berechnungsstelle wird [●] [mindestens drei] Banken mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Jahres-Swapsatzes mitzuteilen. Wenn mindestens zwei Banken quotiert haben, so wird der CMS Satz für die betreffende Variable Zinsperiode auf der Basis des von der Berechnungsstelle errechneten arithmetischen Mittels dieser Quotierungen (entsprechend den jeweils vorherrschenden Swapusancen gerundet) ermittelt. [(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Jahres-Swapsätze gemäß Absatz (1) [(d)][(e)] Ziffer (ii) (1) quotiert, so basiert der CMS Satz für die nächste Variable Zinsperiode auf dem an diesem Zinsfestsetzungstag von dieser Bank quotierte Satz.] (iii) Für den Fall, dass der CMS Satz nicht gemäß Absatz (1) [(d)][(e)] Ziffer (ii) bestimmt werden kann, wird für die folgende Variable Zinsperiode der CMS Satz auf der Basis des Satzes ermittelt, der an dem dem Zinsfestsetzungstag unmittelbar vorhergehenden [TARGET] [Londoner] [●] Bankarbeitstag in der Relevanten Informationsquelle veröffentlicht wurde.] [Sofern eine andere Methode der Feststellung des CMS Satzes anwendbar ist, diese hier einfügen]] [gegebenenfalls andere Regelungen, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungs- strukturen, einfügen] (2) Der Zinsbetrag für jede Schuldverschreibung wird errechnet, indem der für die betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] gemäß Absatz (1) geltende [Zinssatz] [bzw.] [Variable Zinssatz] [(in diesem Absatz [einheitlich] der „Zinssatz“)] und der nachfolgend definierte Zinstagequotient auf den Nennbetrag der Schuldverschreibung bezogen wird. Der so errechnete Zinsbetrag wird auf die nächste Untereinheit der Währung der Schuldverschreibungen gerundet, wobei jeweils ab einer halben solchen Untereinheit nach oben aufgerundet wird. Der Zinstagequotient (der „Zinstagequotient“) in Bezug auf die Berechnung eines Zinsbetrages auf Schuldverschreibungen für einen beliebigen Zeitraum (der „Zinsberechnungszeitraum“) bedeutet: [wenn in den betreffenden Endgültigen Bedingungen Actual/Actual (ICMA-Regelung 251) festgelegt ist einfügen: (a) Im Fall, dass der Zinsberechnungszeitraum gleich oder kürzer ist als der Zeitraum von einem [Zinszahlungstag][bzw.][Variablen Zinszahlungstag] (einschließlich) bis zum nächsten [Zinszahlungstag][bzw.][Variablen Zinszahlungstag] (ausschließlich) (die „Zinsfeststellungsperiode“): die Anzahl der tatsächlich verstrichenen Tage in diesem Zinsberechnungszeitraum geteilt durch das Produkt aus (i) der Anzahl der Tage in dieser Zinsfeststellungs- periode und (ii) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres. 176 V. Description of the Instruments – Product Group C Instruments

(b) Im Fall, dass der Zinsberechnungszeitraum länger als eine Zinsfeststellungsperiode ist: die Summe aus (i) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, welche in die zuerst beginnende Zinsfeststellungs- periode des Zinsberechnungszeitraumes fallen, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zins- feststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden, die innerhalb eines Kalenderjahres liegen und (ii) der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, der in die nächste Zinsfeststellungs- periode fällt, geteilt durch das Produkt aus (x) der Anzahl der Tage in dieser Zinsfeststellungsperiode und (y) der Anzahl der Zinsfeststellungsperioden innerhalb eines Kalenderjahres.] [wenn in den betreffenden Endgültigen Bedingungen Actual/365 (fixed) festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.] [wenn in den betreffenden Endgültigen Bedingungen Actual/360 festgelegt ist einfügen: die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.] [wenn in den betreffenden Endgültigen Bedingungen 30E/360 oder Eurobond Basis festgelegt ist einfügen: die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360. Dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des ersten und des letzten Tages des Zinsberechnungszeitraumes.] [wenn in den betreffenden Endgültigen Bedingungen 30/360, 360/360 oder Bond Basis festgelegt ist einfügen: die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln ist, es sei denn, (i) der letzte Tag des Zinsberechnungszeitraumes fällt auf den 31. Tag eines Monats, während der erste Tag des Zins- berechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats fällt, wobei in diesem Fall der diesen Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (ii) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist.] (3) Ist der jeweilige [Zinszahlungstag] [bzw.] [Variable Zinszahlungstag] [(in diesem Absatz [einheitlich] der „Zinszahlungstag“)] kein Bankarbeitstag, dann [bei following einfügen: hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Bankarbeitstag. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verschiebung zu verlangen.] [bei modified following einfügen: erfolgt die Zahlung des Zinsbetrages am folgenden Bankarbeitstag. Die dies betreffende [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zinsperiode“)] verlängert sich dementsprechend. Die darauffolgende Zinsperiode verkürzt sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verlängert hat. Sollte der nächstfolgende Bankarbeitstag allerdings in den nächstfolgenden Kalendermonat fallen, so erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bankarbeitstag und die Zinsperiode verkürzt sich entsprechend] [bei preceding einfügen: erfolgt die Zahlung des Zinsbetrages am vorhergehenden Bank- arbeitstag. Die hiervon betroffene [Zinsperiode] [bzw.] [Variable Zinsperiode] [(in diesem Absatz [einheitlich] die „Zins- periode“)] verkürzt sich entsprechend. Die darauffolgende Zinsperiode verlängert sich um die Anzahl der Tage, um die sich die vorhergehende Zinsperiode verkürzt hat.] (4) Bankarbeitstag im Sinne dieser Bedingungen bezeichnet Tage, an denen [die Geschäftsbanken und Devisenmärkte in ● [Ort einsetzen] Zahlungen in ● [Währung einsetzen] abwickeln], [die Banken für Geschäfte am jeweiligen Ort der Vorlage geöffnet haben] [und] [alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten]. (5) Die Verzinsung der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorhergeht, an dem die Schuldver- schreibungen zur Rückzahlung fällig werden und zwar auch dann, wenn die Leistung nach § 193 BGB erst an einem späteren Tag bewirkt wird. V. Description of the Instruments – Product Group C Instruments 177

Sollte die Emittentin die Schuldverschreibungen am Fälligkeitstag nicht oder nicht vollständig einlösen, so endet die Verzinsung des ausstehenden [Nennbetrages] [bei Nullkupon Serie: Betrages] der Schuldverschreibungen nicht am Fälligkeitstag (§ 4), sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen. Die Zinsen auf den jeweiligen offenen Betrag werden jedoch längstens bis zum 14. Tage nach dem Zeitpunkt geschuldet, an dem die erforderlichen Beträge zur Erfüllung sämtlicher unter den Schuldverschreibungen geschuldeten Beträge dem Fiscal Agent zur Verfügung gestellt worden sind und dies gemäß § 11 bekannt gemacht worden ist. Der dann geltende Zinssatz bestimmt sich nach dem Gesetz, es sei denn, [der gemäß Absatz (1) vereinbarte Zinssatz] [bei Nullkupon Serie: die Emissionsrendite in Höhe von ● % p. a.] ist höher als der gesetzlich bestimmte Zinssatz. In diesem Fall [gilt der vereinbarte Zinssatz fort] [bei Nullkupon Serie: werden die Schuldverschreibungen in Höhe der Emissionsrendite weiter verzinst].

§ 4 Einlösung der Schuldverschreibungen Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) [zu ihrem Nennbetrag] [bei Nullkupon Serie: zum Amorti- sierungsbetrag (wie in § 6 Absatz [(2)][(3)] definiert] [in ● [Währung einsetzen] eingelöst. Ist der Fälligkeitstag kein Bank- arbeitstag (wie in § 3 Absatz (4) erläutert), erfolgt die Einlösung der Schuldverschreibungen am folgenden Bankarbeitstag.

§ 6 Vorzeitige Rückzahlung [bei Nullkupon Serie einfügen:, Amortisierungsbetrag] [(1)] Sollte infolge einer nach Begebung der Schuldverschreibungen, die nicht nachrangig sind, wirksam werdenden Änderung der in dem Land, in dem die Emittentin ihren Sitz hat, geltenden Rechtsvorschriften oder einer Änderung in deren Anwendung oder amtlicher Auslegung die Emittentin zur Zahlung zusätzlicher Beträge gemäß § 7 verpflichtet sein, so ist die Emittentin berechtigt, mit einer Frist von mindestens 30 und höchstens 60 Tagen durch Bekanntmachung gemäß § 11 die ausstehenden Schuldverschreibungen insgesamt, jedoch nicht teilweise, zur vorzeitigen Rückzahlung zum [Nennbetrag zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: Amortisierungsbetrag (wie nachstehend definiert)] zu kündigen. Eine solche Kündigung darf jedoch frühestens 90 Tage vor dem Zeitpunkt erfolgen, an welchem die Änderung der Rechts- vorschriften oder ihrer Anwendung oder ihrer amtlichen Auslegung wirksam wird. [(2)] [bei Rückzahlung nur nicht nachrangiger Schuldverschreibungen nach Wahl der Emittentin (call) einfügen: Die Emittentin kann die Schuldverschreibungen insgesamt, jedoch nicht einzeln, [zu ihrem Nennbetrag (der „Rück- zahlungsbetrag“) zuzüglich der bis zu dem für die Rückzahlung bestimmten Tag aufgelaufenen und gemäß § 3 Absatz (2) ermittelten Stückzinsen] [bei Nullkupon Serie: zum Amortisierungsbetrag (wie nachstehend definiert)] [jeweils] zum ● mit einer Ankündigungsfrist von ● Tagen zur Rückzahlung kündigen. Die Kündigung ist gemäß § 11 bekannt zu machen.] [(3)] [bei Nullkupon Serie einfügen: Der Amortisierungsbetrag entspricht der Summe des (i) ● (der „Emissionskurs“) und (ii) des Produktes aus dem Emissions- kurs und ● (die „Emissionsrendite“) (jährlich kapitalisiert) bezogen auf den Zeitraum, der am ● (der „Ausgabetag“) (ein- schließlich) beginnt und der mit dem Rückzahlungstag (ausschließlich) endet. Soweit dieser Zeitraum nicht einer ganzen Zahl von Kalenderjahren entspricht, so erfolgt die Berechnung auf Grundlage des Zinstagequotienten, gemäß § 3 Absatz (2). Der „Rückzahlungstag“ im Sinne dieses § 6 Absatz [(2)][(3)] ist der frühere der Tage, zu dem die Schuldverschreibungen vorzeitig fällig gestellt werden oder an dem die vorzeitige Zahlung erfolgt.] 178 V. Description of the Instruments – Product Group C Instruments

§ 7 Quellensteuer (1) Kapital und Zinsen auf die Schuldverschreibungen sind ohne Einbehalt oder Abzug von gegenwärtigen oder zukünftigen Steuern, Abgaben oder Gebühren, die durch das oder in dem Land, in dem die Emittentin ihren Sitz hat, auferlegt, erhoben oder eingezogen werden („Quellensteuern“) zu zahlen, es sei denn, dass ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist. Wenn ein Einbehalt oder Abzug von Quellensteuern gesetzlich vorgeschrieben ist, ist die Emittentin verpflichtet, diejenigen zusätzlichen Beträge an die Gläubiger der Schuldverschreibungen zu zahlen, die erforderlich sind, damit die von den Gläubigern der Schuldverschreibungen empfangenen Nettobeträge nach solchen Einbehalten oder Abzügen den jeweiligen Beträgen an Kapital und Zinsen entsprechen, die sie ohne solche Einbehalte oder Abzüge empfangen hätten. Die Emittentin ist jedoch nicht verpflichtet, zusätzliche Beträge im Hinblick auf solche Quellensteuern zu zahlen: (a) die von einem Kredit- oder Finanzdienstleistungsinstitut in Deutschland (oder einer in Deutschland belegenen Zweigstelle eines ausländischen Kredit- oder Finanzdienstleistungsinstituts) einbehalten oder abgezogen werden, weil es die Schuldverschreibungen in seiner Eigenschaft als Depotbank oder Inkassobeauftragte des Gläubigers oder in einer ähnlichen Funktion verwahrt oder verwaltet hat oder noch verwahrt oder verwaltet; oder (b) die durch die Erfüllung von gesetzlichen Anforderungen oder durch die Vorlage einer Nichtansässigkeitserklärung oder durch die sonstige Geltendmachung eines Anspruchs auf Befreiung gegenüber der betreffenden Steuerbehörde vermeidbar sind oder gewesen wären; oder (c) die nur deshalb zahlbar sind, weil der Gläubiger der Schuldverschreibungen in einer anderen Beziehung zu dem Land steht, in dem die Emittentin ihren Sitz hat, als dem bloßen Umstand, dass er Gläubiger der Schuldverschreibungen [oder des Zinsscheines] ist, auf die [bzw. auf den] die Zahlung erfolgt; oder (d) denen der Gläubiger der Schuldverschreibungen nicht unterläge, wenn er innerhalb von 30 Tagen nach dem jeweiligen Fälligkeitstag bzw. nach dem Tag, an dem die für eine solche Zahlung erforderlichen Beträge bei dem Fiscal Agent eingegangen sind und dies gemäß § 11 bekannt gemacht worden ist, die Zahlung von Kapital und Zinsen verlangt hätte; oder (e) die von einer Zahlstelle abgezogen oder einbehalten werden, wenn die Zahlung durch eine andere, insbesondere eine ausländische Zahlstelle ohne einen solchen Abzug oder Einbehalt hätte erfolgen können; oder (f) die nur deshalb abgezogen oder einbehalten werden, weil Schuldverschreibungen oder Zinsscheine effektiv zur Einlösung vorgelegt werden; oder (g) die aufgrund einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von Zinserträgen oder einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die Bundesrepublik Deutschland oder die Europäische Union beteiligt sind, oder einer Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abgezogen oder einbehalten werden; oder (h) die abgezogen oder einbehalten werden, weil der wirtschaftliche Eigentümer der Schuldverschreibungen nicht selbst rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen ist und der Abzug oder Einbehalt bei Zahlungen an den wirtschaftlichen Eigentümer nicht erfolgt wäre oder eine Zahlung zusätzlicher Beträge bei einer Zahlung an den wirtschaftlichen Eigentümer nach Maßgabe der vorstehenden Regelungen (a) bis (g) hätte vermieden werden können, wenn dieser zugleich rechtlicher Eigentümer (Gläubiger) der Schuldverschreibungen gewesen wäre. (2) Jede Bezugnahme in diesen Anleihebedingungen im Zusammenhang mit dem zu zahlenden Betrag an Kapital und Zinsen umfasst auch zusätzliche Beträge gemäß diesem § 7. V. Description of the Instruments – Product Group C Instruments 179

§ 8 Fiscal Agent, Zahlstellen [,Berechnungsstelle]; Zahlungen (1) Der anfänglich bestellte Fiscal Agent [und] [,] die anfänglich bestellten Zahlstelle(n) [und die anfänglich bestellte Berech- nungsstelle] sowie deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt: Fiscal Agent: ● Zahlstelle(n): ● [Berechnungsstelle: ●] Der Fiscal Agent [und] [,] die Zahlstelle(n) [und die Berechnungsstelle] behalten sich das Recht vor, jederzeit die bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen. (2) Die Emittentin behält sich das Recht vor, jederzeit die Bestellung eines Fiscal Agents oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu beenden und einen anderen Fiscal Agent oder andere / zusätzliche Zahlstelle(n) [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird jederzeit (i) einen Fiscal Agent unterhalten und (ii) eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle in einer kontinentaleuropäischen Stadt unterhalten [und (iii) solange die Schuldverschrei- bungen an der Börse ● notiert sind, eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle am Sitz der Börse und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [und (iv) falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der teilweisen oder vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam, außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird, sofern die Gläubiger hierüber gemäß § 11 vorab unter Einhaltung einer Frist von mindestens 30 Tagen und nicht mehr als 45 Tagen informiert wurden. (3) Die Zahlstellen handeln ausschließlich als Erfüllungsgehilfen der Emittentin. Sie haben daher keinerlei Pflichten gegen- über den Gläubigern von Schuldverschreibungen und stehen auch nicht in einem Auftragsverhältnis zu diesen. (4) Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind, auf den Nennbetrag der Schuldverschreibungen bei Fälligkeit in ● [Währung einsetzen] leisten. (5) Die Zahlungen auf die Schuldverschreibungen erfolgen, ohne dass, abgesehen von der Beachtung etwaiger Steuer-, Devisen-, und sonstigen Vorschriften des Landes der betreffenden Zahlstelle, die Ausfertigung einer gesonderten Erklärung oder die Erfüllung einer sonstigen Formalität verlangt werden darf. Die Zahlungen auf die Schuldverschreibungen, die sich in Girosammelverwahrung von einem oder mehreren Clearing System(en) befinde(t)(n), erfolge(t)(n) an das/die Clearing System(e) zur Gutschrift auf den Konten der jeweiligen Konto- inhaber des/der Clearing System(s)(en), die Hinterleger der Schuldverschreibungen sind. Zahlungen der Emittentin an das/die Clearing System(e) befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren Zahlungsverbindlich- keiten aus den Schuldverschreibungen.

§ 9 Vorlegungsfrist Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf 10 Jahre abgekürzt.

§ 10 Begebung weiterer Schuldverschreibungen Die Emittentin behält sich vor, ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung in der Weise zu begeben, dass sie mit den Schuldverschreibungen zusammengefasst werden, eine einheitliche Serie mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff „Schuldverschreibungen“ umfasst im Falle einer solchen Erhöhung auch solche zusätzlich begebenen Schuldverschreibungen. 180 V. Description of the Instruments – Product Group C Instruments

§ 11 Bekanntmachungen [(1)] [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung in einer führenden Tageszeitung mit allgemeiner Verbreitung in Luxemburg.] [bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung im Einklang mit den Regeln der Börse, an der die Schuld- verschreibungen notiert sind.] [Sofern eine Bekanntmachung durch Elektronische Publikation auf der Website der betreffenden Börse möglich ist, einfügen: Für die Schuldverschreibungen erfolgt die Bekanntmachung durch elektronische Publikation auf der Website der [betreffende Börse einfügen] (www.[Internetadresse einfügen]).] [(2) Jede Bekanntmachung gilt mit dem Tag der Veröffentlichung (bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.] [(3)] [Im Fall von Schuldverschreibungen, die nicht börsennotiert sind, einfügen: Die Emittentin wird alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die Gläubiger übermitteln. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.] [bei börsennotierten Schuldverschreibungen an der Luxemburger Wertpapierbörse einfügen: Solange die Schuldverschreibungen an der Börse Luxemburg notiert sind, findet Absatz (1) Anwendung. Soweit dies Mitteilungen über den Zinssatz betrifft oder die Regeln der Luxemburger Börse dies zulassen, kann die Emittentin die Veröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger ersetzen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt. [bei an einer anderen Wertpapierbörse notierten Schuldverschreibungen einfügen: Die Emittentin ist berechtigt, eine Zeitungsveröffentlichung nach Absatz (1) durch eine Mitteilung an die Clearing Systeme zur Weiterleitung an die Gläubiger zu ersetzen, vorausgesetzt, dass die Regeln der Börse, an der die Schuldverschrei- bungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige Mitteilung gilt am dritten Tag nach dem Tag der Mitteilung an die Clearing Systeme als den Gläubigern mitgeteilt.]

§ 12 Verschiedenes (1) Form und Inhalt der Schuldverschreibungen sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht. [Die englische Sprachfassung der abgedruckten Anleihebedingungen dient lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen.] (2) Erfüllungsort im Zusammenhang mit den Schuldverschreibungen ist Hannover. Für Kaufleute, juristische Personen des öffentlichen Rechts, öffentlich-rechtliche Sondervermögen und Personen ohne allgemeinen Gerichtsstand in der Bundesrepublik Deutschland ist Hannover nicht-ausschließlicher Gerichtsstand für alle Streitigkeiten aus den in den Anleihebedingungen geregelten Angelegenheiten. V. Description of the Instruments – Product Group C Instruments 181

(3) Sollte eine der Bestimmungen dieser Anleihebedingungen ganz oder teilweise unwirksam oder undurchführbar sein oder werden, so bleiben die übrigen Bestimmungen hiervon unberührt. [Anstelle der unwirksamen oder undurchführbaren Bestimmungen gilt eine wirksame bzw. durchführbare Bestimmung, die den wirtschaftlichen Zwecken der unwirksamen bzw. undurchführbaren Bestimmung soweit wie möglich Rechnung trägt.] (4) Jeder Gläubiger von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, kann in Rechtsstreitigkeiten gegen die Emittentin oder Rechtsstreitigkeiten, an denen der Gläubiger und die Emittentin beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen lediglich unter Vorlage folgender Unterlagen wahrnehmen und durchsetzen: [bei klassischer Globalurkunde (Classical Global Note) einfügen: (a) einer Bescheinigung seiner Depotbank, die (i) den vollen Namen und die volle Anschrift des Gläubigers bezeichnet; (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot des Gläubigers gutgeschrieben sind, und (iii) bestätigt, dass die Depot- bank die Clearstream Frankfurt bzw. dem gemeinsamen Verwahrer von Clearstream Luxembourg oder Euroclear (der „Gemeinsame Verwahrer“) eine schriftliche Mitteilung gemacht hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der Clearstream, Frankfurt oder des Gemeinsamen Verwahrers sowie des betroffenen Clearstream Frankfurt-Kontoinhabers oder Clearstream Luxembourg- oder Euroclear-Teilnehmers trägt, sowie (b) einer von einem Vertretungsberechtigten der Clearstream Frankfurt oder des Gemeinsamen Verwahrers beglaubigten Ablichtung der Globalurkunde.] [andere Regelung für neue Globalurkunden (New Global Notes) gegebenenfalls einzufügen: ●] Im Sinne der vorstehenden Bestimmungen dieses § 12 Absatz (4) ist „Depotbank“ eine Bank oder sonstiges Finanzinstitut (einschließlich Clearstream Frankfurt, Clearstream Luxembourg und Euroclear), das über die erforderlichen Genehmigungen für das Wertpapier-Depotgeschäft verfügt und bei dem der Gläubiger Schuldverschreibungen im Depot verwahren lässt. 182 V. Description of the Instruments – Product Group C Instruments

The Final Terms will specify the language applicable on the Terms and Conditions. Each language version forms a unit for itself.

TERMS AND CONDITIONS OF BEARER PFANDBRIEFE

§ 1 Denomination and Form (1) The [to be inserted in case of Mortgage Pfandbriefe: Mortgage Pfandbriefe (Hypothekenpfandbriefe)] [to be inserted in case of Public Sector Pfandbriefe: Public Sector Pfandbriefe (Öffentliche Pfandbriefe)] issued by Norddeutsche Landes- bank Girozentrale (the “Issuer”) of a total par value of ● are divided into ● Instruments in bearer form with a par value of ●, each (the “Instruments”). In accordance with the following provisions, the Instruments may be represented by a global note (the “Global Note”) or, to the extent permitted by law, in electronic form. (2) [To be inserted in case of temporary representation by a Temporary Global Note (with certification that no US-ownership (beneficial ownership) is involved): (a) On issue, the Instruments will initially be represented by a temporary Global Note (the “Temporary Global Note”). The Temporary Global Note will be exchanged for a permanent Global Note without interest coupons (the “Permanent Global Note”), which represents the Instruments for their entire residual term. The exchange will take place 40 days after the value date, at the earliest, against the presentation of a certification that no US-ownership (beneficial ownership) is involved, which corresponds to the requirements of the laws of the United States of America in terms of content and form or the existing practices of the securities clearing and deposit bank(s). Instruments in definitive form for individual notes and interest coupons will not be issued. (b) The Temporary Global Note and the Permanent Global Note are to be signed by two authorised representatives of the Issuer and by the trustee appointed by the German Financial Supervisory Authority (Bundesanstalt für Finanz- dienstleistungsaufsicht – BaFin) in their own hand and, in addition thereto, by an authentication agent of the Fiscal Agent in his own hand. [To be adjusted in case of New Global Notes, if necessary] (c) Should interest on Instruments, which are represented by a Temporary Global Note, become due for payment, the respective interest payments will only be effected on the Temporary Global Note if and to the extent that a certification [of the Clearing System] [of the Clearing Systems] that no US-ownership (beneficial ownership) is involved has been presented.] [To be inserted in case of a representation by a Permanent Global Note: (a) The Instruments will be represented for their entire term by a permanent Global Note without interest coupons or, if permitted by law, in electronic form (the “Permanent Global Note”). Instruments in definitive form and interest coupons will not be issued. (b) The Permanent Global Note will be signed by two authorised representatives of the Issuer and by the trustee appointed by the German Financial Supervisory Authority in their own hand and, in addition, by an authentication agent of the Fiscal Agent in his own hand. [In case of a representation in electronic form, they will be signed in accordance with the regulations permitting electronic securitisation.]] [To be adjusted in case of New Global Notes, if necessary] V. Description of the Instruments – Product Group C Instruments 183

(3) Clearing systems (the “Clearing Systems”) within the meaning of these Terms and Conditions [is] [are] [Clearstream Banking AG, Frankfurt/Main (“Clearstream Frankfurt”)] [,] [Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”)] [and] [Clearstream Banking société anonyme, Luxembourg (“Clearstream Luxembourg”)] [and ●] [as well as any other clearing system].

§ 2 Status and Ranking The Instruments establish direct, unconditional and unsubordinated liabilities of the Issuer, which rank pari passu with each other. The Instruments are covered pursuant to the German Bond Act (Pfandbriefgesetz) and rank at least pari passu with all other liabilities of the Issuer under [to be inserted in case of Mortgage Pfandbriefe: Mortgage Pfandbriefe] [to be inserted in case of Public Sector Pfandbriefe: Public Sector Pfandbriefe].

§ 3 Interest (1) [To be inserted in case of Fixed Rate Series: The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) of each year (each, an “Interest Period”) at a rate of ● per cent (the “Interest Rate”). Interest is payable in arrears in ● [insert currency] on ● of each year (each, an “Interest Payment Date”) unless the Interest Payment Date in question is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Paragraph (2)).] [To be inserted in case of [Step-Up] [Step-Down] Series: The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) (this period and any subsequent period each referred to as “Interest Period”) at an annual rate of ● per cent (this interest rate and other interest rates each referred to as an “Interest Rate”). Unless the Issuer calls the Instruments in accordance with Section 6 Para- graph (2) of these Terms and Conditions, the Instruments will subsequently bear interest on the par value as of ● (inclusively) until ● (exclusively) at an annual rate of ● per cent [and unless the Issuer calls the Instruments in accordance with Section 6 Paragraph (2) of these Terms and Conditions, the Instruments will subsequently bear interest on their par value as of ● (inclusively) until ● (exclusively) at an annual rate of ● per cent] [and ●]. Interest is payable annually in arrears in ● [insert currency] on ● of each year (each, an “Interest Payment Date”) unless the Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for periods of less than one year, the calculation will be made on the basis of day count fractions (Paragraph (2)).] [To be inserted in case of Zero Coupon Series: There will be no periodic interest payments on the Instruments.] [To be inserted in case of Floating Rate Series, Range Accrual Series, CMS-linked Series and other provisions, in particular, in case of interest formulas and combined interest structures (with or without fixed interest payments at the commencement of the term): [(a) The Instruments will bear interest on their par value as of ● (inclusively) until ● (exclusively) [(the “Interest Period”)] at a rate of ● per cent p.a.[[,] [and] as of ● (inclusively) until ● (exclusively) ([each,] the “Interest Period”) at a rate of ● per cent p. a.] [insert other interest periods, if applicable] ([each,] the “Interest Rate”). Interest is payable annually in arrears on ● of each year ([each,] the "Interest Payment Date") in ● [insert currency], unless the respective Interest Payment Date is not a Bank Business Day (as defined in Paragraphs (3) and (4) below). The first interest payment will be made on ●. If interest is to be calculated for a period of less than one year, the calculation will be based on day count fractions (Paragraph (2)).] 184 V. Description of the Instruments – Product Group C Instruments

[(a)][(b)] The Instruments will bear interest on their par value at a floating rate defined pursuant to Paragraph (1)[(b)][(c)] initially as of ● (the “Floating Rate Interest Commencement Date”) (inclusively) until the first day of the next following interest period (exclusively) and thereafter as of each Floating Rate Interest Payment Date (inclusively) until the next following Floating Rate Interest Payment Date (exclusively) (in each case, the “Floating Rate Interest Period”). The “Floating Rate Interest Payment Date” is the ● [monthly], [quarterly], [semi-annual] [other Interest Period]. The first Floating Rate Interest Payment Date is ●. Interest on the Instruments is due and payable in arrears on each Floating Rate Interest Payment Date in ● [insert currency], unless the respective Floating Rate Interest Payment Date is not a Bank Business Day (as defined in Para- graphs (3) and (4) below). [(b)][(c)] [The relevant Interest Rate for the Floating Rate Interest Period (the "Floating Rate" corresponds to the [Reference Interest Rate] [Range Accrual Rate] [CMS Rate] as defined in Paragraph (1)[(d)][(e)] [insert other provisions, in particular, interest formula].] [The Floating Rate of the respective Floating Rate Interest Period is calculated as [mark-up] [a discount] of ● basis points on the [Reference Interest Rate] [Range Accrual Rate] [CMS Rate] [●].] [It amounts to a maximum of ● %.] [It amounts to a minimum of ● %.] [insert additional provisions on payment of interest, if necessary]] [(c)] [(d)] The Calculation Agent defined in Section 9 Paragraph (1) (whereas this term shall include any legal successor to this function) shall ensure that the specifications of the Floating Rate, the interest amounts for the respective Floating Rate Interest Period, and the respective Floating Rate Interest Payment Date are submitted to the Fiscal Agent, who, again, shall provide for the notification of the other Paying Agents as soon as possible after the relevant determination. The holders of the Instruments will be informed about the determination of the Floating Rate by the Fiscal Agent through the Clearing Systems. The determination of the Floating Rates and the interest payable in each case shall in any event be final and binding upon the parties involved, except in case of a manifest error. [(d)][(e)] For the calculation of the Floating Rate, the following definitions shall apply: [To be inserted in case of Floating Rate Series: The “Relevant Information Source” is the authoritative source of information for stipulating the Reference Interest Rate for the respective Floating Rate Interest Period, which, in the present case, is ●. The “Reference Interest Rate” is the [insert rate for deposits] relevant for the calculation of the Floating Rate applicable during the respective Floating Rate Interest Period and will be stipulated by the Calculation Agent in accordance with the following principles: [(i) The Calculation Agent will determine the Reference Interest Rate applicable to the respective Floating Rate Interest Period in the currency of the Instruments from the Relevant Information Source at or around [11.00] [●] [a.m.][p.m.] [Brussels] [London] time [on the first/second [TARGET] [London] [●] Bank Business Day before the commencement] [on the commencement date] of the respective Floating Rate Interest Period (the “Interest Determination Date”). (ii) If no Reference Interest Rate is published in the Relevant Information Source on the Interest Determination Date, the following shall apply: [(1)] The Calculation Agent will ask [●] [at least three banks] of international standing (“Banks”) to provide quotations for the Reference Interest Rate. If at least two Banks have quoted, the Reference Interest Rate for the relevant Floating Rate Interest Period will be the arithmetic mean of these quotations as calculated by the Calculation Agent (in application of the rounding provisions applicable to the respective Reference Interest Rate). [(2) If Reference Interest Rates in accordance with Paragraph (1)[(d)][(e)] Sub-section (ii)(1) are quoted by only one Bank on the Interest Determination Date, the Reference Interest Rate for the next Floating Rate Interest Period will be the rate quoted by this Bank on this Interest Determination Date.] V. Description of the Instruments – Product Group C Instruments 185

(iii) In the event that the Reference Interest Rate cannot be determined in accordance with Paragraph (1)[(d)][(e)] Sub- section (ii), the Rate published in the Relevant Information Source on the [TARGET] [London] [●] Bank Business Day that immediately precedes the Interest Determination Date will apply as the Reference Interest Rate to the following Floating Rate Interest Period.] [If any other method is to be applied to determine the Reference Interest Rate, please insert here] [To be inserted in case of Range Accrual Series: [“Range” are the values specified in Paragraph (1)[(e)][(f)] with regard to the respective Floating Rate Interest Period.] The “Base Value” will be determined by the Calculation Agent according to the following principles [insert principles]. “Observation Period” means [●] [the period with regard to a Floating Rate Interest Period that commences with the ● of such Floating Rate Interest Period and ends [with the ●] [before the last day] of the Floating Rate Interest Period]. “Observation Dates” means the total number of Determination Dates within the Observation Period. “Determined Interest Rate” is the rate specified for the respective Floating Rate Interest Period in Paragraph (1)[(e)][(f)]. “Determination Dates” are all [Bank Business Days] [calendar days] within an Observation Period. [If the Determination Dates are calendar days, insert: For Determination Dates during an Observation Period, which are days on which banks in ● are not open for business, the Base Value shall be determined by the Base Value of the immediately [preceding] [subsequent] Bank Business Day in ●.] The “Range Accrual Rate” shall be the product of the maximum interest rate to be determined by the Issuer (the “Deter- mined Interest Rate”) and a multiplication factor, which takes into account the number of days within the Observation Period on which the Base Value meets the interest requirement; for the calculation of the Range Accrual Rate, the following formula shall apply: Range Accrual Rate = Determined Interest Rate x (Floating Rate Interest Event Dates/Observation Dates)[, whereas the Range Accrual Rate for each Floating Rate Interest Period shall not be less than [●] per cent.] [insert other provisions on payment of interest, if applicable] [”Threshold” shall be the values specified in Paragraph [(e)][(f)].] "Floating Rate Interest Event Dates” shall be the Determination Dates during an Observation Period [on which the Base Value lies within the determined Range] [on which the Base Value lies [above the Threshold][below the Threshold]]. [insert other definitions, if required] [(e)][(f)] Overview on [Determined Interest Rate] [●] and [on the Range] [on the Threshold] dependent upon the Floating Rate Interest Period:

Floating Rate Interest Period [Range][Thresholds] of the Base Value [●] [Determined (as of/until) Floor Cap Interest Rate] [inclusively] [exclusively] [inclusively] [exclusively]

●●●●● ●●●●● ●●●●●

The “CMS Rate” shall be the [[insert relevant number of years]-year [insert currency] [ ●] Swap Rate (the ”Annual Swap Rate”) on which the calculation of the Floating Interest Rate is based during the respective Floating Rate Interest Period, which is determined by the Calculation Agent in accordance with the following principles: [(i) The Calculation Agent will determine the CMS Rate (as percentage rate per annum) applicable to the respective Floating Rate Interest Period on the basis of the Relevant Information Source at or around [11.00] [●] [a.m.] [p.m.] [Brussels] [London] time [on the first/second [TARGET] [London] [●] Bank Business Day before the commencement] [on the commencement date] of the respective Floating Rate Interest Period (the “Interest Determination Date”). (ii) If no CMS Rate can be determined on the basis of the Relevant Information Source on the Interest Determination Date, the following shall apply: [(1)] The Calculation Agent will ask [●] [at least three] banks of international standing (“Banks”) to provide their quotations for the Annual Swap Rate. If at least two Banks have quoted, the CMS Rate for the respective Floating Rate Interest Period will be determined on the basis of the arithmetic mean of these quotations as calculated by the Calculation Agent (rounded up/down in accordance with the relevant Swap practices). [(2) If Annual Swap Rates in accordance with Paragraph (1) [(d)][(e)] Sub-section (ii) (1) are quoted by only one Bank on the Interest Determination Date, the CMS Rate for the next Floating Rate Interest Period will be based on the rate quoted by this Bank on this Interest Determination Date.] (iii) In the event that the CMS Rate cannot be determined in accordance with Paragraph (1)[(d)][(e)] Sub-section (ii), the CMS Rate for the following Floating Rate Interest Period will be determined on the basis of the Rate published in the Relevant Information Source on the [TARGET] [London] [●] Bank Business Day which immediately precedes the Interest Determination Date.] [If any other method is to be applied to determine the CMS Rate, please insert here.]] [If applicable, insert other provisions, in particular, in case of interest formulas and combined interest structures.] (2) The interest payable on each Instrument will be calculated by relating the [Interest Rate] [or] [Floating Interest Rate] [(in this Section [consistently] referred to as the "Interest Rate")] applicable to the respective [Interest Period] [or] [Floating Rate Interest Period] [(in this Section [consistently] referred to as the “Interest Period”)] pursuant to Paragraph (1) and the Day Count Fraction as defined below to the par value of the Instrument. The interest amount calculated this way shall be rounded down to or, in case the value equals or exceeds half of a monetary unit, up to the next monetary unit in the currency in which the Instrument is denominated. With reference to the calculation of interest payable on Instruments for any period (the “Interest Calculation Period”), day count fractions (the “Day Count Fractions”) means: [If Actual/Actual (ICMA Regulation 251) is specified in the relevant Final Terms, insert: (a) in the event that the Interest Calculation Period is equal to or shorter than the period from one [Interest Payment Date] [or] [Floating Rate Interest Date] (inclusively) to the next [Interest Payment Date] [or] [Floating Rate Interest Date] (exclusively) (the “Interest Determination Period"): the number of days actually elapsed in this Interest Calculation Period divided by the product of (i) the number of days in this Interest Determination Period and (ii) the number of Interest Determination Periods within a calendar year. (b) in the event that the Interest Calculation Period exceeds the Interest Determination Period: the sum of (i) the number of days actually elapsed in the Interest Calculation Period, which fall in the first commencing Interest Determination Period of the Interest Calculation Period, divided by the product of (x) the number of days in this Interest Determination Period and (y) the number of Interest Determination Periods that fall within a calendar year and (ii) the number of days actually elapsed in the Interest Calculation Period falling in the next Interest Determination Period, divided by the product of (x) the number of days in this Interest Determination Period and (y) the number of Interest Determination Periods within a calendar year.] V. Description of the Instruments – Product Group C Instruments 187

[If Actual/365 (fixed) is specified in the relevant Final Terms, insert: the number of days actually elapsed in the Interest Calculation Period divided by 365.] [If Actual/360 is specified in the relevant Final Terms, insert: the number of days actually elapsed in the Interest Calculation Period divided by 360.] [If 30E/360 or Eurobond Basis is specified in the relevant Final Terms, insert: the number of days in the Interest Calculation Period divided by 360. The number of days is to be determined on the basis of a year of 360 days with 12 months of 30 days, each, without taking account of the first and last day of the Interest Calculation Period.] [If 30/360, 360/360 or Bond Basis is specified in the relevant Final Terms insert: the number of days in the Interest Calculation Period divided by 360, whereas the number of days is to be established on the basis of a year of 360 days with 12 months of 30 days, each, unless: (i) the last day of the Interest Calculation Period falls on the 31st day of a month, while the first day of the Interest Calculation Period falls neither on the 30th nor on the 31st day of a month, whereas the month comprising this day is not to be treated as a month reduced to 30 days in this case, or (ii) the last day of the Interest Calculation Period falls on the last day of February, whereas February is not to be treated as a month extended to 30 days in this case.] (3) If the relevant [Interest Payment Date] [or] [Floating Rate Interest Payment Date] [(in this paragraph consistently referred to as the “Interest Payment Date”)] is not a Bank Business Day, then [in case of ‘following’, insert: the holders shall not be entitled to receive payment before the next Bank Business Day. Holders are not entitled to demand further interest or other payments because of this deferment.] [in case of ‘modified following’, insert: Interest will be paid on the following Bank Business Day. The respective [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph consistently referred to as the "Interest Period")] will be extended accordingly. The following Interest Period will be shortened by the number of days by which the previous Interest Period was extended. However, if the following Bank Business Day falls within the following calendar month, interest due will be paid on the preceding Bank Business Day and the Interest Period will be shortened accordingly.] [in case of ‘preceding’, insert: Interest will be paid on the preceding Bank Business Day. The [Interest Period] [or] [Floating Rate Interest Period] [(in this paragraph consistently referred to as the "Interest Period")] will be shortened accordingly. The following Interest Period will be extended by the number of days by which the previous Interest Period was shortened.] (4) For these purposes, a “Bank Business Day” is a day on which [commercial banks and foreign exchange markets in ● [insert location] settle payments in ● [insert currency], [on which banks are open for business in any relevant place of presentation] [and] [all relevant parts of the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are operating to transfer the respective payments]. (5) Accrual of interest on the Instruments will end on expiry of the date preceding the date on which the Instruments are due for redemption; this also applies if payment is effected on a later date under Section 193 German Civil Code (BGB). Should the Issuer fail to redeem the Instruments on the maturity date or not redeem the Instruments in full, the accrual of interest on the outstanding [par value] [in case of Zero Coupon Series: amount] of the Instruments will not end on the maturity date (Section 4), but upon actual redemption of the Instruments. However, interest on the respective outstanding amount will be owed for a maximum of 14 days as of the date on which the amounts necessary to settle all debts under the Instruments have been provided to the Fiscal Agent and notice thereof has been given by publication in accordance with Section 11. The interest rate then applicable is based on the legal provisions, unless [the interest rate agreed in accordance with Paragraph (1)] [in case of Zero Coupon Series: the issuing yield in the amount of ● % per annum] is higher than the legally stipulated interest rate. In this case, [the agreed interest rate will continue to apply] [in case of Zero Coupon Series: the Instruments will continue to accrue interest at the issuing yield rate]. 188 V. Description of the Instruments – Product Group C Instruments

§ 4 Redemption of Instruments The Instruments will be redeemed on ● (the “Maturity Date”) [at par value] [in case of Zero Coupon Series: at the amortised face value (as defined in Section 6 Paragraph [(2)][(3)]] [in ● [insert currency]. If the Maturity Date falls on a day that is not a Bank Business Day (as defined in Section 3 Paragraph (4)), the Instruments will be redeemed on the following Bank Business Day.

§ 5 Repurchase of Instruments The Issuer is entitled to purchase Instruments in the market or elsewhere at any time and to hold them, redeem them or re-sell them at its own discretion.

§ 6 Early Redemption [in case of Zero Coupon Series, insert:, Redemption Amount] [(1)] Should the Issuer after the issue of Instruments which are unsubordinated be obliged to pay additional amounts in accordance with Section 7 as a result of a change affecting the legal provisions applying in the country in which the Issuer’s registered office is situated or as a result of a change in their application or official interpretation, the Issuer subject to a 30- to 60-days’ notice shall be entitled to announce in accordance with Section 11 that it calls in the outstanding Instruments in total – but not in part – for early redemption at [par value plus interest accrued until the date determined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: amortised face value (as defined below)]. However, notice of this kind may be given no earlier than 90 days before the date on which the change in the legal provisions or their application or their official interpretation comes into effect. [(2)] [To be inserted in case of a Redemption of Unsubordinated Instruments only at the option of the Issuer (call): The Issuer may give notice that the Instruments will be redeemed in total, but not in part, [at their par value (the “Redemption Amount”) plus the accrued interest accumulated up to the date destined for redemption and calculated pursuant to Section 3 Paragraph (2)] [in case of Zero Coupon Series: at the amortised face value (as defined below)] [in each case] effective as of ● with a notice period of ● days to repayment. Notice of termination is to be given in accordance with Section 11.] [(3)] [To be inserted in case of Zero Coupon Series: The amortised face value corresponds to the sum of the (i) ● (the “Issue Price”) and (ii) the product of the Issue Price and ● (the “Issuing Yield”) (annually capitalised) relating to the period that starts on ● (the “Issue Date”) (inclusively) and ends on the redemption date (exclusively). If this period does not equate to a whole number of calendar years, the calculation is based on day count fractions, as predefined in Section 3 Paragraph (2). The “Redemption Date” for the purposes of this Section 6 Paragraph [(2)][(3)] is the earlier of the days on which the Instruments are called for early redemption or on which the early payment takes place.]

§ 7 Withholding Tax (1) Principal and interest on the Instruments are to be paid without withholding or deduction for present or future taxes, contributions or fees that may be imposed, levied or collected by the country or in the country where the Issuer’s registered office is located (“Withholding Taxes”) unless a withholding or deduction of this kind is prescribed by law. If a withholding or deduction of Withholding Taxes is prescribed by law, the Issuer will be obliged to pay those additional amounts to the holders of the Instruments that are needed to ensure that the net amounts received by the holders of the Instruments after withholdings or deductions of this kind correspond to the respective amounts of capital and interest that they would have received without withholdings or deductions of this kind. However, the Issuer is not obliged to pay additional amounts with respect to Withholding Taxes of this kind: V. Description of the Instruments – Product Group C Instruments 189

(a) that are withheld or deducted by a credit or financial institution in Germany (or a branch office of a foreign credit or financial institution situated in Germany) because it has kept or administered or keeps or administers the Instru- ments in its capacity as custodian bank or collection agent of the holder, or in a similar capacity; or (b) that are avoidable or would have been avoidable through fulfilment of statutory requirements or through the submission of a declaration of non-residence or by otherwise enforcing a claim for exemption vis à vis the relevant tax authority; or (c) that are only payable because the holder of the Instruments has another relationship with the country in which the Issuer’s registered office is situated other than merely the fact that he is a holder of the Instruments [or the interest coupon] on which the payment is effected; or (d) that the holder of the Instruments would not be subject to if he had demanded payment of capital and interest within 30 days of the respective Maturity Date or after the date on which the moneys needed for a payment of this kind were received by the Fiscal Agent and this has been announced in accordance with Section 11; or (e) that are deducted or retained by a Paying Agent, if the payment could have been effected by another Paying Agent, in particular, a foreign Paying Agent, without a withholding or deduction of this kind; or (f) that are only deducted or retained because Instruments or interest coupons are effectively presented for redemption; or (g) that are deducted or retained on the basis of a directive or regulation of the European Union relating to the taxation of interest income or an inter-governmental agreement on its taxation in which the Federal Republic of Germany or the European Union is involved or a provision that implements or follows this directive, regulation or agreement; or (h) that are deducted or retained because the beneficial owner of the Instruments is not the legal owner (holder) of the Instruments and the deduction or withholding in respect of payments to the beneficial owner would not have been made or a payment of additional amounts to the beneficial owner in accordance with above regulations (a) to (g) would have been avoidable, if the beneficial owner of the Instruments had himself been the legal owner (holder). (2) Each reference in these Terms and Conditions in connection with the amount of capital and interest to be paid also encompasses additional amounts in accordance with the present Section 7.

§ 8 Fiscal Agent, Paying Agents [, Calculation Agent]; Payments (1) The initially appointed Fiscal Agent [and] [,] the initially appointed Paying Agent(s) [and the initially appointed Calculation Agent] as well as their initially appointed offices are as follows: Fiscal Agent: ● Paying Agent(s): ● [Calculation Agent: ●] The Fiscal Agent [and] [,] the Paying Agent(s) [and the Calculation Agent] reserve the right to replace the designated office with another designated office in the same town at any time. (2) The Issuer reserves the right to change or terminate the appointment of a Fiscal Agent or a Paying Agent [or a Calculation Agent] at any time and to appoint another Fiscal Agent or another/an additional Paying Agent(s) [or another Calculation Agent] at any time. At all times, the Issuer will maintain (i) a Fiscal Agent and (ii) a Paying Agent (who may be the Fiscal Agent) with a designated office in a continental European city [and (iii) as long as the Instruments are listed on the stock exchange ●, a Pay- ing Agent (which may be the Fiscal Agent) with a designated office at the stock exchange’s registered office and/or at such other places as required by the rules of this stock exchange] [and (iv) if payments are illegal or actually excluded at or by the offices of all Paying Agents outside the United States because of the introduction of exchange restrictions or 190 V. Description of the Instruments – Product Group C Instruments

§ 9 Presentation Period The presentation period stipulated in Section 801 Paragraph (1) Sentence 1 German Civil Code (BGB) is reduced to 10 years for the Instruments.

§ 10 Issue of further Instruments The Issuer reserves the right to issue further Instruments with the same terms without the consent of the holders in such a way that they will be consolidated with the Instruments, form a uniform Series with them and increase their total par value. In the event of an increase of this kind, the term “Instruments” also encompasses additional Instruments issued in this way.

§ 11 Announcements [(1)] [To be inserted in case of Instruments listed at the Luxembourg Stock Exchange: For the Instruments, announcements will be made in a leading daily newspaper with a circulation in all of Luxembourg.] [To be inserted in case of Instruments listed at another stock exchange: For the Instruments, announcements will be made in line with the rules of the stock exchange on which the Instruments are listed.] [To be inserted, if an announcement by electronic publication on the website of the respective stock exchange is possible: Announcements for the Instruments shall be made by way of electronic publication on the website of [insert respective stock exchange] (www.[insert internet address]).] [(2) Every announcement will be deemed to be effective on the date of publication (on the date of the first publication of this kind in the case of several publications).] [(3)] [In case of unlisted Instruments, insert: The Issuer shall submit all announcements relating to the Instruments to the Clearing System to be forwarded to the holders. Any such announcement shall be deemed to have been made to the holders of the Instruments on the third day after the day of the notification to the Clearing System.] V. Description of the Instruments – Product Group C Instruments 191

[To be inserted in case of Instruments listed on the Luxembourg Stock Exchange: As long as the Instruments are listed on the Luxembourg Stock Exchange, Paragraph (1) shall apply. As far as announcements on the interest rate are concerned or to the extent permitted by the rules of the Luxembourg Stock Exchange, the Issuer may replace the announcement pursuant to Paragraph (1) by an announcement to the Clearing Systems to be forwarded to the holders of the Instruments. Any such announcement shall be deemed to have been made to the holders on the third day after the day on which the announcement has been made to the Clearing System.] [To be inserted in case of Instruments listed on another stock exchange: The Issuer is entitled to replace an announcement in a newspaper in accordance with Paragraph (1) with a notice to the Clearing Systems to be forwarded to the holders provided that the rules of the stock exchange on which the instruments are listed permit this form of announcement. Each notification of this kind will be deemed to have been made to the holders from the 3rd day after the date of its notification to the Clearing Systems.]

§ 12 Miscellaneous (1) The form and content of the Instruments as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. [The English language version of the printed Terms and Conditions is for information only and is non-binding. Only the German language version of the printed Terms and Conditions is legally binding.] (2) Hanover is the place of performance in connection with the Instruments. For merchants, legal persons under public law and special governmental funds and persons without a general place of jurisdiction in the Federal Republic of Germany, Hanover is the non-exclusive place of jurisdiction for all disputes arising in connection with the matters regulated in the Terms and Conditions. (3) Should one of the provisions of these Terms and Conditions be or become ineffective or invalid in whole or in part, this will not affect the remaining provisions. [The ineffective or invalid provision is to be replaced by an effective or valid provision, which comes as close as possible to the commercial intent of the ineffective or invalid provision.] (4) In legal disputes against the Issuer or legal disputes in which the holder and Issuer are involved, each holder of the Instruments that are represented by global notes may protect and assert his rights under his Instruments in his own name by presenting the following documents: [to be inserted in case of classic Global Notes: (a) a certificate from his Depository Bank that states (i) the full name and full address of the holder; (ii) gives a total par value for the Instruments that are credited to the holder’s securities deposit account with this Depository Bank on the date this certificate is issued and (iii) confirms that the Depository Bank has sent a written notification to Clearstream Frankfurt or the common depository of Clearstream Luxembourg or Euroclear (the “Common Depository”) containing the details in (i) and (ii) and bearing the certificate of Clearstream Frankfurt or the Common Depository and the Clearstream Frankfurt account holder in question or the participant in Clearstream, Luxembourg or Euroclear, as well as (b) a copy of the Global Note certified by an authorised representative of Clearstream Frankfurt or the Common Depository.] [insert other provisions in case of New Global Notes, if necessary] For the purposes of the above provisions of this Section 12 Paragraph (4), “Depository Bank” is a bank or other credit institution (including Clearstream Frankfurt, Clearstream Luxembourg and Euroclear), which has the necessary permits for securities deposit business and with which the holder has Instruments held on deposit. 192 V. Description of the Instruments – Product Group C Instruments

3.c) Final Terms

Form of Final Terms of Product Group C Instruments Muster der endgültigen Bedingungen für Schuldverschreibungen der Produktgruppe C

Final Terms Endgültige Bedingungen

[Date] [Datum]

[Title of relevant Series of Instruments] issued pursuant to the [Bezeichnung der betreffenden Serie der Schuldverschreibungen] begeben aufgrund des

Euro 25,000,000,000 Programme for the Issuance of Debt Instruments

of der

Norddeutsche Landesbank Girozentrale

These Final Terms are issued to give details of an issue of Instruments under the EUR 25,000,000,000 Programme for the Issuance of Debt Instruments (the “Programme”) of Norddeutsche Landesbank Girozentrale (“the Issuer”). The Final Terms attached to the Prospectus related to the Programme dated ● as may be updated from time to time by Supplements, are presented in the form of a separate document containing only the final terms according to Article 26 para. 5 subpara. 2 of the Commission’s Regulation (EC) No 809/2004 of 29 April 2004 (the “Prospectus Regulation”). The Prospectus as well as any Supplement(s) thereto [and the Final Terms] have been published on the website of the Issuer (http://www.nordlb.de). Diese Endgültigen Bedingungen enthalten Angaben zur Emission von Schuldverschreibungen unter dem EUR 25.000.000.000 Programme for the Issuance of Debt Instruments (das „Programm“) der Norddeutsche Landesbank Girozentrale (die „Emittentin“). Die Endgültigen Bedingungen zum Prospekt zu dem Programm vom ●, gegebenenfalls aktualisiert um etwaige Nachträge, werden gemäß Art. 26 Abs. 5 Satz 2 der Verordnung der Europäischen Kommission (EG) Nr. 809/2004 vom 29. April 2004 (die „Prospektverordnung“) in Form eines gesonderten Dokuments präsentiert. Der Prospekt sowie etwaige Nachträge [und die Endgültigen Bedingungen] wurden auf der Website der Emittentin veröffentlicht (http://www.nordlb.de). V. Description of the Instruments – Product Group C Instruments 193

The Final Terms of the Instruments must be read in conjunction with the Prospectus as may be updated by Supplements. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus as may be supplemented. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions. Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die End- gültigen Bedingungen und der Prospekt ergänzt um etwaige Nachträge zusammen gelesen werden. Begriffe, die in den Anleihe- bedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden. [In case of the increase of a Series issued under a Prospectus with an earlier date insert the following alternative language: The Final Terms are to be read in conjunction with the Prospectus as may be updated by Supplements, save in respect of the Terms and Conditions which are extracted from the Prospectus dated [original date] [and supplemented on ●] and are attached hereto. Full information on the Issuer and the offer of the Instruments is only available on the basis of the combination of these Final Terms and the Prospectus [as so supplemented] and the Prospectus dated [original date] [and supplemented on ●]. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions.] [Im Falle einer Aufstockung einer Serie, die unter einem Prospekt mit einem früheren Datum begeben wurde, die folgende alternative Formulierung einfügen: Die Endgültigen Bedingungen müssen in Verbindung mit dem Prospekt ergänzt um etwaige Nachträge gelesen werden. Dies gilt nicht für die Anleihebedingungen, welche dem Prospekt vom [Orginaldatum] [und ergänzt um einen Nachtrag am ●] zu entnehmen sind und diesem Dokument beigefügt werden. Eine vollständige Information über die Emittentin und das Angebot der Schuldverschreibungen ist nur möglich, wenn die Endgültigen Bedingungen und der Basisprospekt [ergänzt um etwaige Nachträge] sowie der Prospekt vom [Originaldatum] [und ergänzt um einen Nachtrag am ●] zusammen gelesen werden. Begriffe in Großbuchstaben, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung wie in den Anleihebedingungen festgelegt.] All references in this Final Terms to numbered Sections and Paragraphs are to Sections and Paragraphs of the Terms and Conditions, if not otherwise specified. Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Anleihebedingungen, soweit nichts Anderes angegeben ist. [To be inserted in case of Long-Form Conditions: All provisions in the Terms and Conditions corresponding to items in these Final Terms which are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and conditions applicable to the Instruments (the “Conditions”).] [Im Fall von nicht-konsolidierten Bedingungen einfügen: Sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt sind oder die gestrichen sind, gelten als in den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die „Bedingungen“) als gestrichen.] [To be inserted in case of Integrated Conditions: The conditions applicable to the Instruments (the “Conditions”) and the English language translation thereof, if any, are based on the provisions of this Prospectus and are attached to this Final Terms and replace in full the Terms and Conditions of the Instruments as set out in the Prospectus and take precedence over any conflicting provisions in this Final Terms.] [Im Fall von konsolidierten Bedingungen einfügen: Die für die Schuldverschreibungen geltenden Anleihebedingungen (die „Bedingungen“) sowie eine etwaige englischsprachige Übersetzung wurden auf der Grundlage der Vorgaben des Prospekts erstellt und sind diesen Endgültigen Bedingungen bei- gefügt. Die Bedingungen ersetzen in Gänze die im Prospekt abgedruckten Anleihebedingungen und gehen etwaigen ab- weichenden Bestimmungen dieser Endgültigen Bedingungen vor.] 194 V. Description of the Instruments – Product Group C Instruments

PART I - GENERAL INFORMATION TEIL I - ALLGEMEINE INFORMATIONEN

1. Issue Price [ ] per cent. Ausgabepreis [ ] % 2. Issue Date1) [ ] Tag der Begebung1) 3. Series No. Serien Nr. Tranche No. [ ] [not applicable] Tranche Nr. [ ] [nicht anwendbar] 4. Form of Conditions (see also Section IX Subsection 1) of the Prospectus2) Form der Bedingungen (zur Erklärung siehe Abschnitt IX Nr. 1) des Prospekts2) Long-Form Conditions Nicht-konsolidierte Bedingungen Integrated Conditions Konsolidierte Bedingungen 5. Language of Conditions3) Sprache der Bedingungen3) German only ausschließlich Deutsch German and English (German controlling)4) Deutsch und Englisch (deutscher Text maßgeblich)4) English only Ausschließlich Englisch 6. Pfandbriefe Mortgage Pfandbriefe Hypothekenpfandbriefe Public Sector Pfandbriefe Öffentliche Pfandbriefe

1) The Issue Date is the date of payment and settlement of the Instruments. In the case of free delivery, the Issue Date is the delivery date. Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Tag der Begebung der Tag der Lieferung. 2) To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Instruments in bearer form sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Instruments in bearer form sold on a syndicated basis. Integrated Conditions will also be required where the Instruments are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors. Die Form der Bedingungen ist in Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass nicht-konsolidierte Bedingungen für Schuldverschreibungen verwendet werden, die auf nicht-syndizierter Basis verkauft und die nicht öffentlich angeboten werden. Konsolidierte Bedingungen werden in der Regel für Schuldverschreibungen verwendet, die auf syndizierter Basis verkauft werden. Konsolidierte Bedingungen sind auch erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise an Privatinvestoren verkauft oder öffentlich angeboten werden. 3) According to Section 12 Paragraph 1 form and content of the Instuments and possible interest coupons as well as the rights and duties of the holders and the Issuer are determined by German law in every respect. Form und Inhalt der Schuldverschreibungen und etwaiger Zinsscheine sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich gem. § 12 Absatz 1 der Anleihebedingungen in jeder Hinsicht nach deutschem Recht. 4) According to Section 12 Paragraph 1 Sentence (2) the English language form of the printed Terms and Conditions is for information only and is non-binding. Only the German laguage version of the printing Terms Conditions is legally binding. Die englische Sprachfassung der abgedruckten Anleihebedingungen dient gem. § 12 Absatz 1 Satz (2) lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen. V. Description of the Instruments – Product Group C Instruments 195

7. Method of distribution Vertriebsmethode Non-syndicated nicht-syndiziert Syndicated Syndiziert 8. Securities Identification Numbers Wertpapier-Kennnummern Common Code [ ] Common Code ISIN Code [ ] ISIN-Code German Securities Code [ ] Wertpapier-Kennnummer (WKN) Any other securities number [ ] Sonstige Wertpapier-Kennnummer

PART II - INFORMATION RELATED TO SPECIFIC ARTICLES OF TERMS AND CONDITIONS TEIL II - INFORMATIONEN IN BEZUG AUF EINZELNE ARTIKEL DER ANLEIHEBEDINGUNGEN

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1) 1. Specified Currency [ ] Festgelegte Währung 2. Total Par Value [ ] Gesamtnennbetrag Par Value of the Series Nennbetrag der Serie Par Value of the Tranche Nennbetrag der Tranche If fungible with an existing Series, details of that Series, including the date on which the Instruments become fungible [ ] [not applicable] Bei Fungibilität mit einer bestehenden Serie, Einzelheiten dieser Serie und das Datum, ab wann Fungibilität besteht, einfügen [ ] [nicht anwendbar] 3. Number of Instruments to be issued in each Specified Denomination [ ] Zahl der in jeder Stückelung auszugebenden Schuldverschreibungen 4. Specified Denomination [ ] Festgelegte Stückelung 5. Type of Global Note Art der Globalurkunde New Global Note [ ] Neue Globalurkunde Classic Global Note Klassische Globalurkunde 196 V. Description of the Instruments – Product Group C Instruments

Documentation Verbriefung Temporary Global Note exchangeable for Permanent Global Note with certification of non-US beneficial ownership Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde mit Bescheinigung des Nichtbestehens von US Inhaberschaft Permanent Global Note Dauerglobalurkunde Other (specify) [ ] Sonstige (angeben) Authorised officer, if not Fiscal Agent [ ] Kontrollbeauftragter, wenn nicht Fiscal Agent 6. Clearing System Clearstream Banking AG Neue Börsenstraße 1 D-60485 Frankfurt am Main Euroclear Bank S.A./N.V. (Euroclear Operator) 1 Boulevard du Roi Albert II B-1210 Brussels Clearstream Banking S.A., Luxembourg 42 Avenue JF Kennedy L-1855 Luxembourg Other (specify) [ ] Sonstige (angeben) INTEREST (§ 3) ZINSEN (§ 3) 7. Fixed Rate Instruments Provisions Modalitäten für Festverzinsliche Schuldverschreibungen Interest Rate [ ] per cent. per annum Zinssatz [ ] % per annum Interest Commencement Date [ ] Verzinsungsbeginn Interest Payment Date(s) [ ] Zinszahlungstage(e) First Interest Payment Date [ ] Erster Zinszahlungstag Initial Broken Amount(s) (per specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jede festgelegte Stückelung) Interest Payment Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht V. Description of the Instruments – Product Group C Instruments 197

Final Broken Amount(s) (per specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Other (specify) [ ] Sonstige (angeben) Step-up/step-down Instruments provisions Modalitäten für Step-up/Step-down Schuldverschreibungen First Rate of Interest [ ]per cent. p.a. Erster Zinssatz [ ] % p.a. Interest Commencement Date First Rate of Interest/up to (excluding) [ ] Verzinsungsbeginn erster Zinssatz/bis (ausschließlich) Second Rate of Interest [ ]per cent. p.a. Zweiter Zinssatz [ ] % p.a. Interest Commencement Date Second Rate of Interest/up to (excluding) [ ] Verzinsungsbeginn zweiter Zinssatz/bis (ausschließlich) Further Rates of Interest [ ]per cent. p.a. Weitere Zinssätze [ ] % p.a. Interest Commencement Date Further Rates of Interest/up to (excluding) [ ] Verzinsungsbeginn weitere Zinssätze/bis (ausschließlich) Interest Payment Date(s) [ ] Zinszahlungstag(e) First Interest Payment Date [ ] Erster Zinszahlungstag Initial Broken Amount(s) (per specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jede festgelegte Stückelung) Interest Payment Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht Final Broken Amount(s) (per specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Zero Coupon Instruments Provisions Modalitäten für Nullkupon-Schuldverschreibungen Amortization Yield [ ] Emissionsrendite Floating Rate Instruments Provisions Modalitäten für variabel verzinsliche Schuldverschreibungen Floating Rate Interest Commencement Date [ ] Variabler Verzinsungsbeginn Floating Rate Interest Payment Dates [ ] Variable Zinszahlungstage 198 V. Description of the Instruments – Product Group C Instruments

Floating Rate Interest Period(s) [ ] [weeks/months/other – specify] Variable Zinsperiode(n) [ ] [Wochen/Monate/andere – angeben] First Floating Rate Interest Payment Date [ ] Erster variabler Zinszahlungstag Reference Interest Rate and Relevant Information Source Referenzzinssatz und Relevante Informationsquelle EURIBOR (Brussels time/TARGET Business Day/ EURIBOR-Panel/Eurozone Interbank Market) EURIBOR (Brüsseler Zeit/TARGET Bankarbeitstag/ EURIBOR-Panel/Eurozone Interbankenmarkt) Screen page [ ] Bildschirmseite LIBOR (London time/London Business Day/City of London/ London Office/London Interbank Market) LIBOR (Londoner Ortszeit/Londoner Bankarbeitstag/City of London/ Londoner Geschäftsstelle/Londoner Interbankenmarkt) Screen page [ ] Bildschirmseite Other (specify) [ ] Sonstige (angeben) Screen page [ ] Bildschirmseite Interest Determination Date Zinsfestsetzungstag second Business Day prior to commencement of Interest Period zweiter Bankarbeitstag vor Beginn der jeweiligen Zinsperiode Other (specify) [ ] Sonstige (angeben) Reference Banks Referenzbanken Five banks of international standing Fünf Banken mit internationalem Standing Three banks of international standing Drei Banken mit internationalem Standing Other Method of Determination of the Reference Interest Rate and the Relevant Information Source (insert details including Interest Determination Date, Reference Banks, fallback provisions) [ ] Andere Grundsätze der Bestimmung des Referenzzinssatzes und der Relevanten Informationsquelle (Einzelheiten angeben einschließlich Zinsfestlegungstag, Referenzbanken, Ausweichbestimmungen) Combination of Fixed Rate Instruments provisions and Floating Rate Instruments provisions (insert details) [ ] Kombination von Modalitäten für Festverzinsliche Schuldverschreibungen und Modalitäten für variabel verzinsliche Schuldverschreibungen (Einzelheiten angeben) V. Description of the Instruments – Product Group C Instruments 199

Range Accrual Instruments provisions (insert details) [ ] Modalitäten für Range Accrual Instruments (Einzelheiten angeben) CMS Instruments provisions (insert details) [ ] Modalitäten für CMS-gebundene Schuldverschreibungen (Einzelheiten angeben) Other interest provisions (insert details, in particular in case of interest formulas or combined interest structures) [ ] Andere Zinsbestimmungen (Einzelheiten angeben, insbesondere im Fall von Zinsformeln und Kombinationen zwischen Verzinsungsstrukturen) 8. Day Count Fraction Zinstagequotient Actual/Actual (ICMA Rule 251) Actual/365 (Fixed) Actual/360 30/360 or 360/360 (Bond Basis) 30E/360 (Eurobond Basis) Adjustment Anpassung Other relevant methodology (specify) [ ] Andere anwendbare Methode (angeben) 9. Business Day Convention Geschäftstag-Konvention Modified Following Business Day Convention Modifizierte folgender Geschäftstag-Konvention FRN Convention (specify period(s)) [ ] [months/other– specify] FRN Konvention (Zeitraum (Zeiträume) angeben) [ ] [Monate/andere – angeben] Following Business Day Convention Folgender Geschäftstag-Konvention Preceding Business Day Convention Vorangegangener Geschäftstag-Konvention 10. Margin [ ] per cent. p.a. Marge [ ] % p.a. plus plus minus minus 11. Minimum and Maximum Rate of Interest Mindest- und Höchstzinssatz Minimum Rate of Interest [ ] per cent. p.a. Mindestzinssatz [ ] % p.a. Maximum Rate of Interest [ ] per cent. p.a. Höchstzinssatz [ ] % p.a. 200 V. Description of the Instruments – Product Group C Instruments

12. Other general provisions related to interest Andere allgemeine Modalitäten bezogen auf die Verzinsung Currency [ ] Währung Bank Business Days (location) [ ] Bankarbeitstage (Ort) REDEMPTION (§ 4) RÜCKZAHLUNG (§ 4) 13. Final Redemption at par value at maturity Einlösung bei Endfälligkeit zum Nennbetrag Maturity Date [ ] Fälligkeitstag EARLYREDEMPTION (§ 6) VORZEITIGE RÜCKZAHLUNG (§ 6) 14. Early Redemption Vorzeitige Rückzahlung Early Redemption at the Option of the Issuer (Call) Vorzeitige Rückzahlung nach Wahl der Emittentin (Call) Redemption Amount [ ] Rückzahlungsbetrag Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call) Notice to Holders [ ] Ankündigungsfrist FISCAL AGENT, PAYING AGENTS, CALCULATION AGENT (§ 8) FISCAL AGENT, ZAHLSTELLEN, BERECHNUNGSSTELLE (§ 8) 15. Calculation Agent, if not Fiscal Agent/specified office [ ] Berechnungsstelle, wenn nicht Fiscal Agent/bezeichnete Geschäftsstelle Paying Agent(s)/specified office(s) [ ] Zahlstelle(n)/bezeichnete Geschäftsstelle(n) Fiscal Agent/specified office [ ] Fiscal Agent/bezeichnete Geschäftsstelle Currency [ ] Währung Stock Exchange [ ] Börse V. Description of the Instruments – Product Group C Instruments 201

ANNOUNCEMENTS (§ 11) BEKANNTMACHUNGEN (§ 11) 16. Place and medium of announcement Ort und Medium der Bekanntmachung Luxembourg (d’Wort) Luxemburg (d’Wort) Internet address [ ] Internetadresse Clearing System Clearing System Other (specify) [ ] Sonstige (angeben)

PART III - OTHER INFORMATION PART III - WEITERE INFORMATIONEN

1. Risk factors (specifying risks described in Section II of the Prospectus) [none/specifiy details] Risikofaktoren (konkretisierend zu den Risikofaktoren, die in Abschnitt II im Prospekt beschrieben sind) [keine/Einzelheiten einfügen] 2. Interest of natural and legal persons involved in the issue/offer [none/specifiy details] Interessen von Seiten natürlicher und juristischer Personen, die an der Emission/dem Angebot beteiligt sind [keine/Einzelheiten einfügen] 3. Reasons for the offer and use of proceeds (if different from making profit and/or heding risks)5) [none/specify details] Gründe für das Angebot und Verwendung der Erträge (wenn nicht die Ziele Gewinnerzielung und/oder Absicherung bestimmter Risiken im Vordergrund stehen)5) [keine/Einzelheiten einfügen] Estimated net proceeds6) [ ] Geschätzter Nettobetrag der Erträge6) Estimated total expenses [ ] Geschätzte Gesamtkosten 4. Information concerning the Instruments (other than related to specific articles of terms and conditions) Informationen über die Schuldverschreibungen (andere als die auf bestimmte Artikel der Anleihebedingungen bezogenen)

5) Delete if the minimum denomination of Instruments is EUR 50,000. Zu löschen bei einer Mindeststückelung der Schuldverschreibungen von EUR 50.000. 6) If proceeds are intended for more than one use will need to split out and present in order of priority. If proceeds are insufficient to fund all proposed uses state amount and sources of other funding. Wenn die Erträge mehreren Zwecken dienen sollen, hat die Darstellung nach den Prioritäten der Verwendung der Erträge zu erfolgen. Wenn die Erträge nicht ausreichen, um all vorgeschlagenen Verwendungszwecke zu decken, sind der Betrag und die Quellen anderer Mittel anzugeben. 202 V. Description of the Instruments – Product Group C Instruments

Information concerning interest rates (in addition to Section V. Subsection 1.a) and 3.a) of the Prospectus) [ ] Informationen zur Verzinsung (ergänzend zu Abschnitt V. Nr. 1.a) und 3.a) des Prospekts) Information concerning the underlying (in addition to Section V. Subsection 1.a) and 3.a) of the Prospectus)7) [ ] Informationen zum Basiswert (ergänzend zu Abschnitt V. Nr. 1.a) und 3.a) des Prospekts)7) Yield on issue price8) [ ] Emissionsrendite8) Method of calculating the yield (for an explanation see Section IV. Subsection 3.a) of the Prospectus)9) Berechnungsmethode der Rendite (für eine Erläuterung siehe Abschnitt IV. Nr. 3.a) des Prospekts)9) Internal Rate of Return Method Zinsfußmethode ICMA Method ICMA Methode Other method (specify) [ ] Andere Methode (angeben) Information on taxes on the income from the Instruments withheld at source in respect of countries where the offer is being made or admission to trading is being sought (in addition to Section VII of the Prospectus)10) [none/specify details/not applicable] Informationen über die an der Quelle einbehaltene Einkommensteuer auf Schuldverschreibungen hinsichtlich der Länder in denen das Angebot unterbreitet oder die Zulassung zum Handel beantragt wird (in Ergänzung zu Abschnitt VII des Prospekts)10) [keine/Einzelheiten einfügen/nicht anwendbar] 5. Additional information Zusätzliche Informationen Rating of the Instruments11) [none/specify details] Rating der Schuldverschreibungen11) [keine/Einzelheiten einfügen]

7) Where the rate is not fixed, description of the underlying on which it is based and of the method used to relate the two and an indication where information about the past and the further performance of the underlying and its volatility can be obtained; if the security has a derivative component in the interest payment, provide a clear and comprehensive explanation to help investors understand how the value of their investment is affected by the value of the underlying instrument(s), especially under the circumstances when the risks are most evident. In case of Instruments with a minimum denomination of EUR 50,000 a description of the underlying on which it is based and of the method used to relate the two is sufficient. Ist der Zinssatz nicht festgelegt, Beschreibung des zugrunde liegenden Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte und Angabe, wo Informationen über die vergangene und künftige Wertentwicklung des zugrunde liegenden Basiswertes und seiner Volatilität eingeholt werden können; wenn das Wertpapier eine derivative Komponente bei der Zinszahlung hat, ist eine klare und umfassende Erläuterung beizubringen, die den Anlegern verständlich macht, wie der Wert ihrer Anlage durch den Wert des Basisinstruments/der Basisinstrumente beeinflusst wird, insbesondere in Fällen, in denen die Risiken sehr offensichtlich sind. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000 ist eine Beschreibung des Basiswertes, auf den er sich stützt, und der verwendeten Methode zur Verbindung beider Werte ausreichend. 8) Only applicable to Fixed Rate Instruments with a fixed maturity date. The calculation of yield is carried out on the basis of the Issue Price. Nur für festverzinsliche Schuldverschreibungen mit fester Fälligkeit anwendbar. Berechnung der Rendite erfolgt auf Basis des Ausgabekurses. 9) Delete in case of Instruments with a mimimum denomination of EUR 50,000. Zu löschen im Fall von Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 10) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 11) In the case of Instruments with a minimum denomination of less than EUR 50,000 give brief explanation of the meaning of the ratings if this has previously been published by the rating provider. Im Fall von Schuldverschreibungen mit einer Mindeststückelung von weniger als EUR 50.000 kurze Erklärung zur Bedeutung des Ratings angeben, falls diese vorher von dem Ersteller des Ratings veröffentlicht wurde V. Description of the Instruments – Product Group C Instruments 203

PART IV - TERMS AND CONDITIONS OF THE OFFER12) PART IV - BEDINGUNGEN UND VORAUSSETZUNGEN FÜR DAS ANGEBOT12)

1. Conditions, offer statistics, expected time table and action required to apply for offer Bedingungen, Angebotsstatistiken, erwarteter Zeitplan und erforderliche Maßnahmen für die Antragstellung Conditions to which the offer is subject [none/specify details] Bedingungen, denen das Angebot unterliegt [keine/Einzelheiten einfügen] Time period, including any possible amendments, during which the offer will be open [not applicable/specify details] Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt [nicht anwendbar/Einzelheiten einfügen] A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants [not applicable/specify details] Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner [nicht anwendbar/Einzelheiten einfügen] Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate amount to invest) [not applicable/specify details] Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung (entweder in Form der Anzahl der Schuldverschreibungen oder des aggregierten zu investierenden Betrags) [nicht anwendbar/Einzelheiten einfügen] Method and time limits for paying up the securities and for its delivery [not applicable/specify details] Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung [nicht anwendbar/Einzelheiten einfügen] Manner and date in which results of the offer are to be made public [not applicable/specify details] Art und Weise und des Termins, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind [nicht anwendbar/Einzelheiten einfügen] 2. Plan of distribution and allotment Plan für die Aufteilung der Wertpapiere und deren Zuteilung Various categories of potential investors to which the Instruments are offered Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen angeboten wurden Professional investors Qualifizierte Anleger Others (specify details) [ ] Andere (Einzelheiten einfügen) Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made [not applicable/specify details] Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist [nicht anwendbar/Einzelheiten einfügen]

12) Information items contained in Part IV No. 1 and No. 2 are not applicable in the case of non-syndicated Instruments that are not offered to the public pursuant to Section 3 Para. 1 and Para. 2 of the Wertpapierprospektgesetz and Article 3 Para. 1 and Para. 2 of the Prospectus Directive. Informationsbestandteile, die in Part IV Nr. 1 und Nr. 2 enthalten sind, sind nicht anwendbar bei nicht-syndizierten Schuldverschreibungen, die nicht öffentlich gemäß § 3 Abs. 1 und Abs. 2 Wertpapierprospektgesetz und Artikel 3 Abs. 1 und Abs. 2 Prospektrichtlinie angeboten werden. 204 V. Description of the Instruments – Product Group C Instruments

Method of determining the offered price and the process for its disclosure; Indicate the amount of any expenses and taxes specifically charged to the subscriber or purchaser [not applicable/specify details] Methode, mittels derer der Angebotskurs festgelegt wird und Verfahren der Offenlegung; Angabe der Kosten und Steuern, die speziell dem Zeichner oder Käufer in Rechnung gestellt werden [nicht anwendbar/Einzelheiten einfügen] 3. Placement and Underwriting Platzierung und Übernahme Syndicated Instruments13) Syndizierte Schuldverschreibungen13) Names and addresses of Managers and underwriting commitments14) [ ] Namen und Adressen der Manager und bindende Übernahmezusagen14) Date of subscription agreement [ ] Datum des Emissionsübernahmevertrags Stabilisation Managers (if any) [ ] Kursstabilisierende Manager (falls vorhanden) Delivery Delivery [against/free of] payment Lieferung Lieferung [gegen/ohne] wechselseitige Zahlung Additional Paying Agent(s) (if any) [ ] Zusätzliche Zahlstelle(n) (falls vorhanden) Non-syndicated Instruments Nicht-syndizierte Schuldverschreibungen Name and address of Dealer [ ] Name und Adresse des Platzeurs Total Commissions and concessions15) [[ ] per cent. of the total par value] [not applicable] Gesamtbetrages der Übernahmeprovision und der Platzierungsprovision15) [[ ] % des Gesamtnennbetrags] [nicht anwendbar] 4. Selling Restrictions (in addition to those described in Section “Subscription and Sale” of the Prospectus) Verkaufsbeschränkungen (zusätzlich zu den im Prospekt im Abschnitt „Subscription and Sale“ angegebenen) TEFRA C TEFRA D Additional selling restrictions (specify) [ ] Zusätzliche Verkaufsbeschränkungen (angeben) 13) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. 14) Include names and addresses of entities agreeing to underwrite the issue on a firm commitment basis, and/or name and address of the entities agreeing to place the issue without a firm commitment or under ‘best efforts’ arrangements. Give Indication of the material features of the agreements, including the quotas. Where not all of the issue is underwritten, a statement of the portion not covered. Einzufügen sind Name und Anschrift der Institute, die bereit sind, die Emission auf Grund einer bindenden Zusage zu übernehmen, und/oder Name und Anschrift der Institute, die bereit sind, eine Emission ohne bindende Zusage oder gemäß Vereinbarungen „zu den bestmöglichen Bedingungen“ zu platzieren. Anzugeben sind die Hauptmerkmale der Vereinbarungen, einschließlich der Quoten. Wird die Emission nicht zur Gänze übernommen, ist eine Erklärung zum nicht abgedeckten Teil einzufügen. 15) Not applicable in the case of Instruments with a minimum denomination of EUR 50,000. Nicht anwendbar bei Schuldverschreibungen mit einer Mindeststückelung von EUR 50.000. V. Description of the Instruments – Product Group C Instruments 205

PART V - ADMISSION TO TRADING PART V - ZULASSUNG ZUM HANDEL

1. Listing [Luxembourg/Frankfurt/other (specify)/None] Listing [Luxemburg/Frankfurt /andere Börse (angeben)/Keines] 2. Admission to trading [Application has been made for the Instruments to be admitted to trading on [ ] with effect from [ ].] [Not applicable] Zulassung zum Handel [Ein Antrag auf Zulassung der Schuldverschreibungen zum Handel an [ ] mit Wirkung zum [ ] wurde gestellt.] [Nicht anwendbar] 3. Estimate of total amount of expenses related to admission to trading16) [not applicable/specify details] Geschätzte Gesamtkosten in Zusammenhang mit der Zulassung zum Handel16) [nicht anwendbar/Einzelheiten einfügen]

Norddeutsche Landesbank Girozentrale, [Signing Date/Unterzeichnungsdatum]

[Name of signatory] [Name des Unterzeichnenden]

16) Not applicable if the minimum denomination of Instruments is less than EUR 50,000. Nicht anwendbar bei einer Mindeststückelung der Schuldverschreibungen von weniger als EUR 50.000. 206 VI. General Description of Pfandbrief Markets

VI. GENERAL DESCRIPTION OF PFANDBRIEF MARKETS GERMAN PFANDBRIEFE AND THE GERMAN MORTGAGE BANKING SECTOR

German Mortgage Lending Sector

The following description includes only a summary of the fundamental principles of the German law governing Pfandbriefe and German mortgage banks as well as a brief description of the German mortgage banking sector. It does not purport to be conclusive and is qualified by applicable German laws, rules and regulations.

The German Mortgage Banking Sector

German banks are divided into two general categories: universal banks (also known as full-service or multi-purpose banks) and specialized banks (banks permitted to transact only certain specified types of banking activities).

Until 19 July 2005 Pfandbriefe could generally only be issued by (i) German mortgage banks (Hypothekenbanken – the “Mortgage Banks”), which are specialized banks permitted to engage in mortgage lending, public sector lending and certain auxiliary business activities and to issue Mortgage Pfandbriefe (Hypothekenpfandbriefe) and/or Public Sector Pfandbriefe (Öffentliche Pfandbriefe), and (ii) certain types of German banks organized under public law (Public Sector Banks), such as the Landesbanken. Two German private universal banks are so-called mixed Mortgage Banks. Under grandfathered rights these banks were permitted to conduct both types of banking business. The issuance of Mortgage Pfandbriefe (Hypotheken- pfandbriefe) and of Public Sector Pfandbriefe (Öffentliche Pfandbriefe) by as well as the business of Mortgage Banks, including the Issuer, were governed inter alia by the German Mortgage Bank Act (Hypothekenbankgesetz) (the “Mortgage Bank Act”).

Since 19 July 2005 the Pfandbrief-issuance of Mortgage Banks, including the Issuer, is governed by the new German Pfand- brief Act (Pfandbriefgesetz – the “Pfandbrief Act”) rescinding all special legislation regarding the issuance of Pfandbriefe in Germany, including the Mortgage Bank Act. As the new legal framework abolishes the previous concept of special Pfandbriefe institutions, every German bank is permitted, subject to the necessary authorisations and any legal requirements, to engage in the Pfandbrief-business and to issue Pfandbriefe. Such German bank will be entitled to bear the title of Pfandbrief-Bank (Pfandbriefbank). According to the Pfandbrief Act, Mortgage Banks which were entitled to issue Pfandbriefe until 19 July 2005 are grandfathered with regard to their existing authorisation and become Pfandbrief-Banks. However, this is only the case, if and as far as they have filed a comprehensive notification with the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – the "BaFin") no later than by 18 October 2005. The failure to file this notification may lead to the withdrawal of the authorisation by the BaFin.

For the purpose of this summary, Mortgage Banks which as of 19 July 2005 have become Pfandbrief-Banks (Pfandbriefbanken) will be referred to further on as "Mortgage Banks".

According to the Pfandbrief Act, most of the conservative principles of today’s legal framework, in particular taken from the Mortgage Bank Act, remain in place. While individual standards have been eased (e.g. the abolition of the limit on the outstanding Pfandbrief-volume), stricter rules have been introduced in other areas (e.g. transparency, trustees). This fundamental restructuring of the legal framework once again proves the German Pfandbrief segment’s willingness and capability to adopt to changing market and investor needs and to implement reforms.

Characteristics of Pfandbriefe

Introduction Pfandbriefe issued by Mortgage Banks are debt securities issued under German law that must be secured ("covered") by mortgages or certain obligations of public sector debtors (or certain other qualifying assets) and whose terms must otherwise comply with the requirements and limitations imposed by the Pfandbrief Act. Such compliance is monitored by the BaFin. VI. General Description of Pfandbrief Markets 207

Pfandbriefe are usually medium- to long-term bonds and have, as a general rule, a term of two to ten years. Pfandbriefe are general obligations of the issuing bank, and no separate vehicle is created for their issuance in general or for the issuance of any specific series of Pfandbriefe. Traditionally, Pfandbriefe have borne interest at a fixed rate, but Mortgage Banks are also issuing zero-coupon and floating rate Pfandbriefe, in some cases with additional features such as step-up coupons, caps or floors. Most issues of Pfandbriefe are denominated in Euro. A Mortgage Bank may, however, also issue Pfandbriefe in other currencies, subject to certain limitations. The terms of the Pfandbriefe may not give the holders any right to require redemption of the Pfandbriefe prior to their scheduled date of maturity.

The aggregate principal amount of the outstanding Mortgage Pfandbriefe and public sector Pfandbriefe issued by a Mortgage Bank must be covered by assets that qualify for use as cover under the provisions of the Pfandbrief Act. One single pool of assets covers outstanding Mortgage Pfandbriefe (Hypothekenpfandbriefe), and another pool of assets covers all outstanding Public Sector Pfandbriefe (Öffentliche Pfandbriefe) of the issuing bank. The aggregate principal amount of assets in any cover pool must at all times be at least equal to the aggregate principal amount of the outstanding Pfandbriefe issued against such cover pool. Moreover, the aggregate interest yield on any such cover pool must at all times be at least equal to the aggregate interest payable on all Pfandbriefe relating to the cover pool. In addition, the coverage of all outstanding Pfand- briefe with respect to principal and interest must at all times be ensured on the basis of the present value (Barwert). Finally, the present value of the assets contained in each cover pool must exceed the total amount of liabilities from the corresponding Pfandbriefe and derivatives by at least 2 per cent. (sichernde Überdeckung). Such 2 per cent. excess cover must consist of highly liquid assets. The following assets qualify for inclusion in the excess cover: (i) debt securities of the German government, a special fund of the German government, a German state (Land), the European Communities, any state of the European Economic Area, Switzerland, the United States, Canada, Japan, any other European state with full OECD member status, the European Investment Bank, the IBRD-World Bank, the Council of Europe Development Bank, or the European Bank for Reconstruction and Development; (ii) debt securities guaranteed by any of the foregoing entities; and (iii) credit balances maintained with the European Central Bank, the central banks of the member states of the European Union and/or appropriate credit institutions.

Any Mortgage Bank must establish an appropriate risk management system meeting the requirements specified in detail in the Pfandbrief Act and must comply with extensive quarterly and annual disclosure requirements, as set out in the Pfand- brief Act.

Under the Pfandbrief Act, each Mortgage Bank must keep a separate cover register (Deckungsregister) for each of its cover pools (i.e. one cover register for the Mortgage Pfandbriefe and one cover register for the public sector Pfandbriefe) and in which the assets included in each of the two cover pools are registered. In order to ensure that the cover pools provide adequate coverage for the outstanding Pfandbriefe, the registration is supervised and controlled by a trustee (Treuhänder) who is appointed by the BaFin after consultation with the Mortgage Bank. In addition, the trustee also monitors the Mortgage Bank’s compliance with other provisions of the Pfandbrief Act. Together with the Mortgage Bank, the trustee has joint custody of the assets included in the cover pools and of any documents evidencing such assets. Moreover, the Mortgage Bank may remove any assets from a cover pool only with the permission of the trustee. Any issuance of Pfandbriefe may take place only upon prior certification by the trustee that the relevant cover pool provides adequate coverage for the Pfandbriefe to be issued and the assets to be used as cover are listed in the relevant cover register (Deckungsregister). The Mortgage Bank may remove any assets from the cover pool only with the prior permission of the trustee. Such permission shall only be granted if and insofar as the remaining registered assets still cover the aggregate principal amount of the outstanding Pfandbriefe an d the liabilities arising from derivatives as well as the 2 per cent. excess cover (sichernde Überdeckung). Accordingly, the holders of Pfandbriefe benefit indirectly from the monitoring activities conducted by the trustee. Although there is no judicial or administrative precedent in this respect, German opinion of authority holds that the holders of Pfand- briefe may bring a claim in tort for damages resulting from a negligent violation of the trustee’s duties under the Pfandbrief Act. 208 VI. General Description of Pfandbrief Markets

In addition to the monitoring conducted by the trustee, the BaFin conducts audits of each cover pool every two years. The BaFin also supervises the compliance of Mortgage Banks with the provisions of the Pfandbrief Act and shall resolve any disputes arising between the bank and the trustee. Furthermore, BaFin is authorized to determine obligatory guidelines for the valuation of mortgage property.

Cover Pool for mortgage Pfandbriefe (Hypothekenpfandbriefe) In the case of mortgage Pfandbriefe (Hypothekenpfandbriefe) the cover pool is secured by mortgages which may serve as cover up to the initial 60 per cent. of the value of their underlying property, as assessed by experts of the Pfandbrief bank different from those who take part in the credit decision. In addition, the mortgaged property must be adequately insured against relevant risks. A mortgaged property must be situated in a state of the European Economic Area, Switzerland, the United States, Canada or Japan. Other assets qualifying for inclusion in the cover pool for mortgage Pfandbriefe include (i) equalization claims converted into bonds, (ii) subject to certain qualifications, assets qualifying for the 2 per cent. excess cover as described above, up to a total sum of 10 per cent. of the aggregate principal amount of outstanding mortgage Pfandbriefe, (iii) subject to certain thresholds, the assets which may also be included in the cover pool for Public Sector Pfandbriefe (Öffentliche Pfandbriefe) referred to below, up to a total of 20 per cent. of the aggregate principal amount of outstanding Mortgage Pfandbriefe, and (iv) claims arising under interest rate and currency swaps as well as under other qualifying derivatives contracted under standardized master agreements with certain qualifying counterparties, provided that the claims under such arising under such derivatives will not be prejudiced in the event of the insolvency of the Pfandbrief bank or any other cover pool maintained by it. The amount of the claims of the Pfandbrief bank arising from such derivatives which are included in the cover pool measured against the total amount of all assets forming part of the cover pool as well as the amount of liabilities of the Pfandbrief bank arising from such derivatives measured against the aggregate principal amount of the outstanding Mortgage Pfandbriefe plus the liabilities arising from derivatives may in either case not exceed 12 per cent., calculated in each case on the basis of the net present values.

Cover pool for public sector Pfandbriefe (öffentliche Pfandbriefe) Under the Pfandbrief Act the assets qualifying for the cover pool for Public Sector Pfandbriefe (Öffentliche Pfandbriefe) include among others payment claims under certain loans, bonds or similar transactions of states and other public entities, including, but not limited to (i) the German government as well as any German state, municipality or other qualifying public body in Germany for which maintenance obligation (“Anstaltslast”) or a legally founded state guarantee obligation (“Gewährträger- haftung”) or a state refinancing guarantee applies or which are legally entitled to raise fees, rates and other levies, (ii) any state of the European Economic Area, Switzerland, the United States, Canada or Japan, (iii) any other European state with full OECD member status, (iv) regional governments and local territorial authorities (provided that certain solvability conditions are met), (v) non-profit administrative authorities controlled by central or regional governments or local territorial authorities of any of the states referred to in (ii) above (provided that certain solvability conditions are met), (vi) the European Investment Bank, the IBRD-World Bank, the Council of Europe Development Bank, or the European Bank for Reconstruction and Devel- opment, and (vii) any entity the obligations of which are guaranteed by a public entity referred to or mentioned in (i) through (iv) and (vi) above. In addition and subject to certain limitations, the cover pool for public sector Pfandbriefe may also include (i) equalisation claims converted into bonds, (ii) credit balances maintained with the European Central Bank, a central bank of any EU member state or a suitable credit institution, up to a total sum of the aggregate principal amount of outstanding public sector Pfandbriefe (öffentliche Pfandbriefe), and (iii) certain claims arising under derivative transactions as described above. The limitation applicable to mortgage Pfandbriefe apply here as well.

The domestic market for public sector lending is highly competitive. Margins are very thin, reflecting the high credit quality of German public sector borrowers and the large number of banks competing for this segment of the market. In the public sector lending business within Germany, the Issuer competes mainly with German Mortgage Banks, savings banks and the Landesbanken, and, to a lesser extent, with private universal banks. VI. General Description of Pfandbrief Markets 209

Additional regulatory requirements In addition to the provisions of the Pfandbrief Act, Mortgage Banks, like other types of German banks, are subject to governmental supervision and regulation in accordance with the German Banking Act (Kreditwesengesetz – the "Banking Act"). Supervision is primarily conducted by the BaFin. In addition, the Deutsche Bundesbank in its capacity as the German central bank also holds some supervisory powers. The BaFin has comprehensive powers to instruct German banks to take actions to comply with applicable laws and regulations. In addition, German banks, including Mortgage Banks, are required to submit extensive confidential reports to the BaFin and the Deutsche Bundesbank, which include disclosure of the statistical and operational aspects of the banks’ businesses. Within the scope of their oversight and regulatory capacities, each of the BaFin and the Deutsche Bundesbank may take immediate action whenever required.

In addition, under the new Pfandbrief Act, the supervision of Mortgage Banks by the BaFin has gained significantly in importance, mainly the requirements concerning the transparency have increased.

Status and protection of the Pfandbrief-holders The holders of outstanding Pfandbriefe rank pari passu among themselves, and have preferential claims with respect to the assets registered in the relevant cover register (Deckungsregister). With respect to other assets of a Mortgage Bank, holders of Pfandbriefe rank pari passu with unsecured creditors of the Mortgage Bank.

In the event of the initiation of insolvency proceedings over the assets of a Mortgage Bank, none of the cover pools falls within the insolvency estate. If, however, simultaneously with or following the opening of insolvency proceedings over the assets of a Mortgage Bank, any of its cover pools becomes insolvent, insolvency proceedings will be instituted over the assets of such cover pool. In this case, holders of Pfandbriefe corresponding to such cover pool would have a preferential right over the assets of the respective cover pool. This right would also extend to interest in the Pfandbriefe accrued after the commencement of insolvency proceedings over the assets of the relevant cover pool. If and insofar as holders of Pfandbriefe suffer a loss following their recourse against the cover pool, they would have recourse to any assets of the Mortgage Bank not included in the cover pools. In this case, Pfandbrief holders would rank equal with other unsecured and unsubordinated creditors of the Mortgage Bank. According to the Pfandbrief Act and upon request of the BaFin, one or two administrators (Sachwalter – each an "Administrator") will be appointed in the case of insolvency of the Mortgage Bank to administer each cover pool. The Administrators will act for the sole benefit of the holders of Pfandbriefe. Each Administrator will be appointed by the court having jurisdiction over the head office of the Mortgage Bank before or after the institution of insolvency proceedings. Each Administrator will be subject to the supervision of the court and of the BaFin with respect to the duties of the Mortgage Bank arising in connection with the administration of the assets included in the relevant cover pool. The Administrators will be entitled to dispose of the cover pool’s assets and receive all payments on the relevant assets to ensure full satisfaction of the claims of the holders of Pfandbriefe. To the extent, however, that those assets are obviously not necessary to satisfy such claims, the insolvency receiver of the Mortgage Bank is entitled to demand the transfer of such assets to the insolvency estate.

Subject to the consent of the BaFin, the Administrators may transfer all or part of the cover assets and the liabilities arising from the Pfandbriefe issued against such assets to another Pfandbrief-Bank.

The Pfandbrief Market Since its launch in 1995, the Jumbo Pfandbrief has posted uninterrupted growth. Jumbo-Pfandbriefe are fixed-rate Pfand- briefe with a minimum principal amount of Euro 1 billion (or the equivalent thereof in another currency), supported by a commitment of at least three market-makers to quote continuous two-way prices during normal trading hours as long as there is sufficient liquidity in the particular Jumbo-Pfandbrief. By the end of December 2004, the outstanding volume in the Jumbo Pfandbrief sector had reached EUR 391 billion, about 38.7 % of the entire German Pfandbrief market, Europe’s second biggest bond market. This means that Jumbos alone continue to strengthen their position as the fourth-largest market segment in Europe, after Italian, German and French government bonds, and the largest individual non-government 210 VI. General Description of Pfandbrief Markets

fixed-income instrument. In recent years, Germany’s Mortgage Banks have been committed to broadening the international appeal of the Pfandbrief principally by enhancing liquidity in the instrument, which was the main driving force behind the launch of the Jumbo market in 1995. Size has clearly been one important barometer of liquidity in the sector, with the guidelines for Jumbo deals stipulating a minimum size of EUR 1 billion. Individual Pfandbrief issues of up to EUR 5 billion have been successfully placed with institutional investors attracted by the combination of liquidity, security and yield pick-up offered by Jumbo Pfandbriefe over government bonds. Aside from size, however, a range of other measures have contributed to the enhanced liquidity of the Pfandbriefe. First, in common with frequent issuers throughout the Euroland bond market, the Mortgage Banks have recognized that investors are increasingly ranking liquidity above other considerations.

Second and probably more important, Pfandbrief issuers have been eager to ensure that their bonds qualify for trading on the new EuroCreditMTS platform launched in May 2000. This new system has encouraged even higher liquidity by providing investors with lower bid-offer spreads and by dictating that each Jumbo bond traded on the system must be supported by at least five market-makers. VII. Taxation 211

VII. TAXATION

The following is a general description of certain German and Luxembourgian tax considerations relating to the payment of principal and interest in respect of the Instruments. It does not purport to be a complete analysis of all tax considerations relating to the Instruments and does not deal with other tax aspects of acquiring, holding or disposing of the Instruments. It relates only to persons who are the absolute beneficial owners of Instruments and any related Coupons and may not apply to certain classes of holders. In addition, these comments may not apply where interest on the Instruments is deemed to be the income of any other person for tax purposes. Prospective purchasers of Instruments should be aware that the particular terms of issue of any Series of Instruments as specified in the relevant Final Terms may affect the tax treatment of that or other Series of Instruments. This summary is based upon the law as in effect on the date of this Prospectus and is subject to any change in law that may take effect after such date even with retrospective effect. Please note, the German Government announced amendments to various tax provisions mentioned in the following section (e,g. taxation of private sales, amount of tax allowances). Details and date of effect for such amendments are still in discussion. Such proposed amendments are not reflected in the below section. The following is a general guide and should be treated with appropriate caution.

Taxation and its effects depend on the individual circumstances of the taxpayer. Prospective purchasers of Instruments should, therefore, consult their tax advisers as to the tax consequences of such purchase applicable to their particular situation under the tax laws of the country in which they are resident for tax purposes and under the tax laws of the Federal Republic of Germany and Luxembourg.

1. Withholding Tax

Germany If any payment under any Instruments is made to investors who are resident in Germany or who are not resident in Germany but subject to German taxation (e.g. if the interest payments are effectively connected to income from German sources such as a German permanent establishment or interest payments upon over-the-counter presentation of the Instruments) and the Instruments are kept or administered in a domestic securities deposit account by, or presented for an over-the-counter payment to, a German financial institution, the German financial institution making the payment is obliged to withhold tax at source. The term German financial institution includes a German branch of a foreign financial institution but excludes a foreign branch of a German financial institution.

If any payment under the Instruments is made to investors who are not resident and not subject to taxation in Germany, under German law the payment is not subject to withholding tax, provided that if the Instruments are kept or administered in a domestic securities deposit account by a German financial institution, the investor proves to the satisfaction of the German financial institution that he is not subject to German taxation.

For further details please see the below Section “Taxation in the Federal Republic of Germany”.

In the event that a withholding or deduction of withholding tax is prescribed by law in Germany, only under certain circumstances a gross-up will be paid by the Issuer in an amount equal to the amount required to put the holder of the Instru- ments into the position he would be in if no withholding tax had been withheld, in each case only in accordance with the Section “Withholding Tax” of the Terms and Conditions, and subject to the exceptions set out therein. If the Issuer is obliged to pay a gross-up amount as a result of a change affecting the legal provisions or as a result of a change in their application or official interpretation, the Issuer may redeem the Instruments prior to their maturity in accordance with the Section “Early Redemption” of the Terms and Conditions.

Luxembourg Under Luxembourg law, there is in principle no withholding tax for Luxembourg resident and non-resident holders on payments of interest (including accrued but unpaid interest). There is also no Luxembourg withholding tax payable on pay- 212 VII. Taxation

ments received upon repayment of principal of the Instruments. However, in the event that a Luxembourg paying agent pays interest to, or secures the payment of interest for the immediate benefit of, beneficial owners who are individuals resident in another EU Member State (or in one of the EU dependent territories) or to residual entities established in another EU Member State or in one of the EU territories such interest payments shall be subject to a withholding tax. Beneficial recipients of interest payments are exempt from Luxembourg withholding if they provide the Luxembourg paying agent with an author- ization to exchange information or with a certificate issued by the competent tax authority of the EU Member State of residence for tax purposes of the beneficial owner. For further details please see the below Section “Taxation in the Grand Duchy of Luxembourg”.

Holders should note that the Issuer is not obliged to pay any gross-up amounts pursuant to the Section “Withholding Tax” of the Terms and Conditions in respect of any tax withheld at source under Luxembourg law.

2. General German and Luxembourg tax considerations

a) Taxation in the Federal Republic of Germany (aa) General Information Resident Holders Under German tax law payments of interest on the Instruments to holders who are residents of Germany (that is, holders whose residence, customary place of abode, statutory seat or central place of management is located in Germany) are subject to German income or corporation tax plus 5.5 % solidarity surcharge thereon and, if applicable, church tax on the income tax amount.

The gain on the sale of an Instrument (excluding the accrued interest (Stückzinsen) and the Original Issue Discount, as defined below), is in principle not subject to German taxation, if the Instrument is held as private investment, provided that the Instrument is held for at least one year and provided further that the Instrument cannot be classified as a financial innovation (Finanzinnovation) under German tax law (see below). Please note that the German legislator contemplates a revision of the German corporate tax system and the taxation of capital instruments. Such revision may include a capital gaims tax with a flat rate of 20 per cent. Details as to the introduction of the new regime, if any, or to the date when such new regime may be indroduced are not yet available. If, however, the sale occurs within one year of acquisition, any gain made by a private investor is seen as income from private sales as defined in Section 23 of the German Income Tax Act (Einkommensteuergesetz) and, as such, is subject to income tax (plus 5.5 % solidarity surcharge and, if applicable, church tax on the income tax amount). However, if net income from private sales in any calendar year is less than EUR 512, it is tax-exempt. The prevailing opinion is that redemption at final maturity does not qualify as a sale as defined in Section 23 of the German Income Tax Act.

If the Instruments are not held as a private asset but as a business asset, gains relating to a sale, transfer or redemption are subject to taxation as part of current operating profit regardless of how long the Instruments have been held and the assessment as financial innovations. However, no withholding tax is levied on such gain, unless the Instrument qualifies as a financial innovation (see below).

Capital gains realized upon disposal of Instruments by, and payments of interest on the Instruments to corporate holders or holders who hold the Instruments as business assets, are subject to trade tax. The trade tax rate depends partly on the municipalities where the holder maintains its permanent establishment.

For income derived from capital investment, German residents holding the Instruments as private assets may claim lump-sum tax allowances in the amount of EUR 1,370 (EUR 2,740 for married couples filing tax returns jointly) per annum and a lump-sum deduction of EUR 51 (EUR 102 for married couples filing tax returns jointly) per annum or higher expenses directly attributable to a capital investment. On 10 May 2006 the German cabinet passed a decision according to which the lump-sum tax allowance shall be reduced to EUR 750 (EUR 1,500 for married couples filing tax returns jointly) per annum. The change shall become effective by 1 January 2007. VII. Taxation 213

Upon maturity of an Instrument, any difference between the issue price of the Instrument and the redemption amount (the “Original Issue Discount”) received by the initial purchaser will be subject to tax, provided certain thresholds are exceeded.

For Instruments which qualify as financial innovations (Finanzinnovation) under German Tax Law, any capital gain made upon the sale, transfer or redemption is subject to German income tax (plus 5.5 % solidarity surcharge and, if applicable, church tax on the income tax amount) and withholding tax (see below) at maturity or prior sale of the Instruments, possibly in addition to the interest (including accrued interest) on the Instruments. The capital gain is calculated on the issue yield (Emissionsrendite) minus interest (including accrued interest) already taken into account relating to the period the Instru- ment was held, or, alternatively, on the market yield (Marktrendite), i.e. the difference between the proceeds from the redemption, transfer or sale and the purchase price. This is true unless the Instruments form part of a trade or business, in which case the annual increase in value of the Instrument, as calculated at the time of its acquisition, must be taken into account pro rata temporis as interest income and may, in addition to personal or corporate income tax, also be subject to trade tax.

If the Instruments are kept or administered in a domestic securities deposit account by a German financial institution, which term includes a German branch of a foreign financial institution but excludes a foreign branch of a German financial institution, a withholding tax may become due. Withholding tax is levied at a regular rate of 30 % (Zinsabschlagsteuer), plus a 5.5 % solidarity surcharge on the amount so withheld, resulting in a current aggregate withholding tax rate of 31.65 % on any interest payments for the account of the holder. In case the Instrument qualifies as financial innovation (Finanzinnovation), the withholding tax plus solidarity surcharge is based on the market yield if the German financial institution held the Instru- ment in custody since the time of issuance or acquisition until sale or repayment. If the Instruments have not been kept so in custody by the same German financial institution, the withholding tax plus solidarity surcharge is based on 30 % of the proceeds from the sale or repayment of the Instruments, (i.e. on a lump sum serving as a basis of taxation). The tax withheld from payments to resident holders will be credited as prepayment for purposes of the final income tax assessment and will be refunded in case of an overpayment.

If a holder sells an Instrument during a current interest period, the accrued interest (Stückzinsen) received in connection therewith will also be subject to income or corporation tax, plus 5.5 % solidarity surcharge and, if applicable, church tax on the income tax amount; withholding tax at a rate of 30 % plus solidarity surcharge thereon will be deducted and credited against the tax bill of the respective taxpayer and refunded in case of an overpayment. Accrued interest (Stückzinsen) paid by a holder upon the purchase of an Instrument reduce the investment income and, under certain circumstances, the taxable base for the withholding tax and solidarity surcharge.

If an Instrument or Coupons were presented for payment directly to the issuer or over the counter of a German financial institution (Tafelgeschäft, i.e., interest payments are made by the German financial institution upon presentation of the coupons), special withholding tax provisions would be applicable (i.e., tax rate of 35 % plus a 5.5 % solidarity surcharge on the amount so withheld, resulting in a current aggregate withholding tax rate of 36.925 %).

Non-resident Holders Under German law payments of interest (including accrued interest) on the Instruments and capital gains (including capital gains made upon sale, transfer or redemption of financial innovations) to holders who are not tax-resident in Germany (that is, holders who have neither a residence nor a customary place of abode and/ or their statutory seat or central place management in Germany) are, in principle, not subject to German unlimited taxation. If the interest or capital gains from an Instru- ment fall under certain categories of income from German sources, however, (e.g., commercial income effectively connected with a German permanent establishment, over-the-counter transactions, etc.), the holder may be subject to limited income taxation in Germany, and income or corporation tax and solidarity surcharge as well as withholding tax on the respective income may become due. In addition, interest income and capital gains may be subject to trade tax if the Instrument belongs to the German permanent establishment of the holder. 214 VII. Taxation

Even in case of limited income taxation, generally, under the German Double Taxation Conventions Germany must refrain, at least partly, from taxing interest income (unless e.g. interest payments are treated as commercial income effectively connected with a German permanent establishment). Consequently, most foreign holders (who are entitled to the benefits of an applicable Double Taxation Convention) should be exempted from German income or corporation tax and solidarity surcharge with regard to interest on the Instruments. However, the specific provisions of the relevant Convention have to be considered. Furthermore, if the Instruments (including financial innovations) are kept or administered in a domestic securities deposit account with a German financial institution, which term includes a German branch of a foreign financial institution but excludes a foreign branch of a German financial institution, the German financial institution, in principle, will deduct withholding tax and solidarity surcharge because it is generally not in a position to verify whether or not the recipient of payments is subject to German income or corporation tax. Generally, withholding tax is levied at a rate of 30 % plus 5.5 % solidarity surcharge on the amount so withheld (resulting in a current aggregate withholding tax rate of 31.65 %).

Upon proper application of a refund procedure withholding tax plus solidarity surcharge thereon, which have been deducted by the German financial institution, will be refunded by the relevant German financial institution or the relevant tax office if the recipient of the payment is a non-resident holder and proves that he is not subject to German income taxation.

If the Instruments or Coupons were presented for payment directly to the Issuer or over the counter of a German financial institution (Tafelgeschäft, i.e., interest payments are made directly by the Issuer or by the German financial institution upon presentation of the coupons), by a non-resident, special withholding tax provisions would be applicable (e.g., tax rate of 35 % plus 5.5 % solidarity surcharge on the amount so withheld, resulting in a current aggregate withholding tax rate of 36.925 %). In this event, as well, partial or full refund of the withholding tax may be obtained if an applicable Double Taxation Convention provides for reduction of or exemption from German interest withholding tax.

Estate and Gift Taxes A disposition of Instruments by reason of death or by way of gift is subject to German inheritance or gift tax if, in particular:

(1) the decedent or donor or the heir, donee or other beneficiary at the time of the death or the execution of the gift have their domiciles or habitual abodes in Germany or are German citizens who have not been living abroad for a period of more than five years without having a residence in Germany, or German citizens and their relatives who are employed by, and receive their compensation from, a German state organisation, or

(2) except in the case of (1), the Instruments are part of the assets of the decedent or donor for which inter alia in Germany a permanent establishment is maintained or a permanent representative has been appointed.

Other Taxes The sale or transfer of the Instruments is not subject to any stock exchange transfer tax, company tax, stamp duty or similar tax in Germany. No net wealth tax is currently imposed in Germany.

(bb) Special Information referring to Structured Instruments Unless divergent statements are made in the relevant Final Terms of the structured Instruments referred to below, the taxation rules outlined below apply to the Instruments which are the subject of the following sections.

Instruments where the redemption amount and/or interest is linked to the development of a reference value Instruments where the redemption amount and/or the interest is linked to the development of a reference value (participating in a rising/falling/falling and rising underlying value, e.g. a share, share basket, index) and where a repayment of some or all of the capital is guaranteed, are in principle to be treated as financial innovations (Finanzinnovation). The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”. VII. Taxation 215

However, where the capital gain and repayment of the capital invested depends exclusively on the uncertain performance of the index and no repayment of some or all of the capital and no payment of interest has been assured or granted, such Instruments should not qualify as financial innovations and for private investors neither interest nor redemption payments should be taxable. Capital gains made by a private investor from a sale of such Instruments within one year of acquisition are subject to tax as a private sale. The principles governing the taxation of private sales as defined in Section 23 of the German Income Tax Act are outlined above in ”aa) General Information”. If such Instruments are not held as a private asset but as a business asset, payments of interest and gains relating to a sale, transfer or redemption at final maturity are subject to taxation as part of current operating profit regardless of how long they are held.

Instruments with redemption in principal or shares at the option of the Issuer Instruments with redemption in principal or shares at the option of the Issuer shall to be treated as financial innovations by the fiscal authority. The principles governing the taxation of financial innovations are outlined above in ”aa) General Infor- mation”.

From a tax point of view, if shares are delivered at maturity and the shares are sold within a period of one year after delivery, the capital gain made by a private investor on such a sale is subject to income taxation (plus solidarity surcharge) as income from private sales as defined in Section 23 of the German Income Tax Act unless the income received by that private investor from private sales in that calendar year is less than EUR 512. In addition, the capital gain made upon the sale of the shares is subject to income taxation (plus solidarity surcharge) if at the time of the sale or at any time within the five years before the sale, the private investor held a participation of at least 1 % in the capital of the corporation (Section 17 of the German Income Tax Act) or if the shares are so called tainted shares (einbringungsgeborene Anteile); shares resulting from the contribution of a business in accordance with Sections 20 or 23 of the German Transformation Tax Act (UmwStG).

For private investors income from taxable private sales of German or foreign shares or, from sales of at least 1 % in the capital of the corporation is taxed at a rate of 50 % only (so-called Halbeinkünfteverfahren).

If the shares delivered are held as a business asset, any capital gain made upon their sale is subject to trade and income or corporation tax regardless of how long they are held or the extent of the participation. If the investor is subject to the German Income Tax Act (Einkommensteuergesetz), the 50 % rule (Halbeinkünfteverfahren) is also applicable to any capital gain made upon the sale of the shares. 95 % of the profits generated upon the sales of shares held by a corporation are exempt from corporation tax. Under certain requirements these exemptions also apply for trade tax purposes. Neither the 50 % rule nor the 95 % exemption is applicable if the shares are tainted (see above), unless certain criteria are met.

Instruments with redemption in principal or bonds at the option of the Issuer Instruments with redemption in principal or bonds at the option of the Issuer shall be treated as financial innovations. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

If bonds are delivered at maturity, which qualify as financial innovations, the tax consequences laid out above in ”aa) General Information” for financial innovations apply for the taxation of current income (including accrued interest) as well as income generated upon sale, transfer or redemption of the bonds.

If an investor receives bonds that do not qualify as financial innovations, the tax consequences laid out above in ”aa) General Information” for ordinary instruments apply.

Instruments with call option(s) of the Issuer Floating rate Instruments with a call option granted to the Issuer to terminate the Instruments on specific dates prior to their maturity date qualify as financial innovations as different amounts of interest are payable over their lifetime. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”. 216 VII. Taxation

Fixed rate bearer Instruments with a call option granted to the Issuer to redeem the Instruments on specific dates prior to their maturity date generally do not qualify as financial innovations. Should they exceptionally be categorised as financial innovations, the tax consequences in such cases would be as for floating rate Instruments.

Zero Coupon Instruments In the case of Zero Coupon Instruments, no current interest is effectively paid. Rather, the interest payment occurs at final maturity when the principal falls due. From a tax point of view, Zero Coupon Instruments are treated as financial innovations. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

For private investors, there is no taxation of current interest income during the life of the Instruments, and the accrued interest is not subject to tax until the Zero Coupon Instruments are redeemed.

If the Zero Coupon Instruments are held as a business asset, gains relating to sale, transfer or redemption at final maturity are subject to taxation as part of current operating profit. The annual increase in value of the Zero Coupon Instruments, as calculated at the time of the acquisition, must be taken into account pro rata temporis as profit.

Constant Maturity Swap Instruments CMS-Instruments qualify as financial innovations as they bear interest at a floating rate on the basis of a swap rate or a formula consisting of one or more swap rates. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

Range Accrual Instruments Range Accrual Instruments shall qualify as financial innovations as different amounts of interest may be payable over their lifetime depending on whether a reference value is quoted within an agreed range during a specified period of time. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

Step-up/Step-down Instruments and Multicallable Step-up/Step-down Instruments Step-up/Step-down Instruments and Multicallable Step-up/Step-down Instruments are qualified as financial innovations as different amounts of interest are payable over their lifetime. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

Dual Currency Instruments Any of the Instruments (Floating Rate, Fixed Rate and Step-up/Step-down Instruments) may be issued as Dual Currency Instruments. In the case of Dual Currency Instruments interest payments are made in a currency other than the currency in which the Instruments are denominated.

According to the prevailing opinion in legal tax literature fixed rate Instruments do not qualify as financial innovations and they will not be requalified as being financial innovations merely because they are issued as dual currency Instruments. However, capital gains made upon a sale of dual currency Instruments are taxed according to the rules for financial innovations if accrued interest has not been accounted for separately. Instruments which are qualified as financial innovations remain qualified as financial innovations if they are issued as dual currency instruments. The principles governing the taxation of financial innovations are outlined above in ”aa) General Information”.

For German tax purposes interest payments in a foreign currency are converted into Euro with the applicable exchange rate on the dates the payments are made. For private investors a currency gain is taxable only to the extent realized in connection with taxable income, e.g. currency gains in connection with a taxable sale of Instruments within one year after acquisition. In the case of financial innovations the issue yield is calculated in the foreign currency if the issue and redemption of the Instrument is made in the same foreign currency. The prevailing opinion is that this also applies to dual currency Instru- ments if the issue and redemption is made in the same foreign currency. VII. Taxation 217

Pfandbriefe Any of the Instruments may be issued as Pfandbriefe. No special tax consequences follow from the fact that Instruments are issued as Pfandbriefe. The taxation of the Instruments depends on how interest and redemption payments, if any, for the specific Instruments are calculated and paid. The principles governing the taxation of Fixed Rate, Step-up-/Step-down, Dual Currency, Floating Rate, CMS-, Zero Coupon, Range-Accrual Instruments outlined above in this Section “bb) Special Information referring to Structured Instruments” apply to the respective Pfandbriefe. b) Taxation in the Grand-Duchy of Luxembourg Withholding Tax Under current Luxembourg tax law, there is no withholding tax for Luxembourg resident and non-resident holders of the Instruments on payments of interest (including accrued but unpaid interest). There is also no Luxembourg withholding tax payable on payments received upon repayment of principal of the Instruments. See however the Section “EU Savings Directive” below.

EU Savings Directive Under the Council Directive 2003/48/EC of 3 June 2003 (the “Directive”) on taxation of savings income in the form of interest payments and as implemented by the law of 21 June 2005, transposing the Directive into Luxembourg law (hereafter referred to as the “Law”), effective 1 July 2005 a withholding tax may be due in case of interest payments.

In case a Luxembourg paying agent (as defined in article 4 of the Directive and the Law) pays interest to, or secures the payment of interest for the immediate benefit of, (i) beneficial owners who are individuals resident in another EU Member State (or in one of the EU dependent territories) or (ii) residual entities (as defined in article 4 (2) of the Directive and of the Law) established in another EU Member State or in one of the EU territories such interest payments shall be subject to a withholding tax at a rate of 15 % during the first three years, increased to 20 % for the subsequent three years and 35 % thereafter.

Beneficial owners receiving interest payments who wish to avoid the Luxembourg withholding tax that may be due if the interest is paid by a Luxembourg paying agent will have the choice between two procedures of exemptions in the Directive and the Law. They may either provide the Luxembourg paying agent with an authorisation to exchange information or with a certificate issued by the competent tax authority of the member state of residence for tax purposes of the beneficial owner.

Taxation of Luxembourg resident Holders of the Instruments Holders of the Instruments who are residents of Luxembourg or non-resident holders of the Instruments who have a permanent establishment in Luxembourg with which the holding of the Instrument is connected, must for income tax purposes include any interest received in their taxable income. They will not be liable to any Luxembourg income tax on repayment of the principal.

Luxembourg resident individual holders of the Instruments who do not hold the Instruments as a business asset are not subject to taxation of capital gains upon disposal of the Instruments, unless the Instruments are disposed of within 6 months after their acquisition or when the Instruments are sold prior to their acquisition. Upon sale, repurchase or redemption of Instruments, such holders, will however need to include in the taxable income a portion of the purchase, repurchase or redemption price corresponding to the interest accrued and unpaid during the holding period. Luxembourg resident fully taxable corporations which are holders of the Instruments or non-resident corporations and non-resident individuals which have a permanent establishment in Luxembourg with which the holding of the Instruments is connected, or Luxembourg resident individual holders of the Instruments who hold the Instruments as a business asset, must include in their taxable income the difference between the sale price and the book value of the Instruments sold. 218 VII. Taxation

A Luxembourg resident holder of Instruments that is governed by the law of 31 July 1929 on pure holding companies or by the law of 30 March 1988 on investment funds will not be subject to any Luxembourg corporate income tax in respect of interest received or accrued on the Instruments or gains realized on the sale of Instruments.

Taxation of Luxembourg non-resident Holders of the Instruments Holders of the Instruments who are non-residents of Luxembourg and who do not hold the Instruments through either a permanent establishment or a permanent representative in Luxembourg are not liable to any Luxembourg income tax, whether they receive payments of principal or payments of interest (including accrued but unpaid interest) or capital gains realized upon transfer of the Instruments.

Net Wealth Tax No Luxembourg net wealth tax will be levied on a holder of the Instruments unless (i) the holder is, or is deemed to be, resident in Luxembourg or (ii) the Instruments are attributable to an enterprise or part thereof which is carried on through a permanent establishment or a permanent representative in Luxembourg.

Gift and Estate Taxes No Luxembourg inheritance tax will be levied on the occasion of the transfer of Instruments on the death of a holder unless the holder is or is deemed to be a resident of Luxembourg. No gift tax will be levied at on the occasion of the transfer of the Instruments by way of a gift unless the gift is registered in Luxembourg, which is not mandatory.

Other Taxes There is no Luxembourg registration tax, stamp duty or any other similar tax or duty payable in Luxembourg by the holders of the Instruments as a consequence of the issuance of the Instruments, nor will any of these taxes be payable as a consequence of a subsequent transfer or repayment of the Instruments.

c) EU Directive on the Taxation of Savings Income On 3 June 2003, the EU adopted the Council Directive 2003/48/EC (the “Directive”) on taxation of savings income in the form of interest payments under which, subject to a number of important conditions, Member States are required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State. For a transitional period Belgium, Luxembourg and Austria will instead be required to operate a withholding system in relation to such payments (the ending of the transitional period being related to the conclusion of certain other agreements relating to information exchange with certain other countries). Please see ”2.b) Taxation in the Grand-Duchy of Luxembourg” for details about the Luxembourg withholding tax system.

Five European third countries (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) as well as ten Member States’ dependant or associated territories (Guernsey, Jersey, Isle of Man, Anguilla, British Virgin Islands, Cayman Islands, Montserrat, Turks and Caicos Islands, Aruba and Netherland Antilles) will apply measures equivalent to those contained in the Directive, in accordance with agreements entered into by them with the European Community. Consequently, Member States will apply an automatic exchange of information or, during the transitional period, deduct withholding tax in relation to persons resident in the European third countries or the territories in the described manner.

The provisions of the Directive and the agreements with the European third countries and territories are applicable since 1 July 2005. VIII. Subscription and Sale 219

VIII. SUBSCRIPTION AND SALE

Instruments may be sold from time to time by the relevant Issuer to any one or more of Barclays Bank PLC, Citigroup Global Markets Limited, Commerzbank Aktiengesellschaft, Credit Suisse Securities (Europe) Limited, Deutsche Bank Aktiengesell- schaft, Dresdner Bank Aktiengesellschaft, HSBC Bank plc, J.P.Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co. International Limited, Nomura International plc, Norddeutsche Landesbank Girozentrale, UBS Limited (the “Dealers”) or to any other person or institution appointed as a Dealer under the Programme. The arrangements under which Instruments may from time to time be agreed to be sold by the relevant Issuer to, and purchased by, Dealers are set out in a dealer agreement dated 17 May 2006 (the “Dealer Agreement”) and made between the Issuers and the Dealers. Any such agreement will, inter alia, make provision for the form and terms and conditions of the relevant Instruments, the price at which such Instruments will be purchased by the Dealers and the commissions or other agreed deductibles (if any) payable or allowable by the relevant Issuer in respect of such purchase. The Dealer Agreement makes provision for the resignation or removal of existing Dealers and the appointment of additional or other Dealers. The Issuers may sell Instruments from time to time to persons or institutions who are not Dealers.

1. General

Each Dealer acknowledges that, save for having obtained the approval of the Prospectus by the relevant stock exchange, listing authorities and/or quotation systems, no action has been or will be taken in any country or jurisdiction by the Issuer or the Dealers that would permit a public offering of Instruments, or possession or distribution of any offering material in relation thereto, in any country or jurisdiction where action for that purpose is required. For avoidance of doubt, the approval of this Prospectus by the Competent Authority and the listing of the Programme or any Instruments on the Luxembourg Stock Exchange or any other stock exchange does not constitute a public offering. Each Dealer will comply with all applicable securities laws and regulations in each country or jurisdiction in which it purchases, offers, sells or delivers Instruments or has in its possession or distributes such offering material, in all cases at its own expense.

2. United States of America

The Instruments have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S or pursuant to an exemption from the registration requirements of the Securities Act. Terms used in this paragraph have the meaning given to them by Regulation S under the Securities Act.

The Instruments are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to U.S. persons, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meaning given to them by the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder.

Each Dealer has represented and agreed or willrepresent and agree that, except as permitted by the Dealership Agreement, it has not offered and sold, and will not offer, sell or deliver, Instruments of any series within the United States or to, or for the account or benefit of, U.S. persons (a) as part of their distribution at any time or (b) otherwise until 40 days after the later of the date of issue of the relevant series of Instruments and the completion of the distribution of such series as certified to the Fiscal Agent or the Issuer by the relevant Dealer(s). Each Dealer has further agreed or will agree that it will send to each dealer to which it sells any Instruments during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Instruments within the United States or to, or for the account or benefit of, U.S. persons, substantially to the following effect:

“The Instruments covered hereby have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the completion of the distribution 220 VIII. Subscription and Sale

of the series of Instruments of which such Instruments are a part, as determined and certified by [Name of Dealer or Dealers, as the case may be], except in either case in accordance with Regulation S under the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S.”

In addition, until 40 days after the commencement of the offering of any series of Instruments, an offer or sale of Instru- ments of such series within the United States by a Dealer (whether or not participating in the offering of such Instruments) may violate the registration requirements of the Securities Act if such offer or sale is made otherwise than in accordance with an applicable exemption from registration under the Securities Act.

Each Dealer agrees that it has not entered and will not enter into any contractual arrangement with any distributor, within the meaning of Regulation S, with respect to the distribution of the Instruments, except with its affiliates or with the prior written consent of the Issuer.

In addition, certain series of Instruments in respect of which any payment is determined by reference to an index or formula, or to changes in prices of securities or commodities, or certain other Instruments will be subject to such additional U.S. selling restrictions as the Issuer and the relevant Dealers may agree. Each Dealer agrees that it will offer, sell and deliver such Instruments only in compliance with such additional U.S. selling restrictions.

3. Japan

Each Dealer acknowledges and understands that the Instruments have not been and will not be registered under the Securities and Exchange Law of Japan (the “Securities and Exchange Law”) and each Dealer represents and agrees and each further Dealer appointed under the Programme will be required to represent and agree that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell any Instruments in Japan or to, or for the benefit of, any resident of Japan (which term as used in this paragraph means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law and any other applicable laws and regulations of Japan.

4. European Economic Area

In relation to each Member State of the European Economic Area1) which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of Instruments to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of Instruments to the public in that Relevant Member State:

(i) in (or in Germany, where the offer starts within) the period beginning on the date of publication of a prospectus in relation to those Instruments which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive and ending on the date which is 12 months after the date of such publication;

(ii) at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities;

1) The EU plus Iceland, Norway and Liechtenstein. VIII. Subscription and Sale 221

(iii) at any time to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than EUR 43,000,000 and (3) an annual net turnover of more than EUR 50,000,000, as shown in its last annual or consolidated accounts; or

(iv) at any time in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an “offer of Instruments to the public” in relation to any Instruments in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Instruments to be offered so as to enable an investor to decide to purchase or subscribe the Instru- ments, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

5. France

Each Dealer represents and agrees that it has not offered or sold and will not offer or sell, directly or indirectly, Instruments to the public in France, and has not distributed or caused to be distributed and will not distribute or cause to be distributed to the public in France, the Prospectus or any other offering material relating to the Instruments, and that such offers, sales and distributions have been and shall only be made in France to (i) providers of investment services relating to portfolio management for the account of third parties, and/or (ii) qualified investors (investisseurs qualifiés), all as defined in, and in accordance with, articles L.411-1, L.411-2, D.411-1 of the French Code monétaire et financier.

6. Germany

Each Dealer represents and agrees, and each further Dealer appointed under the Programme will be required to represent and agree that it has not, directly or indirectly, offered, sold, publicly promoted or advertised and will not offer or sell, publicly promote or advertise Instruments in Germany other than in compliance with the German Securities Prospectus Act (Wert- papierprospektgesetz) as amended, the Commission Regulation (EC) No 809/2004 of 29 April 2004 as amended, or any other laws applicable in Germany governing the issue, offering and sale of securities.

7. Italy

Each of the Dealers understands that the offering of the Instruments has not been cleared by CONSOB pursuant to Italian securities legislation and accordingly each of the Dealers represents and agrees and each further Dealer will be required to represent and agree that it has not offered, sold or delivered and will not offer, sell or deliver any Instruments or distribute copies of this Prospectus or any other document relating to the Instruments in the Republic of Italy, except to “Professional Investors” (operatori qualificati), as defined in Article 31 second paragraph, of CONSOB Regulation No. 11522 of 1 July 1998 as amended (“Regulation No. 11522”) and Articles 30, second paragraph and 100 of Legislative Decree No. 58 of 24 February 1998 (“Decree No. 58”); provided that such Professional Investors (i) will act in their own capacity and not as depositaries or nominees for other individuals; and (ii) do not retransfer directly or indirectly the Instruments other than in compliance with applicable laws and regulations.

Moreover and subject to the foregoing, each Dealer has represented and agreed, and each further Dealer will represent and agree that any offer, sale or delivery of the Instruments in the Republic of Italy or distribution of copies of this Prospectus or any other document relating to the Instruments in the Republic of Italy under the paragraph above must be: 222 VIII. Subscription and Sale

(i) made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act and Legislative Decree No. 385 of 1 September 1993, as amended (the “Italian Banking Act”), Regulation No. 11522, Regulation No. 11971 of 14 May 1999, as amended, and any other applicable laws and regulations;

(ii) in compliance with Article 129 of the Italian Banking Act and the implementing guidelines of the Bank of Italy pursuant to which the issue or the offer of securities in the Republic of Italy may need to be preceded and followed by an appropriate notice to be filed with the Bank of Italy depending, inter alia, on the aggregate value of the securities issued or offered in the Republic of Italy and their characteristics; and

(iii) in accordance with all relevant Italian securities, tax and exchange controls and other applicable laws and regulations.

8. United Kingdom

Each Dealer represents and agrees, and each further Dealer appointed under the programme will be required to represent, agree, that:

(i) in relation to Instruments which have a maturity of less than one year, (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold, and will not offer or sell, any such Instruments other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Instruments would otherwise constitute a contravention of Section 19 of the Financial Services and Markets Act 2000 (the “FSMA”) by the Issuer;

(ii) it has only communicated or caused to be communicated, and it will only communicate or cause to be communicated, any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Instruments in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and

(iii) it has complied and will comply with all applicable provisions of the FSMA (and all rules and regulations made pursuant to the FSMA), with respect to anything done by it in relation to the Instruments in, from or otherwise involving the United Kingdom. IX. General Information 223

IX. GENERAL INFORMATION

On 22 October 1992 the Issuer entered into a Debt Issuance Programme and issued an information memorandum on the same date describing the Programme. The information memorandum was amended and restated from time to time, for the last time on 17 October 2005, on which date the Issuer has updated the former information memorandum by way of a prospectus in accordance with the Wertpapierprospektgesetz which implemented the Directive 2003/71/EC of the European Parliament and the Council on November 4, 2003 into German Law.

With this Prospectus the Issuer has requested the Bundesanstalt für Finanzdienstleistungsaufsicht in the Federal Republic of Germany in its capacity as competent authority to provide the Commission de Surveillance du Secteur Financier (“CSSF”) with a certificate of approval attesting that this Prospectus has been drawn up in accordance with the Wertpapierprospektgesetz which implements the Directive 2003/71/EC of the European Parliament (the “Notification”).

This Prospectus supersedes all previous information memoranda and prospectuses (and any supplements thereto). Any Instruments to be issued after the date hereof under the Programme are issued subject to the provisions set out herein. Instruments issued prior to the date of this Prospectus are not affected by it.

1. Issue Procedures

Under this Programme Instruments will be issued in series (“Series”).

The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Series of Instru- ments of Product Group A, B or C (in each case the “Conditions”). The Conditions will be constituted by the Terms and Con- ditions of the Instruments of the applicable Product Group set forth in the Prospectus (the “Terms and Conditions”) as completed or supplemented by the provisions of the Final Terms (in the form of the “Final Terms”). The Final Terms relating to any Series of Instruments will specify whether the Conditions are Long-Form Conditions or Integrated Conditions.

Long-Form Conditions It is anticipated that Long-Form Conditions will generally be used for Instruments in bearer form on a non-syndicated basis and which are not publicly offered, unless otherwise agreed between the Issuer and the relevant Dealer(s).

If the Final Terms specify that Long-Form Conditions will apply to the Instruments, the provisions of the applicable Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. Such Conditions will be constituted as follows:

- the blanks in the provisions of the Terms and Conditions which are applicable to the Instruments will be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions;

- the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Conditions;

- alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the Final Terms are not completed or are deleted will be deemed to be deleted from the Conditions; and

- all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.

Where Long-Form Conditions apply, each Global Note representing the Instruments of the relevant Series will have the Final Terms and the Terms and Conditions attached. If Definitive Notes are delivered in respect of the Instruments of such Series, they will have endorsed thereon either (i) the Final Terms and the Terms and Conditions in full, (ii) the Final Terms and the Terms and Conditions in a form simplified by the deletion of non-applicable provisions, or (iii) Integrated Conditions, as the Issuer may determine. 224 IX. General Information

Integrated Conditions Unless otherwise agreed between the Issuer and the relevant Dealer(s), it is anticipated that Integrated Conditions will generally be used for Instruments in bearer form sold on a syndicated basis.

Integrated Conditions will also be required where Instruments are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors.

If the Final Terms specify that Integrated Conditions will apply to the Instruments, the Conditions in respect of such Instru- ments will be constituted as follows:

- all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to the information contained in the Final Terms and all non-applicable provisions of the Terms and Conditions (including the instructions and explanatory notes set out in square brackets) will be deleted; and/or

- the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part, according to the information set forth in the Final Terms.

Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The Integrated Conditions will be attached to each Global Note representing Instruments of the relevant Series and will be endorsed on any Definitive Notes exchanged for any such Global Note.

Language of Conditions As specified in the relevant Final Terms the Long-Form Conditions and the Integrated Conditions are available in German Language only or in German and English Language. In both cases the German Language is legally binding. The English translation of the Conditions is for convenience only and not legally binding.

2. Interest of natural and legal persons involved in this issue

Certain of the Dealers and their affiliates may be customers of, borrowers from or creditors of the Issuer and its affiliates. In addition, certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for the Issuer and its affiliates in the ordinary course of business.

3. Use of proceeds

The net proceeds from each issue of Instruments under the Programme will be used for general financing purposes of the Issuer.

4. Authorisation

The establishment of the Programme was authorised by the Managing Board (Vorstand) of the Issuer on 12 May 1992. This annual update is based on the aforementioned resolution of the Managing Board as supplemented from time to time which is still in effect.

5. Approval of this Prospectus and notification

Approval of this Prospectus pursuant to Article 13 of the Prospectus Directive and the Wertpapierprospektgesetz has only been sought from the Competent Authority and from no other competent authority in any other Member State of the Euro- pean Union or any other state which has or will implement the Prospectus Directive. IX. General Information 225

As at the date of this Prospectus, a notification of the Prospectus and of all Instruments issued under the Programme pursuant to Sections 17 and 18 of the Wertpapierprospektgesetz to Luxembourg is intended. In addition, the Issuer has undertaken with the Dealers that it may procure in connection with any Series of Instruments a notification pursuant to Sections 17 and 18 of the Wertpapierprospektgesetz in relation to other jurisdiction(s), as may be agreed by the Issuer and the relevant Dealer(s) from time to time and as will be indicated in the applicable Final Terms.

6. Availability of Documents

From the date hereof and throughout the life of this Prospectus and for so long as any Instruments will be listed on any stock exchange, copies of the following documents (together with English translations) may be inspected at the registered office of the Issuer and at the specified office of the Listing and Paying Agent in Luxembourg, in each case during usual business hours, on any workday (Saturdays, Sundays and public holidays excepted):

(i) State Treaty dated 19 July 2005;

(ii) the Statutes (Satzung) of the Issuer;

(iii) the most recent Annual Report and Accounts of the Issuer together with any subsequent published interim financial statements;

(iv) the Annual Report and Accounts of the Issuer for the periods ended 31 December 2004 and 31 December 2005;

(v) the Dealer Agreement dated on or around 18 May 2006;

(vi) the Fiscal Agency Agreement dated on or around 18 May 2006 (containing the forms of the Notes, Coupons, Talons and any Final Terms); and

(vii) this Prospectus and any Supplement hereto.

The Annual Report and Accounts for the periods ended 31 December 2004 and 31 December 2005 as well as subsequent interim financial statements, if published, are also available in electronic form. They are available on the website of the Issuer (www.nordlb.de/investorrelations).

7. Incorporation by Reference

The following document shall be deemed to be incorporated in, and form part of, this Prospectus.

Document Page Reference Debt Issuance Programme Prospectus Annex B, F1 - F71 dated 17 October 2005

This Document has been published on the website of the Issuer www.nordlb.de.

8. Stabilisation

In connection with the issue of any Series of Instruments under the Programme, the dealer or dealers, if any, named as stabilisation manager(s) (or persons acting on behalf of any stabilisation manager(s)) in the applicable Final Terms may over-allot Instruments (provided that, in the case of any Series of Instruments to be admitted to trading on a regulated market, the aggregate principal amount of Instruments allotted does not exceed 105 per cent. of the aggregate principal 226 IX. General Information

amount of the relevant Series of Instruments) or effect transactions with a view to supporting the market price of the Instru- ments at a level higher than that which might otherwise prevail. However, there is no assurance that the stabilisation manager(s) (or persons acting on behalf of a stabilisation manager) will undertake any stabilisation action, and any stabilisation action undertaken may be discontinued at any time. Any stabilisation action may begin on or after the date on which the adequate public disclosure of the Final Terms of the Instruments is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date and 60 days after the date of the allotment of the Instruments.

9. Important Notices about this Prospectus

Confirmation to the Dealers NORD/LB has confirmed to the dealers (the “Dealers”) named under “Subscription and Sale” that this Prospectus is true and accurate in all material respects and not misleading; that there are no other facts in relation to the information contained herein the omission of which would, in the context of the issue of the Instruments, make any statement herein misleading in any material respect; and that all reasonable enquiries have been made to verify the foregoing. The Issuer has further confirmed to the Dealers that this Prospectus (subject to being supplemented by Final Terms) contains all such information as investors and their professional advisers would reasonably require, and reasonably expect to find, for the purpose of making an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer its respective subsidiaries (if any) and of the rights attaching to the relevant Instruments.

In connection with the public offering and the admission of the Instruments to any regulated market respectively, the Issuer confirms that, if at any time after the approval of the Prospectus:

a) there is a significant new fact, or

b) a material mistake or inaccuracy

relating to the information included in the Prospectus which is capable of affecting the assessment of the Instruments and which arises or is noted between the time when the Prospectus is approved and the final closing of the offer to the public, or, as the case may be, the time when trading on such regulated market begins, the Issuer shall prepare a Supplement to the Prospectus pursuant to Article 16 of the Prospectus Directive and Section 16 of the Wertpapierprospektgesetz respectively (the “Supplement”). Any Supplement will be published after the approval by the Competent Authority on the website of the Issuer (http://www.nordlb.de)

Responsibility of the Dealers No representation or warranty is made or implied by the Dealers or any of their respective affiliates in this Prospectus, and neither the Dealers nor any of their respective affiliates make any representation or warranty or accepts any responsibility as to the accuracy or completeness of the information contained herein. Neither the delivery of this Prospectus or any Final Terms nor the offering, sale or delivery of any Instrument will in any circumstances create any implication that there has been no adverse change in the financial situation of the Issuer since the date hereof or, as the case may be, the date upon which this Prospectus has been most recently amended or supplemented or the balance sheet date of the most recent financial statements which are deemed to be incorporated into this Prospectus by reference.

Significance of Delivery This Prospectus in connection with the relevant Final Terms may be used for offers to retail clients as an offer or an invitation to subscribe for or purchase Instruments, in each case subject to all applicable selling restrictions, as specified in this Pro- spectus and the relevant Final Terms. In all other circumstances, neither this Prospectus nor the relevant Final Terms shall constitute an offer or an invitation to subscribe for or purchase any Instruments. Offers to retail clients in other jurisdictions, if any, will be done pursuant to applicable local law. In no event should this Prospectus or any Final Terms be considered as a IX. General Information 227

recommendation by the Issuer, the Dealers or any of them that any recipient of this Prospectus or any Final Terms should subscribe for or purchase any Instruments. Each recipient of this Prospectus or any Final Terms will be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer.

Exclusivity

The Issuer has not authorised the making or provision of any representation or information regarding the Issuer or the Instru- ments other than as contained or incorporated by reference in this Prospectus, in the Dealer Agreement , in any other document prepared by or on behalf of the Issuer in connection with the Programme or any Final Terms, or as approved for such purpose by the Issuer. Any such representation or information including financial information relating to any public company supplied in connection with any Instruments with redemption in principal or shares, principal or bonds or Index Linked Instru- ments with physical delivery should not be relied upon as having been authorised by the Issuer, the Dealers or any of them. [page intentionally left blank] Annex

X. ANNEX

FINANCIAL STATEMENTS 2005 [page intentionally left blank] F-1

Financial statements 2005 of NORD/LB Group and NORD/LB

Group Annual Account and NORD/LB Annual Account

Balance sheet NORD/LB Group and income statement NORD/LB Group 1. January – 31. December 2005 F-3

Cash flow statement NORD/LB Group F-8

Segment report F-10

Statement of changes in equity F-15

Balance sheet NORD/LB Bank as at 31. December 2005 and income statement NORD/LB Bank 1. January 2005 – 31. December 2005 F-16

Notes to the Group and Company accounts of Norddeutsche Landesbank Girozentrale as at 31. December 2005 F-20

Auditors’ report F-47 F-2 (page intentionally left blank) Group Annual Account and NORD/LB Annual Account F-3

Group Annual Account and NORD/LB Annual Account F-4 Group Annual Account and NORD/LB Annual Account

Assets Norddeutsche Landesbank Girozentrale 31. Dec. 2004

Pro-Forma TEUR TEUR TEUR TEUR TEUR

1. Cash reserve a) Cash on hand 55,785 57,411 92,800 b) Balances with central banks 363,710 296,851 328,139 of which: with the “Deutsche Bundesbank” TEUR 292,857 (224,424)(225 733) c) Balances with postal giro offices 139 443 337 419,634 354,705 421,276 2. Public-sector debt instruments and bills of exchange eligible for refinancing at central banks a) Treasury bills and discountable treasury notes as well as similar public-sector debt instruments 225,781 50,540 50,540 b) Bills of exchange 20,594 19,943 19,942 of which: eligible for refinancing at “Deutsche Bundesbank” TEUR 20,594 (19,943)(19,942) 246,375 70,483 70,482

3. Claims on banks a) Due on demand 2,300,947 6,707,284 6,827,263 b) Other claims 51,404,421 56,096,922 55,408,453 of which: building and loan contracts TEUR 0 (0)(1,402) 53,705,368 62,804,206 62,235,716

4. Claims on customers 78,925,513 76,156,991 79,300,348 of which: secured by mortgages TEUR 8,758,484 (7,867,107)(9,879,345) Public sector loans TEUR 28,123,630 (26,198,335)(26,256,020) Building and loan contracts TEUR 0 (0)(2,666,309)

5. Debt securities and other fixed-interest securities a) Money-market instruments aa) Issued by public sector borrowers 0 152,441 168,966 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 0 (152,441)(152,441) ab) Issued by other borrowers 1,384,929 1,384,929 0 10,675 b) Bonds and debt securities ba) Issued by public sector borrowers 6,860,962 7,037,513 6,631,610 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 5,894,538 (5,818,455)(5,823,417) bb) Issued by other borrowers 37,318,371 44,179,333 35,061,847 35,409,217 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 28,156,271 (23,878,277)(24,179,074) c) Debt securities, issued by the institution itself 3,848,166 3,508,594 3,526,070 Nominal amount TEUR 3,811,443 (3,478,032)(3,495,144) 49,412,428 45,760,395 45,746,538

6. Shares and other variable-yield securities 3,021,303 2,519,740 2,116,300

7. Participating interests 1,021,467 1,187,684 1,150,261 of which: in banks TEUR 479,859 (513,696)(508,696) in financial institutions TEUR 32 (31,992)(2,226)

8. Shares in associated companies 244,304 222,232 0 of which: in banks TEUR 242,493 (222,232)(0)

9. Shares in affiliated companies 147,377 363,833 188,489 of which: in banks TEUR 0 (54,318)(1,158)

10. Assets held in trust 5,189,786 5,210,245 5,162,897 of which: Loans on a trust basis TEUR 5,089,431 (5,144,502)(5,097,153)

11. Equalisation claims against the public sector including debt securities from their exchange 10 121,842 121,842

12. Intangible assets 13,462 17,044 20,422

13. Tangible assets 319,325 326,071 1,298,912

14. Other assets 4,288,384 3,966,192 3,922,156

15. Prepaid expenses 855,694 651,013 647,571

Total assets 197,810,430 199,732,676 202,403,210 Group Annual Account and NORD/LB Annual Account F-5

Balance sheet NORD/LB Group as at 31. December 2005 Liabilities 31. Dec. 2004

Pro-Forma TEUR TEUR TEUR TEUR TEUR

1. Liabilities to banks a) Due on demand 6,078,501 7,657,007 7,704,936 b) With an agreed term 55,697,789 61,848,166 62,864,418 c) Building finance deposits 0 0 3,508 61,776,290 69,505,173 70,572,862

2. Liabilities to customers a) Deposits from building society and Savings deposits aa) Building finance deposits 0 0 2,074,676 ab) Savings deposits with an agreed notice period of three months 1,759,013 1,839,494 1,839,494 ac) Savings deposits with an agreed notice period of more than three months 135,332 1,894,345 168,836 168,836 b) Other liabilities ba) Due on demand 8,862,417 7,061,189 7,533,025 bb) With an agreed term or notice period 38,620,163 47,482,580 36,894,775 37,291,265 49,376,925 45,964,294 48,907,296

3. Securitised liabilities a) Issued debt securities 52,834,812 49,858,694 49,890,762 b) Other securitised liabilities 9,947,285 12,806,976 12,922,002 of which: money-market instruments TEUR 7,740,603 (9,708,210)(9,708,210) 62,782,097 62,665,670 62,812,764

4. Liabilities held in trust 5,189,786 5,210,245 5,162,897 of which: loans on a trust basis TEUR 5,089,431 (5,144,502)(5,097,153)

5. Other liabilities 4,446,049 4,233,767 4,251,994

6. Deferred income 702,097 514,903 517,582

7. Provisions a) Provisions for pensions and similar obligations 716,615 698,291 686,537 b) Tax provisions 325,380 300,383 297,123 c) Other provisions 2,245,652 2,071,857 727,861 3,287,647 3,070,531 1,711,521

8. Subordinated liabilities 2,761,293 2,974,935 3,013,548

9. Participatory capital 1,009,283 1,009,283 1,009,283

10. Funds for general banking risks 82,000 70,000 70,000

11. Equity a) Subscribed capital aa) Share capital 1,085,483 375,000 375,000 ab) Capital contribution as per § 15 para. 1 State treaty 51,129 51,129 51,129 ac) Other Capital contributions 1,684,400 2,821,012 1,988,009 1,988,009 b) Capital reserves ba) Appropriated reserves 766,938 766,938 766,938 bb) Contribution as per § 15 para. 2 State treaty 37,580 37,580 37,580 bc) Other reserves 1,778,878 2,583,396 443,169 529,033 c) Retained earnings 819,082 1,448,705 1,239,481 Withdrawals 0 819,082 – 712,598 – 712,598 d) Balancing item for shares of minority shareholders 103,573 93,443 76,391 e) Profit shown on the balance sheet after appropriation to or transfer from reserves 69,900 22,500 22,500 6,396,963 4,513,875 4,373,463

Total liabilities 197,810,430 199,732,676 202,403,210

1. Contingent liabilities a) Contingent liabilities under rediscounted bills of exchange 0 0 0 b) Liabilities from guarantees and other indemnity agreements 11,701,748 8,630,708 8,738,172 c) Liabilities from assets pledged as collateral for third-party liabilities 1,875 0 20,057 11,703,623 8,630,708 8,758,229

2. Other obligations a) Repurchase obligations from non-genuine partial repurchase agreements 0 0 0 b) Placement and underwriting obligations 105,900 115,500 115,500 c) Irrevocable credit commitments 17,850,955 15,881,166 16,181,163 17,956,855 15,996,666 16,296,663 F-6 Group Annual Account and NORD/LB Annual Account

Norddeutsche Landesbank Girozentrale 2004

Pro-Forma TEUR TEUR TEUR TEUR TEUR

1. Interest income from a) Lending and money market transactions 6,810,190 6,165,459 6,324,183 of which: Interest income from building and loan associations From building loans by building and loan associations TEUR 0 (0)(29,243) From interim and bridging finance TEUR 0 (0)(107,649) From other building and loan contracts TEUR 0 (0)(2,831) b) Fixed-income and book entry securities 1,522,253 1,401,403 1,391,063 8,332,443 7,566,862 7,715,246

2. Interest expense 7,119,383 6,357,224 6,465,509 of which: Building loans by building and loan associations TEUR 0 (0)(59,217) 1,213,060 1,209,638 1,249,737

3. Current income from a) Shares and other variable-yield securities 60,030 68,281 57,795 b) Participating interests 50,793 48,613 43,315 c) Shares in affiliated companies 1,529 2,937 2,536 112,352 119,831 103,646

4. Income from participating interests in associated companies 17,561 12,456 0

5. Income from profit pooling, profit transfer and partial profit transfer agreements 567 1,318 2,666

6. Commission income 215,318 200,390 246,079 of which: building and loan associations commission income From contract conclusion or brokerage TEUR 0 (0)(14,623) From loan regulation after allocation TEUR 0 (0)(4,753) From providing and processing interim and bridging finance TEUR 0 (0)(232) Other commission income TEUR 0 (0)(4,870)

7. Commission expense 67,088 70,681 66,819 of which: from building and loan associations commission expense from contract conclusion or brokerage TEUR 0 (0)(19,424) 148,230 129,709 179,260

8.Netincomefromfinancial and investment banking transactions 44,404 47,954 52,347

9. Other operating income 831,145 516,858 335,143

10. General administrative expenses a) Staff expenses aa) Wages and salaries 336,356 362,186 386,119 ab) Social security contributions and expenses for pension provision and other employee benefits 184,656 521,012 156,173 165,129 of which: for pensions TEUR 65,838 (93,570)(97,543) b) Other administrative expenses 389,443 376,620 384,912 910,455 894,979 936,160

Amount carried forward 1,456,864 1,142,785 986,639 Group Annual Account and NORD/LB Annual Account F-7

Income statement NORD/LB Group 1. January – 31. December 2005 2004

Pro-Forma TEUR TEUR TEUR TEUR TEUR

Amount carried forward 1,456,864 1,142,785 986,639

11. Amortisation and write-downs of intangible assets 36,132 39,102 73,544

12. Other operating expenses 726,561 396,300 177,066

13. Write-downs of and value adjustments to claims and certain securities and allocations to provisions for lending business 552,205 323,992 351,777

14. Income from write-ups of participating interests, shares in affiliated companies and securities treated as fixed assets 428,362 15,446 11,819

15. Expenses on assumption of losses 7,966 21,790 24,368

16. Profit on ordinary activities 562,362 377,047 371,703

17. Extraordinary income 300

18. Extraordinary charges 93,936 63,556 63,556

19. Profit on extraordinary activities – 93,933 – 63,556 – 63,556

20. Tax on profit 97,179 77,994 53,521

21. Other taxes not shown under other operating expense 3,280 4,323 5,873 100,459 82,317 59,394

22. Income from profit pooling, profit transfer and partial profit transfer agreements 207,386 127,993 127,993

23. Transfer to the funds for general banking risks 12,000 70,000 70,000

24. Profit for the year 148,584 33,181 50,760

25. Transfer to retained earnings 67,291 6,623 22,800

26. Minority interests’ share profits 11,393 4,058 5,460

27. Profit shown on the balance sheet after appropriation to or transfer from reserves 69,900 22,500 22,500 F-8 Group Annual Account and NORD/LB Annual Account

Cash flow statement NORD/LB Group

2005 2004 EUR million EUR million

Non cash-items included in Profit for the year and reconciliation with cash flows from operating activities

Profit for the year 149 51 Write-downs, write-ups and depreciation of tangible assets and financial investments 165 426 Increase/decrease of accruals and provisions 1,576 86 Change in other non-cash items –16 10 Profit from the disposal of fixed assets and financial investments 6 – 37 Other adjustments – 1,552 – 1,056

Sub-total 328 – 520

Change in assets and liabilities relating to operating activities after adjustment of non-cash items Claims –Claimsonbanks 9,288 – 4,575 –Claimsoncustomers 790 – 1,825 Securities (except those treated as financial investments) – 3,474 1,017 Other assets relating to operating activities 1,015 103 Liabilities – Liabilities to banks – 9,257 7,923 – Liabilities to customers – 311 480 Securitised liabilities – 693 – 109 Other liabilities relating to operating activities 222 – 289 Interest and dividends received 6,347 6,021 Interest paid – 5,032 – 4,708 Extraordinary items –94 –64 Income taxes paid – 121 – 75

Cash flow from operating activities – 992 3,379

Cash receipts from the disposal of fixed assets and financial investments 2,982 2,609 Cash payments for acquisition of fixed assets and financial investments – 4,039 – 5,324 Effects from changes in the consolidated group 822 – 50

Cash flow from investing activities – 235 – 2,765

Payments from capital increases 2,946 0 Repayments from capital – 1,204 – 713 Dividend paid –23 –24 Changes in funds from other financial activities – 253 57

Cash flow from financing activities 1,466 – 680

Balance of funds at the end of the previous period 492 558 Cash flow from operating activities – 992 3,379 Cash flow from investing activities – 235 – 2,765 Cash flow from financing activities 1,466 – 680 Changes in financial capital funds relating to companies included in consolidation – 65 0

Balance of funds at the end of the period 666 492

The cash flow statement of the NORD/LB Group shows the change in cash and cash equivalents and payment flows, with cash and cash equivalents being defined as cash reserves plus the debt instruments of public authorities in accordance with regulation DRS 2–10 of the Deutsche Rechnungslegungs Standards Committee e.V. (DRSC=German Accounting Standards Committee). The cash flow statement shows the flow of cash and cash equivalents in 2005, subdivided into operative business activities, investment activities and financing activities. Group Annual Account and NORD/LB Annual Account (page intentionally left blank) F-9 F-10 Group Annual Account and NORD/LB Annual Account

Segment report

Segmentation by business division resulting from annual average figures and the figure for The segment report serves to provide information on the year-end reporting date is included in the “group the individual business areas of the Group. It is drawn up controlling/other“ segment. in compliance with the business model of the bank. The segments are defined as client or product groups in The cost income ratio (CIR), which constitutes the ratio alignment with the organisational structures of the between administrative expenses and the sum total of NORD/LB Group . Calculations are based on the internal net interest income, net commission income, net gain data of Group member companies. Presentation is from financial and Investment Banking transactions and carried out in accordance with DRS 3–10 in conjunction the balance of other income/other expenses is shown, with DRS 3 of the Deutsche Rechnungslegungs as is return on equity (ROE), which refers to the operating Standards Committee e.V. (DRSC – German Accounting result after loan loss provisions and valuation on Standards Committee). allocated core capital.

Net interest income generated by the individual The operating income figures for 2004 have been segments was determined on the basis of the market amended as a result of modifications to disclosure interest-rate method and includes interest-rate benefits requirements for 2005 which were implemented retro- from equity capital employed. Segmental expenditure spectively for 2004. We have also adjusted comparative comprises original expenses and expenses resulting figures for the 2004 accounting period to comply with the from cost and services rendered accounting, including companies included in consolidation for this year as overhead costs. Loan loss provisions are allocated to there were marked changes in the companies included in segments on the basis of actual costs incurred. Changes Group consolidation. Figures resulting for the NILEG in the stated values of participating interest and revenue sub-group are hence no longer consolidated. The equity from the disposal of participating interests were to a method was applied for LBS Norddeutsche Landesbau- large extent employed for creating provision reserves in sparkasse, KreditServices Nord GmbH and the Baltic Sea accordance with § 340 f HGB; expenditure for these allo- littoral state activities combined in newly-founded Bank cations is attributed to the “participating interest/other“ DnB NORD A/S, Copenhagen. Öffentliche Versicherung segment. Besides figures relating to the operating Braunschweig (property and life insurance) and five other income statement, risk assets to be allocated in accor- companies were fully consolidated for the first time. dance with the provisions of bank supervisory regulations, segment assets and liabilities and allocated core The allocation of operative units within the Group to the capital are also shown. various segments has changed in comparison to that of the previous year as a result of the changes in companies The latter is defined as reported equity capital less included in consolidation. The following segments are distributable consolidated profit plus the fund for general reported on under business divisions in the segment banking risks. Equity securitisation of 10.5 % (previously report (figures for the previous year were converted 9.5 %) and core capital securitisation of 7 % (previously accordingly): 6%) has been required for the individual segments since 2005. For the purpose of comparability this change was Savings bank network adjusted retroactively in the segmental figures for the This includes transactions with the public sector, institu- previous year of 2004. Core capital commitment is shown tional business with savings banks, syndicated business in the individual segments on the basis of average annu- transacted with savings banks and at equity business al figures, while for the Group in general it is shown on conducted by the LBS Norddeutsche Landesbau- a year-end basis in alignment with the Group balance sparkasse. sheet (in comparison: average annual core capital for 2005: EUR 5,482 million). The reconciliation figure Group Annual Account and NORD/LB Annual Account F-11

Retail Segmentation by region Since our activities in the Baltic states, in Poland and in Segmentation by geographic features is based on the Scandinavia have been transferred to the newly-founded country in which the operating unit is located. In the Bank DnB NORD A/S, Copenhagen, the retail segment is geographic segmentation, consolidation effects are no longer divided into the previous sub-segments of reported separately in the segment bearing the same North-Eastern Germany and North-Eastern Europe. The name. Changes resulting from the (de-)consolidation retail segment therefore comprises credit and invest- effects described in the business model of the Group for ment business with private customers, business with 2004 were also adjusted in the segmentation by regional medium-sized companies, including agricultural banking, criteria. business with the Öffentliche Versicherung Braun- schweig (property and life insurance) and the at equity proportion resulting from Bank DnB NORD A/S.

Special financing Special financing business is no longer shown together with Investment Banking in the “wholesale“ segment; it is shown as a separate business segment. Special financing comprises key customers, real estate, leasing and ship and aircraft financing and also includes the corporate banking segment of the foreign branches. NILEG Immobilien Holding GmbH is no longer included in this segment as the company has been sold.

Investment Banking Investment Banking business is no longer shown together with special financing business in the “wholesale“ segment; it is shown as a separate business segment comprising all of the investment banking divisions of the bank in Germany and in the foreign branches.

Group controlling/Other This segment covers other Group divisions not yet included, consolidations and reconciliatory items on overall consolidated figures in the operating income statement.

Reconciliation of the income statement Items on the reconciliation of the income statement primarily comprise items pertaining to reporting on the state trust agency. F-12 Group Annual Account and NORD/LB Annual Account

Segmentation NORD/LB Group by business division as at 31. December 2005

EUR million Savings Retail Special Invest- Group Operating Recon- Statement bank financing ment controlling/ result ciliation of income network** Banking Other NORD/LB statement NORD/LB Group of income Group

Net interest income 76.9 489.2 484.5 324.8 – 31.9 1,343.5 0.0 1,343.5 Previous year adapted 78.4 484.5 411.3 396.2 – 27.2 1,343.2 0.0 1,343.2 Previous year*** 125.0 472.9 374.4 398.9 – 15.2 1,356.0 0.0 1,356.0

Net commission income 11.1 75.2 43.9 28.0 – 10.0 148.2 0.0 148.2 Previous year adapted 16.9 60.2 34.4 27.7 – 9.5 129.7 0.0 129.7 Previous year*** 19.0 105.3 34.7 27.7 – 7.4 179.3 0.0 179.3

Net gain from financial and Investment Bank- ing transactions 3.4 4.0 4.8 69.1 – 36.9 44.4 0.0 44.4 Previous year adapted 4.0 2.9 2.7 44.4 – 6.0 48.0 0.0 48.0 Previous year*** 4.0 7.9 2.7 44.4 – 6.6 52.4 0.0 52.4

Administrative expenses* 64.4 445.8 146.6 151.2 138.6 946.6 0.0 946.6 Previous year adapted 101.2 467.5 141.6 149.9 73.2 933.4 0.7 934.1 Previous year*** 147.1 434.0 205.1 149.9 72.9 1,009.0 0.7 1,009.7

Other income/ other expenses 2.5 18.0 34.5 1.9 47.7 104.6 0.0 104.6 Previous year adapted 4.3 60.8 30.1 0.1 30.1 125.4 – 4.8 120.6 Previous year*** 5.0 – 2.5 128.6 0.1 32.9 164.1 – 6.0 158.1

Operating result before loan loss provisions and valuation 29.6 140.6 421.1 272.6 – 169.7 694.2 0.0 694.2 Previous year adapted 2.4 140.9 336.9 318.5 – 85.8 712.9 – 5.5 707.4 Previous year*** 5.9 149.6 335.3 321.2 – 69.3 742.7 – 6.7 736.0

Loan loss provisions and valuation 25.8 121.3 – 13.8 – 14.7 13.2 131.8 0.0 131.8 Previous year adapted 9.7 267.3 53.0 – 26.9 32.1 335.2 – 4.9 330.3 Previous year*** 16.2 290.6 54.8 – 26.3 35.0 370.3 – 6.0 364.3

* inkl. amortisation and depreciation of intangible and tangible assets. ** Net gains from business transactions conducted with the savings bank network in 2004 were reduced by a non-recurring effect resulting from the assignment of securities management to dwpBank. Group Annual Account and NORD/LB Annual Account F-13

Operating result after loan loss provisions and valuation 3.8 19.3 434.9 287.3 – 182.9 562.4 0.0 562.4 Previous year adapted – 7.3 – 126.4 283.9 345.4 – 117.9 377.7 – 0.6 377.1 Previous year*** – 10.3 – 141.0 280.5 347.5 – 104.3 372.4 – 0.7 371.7

Segment assets 30,555.6 24,548.2 41,621.3 100,166.3 919.0 197,810.4 0.0 197,810.4 Previous year adapted 31,211.8 24,168.7 37,875.6 105,647.7 828.9 199,732.7 0.0 199,732.7 Previous year*** 34,407.8 24,223.4 39,063.3 105,800.0 – 1,091.3 202,403.2 0.0 202,403.2

Segment liabilities 11,722.8 12,431.1 15,194.3 136,450.9 22,011.3 197,810.4 0.0 197,810.4 Previous year adapted 10,903.7 11,278.9 12,480.0 165,369.5 – 299.4 199,732.7 0.0 199,732.7 Previous year*** 14,099.7 11,288.8 13,667.7 165,521.8 – 2,174.8 202,403.2 0.0 202,403.2

Risk assets 4,729.0 16,944.5 33,465.4 21,032.7 2,850.4 79,022.0 0.0 79,022.0 Previous year adapted 5,008.5 18,016.7 31,957.8 23,257.9 4,897.1 83,138.0 0.0 83,138.0 Previous year*** 7,036.0 19,314.7 32,357.0 24,060.4 369.9 83,138.0 0.0 83,138.0

Allocated core capital**** 419.5 1,281.8 2,366.1 1,472.3 869.4 6,409.1 0.0 6,409.1 Previous year adapted**** 462.8 1,369.5 2,258.5 1,628.1 – 1,157.5 4,561.4 0.0 4,561.4 Previous year***/**** 468.4 1,158.9 1,962.9 1,443.6 – 612.8 4,421.0 0.0 4,421.0

CIR 68.5 % 76.0 % 25.8 % 35.7 % ––– 57.7 % ––– 57.7 % Previous year adapted 97.8 % 76.8 % 29.6 % 32.0 % ––– 56.7 % ––– 56.9 % Previous year*** 96.2 % 74.4 % 38.0 % 31.8 % ––– 57.6 % ––– 57.8 %

RoE 0.9 % 1.5 % 18.4 % 19.5 % – 21.0 % 8.8 % 0.0 % 8.8 % Previous year adapted – 1.6 % – 9.2 % 12.6 % 21.2 % 10.2 % 8.3 % 0.0 % 8.3 % Previous year*** – 2.2 % – 12.2 % 14.3 % 24.1 % 17.0 % 8.4 % 0.0 % 8.4 %

*** without consideration of LTS **** Transfer of allocated core capital to reported equity capital:

31. Dec. 2004 old 31. Dec. 2004 new 31. Dec. 2005

Core capital 4,421.0 4,561.4 6,409.1 ·/· Fund for general banking risks 70.0 70.0 82.0 + Profit shown on the balance sheet after appropriation to or transfer from reserves 22.5 22.5 69.9 = Balance sheet equity capital 4,373.5 4,513.9 6,397.0 F-14 Group Annual Account and NORD/LB Annual Account

Segmentation NORD/LB Group by geographical features as at 31. December 2005

Segmentation is based on the country in which the operating unit is based

EUR million Federal Europe America Asia Con- Operating Recon- Statement Republic excluding solidation/ result ciliation of income of Germany recon- NORD/LB statement NORD/LB Germany ciliation Group of income Group

Operating result before loan loss provisions and valuation 634.0 142.0 26.7 17.0 – 125.5 694.2 0.0 694.2 Previous year adapted 637.4 151.7 25.2 20.3 – 121.7 712.9 – 5.5 707.4 Previous year* 660.9 161.7 25.2 20.4 – 125.5 742.7 – 6.7 736.0

Loan loss provisions and valuation 127.0 – 29.5 – 1.2 2.1 33.4 131.8 0.0 131.8 Previous year adapted 376.0 – 24.0 0.8 0.2 – 17.8 335.2 – 4.9 330.3 Previous year* 359.4 – 23.6 0.8 0.3 33.4 370.3 – 6.0 364.3

Operating result after loan loss provisions and valuation 507.0 171.5 27.9 14.9 – 158.9 562.4 0.0 562.4 Previous year adapted 261.4 175.7 24.4 20.1 – 103.9 377.7 – 0.6 377.1 Previous year* 301.5 185.3 24.4 20.1 – 158.9 372.4 – 0.7 371.7

Segment assets 162,799.2 40,676.6 5,414.2 6,836.4 –17,916.0 197,810.4 0.0 197,810.4 Previous year adapted 159,471.9 44,273.0 4,481.0 4,770.8 –13,264.0 199,732.7 0.0 199,732.7 Previous year* 164,936.4 46,131.0 4,481.0 4,770.8 –17,916.0 202,403.2 0.0 202,403.2

Segment liabilities 162,799.2 40,676.6 5,414.2 6,836.4 –17,916.0 197,810.4 0.0 197,810.4 Previous year adapted 163,273.6 43,243.6 4,525.8 1,953.7 –13,264.0 199,732.7 0.0 199,732.7 Previous year* 168,738.1 45,101.6 4,525.8 1,953.7 –17,916.0 202,403.2 0.0 202,403.2

Risk assets 62,874.0 11,526.0 2,318.0 2,304.0 0.0 79,022.0 0.0 79,022.0 Previous year adapted 65,233.0 13,484.0 2,363.0 2,058.0 0.0 83,138.0 0.0 83,138.0 Previous year* 63,412.0 15,305.0 2,363.0 2,058.0 0.0 83,138.0 0.0 83,138.0

Allocated core capital 4,646.5 806.8 162.3 161.3 632.2 6,409.1 0.0 6,409.1 Previous year adapted 4,716.6 943.9 165.4 144.1 – 1,408.6 4,561.4 0.0 4,561.4 Previous year* 3,804.7 918.3 141.8 123.5 – 567.3 4,421.0 0.0 4,421.0

CIR 58.1 % 24.3 % 41.1 % 34.7 % ––– 57.7 % ––– 57.7 % Previous year adapted 57.6 % 23.8 % 38.9 % 31.9 % ––– 56.7 % ––– 56.9 % Previous year* 57.5 % 37.0 % 38.8 % 31.7 % ––– 57.6 % ––– 57.8 %

RoE 10.9 % 21.3 % 17.2 % 9.2 % – 25.1 % 8.8 % 0.0 % 8.8 % Previous year adapted 5.5 % 18.6 % 14.7 % 14.0 % 7.4 % 8.3 % 0.0 % 8.3 % Previous year* 7.9 % 20.2 % 17.2 % 16.3 % 28.0 % 8.4 % 0.0 % 8.4 %

* without consideration of LTS Group Annual Account and NORD/LB Annual Account F-15

Statement of changes in equity

Consolidated equity capital Subscribed Capital reserves Consolidated Minority Consolidated capital equity capital shareholders equity capital (in TEUR) generated

As at 31. December 2003 2,414,138 1,333,551 1,249,289 71,280 5,068,258

Repayment resulting from a EU-decision on capital contributions from our owners – 712,598 – – 712,598 Distribution in 2004 – 22,500 – 1,005 – 23,505 Group Profit for the year as per 31. December 2004 45,300 5,460 50,760 Changes in scope of consolidation – 13,004 – – 13,004 Acquisition of shares from minority shareholders 6 – 6 0 Capital increases – 376 376 Currency conversion 5,936 264 6,200 Consolidation effects and other changes in capital – 3,046 22 – 3,024

As at 31. December 2004 2,414,138 1,333,551 549,383 76,391 4,373,463

Distribution in 2005 – 22,500 – 630 – 23,130 Group Profit for the year as per 31. December 2005 137,191 11,393 148,584 Changes in the scope of consolidation – 85,865 240,880 16,321 171,336 Change in contributions to capital and capital payments 406,874 1,335,710 – – 1,742,584 Currency conversion – 90 – –90 Consolidation effects and other changes in capital – 15,882 98 – 15,784

As at 31. December 2005 2,821,012 2,583,396 888,982 103,573 6,396,963 F-16 Group Annual Account and NORD/LB Annual Account

Assets Norddeutsche Landesbank Girozentrale 31. Dec. 2004

TEUR TEUR TEUR TEUR

1. Cash reserve a) Cash on hand 51,570 52,883 b) Balances with central banks 156,207 49,687 of which: with the “Deutsche Bundesbank” TEUR 151,328 (44,093) 207,777 102,570

2. Public-sector debt instruments and bills of exchange eligible for refinancing at central banks a) Treasury bills and discountable treasury notes as well as similar public-sector debt instruments 225,780 50,540 b) Bills of exchange 12,276 9,913 of which: eligible for refinancing at “Deutsche Bundesbank” TEUR 12,276 (9,913) 238,056 60,453

3. Claims on banks a) Due on demand 1,828,623 4,782,854 b) Other claims 43,091,245 47,066,842 44,919,868 51,849,696

4. Claims on customers 54,213,199 52,591,568 of which: secured by mortgages TEUR 6,440,290 (6,948,537) Public sector loans TEUR 19,057,261 (17,552,231)

5. Debt securities and other fixed-interest securities a) Money-market instruments aa) Issued by public sector borrowers 0 152,441 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 0 (152,441) ab) Issued by other borrowers 1,384,929 1,384,929 0 b) Bonds and debt securities ba) Issued by public sector borrowers 5,589,076 5,405,702 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 5,183,374 (5,083,983) bb) Issued by other borrowers 27,427,473 33,016,549 25,271,342 of which: eligible as collateral for “Deutsche Bundesbank” advances TEUR 19,954,745 (16,236,775) c) Debt securities, issued by the institution itself 1,844,363 1,713,184 Nominal amount TEUR 1,819,734 (1 697 722) 36,245,841 32,542,669

6. Shares and other variable-yield securities 1,523,756 1,380,024

7. Participating interests 515,213 515,828 of which: in banks TEUR 326,560 (243,730) in financial institutions TEUR 24 (2,146)

8. Shares in affiliated companies 2,336,828 2,683,414 of which: in banks TEUR 950,441 (1,181,886)

9. Assets held in trust 5,067,789 5,128,834 of which: Loans on a trust basis TEUR 5,060,221 (5,118,752)

10. Equalisation claims against the public sector including debt securities from their exchange 0 113,805

11. Intangible assets 8,993 12,701

12. Tangible assets 132,149 132,466

13. Other assets 2,750,751 2,569,678

14. Prepaid expenses 795,647 600,790

Total assets 148,955,867 150,284,496 Group Annual Account and NORD/LB Annual Account F-17

Balance sheet NORD/LB Bank as at 31. December 2005 Liabilities 31. Dec. 2004

TEUR TEUR TEUR TEUR

1. Liabilities to banks a) Due on demand 5,491,622 5,127,299 b) Withanagreedterm 40,196,957 44,832,559 45,688,579 49,959,858

2. Liabilities to customers a) Savings deposits aa) with an agreed notice period of three months 1,497,430 1,592,881 ab) with an agreed notice period of more than three months 126,052 1,623,482 152,399 b) Other liabilities ba) Due on demand 7,281,805 5,077,029 bb) Withanagreedterm or notice period 28,806,481 36,088,286 29,138,799 37,711,768 35 961 108

3. Securitised liabilities a) Issued debt securities 40,511,027 40,510,784 b) Other securitised liabilities 6,174,699 7,305,571 of which: money-market instruments TEUR 3,968,017 (4,206,805) 46,685,726 47,816,355

4. Liabilities held in trust 5,067,789 5,128,834 of which: loans on a trust basis TEUR 5,060,221 (5,118,752)

5. Other liabilities 3,086,572 2,619,745

6. Deferred income 656,199 455,862

7. Provisions a) Provisions for pensions and similar obligations 534,872 523,383 b) Tax provisions 247,557 238,939 c) Other provisions 659,075 556,169 1,441,504 1,318,491

8. Special account with reserve characteristics 0 354

9. Subordinated liabilities 2,263,948 2,477,589

10. Participatory capital 1,009,283 1,009,283

11. Equity a) Subscribed capital aa) Share capital 1,085,483 375,000 ab) Capital contribution as per § 15 para. 1 State treaty 51,129 51,129 ac) Other Capital contributions 1,153,189 2,289,801 1,456,799 b) Capital reserves ba) Appropriated reserves 766,938 766,938 bb) Contribution as per § 15 para. 2 State treaty 37,580 37,580 bc) Other reserves 1,778,878 2,583,396 443,169 c) Retained earnings 401,402 1,096,500 Withdrawals 0 401,402 – 712,598 d) Profit shown on the balance sheet after appropriation to or transfer from reserves 69,900 22,500 5,344,499 3,537,017

Total liabilities 148,955,867 150,284,496

1. Contingent liabilities a) Contingent liabilities under rediscounted bills of exchange 0 0 b) Liabilities from guarantees and other indemnity agreements 7,702,541 5,674,074 c) Liabilities from assets pledged as collateral for third-party liabilities 0 0 7,702,541 5,674,074

2. Other obligations a) Repurchase obligations from non-genuine partial repurchase agreements 0 0 b) Placement and underwriting obligations 0 0 c) Irrevocable credit commitments 12,823,056 10,989,511 12,823,056 10,989,511 F-18 Group Annual Account and NORD/LB Annual Account

Norddeutsche Landesbank Girozentrale 2004

TEUR TEUR TEUR TEUR

1. Interest income from a) Lending and money market transactions 4,607,015 4,386,569 b) Fixed-income and book entry securities 1,132,320 1,032,893 5,739,335 5,419,462

2. Interest expense 4,911,632 4,611,964 827,703 807,498

3. Current income from a) Shares and other variable-yield securities 20,724 32,360 b) Participating interests 25,579 28,028 c) Shares in affiliated companies 69,636 87,348 115,939 147,736

4. Income from profit pooling, profit transfer and partial profit transfer agreements 565 33,716

5. Commission income 136,235 135,140

6. Commission expense 35,034 32,295 101,201 102,845

7. Net income from financial and investment banking transactions 26,002 34,158

8. Other operating income 91,379 57,210

9. Income from the reversal of special account reserve characteristics 354 69

10. General administrative expenses a) Staff expenses aa) Wages and salaries 216,354 242,826 ab) Social security contributions and expenses for pension provision and other employee benefits 140,434 356,788 112,409 of which: for pensions TEUR 44,382 (67,249) b) Other administrative expenses 287,253 270,065 644,041 625,300

11. Amortisation and write-downs of intangible assets 21,173 23,100

Amount carried forward 497,929 534,832 Group Annual Account and NORD/LB Annual Account F-19

Income statement NORD/LB Bank 1. January – 31. December 2005 2004

TEUR TEUR TEUR TEUR

Amount carried forward 497,929 534,832

12. Other operating expenses 43,114 23,880

13. Write-downs of and value adjustments to claims and certain securities and allocations to provisions for lending business 559,819 297,292

14. Income from write-ups of participating interests, shares in affiliated companies and securities treated as fixed assets 553,430 7,714

15. Expenses on assumption of losses 74,241 21,568

16. Profit on ordinary activities 374,185 199,806

17. Extraordinary income 00

18. Extraordinary charges 86,830 57,500

19. Profit on extraordinary activities – 86,830 – 57,500

20. Tax on profit 25,570 24,554

21. Other taxes not shown under item 12 2,420 3,688 27,990 28,242

22. Income from profit pooling, profit transfer and partial profit transfer agreements 171,965 91,564

23. Profit for the year 87,400 22,500

24. Transfer to retained earnings 17,500 0

25. Profit shown on the balance sheet after appropriation to or transfer from reserves 69,900 22,500 F-20 Notes to the Group and Company accounts

Notes to the Group and Company accounts of Norddeutsche Landesbank Girozentrale as at 31. December 2005

I. General Information consolidated for the first time. NORD/FM Norddeutsche Facility Management GmbH, Hanover, as a full subsidiary, Principles for drawing up the Annual has also been included in the NORD/LB consolidated Accounts and the Consolidated Accounts accounts for the first time. The annual accounts and the consolidated accounts of Norddeutsche Landesbank Girozentrale, Hanover, Braun- Fifteen companies belonging to the NILEG Immobilien schweig, Magdeburg (NORD/LB) as at 31. December 2005 Holding GmbH sub-group in Hanover, and MHB Mittel- were prepared in accordance with the provisions of the europäische Handelsbank Aktiengesellschaft, Frankfurt German Commercial Code (HGB) and the accounting am Main, were excluded from consolidation for disposal regulations for financial institutions and financial service reasons. institutions (RechKredV). NORD/LB Finance (Curaçao) N.V. and Bremer Landesbank The balance sheets and the statements of income are Finance (Curaçao) N.V., both Willemstad/Netherlands based on the RechKredV. Antilles, were also excluded from consolidation, since they withdrew from active business. Companies included in consolidation and methods of consolidation Accounting for the joint venture company Bank DnB In addition to NORD/LB, 20 (previous year 34) affiliated NORD A/S, Copenhagen, newly-founded in 2005, was companies have been included in consolidation. Further- carried out under the equity method. The company took more two joint venture companies and an associated over from NORD/LB all of the shares held in the Eastern company were accounted for under the equity method. European companies AB Bankas NORD/LB Lietuva, Vilnius/Lithuania, A/S NORD/LB Latvija, Riga/Latvia and There have been significant changes in the companies NORD/LB Bank Polska S.A., Warsaw/Poland, which were included in consolidation in comparison to last year, last year included in the consolidated accounts as particularly as a result of restructuring measures. subsidiaries. NORD/LB holds a 49% proportion of Bank DnB NORD A/S. The company is managed in joint BLB Immobilien GmbH, Bremen, BLB Leasing GmbH, management with the fellow partner. Interim consolida- Oldenburg, Bremische Grundstücks-GmbH & Co. Bonn- tion was carried out for the Eastern European companies Center, Bremen and NORDWEST VERMÖGEN Bremische included as subsidiaries last year. Grundstücks-GmbH & Co.KG, Bremen have been included in the NORD/LB consolidated accounts for the first For the purpose of standardising consolidation methods, time. These four companies and the companies already LBS Norddeutsche Landesbausparkasse Berlin-Hannover, included in the NORD/LB consolidated accounts for the Berlin and Hanover, previously consolidated as a joint previous year, Bremische Grundstücks-GmbH, Bremen, company on a pro-rata basis, is for the first time also Bremer Landesbank Capital Markets PLC, London and the being included in the consolidated accounts under the Bremer Landesbank Kreditanstalt Oldenburg – Girozen- equity method in accordance with §§ 311 f HGB. NORD/LB trale – , Bremen, together form a sub-group. The still holds an indirect 44% participating interest in the sub-group is fully included in the NORD/LB consolidated company. Interim consolidation did not affect earnings. accounts. Equity accounting is also being carried out for associate Furthermore two companies located in Braunschweig, KreditServices Nord GmbH, Hanover. This company Öffentliche Lebensversicherung Braunschweig and was also newly-founded with a 49% holding in NORD/LB Öffentliche Sachversicherung Braunschweig, were in 2005. Notes to the Group and Company accounts F-21

Interim reports as at 31. December respectively were also Accounting and valuation methods drawn up for Nord-Ostdeutsche Bankbeteiligungsge- Assets and liabilities are valued pursuant to §§ 252 ff. sellschaft mbH, Hanover, whose accounting period ends HGB valuation rules unless special provisions pursuant to as at 31.October and for Norddeutsche Investitionen § 340e ff. HGB are applied. Requirements to reinstate Beteiligungsgesellschaft mbH, Hanover, whose account- original values in accordance with § 280 Paragraph1 HGB ing year ends as at 30. November. were fulfilled.

The capital of affiliated companies included in consolida- With the exception of those pertaining to the trading tion was consolidated in accordance with the book value portfolio, claims on banks and customers are shown at method, based on the respective stated values at the nominal value. Claims are reported at full value in accor- point in time of initial consolidation. This also applies to dance with § 340e Paragraph 2 HGB for interest-related additional shares acquired in Group companies. differences between nominal amounts and disbursements in the case of mortgage loans and other claims. Initial consolidation of subsidiaries results in asset-side The differences are reported under deferred income and differences to the amount of EUR 8.5 million and liability- written back on a scheduled basis. side differences totalling EUR 145.9 million. The respective differences are offset against retained earnings. Provisions and reserves are included in order to adequately take account of discernible credit risks. On Companies no longer included in consolidation were ascertaining loan loss provision requirements for aircraft excluded on 1.January 2005. financing projects, reductions in security appropriations were adapted to changes in the requirements of bank For initial consolidation the book value method is also regulatory authorities. Principles for calculating provi- applied for companies valued under the equity method. sions concerning national risks were maintained. Offsetting is carried out on the basis of stated values at Adequate general provisions cover other latent risks. the point in time of initial consolidation. The strict principle of the lower of cost was observed on Affiliated companies, joint-venture companies and asso- evaluating trading portfolio securities and claims and ciated companies are not included at equity in the liquidity reserve securities. Valuation units are created consolidated balance sheet due to their insignificance in with financial swaps where appropriate. Securities held terms of assets, finances and earnings. They are shown as current assets are valued at acquisition cost provided as shares in affiliated companies. that they are not permanently depreciated. In doing so, depreciation based on the lower of cost or market Due to changes in the NORD/LB companies included in principle was not applied for such securities in the Group consolidation which were not insignificant in comparison with a book value of EUR 400 million (previous year: EUR to the previous year and in view of § 294 Paragraph 2 961.6 million). Valuation is strictly based on acquisition HGB, pro-forma figures for the previous year were drawn cost when valuation units (synthetic floaters) are created. up for the purpose of better comparability. In this case figures were adjusted to show consolidated accounts Participating interests and shares in affiliated companies prepared as at 31.December 2005 as they would have are reported at acquisition cost or at the lower attribut- been prepared if consolidation had already included able value in the case of permanent depreciation. these changes as at 31.December 2004. The adjusted figures for the previous year are shown separately in the Maximum depreciation to the extent permitted by tax consolidated balance sheet, in the consolidated income legislation is applied for fixed assets with a limited useful statement and in the segment report. In the notes to life span. Assets of minor value are fully depreciated in the consolidated accounts pro-forma figures were not the year of acquisition. determined and were only indicated for the number of staff members. Liabilities bearing little or no interest, in particular Landestreuhandstelle (state trust agency) liabilities, are reported at their cash equivalent. F-22 Notes to the Group and Company accounts

Liabilities to banks and customers are shown in the for the previous year, included in “other operating amounts repayable. Interest-rate related differences expenses“, were adjusted accordingly. between amounts borrowed and amounts repaid are reported under deferred income and written back on The presentation of profits resulting from aid-money a scheduled basis. carried by the state trust agency was adjusted to the effect that benefits were shown under “income from Zero bonds are reported at their purchase price plus profit pooling, a profit transfer agreement and a partial accumulation in accordance with the yield on issue. profit transfer agreement“ on the basis of a pecuniary aid procedure concluded in 2004, instead of under “other Provisions assessed on the basis of the principle of operating expenses“. Since neither the Group nor prudence have been made for contingent liabilities and NORD/LB are entitled to state trust agency income and anticipated losses on pending transactions. expenses in respect of aid-money carried and since this income and these expenses result in a zero balance For the purpose of determining pecuniary aid provisions, they are no longer shown under the individual income the prospective future development of costs was for the statement items. Figures for the previous year were first time taken into consideration. These provisions and adjusted accordingly. the provisions for pension obligations were determined on the basis of the new 2005 G mortality tables drawn up Concerning capital measures undertaken by NORD/LB in by Prof. Dr. Klaus Heubeck. 2005, consideration on the special contribution to capital in accordance with §15 Paragraph1 of the state treaty Pension obligations are determined at partial value in and consideration on all silent participations are shown accordance with actuarial principles on the basis of an under “income from profit pooling, a profit transfer interest rate for accounting purposes of 6%. Indirect agreement and a partial profit transfer agreement“. Group pension obligations under Section 28 Paragraph1 Figures for the previous year were adjusted accordingly. EGHGB (introductory law of the HGB – German Commer- cial Code) amount to EUR 6.8 million (previous year: We have applied the regulation contained in § 308 Para- EUR 9.1 million). graph 2 Clause 2 HGB on assuming stated values based on specific accounting rules for insurance operations. Certificates of deposit purchased were for the first time reported by NORD/LB under debt securities and other The consolidated profit shown on the balance sheet after fixed-interest securities in the year under review and appropriation to or transfer from reserves is the balance evaluated in accordance with the strict lower of cost or sheet profit of the parent company. market value. These certificates were previously shown under claims on banks. Comparative figures were not DRS (German Accounting Standard) regulations are adjusted (2005: EUR 1.3 billion / previous year: principally observed, provided that they contribute EUR 3 billion). towards eliminating regulatory loopholes. Unless otherwise indicated, DRS regulations are not applied if In the year under report margins resulting from information beyond the scope of DRS regulations on structured issues in business with private customers statutory provisions is required or if statutory options are (EUR 2 million) were shown under net gain from financial restricted by DRS regulations. and investment banking transactions in view of internal security. These were shown as interest income in the Currency conversion previous year. Currency conversion is carried out in accordance with the principles of §340h HGB. The option available under Unlike in previous years, voluntary social expenses, such § 340h Paragraph2 Clause 3 HGB has been exercised. as subsidies for canteens and expenses for company- facilitated sports activities and recreational facilities, are Fixed assets are stated at historic acquisition cost. shown under general administrative expenses. Figures Notes to the Group and Company accounts F-23

Other assets and liabilities are converted at the ECB combined across-product, taking adequate account of reference rate of exchange or at rates from other reliable risks. In doing so, the valuation results of interest-rate sources on the balance sheet date. Spot exchange trans- related products are offset per currency; share-related actions not yet concluded and forward-exchange products are offset per type or index and credit deriva- contracts are also based on the ECB reference exchange tives per reference debtor. The principle of prudence is rate. For futures transactions, evaluation of proportionate taken into account in that an earnings balance remains swap premiums/swap discounts not yet amortised is unappropriated, while a negative balance on the other carried out at current swap rates for the residual term of hand will result in the creation of a provision or in depre- the transactions. Results of the valuation of remaining ciation. items are offset per currency and losses are deferred. Remaining positive results such as calculated profits on Derivative contracts concluded beyond the scope of trad- open items are not taken into consideration. ing portfolios primarily for the purpose of securing interest-rate risks of balance sheet items are not valued. Mandatory DRS 14 regulations on currency conversion were applied for converting the accounts of corporate Option premiums and future margin payments on trans- units included in the consolidated accounts whose actions not yet due and proportionate interest on inter- functional currency differs from the reporting currency of est-rate swap transactions are shown under other assets the Group. Balance sheet items were converted at the or under other liabilities. Amounts as yet not amortised exchange rate which applied on the balance sheet date resulting from agreements to limit interest rates and and expenses and income generated during the year up-front payments from interest-rate swap transactions under report were converted at the average rate, which is as yet not amortised are included in deferred income. also permissible under DRS 14.31. Expenses and income generated by foreign subsidiaries with different function- Provisions/depreciation have been put in place to take al currencies which are of secondary importance for the the risk of losses into account. consolidated accounts were again converted at the rate which applied on the balance sheet date. On doing so, For balance sheet purposes, credit default swaps for conversion differences to the amount of EUR 1.1 million which the bank acts as guarantor held in the investment were withdrawn from currency-conversion reserves portfolio are handled in the same manner as in the (previous year: allocation of EUR 0.7 million). procedure for contingent claims and liabilities from guarantees and other indemnity agreements. Rating-induced Group assets and liabilities in foreign currencies total provisions are created if a credit default swap is expected EUR 41,295 million (previous year: EUR 39,897 million) to be utilised. Income components resulting from credit and EUR 40,372 million (previous year: EUR 43,909 default swaps held in investments for which the bank million) respectively. NORD/LB assets and liabilities in acts as guarantor are shown under commission income. foreign currencies amount to EUR 31,240 million (previ- If credit default swaps with the bank as guarantor have ous year: EUR 29,735 million) and EUR 29,617 million been concluded to hedge securities held in the invest- (previous year: EUR 31,303 million). ment portfolio, the securities will not be depreciated if depreciation is rating-related. The risk of dubious Valuation of derivatives creditworthiness in the case of a guarantor is to be taken Derivative financial instruments (futures, options and into consideration separately. This is carried out in swaps) are always valued individually on the basis of accordance with the procedure applied for a guarantee. general commercial valuation rules (§ 252 ff. HGB) and on Income components resulting from credit default consideration of the realisation and imparity principle swaps held in investments for which the bank receives unless valuation units are created for the purpose of a guarantee are shown under interest payable. securing balance sheet and trading portfolio items in a legally-permissible scope. Credit default swaps employed in the trading portfolio are reported as option transactions and as such are Trading portfolios in securities and derivatives, handled valued in accordance with the strict principle of lower or as units in terms of earnings and risks, have been cost of market. Provisions have been established for F-24 Notes to the Group and Company accounts

negative market values while positive market values are not taken into account. In contrast to the previous year, gross premiums for the full period were not presented. They are instead collected under the accrual principle.

In accordance with § 285 No.18 HGB both positive and negative market values are shown for derivative financial instruments. Products are distinguished as those traded on the stock exchange and those traded off-exchange. If a stock-market price is available it is used for the purpose of valuation. Valuation models used on financial markets are applied if no stock-exchange prices are available or if derivatives are not traded on the stock exchange (OTC derivatives). Notes to the Group and Company accounts F-25

II. Information and explanatory notes to the balance sheet and income statement

Explanatory notes to the balance sheet Assets

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Claims on banks

This item includes:

Claims on – affiliated companies 23 3 5,158 6,213 – companies in which an equity investment exists 2,396 1,938 2,368 2,680

Claims on affiliated savings banks 15,577 16,922 12,092 13,268

Subordinated receivables 124 51 270 281

Sub-item b) – other claims – comprises the following by residual terms of maturity: – less than 3 months 12,719 13,157 8,361 9,620 – more than 3 months but less than 1 year 7,604 9,922 6,631 9,232 – more than 1 year but less than 5 years 17,033 19,499 12,270 14,871 – more than 5 years 14,048 12,830 15,829 13,344 51,404 55,408 43,091 47,067

Applied as security – – 14,708 20,519

Claims on customers

This item includes:

Claims on – affiliated companies 250 275 243 889 – companies in which an equity investment exists 561 695 201 421

Subordinatedreceivables 80718045

The item comprises the following by residual terms of maturity: – less than 3 months 7,993 9,523 5,115 6,223 – more than 3 months but less than 1 year 6,122 6,733 3,922 4,135 – more than 1 year but less than 5 years 18,747 22,227 11,723 14,230 – more than 5 years 46,063 40,817 33,453 28,004 – with an indefinite term (2,204)(2,755)(1,700)(2,143) 78,925 79,300 54,213 52,592

Applied as security – – 19,657 23,052 F-26 Notes to the Group and Company accounts

Assets

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Debt securities and other fixed-interest securities

This item includes:

Claims on – affiliated companies 0 0 890 544 – companies in which an equity investment exists 1,191 1,517 585 916

Subordinated receivables 31 37 8 7

Of the marketable securities included in this item the following number are: –listed 43,858 42,568 34,551 31,140 – unlisted 5,554 3,150 1,695 1,403

Due in the following year 10,063 12,076 6,902 8,643

Applied as security – – 4,609 4,478 (debt securities issued prior to 19th July 2005)

Shares and other variable-yield securities

Of the marketable securities included in this item the following number are: –listed 283 112 237 102 – unlisted 14 180 10 12

Subordinatedsecurities 7878

Participating interests

Of the marketable securities included in this item the following number are: –listed 245 336 0 130 – unlisted 14 14 169 14

Participating interests in associated companies

Of the marketable securities included in this item the following number are: –listed 00–– – unlisted 00––

Shares in affiliated companies

Of the marketable securities included in this item the following number are: –listed 000135 – unlisted 0 0 402 503

Assets held in trust

This item includes:

– claims on banks 2,168 1,449 2,231 1,562 – claims on customers 2,933 3,665 2,837 3,566 – participating interests 76 40 0 0 –tangibleassets 13900 Notes to the Group and Company accounts F-27

Assets

Statement of Group fixed assets

–inTEUR– Acquisition/ Additions Disposals Write-ups Accumulative of which: Book value Book value manufactur- incl. initial incl. final depreciation depreciation 31. Dec. 2005 31. Dec. 2004 ing cost consolidation consolidation in accounting 01. Jan. 2005 and currency period conversion

Participating interests 1,021,467 1,150,261

Participating interests in associated companies 244,304 0

Shares in affiliated companies 133,127 188,489

Investment securities 11,515,395 10,735,850

Intangible assets 83,829 7,017 21,045 0 56,339 6,851 13,462 20,422

Tangible assets – Land and buildings including buildings on third-party land 1,688,639 192,186 1,504,195 985 151,130 10,461 226,485 1,190,776 of which: for own activities (99,005)(110,122) – Operating and office equipment 357,455 31,218 92,798 0 203,035 19,033 92,840 108,136

Total tangible assets 2,046,094 223,404 1,596,993 985 354,165 29,494 319,325 1,298,912

Statement of NORD/LB fixed assets

–inTEUR– Acquisition/ Additions Disposals Write-ups Accumulative of which: Book value Book value manufactur- depreciation depreciation 31. Dec. 2005 31. Dec. 2004 ing cost in accounting 01. Jan. 2005 period

Participating interests 515,213 515,828

Shares in affiliated companies 2,336,828 2,683,414

Investment securities 103,229 219,147

Intangible assets 47,595 1,561 6,295 0 33,868 4,549 8,993 12,701

Tangible assets – Land and buildings including buildings on third-party land 99,424 1 411 0 50,021 2,519 48,993 51,679 of which: for own activities (46,804)(49,429) – Operating and office equipment 256,304 19,100 35,062 0 157,186 14,318 83,156 80,787

Total tangible assets 355,728 19,101 35,473 0 207,207 16,837 132,149 132,466

Depreciation on operating and office equipment for the accounting period comprises EUR 0.2 million respectively for NORD/LB and Group depreciation resulting for the state trust agency. F-28 Notes to the Group and Company accounts

Assets

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Other assets This item includes: – Interest and interest due from interest rate swaps 3,028 2,682 1,734 1,522 – Premiums paid for options, swaps and caps 657 422 652 415 – Outstanding items on interim accounts, not reclassified 48 25 45 23 – Properties allocated for sale and other stocks arising from real estate business 2 139 0 0 – Balancing item resulting from currency evaluation 89 0 101 107 Subordinated shares 100 100 100 100 As per 31. Dec. 2005 this item includes unlisted shares not intended for investment purposes held by NORD/LB to the amount of approximately EUR 1.8 million and by the Group to the amount of approximately EUR 2.4 million.

Deferred expenses and accrued income This item includes: – Deferred premiums in accordance with § 340e Paragraph 2 HGB 206 149 197 136 – Discounts and maturing premiums 220 174 186 153

Liabilities

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Liabilities to banks This item includes: Liabilities to – affiliated companies 22 56 1,422 1,973 – companies in which an equity investment exists 1,046 998 632 762 Liabilities to affiliated savings banks 5,106 5,093 4,480 4,361 Assets pledged as collateral 5,616 7,256 5,616 7,256 Sub-item b) – with an agreed term or notice period – comprises the following by residual terms as maturity: – less than 3 months 22,962 30,333 14,925 21,255 – more than 3 months but less than 1 year 6,287 6,596 4,931 3,688 – more than 1 year but less than 5 years 8,588 9,767 6,113 7,365 – more than 5 years 17,861 16,168 14,228 12,524 55,698 62,864 40,197 44,832 Notes to the Group and Company accounts F-29

Liabilities

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Liabilities to customers This item includes: Liabilities to – affiliated companies 94 129 1,603 1,573 – companies in which an equity investment exists 360 364 328 331

Sub-items ab/ac) – with an agreed notice period of more than 3 months – comprises the following by residual terms of maturity: – less than 3 months 32 48 31 46 – more than 3 months but less than 1 year 37 43 35 36 – more than 1 year but less than 5 years 66 77 60 70 – more than 5 years 0 1 0 1 135 169 126 153

Sub-item bb) – with an agreed term or notice period – comprises the following by residual terms as maturity: – less than 3 months 10,834 11,396 5,850 7,762 – more than 3 months but less than 1 year 1,975 2,085 2,222 1,394 – more than 1 year but less than 5 years 6,681 6,628 5,049 6,072 – more than 5 years 19,130 17,182 15,686 13,911 38,620 37,291 28,807 29,139

Securitised liabilities This item includes: Liabilities to – affiliated companies 0 6 644 1,210 – companies in which an equity investment exists 2,240 2,111 1,778 1,621

The following sub-item amounts a) – debt securities issued – are due the following year 10,994 11,777 8,225 8,849

Sub-item b) – other securitised liabilities – comprises the following by residual terms of maturity: – less than 3 months 6,734 8,245 3,201 3,276 – more than 3 months but less than 1 year 3,011 3,764 2,771 3,232 – more than 1 year but less than 5 years 202 888 202 773 – more than 5 years 0 25 0 25 9,947 12,922 6,174 7,306

Liabilities held in trust This item includes: – Liabilities to banks* 2,272 759 2,291 803 – Liabilities to customers 2,837 4,355 2,777 4,326

* Investitionsbank Sachsen-Anhalt equity to the amount of EUR 100 million is included in the figures for NORD/LB and for the Group. F-30 Notes to the Group and Company accounts

Liabilities

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Other liabilities This item includes: – Interest payable and accrued interest from swaps 2,846 2,668 1,621 1,421 – Countervalues for outstanding securities purchases 508 546 508 545 – Option premiums received 600 350 591 342 – Balancing item resulting from currency evaluation 0 231 0 0 – Interest payable from profit participation rights, subordinated liabilities and capital contributions 251 218 214 180 – Outstanding items on interim accounts 104 77 104 74 – Liabilities from real estate business 2 66 0 0

Deferred income and currued expenses This item includes: – deferred discounts in accordance with § 340e Paragraph 2 HGB 71 82 62 67

Subordinated liabilities Expenses for subordinated liabilities 117 152 108 116 Subordinated liabilities toaffiliatedcompanies 0333 Borrowings which exceed 10% of the total amount respectively are defined as follows: Currency Amount Interest rate Due on NORD/LB EUR 580 5.75 % p. a. 01. Dec. 2015

Obligation to make premature repayment could only arise if a change in taxation results in additional payments to a purchaser. Subordination of these funds is in compliance with the Banking Act. Conversion of these funds into capital or into any other form of debt has neither been agreed on nor provided for.

Equity The individual core capital components comprise the following in accordance with the capital adequacy framework of the Basel Committee for Banking Supervision displayed to the 31. Dec. 2005 as follows:

EUR million

Contributed capital 1,162 Disclosed reserves 3,217 Contributions from dormant partners* 1,684 Special item for general banking risks in accordance with §340g HGB** 148

Total core capital 6,211

* In the year under report silent participations to the amount of EUR 1,203.6 million were repaid, while NORD/LB made a payment on perpetual silent participations through three special-purpose entities to the amount of EUR 900 million. ** The commercial accounts of NORD/LB no longer include any §340g reserves; §340g reserves to the amount of EUR 82 million are maintained for the Group. Notes to the Group and Company accounts F-31

Explanatory notes to the income statement

Classification of income according to geographical markets The sum total of the following items – interest income – current income – income from participating interests in associated companies – commission income – net income/expenses from financial and Investment Banking transactions – other operating income is classified in accordance with geographical markets as follows:

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (EUR million) (EUR million) (EUR million) (EUR million)

Federal Republic of Germany 7,281 6,652 5,092 4,913 Europe (excl. of Federal Republic of Germany) 1,844 1,481 578 577 North America 250 191 261 175 Asia 178 129 178 129

Other operating income The following are reported as material items: – Income from real estate business 24 212 6 6 – Interest income from tax refunds 35 2 35 2 – Reversal of accruals 283 33 18 25 –Incomefrominsurancetransactions 393000 – Reimbursements from the state of Lower Saxony of LTS unsecured refinancing costs – 13 – 13 – Income from leasing business 30 13 0 0 –Offsettingofserviceswiththirdparties 10300

Other operating expenses The following are reported as material items: – Expenses from real estate business 3 121 0 0 –Allocationtootherprovisions* 370230 –Expensesfrominsurancetransactions 272000 – Transfer to reserves for obligations arising from LTS contribution agreement – 35 – 35 – Expenses from leasing business 28 13 0 0 – Transfer to provisions for legal and recourse risks 4939 – Interest expenses for payment of tax arrears 19 5 19 5 –Write-offofaclaimforataxrefund 5151 –Expensesforlossesresultingfromoperationalrisks 5050

* Applies primarily to insurance transactions

Taxes on profit/other taxes Tax expenses shown applies solely to ordinary business.

Extraordinary charges Extraordinary charges include allocations to provisions for restructuring measures relating to the NORD/LB cost-adjustment program. Expenses for real estate business no longer to be used for business purposes and special Group depreciation on a plot of land are also shown under extraordinary charges. F-32 Notes to the Group and Company accounts

Other financial obligations The Group is liable for an amount of up to EUR 4 million Unless it is prevented from doing so by political risks, to be paid to the employees of two public-sector insur- NORD/LB ensures that banks and financial institutions ance companies in the event of insolvency. under full ownership of NORD/LB who are included in the consolidated accounts are able to fulfil their obligations. NORD/LB is also obliged to grant a shareholder loan to a company to the amount of EUR 2.6 million (previous year: The Group furthermore acts as surety for the obligations EUR 3.5 million). The Group is obliged to the sum of of the Sparkassenverband Niedersachsen (SVN – Lower EUR 9.1 million (previous year: EUR 6.5 million). Saxony Association of Savings Banks) resulting from the membership of the Association of Savings Banks in the The Group is also obliged to make additional contribu- Deutsche Sparkassen- und Giroverband ö.K. (German tions up to an amount of EUR 36.1 million (previous year: Association of Savings Banks and Girobanks) and in the EUR 61.1 million) to the security reserve of the Landes- DekaBank Deutsche Girozentrale. In addition the Group banks. In this respect NORD/LB is obliged to the sum of has assumed joint liability with the other shareholders in up to EUR 36.1 million (previous year: EUR 41.9 million). DekaBank Deutsche Girozentrale for this bank within the scope of its guarantor function. The Group is also obliged to make additional contributions to the amount of EUR 33.8 million (previous year: NORD/LB and the German federal state of Bremen are EUR 33.8 million) and NORD/LB to the amount of EUR joint public owners of Bremer Landesbank Kreditanstalt 30.5 million (previous year: EUR 30.5 million), plus addi- Oldenburg – Girozentrale –, Bremen. NORD/LB, together tional joint liabilities for other shareholders, to Liquid- with the Sparkassenverband Niedersachsen (SVN) and itäts-Konsortialbank GmbH. Landesbank Berlin – Girozentrale, acts as guarantor for the LBS Norddeutsche Landesbausparkasse Berlin- Furthermore obligations to make additional contribu- Hannover. tions result for the Group on the basis of participating interests in protection schemes for insurance companies NORD/LB has also committed itself to assume NORDIG to the amount of EUR 10.3 million (previous year: EUR 0 Norddeutsche Investitionsgesellschaft mbH losses which million). Due to memberships in other protection this company may incur as a result of its participating schemes within the scope of insurance business, the interests in City Centrum Süd Projektentwicklungs- Group, besides being a proportionate guarantor, also gesellschaft mbH, Bad Homburg. Furthermore, NORD/LB bears additional liability risks to the amount of EUR 4.2 and the other limited partners in Braunschweig Grund million (previous year: EUR 0 million). Objektgesellschaft Driebenberg mbH & Co.KG have released the general partner from his obligations. NORD/LB released two personally-liable partners in a real-estate investment fund (previous year two real- In view of the sale of companies in the NILEG sub-group, estate investment funds) from their statutory liability. In NORD/LB guarantees that taxes for the periods of time in addition, two Supervisory Board members of A/S which tax audits had not yet been conducted have been NORD/LB Latvija, Riga/Latvia have been released from fully paid or that adequate respective provisions have liability in respect of any right of recourse resulting from been created. In this respect NORD/LB is liable for any their activities as members of the Supervisory Board of additional payable taxes which exceed an amount of EUR this bank. 0.5 million. At year-end the Group had call-in obligations for shares Concerning the Joint Venture Bank DnB NORD A/S, the and other interests to the amount of EUR 41.3 million partners have agreed on substantial mutual subscription (previous year: EUR 31.5 million) and NORD/LB to the rights for the assignment of partnership shares at market amount of EUR 25.4 million (previous year: EUR 25.5 value. million). The Group is also jointly liable for six (previous year: five) companies under §24 of the German law pertaining to companies with limited liability. Notes to the Group and Company accounts F-33

NORD/LB has also deposited as collateral securities relating to transactions on the EUREX, Frankfurt or on foreign futures markets to the nominal amount of EUR 102.5 million (previous year: EUR 102.5 million). The nominal value of securities deposited as collateral in the Group totals EUR 127.5 million (previous year: EUR 125.1 million).

The Group holds investors’ cancellation privileges and put options relating to leasing transactions to the amount of EUR 125.9 million (previous year: EUR 125.9 million).

Obligations pertaining to existing rental, lease, guarantee and other similar agreements are within the scope of standard business. F-34 Notes to the Group and Company accounts

III. Other information

1. Members of the Board of Management: 2. Members of the Supervisory Board:

Dr. Hannes Rehm Hartmut Möllring Chairman (Chairman) Minister of Finance, Lower Saxony Dr. Hans Vieregge Debuty Chairman Thomas Mang (1.Deputy Chairman since 12. Dec. 2005) Dr. Jürgen Allerkamp President of the Lower Saxony Association of Member of the Board of Management Savings Banks Dr. Gunter Dunkel Prof. Dr. Karl-Heinz Paqué Member of the Board of Management (2.Deputy Chairman since 12. Dec. 2005) Dr. Gerhard Holterhus (until 31. Mar. 2006) Minister of Finance, Saxony-Anhalt Member of the Board of Management Sigrid Keler (until 11. Dec. 2005) Jürgen Kösters (2.Deputy Chairman) Member of the Board of Management Minister of Finance, Mecklenburg-Western Pomerania

Dr. Johannes-Jörg Riegler (since 01.Oct. 2005) Dr.Michael Arndt (until 11. Dec. 2005) Member of the Board of Management Regional President, Hanover Region

Bernd Schuster (until 31.Mar. 2005) Frank Berg (since 24. June 2005) Member of the Board of Management Chairman of the Board of Management, OstseeSparkasse Rostock

Hermann Bröring County Officer, Emsland District

Dr.Dr.h.c. Andreas J.Büchting (until 11. Dec. 2005) Speaker of the Board of Management, KWS SAAT AG

Ralf Dörries Bank Manager, NORD/LB Hanover

Dr.Otto Ebnet (until 11. Dec. 2005) Minister of Economics, Mecklenburg-Western Pomerania

Dr. Hermann Fischer (until 11. Dec. 2005) Private individual

Dr. Michael Frenzel Chairman of the Board of Management, TUI AG

Birgit Gantz-Rathmann (until 11. Dec. 2005) Head of Social Affairs and Health Care, Deutsche Bahn AG

Ingrid Häußler (until 11. Dec. 2005) First Mayor of Halle/Saale

Jürgen Hahn (until 23. June 2005) Chairman of the Board of Management, Sparkasse Vorpommern Notes to the Group and Company accounts F-35

Dr.Josef Bernhard Hentschel Jörg Reinbrecht (until 11. Dec. 2005) Speaker of the Board of Management, Trade union secretary, Sparkasse Osnabrück ver.di – Vereinte Dienstleistungsgewerkschaft, Federal Administration Office Sabine Hermsdorf Deputy Director, NORD/LB Hanover Hella Rienäcker Deputy Director, NORD/LB Braunschweig Frank Hildebrandt (since 12. Dec. 2005) Bank Officer, NORD/LB Braunschweig Hans-Joachim Röwer (from 01. Mar. 2005 until 11. Dec. 2005) Dr.Gert Hoffmann (until 11. Dec. 2005) Chairman of the Board of Management, First Mayor of the City of Braunschweig Kreissparkasse Northeim Dr.Rainer Huismans (until 28. Feb. 2005) Heiko Schaak (until 11. Dec. 2005) Private individual Bank Officer, NORD/LB Braunschweig Klaus-Jürgen Jeziorsky (until 11. Dec. 2005) Werner Schäfer Minister of the Interior, Saxony Anhalt Chairman of the Board of Management, Bördesparkasse Dr. Hasso Kaempfe (since 12. Dec. 2005) Heike Stähr (from 01. Aug. 2005 until 11. Dec. 2005) Chairman of the Board of Management, Bank Officer, NORD/LB Braunschweig Mast-Jägermeister AG Ilse Thonagel (until 11. Dec. 2005) Martin Kind (since 12. Dec. 2005) Bank Officer, LFI Mecklenburg-Western Pomerania Managing Director, KIND Hörgeräte GmbH & Co. KG Peter Werner (until 11. Dec. 2005) Walter Kleine Bank Officer, NORD/LB Braunschweig Chairman of the Board of Management, Sparkasse Hanover Joachim Werren (until 11. Dec. 2005) Undersecretary, Lower Saxony Ministry of Economics, Wolfmar Kotzur (until 31. July 2005) Labour and Transport Bank Manager, NORD/LB Hanover

Wolfhard Molkentin (until 11. Dec. 2005) County Officer, Nordvorpommern District

Heinrich von Nathusius (since 12. Dec. 2005) Managing Director, IFA Gruppe

Wolfgang Neuhaus (until 11. Dec. 2005) Director, NORD/LB Hanover

August Nöltker Trade union secretary, ver.di – Vereinte Dienstleistungsgewerkschaft, Financial Services Division, Hanover region

Freddy Pedersen Deputy Trade Union Regional Director, ver.di – Vereinte Dienstleistungsgewerkschaft, Braunschweig-Surrounding Region

Kurt Rehkopf (until 11. Dec. 2005) President of the Unternehmensverbände Handwerk Niedersachsen e.V. F-36 Notes to the Group and Company accounts

3. List of Mandates

As at 31. December 2005 Board members and employees of the NORD/LB Group held the following mandates in accordance with § 340a Paragraph 4 No.1 HGB. Banks and large corporate entities are on equal terms.

3.1 Members of the Board of Management of NORD/LB:

Name Company

Dr. Hannes Rehm Bank DnB NORD A/S, Copenhagen Bankgesellschaft Berlin AG, Berlin Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen DekaBank Deutsche Girozentrale, Berlin and Frankfurt am Main LBS Norddeutsche Landesbausparkasse Berlin-Hannover, Berlin and Hanover Norddeutsche Landesbank Luxembourg S.A., Luxembourg Salzgitter AG, Salzgitter

Dr. Hans Vieregge AWD Holding AG, Hannover Blohm + Voss GmbH, Hamburg DEUTSCHE FACTORING BANK Deutsche Factoring GmbH & Co., Bremen Emsland Stärke GmbH, Emlichheim IFA Hotel & Touristik AG, Duisburg Investitionsbank Sachsen-Anhalt, Magdeburg Berenberg Bank, Joh. Berenberg, Gossler & Co. KG, Hamburg LBS Norddeutsche Landesbausparkasse Berlin-Hannover, Berlin and Hanover NBank Investitions- and Förderbank Niedersachsen, Hanover NORDCON Investment Management AG, Hanover Norddeutsche Landesbank Luxembourg S.A., Luxembourg

Dr. Jürgen Allerkamp AB Bankas NORD/LB Lietuva, Vilnius/Lithuania A/S NORD/LB Latvija, Riga/Latvia B+S Card Service GmbH, Frankfurt am Main Deka Immobilien Investment GmbH, Frankfurt am Main LBS Norddeutsche Landesbausparkasse Berlin-Hannover, Berlin and Hanover NORD/LB Bank Polska S.A., Warsaw/Poland NILEG Norddeutsche Immobiliengesellschaft mbH, Hanover

Dr. Gunter Dunkel AB Bankas NORD/LB Lietuva, Vilnius/Lithuania A/S NORD/LB Latvija, Riga/Latvia Bank DnB NORD A/S, Copenhagen NORD/LB Bank Polska S.A., Warsaw/Poland Norddeutsche Landesbank Luxembourg S.A., Luxembourg Skandifinanz Bank AG, Zurich

Dr. Gerhard Holterhus Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen Bank DnB NORD A/S, Copenhagen

Jürgen Kösters Berenberg Bank, Joh. Berenberg, Gossler & Co. KG, Hamburg LBS Norddeutsche Landesbausparkasse Berlin-Hannover, Berlin and Hanover Norddeutsche Landesbank Luxembourg S.A., Luxembourg NORDCON Investment Management AG, Hanover Toto-Lotto Niedersachsen GmbH, Hanover

Dr. Johannes-Jörg Riegler Bank DnB NORD A/S, Copenhagen Notes to the Group and Company accounts F-37

3.2 Members of the Board of Management of Bremer Landesbank:

Name Company

Thomas Christian Buchbinder Bremer Lagerhaus-Gesellschaft Aktiengesellschaft von 1877, Bremen DekaBank Deutsche Girozentrale, Berlin und Frankfurt am Main GEWOBA Aktiengesellschaft Wohnen und Bauen, Bremen

Bodo Rimpler Brebau Bremische Bau- und Siedlungsgesellschaft mbH, Bremen DEUTSCHE FACTORING BANK Deutsche Factoring GmbH & Co., Bremen GSG OLDENBURG Bau- und Wohngesellschaft mbH, Oldenburg

Fritz Lütke-Uhlenbrock DekaBank Deutsche Girozentrale Luxembourg S.A., Luxembourg DEUTSCHE FACTORING BANK Deutsche Factoring GmbH & Co., Bremen SLOMAN NEPTUN Schiffahrts-AG, Bremen

3.3 Members of the Board of Management of Öffentliche Lebensversicherung and Öffentliche Sachversicherung Braunschweig

Name Company

Michael Doering ABIT AG, Meerbusch Öffentliche Feuerversicherung Sachsen-Anhalt, Magdeburg Öffentliche Lebensversicherung Sachsen-Anhalt, Magdeburg Ostfriesische Landschaftliche Brandkasse, Aurich Roland Rechtsschutz AG, Cologne

Thomas Krüger Öffentliche Feuerversicherung Sachsen-Anhalt, Magdeburg Öffentliche Lebensversicherung Sachsen-Anhalt, Magdeburg Deutsche Rückversicherung AG, Düsseldorf

3.4 Other employees

Name Company

Rolf Behrendt NORD/LB Norddeutsche Securities PLC, London Heinz-Werner Frings SWAN Malaysia Sdn. Bhd., Johore Bahru/Malaysia Dr. Rüdiger Fuhrmann Niedersächsische Landgesellschaft mbH, Hanover Kurt Gliwitzky DekaBank Deutsche Girozentrale Luxembourg S.A., Luxembourg NORDCON Investment Management AG, Hannover Bruce Gresswell NORD/LB Finance (Curaçao) N.V., Willemstad/Netherlands Antilles Hans Hartmann Deka Investment GmbH, Frankfurt am Main Sven Herlyn AB Bankas NORD/LB Lietuva, Vilnius/Lithuania A/S NORD/LB Latvija, Riga/Latvia NORD/LB Bank Polska S.A., Warsaw/Poland Klaus Hillenhagen Toto-Lotto Niedersachsen GmbH, Hanover Intalliance AG, Hanover Baldur Lysk NORD/LB Norddeutsche Securities PLC, London Wolfgang Matzen BÖAG Finanzdienst AG, Hamburg Andreas Pohl WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf Dr. Kurt Rommel FinanzIT GmbH, Hanover Christoph Trestler NORD/LB Finance (Curaçao) N.V., Willemstad/Netherlands Antilles F-38 Notes to the Group and Company accounts

4. Remuneration and loans to executive bodies

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (TEUR) (TEUR) (TEUR) (TEUR)

4.1 Emoluments paid to active members of executive bodies Board of Management 3,492 4,496 3,321 4,175 Supervisory Board 499 480 469 445

4.2 Emoluments paid to former members of the executive bodies and their dependants Board of Management 3,798 3,113 3,795 3,087 Provisions for pension obligations towards this group of people 37,392 25,507 37,392 25,507

4.3 Advances payments, loans and contingencies Board of Management 1,026 1,122 1,026 1,122 Supervisory Board 352 758 352 758

5. Auditors’ fees

Group Group NORD/LB NORD/LB 2005 2004 2005 2004 (TEUR) (TEUR) (TEUR) (TEUR)

The following fees were paid during the accounting period: – Audit 2,567 – 1,798 – – Other confirmatory/consulting services 377 – 293 – – Tax consulting services 66 – 41 – – Other services 739 – 512 –

6. Average number of employees

Male Male Female Female Total Total Total 2005 2004 2005 2004 2005 2004 2004*

NORD/LB 1,827 2,047 2,068 2,320 3,895 4,367 4,367 Bremer Landesbank sub-group 516 527 479 505 995 1,032 1,076 NORD/LB Luxembourg sub-group 76 78 32 37 108 115 115 LHI sub-group 89 95 134 145 223 240 240 ÖVB 340 – 333 – 673 – 696 North-East European companies – 338 – 1,096 – 1,434 – LBS – 281 – 396 – 677 – Other 50 226 18 191 68 417 23

Group 2,898 3,592 3,064 4,690 5,962 8,282 6,517

For the purpose of information: Landestreuhandstelle/ Landesförderinstitute (state trust agency) 257 268 494 497 751 765 765

*For the purpose of comparability the number of employees shown here is correlative to the number shown in the pro-forma accounts. Notes to the Group and Company accounts F-39

7. Other information

7.1 Services provided to third parties

Essential services provided to third parties comprise: – Administration of assets held in trust – Asset management – Administration of custodianship accounts – Insurance, building-loan agreement and real-estate brokerage services – Procurement of foreign notes and coins and precious metals for affiliated savings banks

7.2 Derivative transactions

NORD/LB Group derivative transactions – by volume –

Nominal Nominal Positive Negative values* values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31.Dec.2005

Interest rate risks Interest rate swaps 203,917 236,493 4,706 3,979 FRAs 18,011 25,028 24 25 Interest rate options – purchases 6,190 8,529 794 0 – sales 5,333 7,832 0 705 Caps, Floors 3,171 4,658 21 15 Stock-exchange contracts 4,145 4,159 1 2 Other forward interest rate transactions 2,182 1,344 1 34

Interest rate risks – total – 242,949 288,043 5,547 4,760

Currency risks Forward exchange contracts 32,571 39,278 633 520 Currency swaps/interest rate currency swaps 11,463 12,858 192 176 Currency options – purchases 217 312 5 0 – sales 107 163 0 3 Otherforwardexchangetransactions 0000

Currency risks – total – 44,358 52,611 830 699

Shares and other price risks Share futures contracts 232 10 0 0 Share swaps 308 733 28 22 Share options – purchases 1,256 2,626 366 0 – sales 999 1,806 0 155 Stock-exchange contracts 193 369 4 3 Otherfuturestransactions 29000

Shares and other price risks – total – 3,017 5,543 398 180

Credit derivatives – secured party 1,456 1,729 7 14 – guarantor** 3,140 6,093 12 5

Credit derivatives – total – 4,596 7,822 19 19

Derivative transactions – total – 294,920 354,019 6,794 5,658

* Figures for the previous year were adjusted accordingly ** Shown under contingent liabilities F-40 Notes to the Group and Company accounts

NORD/LB Group derivative transactions – by volume –

Nominal Nominal Positive Negative values* values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31.Dec.2005

Interest rate risks Interest rate swaps 134,489 157,797 4,304 3,228 FRAs 10,209 17,024 21 22 Interest rate options – purchases 6,120 8,529 791 0 – sales 4,993 7,449 0 705 Caps, Floors 2,610 4,087 20 13 Stock-exchange contracts 3,356 4,159 1 2 Other forward interest rate transactions 1,570 996 1 34

Interest rate risks – total – 163,347 200,041 5,138 4,004

Currency risks Forward exchange contracts 15,523 27,591 461 408 Currency swaps/interest rate currency swaps 9,424 9,394 171 85 Currency options – purchases 72 141 4 0 –sales 98 125 0 3

Currency risks – total – 25,117 37,251 636 496

Shares and other price risks Sharefuturescontracts 232000 Share swaps 308 733 28 22 Share options – purchases 1,235 2,610 366 0 – sales (short) 992 1,805 0 155 Stock-exchange contracts 193 369 4 3 Otherfuturestransactions 29000

Shares and other price risks – total – 2,989 5,516 398 180

Credit derivatives – secured party 1,456 1,729 7 14 – guarantor** 1,152 2,483 12 5

Credit derivatives – total – 2,608 4,212 19 19

Derivative transactions – total – 194,061 247,020 6,191 4,699

* Figures for the previous year were adjusted accordingly ** Shown under contingent liabilities

Nominal values constitute the gross volume of all purchases and sales. Market values including interest are shown for all agreements. Positive and negative market values for agreements with the same counterparty were not offset. Netting processes have not been applied here either. Some of the derivatives shown are used to offset balance sheet item risks. Notes to the Group and Company accounts F-41

NORD/LB Group derivative transactions – by maturity –

Interest Interest Currency Currency Shares and Shares and Credit Credit rate risks rate risks risks risks other other derivatives derivatives Nominal values price risks price risks – EUR million – 31. Dec. 2005 31. Dec. 2004 31. Dec. 2005 31. Dec. 2004 31. Dec. 2005 31. Dec. 2004 31. Dec. 2005 31. Dec. 2004

Residual terms to maturity – less than 3 months 37,338 44,992 24,168 21,718 332 473 21 40 – more than 3 months but less than 1 year 62,697 61,021 16,721 12,675 268 259 394 73 – more than 1 year but less than 5 years 106,987 76,414 6,852 5,734 3,148 1,838 3,299 2,320 – more than 5 years 81,021 60,522 4,870 4,231 1,795 447 4,108 2,163

Total 288,043 242,949 52,611 44,358 5,543 3,017 7,822 4,596

NORD/LB Group derivative transactions – by maturity –

Residual terms to maturity – less than 3 months 18,319 19,892 15,523 9,012 311 444 21 20 – more than 3 months but less than 1 year 33,958 35,479 12,391 7,423 264 262 307 73 – more than 1 year but less than 5 years 76,108 56,324 5,288 4,720 3,148 1,836 2,700 1,738 – more than 5 years 71,656 51,652 4,049 3,962 1,793 447 1,184 777

Total 200,041 163,347 37,251 25,117 5,516 2,989 4,212 2,608

The breakdown of transaction maturities is based on residual terms. Underlying maturities were applied for interest-rate risk contracts. The contract period was applied for the remaining risks.

NORD/LB Group derivative transactions – by counterparties –

Nominal Nominal Positive Negative values values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31. Dec. 2005

Banks in the OECD 264,517 314,210 5,375 4,779 Banks outside the OECD 1,946 1,634 16 11 Public institutions in the OECD 3,157 3,771 171 36 Other counterparties* 25,300 34,401 1,232 832

Total 294,920 354,019 6,794 5,658

NORD/LB Group derivative transactions – by counterparties –

Nominal Nominal Positive Negative values values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31. Dec. 2005

Banks in the OECD 165,452 209,176 4,799 3,828 Banks outside the OECD 1,928 1,634 16 11 Public institutions in the OECD 3,104 3,733 170 36 Other counterparties* 23,577 32,477 1,206 824

Total 194,061 247,020 6,191 4,699

* including stock exchange contracts F-42 Notes to the Group and Company accounts

NORD/LB Group derivative transactions – by trading transactions –

Nominal Nominal Positive Negative values values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31. Dec. 2005

Interest rate contracts 190,883 208,279 3,663 3,415 Currency contracts 22,117 31,228 344 396 Share contracts 285 471 15 8 Credit derivative contracts 693 1,823 11 14

Total 213,978 241,801 4,033 3,833

NORD/LB Group derivative transactions – by trading transactions –

Nominal Nominal Positive Negative values values market market values values – EUR million – 31. Dec. 2004 31. Dec. 2005 31. Dec. 2005 31. Dec. 2005

Interest rate contracts 127,665 165,869 3,241 3,045 Currency contracts 18,567 26,840 330 369 Share contracts 251 477 15 8 Credit derivative contracts 693 1,823 11 14

Total 147,176 195,009 3,597 3,436

Trading transactions are transactions contracted within the scope of trading lines. The results of such transactions are included under net income from trading activities. They serve to mutually hedge derivative trading positions and also to secure trading instruments reflected in the balance sheet.

7.3 Deferred taxes

NORD/LB has made provision to the amount of EUR 8.7 million (previous year: EUR 10.9 million) and the Group to the amount of EUR 17.4 million (previous year: EUR 22.4 million) for deferred taxes.

7.4 Repurchase transactions

Group Group NORD/LB NORD/LB – EUR million – 2005 2004 2005 2004

Book value of securities issued under genuine repurchase transactions and other assets 1,944 1,145 1,584 807 Notes to the Group and Company accounts F-43

8. NORD/LB cover account (old stock/issues prior to 19. July 2005)

– EUR million – 2005 2005 2004 2004

8.1 Mortgage bond coverage

Liabilities requiring cover – Mortgage bonds 6,428 6,408 – discharged and cancelled items 0 0 – Registered debentures as security 48 54 on loans taken up 6,476 6,462 Covering assets – Loans to customers secured by mortgages 5,755 6,783 – Public issuer securities 1,301 0 – Substitute credit institution cover 229 150 7,285 6,933 Surplus cover 809 471

8.2 Municipal cover

Liabilities requiring cover – Municipal debentures 25,302 27,357 – discharged and cancelled items 0 0 – Registered municipal debentures 4,163 4,469 to secure loans taken up 29,465 31,826 Covering assets – Municipal loans to financial institutions 13,560 19,034 – Municipal loans to customers 13,902 16,269 – Public issuer securities 3,308 4,478 – Fixed deposits from public-sector banks 69 595 – Substitute credit institution cover 850 740 31,689 41,116 Surplus cover 2,224 9,290

For the purpose of mortgage bond coverage, this “old” stock (cover and issue) in accordance with § 51 of the German PfandBG (covered bond act) was encapsulated and shown separately from the new cover register under regulations which applied prior to the coming into force of the PfandBG. F-44 Notes to the Group and Company accounts

9. NORD/LB cover account in accordance with § 28 Pfandbriefgesetz (German Covered Bond Act)

Risk cash Risk cash asset asset – EUR million – Nominal Cash value (+250 bp) (+250 bp)

9.1 Public mortgage bonds

Total circulation 1,765 1,500 1,371 1,677 Guarantee fund total 8,649 6,613 5,563 8,003 of which derivatives 0 0 0 0 Excess coverage 6,884 5,113 4,192 6,326 Excess coverage in % 390 341 306 377

As at Portfolio in Portfolio in Portfolio in 9.2 Team structure (residual term) 31. Dec. 2005 1 year 5 years 10 years Public mortgage bonds 1,765 1,007 476 253 Guarantee fund 8,649 8,332 6,482 879

Gesamt- 9.3 Guarantee fund by debtors Germany Hungary Austria Totals Government 45 20 0 65 Regional local authorities 1,235 0 0 1,235 Public local authorities 228 0 0 228 Other debtors 7,051 0 70 7,121 Othercoverage 0000

Amount 8,559 20 70 8,649

9.4 Total of payments in arrears by at least 90 days There were no payments in arrears for claims applied as security for public mortgage bonds. Notes to the Group and Company accounts F-45

10. Equity holding in accordance with § 285 Nos.11 and 11a and § 313 Paragraph 12.2 and § 340a Paragraph 4 No.2 HGB

Affiliated companies included in the consolidated accounts

No. Name / registered office Share of capital Equity1) Profit/Loss held % TEUR TEUR 1 BLB Immobilien GmbH, Bremen 100.0 26,186 0 2 BLB Leasing GmbH, Oldenburg 100.0 511 0 3 Bremer Landesbank Capital Markets PLC, London 100.0 8,454 556 4 Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale – , Bremen 92.5 1,166,904 28,000 4) 5 Bremische Grundstücks-GmbH & Co. Bonn – Center, Bremen 100.0 20,600 2,947 6 Bremische Grundstücks-GmbH, Bremen 100.0 48,584 1,316 7 LHI Asset Management GmbH, Munich 100.0 100 0 8 LHI Leasing GmbH, Munich 100.0 58,506 7,798 (12,782) 9 NIEBA GmbH, Hanover 100.0 381,423 — 2) 10 NORDCON Asset Management Holding GmbH, Hanover 100.0 12,262 –30 11 NORDCON Investment Management AG, Hanover 100.0 6,772 419 4) 12 Norddeutsche Investitionen Beteiligungsgesellschaft mbH, Hanover 100.0 253,411 38,028 13 Norddeutsche Landesbank Luxembourg S.A., Luxembourg 100.0 746,138 65,380 4) 14 NORD/FM Norddeutsche Facility Management GmbH, Hanover 100.0 636 — 2) 15 NORD/LB Norddeutsche Securities PLC, London 100.0 14,805 1,392 4) 16 Nord-Ostdeutsche Bankbeteiligungsgesellschaft mbH, Hanover 100.0 593,782 — 2) 17 NORDWEST VERMÖGEN Bremische Grundstücks-GmbH & Co. KG, Bremen 100.0 40,000 3,055 18 Öffentliche Lebensversicherung Braunschweig, Braunschweig 75.0 18,292 1,560 19 Öffentliche Sachversicherung Braunschweig, Braunschweig 75.0 227,984 18,836 TCHF TCHF 4) 20 Skandifinanz Bank AG, Zurich 100.0 35,205 449

Companies included at equity in the consolidated accounts

No. Name / registered office Share of capital Equity1) Profit/Loss held % TEUR TEUR 1 Bank DnB NORD A/S, Copenhagen/Denmark 49.0 317,095 — 3) 2 LBS Norddeutsche Landesbausparkasse, Berlin-Hannover, Berlin and Hanover 44.0 310,770 13,600 4) 3 KreditServices Nord GmbH, Hanover 49.0 4,500 — 3)

1) Equity as defined in §§ 266 and 272 HGB; figure in brackets show outstanding capital contributions. 2) Profit and loss assumption agreement concluded with the company. 3) Founded during the accounting period 4) Information in accordance with § 340a Paragraph 4 No. 2 HGB (banks are interpreted as being large corporate entitles)

The most recent established statement of accounts of the respective company was taken into account. A complete list of holdings in accordance with § 285 Nos 11 and 11a and § 313 Paragraph 2 and § 340a Paragraph 4 No. 2 HGB has been deposited at the Commercial Registry in the Hanover District Court. F-46 Notes to the Group and Company accounts

Hannover / Braunschweig / Magdeburg, 3. April 2006

Norddeutsche Landesbank – Girozentrale –

The Board of Management

Rehm Vieregge Allerkamp

Dunkel Kösters Riegler Auditors’ Report F-47

The following auditors’ report (zusammengefasster Bestätigungsvermerk) has been issued in accordance with § 322 German Commercial Code (Handelsgesetz- buch) in German language on the German version of the annual financial statements, the consolidated financial statements and the combined management report (zusammengefasster Lagebericht) of NORD/LB as of and for the financial year ended 31. December 2005. The combined management report is neither included nor incorporated by reference in this Prospectus. F-48 Auditors’ Report

Auditors’ Report

We have audited the annual financial statements, able assurance. Knowledge of the business activities and comprising the balance sheet, the income statement and the economic and legal environment of the Company and the notes to the financial statements, which are the Group and expectations as to possible misstate- combined with the notes to the consolidated financial ments are taken into account in the determination of statements, together with the bookkeeping system, of audit procedures. The effectiveness of the accounting- Norddeutsche Landesbank Girozentrale, Hannover, related internal control system and the evidence support- Braunschweig and Magdeburg and the consolidated ing the disclosures in the books and records, the annual financial statements, comprising the balance sheet, the and consolidated financial statements and the combined income statement, statement of changes in equity, cash management report are examined primarily on a test flow statement, the segment report and the notes to the basis within the framework of the audit. The audit consolidated financial statements, which are combined includes for the annual financial statements assessing with the notes to the financial statements as well as the accounting principles used and for the consolidated the combined management report of the Company and financial statements assessing the annual financial state- the Group for the business year from 1. January to ments of the companies included in consolidation, the 31. December 2005. The bookkeeping system and the determination of the companies to be included in consol- preparation of these documents in accordance with idation, the accounting and consolidation principles used German commercial law are the responsibility of the as well as for both statements the evaluation of signifi- Company's Board of Managing Directors. Our respon- cant estimates made by the Company's Board of Manag- sibility is to express an opinion on the annual financial ing Directors, and evaluating the overall presentation of statements, together with the bookkeeping system, as the annual and consolidated financial statements and the well as on the consolidated financial statements and the combined management report. We believe that our audit combined management report of the Company and the provides a reasonable basis for our opinion. Group based on our audit. Our audit has not led to any reservations. We conducted our audit of the annual and consolidated financial statements in accordance with § (Article) 317 In our opinion based on the findings of our audit, the HGB ("Handelsgesetzbuch": "German Commercial Code") annual financial statements and the consolidated finan- and German generally accepted standards for the audit of cial statements comply with the legal requirements and financial statements promulgated by the Institut der supplementary regulations of the Articles of Association Wirtschaftsprüfer (Institute of Public Auditors in and give a true and fair view of the net assets, financial Germany) (IDW). Those standards require that we plan position and results of operations of the Group in accor- and perform the audit such that misstatements material- dance with (German) principles of proper accounting. The ly affecting the presentation of the net assets, financial combined management report of the Group is consistent position and results of operations in the annual und with the annual financial statements and the consolidat- consolidated financial statements in accordance with ed financial statements and as a whole provides a suit- (German) principles of proper accounting and in the able view of the Company's position and suitably pres- combined management report are detected with reason- ents the opportunities and risks of future development.

Hannover, 4. April 2006

PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

(Schlüter) (Schmitz) Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor) XI. Names and Addresses G-1

XI. NAMES AND ADDRESSES

REGISTERED/HEAD OFFICE OF THE ISSUER ARRANGER FOR THE PROGRAMME

Norddeutsche Landesbank Norddeutsche Landesbank Girozentrale Girozentrale Friedrichswall 10 Friedrichswall 10 30159 Hannover 30159 Hannover

DEALERS

Barclays Bank PLC Citigroup Global Markets Limited 5 The North Colonnade Citigroup Centre Canary Wharf Canada Square London E14 4BB Canary Wharf London E14 5LB

Commerzbank Aktiengesellschaft Credit Suisse Securities (Europe) Kaiserplatz Limited 60311 Frankfurt am Main One Cabot Square London E14 4QJ

Deutsche Bank Aktiengesellschaft Dresdner Bank Aktiengesellschaft Grosse Gallusstrasse 10-14 Jürgen-Ponto-Platz 1 60272 Frankfurt am Main 60301 Frankfurt am Main

HSBC Bank plc J.P. Morgan Securities Ltd. Level 4125 London Wall 8 Canada Square London EC2Y 5AJ London E14 5HA

Merrill Lynch International Morgan Stanley & Co. International Merrill Lynch Financial Centre Limited 2 King Edward Street 25 Cabot Square London EC1A 1HQ Canary Wharf London E14 4QA

Nomura International plc Norddeutsche Landesbank Nomura House Girozentrale 1 St. Martin’s-le-Grand Friedrichswall 10 London EC1A 4NP 30159 Hannover

UBS Limited 1 Finsbury Avenue London EC2M 2PP G-2 XI. Names and Addresses

AUDITOR OF THE ISSUER FISCAL AGENT

to NORD/LB PricewaterhouseCoopers Fortis Banque Luxembourg S.A. Aktiengesellschaft 50, avenue J.F. Kennedy Wirtschaftsprüfungsgesellschaft L-2951 Luxembourg Fuhrberger Strasse 5 30625 Hannover

PAYING AGENTS

Fortis Banque Luxembourg S.A. Norddeutsche Landesbank Girozentrale 50, avenue J.F. Kennedy Friedrichswall 10 L-2951 Luxembourg 30159 Hannover

LUXEMBOURG LISTING AGENT GERMAN LISTING AGENT

Fortis Banque Luxembourg S.A. Norddeutsche Landesbank Girozentrale 50, avenue J.F. Kennedy Friedrichswall 10 L-2951 Luxembourg 30159 Hannover

LEGAL ADVISERS

to the Dealers to NORD/LB as to German law as to the Prospectus as to German law Latham & Watkins LLP Norton Rose Reuterweg 20 Stephanstrasse 15 60323 Frankfurt am Main 60313 Frankfurt am Main