Norddeutsche Landesbank Girozentrale Hanover (Incorporated
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9 April 2014 PROSPECTUS Norddeutsche Landesbank Girozentrale Hanover (incorporated as public law institution (Anstalt des öffentlichen Rechts) established under, and governed by, the laws of the Federal Republic of Germany and the German Federal States (Bundesländer) of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen- Anhalt)) ("Norddeutsche Landesbank – Girozentrale –", "NORD/LB" or the "Issuer") U.S.$500,000,000 Subordinated Fixed Rate Tier 2 Notes due 2024 (the "Notes") Issue Price of the Notes: 100.00 per cent. of the principal amount The Notes constitute direct, unconditional, subordinated and unsecured liabilities of the Issuer, as described in Section 2 of the Terms and Conditions of the Notes, and, unless previously redeemed or repurchased and cancelled, will mature on 10 April 2024 (the "Maturity Date"). The Notes will bear interest on their Par Value (as defined in Section 1 of the Terms and Conditions of the Notes), payable semi- annually in arrear on 10 April and 10 October of each year (each an "Interest Payment Date"), from 10 April 2014 (the "Issue Date") (inclusive) until the Maturity Date (exclusive) at the rate of 6.25 per cent. per annum. The Issuer may, at its option, redeem the Notes, in whole but not in part, for certain withholding tax reasons or upon the occurrence of a Regulatory Event (as defined in Section 5 Paragraph (2) of the Terms and Conditions of the Notes) at their Par Value plus accrued interest. Any such redemption is subject to the prior permission of the competent regulatory authority, if required, as described in Section 5 Paragraph (4) of the Terms and Conditions of the Notes. This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive") and has been drafted in accordance with the Luxembourg law relating to prospectuses for securities of 10 July 2005 (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières), as amended, (the "Luxembourg Prospectus Law"), which implements the Prospectus Directive into Luxembourg law. This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Prospectus Law, and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the Issuer’s website (http://www.nordlb.de). Pursuant to Article 7(7) of the Luxembourg Prospectus Law, by approving this Prospectus, the CSSF does not give any undertaking as to the economic and financial soundness of the transaction contemplated by this Prospectus or the quality or solvency of the Issuer. Application has been made to the Luxembourg Stock Exchange for admission of the Notes to the Official List (Bourse de Luxembourg) and to trading on the regulated market of the Luxembourg Stock Exchange. The regulated market of the Luxembourg Stock Exchange is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. The Notes have a denomination of U.S.$200,000 each. An investment in the Notes involves certain risks. Prospective investors should have regard to the factors described in the section "Risk Factors" below. The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions is restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and any Joint Lead Managers (as defined below) to inform themselves about and to observe any such restrictions. In particular, the Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and are subject to special U.S. tax law requirements where held by U.S. persons (TEFRA D rules). Subject to certain limited exceptions, the Notes may not be offered, sold or delivered within the United States of America ("United States") or to, or for the account or benefit of, U.S. persons. For a further description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) see "Selling Restrictions and Related Information". The Notes will initially be represented by a temporary global note (the "Temporary Global Note"), without interest coupons, which will be deposited on or about 10 April 2014 (the "Closing Date") with a common depositary for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg"). Interests in the Temporary Global Note will be exchangeable for interests in a permanent global note (the "Permanent Global Note" and, together with the Temporary Global Note, the "Global Notes"), without interest coupons, on or after 20 May 2014 (the "Exchange Date"), upon certification as to non-U.S. beneficial ownership. Notes in definitive form for individual notes or interest coupons will not be issued. Sole Global Coordinator HSBC Joint Lead Managers BNP PARIBAS HSBC J.P. MORGAN NOMURA THE ROYAL BANK OF SCOTLAND [This page has intentionally been left blank] 2 TABLE OF CONTENTS I. RISK FACTORS ....................................................................................................4 1. Risk factors relating to the Issuer ...................................................................... 4 2. Risk factors relating to regulatory aspects concerning credit institutions in general ............................................................................................................ 10 3. Risk factors relating to the Notes .................................................................... 18 II. RESPONSIBILITY ..............................................................................................25 III. DESCRIPTION OF NORDDEUTSCHE LANDESBANK – GIROZENTRALE – 26 1. Auditors ...........................................................................................................26 2. General information relating to the Issuer ....................................................... 26 3. Ratings ............................................................................................................27 4. Recent events in the business activities of Norddeutsche Landesbank – Girozentrale – ..................................................................................................29 5. Business overview ...........................................................................................31 6. Organisational structure .................................................................................. 38 7. Trend Information ............................................................................................39 8. Governing bodies of Norddeutsche Landesbank – Girozentrale – ................. 39 9. Owners of Norddeutsche Landesbank – Girozentrale – ................................. 45 10. Historical Financial Information ................................................................. 45 11. Court and Arbitration Proceedings ................................................................ 46 12. Significant changes in the financial position ................................................. 46 IV. DESCRIPTION OF THE NOTES ........................................................................47 1. Terms and Conditions of the Notes ................................................................ 47 2. General information concerning the Notes ..................................................... 65 V. TAXATION ..........................................................................................................68 1. Taxation in Germany .......................................................................................68 2. EU Savings Directive on the taxation of savings income ................................ 71 VI. SELLING RESTRICTIONS AND RELATED INFORMATION ........................... 73 VII. IMPORTANT NOTICES ......................................................................................78 VIII. GENERAL INFORMATION .................................................................................79 1. Authorisation ................................................................................................... 79 2. Availability of documents ................................................................................. 79 3. Incorporation by reference .............................................................................. 79 4. Third party information .................................................................................... 81 5. Joint Lead Managers transacting with the Issuer ........................................... 81 IX. NAMES AND ADDRESSES ............................................................................... 82 3 I. RISK FACTORS Words and expressions defined under "Terms and Conditions of the Notes" below or elsewhere in this Prospectus have the same meanings, unless otherwise noted. Prospective investors should read the entire Prospectus. Investing in the Notes involves certain risks. The information set forth below is a disclosure of risk factors, that are known to the Issuer at the date of this Prospectus and, that are material to the Notes. Additional risk factors that are not known at the date of this Prospectus or currently believed to be immaterial could likewise have an adverse