Rabo Securities NV Coöperatieve Centrale Raiffeisen

Transcription

This Offering Circular will be filed with the Bundesanstalt für Finanzdienstleistungsaufsicht (German
Federal Financial Services Office - "BaFin") as an Unvollständiger Verkaufsprospekt (Incomplete Sales
Prospectus) pursuant to §10 Wertpapier-Verkaufsprospektgesetz (Securities Sales Prospectus Act). The
BAFin reviews the Incomplete Sales Prospectus only for completeness but does not review and approve of
its contents.
OFFERING CIRCULAR
Rabo Securities N.V.
(a public company with limited liability established under the laws of the Netherlands and having its
statutory seat in Amsterdam, the Netherlands)
as issuer
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
a coöperative with limited liability validly existing under the laws of the Netherlands
as guarantor in respect of Notes issued by Rabo Securities N.V.
Euro 250,000,000 German Debt Issuance Programme
Under the Euro 250,000,000 German Debt Issuance Programme (the "Programme") Rabo Securities
N.V. ("Rabo Securities" or the "Issuer") may, from time to time, issue Notes. The aggregate principal
amount of Notes outstanding will not at any time exceed Euro 250,000,000 (or the equivalent in other
currencies).
Notes issued under the Programme (the "Notes") may participate in the regulated unofficial market
(Freiverkehr) of the Frankfurt Stock Exchange and the EUWAX trading segment of the Stuttgart Stock
Exchange and may also be listed on any stock exchange as specified in the relevant Pricing Supplement in
respect of any Tranche of Notes.
The payments of all amounts due in respect of Notes issued by Rabo Securities N.V. will be
unconditionally and irrevocable guaranteed by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
(“Rabobank Nederland” or the "Guarantor").
Potential investors in Notes are explicitly reminded that an investment in Notes entails financial
risks. Investors in Notes run the risk of losing all or part of the amount invested by them in the
Notes. Potential investors in Notes are, therefore, advised to study the full contents of this Offering
Circular (see 'Investment Considerations').
Dealer
The date of this Offering Circular is 28 November 2003.
.
IMPORTANT INFORMATION
The Issuer and the Guarantor accept responsibility for the information contained in this Offering Circular which
is, to the best of the knowledge and belief of the Issuer and the Guarantor (which has taken all reasonable care to
ensure that such is the case) accurate, complete and not misleading and does not omit any material fact.
This Offering Circular should be read and construed with any amendment or supplement thereto and with, in
relation to any issue of Notes, with the relevant Pricing Supplement. In connection with any issue of Notes, the
Issuer will prepare a supplement to this Offering Circular or publish a new Offering Circular in case there shall
occur any significant new fact which may impact the valuation of the Notes and is material to the Noteholder and
which is not contained in this Offering Circular and will publish a notice relating for such supplement in a
newspaper with general circulation in Germany.
Neither the delivery of this Offering Circular or any Pricing Supplement nor the offering, sale or delivery of any
Note shall create any implication that the information contained herein is accurate and complete subsequent to
the date upon which this Offering Circular has been most recently amended or supplemented.
The Dealers (as defined under 'Subscription and Sale'), other than Rabo Securities, have not independently
verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or
implied, is made and no responsibility or liability is accepted by the Dealers as to the accuracy or completeness
of the information contained in this Offering Circular or any other information provided by the Issuer in
connection with the Programme.
No Person has been authorised by the Issuer to issue any statement which is not consistent with or not contained
in this document, any other document entered into in relation to the Programme or any information supplied by
the Issuer or any information as in the public domain and, if issued, such statement may not be relied upon as
having been authorised by the Issuer or the Dealers.
The distribution of the Offering Circular and any Pricing Supplement and any offering material relating to the
Notes and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Nobody
may use this Offering Circular or any Pricing Supplement for the purpose of an offer or solicitation if in any
jurisdiction such use would be unlawful. In particular, this document may only be communicated or caused to
be communicated in the United Kingdom in circumstances in which section 21(1) of the Financial Services and
Markets Act 2000 does not apply. Additionally, Notes issued under this Programme will not be registered under
the United States Securities Act of 1933, as amended, and will include Notes in bearer form that are subject to
U.S.tax law requirements. Therefore, subject to certain exceptions, Notes may not be offered, sold or delivered
within the United States or to U.S.persons.
For a more detailed description of some restrictions, see "Subscription and Sale".
Neither this Offering Circular nor any Pricing Supplement constitutes an offer to purchase any Notes and should
not be considered as a recommendation by the Issuer or the Dealers that any recipient of this Offering Circular or
any Pricing Supplement should purchase any Notes. Each such recipient shall be taken to have made its own
investigation and appraisal of the condition (financial or otherwise) of the Issuer (see "Investment
Considerations").
In connection with the issue of any Tranche (as defined below) of Notes, within a period of 30 day after the
Issue Date, the Dealer who is specified in the relevant Pricing Supplement as the stabilising institution or
any person acting for him may over-allot or effect transactions with a view to supporting the market price
of the Notes of the Series (as defined below) of which such Tranche forms part at a level higher than that
which might otherwise prevail for a limited period after the issue date. However, there may be no
obligation on the stabilising institution to do this. Such stabilising, if commenced, may be discontinued at
any time, and must be brought to an end after a limited period. Such stabilising shall be in compliance
with all applicable laws, regulations and rules.
TABLE OF CONTENTS
IMPORTANT INFORMATION ...............................................................................................................................................................1
SUMMARY OF THE PROGRAMME ....................................................................................................................................................4
INVESTMENT CONSIDERATIONS ................................................................................................................................................... 10
ISSUE PROCEDURES ........................................................................................................................................................................... 14
GENERAL TERMS AND CONDITIONS OF THE NOTES............................................................................................................. 16
SUPPLEMENTAL TERMS AND CONDITIONS OF THE NOTES FOR INDEX LINKED NOTES, EQUITY LINKED
NOTES AND EXCHANGEABLE NOTES .......................................................................................................................................... 30
SUPPLEMENT TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES FOR CREDIT LINKED NOTES ........ 43
GERMAN VERSION OF THE TERMS AND CONDITIONS.......................................................................................................... 47
GERMAN VERSION OF THE SUPPLEMENTAL TERMS AND CONDITIONS OF THE NOTES FOR INDEX
LINKED NOTES, EQUITY LINKED NOTES AND EXCHANGEABLE NOTES.......................................................................... 63
GERMAN VERSION OF THE SUPPLEMENT TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES
FOR CREDIT LINKED NOTES............................................................................................................................................................. 77
FORM OF PRICING SUPPLEMENT .................................................................................................................................................. 82
GUARANTEE ........................................................................................................................................................................................108
NON-BINDING GERMAN TRANSLATION OF THE GUARANTEE.........................................................................................110
DESCRIPTION OF RABO SECURITIES N.V...................................................................................................................................112
THE RABOBANK GROUP STRUCTURE ........................................................................................................................................129
GOVERNANCE OF THE RABOBANK GROUP.............................................................................................................................133
REGULATION OF RABOBANK NEDERLAND .............................................................................................................................135
CAPITALISATION ..............................................................................................................................................139
CONSOLIDATED FINANCIAL STATEMENTS OF RABOBANK NEDERLAND
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2002 .............................................................................141
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR 2002...............................................................................142
CASH FLOW STATEMENT..............................................................................................................................................143
NOTES ..................................................................................................................................................................................144
NOTES TO THE CONSOLIDATED BALANCE SHEET..............................................................................................152
NOTES TO THE CONSOLIDATED PROFIT AND LOSS ACCOUNT.....................................................................167
BALANCE SHEET RABOBANK NEDERLAND AT 31 DECEMBER 2002 ............................................................172
PROFIT AND LOSS ACCOUNT RABOBANK NEDERLAND FOR 2002..............................................................174
NOTES TO THE BALANCE SHEET OF RABOBANK NEDERLAND ......................................................................175
PARTICIPATING INTERESTS ..........................................................................................................................................185
TAXATION ............................................................................................................................................................................................186
SUBSCRIPTION AND SALE ..............................................................................................................................................................190
GENERAL INFORMATION................................................................................................................................................................196
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SUMMARY OF THE PROGRAMME
The following summary does not purport to be complete and is taken from, and is qualified in its entirety
by, the remainder of this Offering Circular and, in relation to the terms and conditions of any particular
Tranche of Notes, the relevant Pricing Supplement. Words and expressions defined in 'Terms and
Conditions of the Notes' below shall have the same meaning in this summary.
Issuer:
Guarantor:
Dealers:
Rabo Securities N.V. and any additional Dealer(s) appointed by the Issuer
either in respect of one or more Tranches or in respect of the whole
Programme (the "Dealers"). The Issuer may from time to time terminate
the appointment of any Dealer under the Programme.
Fiscal Agent:
BNP Paribas Securities Services S.A. - Frankfurt Branch
Paying Agents:
BNP Paribas Securities Services S.A. - Frankfurt Branch and Rabo
Securities N.V.
Listing Agent:
In relation to the participation of Notes in the regulated unofficial market
(Freiverkehr) of the Frankfurt Stock Exchange and the EUWAX trading
segment of the Stuttgart Stock Exchange BNP Paribas Securities Services
S.A. - Frankfurt Branch will act as listing agent.
Currencies and
Regulatory Matters:
Subject to any applicable legal or regulatory restrictions, any currency
agreed between the Issuer and the relevant Dealer(s).Tranches of Notes
denominated in Swiss Francs or carrying a Swiss Franc related element with
a maturity of more than one year will be effected in compliance with the
relevant regulations of the Swiss National Bank based on Article 7 of the
Federal Law on Banks and Savings Banks of 1934, as amended, and Article
15 of the Federal Law on Stock Exchanges and Securities Trading of March
24, 1995 in connection with Article 2 (2) of the Ordinance of the Federal
Banking Commission on Stock Exchanges and Securities Trading of June
25, 1997. Under such regulations, the relevant Dealer(s) or, in the case of a
syndicated issue, the lead manager, must be a bank domiciled in Switzerland
(which includes branches or subsidiaries of a foreign bank located in
Switzerland) or a securities dealer licensed by the Swiss Federal Banking
Commission as per the Federal Law on Stock Exchanges and Securities
Trading of March 24, 1995 (the "Swiss Dealer"). The Swiss Dealer must
report certain details of the relevant transaction to the Swiss National Bank
no later than the relevant issue date for such a transaction. The Issuer shall
ensure that Notes denominated or payable in Yen ("Yen Notes") will only
be issued in compliance with applicable Japanese laws, regulations,
guidelines and policies. The Issuer or its designated agent shall submit such
reports or information as may be required from time to time by applicable
laws, regulations and guidelines promulgated by Japanese authorities in the
case of Yen Notes. Each Dealer agrees to provide any necessary information
relating to Yen Notes to the Issuer (which shall not include the names of
clients) so that the relevant Issuer may make any required reports to the
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competent authority of Japan for itself or through its designated agent.
Programme Amount:
This Offering Circular and any supplement will only be valid for Notes in
an aggregate nominal amount which, when added to the aggregate nominal
amount then outstanding of all Notes previously or simultaneously issued
under the Programme, does not exceed Euro 250,000,000 or its equivalent in
other currencies. For the purpose of calculating the euro equivalent of the
aggregate nominal amount of Notes issued under the Programme from time
to time: (a) the euro equivalent of Notes denominated in a specified
currency other than euro shall be determined, at the discretion of the Issuer,
either as of the date on which agreement is reached for the issue of Notes or
on the preceding day on which commercial banks and foreign exchange
markets are open for business in Frankfurt am Main, in each case on the
basis of the spot rate for the sale of the euro against the purchase of such
specified currency in the foreign exchange market of the Eurozone quoted
by any leading international bank agreed between the Issuer and the relevant
Dealer(s) on the relevant day of calculation; and (b) the euro equivalent of
Notes in respect of which no interest is due prior to maturity and other Notes
issued at a discount or a premium shall be calculated in the manner specified
above by reference to the net proceeds received by the Issuer for the
relevant issue; and (c) the euro equivalent of dual currency Notes shall be
calculated in the manner specified above by reference to the original
nominal amount on issue of such Notes.
Denomination of Notes:
Notes will be issued in such denominations as may be agreed between the
Issuer and the relevant Dealer(s).
Method of Issue:
Notes will be issued on a continuous basis in tranches (each a "Tranche"),
each Tranche consisting of Notes 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 ("Series") of Notes. Further Notes may be issued as part of
existing Series. The specific terms of each Tranche (which will be
supplemented, where necessary, with supplemental terms and conditions)
will be set forth in the Pricing Supplement.
Distribution:
Notes may be distributed, as specified in the Pricing Supplement, by way of
public or private placements and, in each case, on a syndicated or
non-syndicated basis.
Maturities:
Such maturities as may be agreed between the Issuer and the relevant
Dealer(s), subject to such minimum or maximum maturities as may be
allowed or required from time to time by the relevant central bank (or
equivalent body) or any laws or regulations applicable to the Issuer or the
relevant specified currency.
Issue Price:
Notes may be issued at an issue price which is at par or at a discount to, or
premium over, par.
Form of Notes:
The Notes will be issued in bearer form. Definitive Notes will not be
printed. Notes to which U.S. Treasury Regulation §.1.163-5(c) (2) (i) (C)
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(the "TEFRA C Rules") applies ("TEFRA C Notes") will be represented
either initially by a temporary global note in bearer form, without interest
coupons, in an initial principal amount equal to the aggregate principal
amount of such Notes ("Temporary Global Note") or permanently by a
permanent global Note in bearer form, without interest coupons, in a
principal amount equal to the aggregate principal amount of such Notes
("Permanent Global Note"). Notes to which U.S. Treasury Regulation
§.1.163-5 (c) (2) (i) (D) (the "TEFRA D Rules") applies ("TEFRA D
Notes") will always be represented initially by a Temporary Global Note
which will be exchanged for Notes represented by one or more Permanent
Global Note(s), in each case not earlier than 40 days and not later than 180
days after the completion of distribution of the Notes comprising the
relevant Tranche upon certification of non US-beneficial ownership in the
form available from time to time at the specified office of the Fiscal Agent.
Notes with an initial maturity of one year or less to which neither the
TEFRA C Rules nor the TEFRA D Rules apply will always be represented
by a Permanent Global Note. Each Global Note will bear the following
legend: 'Any United States person (as defined in the Internal Revenue Code)
who holds this obligation will be subject to limitations under the United
States income tax laws, including the limitations provided in Sections 165(j)
and 1287(a) of the Internal Revenue Code.' The sections of the U.S. Internal
Revenue Code referred to in the legend provide that a United States
taxpayer, with certain exceptions, will not be permitted to deduct any loss,
and will not be eligible for capital gains treatment with respect to any gain
realised on any sale, exchange or redemption of Notes.
Clearance, Settlement
and Initial Delivery of
Notes:
Notes will be accepted for clearing through one or more clearing systems
(each a "Clearing System") as specified in the Pricing Supplement. These
systems will include those operated by Clearstream Banking AG, Frankfurt
am Main ("Clearstream Banking AG"), Clearstream Banking, société
anonyme, Luxembourg ("Clearstream Banking S.A.") and Euroclear Bank
S. A./N.V. as operator of the Euroclear system ("Euroclear"). Notes will be
deposited on the issue date with (i) a common depositary on behalf of
Euroclear and Clearstream Banking S.A. or (ii) Clearstream Banking AG or
(iii) otherwise delivered as selected by the Issuer or agreed between the
Issuer, the Fiscal Agent and the relevant Dealer(s). Each Noteholders will
have co-ownership interests (Miteigentumsanteile) in the Global Note which
are transferable in accordance with the rules and procedures of the relevant
Clearing System.
Risks:
The purchase of Notes may involve substantial risks and is suitable only for
investors who have the knowledge and experience in financial and business
matters necessary to enable them to evaluate the risks and the merits of an
investment in the Notes. A description of some of the risks is contained in
'Investment Considerations'. The Pricing Supplement may also contain a
risk warning.
Description of Notes:
Notes may be either interest bearing at fixed or variable rates or non-interest
bearing, with principal repayable at a fixed amount or by reference to a
formula, index or other parameter as may be agreed between the Issuer and
the Dealer(s) and as specified in the Pricing Supplement.
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Fixed Rate Notes:
Fixed interest will be payable on such date or dates as may be agreed
between the Issuer and the Dealer(s) and on redemption, and will be
calculated on the basis of such Day Count Fraction as may be selected.
Floating Rate Notes:
Floating Rate Notes will bear interest at a rate agreed between the Issuer and
the relevant Dealer(s): (i) on the same basis as the floating rate under a
notional interest rate swap transaction in the relevant Specified Currency
governed by an agreement incorporating the 2000 ISDA Definitions and the
1998 ISDA Euro Definitions (each as published by the International Swaps
and Derivatives Association, Inc., and as amended and updated as at the
Issue Date of the first Tranche of the Notes of the relevant Series); or (ii) on
the basis of a reference rate appearing on the agreed screen page of a
commercial quotation service; or (iii) on such other basis as may be agreed
between the Issuer and the relevant Dealer(s). The margin (if any) relating
to such floating rate will be agreed between the Issuer and the Dealer(s) for
each Series of Floating Rate Notes.
Index Linked Notes:
Index Linked Notes may relate to an Index or Indices consisting of one ore
more Index Components and may bear interest at index linked interest
amounts and/or will be redeemed at an Index Linked Redemption Amount,
both of which will be calculated by reference to such Index or Indices as
more fully set out under "Supplemental Terms and Conditions of the Notes
for Index Linked Notes".
Equity Linked Notes:
Equity Linked Notes may bear interest at equity linked interest amounts
and/or will be redeemed at an Equity Linked Redemption Amount or by
delivery of a Reference Asset Amount all of which will be calculated by
reference to a single Share or a basket of Shares or formula based on such
Share or Shares (as indicated in the Pricing Supplement). If Potential
Adjustment Events and/or Delisting and/or Merger Event and/or
Nationalisation and/or Insolvency and/or Change of Exchange are specified
as applying in the applicable Pricing Supplement, the Notes will be subject
to adjustment, as more fully set out under "Supplemental Terms and
Conditions of the Notes for Equity Linked Notes" and the Pricing
Supplement.
Credit Linked Notes:
The amount of principal and/or interest payable in respect of Credit Linked
Notes will be dependent on whether or not a Credit Event in respect of a
Reference Entity has occurred (as indicated in the Pricing Supplement) and
as more fully set out under "Supplemental Terms and Conditions for Credit
Linked Notes" and the Pricing Supplement.
Exchangeable Notes:
The Issuer and/or the Noteholders may have the right to deliver or demand
the delivery, as the case may be, of Underlying Securities, all as set forth in
the "Supplemental Terms and Conditions for Exchangeable Notes" and the
Pricing Supplement.
Dual Currency Notes:
Payments (whether in respect of repayment or interest and whether at
maturity or otherwise) in respect of Notes to which "Dual Currency" has
been declared applicable will be made in such currencies, and based on such
rates of exchange, as the Issuer may select.
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Taxation:
Payments of principal and interest in respect of the Notes will be made
without withholding or deduction for or on account of any present or future
taxes or duties of whatever nature imposed or levied by way of withholding
or deduction at source by or on behalf of Germany or the Netherlands, or
any political subdivision or any authority thereof or therein having power to
tax unless such withholding or deduction is required by law. In such event,
the Issuer will pay such additional amounts as shall be necessary in order
that the net amounts received by the Noteholders of the Notes after such
withholding or deduction shall equal the respective amounts of principal and
interest which would otherwise have been receivable in respect of the Notes
in the absence of such withholding or deduction, subject to the exceptions
set out in §6 of the Terms and Conditions (Taxation) of the Notes.
Redemption:
The Pricing Supplement will indicate either that the relevant Notes cannot
be redeemed prior to their stated maturity (other than following an Event of
Default or a Tax Call) or that such Notes will be redeemable at the option of
the Issuer or the Noteholders on a date or dates specified prior to such stated
maturity and at a price or prices and on such other terms as may be agreed
between the Issuer and the Dealer(s) or if otherwise specified.
Early Redemption for
Taxation Reasons:
Early redemption for taxation reasons (a "Tax Call") will be permitted as
provided in §4 of the Terms and Conditions (Redemption) of the Notes.
Early Redemption of
Equity Linked Notes and
Index Linked Notes
Equity Linked Notes and Index Linked Notes may be redeemed before their
stated maturity upon the occurrence of an Extraordinary Event such as
Merger Events, Tender Offers, Nationalisation, Insolvency, Delisting or any
Additional Termination Event, all as set forth in the Supplemental Terms
and Conditions for Equity Linked Notes and Index Linked Notes and the
Pricing Supplement.
Protection Amount:
The Pricing Supplement will indicate whether a Protection Amount is
applicable to the Notes. If applicable, the Notes will in no circumstances be
repayable, at stated maturity, at less than the percentage of their nominal
amount specified in the Pricing Supplement. For the avoidance of doubt, the
Protection Amount will not apply in case Notes are redeemed prior to their
stated maturity or upon the occurrence of an Event of Default or upon the
occurrence of a Tax Call.
Status of the Notes:
The Notes will constitute unsecured and unsubordinated obligations of the
Issuer ranking pari passu among themselves and pari passu with all other
unsecured and unsubordinated obligations of the Issuer, save for such
obligations as may be preferred by mandatory provisions of law.
Guarantee:
Notes issued by the Issuer will have the benefit of a guarantee (the
"Guarantee", given by the Guarantor. The Guarantee constitutes an
irrevocable, unsecured and unsubordinated obligation of the Guarantor
ranking pari passu with all other unsecured and unsubordinated obligations
of the Guarantor.
Negative Pledge:
None.
Events of Default and
The Notes will provide for Events of Default including a cross default
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Cross Default:
provision entitling Noteholders to demand immediate redemption of the
Notes. See §9 of the Terms and Conditions of the Notes (Events of Default).
Listing:
Notes may participate in the regulated unofficial market (Freiverkehr) of the
Frankfurt Stock Exchange and the EUWAX trading segment of the Stuttgart
Stock Exchange and may also be listed on any stock exchange as specified
in the Pricing Supplement in respect of any Tranche of Notes.
Governing Law:
Notes will be governed by German law.
Selling Restrictions:
There will be specific restrictions on the offer and sale of Notes and the
distribution of offering materials in Germany, the Netherlands, the United
States of America, the United Kingdom, Japan and such other restrictions as
may be required under applicable law in connection with the offering and
sale of a particular Tranche of Notes. See "Selling Restrictions".
Jurisdiction:
Non-exclusive place of jurisdiction for any legal proceedings arising under
Notes is Frankfurt am Main.
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INVESTMENT CONSIDERATIONS
The purchase of Notes may involve substantial risks and is suitable only for investors with the knowledge
and experience in financial and business matters necessary to evaluate the risks and the merits of an
investment in the Notes. Before making an investment decision, prospective purchasers of Notes should
consider carefully, in the light of their own financial circumstances and investment objectives, all the
information set forth in this Offering Circular. Words and expressions defined in 'Summary of the Notes'
and 'Terms and Conditions of the Notes' shall have the same meaning below.
Prospective purchasers of the Notes should recognise that the Notes may decline in value and
should be prepared to sustain a total loss of their investment in the Notes.
Equity Linked Notes
Equity Linked Notes are debt securities which do not provide for predetermined redemption amounts
and/or interest payments. Such amounts will depend on the market value of the Underlying Securities
which might be substantially less than the Issue Price or, as the case may be, the purchase price invested
by the Noteholder. If the Underlying Securities are to be delivered instead of cash redemption, the value
of such securities may also be substantially less than the Issue Price or, as the case may be, the purchase
price invested by the Noteholder.
Equity Linked Notes are not in any way sponsored, endorsed, sold or promoted by the issuer of the
Underlying Securities and such issuer makes no warranty or representation whatsoever, express or
implied, as to the future performance of the Underlying Securities. Furthermore, the issuer of the
Underlying Securities does not assume any obligations to take the interests of the Issuer or those of the
Noteholders into consideration for any reason. None of the issuers of the Underlying Securities will
receive any of the proceeds of the offering of the Notes made hereby and is responsible for, and has
participated in, the determination of the timing of, prices for or quantities of, the Notes. The investment in
the Notes does not result in any right to receive information from the issuer of the Underlying Securities,
to exercise voting rights or to receive distributions on the Shares.
Index Linked Notes
Index Linked Notes are debt securities which do not provide for predetermined redemption amounts
and/or interest payments but amounts due in respect of principal and/or interest will be dependent upon
the performance of the Index, which itself may contain substantial credit, interest rate or other risks. The
amount of principal and/or interest, if any, payable by the Issuer might be substantially less than the Issue
Price or, as the case may be, the purchase price invested by the Noteholder and may even be zero in
which case the Noteholder may lose his entire investment.
Index Linked Notes are not in any way sponsored, endorsed, sold or promoted by the Index Sponsor or
the respective licensor of the Index and such Index Sponsor or licensor makes no warranty or
representation whatsoever, express or implied, either as to the results to be obtained from the use of the
Index and/or the figure at which the Index stands at any particular time. Each Index is determined,
composed and calculated by its respective Index Sponsor or licensor, without regard to the Issuer or the
Notes. None of the Index Sponsors or licensors is responsible for or has participated in the determination
of the timing of, prices at, or quantities of the Notes to be issued or in determination or calculation of the
equation by which the Notes settle into cash. None of the Index Sponsors or licensors has any obligation
or liability in connection with the administration, marketing or trading of the Notes. The Index Sponsor or
licensor of the Index has no responsibility for any calculation agency adjustment made for the Index.
Credit Linked Notes
Credit Linked Notes differ from ordinary debt securities in that the amount of principal and/or interest
payable is dependent on whether a Credit Event has occurred and that payments (whether at maturity or
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earlier) will be triggered by the absence or occurrence of a Credit Event and that this may be less than the
full amount of the Noteholders' initial investment and result in investors not receiving repayment of the
Issue Price or, as the case may be, the purchase price invested by the Noteholder.
Provision of Information
None of the Issuer, the Dealer(s) or any of their respective affiliates makes any representation as to any
issuer of Underlying Securities or Reference Entities. Any of such persons may have acquired, or during
the term of the Notes may acquire, non-public information with respect to an issuer of the Underlying
Securities or Reference Entities, their respective affiliates or any guarantors that is or may be material in
the context of Equity or Credit Linked Notes. The issue of Equity or Credit Linked Notes will not create
any obligation on the part of any such persons to disclose to the Noteholders or any other party such
information (whether or not confidential).
Potential Conflicts of Interest
Each of the Issuer, the Dealer(s) or their respective affiliates may deal with and engage generally in any
kind of commercial or investment banking or other business with any issuer of Underlying Securities or
Reference Entities, their respective affiliates or any guarantor or any other person or entities having
obligations relating to any issuer of Underlying Securities or Reference Entities or their respective
affiliates or any guarantor in the same manner as if any Equity or Credit Linked Notes issued under the
Programme did not exist, regardless of whether any such action might have an adverse effect on an issuer
of the Underlying Securities or Reference Entities, any of their respective affiliates or any guarantor.
The Issuer may from time to time be engaged in transactions involving the Underlying Securities or
Reference Entities, the Index, Index Components or related derivatives which may affect the market
price, liquidity or value of the Notes and which could be deemed to be adverse to the interests of the
Noteholders.
Potential conflicts of interest may arise between the Calculation Agent and the Noteholders, including
with respect to certain discretionary determinations and judgements that the Calculation Agent may make
pursuant to the Terms and Conditions of the Notes that may influence the amount receivable upon
redemption of the Notes.
Protection Amount
If and to the extent that a Protection Amount has been declared applicable in the Pricing Supplement, the
Notes of the Series will, at maturity, be redeemed for an amount no less than the specified Protection
Amount. A Protection Amount may apply at a level below, at, or above the nominal amount of a Note.
The Protection Amount, if any, will not be due if the Notes are redeemed prior to their stated maturity or
upon the occurrence of an Event of Default or upon the occurrence of a Tax Call. If no Protection
Amount is applicable the full amount invested by the investor may be lost. Even if a Protection Amount
applies, the guaranteed return may be less than the investment made by the Purchaser in the Notes. The
payment of the protection amount may be affected by the condition (financial or otherwise) of the Issuer
or the Guarantor.
Exchange Rates
Prospective purchasers of the Notes should be aware that an investment in the Notes may involve
exchange rate risks. For example the Underlying Securities or other reference assets (the "Reference
Assets") may be denominated in a currency other than that of the settlement currency for the Notes; the or
Reference Assets may be denominated in a currency other than the currency of the purchaser's home
jurisdiction; and/or the Reference Assets may be denominated in a currency other than the currency in
which a purchaser wishes to receive funds. Exchange rates between currencies are determined by factors
of supply and demand in the international currency markets which are influenced by macro economic
factors, speculation and central bank and government intervention (including the imposition of currency
12
controls and restrictions). Fluctuations in exchange rates may affect the value of the Notes or the
Reference Assets.
If "Dual Currency" has been declared applicable in the Pricing Supplement, payments (whether in respect
of repayment or interest and whether at maturity or otherwise) will be made in such currencies and based
on such rates of exchange as may be specified in the Pricing Supplement. The Noteholder may be
exposed to currency risk in such event.
Legality of Purchase
Neither the Issuer, the Dealer(s) nor any of their respective affiliates has or assumes responsibility for the
lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes, whether under the laws
of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different), or for
compliance by that prospective purchaser with any law, regulation or regulatory policy applicable to it.
Taxation
Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or
other documentary charges or duties in accordance with the laws and practices of the country where the
Notes are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax
authorities or court decisions may be available for innovative financial instruments such as the Notes.
Potential investors are advised not to rely upon the tax summary contained in this document and/or in the
Pricing Supplements but to ask for their own tax adviser's advice on their individual taxation with respect
to the acquisition, sale and redemption of the Notes. Only these advisors are in a position to duly consider
the specific situation of the potential investor. This investment consideration has to be read in connection
with the section "Taxation" on page 148 to150 of this Offering Circular and the tax sections contained in
the Pricing Supplements.
Independent Review and Advice
Each prospective purchaser of Notes must determine, based on its own independent review and such
professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is
fully consistent with its (or if it is acquiring the Notes in a fiduciary capacity, the beneficiary's) financial
needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines
and restrictions applicable to it (whether acquiring the Notes as principal or in a fiduciary capacity) and is
a fit, proper and suitable investment for it (or if it is acquiring the Notes in a fiduciary capacity, for the
beneficiary), notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.
A prospective purchaser may not rely on the Issuer, the Dealer(s) or any of their respective affiliates in
connection with its determination as to the legality of its acquisition of the Notes or as to the other matters
referred to above.
Market Illiquidity
There can be no assurance as to how the Notes will trade in the secondary market or whether such market
will be liquid or illiquid or that there will be a market at all. If the Notes are not traded on any securities
exchange, pricing information for the Notes may be more difficult to obtain and the liquidity and market
prices of the Notes may be adversely affected. The liquidity of the Notes may also be affected by
restrictions on offers and sales of the securities in some jurisdictions. The more limited the secondary
market is, the more difficult it may be for the Noteholders to realise value for the Notes prior to the
exercise, expiration or maturity date.
Market Value of the Notes
The market value of the Notes will be affected by the creditworthiness of the Issuer and the Guarantor
and a number of additional factors and the value of the Reference Assets or the Index, including, but not
limited to, the volatility of the Reference Assets or the index, the dividend rate on Underlying Securities,
13
or the dividend on the securities taken up in the Index, the issuer of the Underlying Securities financial
results and prospects, market interest and yield rates and the time remaining to the Maturity Date.
The value of the Notes, the Reference Assets or the Index depends on a number of interrelated factors,
including economic, financial and political events in Germany or the Netherlands or elsewhere, including
factors affecting capital markets generally and the stock exchanges on which the Reference Assets, the
securities taken up in the Index, or the Index, are traded. The price at which a Noteholder will be able to
sell the Notes prior to maturity may be at a discount, which could be substantial, from the Issue Price or
the purchase price paid by such purchaser. The historical market prices of the Reference Assets or the
Index should not be taken as an indication of the Reference Assets' or the Index's future performance
during the term of any Note.
14
ISSUE PROCEDURES
General
The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular
Tranche of Notes (the "Conditions"). The Conditions will be constituted by the Terms and Conditions of
the Notes set forth below (the "Terms and Conditions") as completed, modified, supplemented or
replaced by the provisions of the Pricing Supplement (the "Pricing Supplement").
The Pricing Supplement relating to each Tranche of Notes will specify whether the Conditions are to be
non-consolidated Conditions or consolidated Conditions (each as described below) and whether the
Conditions will be in the German language or the English language or both (and, if both, whether the
German language version or the English language version is binding).
As to whether non-consolidated Conditions or consolidated Conditions will apply, the Issuer anticipates
that non-consolidated Conditions will generally be used for Notes sold on a non-syndicated basis and
which are not publicly offered and that consolidated Conditions will generally be used for Notes sold and
distributed on a syndicated basis. Consolidated Conditions will be required where the Notes are to be
publicly offered, in whole or in part, or are to be distributed, in whole or in part, to non-professional
investors.
As to the binding language of the respective Conditions, the Issuer anticipates that, in general, subject to
any stock exchange or legal requirements applicable from time to time, and unless otherwise agreed
between the Issuer and the relevant Dealer(s) in the case of Notes sold and distributed on a syndicated
basis, and in the case of Notes publicly offered, in whole or in part, in Germany, or distributed, in whole
or in part, to non-professional investors in Germany, German will be the binding language. If, in the event
of such public offer or distribution to non-professional investors, however, English is chosen as the
binding language, a German language translation of the Conditions will be available from the principal
office of the Fiscal Agent.
Non-consolidated Terms and Conditions
If the Pricing Supplement specifies that non-consolidated conditions are to apply to the Notes, the
provisions of the applicable Pricing Supplement and the Terms and Conditions, taken together, shall
constitute the Conditions. Such Conditions will be constituted as follows:
(a)
the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will
be deemed to be completed by the information contained in the Pricing Supplement as if such
information was inserted in the blanks of such provisions;
(b)
the Terms and Conditions will be modified, supplemented or replaced by the text of any
provisions of the Pricing Supplement modifying, supplementing or replacing the provisions of
the Terms and Conditions;
(c)
alternative or optional provisions of the Terms and Conditions as to which the corresponding
provisions of the Pricing Supplement are not completed or are deleted will be deemed to be
deleted from the Terms and Conditions; and
(d)
all instructions and explanatory notes set out in square brackets in the Terms and Conditions and
any footnotes and explanatory text in the Pricing Supplement will be deemed to be deleted from
the Conditions.
Where non-consolidated Conditions apply, each global note representing the Notes of the relevant Series
will have the Pricing Supplement and the Terms and Conditions attached.
15
Consolidated Terms and Conditions
If the Pricing Supplement specifies that consolidated Terms and Conditions are to apply to the Notes, the
Terms and Conditions in respect of such Notes will be constituted as follows:
(a)
all of the blanks in all applicable provisions of the Terms and Conditions will be completed
according to the information contained in the Pricing Supplement 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
(b)
the Terms and Conditions will be otherwise modified, supplemented or replaced, according to
the information set forth in the Pricing Supplement.
Where consolidated Terms and Conditions apply, the consolidated Conditions alone will constitute the
Conditions and will be attached to each global note representing Notes.
Supplemental Terms and Conditions for Structured Notes
Index Linked Notes, Equity Linked Notes and Exchangeable Notes will be governed by the General
Terms and Condition, as supplemented and amended by the Supplemental Terms and Conditions for
Index Linked Notes, Equity Linked Notes and Exchangeable Notes. Credit Linked Notes will be
governed by the General Terms and Conditions, as supplemented and amended by the Supplemental
Terms and Conditions for Credit Linked Notes. Equity Linked Notes, Index Linked Notes, Exchangeable
Notes and Credit Linked Notes are together referred to as "Structured Notes". Any provision of the
supplemental conditions shall supersede any conflicting provision of the general Terms and Conditions.
ISDA Definitions
Structured Notes will be governed by terms which may be extracted and have substantially the same
meaning as set forth in the 2003 ISDA Credit Derivatives Definitions and the 2002 ISDA Equity
Derivatives Definitions, both published by the International Swaps and Derivatives Association, Inc.
(together the "ISDA Definitions").
The expressions "Additional Termination Event", "Options Exchange" and "Transaction" have the
meanings set out in the ISDA Definitions (in each case as supplemented or amended in the relevant
Pricing Supplement), save that any references in such definitions to the 'Related Confirmation' shall be
deemed to refer instead to the 'relevant Pricing Supplement'. In case of consolidated Terms and
Conditions such definitions will be inserted into the Conditions of the relevant Notes, and in the case of
non-consolidated Conditions such definitions will be attached to the Global Note representing the relevant
Notes.
16
GENERAL TERMS AND CONDITIONS OF THE NOTES
This Series of Notes is issued pursuant to an Agency Agreement relating to the Euro 250,000,000 German
Debt Issuance Programme of Rabo Securities N.V. (as amended or supplemented from time to time, the
"Agency Agreement") between Rabo Securities N.V. as issuer and paying agent and BNP Paribas
Securities Services S.A. - Frankfurt Branch as fiscal and paying agent (the "Fiscal Agent"). Copies of the
Agency Agreement and the ISDA Equity and Credit Derivative Definitions are available for inspection
during normal business hours by the holders of the Notes (the "Noteholders") at the specified offices of
the Fiscal Agent.
[[In the case of non-consolidated Terms and Conditions insert:]
The provisions of these Terms and Conditions apply to the Notes as completed, modified, supplemented
or replaced by the terms of the pricing supplement which is attached hereto (the "Pricing Supplement").
The blanks in the provisions of these Terms and Conditions which are applicable to the Notes shall be
deemed to be completed by the information contained in the Pricing Supplement as if such information
were inserted in the blanks of such provisions; any provisions of the Pricing Supplement modifying,
supplementing or replacing the provisions of these Terms and Conditions shall be deemed to so modify,
supplement or replace the provisions of these Terms and Conditions; alternative or optional provisions of
these Terms and Conditions as to which the corresponding provisions of the Pricing Supplement are not
completed or are deleted shall be deemed to be deleted from these Terms and Conditions; and all
provisions of these Terms and Conditions which are inapplicable to the Notes (including instructions,
explanatory notes and text set out in square brackets) shall be deemed to be deleted from these Terms and
Conditions, as required to give effect to the terms of the Pricing Supplement. Copies of the Pricing
Supplement may be obtained free of charge by any Noteholder at the specified office of the Fiscal Agent
and at the specified office of any Paying Agent.]
§1
(Currency. Denomination. Form. Clearing System)
(1)
Currency. Denomination. Form. This Series of Notes (the "Notes") of Rabo Securities N.V. (the
"Issuer") is issued in [insert currency] (the "Currency") in an aggregate principal amount of
[insert amount] (in words: [insert principal amount in words]) on [insert issue date] (the "Issue
Date") and is divided in denominations of [insert denominations] (the "Specified
Denomination"). The Notes are being issued in bearer form and will not be represented by
definitive notes.
[[In the case of TEFRA C Notes insert:]
(2)
Permanent Global Note. The Notes are represented by a permanent global note (the "Permanent
Global Note" or "Global Note") without coupons which shall be signed manually by two
authorised signatories of the Issuer and shall be authenticated by or on behalf of the Fiscal
Agent.]
[[In the case of TEFRA D Notes insert:]
(2)
Temporary Global Note – Exchange.
(a)
The Notes are initially represented by a temporary global note (the "Temporary
Global Note") without coupons which will be exchangeable for a permanent global
note (the "Permanent Global Note" and together with the Temporary Global Note,
each a "Global Note") without coupons. Each Global Note shall be signed manually by
17
two authorised signatories of the Issuer and shall each be authenticated by or on behalf
of the Fiscal Agent.
(b)
(3)
The Temporary Global Note shall be exchanged for the Permanent Global Note on a
date (the "Exchange Date") not earlier than 40 days and not later than 180 days after
the Issue Date. Such exchange and any payment of interest on Notes represented by a
Temporary Global Note shall only be made upon delivery of certifications to the effect
that the beneficial owner or owners of the Notes represented by the Temporary Global
Note is not a U.S. person as defined by the U.S. Securities Act of 1933. Any such
certification received by the Fiscal Agent on or after the 40th day after the Issue Date
will be treated as a request to exchange such Temporary Global Note as described
above. Any securities delivered in exchange for the Temporary Global Note shall be
delivered only outside of the United States.]
Clearing System. Each Global Note will be kept in custody by or on behalf of the Clearing
System until all obligations of the Issuer under the Notes have been satisfied. "Clearing
System" means [[if more than one Clearing System insert:] each of] the following: [Clearstream
Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking société anonyme, Luxembourg
("CBL")] [Euroclear Bank S.A./N.V., as operator of the Euroclear System ("Euroclear")] [,]
[and] [other Clearing System] or any successor in this capacity.
§2
(Status. Guarantee)
(1)
Status. The obligations under the Notes constitute unsecured (notwithstanding provisions of (2)
below) and unsubordinated obligations of the Issuer ranking pari passu among themselves and
pari passu with all other unsecured and unsubordinated obligations of the Issuer, save for such
(2)
Guarantee. Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (the “Guarantor”) has
given its unconditional and irrevocable guarantee (the “Guarantee”) for the due payment of
principal of, and interest on, and any other amounts expressed to be payable under the Notes.
The Guarantee constitutes a contract for the benefit of the Noteholders from time to time as third
party beneficiaries in accordance with § 328(1) of the German Civil Code (Bürgerliches
Gesetzbuch), giving rise to the right of each Noteholder to require performance of the Guarantee
directly from the Guarantor and to enforce the Guarantee directly against the Guarantor. The
Guarantee constitutes a direct, unconditional, unsubordinated and unsecured obligation of the
Guarantor which rank and will at all times rank at least pari passu with all other present and
future direct, unconditional, unsubordinated and unsecured obligations of the Guarantor, save for
such obligations as may be preferred by mandatory provisions of law. Copies of the Guarantee
may be obtained free of charge at the office of the Fiscal Agent set forth in § 9.
§3
(Interest)
[[In the case of Fixed Rate Notes insert:]
(1)
Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their principal
amount at the rate of [insert Rate of Interest] per cent. per annum from (including) [insert
interest commencement date] (the "Interest Commencement Date") to (excluding) the Maturity
Date (as defined in §4(1)). Interest shall be payable in arrears on [insert fixed interest date(s)] in
each year (each such date, an "Interest Payment Date"). The first payment of interest shall be
18
made on [insert First Interest Payment Date] (the "First Interest Payment Date") [.] [[in case
of a short/long first coupon insert:] and will amount to [insert broken amount] per Specified
Denomination]. [[in case of a short/long last coupon insert:] Interest in respect of the period
from [insert fixed interest date preceding the Maturity Date] (including) to the Maturity Date
(excluding) will amount to [insert broken amount] per Specified Denomination].
(2)
"Interest Period" means the period from (including) the Interest Commencement Date to
(excluding) the First Interest Payment Date and any subsequent period from (including) an
Interest Payment Date to (excluding) the next Interest Payment Date.]
[[In the case of Floating Rate Notes and index or equity-linked interest Notes or dual currency
Notes insert:]
(1)
Interest Payment Dates.
(a)
The Notes bear interest on their principal amount from (including) [insert interest
commencement date] (the "Interest Commencement Date") to (excluding) the first
Interest Payment Date and thereafter from (including) each Interest Payment Date to
(excluding) the next following Interest Payment Date. Interest on the Notes shall be
payable in arrears on each Interest Payment Date.
(b)
"Interest Payment Date" means [in the case of specified interest payment dates insert:
each [insert specified interest payment dates].] [in the case of specified interest periods
insert: each date which (except as otherwise provided in these Terms and Conditions)
falls [insert number] [weeks] [months] [insert other specified periods] after the
preceding Interest Payment Date or, in the case of the first Interest Payment Date, after
the Interest Commencement Date.] If any Interest Payment Date would fall on a day
which is not a Business Day (as defined in §5(2)), the payment date shall be:
[if Modified Following Business Day Convention insert: postponed to the next day
which is a Business Day unless it would thereby fall into the next calendar month, in
which event the Interest Payment Date shall be the immediately preceding Business
Day.]
[if Floating Rate Note Convention ("FRN Convention") insert: postponed to the next
day which is a Business Day unless it would thereby fall into the next calendar month,
in which event (i) the Interest Payment Date shall be the immediately preceding
Business Day and (ii) each subsequent Interest Payment Date shall be the last Business
Day in the month which falls [[insert number] months] [insert other specified periods]
after the preceding applicable Interest Payment Date.]
[if Following Business Day Convention insert: postponed to the next day which is a
Business Day.]
[if Preceding Business Day Convention insert: the immediately preceding Business
Day.]
(2)
Rate of Interest. The rate of interest ("Rate of Interest") for each Interest Period (as defined
below) will be
[In case of Floating Rate Notes insert]
[[Where ISDA Determination is specified insert:]
19
the relevant ISDA Rate (as defined below) [plus] [minus] a Margin of [specify margin] per cent.
per annum (the "Margin").
"ISDA Rate" means a rate equal to the Floating Rate that would be determined by the
Calculation Agent under an interest rate swap transaction if the Calculation Agent were acting as
Calculation Agent for that swap transaction under the terms of an agreement incorporating the
2000 ISDA Definitions and the 1998 ISDA Euro Definitions, each as amended and updated as at
the Issue Date of the first Tranche of the Notes, published by the International Swaps and
Derivatives Association, Inc. (the "ISDA Definitions").
Where:
(i)
the Floating Rate Option is [specify details];
(ii)
the Designated Maturity is [specify details]; and
(iii)
the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on
LIBOR or EURIBOR for a currency, the first day of that Interest Period or (ii) in any
other case, as specified in the relevant Pricing Supplement.
For the purposes of this subparagraph, "Floating Rate", "Calculation Agent", "Floating Rate
Option", "Designated Maturity" and "Reset Date" have the meanings given to those terms in
the ISDA Definitions.]
[[Where Screen Rate Determination is specified insert:]
the offered quotation (expressed as a percentage rate per annum) for deposits for the relevant
Interest Period in the [Currency] [insert other currency] which appears on the Screen Page (as
defined below) as at 11.00 a.m. ([London] [Frankfurt] [other financial centre] time) (the
"Specified Time") on the [first] [second] [other number of days] Business Day (as defined in
§5(3)) prior to the commencement of the relevant Interest Period (as defined below) (the
"Interest Determination Date") [plus] [minus] a Margin of [specify margin] per cent. per
annum (the "Margin"), all as determined by the Calculation Agent.
"Screen Page" means [insert relevant Screen Page]. If no such quotation appears on the Screen
Page as at the Specified Time, the Calculation Agent shall request offices of four [banks whose
offered rates were used to determine such quotation when such quotation last appeared on the
Screen Page] [specify other reference banks] (the "Reference Banks") to provide the
Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for
deposits in the Currency for the relevant Interest Period (as defined below) to leading banks [in
the [London] interbank market] [in the euro-zone] (the "Relevant Market") at approximately
the Specified Time) on the Interest Determination Date. If two or more of the Reference Banks
provide the Calculation Agent with such offered quotations, the Rate of Interest for such Interest
Period shall be the arithmetic mean (rounded if necessary to the nearest one in case the
Reference Rate is EURIBOR thousandth of a percentage point, with 0.0005 being rounded
upwards and otherwise hundred-thousandth of a percentage point, with 0.000005 being rounded
upwards) of such offered quotations plus or minus (as appropriate) the Margin (if any), all as
determined by the Calculation Agent.
If on any Interest Determination Date only one or none of the Reference Banks provides the
Calculation Agent with such offered quotations, the Rate of Interest for the relevant Interest
Period shall be the rate per annum which the Calculation Agent determines as being the
arithmetic mean (rounded if necessary as specified above) of the rates, as communicated to (and
20
at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at
which such banks were offered, as at the Specified Time on the relevant Interest Determination
Date, deposits in the Currency for the relevant Interest Period by leading banks in the Relevant
Market plus or minus (as appropriate) the Margin (if any) or, if fewer than two of the Reference
Banks provide the Calculation Agent with such offered rates, the offered rate for deposits in the
Currency for the relevant Interest Period, or the arithmetic mean (rounded as provided above) of
the offered rates for deposits in the Currency for the relevant Interest Period, at which, on the
relevant Interest Determination Date, any one or more banks (which bank or banks is or are in
the opinion of the Calculation Agent and the Issuer suitable for such purpose) inform(s) the
Calculation Agent it is or they are quoting to leading banks in the Relevant Market (or, as the
case may be, the quotations of such bank or banks to the Calculation Agent) plus or minus (as
appropriate) the Margin (if any). If the Rate of Interest cannot be determined in accordance with
the foregoing provisions of this paragraph, the Rate of Interest shall be the offered quotation or
the arithmetic mean of the offered quotations on the Screen Page, as described above, on the last
day preceding the Interest Determination Date on which such quotations were offered plus or
minus (as appropriate) the Margin (if any) (though substituting, where a different Margin is to be
applied to the relevant Interest Period from that which applied to the last preceding Interest
Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that
last preceding Interest Period).
[In case of index and equity linked interest or dual currency Notes insert provisions relating to
the Interest Rate]
[If Minimum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest
Period determined in accordance with the above provisions is less than [insert Minimum Rate of
Interest], the Rate of Interest for such Interest Period shall be [insert Minimum Rate of Interest].]
[If Maximum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest
Period determined in accordance with the above provisions is greater than [insert Maximum Rate
of Interest], the Rate of Interest for such Interest Period shall be [insert Maximum Rate of
Interest].]
(3)
Interest Amount. The Calculation Agent will, on or as soon as practicable after each time at
which the Rate of Interest is to be determined, calculate the amount of interest (the "Interest
Amount") payable on the Notes in respect of each Specified Denomination for the relevant
Interest Period. Each Interest Amount shall be calculated by applying the Rate of Interest and the
Day Count Fraction (as defined below) to each Specified Denomination and rounding the
resultant figure to the nearest unit of the Currency, with 0.5 of such unit being rounded upwards.
(4)
Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause the Rate
of Interest, each Interest Amount for each Interest Period, each Interest Period and the relevant
Interest Payment Date to be notified to the Issuer, the Guarantor and the Noteholders in
accordance with §12 as soon as possible after the determination, but in no event later than the
fourth Business Day (as defined in §5(3)) thereafter and if required by the rules of any stock
exchange on which the Notes are from time to time listed, to such stock exchange as soon as
possible after their determination, but in no event later than the first day of the relevant Interest
Period. Each Interest Amount and Interest Payment Date so notified may subsequently be
amended (or appropriate alternative arrangements made by way of adjustment) without notice in
the event of an extension or shortening of the Interest Period. Any such amendment will be
promptly notified to any stock exchange on which the Notes are then listed and to the
Noteholders in accordance with §12.
21
(5)
"Interest Period" means the period from (including) the Interest Commencement Date to
(excluding) the First Interest Payment Date and any subsequent period from (including) an
Interest Payment Date to (excluding) the next Interest Payment Date.]
[[In the case of Zero Coupon Notes insert:]
There will not be any periodic payments of interest on the Notes.]
([●])
"Day Count Fraction", in respect of the calculation of an amount for any period of time (the
"Calculation Period") means:
[[in case of "Actual/Actual (ISMA)":]
(a)
where the Calculation Period is equal to or shorter than the Interest Period during which
it falls, the actual number of days in the Calculation Period divided by the product of (i)
the actual number of days in such Interest Period and (ii) the number of Interest Periods
in any calendar year; and
(b)
where the Calculation Period is longer than one Interest Period, the sum of: (i) the
actual number of days in such Calculation Period falling in the Interest Period in which
it begins divided by the product of (x) the actual number of days in such Interest Period
and (y) the number of Interest Periods in any year; and (ii) the actual number of days in
such Calculation Period falling in the next Interest Period divided by the product of (x)
the actual number of days in such Interest Period and (y) the number of Interest Periods
in any year.]
[[in the case of "30/360":]
the number of days in the Calculation Period divided by 360 (the number of days to be
calculated on the basis of a year of 360 days with 12 30-day months (unless (i) the last day of the
Calculation Period is the 31st day of a month but the first day of the Calculation Period is a day
other than the 30th or 31st day of a month, in which case the month that includes that last day
shall not be considered to be shortened to a 30-day month, or (ii) the last day of the Calculation
Period is the last day of the month of February, in which case the month of February shall not be
considered to be lengthened to a 30-day month)).]
[[in the case of "30E/360" or "Eurobond Basis":]
the number of days in the Calculation Period divided by 360 (unless, in the case of the final
Calculation Period, the Maturity Date is the last day of the month of February, in which case the
month of February shall not be considered to be lengthened to a 30-day month).]
[[in the case of "Actual/365" or "Actual/Actual (ISDA)":]
the actual number of days in the Calculation Period divided by 365 (or, if any portion of the
Calculation Period falls in a leap year, the sum of (i) the actual number of days in that portion of
the Calculation Period falling in a leap year divided by 366 and (ii) the actual number of days in
that portion of the Calculation Period falling in a non-leap year divided by 365).]
[[in the case of "Actual/365 (Fixed)":]
the actual number of days in the Calculation Period divided by 365:
22
[[in the case of "Actual/360":]
the actual number of days in the Calculation Period divided by 360.]
([●])
If the Issuer for any reason fails to render any payment in respect of the Notes when due, interest
shall continue to accrue at the default rate established by statutory law on the outstanding
amount from (including) the due date to (excluding) the day on which such payment is received
by or on behalf of the Noteholders.
§4
(Redemption)
(1)
Final Redemption. The Notes shall be redeemed [[in case of Notes other than Index,- Equityand Credit Linked Notes:] at their Final Redemption Amount on [insert maturity date] [the
Interest Payment Date falling in [insert redemption month]] (the "Maturity Date")] [[in case of
Index- and Equity Linked Notes:] pursuant to §4c] [[in case of Credit Linked Notes:] pursuant to
§4b].
(2)
Tax Call. The Notes shall be redeemed at their Early Redemption Amount together with interest
accrued to the date fixed for redemption at the option of the Issuer in whole, but not in part, on
any Interest Payment Date or, if so specified in the Pricing Supplement, at any time, on giving
not less than 30 days' notice to the Noteholders (which notice shall be irrevocable) by settlement
in cash in accordance with §5 if; (i) on the occasion of the next payment or delivery due under
the Notes, the Issuer or the Guarantor has or will become obliged to pay additional amounts as
provided or referred to in §6 as a result of any change in, or amendment to, the laws or
regulations of Germany or the Netherlands or any political subdivision or any authority thereof
or therein having power to tax, or any change in the application or official interpretation of such
laws or regulations, which change or amendment becomes effective on or after the Issue Date;
and (ii) such obligation cannot be avoided by the Issuer or the Guarantor taking reasonable
measures (but no Substitution of the Issuer pursuant to §10) available to it. Before the
publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the
Fiscal Agent a certificate signed by an executive director of the Issuer stating that the Issuer is
entitled to effect such redemption and setting forth a statement of facts showing that the
conditions precedent to the right of the Issuer so to redeem have occurred, and an opinion of
independent legal or tax advisers of recognised standing to the effect that the Issuer or the
Guarantor has or will become obliged to pay such additional amounts as a result of such change
or amendment.
(3)
[Issuers' Call. The Issuer may redeem all or some only of the Notes then outstanding on [insert
optional redemption dates] (each an "Optional Redemption Date") at their Optional
Redemption Amount together, with any interest accrued to (excluding) the relevant Optional
Redemption Date upon having given (i) not less than 5 Business Days' notice to the Noteholders
in accordance with §12 and (ii) not less than 7 Business Days before the giving of the notice
referred to in (i), notice to the Fiscal Agent (which notices shall be irrevocable and shall specify
the Optional Redemption Date fixed for redemption). Any such redemption must be of a nominal
amount equal to the Minimum Redemption Amount or a Higher Redemption Amount. In the
case of a partial redemption of Notes, the Notes to be redeemed will be selected in accordance
with the rules of the Clearing System.]
[(3)]/[(4)] [Notesholders' Put. The Issuer shall, upon the Noteholder giving not less than 15 nor more
than 30 days' notice to the Issuer, redeem such Note on [specify optional redemption date(s)]
(each a "Put Redemption Date") at its Optional Redemption Amount together with interest
23
accrued to the date fixed for redemption against delivery of such Notes for the Issuer or to its
order. To exercise such option the Noteholder must submit a duly completed option exercise
notice in the form obtainable from any Paying Agent or from the Issuer within the notice period.
No option so exercised may be revoked or withdrawn.]
[•]
Redemption Amounts. For the purposes of this §4 and §8 (Events of Default) the following
applies:
The "Final Redemption Amount" in respect of each Note shall be [its principal amount]
[otherwise insert final redemption amount per denomination].
The "Early Redemption Amount" [[in case of interest bearing notes:] in respect of each Note
shall be [its principal amount] [otherwise insert early redemption amount per denomination]]
[[in case of Zero Coupon Notes: ] in respect of each Note shall be calculated as follows:
(a)
[insert Reference Price] (the "Reference Price"), and
(b)
the product of [insert Amortisation Yield in per cent.] (the "Amortisation Yield") and
the Reference Price from (and including) the Issue Date to (but excluding) the date
fixed for redemption or (as the case may be) the date upon which the Notes become due
and payable, whereby the Amortisation Yield shall be compounded annually.]
[The "Optional Redemption Amount" in respect of each Note shall be [its principal amount]
[otherwise insert optional redemption amount per denomination].]
[The "Minimum Redemption Amount" in respect of each Note shall be [insert amount] and
"Higher Redemption Amount" in respect of each Note shall be [insert amount].]
[In case of Index Linked, Equity Linked, Credit Linked and Exchangeable Notes supplement
the relevant Supplemental Terms and Conditions and specify any applicable Protection
Amount as specified in the Pricing Supplement; insert relevant provisions for dual currency
Notes.]
§5
(Payments)
(1)
[(a)]
Payment of Principal. Payment of principal in respect of Notes shall be made, subject
to applicable fiscal and other laws and regulations, in the Currency and to the Clearing
System or to its order for credit to the accounts of the relevant account holders of the
Clearing System upon presentation and surrender of the Global Note at the specified
office of any Paying Agent outside the United States.
[[in case of Notes other than Zero Coupon Notes insert:]
(b)
Payment of Interest. Payment of interest on Notes shall be made, subject to applicable
fiscal and other laws and regulations, in the Currency and to the Clearing System or to
its order for credit to the relevant account holders of the Clearing System upon
presentation of the Global Note at the specified office of any Paying Agent outside the
United States [and upon delivery of certifications to the effect that the beneficial owners
or owners of the Notes represented by the Temporary Global Note are not U.S. persons
as defined by the U.S. Securities Act of 1933].
24
(2)
Business Day. If the date for payment of any amount in respect of any Note is not a Business
Day then the Noteholder shall not be entitled to payment until the next such day in the relevant
place and shall not be entitled to further interest or other payment in respect of such delay.
"Business Day" means a day on which (other than Saturday and Sunday) (a) banks are open for
business (including dealings in foreign exchange and foreign currency deposits) in [enter all
other relevant business centres] (the ''Relevant Financial Centres''), [,] [and] (b) the Clearing
System is operative [and (c) all relevant parts of the Trans-European Automated Real-Time
Gross Settlement Express Transfer (TARGET) System ("TARGET") are operating to effect
payments in Euro].
(3)
"United States" means the United States of America including the States thereof and the District
of Columbia and its possessions (including Puerto Rico, the US Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands).
(4)
Discharge. The Issuer or, as the case may be, the Guarantor, shall be discharged by payment to,
or to the order of, the Clearing System.
(5)
References to Principal and Interest. References to "principal" shall be deemed to include, as
applicable the Final Redemption Amount of the Notes; the Early Redemption Amount of the
Notes; the Optional Redemption Amount of the Notes; and any premium and any other amounts
which may be payable under or in respect of the Notes. References to "interest" shall be deemed
to include, as applicable, any Additional Amounts which may be payable under §6.
§6
(Taxation)
All payments of principal and interest in respect of the Notes shall be made free and clear of, and without
withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature
imposed, levied, collected, withheld or assessed by or within Germany or the Netherlands, or any
authority therein or thereof having power to tax, unless such withholding or deduction is required by law.
In that event the Issuer shall pay such additional amounts (the "Additional Amounts") as shall result in
receipt by the Noteholders of such amounts as would have been received by them had no such
withholding or deduction been required, except that no Additional Amounts shall be payable with respect
to any Note
(a)
as far as German Kapitalertragsteuer (including Zinsabschlagsteuer) or any other tax which may
substitute the German Kapitalertragsteuer is concerned;
(b)
to, or to a third party on behalf of, a Noteholder where such Noteholder is liable to such
withholding or deduction by reason of having some connection with Germany or the Netherlands
other than by reason only of the holding of such Note or the receipt of the relevant payment in
respect thereof;
(c)
to, or to a third party on behalf of, a holder where no such withholding or deduction would have
been required to be withheld or deducted if the Notes were credited at the time of payment to a
securities deposit account with a bank outside the Federal Republic of Germany or the
Netherlands;
(d)
where such withholding or deduction is imposed on a payment to an individual and is required to
be made pursuant to European Council Directive 2003/48/EC on or any other Ddirective
implementing the conclusions of the ECOFIN Council meeting of 26 27 November 2000 on
25
taxation of savings income or any law implementing or complying with, or introduced in order
to conform to such Directive.
(e)
to the extent such withholding tax or deduction is payable by or on behalf of a Noteholder who
could lawfully avoid (but has not so avoided) such or withholding onr deduction by complying
or procuring that any third party complies with any statutory requirements or by making or
procuring that a third party makes a declaration of non-residence or other similar claim for
exemption to any tax authority in the place where the payment is effected;
(f)
to the extent such withholding tax or deduction is payable by or on behalf of a Noteholder who
would have been able to avoid such withholding or deduction by effecting a payment via another
Paying Agent in a Member State of the EU, not obliged to withhold or deduct tax; or
(g)
to the extent such withholding withholding or deduction tax is payable required more than 30
days after the date on which payment in respect of it first becomes due or (if any amount of the
money payable is improperly withheld or refused) the date on which payment in full of the
amount outstanding is made.
§7
(Prescription)
The presentation period provided in §801 paragraph 1, sentence 1 of the German Civil Code is reduced to
ten years for the Notes.
§8
(Events of Default)
If any of the following events ("Events of Default") occurs, the holder of any Note may by written notice
to the Issuer at the specified office of the Fiscal Agent declare such Note to be forthwith due and payable,
whereupon the Early Redemption Amount of such Note together with accrued interest to the date of
payment shall become immediately due and payable, unless such event of default shall have been
remedied prior to the receipt of such notice by the Issuer:
(a)
default by the Issuer is made for more than 30 days in the payment of interest or principal in
respect of any of the Notes; or
(b)
the Issuer or the Guarantor fails to perform or observe any of its other obligations under the
Notes and such failure continues for the period of 60 days next following the service by the
Fiscal Agent on the Issuer, of notice requiring the same to be remedied; or
(c)
the Issuer or the Guarantor fails in the due repayment of borrowed money which exceeds Euro
35,000,000 or its countervalue and such failure continues for a period of 30 days after notice of
such failure has been received by the Issuer or the Issuer or the Guarantor fails to honour any
guarantee or indemnity in excess of Euro 35,000,000 or its countervalue and such failure
continues for a period of 30 days after notice by the Fiscal Agent of such failure has been
received by the Issuer provided that in each case no Event of Default shall be deemed to have
occurred if the Issuer or the Guarantor contests its liability in good faith or has been ordered not
to make such payment by a competent court; or
(d)
the Issuer or the Guarantor becomes bankrupt, or an order is made or an effective resolution is
passed for the winding up or liquidation of the Issuer or the Guarantor (except for the purposes
of a reconstruction or merger the terms of which have previously been approved by a meeting of
26
Noteholders) or the Issuer or the Guarantor compromises with its creditors generally or such
measures are officially decreed; or
(e)
an application is filed for a declaration (which is not revoked within a period of 30 days), or a
declaration is made, under Article 71 of the 1992 Act on the supervision of the credit system
(Wet toezicht kredietwezen 1992), as modified or re-enacted from time to time, of the
Netherlands in respect of the Issuer or the Guarantor; or
(f)
the Issuer or the Guarantor ceases to carry on the whole or a substantial part of its business
(except for the purposes of a reconstruction or merger the terms of which have previously been
approved by a meeting of the Noteholders).
§9
(Agents)
(1)
Appointment. The Fiscal Agent, the Paying Agents and the Calculation Agent (together the
"Agents") and their offices (which can be substituted with other offices in the same city) are:
Fiscal Agent and Principal Paying Agent:
Paying Agent[s]:
[Calculation Agent:
BNP Paribas Securities Services S.A. Frankfurt Branch
Mainzer Landstraße 16
60326 Frankfurt am Main
Amstelplein 1
1096 HA Amsterdam
The Netherlands
[insert name of other paying agent]]
[insert name and specified office]]
(2)
Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or
terminate the appointment of the any Agent and to appoint another Fiscal Agent or additional or
other Paying Agents or another Calculation Agent provided that the Issuer shall at all times (i)
maintain a Fiscal Agent, (ii) so long as the Notes are listed on a regulated market of a stock
exchange, a Paying Agent (which may be the Fiscal Agent) with a specified office in such place
as may be required by the rules of such stock exchange, (iii) in case the Currency is U.S. Dollar
and payments at or through the offices of all Paying Agents outside the United States become
illegal or are effectively precluded because of the imposition of exchange controls or similar
restrictions on the full payment or receipt of such amounts in U. S. Dollars, a Paying Agent with
a specified office in New York City, (iv) a Calculation Agent with a specified office located in
such place as required by the rules of any stock exchange or other applicable rules (if any) and
(v) if a Directive of the European Union regarding the taxation of interest income or any law
implementing such Directive is introduced, ensure that it maintains a Paying Agent in a member
state of the European Union that will not be obliged to withhold or deduct tax pursuant to any
such Directive or law, to the extent this is possible in a Member State of the European Union.
Any variation, termination, appointment or change shall only take effect (other than in the case
of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days'
prior notice thereof shall have been given to the Noteholders in accordance with §12.
(3)
Agent of the Issuer. Any Agent acts solely as the agent of the Issuer and does not assume any
obligations towards or relationship of agency or trust for any Noteholder.
27
(4)
Determinations Binding. All certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or obtained for the purposes of
this Terms and Conditions by the Calculation Agent shall (in the absence of manifest error) be
binding on the Issuer, the Guarantor, the Fiscal Agent, the Paying Agents and the Noteholders
and shall be made in accordance with §317 of the German Civil Code.
(5)
None of the Calculation Agent or the Paying Agents shall have any responsibility in respect of
any error or omission or subsequent correcting made in the calculation or publication of any
amount in relation to the Notes, whether caused by negligence or otherwise (other than gross
negligence or wilful misconduct).
§10
(Substitution of the Issuer)
(1)
(2)
The Issuer (reference to which shall always include any previous substitute debtor) may and the
Noteholders hereby irrevocably agree in advance that the Issuer may without any further prior
consent of any Noteholder at any time, substitute any company (incorporated in any country in
the world) controlling, controlled by or under common control with, the Issuer as the principal
debtor in respect of the Notes or undertake its obligations in respect of the Notes through any of
its branches (any such company or branch, the "Substitute Debtor"), provided that:
(a)
such documents shall be executed by the Substituted Debtor and the Issuer as may be
necessary to give full effect to the substitution (together the "Documents") and
pursuant to which the Substitute Debtor shall undertake in favour of each Noteholder to
be bound by these Terms and Conditions and the provisions of the Agency Agreement
as fully as if the Substitute Debtor had been named in the Notes and the Agency
Agreement as the principal debtor in respect of the Notes in place of the Issuer and
pursuant to which the Issuer and the Guarantor (if the Guarantor is not the Substitute
Debtor) shall irrevocably and unconditionally guarantee in favour of each Noteholder
the payment of all sums payable by the Substitute Debtor as such principal debtor (such
guarantee of the Issuer herein referred to as the "Substitution Guarantee");
(b)
the Documents shall contain a warranty and representation by the Substitute Debtor and
the Issuer that the Substitute Debtor and the Issuer have obtained all necessary
governmental and regulatory approvals and consents for such substitution and for the
giving by the Issuer of the Substitution Guarantee in respect of the obligations of the
Substitute Debtor, that the Substitute Debtor has obtained all necessary governmental
and regulatory approvals and consents for the performance by the Substitute Debtor of
its obligations under the Documents and that all such approvals and consents are in full
force and effect and that the obligations assumed by the Substitute Debtor and the
Substitution Guarantee given by the Issuer are each valid and binding in accordance
with their respective terms and enforceable by each Noteholder and that, in the case of
the Substitute Debtor undertaking its obligations with respect to the Notes through a
branch, the Notes remain the valid and binding obligations of such Substitute Debtor;
and
(c)
§8 shall be deemed to be amended so that it shall also be an Event of Default under the
said Condition if the Substitution Guarantee shall cease to be valid or binding on or
enforceable against the Issuer;
Upon the Documents becoming valid and binding obligations of the Substitute Debtor and the
Issuer and subject to notice having been given in accordance with sub-paragraph (4) below, the
28
Substitute Debtor shall be deemed to be named in the Notes as the principal debtor in place of
the Issuer as issuer and the Notes shall thereupon be deemed to be amended to give effect to the
substitution including that the relevant jurisdiction in §6 shall be the jurisdiction of incorporation
of the Substitute Debtor. The execution of the Documents together with the notice referred to in
sub-paragraph (4) below shall, in the case of the substitution of any other company as principal
debtor, operate to release the Issuer as issuer from all of its obligations as principal debtor in
respect of the Notes.
(3)
The Documents shall be deposited with and held by the Fiscal Agent for so long as any Notes
remain outstanding and for so long as any claim made against the Substitute Debtor or the Issuer
by any Noteholder in relation to the Notes or the Documents shall not have been finally
adjudicated, settled or discharged. The Substitute Debtor and the Issuer acknowledge the right of
every Noteholder to the production of the Documents for the enforcement of any of the Notes or
the Documents.
(4)
Not later than 15 Business Days after the execution of the Documents, the Substitute Debtor
shall give notice thereof to the Noteholders and, if any Notes are listed on any stock exchange, to
such stock exchange in accordance with §13 and to any other person or authority as required by
applicable laws or regulations. A supplement to the Offering Circular concerning the substitution
of the Issuer shall be prepared by the Issuer.
(5)
For the purposes of this §10, the term 'control' means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a company, whether by
contract or through the ownership, directly or indirectly, of voting shares in such company
which, in the aggregate, entitle the holder thereof to elect a majority of its directors, and includes
any company in like relationship to such first-mentioned company, and for this purpose 'voting
shares' means shares in the capital of a company having under ordinary circumstances the right
to elect the directors thereof, and 'controlling', 'controlled' and 'under common control' shall be
construed accordingly.
§11
(Further Issues. Purchases. Cancellation)
(1)
Further Issues. The Issuer may from time to time without the consent of the Noteholders create
and issue further notes having the same terms and conditions as the Notes (except for the Issue
Price, the Issue Date, the Interest Commencement Date and the first Interest Payment Date) and
so that the same shall be consolidated and form a single Series with such Notes, and references
to "Notes" shall be construed accordingly.
(2)
Purchases. The Issuer may at any time purchase Notes at any price in the open market or
otherwise. If purchases are made by tender, tenders must be available to all Noteholders alike.
Such Notes may be held, reissued, resold or cancelled, all at the option of the Issuer.
(3)
Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or
resold.
§12
(Notices)
(1)
Publication. All notices concerning the Notes shall be published in a leading daily newspaper
having general circulation in Germany [specify other or additional location]. This newspaper is
expected to be the [Börsen-Zeitung] [specify other applicable newspaper having general
circulation]. Any notice so given will be deemed to have been validly given on the third day
29
following the date of such publication (or, if published more than once, on the date of the first
such publication).
(2)
Notification to Clearing System. The Issuer may, instead of a publication pursuant to
subparagraph (1) above, deliver the relevant notice to the Clearing System, for communication
by the Clearing System to the Noteholders, provided that, so long as any Notes are listed on any
stock exchange, the rules of such stock exchange permit such form of notice. Any such notice
shall be deemed to have been given to the Noteholders on the third day after the day on which
the said notice was given to the Clearing System.
§13
(Governing Law, Jurisdiction and Process Agent)
(1)
Governing Law. The Notes shall be governed by German law.
(2)
Jurisdiction. The exclusive place of jurisdiction for all proceedings arising out of or in
connection with the Notes ("Proceedings") shall be Frankfurt am Main. The Holders, however,
may also pursue their claims before any other court of competent jurisdiction. The Issuer hereby
submits to the jurisdiction of the courts referred to in this subparagraph.
(3)
Appointment of Process Agent. For any Proceedings before German courts, the Issuer and the
Guarantor appoint Rabobank International, Frankfurt Branch, Solmsstraße 83, 60486 Frankfurt
am Main as their authorised agent for service of process in Germany.
(4)
Enforcement. Any Noteholder of Notes may in any proceedings against the Issuer, or to which
such Noteholder and the Issuer are parties, protect and enforce in his own name his rights arising
under such Notes on the basis of (i) a statement issued by the Custodian with whom such
Noteholder maintains a securities account in respect of the Notes (a) stating the full name and
address of the Noteholder, (b) specifying the aggregate principal amount of Notes credited to
such securities account on the date of such statement and (c) confirming that the Custodian has
given written notice to the Clearing System containing the information pursuant to (a) and (b)
and (ii) a copy of the Note in global form certified as being a true copy by a duly authorised
officer of the Clearing System or a depository of the Clearing System, without the need for
production in such proceedings of the actual records or the global note representing the Notes.
"Custodian" means any bank or other financial institution of recognised standing authorised to
engage in securities custody business with which the Holder maintains a securities account in
respect of the Notes and includes the Clearing System. Each Noteholder may, without prejudice
to the foregoing, protect and enforce his rights under these Notes also in any other manner
permitted in the country of the proceedings.
§14
(Language)
These Conditions are written in the [German] [English] language and provided with an [English]
[German] language translation. The [German] [English] text shall be controlling and binding. The
[English] [German ] language translation is provided for convenience only.
30
SUPPLEMENTAL TERMS AND CONDITIONS OF THE NOTES FOR INDEX LINKED
NOTES, EQUITY LINKED NOTES AND EXCHANGEABLE NOTES
The general Terms and Conditions shall be supplemented or amended by inserting the
provisions set out below. It is anticipated that the General Definitions in §4a will apply to Index
Linked Notes, Exchangeable Notes and Equity Linked Notes. The relevant Pricing Supplement
will determine which of the specific conditions for either Index Linked Notes, Equity Linked
Notes or Exchangeable Notes shall be applicable.
[For Equity Linked, Index Linked and Exchangeable Notes insert:]
§4a
(General Definitions)
"Basket" means, in respect of an Index Basket Transaction, a basket composed of [insert
Indices] [each Index specified in the Pricing Supplement] in the relative proportions [of [specify
proportion of each Index] [specified in the Pricing Supplement] and, in respect of a Share Basket
Transaction, a basket composed of [insert Shares and Share Issuers] [Shares of each Share
Issuer specified in the Pricing Supplement] in the relative proportions or numbers of [specify
proportion or number of each Share] [Shares of each Share Issuer specified in the Pricing
Supplement].
"Disrupted Day" means in respect of an Index or a Share any Scheduled Trading Day on which
a relevant Exchange or any Related Exchange fails to open for trading during its regular trading
session or on which a Market Disruption Event has occurred.
"Early Closure" means the closure on any Exchange Business Day of the relevant Exchange or
any Related Exchange(s) prior to its Scheduled Closing Time unless such earlier closing time is
announced by such Exchange(s) or Related Exchange(s) at least one hour prior to the earlier of
(i) the actual closing time for the regular trading session on such Exchange(s) or Related
Exchange(s) on such Exchange Business Day and (ii) the submission deadline for orders to be
entered into the Exchange or Related Exchange system for execution at the Valuation Time on
such Exchange Business Day.
"Exchange" means in respect of an Index or a Share, each exchange or quotation system
specified as such hereon for such Index or such Share, any successor to such exchange or
quotation system or any substitute exchange or quotation system to which trading in such Share
or in the shares underlying such Index has temporarily relocated (provided that the Calculation
Agent has determined that there is comparable liquidity relative to such Share or to the shares
underlying such Index on such temporary substitute exchange or quotation system as on the
original Exchange).
"Exchange Business Day" means, any Scheduled Trading Day on which each Exchange and
Related Exchange are open for trading during their respective regular trading sessions,
notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing
Time.
"Exchange Disruption" means in respect of an Index or a Share any event (other than an Early
Closure) that disrupts or impairs (as determined by the Calculation Agent) the ability of market
participants in general (i) to effect transactions in, or obtain market values for the Shares on the
Exchange or, in the case of an Index, any relevant Exchange relating to securities that comprise
20 per cent. or more of the level of that Index, or (ii) to effect transactions in, or obtain market
values for, futures or options contracts relating to that Index on any relevant Related Exchange.
31
"Extraordinary Dividend" means an amount per Share specified or otherwise determined as
provided in the Pricing Supplement. If no Extraordinary Dividend is specified in or otherwise
determined as provided in the Pricing Supplement, the characterization of a dividend or portion
thereof as an Extraordinary Dividend shall be determined by the Calculation Agent.
"Extraordinary Event" means a Merger Event, Tender Offer, Index Adjustment Event,
Nationalisation, Insolvency, Delisting or any applicable Additional Termination Event, as the
case may be.
["Index Basket Transaction" means [this issue of Notes] [an issue of Notes specified as such in
the relevant Pricing Supplement].]
"Market Disruption Event" means, in respect of an Index or a Share, the occurrence or
existence of (i) a Trading Disruption, (ii) an Exchange Disruption, which in either case the
Calculation Agent determines is material, at any time during the one hour period that ends at the
relevant Valuation Time, or (iii) an Early Closure. For the purposes of determining whether a
Market Disruption Event in respect of an Index exists at any time, if a Market Disruption Event
occurs in respect of a security included in the Index at any time, then the relevant percentage
contribution of that security to the level of the Index shall be based on a comparison of (x) the
portion of the level of the Index attributable to that security and (y) the overall level of the Index,
in each case immediately before the occurrence of such Market Disruption Event.
"Potential Adjustment Event" means any of the following:
(a)
a subdivision, consolidation or reclassification of relevant Shares (unless resulting in a
Merger Event), or a free distribution or dividend of any such Shares to existing holders
by way of bonus, capitalization or similar issue;
(b)
a distribution, issue or dividend to existing holders of the relevant Shares of (A) such
Shares, or (B) other share capital or securities granting the right to payment of
dividends and/or the proceeds of liquidation of the Share Issuer equally or
proportionately with such payments to holders of such Shares, or (C) share capital or
other securities of another issuer acquired or owned (directly or indirectly) by the Share
Issuer as a result of a spin-off or other similar transaction, or (D) any other type of
securities, rights or warrants or other assets, in any case for payment (cash or other
consideration) at less than the prevailing market price as determined by the Calculation
Agent;
(c)
an Extraordinary Dividend;
(d)
a call by the Share Issuer in respect of relevant Shares that are not fully paid;
(e)
a repurchase by the Share Issuer or any of its subsidiaries of relevant Shares whether
out of profits or capital and whether the consideration for such repurchase is cash,
securities or otherwise;
(f)
in respect of the Share Issuer, an event that results in any shareholder rights being
distributed or becoming separated from shares of common stock or other shares of the
capital stock of the Issuer pursuant to a shareholder rights plan or arrangement directed
against hostile takeovers that provides upon the occurrence of certain events for a
distribution of preferred stock, warrants, debt instruments or stock rights at a price
below their market value, as determined by the Calculation Agent, provided that any
32
adjustment effected as a result of such an event shall be readjusted upon any
redemption of such rights; or
(g)
any other event that may have a diluting or concentrative effect on the theoretical value
of the relevant Shares.
"Related Exchange(s)" means subject to the provison below, in respect of an Index or a Share,
each exchange or quotation system if any, specified as such hereon, any successor to such
exchange or quotation system or any substitute exchange or quotation system to which trading in
futures or options contracts relating to such Index or such Share has temporarily relocated
(provided that the Calculation Agent has determined that there is comparable liquidity relative to
the futures or options contracts relating to such Index or such Share on such temporary substitute
exchange or quotation system as on the original Related Exchange), provided however that
where "All Exchanges" is specified as the Related Exchange, "Related Exchange" shall mean
each exchange or quotation system (as the Calculation Agent may select) where trading has a
material effect (as determined by the Calculation Agent) on the overall market for futures or
options contracts relating to such Index or Share or, in any such case, any transferee or successor
exchange of such exchange or quotation system.
["Share Basket Transaction" means [this issue of Notes] [an issue of Notes specified as such in
the relevant Pricing Supplement].]
"Share Issuer" means the issuer of the Shares.
"Shares" or "Underlying Securities" means [specify underlying securities].
"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and any day
on which each Exchange and each Related Exchange are scheduled to be open for trading for
their respective regular trading sessions, the scheduled weekday closing time of such Exchange
or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other
trading outside of the regular trading session hours.
"Scheduled Trading Day" means in respect of an Index or a Share, any day on which each
Exchange and each Related Exchange specified hereon are scheduled to be open for trading for
their respective regular trading sessions.
"Trading Disruption" means in relation to a Share or an Index, any suspension of or limitation
imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by
reason of movements in price exceeding limits permitted by the relevant Exchange or Related
Exchange or otherwise (i) relating to the Share on the Exchange or, in the case of an Index,
relating to securities that comprise 20 per cent. or more of the level of that Index on any relevant
Exchange or (ii) in futures or options contracts relating to the Share or the relevant Index on any
relevant Related Exchange.
"Valuation Date" means each Index Valuation Date and each Equity Valuation Date.
"Valuation Time" means [[specify time and financial center] on the Valuation Date] [the time
on the Valuation Date specified for the valuation of an Index or Shares as specified in the
relevant Pricing Supplement].
33
[In case of Index Linked Notes insert:]
§4b
(Specific Definitions)
"Index" means [insert Index or Indices].
"Index Adjustment Event" means an Index Modification, Index Cancellation or Index
Disruption, all as defined in §4d(2) below.
"Index Basket Level" means an amount calculated by the Calculation Agent by multiplying the
Index Level for each Index contained in the Basket with the proportion (expressed as a
percentage rate) specified for such Index [in the relevant Pricing Supplement].
"Index Business Day" means any day that is (or, but for the occurrence of a Market Disruption
Event, would have been) a trading day on each Exchange and each Related Exchange, other than
a day on which trading on any such Exchange or Related Exchange is scheduled to close prior to
its regular weekday closing time.
"Index Component" means those securities, assets or reference values of which the Index is
comprised from time to time.
"Index Level" means the level of the Index as determined by the Calculation Agent at the
relevant Valuation Time on each Index Valuation Date by reference to the level of the Index
published by the Index Sponsor.
"Index Linked Redemption Amount" means an amount[, which shall never be less than the
Protection Amount,] determined by the Calculation Agent on the Final Index Valuation Date in
accordance with the following formula [specify redemption formula] and which shall always be
equal to or greater than zero and, in the event that such amount will be less than zero, shall be
deemed to be zero [if so specified in the Pricing Supplement].
"Index Sponsor" means [insert name of sponsor] which is the corporation or other entity that is
responsible for setting and reviewing the rules and procedures and the methods of calculation
and adjustments, if any, related to the relevant Index and announces (directly or through an
agent) the level of the relevant Index on a regular basis during each Scheduled Trading Day;
where reference to the Index Sponsor shall include a reference to the "Successor Index
Sponsor" defined in §4d(1) below.
"Index Valuation Date(s)" means [insert Valuation Time and Financial Center] on [insert date]
where [insert date] shall be the "Final Index Valuation Date".
§4c
(Redemption)
The Notes shall be redeemed on [insert Maturity Date] (the "Maturity Date") at the Index
Linked Redemption Amount as determined by the Calculation Agent in accordance with the
provisions hereof [and the Pricing Supplement] and as notified to the Noteholders in accordance
with §12 by the Calculation Agent immediately after being determined.
§4d
(Successor Index. Calculation Agent Adjustment. Correction of an Index. Disrupted Days)
(1)
Successor Index. If any Index is not calculated and announced by the Index Sponsor but is
calculated and announced by a successor to the Index Sponsor (the "Successor Index Sponsor")
34
acceptable to the Calculation Agent or replaced by a successor index using, in the determination
of the Calculation Agent, the same or a substantially similar formula for, and method of,
calculation as used in the calculation, of that Index (the "Successor Index"), then such Index
shall be deemed to be the index so calculated and announced by the Successor Index Sponsor or
that Successor Index, as the case may be.
(2)
Calculation Agent Adjustment. If, in the determination of the Calculation Agent on or before any
Index Valuation Date the Index Sponsor (or if applicable) Successor Index Sponsor makes a
material change in the formula for, or the method of calculating, an Index or in any other way
materially modifies an Index (other than a modification prescribed in that formula or method to
maintain that Index in the event of changes in constituent securities and capitalisation and other
routine events) (an "Index Modification"); or permanently cancels the Index and no Successor
Index exists (an "Index Cancellation") or on any Index Valuation Date the Index Sponsor fails
to calculate and publish the the Index Level (an "Index Disruption"), then the Calculation
Agent shall calculate the Index Linked Redemption Amount and/or the relevant Interest Amount
using, in lieu of a published level for such Index, the Index Level as at the relevant Index
Valuation Date as determined by the Calculation Agent in accordance with the formula for and
method of calculating such Index last in effect before that change or failure, but using only those
Index Components that comprised such Index immediately before that change, failure or
cancellation, but using only those Index Components that comprised that Index immediately
prior to that Index Adjustment Event. The Calculation Agent shall notify the Fiscal Agent and
the Noteholders thereof in accordance with §12.
(3)
Correction of an Index. In the event that any price or level published on the Exchange or Related
Exchange or by the Index Sponsor and which is utilized for any calculation or determination
made in relation to the Notes is subsequently corrected and the correction is published by the
Exchange or the Index Sponsor before the Maturity Date, the Calculation Agent will determine
the amount that is payable or deliverable as a result of that correction, and, to the extent
necessary, will adjust the terms of such Transaction to account for such correction and will
notify the Noteholders accordingly pursuant to §12.
(4)
Disrupted Days. If the Calculation Agent in its sole and absolute discretion determines that any
Index Valuation Date is a Disrupted Day, then the Index Valuation Date shall be the first
succeeding Index Business Day that the Calculation Agent determines is not a Disrupted Day,
unless the Calculation Agent determines that each of the five Index Business Days immediately
following the original date is a Disrupted Day. In that case:
(a)
that fifth Index Business Day shall be deemed to be the Index Valuation Date,
notwithstanding the fact that such day is a Disrupted Day; and
(b)
the Calculation Agent shall determine the Index Level as of the relevant Index
Valuation Date on that fifth Index Business Day in accordance with the formula, for
and method of, calculating such Index last in effect prior to the commencement of the
Market Disruption Event using the exchange-traded price on the relevant Exchange (or,
if trading in the relevant security has been materially suspended or materially limited,
its good faith estimate of the exchange-traded price that would have prevailed but for
the suspension or limitation as of the relevant Index Valuation Date) on that fifth Index
Business Day of each security comprising such Index.
35
[In case of Equity Linked Notes insert the following provisions]
§4b
(Specific Definitions)
"Delisting" means that the Exchange announces that pursuant to the rules of such Exchange, the
Shares cease (or will cease) to be listed, traded or publicly quoted on the Exchange for any
reason (other than a Merger Event or Tender Offer) and are not immediately re-listed, re-traded
or re-quoted on an exchange or quotation system located in the same country as the Exchange
(or, where the Exchange is within the European Union, in any member state of the European
Union).
"Disruption Cash Settlement Price" means [specify amount].
"Delivery Agent" means [specify name and adress of delivery agent].
"Equity Linked Redemption Amount" means an amount[, which shall never be less than the
Protection Amount,] calculated by the Calculation Agent on the Equity Valuation Date at the
Equity Valuation Time in accordance with the following formula: [insert relevant formula].
"Equity Valuation Date" means [insert date].
"Equity Valuation Time" means [insert time and Financial Center] on the Equity Valuation
Date.
"Insolvency" means that by reason of the voluntary or involuntary liquidation, bankruptcy,
insolvency, dissolution or winding-up of or any analogous proceeding affecting a Share Issuer,
(A) all the Shares of that Share Issuer are required to be transferred to a trustee, liquidator or
other similar official or (B) holders of the Shares of that Issuer become legally prohibited from
transferring them.
"Merger Date" means the closing date of a Merger Event or. where a closing date cannot be
determined under the local law applicable to such Merger Event, such other date as determined
by the Calculation Agent.
"Merger Event" means, in respect of any relevant Shares, any (i) reclassification or change of
such Shares that results in a transfer of or an irrevocable commitment to transfer all of such
Shares outstanding to another entity or person, (ii) consolidation, amalgamation, merger or
binding share exchange of the Share Issuer with or into another entity or person (other than a
consolidation, amalgamation, merger or binding share exchange in which such Share Issuer is
the continuing entity and which does not result in a reclassification or change of all of such
Shares outstanding), (iii) takeover offer, tender offer, exchange offer, solicitation, proposal or
other event by any entity or person to purchase or otherwise obtain 100% of the outstanding
Shares of the Share Issuer that results in a transfer of or an irrevocable commitment to transfer
all such Shares (other than such Shares owned or controlled by such other entity or person), or
(iv) consolidation, amalgamation, merger or binding share exchange of the Share Issuer or its
subsidiaries with or into another entity in which the Share Issuer is the continuing entity and
which does not result in a reclassification or change of all such Shares outstanding but results in
the outstanding Shares (other than Shares owned or controlled by such other entity) immediately
prior to such event collectively representing less than 50% of the outstanding Shares
immediately following such event, in each case if the Merger Date is on or before the Equity
Valuation Date.
36
"Nationalisation" means that all the Shares or all or substantially all the assets of a Share Issuer
are nationalised, expropriated or are otherwise required to be transferred to any governmental
agency, authority, entity or instrumentality thereof.
"Reference Asset Amount" means an amount calculated by the Calculation Agent on the Equity
Valuation Date at the Equity Valuation Time in accordance with the following formula: [insert
relevant formula].
"Settlement Date" means in the event of redemption of the Notes of a Series by delivery of the
Underlying Securities, such Business Day as agreed by the Calculation Agent, being on or as
soon as practicable after the earlier of the Optional Redemption Date or the Maturity Date
subject to amendment asccording to the this conditions.
"Settlement Disruption Event", means, in respect of a Share, an event beyond the control of the
parties as a result of which the relevant Clearance System cannot clear the transfer of such Share.
"Tender Offer" means a takeover offer, tender offer, exchange offer, solicitation, proposal or
other event by any entity or person that results in such entity or person purchasing, or otherwise
obtaining or having the right to obtain, by conversion or other means, greater than 10% and less
than 100% of the outstanding voting shares of the Issuer, as determined by the Calculation
Agent, based upon the making of filings with governmental or self-regulatory agencies or such
other information as the Calculation Agent deems relevant.
§4c
(Redemption[. Extraordinary Events])
[(1)
Redemption.] The Notes shall be redeemed on [insert maturity date] (the "Maturity Date") at
[either] the Equity Linked Redemption Amount [or the Reference Asset Amount; as determined
by the Calculation Agent at the Equity Valuation Time in accordance with the following
formula: [insert formula]]. The Equity Linked Redemption Amount [or the Reference Asset
Amount] in respect of each Note shall be calculated by the Calculation Agent in accordance with
the provisions hereof [and the Pricing Supplement] and shall be notified to the Noteholders in
accordance with §12 by the Calculation Agent immediately after being determined.
[[If "Cancellation and Payment" is specified in the Pricing Supplement]
(2)
Extraordinary Event. In the event of an Extraordinary Event the Issuer may redeem all, or some
only, of the Notes then outstanding at the Early Redemption Amount [or any other amount
specified in the Pricing Supplement] together, if appropriate, with interest accrued to (but
excluding) the date of redemption upon the Issuer having given not less than 5 Business Days'
notice to the Noteholders in accordance with §12; and not less than 7 Business Days before the
giving of such notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as Caluclation
Agent)].
§4d
(Delivery of Underlying Securities)
(1)
Manner of Delivery. Delivery of Underlying Securities will be effected to or to the order of the
Noteholder and will be credited to a securities account which account forms part of the Clearing
System to be designated by the Noteholder on or before the Settlement Date. No Noteholder will
be entitled to receive dividends declared or paid in respect of the Underlying Securities to which
such Note gives entitlement or to any other rights relating to or arising out of such Underlying
Securities if the date on which the Underlying Securities are quoted ex-dividend or ex-the
37
relevant right falls before the date on which the Underlying Securities are credited into the
securities account of the Noteholder.
(2)
Compensation Amount. Notes to be redeemed in accordance with this condition to the same
Noteholder will be aggregated for the purpose of determining the Underlying Securities to which
such Notes give entitlement (and, for the avoidance of doubt, in the case of a Basket per
particular class of Underlying Securities comprised in that Basket). The Noteholders will not be
entitled to any interest or other payment or compensation if and to the extent that the delivery of
the Underlying Securities will take place after the earlier of the Optional Redemption Date or the
Maturity Date. The number of Underlying Securities calculated on the basis of the provisions
hereof will, to the extent they form a whole number, be transferred to the Noteholder.
Entitlement to the remaining fractions of Underlying Securities will be settled by payment of
those fractions in cash rounded off to two decimals, calculated by the Calculation Agent on the
basis of the price of the Underlying Securities quoted on the relevant Related Exchange at the
closing on the Valuation Date and, to the extent necessary, converted into Euro at the
Calculation Agent's spot rate of exchange prevailing on such day (the "Compensation
Amount").
(3)
Delivery Expenses. All expenses including but not limited to any depository charges, levies,
scrip fees, registration, transaction or exercise charges, stamp duty, stamp duty reserve tax and/or
taxes or duties (together "Delivery Expenses") arising from the delivery of Underlying
Securities in respect of a Note shall be for the account of the relevant Noteholder and no delivery
and/or transfer of Underlying Securities in respect of a Note shall be made until all Delivery
Expenses have been discharged to the satisfaction of the Issuer by the relevant Noteholder.
(4)
No Obligation. None of the Issuer and the Fiscal Agent shall be under any obligation to register
or procure the registration of the relevant Noteholder prior or after any conversion or any other
person as the shareholder in any register of shareholders of any Company or otherwise.
(5)
Settlement Disruption Event. If, in the opinion of the Delivery Agent, delivery of Underlying
Securities is not practicable by reason of a Settlement Disruption Event having occurred and
continuing on the Settlement Date, then the Settlement Date shall be postponed to the first
following Business Day in respect of which there is no Settlement Disruption Event, and notice
thereof shall be given to the relevant Noteholder in accordance with §12. Such Noteholder shall
not be entitled to any payment, whether of interest or otherwise, on such Note in the event of any
delay in the delivery of the Underlying Securities pursuant to this paragraph, and no liability in
respect thereof shall attach to the Issuer. For the avoidance of doubt any such postponement shall
not constitute a default by the Issuer. For so long as delivery of the Underlying Securities in
respect of any Note is not practicable by reason of a Settlement Disruption Event, then instead of
physical settlement, and notwithstanding any other provision hereof or any postponement of the
Settlement Date, the Issuer may elect in its sole discretion to satisfy its obligations in respect of
the relevant Note by payment to the relevant Noteholder of the Disruption Cash Settlement Price
not later than on the third Business Day following the date that the notice of such election is
given to the Noteholders in accordance with §12. Payment of the Disruption Cash Settlement
Price will be made in such manner as shall be notified to the Noteholders in accordance with
§12.
§4e
(Calculation Agent Adjustment. Corrections. Disrupted Days)
38
(1)
Potential Adjustment Event. In the event of a Potential Adjustment Event, the Calculation Agent
will determine whether such Potential Adjustment Event has a diluting or concentrative effect on
the theoretical value of the relevant Shares and, if so, will:
(a)
make the corresponding adjustment(s), if any, to any one or more of the Equity Linked
Redemption Amount and/or the Reference Asset Amount and/or any of the other
relevant terms as the Calculation Agent determines appropriate to account for that
diluting or concentrative effect (provided that no adjustments will be made to account
solely for changes in volatility, expected dividends, stock loan rate or liquidity relative
to the relevant Share); and
(b)
determine the effective date(s) of the adjustment(s). In such case, such adjustments
shall be deemed to be so made from such date(s). The Calculation Agent may (but need
not) determine the appropriate adjustment(s) by reference to the adjustment(s) in
respect of such Potential Adjustment Event made by any Options Exchange.
Upon making any such adjustment, the Calculation Agent shall give notice as soon as practicable
to the Noteholders in accordance with §12, stating the adjustment to the Equity Linked
Redemption Amount and/or the Reference Asset Amount and/or any of the other relevant terms
and giving brief details of the Potential Adjustment Event.
For the avoidance of doubt, in addition to or instead of varying any terms in accordance with the
above provisions, the Calculation Agent may distribute to the holders of the outstanding relevant
Notes additional Notes and/or a cash amount. Such distribution of additional Notes may be made
on a "free" or "delivery versus payment" basis.
(2)
Corrections. In the event that any price or level published on the Exchange and which is utilized
for any calculation or determination made in relation to the Notes is subsequently corrected and
the correction is published by the Exchange before the Maturity Date, the Calculation Agent will
determine the amount that is payable or deliverable as a result of that correction, and, to the
extent necessary, will adjust the terms of such Transaction to account for such correction and
will notify the Noteholders accordingly pursuant to §12.
(3)
Disrupted Days. If the Calculation Agent in its sole and absolute discretion determines that any
Equity Valuation Date is a Disrupted Day, then the Equity Valuation Date shall be the first
succeeding Exchange Business Day that the Calculation Agent determines is not a Disrupted
Day, unless the Calculation Agent determines that each of the five Exchange Business Days
immediately following the original date is a Disrupted Day. In that case and for the purpose of
determining the Equity Linked Redemption Amount:
(a)
that fifth Exchange Business Day shall be deemed to be the Equity Valuation Date,
notwithstanding the fact that such day is a Disrupted Day; and
(b)
the Calculation Agent shall determine its good faith estimate of the value of the Shares
as of the Equity Valuation Time on that fifth Exchange Business Day.
[[If "Calculation Agent Adjustment" is specified in the Pricing Supplement]
(4)
Extraordinary Event. In the event of an Extraordinary Event the Calculation Agent shall make
such adjustments to the redemption, settlement, payment or any other terms of the Notes as the
Calculation Agent determines appropriate to account for the economic effect on the Notes of
such Extraordinary Event upon the Calculation Agent having given not less than 5 Business
Days' notice to the Noteholders in accordance with §12; and not less than 7 Business Days
39
before the giving of such notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as
Calculation Agent)]].
[In case of Exchangeable Notes insert:]
§4b
(Special Definitions)
"Conversion Ratio" means [specify amount] subject to adjustment in accordance with §4e.
"Conversion Price" means [specify price] subject to adjustment in accordance with §4e.
"Conversion Right" means the right of the Noteholders to have any Notes redeemed either by
delivery of the Underlying Securities or by payment of the Equity Linked Redemption Amount.
"Disruption Cash Settlement Price" means [specify amount].
"Delivery Agent" means [specify name and adress of delivery agent].
"Equity Valuation Date" means [insert date].
"Equity Valuation Time" means [insert time and Financial Center] on the Equity Valuation
Date.
"Exchangeable Notes" means those Equity Linked Notes in respect of which [the relevant
Pricing Supplement has specified that] a Conversion Right is applicable.
"Initial Conversion Price" means [specify price].
"Reverse Conversion Right" means the right of the Issuer[, as specified in the relevant Pricing
Supplement,] to redeem any Notes either by delivery of Underlying Securities or by payment of
the Equity Linked Redemption Amount.
"Reverse Exchangeable Notes" means those Equity Linked Notes in respect of which [the
relevant Pricing Supplement has specified that] a Reverse Conversion Right is applicable.
"Settlement Date" means in the event of redemption of the Notes of a Series by delivery of the
Underlying Securities, such Business Day as agreed by the Calculation Agent, being on or as
soon as practicable after the earlier of the Optional Redemption Date or the Maturity Date
subject to amendments made in accordance with this conditions.
"Settlement Disruption Event", means, in respect of a Share, an event beyond the control of the
parties as a result of which the relevant Clearance System cannot clear the transfer of such Share.
§4c
(Conversion Right[. Cancellation and Payment.])
[[In case of a Reverse Conversion Right:]
(1)
Reverse Conversion Right. The Issuer has the right to redeem all and not just some only of the
Notes either (i) by delivery of Underlying Securities or (ii) by payment of the Final Redemption
Amount, in both cases together with accrued interest. In case of (i), delivery shall be made on the
Settlement Date in accordance with the provisions of §4d below. In case of (ii), payment of the
Final Redemption Amount shall be made on [specify Maturity Date] (the "Maturity Date"). The
40
Issuer may chose in its sole discretion, which of (i) or (ii) shall be the applicable redemption
method for the Notes on the Equity Valuation Date at the Equity Valuation Time. Immediately
after having exercised its choice, the Issuer shall notify the Calculation Agent and the
Noteholders of the applicable redemption method in accordance with §12.
[[In case of a Conversion Right:]
([●])
Conversion Right. Each Noteholder has the right to demand (i) the conversion of all [and not just
some only] [or some only] of the Notes into Underlying Securities or (ii) payment of the Final
Redemption Amount, in both cases together with any accrued interest. Such Conversion Right
shall be exercisable on [specify date or dates and any applicable exercise procedures] [the date
or dates and in the manner specified in the relevant Pricing Supplement].]
[[If "Cancellation and Payment" is specified in the Pricing Supplement]
([●])
Cancellation and Payment. In the event of an Extraordinary Event the Issuer may redeem all, or
some only, of the Notes then outstanding at the Early Redemption Amount [or any other amount
specified in the Pricing Supplement] together, if appropriate, with interest accrued to (but
excluding) the date of redemption upon the Issuer having given not less than 5 Business Days'
notice to the Noteholders in accordance with §12; and not less than 7 Business Days before the
giving of such notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as Caluclation
Agent)]].
§4d
(Delivery of Underlying Securities)
(1)
Delivery of Underlying Securities. For each Note in a nominal amount of [specify nominal
amount] the Issuer will transfer, or procure the delivery by the Delivery Agent, on or before the
Settlement Date of [insert number] Underlying Securities, subject to adjustment in accordance
with §4e.
(2)
Manner of Delivery. Delivery of Underlying Securities pursuant to subparagraph (1) will be
effected to or to the order of the Noteholder and will be credited to a securities account which
account forms part of the Clearing System to be designated by the Noteholder on or before the
Settlement Date. No Noteholder will be entitled to receive dividends declared or paid in respect
of the Underlying Securities to which such Note gives entitlement or to any other rights relating
to or arising out of such Underlying Securities if the date on which the Underlying Securities are
quoted ex-dividend or ex-the relevant right falls before the date on which the Underlying
Securities are credited into the securities account of the Noteholder.
(3)
(4)
Compensation Amount. Notes to be redeemed in accordance with this condition to the same
Noteholder will be aggregated for the purpose of determining the Underlying Securities to which
such Notes give entitlement (and, for the avoidance of doubt, in the case of a Basket per
particular class of Underlying Securities comprised in that Basket). The Noteholders will not be
entitled to any interest or other payment or compensation if and to the extent that the delivery of
the Underlying Securities will take place after the earlier of the Optional Redemption Date or the
Maturity Date. The number of Underlying Securities calculated on the basis of the provisions
hereof will, to the extent they form a whole number, be transferred to the Noteholder.
Entitlement to the remaining fractions of Underlying Securities will be settled by payment of
41
those fractions in cash rounded off to two decimals, calculated by the Calculation Agent on the
basis of the price of the Underlying Securities quoted on the relevant Related Exchange at the
closing on the Valuation Date and, to the extent necessary, converted into Euro at the
Calculation Agent's spot rate of exchange prevailing on such day (the "Compensation
Amount").
(5)
Delivery Expenses. All expenses including but not limited to any depository charges, levies,
scrip fees, registration, transaction or exercise charges, stamp duty, stamp duty reserve tax and/or
taxes or duties (together "Delivery Expenses") arising from the exercise of the Reverse
Conversion Right or the Conversion Right and/or delivery and/or transfer of Underlying
Securities in respect of a Note shall be for the account of the relevant Noteholder and no delivery
and/or transfer of Underlying Securities in respect of a Note shall be made until all Delivery
Expenses have been discharged to the satisfaction of the Issuer by the relevant Noteholder.
(6)
(7)
Settlement Disruption Event. If, in the opinion of the Delivery Agent, delivery of Underlying
Securities pursuant to the exercise of the Reverse Conversion Right or the Conversion Right for
any Series is not practicable by reason of a Settlement Disruption Event having occurred and
continuing on the Settlement Date, then the Settlement Date shall be postponed to the first
following Business Day in respect of which there is no Settlement Disruption Event, and notice
thereof shall be given to the relevant Noteholder in accordance with §12. Such Noteholder shall
not be entitled to any payment, whether of interest or otherwise, on such Note in the event of any
delay in the delivery of the Underlying Securities pursuant to this paragraph, and no liability in
respect thereof shall attach to the Issuer. For the avoidance of doubt any such postponement shall
not constitute a default by the Issuer. For so long as delivery of the Underlying Securities in
respect of any Note is not practicable by reason of a Settlement Disruption Event, then instead of
physical settlement, and notwithstanding any other provision hereof or any postponement of the
Settlement Date, the Issuer may elect in its sole discretion to satisfy its obligations in respect of
the relevant Note by payment to the relevant Noteholder of the Disruption Cash Settlement Price
not later than on the third Business Day following the date that the notice of such election is
given to the Noteholders in accordance with §12. Payment of the Disruption Cash Settlement
Price will be made in such manner as shall be notified to the Noteholders in accordance with
§12.
§4e
(Calculation Agent Adjustment)
[(1)]
Potential Adjustment Event. In the event of a Potential Adjustment Event, the Calculation Agent
will determine whether such Potential Adjustment Event has a diluting or concentrative effect on
the theoretical value of the relevant Shares and, if so, will:
(a)
make the corresponding adjustment(s) to the Conversion Price or the Conversion Ratio
or any of the other relevant terms as the Calculation Agent determines appropriate to
account for that diluting or concentrative effect (provided that no adjustments will be
made to account solely for changes in volatility, expected dividends, stock loan rate or
liquidity relative to the relevant Share); and
(b)
determine the effective date(s) of the adjustment(s). In such case, such adjustments
shall be deemed to be so made from such date(s). The Calculation Agent may (but need
42
not) determine the appropriate adjustment(s) by reference to the adjustment(s) in
respect of such Potential Adjustment Event made by any Options Exchange.
Upon making any such adjustment, the Calculation Agent shall give notice as soon as practicable
to the Noteholders in accordance with §12, stating the adjustment made to any relevant terms
and giving brief details of the Potential Adjustment Event. For the avoidance of doubt, in
addition to or instead of varying any terms in accordance with the above provisions, the
Calculation Agent may distribute to the holders of the outstanding relevant Notes additional
Notes and/or a cash amount. Such distribution of additional Notes may be made on a "free" or
"delivery versus payment" basis.
[[If "Calculation Agent Adjustment" is specified in the Pricing Supplement]
([2])
Extraordinary Event. In the event of an Extraordinary Event the Calculation Agent shall make
such adjustments to the redemption, settlement, payment or any other terms of the Notes as the
Calculation Agent determines appropriate to account for the economic effect on the Notes of
such Extraordinary Event upon the Calculation Agent having given not less than 5 days' notice
to the Noteholders in accordance with §12; and not less than 7 days before the giving of such
notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as Caluclation Agent)]].
43
SUPPLEMENT TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES FOR
CREDIT LINKED NOTES
The general Terms and Conditions shall be supplemented or amended by inserting the provisions set out
below. The definitions used in these Supplemental Terms and Conditions will be further amended and
supplemented by the definitions set out in the Pricing Supplement.
§4a
(Definitions)
"Bankruptcy" means a Reference Entity (i) is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing
in a judicial, regulatory or administrative proceeding or filing its inability generally to pay its debts as
they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of
its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgement of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such
proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a
judgement of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its
winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within
thirty calendar days of the institution or presentation thereof; (v) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or
merger); (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not
dismissed, discharged, stayed or restrained, in each case within thirty calendar days thereafter; or (viii)
causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive).
"Credit Event" means any one or more of [Bankruptcy, Failure to Pay, Obligation Acceleration,
Obligation Default, Repudiation/Moratorium or Restructuring] [, as specified in the Pricing Supplement,]
which is determined by the Calculation Agent as having occurred.
"Credit Event Notice" means an irrevocable notice delivered by the Calculation Agent to the
Noteholders in accordance with §12 (which the Calculation Agent has the right but not the obligation to
deliver) that describes a Credit Event that occurred during the Reference Period. A Credit Event Notice
must contain a description in reasonable detail of the facts relevant to the determination that a Credit
Event has occurred. The Credit Event that is subject to the Credit Event Notice need not be continuing on
the date the Credit Event Notice is effective.
"Credit Event Redemption Date" means, if a Credit Linked Redemption Amount is specified as an
amount in [specify currency] [in the Pricing Supplement], the tenth Business Day following a Credit
Event Notice [and a Notice of Publicly Available Information], or, if a Credit Linked Redemption
Amount is not specified as an amount in [specify currency] in the Pricing Supplement, the tenth Business
Day after the determination of the Final Price
"Credit Linked Redemption Amount" means an amount per Specified Denomination [, which shall
never be less than the Protection Amount, and] which shall be [specify amount] [the principal amount per
Specified Denomination minus the greater of (i) zero or (ii) the principal amount per Specified
44
Denomination multiplied by the difference between the Reference Price and the Final Price] [specify
different formula].
"Default Requirement" means [[specify amount] [the amount specified as such in the relevant Pricing
Supplement] or its equivalent in the relevant Obligation Currency] [if an amount is not specified:
USD 10,000,000 or its equivalent in the relevant Obligation Currency] as of the occurrence of the
relevant Credit Event.
"Excluded Obligation" means [specify obligations or type of obligations]
"Failure to Pay" means, after the expiration of any applicable Grace Period (after the satisfaction of any
conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to
make, when and where due, any payments in an aggregate amount of not less than the Payment
Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time
of such failure.
"Final Price" means [insert specifications for determination of Final Price, including any applicable
valuation procedures to be followed by the Calculation Agent]
"Governmental Authority" means any de facto or de jure government (or any agency, instrumentality,
ministry or department thereof), court, tribunal, administrative or other governmental authority or any
other entity (private or public) charged with the regulation of the financial markets (including the central
bank) or a Reference Entity or of the jurisdiction or organisation of a Reference Entity.
"Grace Period" means [specify Grace Period] [any grace period specified in the Pricing Supplement].
"Notice Delivery Period" means the period from and including the [Issue Date] [specify other date] to
and including the day that is 14 calendar days after the Maturity Date.
"Notice of Publicly Available Information" means [insert definition]
"Obligation" means (a) any obligation determined pursuant to [specify determination methodology] [,]
[and] (b) each Reference Obligation unless specified as an Excluded Obligation [and (c) any obligation of
a Reference Entity specified as such in the Pricing Supplement].
"Obligation Acceleration" means one or more Obligations in an aggregate amount of not less than the
Default Requirement have become due and payable before they would otherwise have been due and
payable as a result of, or on the basis of, the occurrence of a default, event of default or other similar
condition or event (however described), other than a failure to make any required payment, in respect of a
Reference Entity under one or more Obligations.
"Obligation Currency" means or the currency or currencies in which an Obligation is denominated.
"Obligation Default" means one or more Obligations in an aggregate amount of not less than the Default
Requirement have become capable of being declared due and payable before they would otherwise have
been due and payable as a result of the occurrence of a default, event of default or other similar condition
or event (however described), other than a failure to make any required payment, in respect of a
Reference Entity under one or more Obligations.
"Payment Requirement" means [[specify amount] [the amount specified as such in the relevant Pricing
Supplement] or its equivalent in the relevant Obligation Currency] [if an amount is not specified:
USD 1,000,000 or its equivalent in the relevant Obligation Currency] as of the occurrence of the relevant
Failure to Pay or Potential Failure to Pay, as applicable.
45
"Potential Failure to Pay" means the failure by a Reference Entity to make, when and where due, any
payments in an aggregate amount of not less than the Payment Requirement under one or more
Obligations without regard to any Grace Period or any conditions precedent to the commencement of any
grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time
of such failure.
"Reference Entity" means [specify Reference Entity] (or its successor) [or each entity (or its successor)
specified as such in the relevant Pricing Supplement].
"Reference Obligation" means [specify obligations]
"Reference Period" means [specify period] [if no period is specified: the period from and including the
Issue Date to and including the day that is one Business Day prior to the Maturity Date] [such period as is
specified in the relevant Pricing Supplement].
"Reference Price" means [100 per cent.] [specify]
"Repudiation/Moratorium" means the occurrence of both of the following events: (i) an authorized
officer of a Reference Entity or a Governmental Authority (A) disaffirms, disclaims, repudiates or rejects,
in whole or in part, or challenges the validity of, one or more Obligations in an aggregate amount of not
less than the Default Requirement, or (B) declares or imposes a moratorium, standstill, roll-over or
deferral, whether de facto or de jure, with respect to one or more Obligations in an aggregate amount of
not less than the Default Requirement and (ii) a Failure to Pay, determined without regard to the Payment
Requirement, or a Restructuring, determined without regard to the Default Requirement, with respect to
any such Obligation occurs on or prior to the Repudiation/Moratorium Evaluation Date.
"Repudiation/Moratorium Evaluation Date" means that date 60 days after the event described in (i)
(A) in the definition of Repudiation/Moratorium or, in the event that the Obligations to which such
Repudiation/Moratorium relates, includes obligations represented by bonds, the first interest payment date
of any such bond after the event described in (i) (A) in the definition of Repudiation/Moratorium, if that
date would be the later date.
"Restructuring" means that, with respect to one or more Obligations and in relation to an aggregate
amount of not less than the Default Requirement, any one or more of the following events occurs in a
form that binds all holders of such Obligation, is agreed between the Reference Entity or a Governmental
Authority and a sufficient number of holders of such Obligation to bind all holders of the Obligation or is
announced (or otherwise decreed) by a Reference Entity or a Governmental Authority in a form that binds
all holders of such Obligation, and such event is not expressly provided for under the terms of such
Obligation in effect as of the later of the Issue Date of the relevant Series and the date as of which such
Obligation is issued or incurred:
(a)
a reduction in the rate or amount of interest payable or the amount of scheduled interest accruals;
(b)
a reduction in the amount of principal or premium payable at maturity or at scheduled
redemption dates;
(c)
a postponement or other deferral of a date or dates for either (A) the payment or accrual of
interest or (B) the payment of principal or premium;
(d)
a change in the ranking in priority of payment of any Obligation, causing the subordination of
such Obligation to any other Obligation; or
46
(e)
any change in the currency or composition of any payment of interest or principal to any
currency which is not (1) the legal tender of any Group of 7 country (or any country that
becomes a member of the Group of 7 if such Group of 7 expands its membership) or (2) the legal
tender of any country which, as of the date of such change, is a member of the Organization for
Economic Cooperation and Development and has a local currency long-term debt rating of either
AAA or higher assigned to it by Standard & Poor's, a division of The McGraw-Hill Companies,
Inc. or any successor to the rating business thereof, Aaa or higher assigned to it by Moody's
Investors Service, Inc. or any sucessor to the rating business thereof or AAA or higher assigned
to it by Fitch Ratings or any successor to the rating business thereof.
Notwithstanding the above, none of the following shall constitute a Restructuring: (x) the payment in euro
of interest or principal in relation to an Obligation denominated in a currency of a Member State of the
European Union that adopts the single currency in accordance with the Treaty establishing the European
Community, as amended by the Treaty on European Union; (y) the occurrence of, agreement to or
announcement of any of the events described in subparagraphs (a) - (e) above due to any administrative
adjustment, accounting adjustment or tax adjustment or other technical adjustment occurring in the
ordinary course of business; and (z) the occurrence of, agreement to or announcement of the events
described in (a) to (e) above in circumstances where such event does not directly or indirectly result from
a deterioration in the creditworthiness or financial condition of the Reference Entity.
§4b
(Payment of the Credit Linked Redemption Amount)
The Notes shall be redeemed on [insert Maturity Date] (the "Maturity Date") at their principal amount,
provided that if (i) the Calculation Agent has determined on any date within the Refernce Period that a
Credit Event has occurred and (ii) a Credit Event Notice [and a Notice of Publicly Available Information]
has been delivered by the Calculation Agent to the Noteholders in accordance with §12 (Notices) that is
effective on any date during the Notice Delivery Period, [the Notes shall be redeemed at their Credit
Linked Redemption Amount on the Credit Event Redemption Date and the Issuer shall not be liable to
pay interest on such Notes in respect of all or any part of the Interest Period current at the relevant Credit
Event Redemption Date nor in respect of any subsequent Interest Period] [in case of an applicable
Protection Amount: the Issuer shall not be liable to pay interest on such Notes in respect of all or any part
of the Interest Period current at the relevant Credit Event Redemption Date nor in respect of any
subsequent Interest Period].
47
GERMAN VERSION OF THE TERMS AND CONDITIONS
DEUTSCHE FASSUNG DER ANLEIHEBEDINGUNGEN
Diese Serie von Schuldverschreibungen wird gemäß einem Agency Agreement bezüglich des German
Structured Note Programme von Rabo Securities N.V. (zusammen mit den jeweiligen Ergänzungen das
"Agency Agreement") zwischen Rabo Securities N.V. als Anleiheschuldnerin und Zahlstelle und BNP
Paribas Securities Services S.A. - Zweigniederlassung Frankfurt am Main ("Fiscal Agent") begeben.
Kopien des Agency Agreements und der ISDA Equity und Credit Derivatives Definitions können bei den
bezeichneten Geschäftsstellen des Fiscal Agents und jeder Zahlstelle von den Gläubigern (die
"Anleihegläubiger") während der üblichen Geschäftszeiten eingesehen werden.
[[im Fall von nicht-konsolidierten Bedingungen einfügen:]
Die Bestimmungen dieser Anleihebedingungen gelten für die Schuldverschreibungen so, wie sie durch
die Angaben des beigefügten Konditionenblattes (das "Konditionenblatt") vervollständigt, geändert,
ergänzt oder ersetzt werden. Die Leerstellen in den auf die Schuldverschreibungen anwendbaren
Bestimmungen dieser Anleihebedingungen gelten als durch die im Konditionenblatt enthaltenen Angaben
ausgefüllt, als ob diese Angaben in den betreffenden Bestimmungen eingefügt wären; sofern das
Konditionenblatt die Änderung, Ergänzung oder Ersetzung der Bestimmungen dieser
Anleihebedingungen vorsieht, gelten die betreffenden Bestimmungen der Anleihebedingungen als
entsprechend geändert, ergänzt oder ersetzt; alternative oder wählbare Bestimmungen dieser
Anleihebedingungen, deren Entsprechungen im Konditionenblatt nicht ausdrücklich ausgefüllt oder die
gestrichen sind, gelten als aus diesen Anleihebedingungen gestrichen; sämtliche auf die
Schuldverschreibungen nicht anwendbaren Bestimmungen dieser Anleihebedingungen (einschließlich der
Anweisungen, Erläuterungen und der Texte in eckigen Klammern) gelten als aus diesen
Anleihebedingungen gestrichen, so dass die Bestimmungen des Konditionenblatts Geltung erhalten.
Kopien des Konditionenblatts sind für die Gläubiger der Schuldverschreibungen kostenlos bei der
bezeichneten Geschäftsstelle des Fiscal Agent und der bezeichneten Geschäftsstelle jeder Zahlstelle
erhältlich.]
§1
(Währung. Stückelung. Form. Clearing Systeme)
(1)
Währung.
Stückelung.
Form.
Diese
Serie
von
Schuldverschreibungen
(die
"Schuldverschreibungen") der Rabo Securities N.V. (die "Anleiheschuldnerin") wird in
[Währung einfügen] (die "Währung") im Gesamtnennbetrag von [Gesamtnennbetrag einfügen]
(in Worten: [Gesamtnennbetrag in Worten einfügen]) am [Begebungstag einfügen] (der
"Begebungstag") begeben und ist eingeteilt in Stückelungen von [festgelegte Stückelungen
einfügen] (die "Nennbeträge"). Die Schuldverschreibungen lauten auf den Inhaber und die
Ausstellung effektiver Schuldverschreibungen ist ausgeschlossen.
[[Im Fall von TEFRA C Schuldverschreibungen einfügen:]
(2)
Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die
"Dauerglobalurkunde" oder eine "Globalurkunde") ohne Zinsscheine verbrieft, welche die
eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der
Anleiheschuldnerin trägt und vom Fiscal Agent mit einer Kontrollunterschrift versehen ist.]
[[Im Fall von TEFRA D Schuldverschreibungen einfügen:]
48
(2)
(3)
Vorläufige Globalurkunde - Austausch.
(a)
Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die
"vorläufige Globalurkunde") ohne Zinsscheine verbrieft, die gegen eine
Dauerglobalurkunde (die "Dauerglobalurkunde" und zusammen mit der vorläufigen
Globalurkunde jeweils eine "Globalurkunde") ohne Zinsscheine austauschbar sein
wird. Jede Globalurkunde trägt die eigenhändigen Unterschriften zweier
ordnungsgemäß bevollmächtigter Vertreter der Anleiheschuldnerin und ist mit einer
Kontrollunterschrift des Fiscal Agent versehen.
(b)
Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen die
Dauerglobalurkunde ausgetauscht, der nicht weniger als 40 Tage und nicht mehr als
180 Tage nach dem Begebungstag liegt. Der Austausch und jede Zahlungen von Zinsen
für die vorläufige Globalurkunde sollen nur nach Vorlage von Bescheinigungen
erfolgen, wonach die wirtschaftlichen Eigentümer oder die Eigentümer der
Schuldverschreibungen, die durch die vorläufige Globalurkunde verbrieft sind, keine
US-Personen, wie im U.S. Securities Act von 1933 festgelegt, sind. Jede dieser
Bescheinigungen, die am oder nach dem 40. auf den Begebungstag folgenden Tag
eingeht, wird als Ersuchen behandelt werden, die vorläufige Globalurkunde wie oben
beschrieben auszutauschen. Wertpapiere, die im Austausch für die vorläufige
Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten zu liefern.]
Clearing System. Jede Dauerglobalurkunde wird so lange von einem oder im Namen eines
Clearing Systems verwahrt werden, bis sämtliche Verbindlichkeiten der Anleiheschuldnerin aus
den Schuldverschreibungen erfüllt sind. "Clearing System" bedeutet [[im Fall von mehr als
einem Clearing System einfügen:] jeweils] folgendes: [Clearstream Banking AG, Frankfurt am
Main ("CBF")] [Clearstream Banking société anonyme, Luxembourg ("CBL")] [Euroclear Bank
S.A./N.V., als Betreiber des Euroclear Systems ("Euroclear")] [,] [und] [weiteres Clearing
System] oder jeder Rechtsnachfolger.
§2
(Status. Garantie)
(1)
Status. Die Verpflichtungen aus den Schuldverschreibungen begründen unbesicherte und nicht
nachrangige Verbindlichkeiten der Anleiheschuldnerin, die untereinander und mit allen anderen
unbesicherten und nicht nachrangigen Verbindlichkeiten der Anleiheschuldnerin gleichrangig
sind.]
(2)
Garantie. Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (die “Garantiegeberin”) hat
eine unbedingte und unwiderrufliche Garantie (die "Garantie") für die vertragsgemäße Zahlung
von Kapital und Zinsen sowie sonstiger auf die Schuldverschreibungen zahlbarer Beträge
übernommen. Die Garantie begründet einen echten Vertrag zugunsten Dritter gemäß § 328(1)
BGB, der unmittelbar gegen die Garantiegeberin bestehende und durchsetzbare Ansprüche der
Anleihegläubiger begründet.
Die Garantie begründet unmittelbare, unbedingte, nichtnachrangige und unbesicherte Verbindlichkeiten der Garantin, die jederzeit zumindest
gleichrangig sind mit allen sonstigen gegenwärtigen und zukünftigen unmittelbaren,
unbedingten, nicht-nachrangigen und unbesicherten Verbindlichkeit der Garantin, mit Ausnahme
solcher Verbindlichkeiten, die kraft zwingender gesetzlicher Bestimmungen vorrangig sind.
Kopien der Garantie sind kostenlos bei der in §9 bezeichneten Geschäftsstelle des Fiscal Agent
erhältlich.
49
§3
(Zinsen)
[[Im Fall von fest verzinslichen Schuldverschreibungen einfügen:]
(1)
Zinssatz und Zinszahltage. Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag
mit jährlich [Zinssatz einfügen] % ab dem [Verzinsungsbeginn einfügen] (einschließlich) (der
"Verzinsungsbeginn") bis zum Fälligkeitstag (wie in §4 (1) definiert) (ausschließlich) verzinst.
Die Zinsen sind nachträglich am [Festzinstermin(e) einfügen] eines jeden Jahres (jeweils ein
"Zinszahltag") zahlbar. Die erste Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen] (der
"erste Zinszahltag") [.] [[Im Fall eines ersten kurzen/langen Kupons einfügen:] und beläuft sich
auf [Bruchteilszinsbetrag einfügen] per Schuldverschreibung] [[Im Fall eines letzten
kurzen/langen Kupons einfügen:] Die Zinsen für den Zeitraum vom [den letzten dem
Fälligkeitstag vorausgehenden Festzinstermin einfügen] (einschließlich) bis zum Fälligkeitstag
(ausschließlich) belaufen sich auf [Bruchteilszinsbetrag einfügen] per Schuldverschreibung.]
(2)
"Zinsperiode" bedeutet den Zeitraum vom Verzinsungsbeginn (einschließlich) bis zum ersten
Zinszahltag (ausschließlich) und jeden weiteren Zeitraum von einem Zinszahltag (einschließlich)
bis zum folgenden Zinszahltag (ausschließlich).]
[[Im Fall von variabel verzinslichen Schuldverschreibungen und Index und Equity bezogener
Verzinsung sowie Doppelwährungs-Schuldverschreibungen einfügen:]
(1)
Zinszahlungstage.
(a)
Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag von
[Verzinsungsbeginn einfügen] (der "Verzinsungsbeginn") (einschließlich) bis zum
ersten Zinszahlungstag (ausschließlich) und anschließend von jedem Zinszahlungstag
(einschließlich) bis zum unmittelbar folgenden Zinszahlungstag (ausschließlich)
verzinst. Die Zinsen sind an jedem Zinszahlungstag zahlbar.
(b)
"Zinszahlungstag" bedeutet [im Fall von festgelegten Zinszahlungstagen einfügen:]
jeder [festgelegte Zinszahlungstage einfügen].] [im Fall von festgelegten Zinsperioden
einfügen:] (soweit diese Anleihebedingungen keine abweichenden Bestimmungen
vorsehen) jeweils der Tag, der [Zahl einfügen] [Wochen] [Monate] [andere festgelegte
Zeiträume einfügen] nach dem vorhergehenden Zinszahlungstag, oder im Fall des
ersten Zinszahlungstags nach dem Verzinsungsbeginn liegt.] Fällt ein Zinszahlungstag
auf einen Tag, der kein Geschäftstag (wie in §4 (4) definiert) ist, wird der
Zahlungstermin:
[Bei Anwendung der Modified Following Business Day Convention einfügen: auf den
nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in den
nächsten Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den
unmittelbar vorausgehenden Geschäftstag vorgezogen]
[Bei Anwendung der Floating Rate Note Convention ("FRN Convention") einfügen: auf
den nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in den
nächsten Kalendermonat fallen; in diesem Fall (i) wird der Zinszahlungstag auf den
unmittelbar vorausgehenden Geschäftstag vorgezogen und (ii) ist jeder nachfolgende
Zinszahlungstag der jeweils letzte Geschäftstag des Monats, der [[Zahl einfügen]
[Monate] [andere festgelegte Zeiträume] nach dem vorhergehenden anwendbaren
Zinszahlungstag liegt.]
50
[Bei Anwendung der Following Business Day Convention einfügen: Auf den
nächstfolgenden Geschäftstag verschoben.]
[Bei Anwendung der Proceeding Business Day Convention einfügen: Auf den
unmittelbar vorausgehenden Geschäftstag vorgezogen.]
(2)
Zinssatz. Der Zinssatz (der "Zinssatz") für jede Zinsperiode (wie nachstehend definiert) ist:
[Im Fall von variabel verzinslichen Schuldverschreibungen einfügen]
[[Sofern ISDA-Feststellung gelten soll einfügen:] Der jeweilige ISDA Zinssatz (wie unten
definiert) [zzgl.] [abzgl.] einer Marge von [Marge] % jährlich (die "Marge").
"ISDA Zinssatz" bezeichnet einen Zinssatz, welcher der variablen Verszinsung entspricht, die
von der Berechnungsstelle unter einem Zins-Swap-Geschäft bestimmt würde, bei dem die
Berechnungsstelle ihre Verpflichtungen aus diesem Swap-Geschäft gemäß einer vertraglichen
Vereinbarung ausübt, welche die von der International Swap and Derivatives Association, Inc.
veröffentlichten 2000 ISDA-Definitionen und 1998 ISDA-Euro-Definitionen, jeweils wie bis
zum Begebungstag der ersten Trange von Schulverschreibungen ergänzt und aktualisiert (die
"ISDA-Definition"), einbezieht.
Wobei:
(i)
die variable Verzinsungsoption lautet: [Details einfügen];
(ii)
die vorbestimmte Laufzeit lautet: [Details einfügen];
(iii)
der jeweilige Neufeststellungstag entweder (i) der erste Tag dieser Zinsperiode ist,
wenn die anwendbare variable Verzinsungsoption auf dem LIBOR oder EURIBOR für
eine bestimmte Währung basiert, oder (ii) in jedem anderen Fall wie im jeweiligen
Konditionenblatt festgelegt ist.
Im Rahmen dieses Unterabschnitts bedeuten "variable Verzinsung", "Berechnungsstelle",
"variable Verzinsungsoption", "vorbestimmte Laufzeit" und "Neufestestellungstag" dasselbe
wie in den ISDA-Definitionen.]
[[Bei Bildschirmfeststellung einfügen:]
Der Angebotssatz (ausgedrückt als Prozentsatz per annum) für Einlagen in [der Währung]
[andere Währung einfügen] der auf der Bildschirmseite (wie unten definiert) gegen 11 Uhr
([Frankfurt] [Londoner] [zutreffenden anderen Ort einfügen] Ortszeit) (die "festgelegte Zeit")
am [ersten] [zweiten] [andere Anzahl von Tagen] Geschäftstag (wie in §5 (3) definiert) vor
Beginn der jeweiligen Zinsperiode (wie unten definiert) (der "Zinsfeststellungstag") angezeigt
wird, [zzgl.] [abzgl.] einer Marge von [Marge einfügen] % p.a. (die "Marge"), insgesamt wie
von der Berechnungsstelle festgestellt.
Bildschirmseite bedeutet [jeweilige Bildschirmseite bezeichnen]. Sollte zur festgelegten Zeit kein
solcher Angebotssatz auf der Bildschirmseite erscheinen, wird die Berechnungsstelle von je
einer Geschäftsstelle von vier [Banken, deren Angebotssätze zur Bestimmung des zuletzt auf der
Bildschirmseite erschienen Angebotssatzes verwendet wurden] [andere Referenzbanken
einfügen] (die "Referenzbanken") deren Angebotssätze (ausgedrückt als Prozentsatz p.a.) für
Einlagen in der festgelegten Währung für die jeweilige Zinsperiode (wie unten definiert)
gegenüber führenden Banken [im [Londoner] Interbanken-Markt] [in der Euro-Zone] (der
51
"relevante Markt") etwas zur festgelegten Zeit am Zinsfeststellungstag anfordern. Falls zwei
oder mehr Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, ist der Zinssatz
für die betreffende Zinsperiode das arithmetische Mitte (falls erforderlich, auf- oder abgerundet
auf das nächste tausendste Prozent, falls EURIBOR der Referenzzinssatz ist, wobei ab 0,0005
aufzurunden ist, bzw., in allen anderen Fällen auf- oder abgerundet auf das nächste
einhunderttauseldste Prozent, wobei ab 0,00005 aufgerundet wird) der Angebotssätze ermittelt,
zzgl. oder abzgl. (wie jeweils festgelegt) der Marge (soweit vorhanden), jeweils wie durch die
Berechnungsstelle festgelegt.
Falls an irgendeinem Zinsfeststellungstag nur eine oder keine der Referenzbanken der
Berechnungsstelle solche Angebotssätze nennt, wird der Zinssatz für die betreffende Zinsperiode
derjenige Zinssatz sein, den die Berechnungsstelle als das arithmetische Mittel (ggf. gerundet
wie oben beschrieben) der Sätze feststellt, zu denen zwei oder mehr Referenzbanken nach deren
Angaben gegenüber der Berechungsstelle am betreffenden Zinsfeststellungstag etwa zur
festgelegten Zeit Einlagen in der festgelegten Währung für die betreffende Zinsperiode von
führenden Banken im relevanten Markt angeboten bekommen haben, zzgl. oder abzgl. (jeweils
wie bestimmt) der Marge; falls weniger als zwei der Referenzbanken der Berechnungsstelle
solche Angebotssätze nennen, dann soll der Zinssatz für die betreffende Zinsperiode der
Angebotssatz für Einlagen in der festgelegten Währung für die betreffende Zinsperiode oder das
arithmetische Mittel (gerundet wie oben beschrieben) der Angebotssätze für Einlagen in der
festegelegten Währung für die betreffende Zinsperiode sein, den bzw. die einen oder mehrere
Banken (die nach Ansicht der Berechnungsstelle und der Anleiheschuldnerin für diesen Zweck
geeignet sind) der Berechnungsstelle als Sätze bekannt geben, die sie an den betreffenden
Zinsfestlegungstag gegenüber führenden Banken am relevanten Markt nennen (bzw. den diesen
Banken gegenüber der Berechnungsstelle nennen), zzgl. oder abzlg. (wie bestimmt) der Marge
(wenn vorhanden). Für den Fall, dass der Zinssatz nicht gemäß den vorstehenden Bestimmungen
dieses Absatzes ermittelt werden kann, ist der Zinssatz der Angebotssatz, bzw. das arithmetische
Mittel der Angebotssätze, an dem letzten Tag vor dem Zinsfeststellungstag, an dem diese
Angebotssätze angezeigt wurden, zzgl. oder abzgl. (wie anwendbar) der Marge (wenn
vorhanden) (wobei jedoch, falls für die relevante Zinsperiode eine andere Marge als für die
unmittelbar vorhergehende Zinsperiode gilt, die relevante Marge an die Stelle der Marge für die
vorhergehende Zinsperiode tritt).
[Im Fall von Index und Equity-bezogener Verzinsung
schuldverschreibungen Bestimmungen zum Zinssatz einfügen]
oder
Doppelwährungs-
[Falls ein Mindestzinssatz gilt, einfügen: Wenn der gemäß den obigen Bestimmungen für eine
Zinsperiode ermittelte Zinssatz niedriger als [Mindestzinssatz einfügen], so ist der Zinssatz für
diese Zinsperiode [Mindestzinssatz einfügen].]
[Falls ein Höchstzinssatz gilt: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode
ermittelte Zinssatz höher ist als [Höchstzinssatz einfügen] so ist der Zinssatz für diese
Zinsperiode [Höchstzinssatz einfügen].]
(3)
Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an dem
der Zinssatz zu bestimmen ist, den auf die Schuldverschreibungen zahlbaren Zinsbetrag (der
"Zinsbetrag") für die entsprechende Zinsperiode berechnen. Der Zinsbetrag wird ermittelt,
indem der Zinssatz und der Zinstagequotient (wie nachstehende definiert) auf die einzelnen
Nennbeträge der Schuldverschreibungen angewendet werden, wobei der resultierende Betrag auf
die kleinste Einheit der festegelegten Währung auf- oder abgerundet wird, wobei 0,5 solcher
Einheiten aufgerundet werden.
52
(4)
Mitteilung von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass der
Zinssatz, der Zinsbetrag für die jeweilige Zinsperiode, die jeweilige Zinsperiode und der
betreffende Zinszahlungstag der Emittentin und den Anleihegläubigern gemäß §l baldmöglichst
nach deren Bestimmung aber keinesfalls später als am vierten Geschäftsstag (wie in §5 (2)
definiert) mitteilen; die Berechnungsstelle wird diese Mitteilung ferner auch gegenüber jeder
Börse vornehmen, an der die betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert
sind und deren Regeln eine Mitteilung an die Börse verlangen, wobei die Mitteilung
baldmöglichst nach der Bestimmung zu erfolgen hat, jedoch keinesfalls später als am ersten Tag
der betreffenden Zinsperiode. Im Fall einer Verlängerung oder Verkürzung der Zinsperiode
können der mitgeteilte Zinsbetrag und Zinszahlungstag ohne Vorankündigung nachträglich
angepasst (oder andere geeignete Anpassungsmaßnahmen getroffen) werden. Jede solche
Anpassung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem
Zeitpunkt notiert sind, sowie den Anleihegläubigern gemäß §5 (2) mitgeteilt.
(5)
"Zinsperiode" bezeichnet den Zeitraum von dem Verzinsungsbeginn (einschließlich) bis zum
ersten Zinszahlungstag (ausschließlich) bzw. von jedem Zinszahlungstag (einschließlich) bis
zum jeweils darauffolgenden Zinszahlungsstag (ausschließlich).]
[Im Fall von Null-Coupon-Schuldverschreibungen einfügen: Regelmäßige Zinszahlungen auf die
Schuldverschreibungen erfolgen nicht.
([l]) "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung eines Betrages für einen
beliebigen Zeitraum (der "Zinsberechnungszeitraum"):
[[Im Fall von "actual/actual (ISMA)":]
(a)
Falls der Zinsberechnungszeitraum gleich oder kürzer als die Zinsperiode ist, innerhalb
welche er fällt, die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum,
dividiert durch das Produkt (i) der tatsächlichen Anzahl von Tagen in der jeweiligen
Zinsperiode und (ii) der Anzahl der Zinsperioden in einem Jahr.
(b)
Falls der Zinsberechnungszeitraum länger als eine Zinsperiode ist, die Summe: (i) der
tatsächlichen Anzahl von Tagen in demjenigen Zinsberechnungszeitraum der in die
Zinsperiode fällt, in der er beginnt, geteilt durch das Produkt von (x) der tatsächlichen
Anzahl von Tagen in dieser Zinsperiode und (y) die Anzahl von Zinsperioden in einem
Jahr, und (ii) der tatsächlichen Anzahl von Tagen in demjenigen
Zinsberechnungszeitraum, der in die nächste Zinsperiode fällt, geteilt durch das Produkt
von (x) der tatsächlichen Anzahl von Tagen in dieser Zinsperiode und (y) die Anzahl
von Zinsperioden in einem Jahr.]
[[Im Fall von "30/360":]
Die Anzahl von Tagen im jeweiligen Berechnungszeitraum dividiert durch 360 (wobei die
Anzahl der Tage auf der Grundlage eines Jahres von 360 mit zwölf Monaten zu 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 Zinsberechnungszeitraumes weder auf den 30. noch auf
den 31. Tag eine 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)).]
53
[[Im Fall von "30E/360" oder "Eurobond Basis":]
Die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360 (es sei denn, im Fall des
letzten Zinsberechnungszeitraumes fällt der Fälligkeitstag auf den letzten Tag des Monats
Februar, in welchem Fall der Monat Februar als nicht auf einen Monat zu 30 Tagen verlängert
gilt).]
[[Im Fall von "Actual/365" oder "Actual/Actual (ISDA)":]
Die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum, dividiert durch 365 (oder, falls
ein Teil dieses Zinsberechnungszeitraumes in ein Schaltjahr fällt, die Summe aus (i) der
tatsächlichen Anzahl der in das Schaltjahr fallenden Tage des Zinsberechnungszeitraumes
dividiert durch 366 und (ii) die tatsächliche Anzahl der nicht in das Schaltjahre fallenden Tage
des Zinsberechnungszeitraumes dividiert durch 365).]
[[Im Fall von "Actual/365 (Fixed)" einfügen:]
Die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.]
[[Im Fall von "Actual/360":]
Die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum, dividiert durch 360.]
([l]) Wenn die Anleiheschuldnerin eine fällige Zahlung auf die Schuldverschreibungen aus
irgendeinem Grund nicht leistet, wird der ausstehende Betrag von dem Fälligkeitstag
(einschließlich) bis zum Tag der vollständig Zahlung an die Gläubiger (ausschließlich) mit dem
gesetzlich bestimmten Verzugzins verzinst.
§4
(Rückzahlung)
(1)
Rückzahlung bei Endfälligkeit. Die Schuldverschreibungen werden [[im Fall von anderen als
Index,- Equity- und Kreditbezogenen Schuldverschreibungen:] zu ihrem Rückzahlungsbetrag am
[Fälligkeitstag einfügen] [Zinszahlungstag, der in den [Rückzahlungsmonat und Jahr einfügen]
fällt] (der "Fälligkeitstag") zurückgezahlt] [[im Fall von Index- und Equity-bezogenen
Schuldverschreibungen:] gemäß §4c zurückgezahlt] [[im Fall von Kreditbezogenen
Schuldverschreibungen:] gemäß §4b zurückgezahlt].
(2)
Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Schuldverschreibungen werden auf
Wunsch der Emittentin vollständig, aber nicht teilweise, an jedem beliebigen Zinszahlungstag,
oder, falls im Konditionenblatt festgelegt, jederzeit zu ihrem vorzeitigen Rückzahlungsbetrag
einschließlich bis zu dem für die Rückzahlung festgelegten Tag aufgelaufenen Zinsen gemäß §5
zurückgezahlt, nachdem die Anleiheschuldnerin die Anleihegläubiger mindestens 30 Tage zuvor
über die entsprechende Absicht unwiderruflich informiert hat, vorausgesetzt (i) die
Anleiheschuldnerin ist zum nächstfolgenden Termin einer fälligen Zahlung bzw. Lieferung unter
den Schuldverschreibungen verpflichtet, bzw. wird dazu verpflichtet sein, in Folge einer
Änderung oder Ergänzung der Gesetze und Verordnungen der Bundesrepublik Deutschland oder
der Niederlande oder einer jeweils zur Steuererhebung ermächtigten Gebietskörperschaft oder
Behörde, oder Änderungen in der Anwendung oder offiziellen Auslegung solcher Gesetze und
Verordnungen, sofern die entsprechende Änderung am oder nach dem Begebungstag wirksam
wird, zusätzliche Beträge gemäß §7 zu zahlen, und (ii) eine solche Verpflichtung seitens der
Anleiheschuldnerin nicht durch angemessene ihr zur Verfügung stehenden Maßnahmen
vermieden werden kann (jedoch nicht durch Ersetzung der Anleiheschuldnerin gemäß §l0). Vor
54
Bekanntgabe einer Mitteilung über eine Rückzahlung gemäß diesen Bestimmungen hat die
Anleiheschuldnerin dem Fiscal Agent eine von einem Mitglied der Geschäftsführung der
Anleiheschuldnerin unterzeichnete Bescheinigung zukommen zu lassen, der zufolge die
Anleiheschuldnerin berechtigt ist, eine entsprechende Rückzahlung zu leisten, und in der
nachvollziehbar dargelegt ist, dass die Bedingungen für das Recht der Anleiheschuldnerin zur
Rückzahlung gemäß diesen Bestimmungen erfüllt sind; zusätzlich hat die Anleiheschuldnerin
ein von unabhängigen Rechts- oder Steuerberatern erstelltes Gutachten vorzulegen demzufolge
die Anleiheschuldnerin in Folge einer entsprechenden Änderung oder Ergänzung zur Zahlung
zusätzlicher Beträge verpflichtet ist oder sein wird.
(3)
[Vorzeitige Rückzahlung nach Wahl der Anleiheschuldnerin. Es steht der Emittentin frei, an
einem [Wahlrückzahlungstage einfügen] (jeweils ein "Wahlrückzahlungstag") sämtliche oder
auch nur einige Schuldverschreibungen zu ihrem Wahlrückzahlungsbetrag zzgl. bis zum
Wahlrückzahlungstag aufgelaufener Zinsen rückzuzahlen, nachdem sie (i) die Anleihegläubiger
mindestens fünf Tage zuvor gemäß §l2 benachrichtig hat und (ii) nicht weniger als sieben Tage
vor Abgabe der unter (i) bezeichneten Benachrichtigung dem Fiscal Agent ihre des bezügliche
Absicht angezeigt hat (wobei beide Erklärungen unwiderruflich sind und jeweils den für die
Rückzahlung der Schuldverschreibungen festgelegte Wahlrückzahlungstermin enthalten
müssen). Jede solche Rückzahlung muss sich auf Schuldverschreibungen im Nominalbetrag des
kleinstmöglichen Rückzahlungsbetrages oder eines höheren Rückzahlungsbetrages beziehen. Im
Fall einer Teilrückzahlung von Schuldverschreibungen werden die zurückzuzahlenden
Schuldverschreibungen gemäß den Regeln des Clearingsystems spätestens 30 Tage vor dem zur
Rückzahlung festegelegten Datum ausgewählt.]
[(3)] / [(4)] [Vorzeitige Rückzahlung nach Wahl der Anleihegläubiger. Die Anleiheschuldnerin hat, sofern
ein Anleihegläubiger der Anleiheschuldnerin seine entsprechende Absicht mindestens 15 und
höchstens 30 Tage im Voraus mitteilt, die entsprechenden Schuldverschreibungen am
[Wahlrückzahlungstag
bzw.
Wahlrückzahlungstage
einfügen]
(jeweils
ein
"Wahlrückzahlungstag") zu ihrem Wahlrückzahlungsbetrag zzgl. bis zum Rückzahlungstag
aufgelaufener Zinsen zurückzuzahlen. Um dieses Recht auszuüben, muss der Anleihegläubiger
innerhalb des vorstehend bezeichneten Benachrichtigungszeitraums eine ordnungsgemäß
ausgefüllt Optionsausübungserklärung in der bei jeder Zahlstelle oder der Anleiheschuldnerin
erhältlichen Form abgeben. Der Widerruf einer erfolgten Ausübung dieses Rechts ist nicht
möglich.]
[•] Rückzahlungsbeträge. Innerhalb dieses §4 und §8 (Kündigungsgründe) gilt folgendes:
Der "Rückzahlungsbetrag" jeder Schuldverschreibung ist ihr Nennbetrag [anderenfalls
Rückzahlungsbetrag je Nennbetrag einfügen].
Der "vorzeitige Rückzahlungsbetrag" [im Fall von verzinslichen Schuldverschreibungen: jeder
Schuldverschreibung ist [ihr Nennbetrag] [anderenfalls vorzeitigen Rückzahlungsbetrag pro
Nennbetrag einfügen]]
[im Fall von Null-Koupon-Schuldverschreibungen: jeder Schuldverschreibung wird wie folgt
berechnet:
(a)
[Referenzkurs einfügen] (der "Referenzkurs"), und
(b)
das Produkt aus der [Amortisationsrendite in Prozent einfügen] (die
"Amortisationsrendite") und dem Referenzkurs gerechnet ab (einschließlich) dem
Begebungstag bis (ausschließlich) dem zur Rückzahlung festgelegten Datum oder dem
55
Datum, zu dem die Schuldverschreibungen zur Rückzahlung fällig werden, wobei die
Amortisationsrendite jährlich aufgezinst wird.].
Der "kleinstmögliche Rückzahlungsbetrag" jeder Schuldverschreibung beträgt [Betrag
einfügen] und der "höhere Rückzahlungsbetrag" jeder Schuldverschreibung beträgt [Betrag
einfügen].
[Im Fall von Index-linked, Equity-linked, Kreditbezogenen und UmtauschSchuldverschreibungen sind hier die entsprechenden ergänzenden Anleihebedingungen
einzufügen und eine im Konditionenblatt festgelegte Kapitalgarantie zu bezeichnen; ferner
sind die relevanten Bestimmungen für Doppelwährungsschuldverschreibungen einzufügen].
§5
(Zahlungen)
(1)
[(a)]
Zahlungen auf Kapital. Zahlungen von Kapital auf die Schuldverschreibungen erfolgen
nach Maßgabe anwendbarer steuerlichen und sonstigen Gesetze und Vorschriften in der
festgelegten Währung an das Clearing System oder dessen Order zur Gutschrift auf den
Konten der betreffenden Kontoinhaber bei dem Clearingsystem gegen Vorlage und
Einreichung der Globalurkunde bei der bezeichneten Geschäftsstelle einer der
Zahlstellen außerhalb der Vereinigten Staaten.
[[im Fall von Schuldverschreibungen, die keine Null-Koupon-Schuldverschreibungen sind,
einfügen:]
(b)
(2)
Zahlung von Zinsen. Zahlungen von Zinsen auf die Schuldverschreibungen erfolgen
nach Maßgabe anwendbarer steuerlichen und sonstiger Gesetze und Vorschriften in der
festgelegten Währung an das Clearing System oder dessen Order zur Gutschrift auf den
Konten der betreffenden Kontoinhaber bei dem Clearingsystem gegen Vorlage und
Einreichung der Globalurkunde bei der bezeichneten Geschäftsstelle einer der
Zahlstellen außerhalb der Vereinigten Staaten [und gegen Vorlage von
Bescheinigungen, wonach die wirtschaftlichen Eigentümer oder die Eigentümer der
US-Personen, wie im U.S. Securities Act von 1933 festgelegt, sind.]
Geschäftstag. Fällt der Fälligkeitstag einer Zahlung in bezug auf eine Schuldverschreibung auf
einen Tag, der kein Geschäftstag ist, hat der Anleihegläubiger keinen Anspruch auf Zahlung vor
dem nächsten Geschäftstag am jeweiligen Ort und ist nicht berechtigt, zusätzliche Zinsen oder
sonstige Zahlungen auf Grund dieser Verspätung zu verlangen.
"Geschäftstag" ist jeder Tag (außer einem Samstag und einem Sonntag) an dem (a) die Banken
in [alle maßgeblichen Finanzzentren einfügen] (die "Maßgeblichen Finanzzentren") für
Geschäfte (einschließlich Devisenhandelsgeschäfte und Fremdwährungseinlagengeschäfte)
geöffnet sind, (b) das Clearing system betriebsbereit ist [und (c) alle für die Abwicklung von
Zahlungen in Euro wesentlichen Teile des Trans-European Automated Real-Time Gross
Settlement Express Transfer Systems ("TARGET") in Betrieb sind].
(3)
Vereinigte Staaten. "Vereinigte Staaten" sind die Vereinigten Staaten von Amerika,
einschließlich deren Bundesstaaten und den District of Columbia und dessen Besitztümer
(einschließlich Puerto Rico, die U.S. Virgin Islands, Guam, American Samoa, Wake Island und
die Northern Mariana Islands).
56
(4)
Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Anleihebedingungen auf
"Kapital" schließen, soweit anwendbar, den Rückzahlungsbetrag, den Vorzeitigen
Rückzahlungsbetrag, den Wahlrückzahlungsbetrag sowie jeden Aufschlag sowie sonstige auf
oder in bezug auf die Schuldverschreibungen zahlbaren Beträge. Bezugnahmen auf "Zinsen"
schließen, soweit anwendbar, alle nach §6 zahlbaren zusätzlichen Beträge mit ein.
§6
(Besteuerung)
Alle in Bezug auf die Schuldverschreibungen zahlbaren Kapital- oder Zinsbeträge werden an der Quelle
ohne Einbehalt oder Abzug für oder wegen gegenwärtiger oder zukünftiger Steuern, Abgaben oder
Gebühren Veranlagungen gleich welcher Art gezahlt, die von der Bundesrepublik Deutschland oder den
Niederlanden oder einer politischen Untergliederung oder einer Steuerbehörde dieser Staaten im Wege
des Einbehalts oder des Abzugs auferlegt, einbehalten oder erhoben werden, es sei denn, ein solcher
Abzug oder Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die
Anleiheschuldnerin diejenigen zusätzlichen Beträge ("Zusätzliche Beträge") zahlen, die erforderlich
sind, damit die den Anleihegläubigern zufließenden Nettobeträge Beträge nach diesem Einbehalt oder
Abzug jeweils den Beträgen an Kapital und Zinsen entsprechen, die ohne einen solchen Einbehalt oder
Abzug oder Einbehalt von den Anleihegläubigern erhalten worden wären; jedoch sind solche zusätzlichen
Beträge in Bezug auf im Land des satzungsmässigen Sitzes der Anleiheschuldnerin zur Zahlung
vorgelegte Schuldverschreibungen nicht zu zahlen:
(a)
in Bezug auf die deutsche Kapitalertragssteuer (inklusive des sog. Zinsabschlagsteuer) oder jede
andere Steuer, welche die deutsche Kapitalertragssteuer ersetzen sollte;
(b)
an einen Anleihegläubiger oder an einen Dritten für einen Anleihegläubiger, falls ein
Anleihegläubiger auf Grund sirgendeiner über die bloße Inhaberschaft der
Schuldverschreibungen oder den Erhalt der unter diesen zu leistenden Zahlungen
hinausgehenden Verbindungen zur Bundesrepublik Deutschland oder den Niederlanden einem
solchen Einbehalt oder Abzug unterliegt zum Einbehalt oder Abzug verpflichtet ist, die sich
nicht nur darauf beschränken, dass er die Schuldverschreibungen hält oder die unter diesen
jeweils zu leistende Zahlungen erhält;
(c)
an den Anleihegläubiger oder an einen Dritten für den Anleihegläubiger, falls kein Einbehalt
oder Abzug erfolgen müsste, wenn die Schuldverschreibungen zum Zeitpunkt der fraglichen
Zahlung einem Depotkonto bei einer nicht in der Bundesrepublik Deutschland oder den
Niederlanden ansässigen Bank gutgeschrieben gewesen wären;
(d)
falls der Einbehalt oder Abzug auf Zahlungen an eine Privatperson natürliche Person auferlegt
ist und die Verpflichtung dazu durch die Richtlinie des Rates der Europäischen Union
2003/48/EC oder durch eine andere die Beschlüsse des ECOFIN Ratstreffens vom 26. bis 27.
November 2000 umsetzende Richtlinie oder durch ein solche Richtlinie umsetzendes oder sie
befolgendes oder zu ihrer Befolgung erlassenes Gesetz begründet wird;
(e)
soweit der Einbehalt oder Abzug von dem Anleihegläubiger oder von einem Dritten für den
Anleihegläubiger zahlbar ist, der einen solchen Einbehalt oder Abzug dadurch
rechtmäßigerweise hätte vermeiden können (aber nicht vermieden hat), dass er Vorschriften
beachtet, oder dafür sorgt, dass Dritte dieses tun, welche die Abgabe einer
Nichtansässigkeitserklärung oder eines ähnlichen Antrags auf Quellensteuerbefreiung Befreiung
gegenüber der am Zahlungsort zuständigen Steuerbehörden vorsehen;
57
(f)
soweit die der Einbehalt oder AbzugQuellensteuer von dem Anleihegläubiger oder von einem
Dritten für den Anleihegläubiger zahlbar ist, der einen solchen Einbehalt oder Abzug durch die
Bewirkung einer Zahlung über eine andere Zahlstelle in einem Mitgliedsstaat der Europäischen
Union, welche nicht zu einem solchen Einbehalt oder Abzug verpflichtet ist, hätte vermeiden
können; oder
(g)
soweit die der Einbehalt oder Abzug Quellensteuer zu einem Zeitpunkt zahlbar vorzunehmen ist,
der mehr als 30 Tage nach dem Tag der erstmaligen Fälligkeit der Zahlung oder (im Fall des
Zahlungsverzugs) dem Tag der vollständigen Zahlung des fälligen Betrages liegt.
§7
(Verjährung)
Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf
zehn Jahre abgekürzt.
§8
(Kündigungsgründe)
(1)
Wenn einer der folgenden Kündigungsgründe (die "Kündigungsgründe") eintritt, ist jeder
Anleihegläubiger berechtigt, seine Schuldverschreibung durch schriftliche Erklärung an die
Anleiheschuldnerin, die in der bezeichneten Geschäftsstelle des Fiscal Agent zugehen muss, mit
sofortiger Wirkung zu kündigen, woraufhin für diese Schuldverschreibung der vorzeitige
Rückzahlungsbetrag zusammen mit etwaigen bis zum tatsächlichen Rückzahlungstag
aufgelaufenen Zinsen sofort fällig und zahlbar ist, es sei denn, der Kündigungsgrund ist vor
Erhalt der Erklärung durch die Anleiheschuldnerin weggefallen:
(a)
Kapital oder Zinsen sind von der Anleiheschuldnerin nicht innerhalb von 30 Tagen
nach dem betreffenden Fälligkeitstag gezahlt worden; oder
(b)
die Anleiheschuldnerin oder die Garantiegeberin die ordnungsgemäße Erfüllung oder
Beachtung einer Verpflichtung aus den Schuldverschreibungen unterläßt und diese
Unterlassung länger als 60 Tage fortdauert, nachdem der Anleiheschuldnerin hierüber
eine Benachrichtigung zugegangen ist, mit der sie aufgefordert wird, diese
Unterlassung zu heilen.
(c)
Die Anleiheschuldnerin oder die Garantiegeberin eine fällige Kreditverbindlichkeit, die
EUR 35.000.000,-- oder deren Gegenwert übersteigt, nicht ordnungsgemäß zurückzahlt
und die Rückzahlung auch innerhalb von 30 Tagen nachdem die Anleiheschuldnerin
eine Benachrichtigung der nicht erfolgten Rückzahlung erhalten hat, nicht erfolgt ist,
oder die Anleiheschuldnerin oder die Garantiegeberin eine Zahlung auf eine Garantie
oder Freistellungsvereinbarung nicht leistet, die EUR 35.000.000,-- oder deren
Gegenwert übersteigt und die Zahlung auch auch innerhalb von 30 Tagen nachdem die
Anleiheschuldnerin eine Benachrichtigung der nicht erfolgten Zahlung erhalten hat, es
sei denn, die Anleiheschuldnerin bestreitet in gutem Glauben das Bestehen ihrer
Zahlungsverpflichtung oder ist von einem Gericht dazu verurteilt worden, die Leistung
nicht zu erbringen.
(d)
die Anleiheschuldnerin oder die Garantiegeberin zahlungsunfähig wird oder durch
gerichtliche Anordnung oder Beschluss in ein Auflösungs- oder Liquidationsverfahren
eintritt (außer zum Zweck einer Restrukturierung oder Verschmelzung, deren
Bedingungen zuvor durch eine Versammlung der Anleihegläubiger genehmigt wurde)
58
oder eine allgemeine Schuldenregelung zu Gunsten ihrer Gläubiger trifft oder derartige
Maßnahmen offiziell angeordnet worden sind.
(e)
ein (innerhalb von 30 Tagen nicht widerrufener) Antrag auf eine Erklärung nach Art 71
des Gesetzes von 1992 über die Beaufsichtigung des Kreditwesens (Wet toezicht
kredietwezen 1992), in der jeweils gültigen Fassung, in Bezug auf die
Anleiheschuldnerin oder die Garantiegeberin in den Niederlanden eingereicht worden
ist oder eine solche Erklärung ergangen ist.
(f)
die Anleiheschuldnerin oder die Garantiegeberin ihre Geschäftstätigkeit ganz oder zu
einem substantiellen Teil eingestellt hat (es sei denn, dies geschieht zum Zweck einer
Restrukturierung oder Verschmelzung, deren Bedingungen zuvor durch eine
Versammlung der Anleihegläubiger genehmigt wurde).
§9
(Beauftragte Stellen)
(1)
Bestellung. Der Fiscal Agent, die Zahlstellen und die Berechnungsstelle (zusammen die
"beauftragten Stellen") und ihre Geschäftsstellen (die durch Geschäftsstellen innerhalb
derselben Stadt ersetzt werden können) lauten:
Fiscal Agent:
Zahlstelle[n]:
[Berechnungsstelle:
(2)
BNP Paribas Securities Services S.A. Zweigniederlassung Frankfurt am Main
Amstelplein 1
1096 HA Amsterdam
The Netherlands
[Name einfügen]]
[Name und bezeichnete Geschäftsstelle
einfügen]]
Änderung der Bestellung oder Abberufung. Die Anleiheschuldnerin behält sich das Recht vor,
jederzeit die Bestellung einer beauftragten Stelle zu ändern oder zu beenden und einen anderen
Fiscal Agent oder zusätzliche oder andere Zahlstellen oder eine andere Berechnungsstelle zu
bestellen. Die Anleiheschuldnerin wird zu jedem Zeitpunkt (i) einen Fiscal Agent unterhalten,
(ii) solange die Schuldverschreibungen an einer Börse notiert sind, eine Zahlstelle (die der Fiscal
Agent sein kann) mit bezeichneter Geschäftsstelle an dem Ort unterhalten, den die Regeln dieser
Börse verlangen, (iii) falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen
außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder
ähnlichen Beschränkungen hinsichtlich der 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, (iv) eine
Berechnungsstelle mit Geschäftsstelle an demjenigen Ort zu unterhalten, der durch die Regeln
irgendeiner Börse oder sonstigen anwendbaren Regeln vorgeschrieben ist und (v) falls eine
Richtlinie der Europäischen Union zur Besteuerung von Zinseinkünften oder irgendein Gesetz
zur Umsetzung dieser Richtlinie eingeführt wird, sicherstellen, dass sie eine Zahlstelle in einem
Mitgliedsstaat der Europäischen Union unterhält, die nicht zum Abzug oder Einbehalt von
Steuern gemäß dieser Richtlinie oder eines solchen Gesetzes verpflichtet ist, soweit dies in
irgendeinem Mitgliedsstaat der Europäischen Union möglich ist. Eine Änderung, Abberufung,
Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine
59
solche Änderung sofort wirksam wird), sofern die Anleihegläubiger hierüber gemäß §12 vorab
unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.
(3)
Beauftragte der Anleiheschuldnerin. Jede beauftragte Stelle handelt ausschließlich als
Beauftragte der Anleiheschuldnerin und übernimmt keinerlei Verpflichtungen gegenüber den
Anleihegläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihr und den
Anleihegläubigern begründet.
(4)
Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten,
Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle
für die Zwecke dieser Anleihebedingungen gemacht, abgegeben, getroffen oder eingeholt
werden, sind (sofern nicht ein offensichtlicher Irrtum vorliegt) für die Anleiheschuldnerin, den
Fiscal Agent, die Zahlstellen und die Anleihegläubiger bindend und sind in Übereinstimmung
mit § 317 BGB zu treffen.
(5)
Weder die Berechnungsstelle noch die Zahlstellen übernehmen irgendeine Haftung für
irgendeinen Irrtum oder eine Unterlassung oder irgendeine darauf beruhende nachträgliche
Korrektur in der Berechnung oder Veröffentlichung irgendeines Betrags zu den
Schuldverschreibungen, sei es auf Grund von Fahrlässigkeit oder aus sonstigen Gründen.
§ 10
(Ersetzung der Anleiheschuldnerin)
(1)
Die Anleiheschuldnerin (oder jede Schuldnerin, welche die Anleiheschuldnerin ersetzt) ist
jederzeit berechtigt, ohne weitere Zustimmung der Anleihegläubiger ein von ihr kontrolliertes,
sie kontrollierendes oder gemeinsam mit ihr von einem dritten Unternehmen kontrolliertes
Unternehmen (mit Geschäftssitz in irgendeinem Land weltweit) oder irgendeines ihrer
Tochterunternehmen an ihrer Stelle als Hauptschuldnerin (die „Nachfolgeschuldnerin“) für alle
Verpflichtungen aus und im Zusammenhang mit den Schuldverschreibungen einzusetzen, und
die Anleihegläubiger stimmen dieser Einsetzung hiermit unwiderruflich zu, vorausgesetzt, dass:
(a)
alle für die Wirksamkeit der Ersetzung notwendigen Dokumente (die "Dokumente")
von der Anleiheschuldnerin und der Nachfolgeschuldnerin unterzeichnet werden,
entsprechend denen die Nachfolgeschuldnerin zu Gunsten jedes Anleihegläubigers alle
Verpflichtungen aus diesen Anleihebedingungen und dem Agency Agreement
übernimmt, als sei sie von Anfang an Stelle der Anleiheschuldnerin Partei dieser
Vereinbarungen gewesen, und entsprechend denen die Anleiheschuldnerin zu Gunsten
jedes Anleihegläubigers unbedingt und unwiderruflich die Zahlung aller fälligen und
durch die Nachfolgeschuldnerin als Hauptschuldner zahlbaren Beträge garantiert
(wobei diese Garantie im Folgenden als "Ersetzungs-Garantie") bezeichnet wird).
(b)
die Dokumente ein unselbstständiges Garantieversprechen der Nachfolgeschuldnerin
und der Anleiheschuldnerin enthalten, wonach die Nachfolgeschuldnerin und die
Hauptschuldnerin alle für die Ersetzung und die Abgabe der Ersetzungs-Garantie durch
die Anleiheschuldnerin notwendigen Genehmigungen und Einverständniserklärungen
von Regierungsstellen und Aufsichtsbehörden erhalten haben, wonach ferner die
Nachfolgeschuldnerin alle für die Erfüllung ihrer Verpflichtungen aus den Dokumenten
notwendigen Genehmigungen und Einverständniserklärungen von Regierungsstellen
und Aufsichtsbehörden erhalten hat und wonach weiterhin alle diese Genehmigungen
und Einverständniserklärungen in vollem Umfang gültig und wirksam sind und
wonach zudem die Verpflichtungen der Nachfolgeschuldnerin und die ErsetzungsGarantie jeweils gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch
60
jeden Anleihegläubiger durchsetzbar sind und wonach schließlich wenn die
Nachfolgeschuldnerin ihre Verbindlichheiten an den Schuldverschreibungen durch eine
Niederlassung erfüllt, die Nachfolgeschuldnerin selbst verpflicht bleibt, und
(c)
§8 als dergestalt als ergänzt gilt, dass ein zusätzlicher Kündigungsgrund unter dieser
Bestimmung der Wegfall der Wirksamkeit, Rechtsverbindlichkeit oder
Durchsetzbarkeit der Ersetzungs-Garantie für jeden Anleihegläubiger ist.
(2)
Nachdem die Dokumente für die Anleiheschuldnerin und die Nachfolgeschuldnerin wirksam
und rechtsverbindlich geworden sind und eine Mitteilung gemäß Absatz 4 dieser Bestimmung
erfolgt ist, gilt die Nachfolgeschuldnerin als in den Schuldverschreibungen an Stelle der
Anleiheschuldnerin als Hauptschuldnerin verzeichnet und die Schuldverschreibungen gelten als
dementsprechend ergänzt, um der Ersetzung zur Durchsetzung zu verhelfen. Die Unterzeichnung
der Dokumente und die Mitteilung gemäß Absatz 4 dieser Bestimmung befreien, im Fall der
Einsetzung einer anderen Gesellschaft als Hauptschuldnerin, die Anleiheschuldnerin von allen
Verbindlichkeiten, die sie als Hauptschuldnerin unter den Schuldverschreibungen gehabt hatte.
(3)
Die Dokumente werden so lange beim Fiscal Agent hinterlegt und von diesem verwahrt werden,
als noch Forderungen bezüglich der Schuldverschreibung von irgendeinem Anleihegläubiger
gegen die Nachfolgeschuldnerin oder die Anleiheschuldnerin erhoben werden können oder
Forderungen aus den Dokumenten noch nicht endgültig zugesprochen, ausgeglichen oder erfüllt
worden sind.
(4)
Spätestens 15 Geschäftstage nach Unterzeichnung der Dokumente wird die
Nachfolgeschuldnerin dies den Anleihegläubigern und, sollten die Schuldverschreibungen an
einer Börse notiert sein, dieser Börse und jeder anderen Person oder Stelle, die gemäß den
anwendbaren Gesetzen und Regelungen zu informieren ist, mitteilen. Ferner wird ein Nachtrag
zu diesem Verkaufsprospekt erstellt werden.
(5)
Für die Zwecke dieses §10 bedeutet 'Kontrolle' direkten oder indirekten Einfluss auf die
Geschäftsleitung und Geschäftspolitik einer Gesellschaft oder die Möglichkeit, deren Richtung
zu bestimmen, sei es kraft Vertrages oder kraft direkten oder indirekten Besitzes einer solchen
Zahl stimmberechtigter Anteile, die es deren Inhaber ermöglichen, die Mehrheit der
Geschäftsführer zu bestimmen, wobei jede Gesellschaft als darin einbezogen gilt, die eine
ähnliche Beziehung zur erstgenannten Gesellschaft aufweist. 'Stimmberechtigte Anteile' sind zu
diesem Zweck Kapitalanteile an einer Gesellschaft, die üblicherweise zur Wahl der
Geschäftsführer berechtigen. Die Begriffe 'kontrolliert', 'kontrollierend' und 'gemeinsam
kontrolliert' sind entsprechend auszulegen.
§11
(Begebung weiterer Schuldverschreibungen, Ankauf und Entwertung)
(1)
Begebung weiterer Schuldverschreibungen. Die Anleiheschuldnerin ist berechtigt, jederzeit ohne
Zustimmung der Anleihegläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (mit
Ausnahme des Emissionspreises und des ersten Zinszahlungstags) in der Weise zu begeben, dass
sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden, wobei in diesem Fall der
Begriff "Schuldverschreibungen" entsprechend auszulegen ist.
(2)
Ankauf. Die Anleiheschuldnerin und jedes ihrer Tochterunternehmen ist berechtigt,
Schuldverschreibungen im Markt oder anderweitig zu jedem beliebigen Preis zu kaufen. Sofern
diese Käufe durch öffentliches Angebot erfolgen, muss dieses Angebot allen Anleihegläubigern
61
gegenüber erfolgen. Die von der Anleiheschuldnerin erworbenen Schuldverschreibungen können
nach Wahl der Anleiheschuldnerin von ihr gehalten, weiterverkauft oder entwertet werden.
(3)
Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind unverzüglich zu
entwerten und können nicht wiederbegeben oder wiederverkauft werden.
§12
(Mitteilungen)
(1)
Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen sind in einer
führenden Tageszeitung mit allgemeiner Verbreitung in Deutschland [ggf. anderen Ort einfügen]
zu veröffentlichen. Diese Tageszeitung wird voraussichtlich die [Börsen-Zeitung] [andere
Tageszeitung mit allgemeiner Verbreitung einfügen] sein. Jede derartige Mitteilung gilt mit dem
dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen mit dem
dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.
(2)
Mitteilungen an das Clearing System. Die Emittentin ist berechtigt, eine Veröffentlichung nach
Absatz 1 durch eine Mitteilung an das Clearing System zur Weiterleitung an die
Anleihegläubiger zu ersetzen, vorausgesetzt, dass in Fällen, in denen die Schuldverschreibungen
an einer Börse notiert sind, die Regeln dieser Börse diese Form der Mitteilung zulassen. Jede
derartige Mitteilung gilt am drei Tag nach dem Tag der Mitteilung an das Clearing System als
den Anleihegläubigern mitgeteilt.
§13
(Anwendbares Recht, Gerichtsstand, Zustellungsbevollmächtigter)
(1)
Anwendbares Recht. Die Schuldverschreibungen unterstehen deutschem Recht.
(2)
Gerichtsstand. Ausschließlich zuständig für sämtliche im Zusammenhang mit den
Schuldverschreibungen entstehenden Klagen oder sonstige Verfahren („Rechtsstreitigkeiten“)
ist das Landgericht Frankfurt/Main. Die Anleihegläubiger können ihre Ansprüche jedoch auch
vor anderen zuständigen Gerichten geltend machen. Die Anleiheschuldnerin unterwirft sich den
in diesem Absatz bestimmten Gerichten.
(3)
Bestellung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten vor deutschen
Gerichten bestellt die Anleiheschuldnerin Rabobank International, Frankfurt Branch,
Solmsstraße 83, 60486 Frankfurt am Main zu ihrem Zustellungsbevollmächtigten in
Deutschland.
(4)
Gerichtliche Geltendmachung. Jeder Anleihegläubiger von Schuldverschreibungen ist
berechtigt, in jedem Rechtsstreit gegen die Anleiheschuldnerin oder in jedem Rechtsstreit, in
dem der Anleihegläubiger und die Anleiheschuldnerin Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu stützen oder geltend
zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die
Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und
die vollständige Adresse des Anleihegläubigers enthält, (b) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem
Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing
System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b)
bezeichneten Informationen enthält; und (ii) er legt eine Kopie der die betreffenden
Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem
Original eine vertretungsberechtigte Person des Clearing Systems oder des Verwahrers des
Clearing Systems bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die
62
Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren erforderlich
wäre. Für die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges
anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben
und bei der/dem der Anleihegläubiger ein Wertpapierdepot für die Schuldverschreibungen
unterhält, einschließlich des Clearing Systems. Jeder Anleihegläubiger kann, ungeachtet der
vorstehenden Bestimmungen, seine Rechte unter diesen Schuldverschreibungen auch auf jede
andere im Land der Geltendmachung zulässige Methode geltend machen.
§14
(Sprache)
Diese Emissionsbedingungen sind in [deutscher] [englischer] Sprache abgefasst. Eine Übersetzung in die
[englische] [deutsche] Sprache ist beigefügt. Der [deutsche] [englische] Text ist bindend und maßgeblich.
Die Übersetzung in die [englische] [deutsche] Sprache ist unverbindlich.
63
GERMAN VERSION OF THE SUPPLEMENTAL TERMS AND CONDITIONS OF THE NOTES
FOR INDEX LINKED NOTES, EQUITY LINKED NOTES AND EXCHANGEABLE NOTES
DEUTSCHE FASSUNG DER ERGÄNZENDEN ANLEIHEBEDINGUNGEN FÜR
INDEXBEZOGENE ANLEIHEN, EQUITYBEZOGENE ANLEIHEN UND UMTAUSCHANLEIHEN
Die allgemeinen Anleihebedingungen werden durch Einfügung der unten abgedruckten
Bestimmungen ersetzt oder ergänzt. Dabei sollen die allgemeinen Definitionen in §4a auf
Indexbezogene Anleihen, Equitybezogene Anleihen und Umtausch-Anleihen Anwendung finden.
Das jeweilige Konditionenblatt bestimmt, welche der ergänzenden Anleihebedingungen für
Indexbezogene Anleihen, Equitybezogene Anleihen oder Umtausch-Anleihen Anwendung finden.
[Für Equitybezogene Anleihen, Indexbezogene Anleihen und Umtausch-Anleihen einfügen:]
§4a
Allgemeine Definitionen
"Korb" bedeutet im Hinblick auf eine Index-Basket-Transaktion einen Korb zusammengestellt
aus [Indices einfügen] [allen im Konditionenblatt bezeichneten Indizes] in der [im
Konditionenblatt bezeichneten] prozentualen Zusammensetzung [von [proportionale
Zusammensetzung einfügen]], und im Hinblick auf eine Share-Basket-Transaktion einen Korb
zusammengestellt aus [Aktien und Emittenten der Aktien einfügen] [allen im Konditionenblatt
bezeichneten Aktien jedes Emittenten der Aktien] in der [im Konditionenblatt bezeichneten]
prozentualen Zusammensetzung [von [proportionale Zusammensetzung einfügen]].
"Störungstag" bedeutet in Bezug auf einen Index oder eine Aktie einen planmäßigen
Handelstag, an dem eine betreffende Börse oder eine verbundene Börse während ihrer üblichen
Geschäftszeiten nicht geöffnet hat oder eine Markstörung eingetreten ist.
"Frühzeitige Schließung" bedeutet an einem Börsengeschäftstag die Schließung der
betreffenden Börse oder der maßgeblichen Terminbörse vor dem planmäßigen Börsenschluss, es
sei denn, diese Schließung ist von der dieser Börse oder maßgeblichen Terminbörse eine Stunde
vor (i) der tatsächlichen Schlusszeit der planmäßigen Börsensitzung an dieser Börse oder
maßgeblichen Terminbörse an diesem Börsengeschäftstag, oder, falls dieser Zeitpunkt früher
liegt, (ii) dem Annahmeschluss zur Übermittlung von Aufträgen in die Handelssysteme der
Börse oder maßgeblichen Terminbörse zur Ausführung zum Bewertungszeitpunkt an diesem
Börsengeschäftstag angekündigt worden.
"Börse" bedeutet im Hinblick auf einen Index oder eine Aktie jede Börse oder jedes
Handelssystem, welches als solche für diesen Index oder diese Aktie bestimmt worden ist, jeden
Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems und jede Ersatzbörse
oder jedes Ersatzhandelssystem, auf welche der Handel in dieser Aktie oder in den im Index
enthaltenen Aktien vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung
der Berechnungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der
ursprünglichen Börse vergleichbare Liquidität in diesen Aktien oder den im Index enthaltenen
Aktien vorhanden ist).
"Börsengeschäftstag" bedeutet jeder planmäßige Handelstag, an dem die Börse und die
verbundene Börse für den Handel während ihrer üblichen Börsensitzungszeit geöffnet sind, auch
wenn diese Börse oder verbundene Börse vor ihrem planmäßigen Börsenschluss schließt.
"Börsenstörung" bedeutet im Hinblick auf einen Index oder eine Aktie ein Ereignis (außer der
frühzeitigen Schließung), welches die Fähigkeit der Marktteilnehmer stört oder beeinträchtigt
64
(wie von der Berechnungsstelle bestimmt), an der Börse in den Aktien Geschäfte auszuführen
oder den Marktwert dieser Aktien zu erhalten, oder, im Fall eines Index an irgendeiner
betreffenden Börse, an der Wertpapiere gehandelt werden, die mindestens 20 % des Indexstands
dieses Index' ausmachen, solche Geschäfte auszuführen oder Marktwerte zu erhalten, oder (ii) in
auf diesen Index bezogenen Futures- oder Optionskontrakten an einer betreffenden
maßgeblichen Terminbörse Geschäfte auszuführen oder Marktwerte zu erhalten.
"Außerordentliche Dividende" bezeichnet den im Konditionenblatt bestimmten oder dort
anderweitig festgelegten Betrag je Aktie. Wird im Konditionenblatt keine Außerordentliche
Dividende estimmt oder anderweitig festgelegt, wird die Einstufung einer Dividende oder eines
Teils davon als Außerordentliche Dividende von der Berechnungsstelle vorgenommen.
"Außerordentliches Ereignis" ist eine Fusion, ein Übernahmeangebot, eine Index-Anpassung,
eine Verstaatlichung, eine Insolvenz, ein Delisting oder jedes andere zusätzliche
Kündigungsrecht.
["Index-Basket-Transaktion" bedeutet [diese Emission von Schuldverschreibungen] [eine
Emission von Schuldverschreibungen, die im Konditionenblatt als solche gekennzeichnet ist].]
"Marktstörung" bedeutet im Hinblick auf eine Aktie oder einen Index das Entstehen oder
Bestehen (i) einer Handelsaussetzung, (ii) einer Börsenstörung, soweit diese in beiden Fällen
von der Berechnungsstelle als erheblich eingestuft werden, innerhalb der letzten Stunde vor dem
maßgeblichen Bewertungszeitpunkt, oder (iii) eine frühzeitige Schließung. Zum Zweck der
Bestimmung des Bestehens einer Marktstörung im Hinblick auf einen Index ist, im Fall des
Auftretens einer Marktstörung bezüglich eines im Index enthaltenen Wertpapiers, der
prozentuale Beitrag dieses Wertpapiers zum Indexstand anhand eines Vergleichs zwischen (x)
dem diesem Wertpapier zurechenbare prozentuale Anteil am Indexstand und (y) dem kompletten
Indexstand jeweils unmittelbar vor dem Auftreten der Marktstörung zu bestimmen.
"Anpassungsereignis" ist jedes der folgenden Ereignisse:
(a)
eine Aufteilung, Konsolidierung oder Neueinstufung der Aktien (Fusionen
ausgenommen) oder eine Ausschüttung oder Dividende der Aktien an bestehende
Aktionäre in Form einer Sonderdividende, von Gratisaktien oder ein ähnliches Ereignis;
(b)
eine Ausschüttung oder Dividende an bestehende Inhaber der Aktien bestehend aus (A)
neuen Aktien oder (B) sonstigem Aktienkapital oder Wertpapieren, die das Recht auf
Erhalt von Dividenden und/oder Liquidationserlösen vom Emittenten des betreffenden
Aktienkapitals bzw. der Wertpapiere zu gleichen Teilen oder anteilig im Verhältnis zu
den betreffenden Zahlungen an Inhaber der entsprechenden Aktien gewähren, (C)
Aktienkapital oder anderen Wertpapieren, die der Emittent der Aktien aus einer
Abspaltung oder einer ähnlichen Transaktion erhalten hat oder hält (unmittelbar oder
mittelbar) oder (D) einer anderen Art von Wertpapieren, Rechten oder
Berechtigungsscheinen oder anderen Vermögensgegenständen, gegen Zahlung (bar
oder auf andere Weise) von weniger als dem maßgeblichen Kurswert wie von der
Berechnungsstelle festgestellt;
(c)
eine Außerordentliche Dividende;
(d)
eine Einzahlungsaufforderung vom Emittenten im Hinblick auf die Aktien, die noch
nicht voll eingezahlt sind;
65
(e)
ein Rückkauf durch den Emittenten der Aktien oder einem seiner Tochterunternehmen,
sei es aus dem Gewinn oder dem Kapital, und gleich, ob die Gegenleistung im Rahmen
eines solchen Rückkaufs in bar, in Form von Wertpapieren oder anderweitig gezahlt
wird;
(f)
jedes Ereignis, das im Hinblick auf den Emittenten der Aktien eine Ausschüttung oder
Trennung von Aktionärsrechten vom gezeichneten Kapital or anderen Anteilen am
Kapital des Emittentin bedeutet, und das einem gezielt gegen feindliche Übernahmen
ausgearbeiteten Plan oder Arrangement folgt, der bei Eintritt bestimmter Ereignisse die
Ausschüttung von Vorzugskapital, Optionsscheinen, Schuldverschreibungen oder
Vermögensrechten zu einem unterhalb des Marktniveaus liegenden Preis vorsieht, wie
von der Berechnungsstelle festgestellt, vorausgesetzt, dass jede wegen eines solchen
Ereignisses vorgenommene Anpassung nach Tilgung dieser Rechte wieder
zurückzunehmen ist; oder
(g)
jedes sonstige ähnliche Ereignis, das sich mindernd oder konzentrierend auf den
theoretischen Wert der Aktien auswirken kann,
"Verbundene Börse" bedeutet, vorbehaltlich der folgenden Bestimmungen, im Hinblick auf
einen Index oder eine Aktie jede Börse oder jedes Handelssystem, welches als solche für diesen
Index oder diese Aktie bestimmt worden ist, jeden Rechtsnachfolger einer solchen Börse oder
eines solchen Handelssystems und jede Ersatzbörse oder jedes Ersatzhandelssystem, auf welche
der Handel in Futures- oder Optionskontrakten bezogen auf diese Aktie oder diesen Index
vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung der
Berechnungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der
ursprünglichen Börse vergleichbare Liquidität in den auf diese Aktien oder diesen Index
bezogenen Futures- oder Optionskontrakten vorhanden ist); falls "alle Börsen" als verbundene
Börse angegeben sind, bedeutet "verbundene Börse" jede Börse oder jedes Handelssystem (wie
von der Berechnungsstelle bestimmt), an der oder dem der Handel eine erhebliche Auswirkung
auf den Gesamtmarkt in auf diese Aktie oder diesen Index bezogenen Futures- oder
Optionskontrakte hat (wie von der Berechnungsstelle bestimmt) oder, in jedem dieser Fälle, ein
Übernehmer oder Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems.
["Share-Basket-Transaktion" bedeutet [diese Emission von Schuldverschreibungen] [eine
Emission von Schuldverschreibungen, die im Konditionenblatt als solche gekennzeichnet ist].]
"Emittent der Aktien" bezeichnet den Emittenten der Aktien.
"Aktien" oder "Basiswerte" bedeutet
Schuldverschreibungen bezogen sind].
[Wertpapiere
einfügen,
auf
welche
die
"Planmäßiger Börsenschluss" bedeutet bezüglich einer Börse oder einer maßgeblichen
Terminbörse und bezüglich jedem Tag, an dem diese Börse oder verbundene Börse planmäßig
zum Handel in der jeweiligen regulären Börsensitzung geöffnet ist die planmäßige Schlusszeit
dieser Börse oder maßgeblichen Terminbörse an Wochentagen an solch einem
Börsenhandelstag, ohne Berücksichtigung von Überstunden oder einem Handel außerhalb der
regulären Börsensitzungszeiten.
"Planmäßiger Handelstag" bedeutet im Hinblick auf eine Aktie oder einen Index jeden Tag, an
dem die Börse oder verbundene Börse planmäßig zum Handel in der jeweiligen regulären
Börsensitzung für diesen Wert geöffnet sind.
66
"Handelsaussetzung" bedeutet, in Bezug auf eine Aktie oder einen Index, jede von der
maßgeblichen Börse oder verbundenen Börse verhängte oder anderweitig verfügte Aussetzung
oder Begrenzung des Handels, sei es wegen die Begrenzungen der maßgeblichen Börse oder
verbundenen Börse überschreitender Kursausschläge oder wegen sonstiger Gründe, (i) in den
Aktien an der Börse oder, im Fall eines Index, in Wertpapieren, die 20% oder mehr zum
Indexstand dieses Index an einer maßgeblichen Börse beitragen, oder (ii) in auf die Aktie oder
den maßgeblichen Index bezogenen Futures- oder Optionskontrakten an jeder maßgeblichen
verbundenen Börse.
"Bewertungstag" ist jeder Index-Bewertungstag und jeder Anteils-Bewertungstag
"Bewertungszeitpunkt" ist [[Zeitpunkt und Finanzzentrum einfügen] am Bewertungstag] [der
im Konditionenblatt festgelegten Zeitpunkt für die Bewertung der Aktie oder des Index am
Bewertungstag].
[Im Fall von Indexbezogenen Anleihen einfügen:]
§4b
(Spezifische Definitionen)
"Index" bedeutet [Index oder Indices einfügen].
"Index-Anpassung" bedeutet jede Veränderung des Index, Einstellung des Index oder
Unterbrechung des Index, wie jeweils im folgenden §4d definiert.
"Stand des Index-Korbs" ist ein Betrag, der von der Berechnungsstelle durch Multiplikation
des Index-Stands für jeden im Korb enthaltenen Index mit dem für diesen Index [im
Konditionenblatt festgelegten] (als Prozentsatz ausgedrückten) Anteil ermittelt wird.
"Index-Geschäftstag" bezeichnet jeden Tag, der ein Handelstag an der maßgeblichen Börse
oder verbundenen Börse ist (oder ohne den Eintritt einer Marktstörung gewesen wäre), außer
einem Tag, an dem der Handelsschluss planmäßig vor dem regulären Handelsschluss an
Wochentagen liegt.
"Index-Komponente" bezeichnet diejenigen Wertpapiere, Vermögenswerte oder Bezugswerte,
aus denen der Index jeweils zusammengesetzt ist.
"Index-Stand" ist der Stand des Index, wie er von der Berechnungsstelle zum
Bewertungszeitpunkt an jedem Index-Bewertungstag unter Bezugnahme auf den vom IndexSponsor veröffentlichten Stand des Index festgestellt wird.
"Index-bezogener Rückzahlungsbetrag" ist ein Betrag, [der keinesfalls kleiner als die
Kapitalgarantie ist und] der von der Berechnungsstelle am letzten Index-Bewertungstag nach der
folgenden Formel ermittelt wird [Formel einfügen] und der in jedem Fall größer als oder gleich
Null sein wird und, sollte dieser Betrag negativ sein, als Null gilt[, wenn dies im
Konditionenblatt bestimmt ist].
"Index-Sponsor" ist [Name des Sponsors einfügen], welches die Gesellschaft oder Person ist,
welche die Regelungen und Vorgehensweisen und Methoden der Berechnung des maßgeblichen
Index und, soweit vorhanden, zu Anpassungen dieses Index aufstellt und überwacht, und welche
regelmäßig an jedem planmäßigen Handelstag den Stand des maßgeblichen Index (entweder
unmittelbar oder durch eine eauftragte Stelle) veröffentlicht; dabei gilt jede Bezugnahme auf den
67
'Index-Sponsor' auch als Bezugnahme auf den "Index-Sponsor-Nachfolger" wie nachfolgend in
§ 4d(1) definiert.
"Index-Bewertungstag(e)" bedeutet [Bewertungszeitpunkt und Finanzzentrum einfügen] am
[Datum einfügen], wobei [Datum einfügen] der "letzte Index-Bewertungstag" ist.
§4c
(Rückzahlung)
Die Schuldverschreibungen werden am [Fälligkeitstag einfügen] (der "Fälligkeitstag") zum
Index-bezogenen Rückzahlungsbetrag zurückgezahlt, wie er von der Berechnungsstelle unter
Beachtung dieser Anleihebedingungen [und den Bestimmungen im Konditionenblatt] ermittelt
und den Anleihegläubigern gemäß §12 unverzüglich nach der Feststellung bekanntgegeben
worden ist.
§4c
(Nachfolge-Index. Anpassungen durch die Berechnungsstelle. Korrektur des Index. Störungstage)
(1)
Nachfolge-Index. Wird ein Index nicht durch den Index-Sponsor berechnet und veröffentlicht,
jedoch durch einen aus Sicht der Berechnungsstelle akzeptablen Nachfolger des Index-Sponsor
(den "Index-Sponsor-Nachfolger") berechnet und veröffentlicht, oder durch einen NachfolgeIndex ersetzt, der nach Feststellung der Berechnungsstelle anhand derselben oder in
wesentlichen Teilen ähnlichen Berechnungsformel und -methodik wie dieser Index bestimmt
wird (der "Nachfolge-Index"), tritt der durch den Index-Sponsor-Nachfolger ermittelte Index
beziehungsweise der Nachfolge-Index an die Stelle dieses Index.
(2)
Anpassungen durch die Berechnungsstelle. Stellt die Berechnungsstelle vor einem IndexBewertungstag fest, dass der Index-Sponsor (oder, falls anwendbar, der Index-SponsorNachfolger) eine erhebliche Veränderung in der zur Berechnung eines Index verwandten Formel
oder Berechnungsmethode vornimmt oder auf andere Weise den Index erheblich verändert
(außer, dass es sich dabei um eine in einer solchen Formel oder Berechnungsmethode
vorgesehene Anpassung handelt, die den Index im Fall von Veränderungen der enthaltenen
Wertpapiere, der Kapitalisierung und anderen routinemäßigen Ereignissen erhalten sollen) (eine
"Veränderung des Index"), oder die Berechnung des Index dauerhaft einstellt, ohne dass ein
Nachfolge-Index existiert (eine "Einstellung des Index"), oder dass der Index-Sponsor an einem
Index-Bewertungstag den Index-Stand nicht berechnet hat, so wird die Berechnungsstelle zur
Berechnung des Index-bezogenen Rückzahlungsbetrags und/oder des maßgeblichen Zinsbetrags
an Stelle des veröffentlichten Standes des Index den Index-Stand zum Index-Bewertungstag
gemäß der unmittelbar vor der Veränderung oder der Einstellung gültigen Berechnungsformel
und Berechnungsmethode ermitteln, wird dazu aber nur diejenigen Index-Komponenten
heranziehen, aus denen sich der Index unmittelbar vor der Index-Anpassung zusammengesetzt
hat. Die Berechnungsstelle wird den Fiscal Agent und die Anleihegläubiger gemäß §12 hiervon
unterrichten.
(3)
Korrektur des Index. Sollte ein an der Börse oder verbundenen Börse oder durch den IndexSponsor veröffentlichter Kurs oder Stand, der für irgendeine Berechnung oder Feststellung in
Bezug auf die Schuldverschreibungen verwandt worden ist, nachträglich korrigiert werden und
wird diese Korrektur durch die Börse oder den Index-Sponsor vor dem Fälligkeitstag
veröffentlicht, so wird die Berechnungsstelle den auf Grund dieser Korrektur zahlbaren oder
lieferbaren Betrag bestimmen und, falls erforderlich, die Bedingungen der Transaktion zur
Berücksichtigung dieser Korrektur anpassen und die Anleihegläubiger gemäß §12 entsprechend
unterrichten.
68
(4)
Störungstage. Wenn die Berechnungsstelle nach alleinigem und freiem Ermessen feststellt, dass
ein Index-Bewertungstag ein Störungstag ist, dann ist der Index-Bewertungstag der
nächstfolgende Index-Geschäftstag, an dem die Berechnungsstelle feststellt, dass kein
Störungstag vorliegt, es sei denn, die Berechnungsstelle stellt fest, dass an jedem der fünf IndexGeschäftstage, die unmittelbar auf den ursprünglichen Tag folgen, ein Störungstag vorliegt. Im
letzteren Falle:
(a)
gilt der entsprechende fünfte Index-Geschäftstag als Index-Bewertungstag, ungeachtet
der Tatasache, dass dieser Tag ein Störungstag ist; und
(b)
bestimmt die Berechnungsstelle den Index-Stand zum maßgeblichen IndexBewertungstag an diesem fünften Index-Geschäftstag in Übereinstimmung mit der vor
Beginn der Marktstörung gültigen Berechnungsformel und Berechnungsmethode,
indem sie den Börsenkurs der maßgeblichen Börse (oder, falls der Handel im
betreffenden Wertpapier erheblich unterbrochen oder erheblich eingeschränkt worden
ist, eine nach Treu und Glauben erfolgte Schätzung des Börsenkurses, der nach Ansicht
der Berechnungstsstelle ohne eine solche Unterbrechung oder Einschränkung zustande
gekommen wäre) jedes im Index enthaltenen Wertpapiers an diesem fünften IndexGeschäftstag verwendet.
[Im Fall von Equitybezogenen Anleihen die folgenden Bestimmungen einfügen:]
§4b
"Delisting" bedeutet eine Ankündigung der Börse, dass gemäß den Regeln dieser Börse die
Aktien aus irgendeinem Grund (außer einer Fusion oder einem Übernahmeangebot) aufhören
(oder aufhören werden), an dieser Börse zugelassen, gehandelt oder öffentlich notiert zu werden
und nicht unverzüglich an einer Börse oder einem Handelssystem im selben Land dieser Börse
(oder, sollte sich diese Börse innerhalb der Europäischen Union befinden, in einem
Mitgliedsstaat der Europäischen Union) wieder zugelassen, gehandelt oder öffentlich notiert
werden.
"Abrechnungsbetrag bei Lieferungsstörung" bedeutet [Betrag einfügen]
"Lieferungsstelle" bedeutet [Name und Anschrift der Lieferungsstelle einfügen]
"Equity-bezogener Rückzahlungsbetrag" ist ein Betrag, [der keinesfalls kleiner als die
Kapitalgarantie ist und] der von der Berechnungsstelle am Equity-Bewertungstag zum EquityBewertungszeitpunkt in Übereinstimmung mit der folgenden Formel berechnet wird
[maßgebliche Formel einfügen].
"Equity-Bewertungstag" ist [Datum einfügen].
"Equity-Bewertungszeitpunkt" bedeutet [Zeitpunkt und Finanzzentrum einfügen] am EquityBewertungstag.
"Insolvenz" bedeutet, dass aufgrund freiwilliger oder unfreiwilliger Liquidation, Konkurs,
Insolvenz, Auflösung oder Abwicklung oder eines entsprechenden Verfahrens, das den
Emittenten betrifft, (i) sämtliche Aktien dieses Emittenten auf einen Treuhänder, Liquidator oder
eine vergleichbare Person zu übertragen sind, oder (ii) den Inhabern der Aktien dieses
Emittenten die Übertragung von Gesetzes wegen verboten wird.
69
"Fusionstag" ist der Abschlusstag einer Fusion oder, sollte ein Abschlusstag unter dem auf die
Fusion anwendbaren örtlichen Recht nicht feststellbar sein, der durch die Berechnungsstelle
bestimmte Tag.
"Fusion" ist im Hinblick auf die Aktien jede (i) Umklassifizierung oder Änderung dieser Aktien,
die in einer Übertragung oder einer unwiderruflichen Übertragungsverpflichtung aller dieser im
Umlauf befindlichen Aktien zur Folge hat, (ii) die Konsolidierung, der Zusammenschluss, die
Fusion oder der verbindliche Aktientausch des Emittenten der Aktien mit einem anderen
Unternehmen oder in ein anderes Unternehmen (es sei denn der Emittent ist das fortbestehende
Unternehmen und die Fusion hat die Umklassifizierung oder den Austausch von keiner der im
Umlauf befindlichen Aktien zur Folge) oder (iii) ein anderes Übernahmeangebot, ein
Tauschangebot, die Bewerbung, der Vorschlag oder ein anderes Ereignis einer Einheit oder
Person, das darauf abzielt, 100% der im Umlauf befindlichen Aktien des Emittenten der Aktien
zu erhalten und das für diese Aktien die Übertragung oder eine unwiderrufliche
Übertragungsverpflichtung zur Folge hat (es sei denn, die Aktien gehören dieser Einheit oder
Person oder werden von dieser kontrolliert), oder (iv) die Konsolidierung, der
Zusammenschluss, die Fusion oder der verbindliche Aktientausch des Emittenten der Aktien mit
einem anderen Unternehmen oder in ein anderes Unternehmen, wobei der Emittent der Aktien
das fortbestehende Unternehmen bleibt und die Fusion weder die Umklassifizierung noch den
Austausch der im Umlauf befindlichen Aktien zur Folge hat, wobei aber als Folge dieses
Ereignisses die unmittelbar davor im Umlauf befindlichen Aktien unmittelbar danach insgesamt
weniger als 50% der im Umlauf befindlichen Aktien darstellen; dabei muss in jedem der
genannten Fälle der Fusionstag am oder vor dem Equity-Bewertungstag liegen.
"Verstaatlichung" bedeutet, dass sämtliche Aktien oder sämtliche Vermögenswerte oder im
Wesentlichen sämtliche Vermögenswerte eines Emittenten der Aktien verstaatlicht oder
enteignet werden oder in sonstiger Weise auf eine staatliche Stelle, Behörde oder Körperschaft
zu übertragen sind.
"Anzahl der Referenzwerte" bedeutet ein Betrag der von der Berechnungsstelle am EquityBewertungstag zum Equity-Bewertungszeitpunkt in Übereinstimmung mit der folgenden Formel
berechnet wird [maßgebliche Formel einfügen].
"Lieferungstag" bedeutet im Fall der Tilgung einer Serie von Schuldverschreibungen durch
Lieferung der Basiswerte denjenigen von der Berechnungsstelle genehmigten Geschäftstag, der
auf den vorzeitigen Rückzahlungstag oder den Fälligkeitstag fällt oder jeweils frühestmöglich
nach diesem folgt, soweit die diese Bedingungen keine ergänzende Regelung dazu enthalten.
"Lieferungsstörung" bezeichnet im Hinblick auf eine Aktie ein Ereignis, welches außerhalb der
Kontrolle der Parteien liegt und welches dazu führt, dass das maßgebliche Clearing-System die
Übertragung der Aktien nicht abwickeln kann.
"Übernahmeangebot" bezeichnet ein Übernahmeangebot, ein Tauschangebot, die Bewerbung,
der Vorschlag oder ein anderes Ereignis einer Einheit oder Person, das zur Folge hat, dass diese
Einheit oder Person durch Umwandlung oder auf sonstige Weise mehr als 10% und weniger als
100% der im Umlauf befindlichen stimmberechtigten Aktien des Emittenten der Aktien, wie
jeweils durch die Berechnungsstelle anhand von Einreichungen bei staatlichen oder selbstregulierten Stellen oder sonstiger von der Berechnungsstelle für maßgeblich eingestuften
Informationen bestimmt, kauft oder auf andere Weise erhält oder das Recht auf deren
Übertragung erhält.
70
§4c
(Rückzahlung. Außerordentliche Ereignisse)
[(1)
Rückzahlung.] Die Schuldverschreibungen werden am [Fälligkeitsdatum einfügen] (der
"Fälligkeitstag") zurückgezahlt, und zwar [entweder] zu ihrem Equity-bezogenen
Rückzahlungsbetrag [oder durch Lieferung Anzahl der Referenzwerte, wie von der
Berechnungsstelle zum Equity-Bewertungszeitpunkt gemäß der folgenden Formel bestimmt
[Formel einfügen]]. Der Equity-bezogene Rückzahlungsbetrag [oder die Anzahl der
Referenzwerte] bezüglich jeder Schuldverschreibung wird von der Berechnungsstelle in
Übereinstimmung mit den Bestimmungen dieser Anleihebedingungen [und den Festlegungen im
Konditionenblatt] berechnet und wird den Anleihegläubigern von der Berechnungsstelle gemäß
§12 unverzüglich nach seiner Feststellung mitgeteilt.
[[Im Fall, dass "Kündigung und Zahlung" im Konditionenblatt bestimmt ist:]
(2)
Außerordentliches Ereignis. Im Fall eines außerordentlichen Ereignisses kann die
Anleiheschuldnerin alle oder nur einige der ausstehenden Schuldverschreibungen zu ihrem
vorzeitigen Rückzahlungsbetrag [oder einem anderen im Konditionenblatt festgelegten Betrag]
zusammen, falls zutreffend, mit bis (ausschließlich) zum Tag der Rückzahlung aufgelaufenen
Zinsen zurückzahlen, wenn die Anleiheschuldnerin die Anleihegläubiger spätestens 5
Geschäftstage vorher gemäß §12 darüber unterichtet hat, und spätestens 7 Geschäftstage vor
dieser Unterrichtung dem Fiscal Agent eine Mitteilung übersandt hat (es sei denn, der Fiscal
Agent handelt als Berechnungsstelle).]
§4d
(Lieferung von Basiswerten)
(1)
Lieferungsmethode. Die Lieferung von Basiswerten erfolgt an die Anleihegläubiger oder deren
Order durch Gutschrift auf ein durch den Anleihegläubiger am oder vor dem Lieferungstag zu
benennendes Wertpapier-Depotkonto beim Clearing-System. Kein Anleihegläubiger hat
Anspruch auf versprochene oder gezahlte Dividenden oder sonstige Rechte, die sich aus den
Basiswerten ergeben, soweit der Termin, an dem die Basiswerte ex-Dividende oder ohne das
sonstige Recht notiert werden, vor dem Termin liegt, an dem die Basiswerte dem WertpapierDepotkonto des Anleihegläubigers gutgeschrieben werden.
(2)
Ausgleichsbetrag. Soweit Schuldverschreibungen an denselben Anleihegläubiger zurückgezahlt
werden, werden diese zum Zweck der Bestimmung der Anzahl der Basiswerte, deren Lieferung
aus den Schuldverschreibungen verlangt werden kann, zusammengezählt (insbesondere gilt das
auch mit Blick auf die in einem Korb enthaltene jeweilige Gattung von Basiswerten). Die
Anleihegläubiger haben keinen Anspruch auf Zinsen oder sonstige Zahlungen oder
Ausgleichsleistungen, falls die Basiswerte vor dem vorzeitigen Rückzahlungstermin oder dem
Fälligkeitstag geliefert werden. Soweit die Anzahl der Basiswerte, die nach diesen Bedingungen
berechnet worden sind, eine ganze Zahl ergeben, werden sie an den Anleihegläubiger geliefert.
Der Anspruch auf die danach verbeleibenden Bruchteile an Basiswerten wird durch
Barauszahlung dieser Bruchteile erfüllt, die zu diesem Zweck auf zwei Dezimalstellen
abgerundet werden, wie von der Berechnungsstelle auf der Grundlage des Schlusskurses der
Basiswerte an der maßgeblichen Börse berechnet, und ggf. in Euro konvertiert auf Basis des
Umrechnungskurses der Berechnungsstelle an diesem Tag (der "Ausgleichsbetrag")
(3)
Liefer-Aufwendungen. Alle Aufwendungen, insbesondere Depotgebühren, Abgaben,
Beurkundungsgebühren,
Registrierungsgebühren,
Transaktionskosten
oder
Ausführungsgebühren, Stempelsteuer, Stempelsteuer-Ersatzsteuer und/oder Steuern und
71
Abgaben, die wegen der Lieferung der Basiswerte bezüglich einer Schuldverschreibung erhoben
werden, gehen zu Lasten des betreffenden Anleihegläubigers; es erfolgt keine Lieferung der
Basiswerte bezüglich einer Schuldverschreibung, bevor der betreffende Anleihegläubiger nicht
alle Liefer-Aufwendungen zur Befriedigung der Anleiheschuldnerin geleistet hat.
(4)
Keine Verpflichtung. Weder die Anleiheschuldnerin noch der Fiscal Agent sind verpflichtet, den
betreffenden Anleihegläubiger oder irgendeine andere Person vor oder nach einer Wandlung als
Aktionär in irgendeinem Aktionärsregister des Emittenten der Aktien einzutragen oder dafür
Sorge zu tragen, dass er eingetragen wird.
(5)
Lieferungsstörung. Liegt vor und noch andauernd an dem maßgeblichen Lieferungstag nach
Ansicht der Lieferungsstelle eine Lieferungsstörung vor, welche die Lieferung von Basiswerten
undurchführbar macht, so wird der maßgebliche Lieferungstag in Bezug auf die betreffende
Schuldverschreibung auf den nächstfolgenden Geschäftstag verschoben, an dem keine
Lieferungsstörung vorliegt; hiervon ist der betreffende Anleihegläubiger entsprechend §12 zu
informieren. Unter diesen Umständen hat der betreffende Anleihegläubiger keinerlei Anspruch
auf jegliche Zahlungen, seien es Zins- oder sonstige Zahlungen, in Zusammenhang mit der
Verzögerung der Lieferung der entsprechenden Basiswerte gemäß diesem Abschnitt, wobei
jedwede diesbezügliche Haftung der Anleiheschuldnerin ausgeschlossen ist. Die
Anleiheschuldnerin gerät durch diese Verschiebung insbesondere nicht in Verzug. Solange die
Lieferung der Basiswerte in Bezug auf eine Schuldverschreibung wegen einer Lieferungssörung
nicht durchführbar ist, kann die Anleiheschuldnerin nach ihrem alleinigen Ermessen ihre
Verpflichtungen in Bezug auf die betreffende Schuldverschreibung, statt durch Lieferung der
Basiswerte, durch Zahlung des entsprechenden Abrechnungspreises bei Lieferungsstörung an
den betreffenden Anleihegläubiger zu erfüllen, und zwar spätestens am dritten Geschäftstag nach
dem Tag, an dem sie die betreffenden Anleihegläubiger gemäß §12 über ihre entsprechende
Entscheidung informiert hat. Die Zahlung des betreffenden Abrechnungspreises bei
Lieferungsstörung erfolgt auf die den Anleihegläubigem gegebenenfalls entsprechend §12
mitgeteilte Art und Weise.
§4e
(Anpassung durch die Berechnungsstelle. Korrekturen. Störungstage)
(1)
Anpassungsereignis. Im Fall eines Anpassungsereignisses wird die Berechnungsstelle feststellen,
ob dieses Anpassungsereignis eine verwässernde oder werterhöhende Wirkung auf den
theoretischen Wert der Aktien hat; stellt die Berechnungsstelle eine solche verwässernde oder
werterhöhende Wirkung fest, wird sie
(a)
gegebenenfalls
die
entsprechende
Anpassung
eines
Equity-bezogenen
Rückzahlungsbetrages und/ oder der Anzahl der Referenzwerte und/oder eines
jeglichen sonstigen Berechnungsgröße vornehmen, die nach Ansicht der
Berechnungsstelle geeignet ist, dieser verwässernden oder werterhöhenden Wirkung
Rechnung zu tragen (wobei keine Anpassungen vorgenommen werden, die lediglich
Veränderungen der Volatilität, erwarteten Dividendenausschüttungen, des
Wertpapierleihsatzes oder der Liquidität in den Aktien Rechnung tragen sollen); und
(b)
die Tage bzw. den Tag des Wirksamwerdens der entsprechenden Anpassung(en)
festlegen. In einem solchen Fall gelten die entsprechenden Anpassungen als per diesem
Tag/diesen Tagen vorgenommen. Die Berechnungsstelle kann (muss jedoch nicht) die
entsprechenden Anpassungen unter Verweisung auf diejenigen Anpassungen bezüglich
72
eines einschlägigen Anpassungsereignisses festlegen, die an einer Optionsbörse
vorgenommen werden.
Nach Vornahme einer solchen Anpassung wird die Berechnungsstelle die Anleihegläubiger
hiervon sobald als praktikabel gemäß §12, unter Angabe der vorgenommenen Anpassung sowie
einiger weniger Details hinsichtlich des Anpassungsereignisses unterrichten.
Die Berechnungsstelle kann insbesondere zusätzlich zur oder an Stelle einer Veränderung
irgendwelcher Bedingungen gemäß den oben dargestellten Bestimmungen an die
Anleihegläubiger der betreffenden ausstehenden Schuldverschreibungen zusätzliche
Schuldverschreibungen ausgeben oder einen Geldbetrag ausschütten. Eine solche Ausgabe
zusätzlicher Schuldverschreibungen kann auf der Basis "Zahlung gegen Lieferung" oder
"Lieferung frei von Zahlung" erfolgen.
(2)
Korrekturen. Sollte ein an der Börse veröffentlichter Kurs oder Stand, der für irgendeine
Berechnung oder Feststellung in Bezug auf die Schuldverschreibungen verwandt worden ist,
nachträglich korrigiert werden und wird diese Korrektur durch die Börse vor dem Fälligkeitstag
veröffentlicht, so wird die Berechnungsstelle den auf Grund dieser Korrektur zahlbaren oder
lieferbaren Betrag bestimmen und, falls erforderlich, die Bedingungen der Transaktion zur
Berücksichtigung dieser Korrektur anpassen und die Anleihegläubiger gemäß §12 entsprechend
unterrichten.
(3)
Störungstage. Wenn die Berechnungsstelle nach alleinigem und freiem Ermessen feststellt, dass
ein Equity-Bewertungstag ein Störungstag ist, dann ist der Equity-Bewertungstag der
nächstfolgende Börsengeschäftstag, an dem die Berechnungsstelle feststellt, dass kein
Störungstag vorliegt, es sei denn, die Berechnungsstelle stellt fest, dass an jedem der fünf
Börsengeschäftstage, die unmittelbar auf den ursprünglichen Tag folgen, ein Störungstag
vorliegt. Im letzteren Falle und zur Bestimmung des Equity-bezogenen Rückzahlungsbetrages:
(a)
gilt der entsprechende fünfte Börsengeschäftstag als Equity-Bewertungstag, ungeachtet
der Tatasache, dass dieser Tag ein Störungstag ist; und
(b)
bestimmt die Berechnungsstelle ihre nach Treu und Glauben erfolgte Schätzung des
Werts der Aktien zum Equity-Bewertungszeitpunkt an diesem fünften
Börsengeschäftstag.
[[Falls "Anpassung durch die Berechnungsstelle" im Konditionenblatt bestimmt ist:]
(4)
Außerordentliches Ereignis. Im Fall eines außerordentlichen Ereignisses wird die
Berechnungsstelle diejenigen Anpassungen der Tilgungs-, Lieferungs-, Zahlungs- und sonstigen
Bedingungen der Schuldverschreibungen vornehmen, die sie als angemessen dafür bestimmt,
den wirtschaftlichen Auswirkungen eines solchen außerordentlichen Ereignisses auf die
Schuldverschreibungen Rechnung zu tragen, wenn die Berechnungsstelle die Anleihegläubiger
spätestens 5 Geschäftstage vorher gemäß §12 darüber unterichtet hat, und spätestens 7
Geschäftstage vor dieser Unterrichtung dem Fiscal Agent eine Mitteilung übersandt hat (es sei
denn, der Fiscal Agent handelt als Berechnungsstelle).]
[Im Fall von Umtausch-Schuldverschreibungen einfügen:]
§4b
"Wandlungsverhältnis" bedeutet [Betrag einfügen] vorbehaltlich einer Anpassung gemäß §4e.
73
"Wandlungskurs" bedeutet [Kurs einfügen] vorbehaltlich einer Anpassung gemäß §4e.
"Wandlungsrecht" bedeutet das Recht eines Anleihegläubigers, die Schuldverschreibungen
entweder durch Lieferung der Basiswerte oder durch Zahlung des Equity-bezogenen
Rückzahlungsbetrags zurückgezahlt zu bekommen.
"Abrechnungsbetrag bei Lieferungsstörung" bedeutet [Betrag einfügen]
"Lieferungsstelle" bedeutet [Name und Anschrift der Lieferungsstelle einfügen]
"Equity-Bewertungstag" ist [Datum einfügen].
"Equity-Bewertungszeitpunkt" bedeutet [Zeitpunkt und Finanzzentrum einfügen] am EquityBewertungstag.
"Umtausch-Schuldverschreibungen"
bezeichnet
diejenigen
Equitybezogenen
Schuldverschreibungen, in denen [gemäß dem maßgeblichen Konditionenblatt] ein
Wandlungsrecht besteht.
"Anfänglicher Wandlungskurs" bedeutet [Kurs eintragen].
"Tilgungswahlrecht" bezeichnet das Recht der Anleiheschuldnerin, [wie im Konditionenblatt
bestimmt,] die Schuldverschreibungen entweder durch Lieferung der Basiswerte oder durch
Zahlung des Equity-bezogenen Rückzahlungsbetrags zu tilgen.
"Reverse-Umtausch-Schuldverschreibungen" bezeichnet diejenigen Equitybezogenen
Schuldverschreibungen, in denen [gemäß dem maßgeblichen Konditionenblatt] ein
Tilgungswahlrecht gilt.
"Lieferungstag" bedeutet im Fall der Tilgung einer Serie von Schuldverschreibungen durch
Lieferung der Basiswerte denjenigen von der Berechnungsstelle genehmigten Geschäftstag, der
auf den vorzeitigen Rückzahlungstag oder den Fälligkeitstag fällt oder jeweils frühestmöglich
nach diesem folgt, soweit diese Bedingungen keine ergänzende Regelung dazu enthalten.
"Lieferungsstörung" bezeichnet im Hinblick auf eine Aktie ein Ereignis, welches außerhalb der
Kontrolle der Parteien liegt und welches dazu führt, dass das maßgebliche Clearing-System die
Übertragung der Aktien nicht abwickeln kann.
§4c
(Wandlungsrecht[. Kündigung und Zahlung.])
[[Im Fall eines Tilgungswahlrechts:]
(1)
Tilgungswahlrecht. Die Anleiheschuldnerin hat das Recht, alle, und nicht nur einige
Schuldverschreibungen entweder (i) durch Lieferung der Basiswerte oder (ii) durch Zahlung des
Rückzahlungsbetrags zu tilgen, in beiden Fällen zusammen mit aufgelaufenen Zinsen. Im Fall
von (i) erfolgt die Lieferung am Lieferungstag gemäß den Bestimmungen des folgenden §4d. Im
Fall von (ii) erfolgt die Zahlung des Rückzahlungsbetrags am [Fälligkeitstag einfügen] (der
"Fälligkeitstag"). Die Anleiheschuldnerin kann in ihrem alleinigen Ermessen am EquityBewertungstag zum Equity-Bewertungszeitpunkt bestimmen, ob (i) oder (ii) die anwendbare
Rückzahlungsmodalität für die Schuldverschreibungen sein wird. Unverzüglich nach Ausübung
ihres Wahlrechts wird die Anleiheschuldnerin die anwendbare Rückzahlungsmodalität der
Berechnungsstelle und den Anleihegläubigern gemäß §12 mitteilen.
74
[[Im Fall eines Wandlungsrechts:]
([•])
Wandlungsrecht. Jeder Anleihegläubiger hat das Recht, (i) die Wandlung aller [und nicht nur
einzelner] [oder nur einzelner] Schuldverschreibungen in Basiswerte oder (ii) Zahlung des
Rückzahlungsbetrags, in beiden Fällen zusammen mit aufgelaufenen Zinsen, zu verlangen. Das
Wandlungsrecht kann [Termine und Modalitäten der Ausübung des Rechts einfügen] [zu den im
Konditionenblatt festgelegten Terminen und Modalitäten ausgeübt werden].]
[[Im Fall, dass "Kündigung und Zahlung" im Konditionenblatt bestimmt ist:]
([•])
Kündigung und Zahlung. Im Fall eines außerordentlichen Ereignisses kann die
Anleiheschuldnerin alle oder nur einige der ausstehenden Schuldverschreibungen zu ihrem
vorzeitigen Rückzahlungsbetrag [oder einem anderen im Konditionenblatt festgelegten Betrag]
zusammen, falls zutreffend, mit bis (ausschließlich) zum Tag der Rückzahlung aufgelaufenen
Zinsen zurückzahlen, wenn die Anleiheschuldnerin die Anleihegläubiger spätestens 5
Geschäftstage vorher gemäß §12 darüber unterichtet hat, und spätestens 7 Geschäftstage vor
dieser Unterrichtung dem Fiscal Agent eine Mitteilung übersandt hat (es sei denn, der Fiscal
Agent handelt als Berechnungsstelle).]
§4d
(Lieferung von Basiswerten)
(1)
Lieferung von Basiswerten. Für jede Schuldverschreibung mit einem Nennbetrag von
[Nennbetrag einfügen] wird die Anleiheschuldnerin am Lieferungstag [Anzahl einfügen]
Basiswerte liefern oder durch die Lieferungsstelle liefern lassen, vorbehaltlich einer Anpassung
gemäß § 4e.
(2)
Lieferungsmethode. Die Lieferung von Basiswerten gemäß Absatz (1) erfolgt an die
Anleihegläubiger oder deren Order durch Gutschrift auf ein durch den Anleihegläubiger am oder
vor dem Lieferungstag zu benennendes Wertpapier-Depotkonto beim Clearing-System. Kein
Anleihegläubiger hat Anspruch auf versprochene oder gezahlte Dividenden oder sonstige
Rechte, die sich aus den Basiswerten ergeben, soweit der Termin, an dem die Basiswerte exDividende oder ohne das sonstige Recht notiert werden, vor dem Termin liegt, an dem die
Basiswerte dem Wertpapier-Depotkonto des Anleihegläubigers gutgeschrieben werden.
(3)
Ausgleichsbetrag. Soweit Schuldverschreibungen gemäß dieser Bestimmung an denselben
Anleihegläubiger zurückgezahlt werden, werden diese zum Zweck der Bestimmung der Anzahl
der Basiswerte, deren Lieferung aus den Schuldverschreibungen verlangt werden kann,
zusammengezählt (insbesondere gilt das auch mit Blick auf die in einem Korb enthaltene
jeweilige Gattung von Basiswerten). Die Anleihegläubiger haben keinen Anspruch auf Zinsen
oder sonstige Zahlungen oder Ausgleichsleistungen, falls die Basiswerte vor dem vorzeitigen
Rückzahlungstermin oder dem Fälligkeitstag geliefert werden. Soweit die Anzahl der
Basiswerte, die nach diesen Bedingungen berechnet worden sind, eine ganze Zahl ergeben,
werden sie an den Anleihegläubiger geliefert. Der Anspruch auf die danach verbeleibenden
Bruchteile an Basiswerten wird durch Barauszahlung dieser Bruchteile erfüllt, die zu diesem
Zweck auf zwei Dezimalstellen abgerundet werden, wie von der Berechnungsstelle auf der
Grundlage des Schlusskurses der Basiswerte an der maßgeblichen Börse berechnet, und ggf. in
Euro konvertiert auf Basis des Umrechnungskurses der Berechnungsstelle an diesem Tag (der
"Ausgleichsbetrag")
(4)
Liefer-Aufwendungen. Alle
Beurkundungsgebühren,
Aufwendungen, insbesondere Depotgebühren,
Registrierungsgebühren,
Transaktionskosten
Abgaben,
oder
75
Ausführungsgebühren, Stempelsteuer, Stempelsteuer-Ersatzsteuer und/oder Steuern und
Abgaben, die wegen der Lieferung der Basiswerte bezüglich einer Schuldverschreibung erhoben
werden, gehen zu Lasten des betreffenden Anleihegläubigers; es erfolgt keine Lieferung der
Basiswerte bezüglich einer Schuldverschreibung, bevor der betreffende Anleihegläubiger nicht
alle Liefer-Aufwendungen zur Befriedigung der Anleiheschuldnerin geleistet hat.
(5)
Keine Verpflichtung. Weder die Anleiheschuldnerin noch der Fiscal Agent sind verpflichtet, den
betreffenden Anleihegläubiger oder irgendeine andere Person vor oder nach einer Wandlung als
Aktionär in irgendeinem Aktionärsregister des Emittenten der Aktien einzutragen oder dafür
Sorge zu tragen, dass er eingetragen wird.
(6)
Lieferungsstörung. Liegt vor und noch andauernd an dem maßgeblichen Lieferungstag nach
Ansicht der Lieferungsstelle eine Lieferungsstörung vor, welche die Lieferung von Basiswerten
undruchführbar macht, so wird der maßgebliche Lieferungstag in Bezug auf die betreffende
Schuldverschreibung auf den nächstfolgenden Geschäftstag verschoben, an dem keine
Lieferungsstörung vorliegt; hiervon ist der betreffende Anleihegläubiger entsprechend §12 zu
informieren. Unter diesen Umständen hat der betreffende Anleihegläubiger keinerlei Anspruch
auf jegliche Zahlungen, seien es Zins- oder sonstige Zahlungen, in Zusammenhang mit der
Verzögerung der Lieferung der entsprechenden Basiswerte gemäß diesem Abschnitt, wobei
jedwede diesbezügliche Haftung der Anleiheschuldnerin ausgeschlossen ist. Die
Anleiheschuldnerin gerät durch diese Verschiebung insbesondere nicht in Verzug. Solange die
Lieferung der Basiswerte in Bezug auf eine Schuldverschreibung wegen einer Lieferungssörung
nicht durchführbar ist, kann die Anleiheschuldnerin nach ihrem alleinigen Ermessen ihre
Verpflichtungen in Bezug auf die betreffende Schuldverschreibung, statt durch Lieferung der
Basiswerte, durch Zahlung des entsprechenden Abrechnungspreises bei Lieferungsstörung an
den betreffenden Anleihegläubiger zu erfüllen, und zwar spätestens am dritten Geschäftstag nach
dem Tag, an dem sie die betreffenden Anleihegläubiger gemäß §12 über ihre entsprechende
Entscheidung informiert hat. Die Zahlung des betreffenden Abrechnungspreises bei
Lieferungsstörung erfolgt auf die den Anleihegläubigem gegebenenfalls entsprechend §12
mitgeteilte Art und Weise.
§4e
(Anpassung durch die Berechnungsstelle)
[(1)]
Anpassungsereignis. Im Fall eines Anpassungsereignisses wird die Berechnungsstelle feststellen,
ob dieses Anpassungsereignis eine verwässernde oder werterhöhende Wirkung auf den
theoretischen Wert der Aktien hat; stellt die Berechnungsstelle eine solche verwässernde oder
werterhöhende Wirkung fest, wird sie
(a)
gegebenenfalls die entsprechende Anpassung eines Wandlungskurses oder eines
Wandlungsverhältnisses oder einer jeglichen sonstigen Berechnungsgröße vornehmen,
die nach Ansicht der Berechnungsstelle geeignet ist, dieser verwässernden oder
werterhöhenden Wirkung Rechnung zu tragen (wobei keine Anpassungen
vorgenommen werden, die lediglich Veränderungen der Volatilität, erwarteten
Dividendenausschüttungen, des Wertpapierleihsatzes oder der Liquidität in den
betreffenden Aktien Rechnung tragen sollen); und
(b)
die Tage bzw. den Tag des Wirksamwerdens der entsprechenden Anpassung(en)
festlegen. In einem solchen Fall gelten die entsprechenden Anpassungen als per diesem
Tag/diesen Tagen vorgenommen. Die Berechnungsstelle kann (muss jedoch nicht) die
entsprechenden Anpassungen unter Verweisung auf diejenigen Anpassungen bezüglich
76
eines einschlägigen Anpassungsereignisses festlegen, die an einer Optionsbörse
vorgenommen werden.
Nach Vornahme einer solchen Anpassung wird die Berechnungsstelle die Anleihegläubiger
hiervon sobald als praktikabel gemäß §12, unter Angabe der vorgenommenen Anpassung sowie
einiger weniger Details hinsichtlich des Anpassungsereignisses unterrichten. Die
Berechnungsstelle kann insbesondere zusätzlich zur oder an Stelle einer Veränderung
irgendwelcher Bedingungen gemäß den oben dargestellten Bestimmungen an die
Anleihegläubiger der betreffenden ausstehenden Schuldverschreibungen zusätzliche
Schuldverschreibungen ausgeben oder einen Geldbetrag ausschütten. Eine solche Ausgabe
zusätzlicher Schuldverschreibungen kann auf der Basis "Zahlung gegen Lieferung" oder
"Lieferung frei von Zahlung" erfolgen.
[[Falls "Anpassung durch die Berechnungsstelle" im Konditionenblatt bestimmt ist:]
([2])
Außerordentliches Ereignis. Im Fall eines außerordentlichen Ereignisses wird die
Berechnungsstelle diejenigen Anpassungen der Tilgungs-, Lieferungs-, Zahlungs- und sonstigen
Bedingungen der Schuldverschreibungen vornehmen, die sie als angemessen dafür bestimmt,
den wirtschaftlichen Auswirkungen eines solchen außerordentlichen Ereignisses auf die
Schuldverschreibungen Rechnung zu tragen, wenn die Berechnungsstelle die Anleihegläubiger
spätestens 5 Geschäftstage vorher gemäß §12 darüber unterichtet hat, und spätestens 7
Geschäftstage vor dieser Unterrichtung dem Fiscal Agent eine Mitteilung übersandt hat (es sei
denn, der Fiscal Agent handelt als Berechnungsstelle).]
77
GERMAN VERSION OF THE SUPPLEMENT TO THE GENERAL TERMS AND
CONDITIONS OF THE NOTES FOR CREDIT LINKED NOTES
DEUTSCHE FASSUNG DER ERGÄNZUNG DER ALLGEMEINEN ANLEIHEBEDINGUNGEN
FÜR KREDITBEZOGENE ANLEIHEN
Die allgemeinen Anleihebedingungen werden durch Einfügung der unten abgedruckten Bestimmungen
ersetzt oder ergänzt. Die Definitionen, die in diesen ergänzenden Bestimmungen enthalten sind, werden
durch zusätzliche Definitionen im Konditionenblatt ergänzt bzw. ersetzt.
§4a
(Definitionen)
"Insolvenz" (Bankruptcy) liegt vor, wenn (i) ein Referenzschuldner aufgelöst wird (es sei denn, dies
beruht auf einer Konsolidierung (consolidation), Vermögensübertragung (amalgamation) oder
Verschmelzung (merger)); (ii) ein Referenzschuldner überschuldet (insolvent) oder zahlungsunfähig wird
(unable to pay its debts), oder es unterlässt, seine Verbindlichkeiten zu bezahlen, oder in einem
gerichtlichen, aufsichtsrechtlichen oder Verwaltungsverfahren schriftlich seine Unfähigkeit eingesteht,
generell seine Verbindlichkeiten bei Fälligkeit zu bezahlen; (iii) ein Referenzschuldner einen
Liquidationsvergleich (general assignment), Gläubigervergleich (arrangement) oder Insolvenzvergleich
(composition) mit oder zugunsten seiner Gläubiger vereinbart; (iv) durch oder gegen einen
Referenzschuldner ein Verfahren zur Insolvenz- oder Konkurseröffnung oder ein sonstiger Rechtsbehelf
(relief) nach irgendeiner Insolvenz- oder Konkursordnung oder nach einem sonstigen vergleichbaren
Gesetz, das Gläubigerrechte betrifft, eingeleitet wurde oder eingeleitet wird, oder bezüglich eines
Referenzschuldners ein Antrag auf Auflösung (winding up) oder Liquidation (liquidation) gestellt wird,
und im Falle eines solchen Verfahrens oder eines solchen Antrags (A) entweder ein Urteil, in dem eine
Insolvenz- oder Konkursfeststellung getroffen wird, oder eine Rechtsschutzanordnung oder eine
Anordnung zur Auflösung oder Liquidation ergeht, oder (B) das Verfahren oder der Antrag nicht
innerhalb von dreißig Kalendertagen nach Eröffnung oder Antragstellung abgewiesen, erledigt,
zurückgenommen oder ausgesetzt wird; (v) bezüglich eines Referenzschuldners ein Beschluss über
dessen Auflösung, Fremdverwaltung (official management) oder Liquidation gefasst wird, es sei denn,
dies beruht auf einer Konsolidierung, Vermögensübertragung oder Verschmelzung; (vi) ein
Referenzschuldner die Bestellung eines Verwalters, vorläufigen Liquidators, Konservators,
Zwangverwalters, Treuhänders, Verwahrers oder einer anderen Person mit vergleichbarer Funktion für
sich oder sein gesamtes Vermögen oder wesentliche Vermögensteile beantragt oder einem solchen
unterstellt wird; (vii) eine besicherte Partei das gesamte oder einen wesentlichen Teil des Vermögens
eines Referenzschuldners in Besitz nimmt oder hinsichtlich des gesamten oder eines wesentlichen Teils
des Vermögens eines Referenzschuldners eine Beschlagnahme, Pfändung, Sequestration oder ein anderes
rechtliches Verfahren eingeleitet, durchgeführt oder vollstreckt wird und die besicherte Partei den Besitz
für dreißig Kalendertage danach behält oder ein solches Verfahren nicht innerhalb von dreißig
Kalendertagen danach abgewiesen, erledigt, zurückgenommen oder ausgesetzt wird; oder (viii) ein auf
einen Referenzschuldner bezogenes Ereignis eintritt, welches nach den anwendbaren Vorschriften einer
jeden Rechtsordnung eine den in (i) bis (vii) (einschließlich) genannten Fällen vergleichbare Wirkung hat.
"Kreditereignis" (Credit Event) bezeichnet [nach Maßgabe der Bestimmungen im Konditionenblatt] das
Vorliegen einer von der Berechnungsstelle festgestellten [Insolvenz, Nichtzahlung, Vorzeitige
Fälligstellung von Verbindlichkeiten, Leistungsstörungen im Zusammenhang mit Verbindlichkeiten,
Nichtanerkennung/Moratorium oder Restrukturierung].
"Mitteilung des Kreditereignisses" (Credit Event Notice) bezeichnet eine unwiderrufliche schriftliche
Mitteilung der Berechnungsstelle an die Anleihegläubiger gemäß §12 (welche die Berechnungsstelle
jederzeit abgeben kann, jedoch nicht abgeben muss), in der ein Kreditereignis beschrieben wird, welches
sich innerhalb der Referenzperiode ereignet hat. Die "Mitteilung des Kreditereignisses" muss eine
78
hinreichend detaillierte Beschreibung der für die Feststellung des Eintritts eines "Kreditereignisses"
maßgeblichen Tatsachen enthalten. Es ist nicht erforderlich, dass das Kreditereignis, auf das sich die
Mitteilung des Kreditereignisses bezieht, im Zeitpunkt des Wirksamwerdens der Mitteilung des
Kreditereignisses fortdauert.
Der "Kreditbezogene Rückzahlungstermin" (Credit Linked Redemption Date) ist, falls ein
Kreditbezogener Rückzahlungsbetrag als [Währung einfügen]-Betrag [im Konditionenblatt] festgelegt ist,
der zehnte Geschäftstag nach der Mitteilung des Kreditereignisses [und der Mitteilung einer Öffentlich
Verfügbaren Information] oder, falls ein Kreditbezogener Rückzahlungsbetrag nicht als [Währung
einfügen]-Betrag [im Konditionenblatt] festgelegt ist, der zehnte Geschäftstag nach Bestimmung des
Endgültigen Preises.
Der "Kreditbezogene Rückzahlungsbetrag" (Credit Linked Redemption Amount) ist ein Betrag pro
Nennbetrag, der [keinesfalls kleiner als die Kapitalgarantie ist und] [lautet: [Betrag einfügen]] [sich aus
der Differenz zwischen dem Nennbetrag und dem größeren Betrag aus (i) Null oder aus (ii) dem Produkt
aus dem Nennbetrag und der Differenz zwischen dem Referenzpreis und dem Endgültigen Preis ergibt.]
[andere Formel einfügen].
"Kündigungsschwellenbetrag" (Default Requirement) ist [Betrag einfügen] [der im Konditionenblatt
ausgewiesene Betrag oder sein Gegenwert in der jeweiligen Währung der Verbindlichkeit] [falls kein
Betrag bestimmt ist: ein Betrag von USD 10.000.000 (oder dem entsprechenden Gegenwert in der
jeweiligen Währung, auf den die Verbindlichkeit zum Zeitpunkt des jeweiligen Kreditereignisses lautet)].
"Ausgeschlossene Verbindlichkeiten" (Excluded Obligations) sind [Verbindlichkeiten oder Art von
Verbindlichkeiten einfügen].
"Nichtzahlung" (Failure to Pay) liegt vor, wenn ein Referenzschuldner es nach Ablauf einer etwaigen
Nachfrist (nach Eintritt etwaiger aufschiebender Bedingungen für den Beginn einer solchen Nachfrist)
versäumt, zum Zeitpunkt und am Ort der Fälligkeit Zahlungen zu leisten, deren Gesamtbetrag mindestens
dem Zahlungsschwellenbetrag einer oder mehrerer Verbindlichkeiten gemäß den Konditionen für die
Verbindlichkeiten zum Zeitpunkt des Versäumnisses entspricht.
"Endgültiger Preis" (Final Price) ist [Festlegungen zur Bestimmung des Endgültigen Preises
einschließlich jedweder von der Berechnungsstelle zu beachtender Bewertungsabläufe einfügen].
"Regierungsbehörde" (Governmental Authority) bedeutet jede de facto oder de jure Regierungsstelle
(oder jede Behörde, jede Einrichtung, jedes Ministerium oder jede Dienststelle derselben), jedes Gericht
oder Tribunal, jede Verwaltungs- oder andere Regierungsdienststelle oder jedes andere Gebilde (privat
oder öffentlich), das oder die mit der Regulierung der Finanzmärkte (einschließlich der Zentralbank), in
denen der Referenzschuldner tätig ist, oder der Jurisdiktion bzw. der Organisation eines
Referenzschuldners betraut ist.
"Nachfrist" (Grace Period) bezeichnet [Nachfrist bezeichnen] [jede im Konditionenblatt angegebene
Nachfrist].
"Mitteilungszeitraum" (Notice Delivery Period) bezeichnet den Zeitraum ab dem Begebungstag
(einschließlich) bis zu dem 14. Kalendertag nach dem Fälligkeitstag (einschließlich).
"Mitteilung einer Öffentlich Verfügbaren Information" (Notice of Publicly Available Information)
bedeutet [Definition einfügen].
"Verbindlichkeit" (Obligation) bezeichnet (a) jede anhand von [Methodik zur Bestimmung einfügen]
bestimmte Verbindlichkeit [,] [und] (b) jede nicht als Ausgeschlossene Verbindlichkeit bestimmte
79
Referenzverbindlichkeit [und (c) jede Verbindlichkeit eines Referenzschuldners, die als solche im
Konditionenblatt bestimmt ist].
"Vorzeitige Fälligstellung von Verbindlichkeiten" (Obligation Acceleration) bedeutet, dass eine oder
mehrere, mit ihrem Gesamtbetrag mindestens dem Kündigungsschwellenbetrag entsprechende
Verbindlichkeiten, im Hinblick auf einen Referenzschuldner aus einer oder mehreren Verbindlichkeiten
fällig und zahlbar gestellt sind, bevor sie anderweitig infolge oder aufgrund einer Leistungsstörung, eines
Verzugsfalls oder eines ähnlichen Umstandes oder Ereignisses (gleich welcher Art) fällig geworden
wären, mit der Ausnahme der Versäumnis, eine erforderliche Zahlung zu bewirken.
"Währung der Verbindlichkeit" (Obligation Currency) bezeichnet die Währung oder die Währungen,
auf die die Verbindlichkeit lautet bzw. lauten.
"Leistungsstörungen im Zusammenhang mit Verbindlichkeiten" (Obligation Default) bedeutet, dass
eine oder mehrere, mindestens dem Kündigungsschwellenbetrag entsprechende Verbindlichkeiten, fällig
gestellt werden kann bzw. können, bevor sie anderweitig infolge oder aufgrund einer Leistungsstörung,
eines Verzugsfalls oder eines ähnlichen Umstands oder Ereignisses (jeglicher Art) fällig geworden wären,
mit der Ausnahme von Zahlungsverzug im Hinblick auf einen Referenzschuldner aus einer oder mehreren
Verbindlichkeiten.
"Zahlungsschwellenbetrag" (Payment Requirement) ist [Betrag einfügen] [der im Konditionenblatt
ausgewiesene Betrag oder sein Gegenwert in der jeweiligen Währung der Verbindlichkeit] [falls kein
Betrag bestimmt ist: ein Betrag in Höhe von USD 1.000.000 (oder den Gegenwert in der entsprechenden
Währung der Verbindlichkeit) bei Eintritt einer Nichtzahlung oder Potentiellen Nichtzahlung].
"Potentielle Nichtzahlung" (Potential Failure to Pay) bezeichnet, ungeachtet einer Nachfrist oder
aufschiebenden Bedingung im Hinblick auf den Beginn einer für eine Verbindlichkeit geltenden
Nachfrist, das Versäumnis eines Referenzschuldners, zum Zeitpunkt und am Ort der Fälligkeit Zahlungen
in einem mindestens dem Zahlungsschwellenbetrag aus einer oder mehreren Verbindlichkeiten
entsprechenden Gesamtbetrag gemäß den zum Zeitpunkt dieses Versäumnisses gültigen Bedingungen
dieser Verbindlichkeiten zu tätigen.
"Referenzschuldner" (Reference Entity) ist [Referenzschuldner einfügen]
Rechtsnachfolger) [oder jede Person, die als solcher im Konditionenblatt bestimmt ist].
(oder
dessen
"Referenzverbindlichkeit" (Reference Obligation) ist [Referenzverbindlichkeiten einfügen].
"Referenzperiode" (Reference Period) ist [Zeitraum einfügen] [falls kein Zeitraum angegeben ist: der
Zeitraum ab einschließlich des Begebungstags bis einschließlich dem letzten Geschäftstag vor dem
Fälligkeitstag] [der im Konditionenblatt bestimmte Zeitraum].
"Referenzpreis" (Reference Price) ist [100 %] [einfügen].
"Nichtanerkennung/Moratorium" (Repudiation/Moratorium) bezeichnet den Eintritt der beiden
folgenden Ereignisse: (i) ein Vertretungsberechtiger eines Referenzschuldners oder einer
Regierungsbehörde (A) erkennt die Geltung einer oder mehrerer Verbindlichkeiten in einer mindestens
dem Kündigungsschwellenbetrag entsprechenden Gesamtsumme nicht an bzw. bestreitet die Geltung
einer oder mehrerer Verbindlichkeiten ganz oder teilweise, lehnt sie ganz oder teilweise ab oder weist sie
ganz oder teilweise zurück oder (B) erklärt oder verhängt, entweder de facto oder de jure, ein
Moratorium, Stillhalteabkommen, eine Verlängerung oder Stundung im Hinblick auf eine oder mehrere
Verbindlichkeiten in einer mindestens dem Kündigungsschwellenbetrag entsprechenden Gesamtsumme
und (ii) eine Nichtzahlung, die ungeachtet des Zahlungsschwellenbetrags festgelegt wird, oder eine
Restrukturierung, die ungeachtet des Kündigungsschwellenbetrags festgelegt wird, treten im
80
Zusammenhang mit Verbindlichkeiten an oder vor einem Nichtanerkennung-/Moratorium-Bewertungstag
ein.
"Nichtanerkennung-/Moratorium-Bewertungstag" (Repudiation/Moratorium Evaluation Date)
bezeichnet den Tag, der 60 Tage nach dem in (i)(A) in der Definition von Nichtanerkennung/Moratorium
beschriebenen Ereignis liegt, oder, sofern die Verbindlichkeiten, auf die sich die
Nichtanerkennung/Moratorium bezieht, Anleihen umfassen, den ersten Zahlungstermin im Hinblick auf
eine Anleihe, der nach dem in (i)(A) in der Definition von Nichtanerkennung/Moratorium beschriebenen
Ereignis liegt, falls dies der spätere Termin ist.
"Restrukturierung" (Restructuring) bedeutet, dass im Hinblick auf eine oder mehrere Verbindlichkeiten
in Bezug auf einen Gesamtbetrag, der nicht unter dem Kündigungsschwellenbetrag liegt, eines oder
mehrere der nachstehend beschriebenen Ereignisse in einer Form, eintritt, die für sämtliche Inhaber einer
solchen Verbindlichkeit bindend ist, bezüglich eines oder mehrerer der nachstehend beschriebenen
Ereignisse eine Vereinbarung zwischen einem Referenzschuldner oder einer Regierungsbehörde und
einer ausreichenden Anzahl von Inhabern der jeweiligen Verbindlichkeit getroffen wird, um alle Inhaber
der Verbindlichkeit zu binden, oder bezüglich eines oder mehrerer der nachstehend beschriebenen
Ereignisse eine Ankündigung oder anderweitige, den Referenzschuldner bindende Anordnung durch
einen Referenzschuldner oder eine Regierungsbehörde in einer Form erfolgt, durch die sämtliche Inhaber
einer solchen Verbindlichkeit gebunden werden, und ein solches Ereignis nicht in den am Begebungstag
oder, falls dieser nach dem Begebungstag liegt, zum Zeitpunkt der Begebung bzw. Entstehung der
Verbindlichkeit für diese Verbindlichkeit geltenden Bedingungen bereits geregelt ist:
(a)
Eine Reduzierung des vereinbarten Zinssatzes oder des zu zahlenden Zinsbetrags, oder
der vertraglich vorgesehenen Zinsen (scheduled interest accruals);
(b)
eine Reduzierung des bei Fälligkeit oder zu den vereinbarten Rückzahlungsterminen zu
zahlenden Kapitalbetrages oder einer Prämie;
(c)
eine Verlegung oder eine Verschiebung eines oder mehrerer Termine für (A) die
Zahlung oder Entstehung von Zinsen oder (B) die Zahlung von Kapitalbeträgen oder
Prämien;
(d)
eine Veränderung in der Rangfolge von Zahlungen auf eine Verbindlichkeit, die zu
einer Nachrangigkeit dieser Verbindlichkeit führt; oder
(e)
eine Änderung der Währung oder der Zusammensetzung von Zins- oder
Kapitalzahlungen zu einer Währung, die nicht (1) die gesetzlichen Zahlungsmittel der
G7-Staaten (oder eines Staates, der im Falle der Erweiterung der G7-Gruppe Mitglied
der G7-Gruppe wird); oder (2) das gesetzliche Zahlungsmittel eines Staates, der zum
Zeitpunkt der Änderung Mitglied der OECD ist und dessen langfristige
Verbindlichkeiten in der entsprechenden Landeswährung von Standard & Poor's, ein
Unternehmen der The McGraw-Hill Companies, Inc., oder einem Nachfolger dieser
Ratingagentur mit AAA oder besser, von Moody's Investor Service oder einem
Nachfolger dieser Ratingagentur mit Aaa oder besser, oder von Fitch Ratings oder
einem Nachfolger dieser Ratingagentur mit AAA oder besser bewertet wird.
Ungeachtet der Bestimmungen von oben gelten nicht als "Restrukturierung" (x) eine Zahlung in Euro auf
Zinsen oder Kapital im Hinblick auf eine Verbindlichkeit, die auf eine Währung eines Mitgliedstaates der
Europäischen Union lautet, der die gemeinsame Währung nach Maßgabe des Vertrags zur Gründung der
Europäischen Gemeinschaft, geändert durch den Vertrag über die Europäische Union, einführt oder
eingeführt hat; (y) der Eintritt, die Vereinbarung oder die Verkündung eines der in Abschnitt (a) bis (e)
81
oben genannten Ereignisse, sofern dies auf administrativen, buchhalterischen, steuerlichen oder sonstigen
technischen Anpassungen, die im Rahmen des üblichen Geschäftsablaufs vorgenommen werden, beruht;
und (z) der Eintritt, die Vereinbarung oder die Verkündung eines der in Abschnitt (a) bis (e) oben
genannten Ereignisse, sofern es auf Umständen beruht, die weder direkt noch indirekt mit einer
Verschlechterung der Bonität oder finanziellen Situation eines Referenzschuldners zusammenhängen.
§4b
(Zahlung des Kreditbezogenen Rückzahlungsbetrag)
Die Schuldverschreibungen werden am [Fälligkeitstag einfügen] (dem "Fälligkeitstag") zurückgezahlt;
(i) Stellt die Berechnungsstelle an irgendeinem Tag innerhalb der Referenzperiode den Eintritt eines
Kreditereignisses fest und (ii) wird eine Mitteilung eines Kreditereignisses [und eine Mitteilung über eine
Öffentlich Zugängliche Information] an einem Tag innerhalb des Mitteilungszeitraums wirksam, die von
der Berechnungsstelle gemäß §12 an die Anleihegläubiger übermittelt worden ist, [werden die
am
Kreditbezogenen
Rückzahlungstermin
zum
Kreditbezogenen
Rückzahlungsbetrag zurückgezahlt und es besteht keine Verpflichtung der Anleiheschuldnerin, Zinsen für
die zum Zeitpunkt des Kreditbezogenen Rückzahlungstermins laufende Zinsperiode oder eine folgende
Zinsperiode zu zahlen] [falls eine Kapitalgarantie anwendbar ist: besteht keine Verpflichtung der
Anleiheschuldnerin, Zinsen für die zum Zeitpunkt des Kreditbezogenen Rückzahlungstermins laufende
Zinsperiode oder eine folgende Zinsperiode zu zahlen].
82
FORM OF PRICING SUPPLEMENT
(MUSTER-KONDITIONENBLATT)
PRICING SUPPLEMENT
KONDITIONENBLATT
[POTENTIAL PURCHASERS OF THESE NOTES SHOULD BE AWARE THAT THE RETURN OF
PRINCIPAL IS LINKED TO THE VALUE OF EQUITY SECURITIES. MOVEMENTS IN THE
VALUE OF THE EQUITY SECURITIES MAY ADVERSELY AFFECT THE VALUE OF THESE
NOTES.
ERWERBER DIESER SCHULDVERSCHREIBUNGEN MÜSSEN BERÜCKSICHTIGEN, DASS DER
RÜCKZAHLUNGSBETRAG VOM WERT VON AKTIEN ABHÄNGT. EINE VERÄNDERUNG DES
WERTES DIESER AKTIEN KANN NACHTEILIGE AUSWIRKUNGEN AUF DEN WERT DER
SCHULDVERSCHREIBUNGEN HABEN]
[POTENTIAL PURCHASERS OF THESE NOTES SHOULD UNDERSTAND THAT RETURN OF
PRINCIPAL WILL BE DEPENDENT UPON THE PERFORMANCE OF THE INDEX OR INDICES.
RÜCKZAHLUNGSBETRAG VON DER WERTENTWICKLUNG EINES INDEX ODER VON INDIZES
ABHÄNGT.]
[POTENTIAL PURCHASERS OF THESE NOTES SHOULD UNDERSTAND THAT IF A CREDIT
EVENT CCURS, THE NOTE WILL BE REDEEMED AT AN AMOUNT WHICH MAY BE LOWER
THAN THE OTHERWISE PREVAILING REDEMPTION AMOUNT.
RÜCKZAHLUNGSBETRAG BEIM EINTRITT EINES KREDITEREIGNISSES NIEDRIGER ALS SONST
VORGSEHEN SEIN KANN ]
[IN NO CIRCUMSTANCES MAY THE NOTES BE REDEEMED AT MATURITY FOR LESS THAN
THE PROTECTION AMOUNT
DIE RÜCKZAHLUNG BEI ENDFÄLLIGKEIT ERFOLGT MINDESTENS ZUM GARANTIEBETRAG]
ISIN:
Common Code:
Other securities code:
[•]
[•]
[●]
[insert Date]
Issue of [Aggregate Nominal Amount of Tranche] [Title of Notes] (the "Notes")
unconditionally and irrevocably guaranteed by Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland)
under the Euro 250,000,000 German Debt Issuance Programme
[This Pricing Supplement is issued to give details of an issue of Notes under the Euro 250,000,000
German Debt Issuance Programme of Rabo Securities N.V. (the "Programme") and is to be read in
conjunction with the Terms and Conditions of the Notes (the "Terms and Conditions") set forth in the
Offering Circular relating to the Programme dated 28 November 2003. Capitalised Terms not otherwise
defined herein shall have the meanings specified in the Terms and Conditions.
Dieses Konditionenblatt enthält Angaben zur Begebung von Schuldverschreibungen unter dem
Euro 250,000,000 German Debt Issuance Programme der Rabo Securities N.V. (das „Programm") und
ist in Verbindung mit den Anleihebedingungen der Schuldverschreibungen (die „Anleihebedingungen")
zu lesen, die in der Fassung vom 28. November 2003 des Offering Circular über das Programm enthalten
83
sind. Begriffe, die in den Anleihebedingungen definiert sind, haben, falls das Konditionenblatt nicht etwas
anderes bestimmt, die gleiche Bedeutung, wenn sie in diesem Konditionenblatt verwendet werden.]
1
[The Pricing Supplement is to be read in conjunction with the Offering Circular dated 28 November 2003.
The Conditions applicable to the Notes (the „Conditions") and the German or English language
translation thereof, if any, are attached to this Pricing Supplement. They replace in full the Terms and
Conditions of the Notes as set out in the Offering Circular and take precedence over any conflicting
provisions of this Pricing Supplement.
Das Konditionenblatt ist in Verbindung mit dem Offering Circular vom 28. November 2003 zu lesen. Die
für die Schuldverschreibungen geltenden Bedingungen (die „Bedingungen") sowie eine etwaige deutschoder englischsprachige Übersetzung sind diesem Konditionenblatt beigefügt. Die Bedingungen ersetzen
in Gänze die im Offering Circular abgedruckten Anleihebedingungen und gehen etwaigen abweichenden
2
Bestimmungen dieses Konditionenblattes vor.]
All references in this Pricing Supplement to numbered sections are to sections of the Terms and
Conditions and all provisions in the Terms and Conditions corresponding to items in this Pricing
Supplement 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 Notes (the "Conditions").
Bezugnahmen in diesem Konditionenblatt auf Paragraphen beziehen sich auf die Paragraphen der
Anleihebedingungen und sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieses
Konditionenblattes beziehen und die weder angekreuzt noch ausgefüllt werden oder die gestrichen
werden, gelten als in den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die
„Bedingungen") gestrichen.
Capitalised terms used in the section relating to Index Linked Notes, Equity Linked Notes and Credit
Linked Notes and not otherwise defined herein or in the Conditions shall have the meaning set out in the
2002 ISDA Equity Deriviatives Definitions and, as the case may be, in the 2003 ISDA Credit Derivatives
Definitions published by the International Swaps and Derivatives Association, Inc., save that any
references to the 'Related Confirmation' shall be deemed to refer to the 'relevant Pricing Supplement'
In den Abschnitten über Index-, Equity- und Kreditbezogene Anleihen groß geschriebene Begriffe, haben,
soweit sie hier nicht anders definiert sind und soweit sich aus diesem Pricing Supplement nichts anders
ergibt, die selbe Bedeutung wie in den 2002 ISDA Equity Derivatives Definitions bzw. in den 2003 ISDA
Credit Derivatives Definitions, veröffentlicht durch die International Swap and Derivatives Association,
Inc.. Bezugnahmen in den 2003 ISDA Credit Derivatives Definitions auf die "Related Confirmation"
gelten als Bezugnahmen auf das jeweilige "Pricing Supplement".
[The Issuer accepts responsibility for the information contained in this Pricing Supplement, save for the
information regarding the issuer(s) of the Underlying Securities, the Index, the Indices [or the Reference
Obligation]. To the best knowledge and belief of the Issuer, save for the information regarding the
issuer(s) of the Underlying Securities [or the Reference Obligation] the information contained in this
Pricing Supplement, is accurate and complete and not misleading. The information included herein with
respect to (the issuer(s) of) the Underlying Securities, the Index, the Indices [or the Reference Obligation]
consists of extracts from, or summaries of, annual reports and other publicly available information. The
Issuer makes no representation that any publicly available information or any other publicly available
1
2
To be inserted in the case of non-consolidated conditions.
Einzufügen im Falle von nicht-konsolidierten Bedingungen.
To be inserted in the case of consolidated conditions.
84
documents regarding the issuer(s) of the Underlying Securities, [the Reference Obligation], the Index or
the Indices are accurate and complete and does not accept any responsibility in respect of such
information. There can be no assurance that all events occurring prior to the date of this Pricing
Supplement that would affect the trading price of the Underlying Securities, [the Reference Obligation],
the Index or the Indices (and therefore the trading price and value of the Notes) have been publicly
disclosed. Subsequent disclosure of any such events or the disclosure or failure to disclose material future
events concerning the Underlying Securities, the [Reference Obligation], the Index or Indices could affect
the trading price and value of the Notes.]
This Pricing Supplement does not constitute an offer to sell or the solicitation of an offer to buy any Notes
or an investment recommendation. Neither the delivery of this Pricing Supplement nor any sale hereunder
shall, under any circumstances, create any implication that there has been no change in the affairs of the
Issuer or the issuer(s) of the Underlying Securities since the date hereof or that the information contained
herein is correct as of any date subsequent to this date.
The distribution of this Pricing Supplement and the offering, sale and delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Pricing Supplement comes are
required by the Issuer to inform themselves about and to observe any such restrictions. For a further
description of certain restrictions on the offering and sale of the Series, see 'Subscription and Sale' in the
Prospectus as supplemented or amended by this Pricing Supplement.
1.
2.
(i)
Issuer:
Anleiheschuldnerin:
(ii)
Guarantor:
Garantiegeberin:
Coöperatieve Centrale RaiffeisenBoerenleenbank B.A.
[(i)]
Series Number:
Nummer der Anleihe:
[]
[]
[(ii)
Tranche Number:
Nummer der Tranche
3.
Specified Currency or Currencies:
Währung(en):
[ ] (if fungible with an existing Series,
details of that Series, including the date on
which the Notes become fungible)
[ ] (falls fungibel mit einer bestehenden
Anleihe, Einzelheiten zu dieser Anleihe,
einschließlich des Tages der Zusammenlegung)]
[]
[]
4.
Aggregate Nominal Amount:
Gesamtnennbetrag:
[]
[]
[(i)]
Series:
der Serie:
[]
[]
[(ii)
Tranche:
der Tranche:
[]
[ ]]
[(i)]
Issue Price:
[ ] per cent. of the Nominal Amount [plus
5.
Einzufügen im Falle von konsolidierten Bedingungen.
85
[(ii)
Emissionspreis:
accrued interest from [insert date] (in the
case of fungible issues only, if required)]
[ ] % des Nennbetrages [zuzüglich
aufgelaufener Zinsen ab [Datum einfügen]
(nur bei fungiblen Tranchen, wenn
erforderlich)]
Net proceeds:
Emissionserlös:
[ ] (required only for listed issues)
[ ] (nur im Fall einer Börsenzulassung)]
6.
Specified Denomination(s):
Nennbetrag/-beträge:
[]
[]
7.
[(i)]
Issue Date:
Begebungstag:
[]
[]
[(ii)
Interest Commencement Date:
Verzinsungsbeginn:
[ ] (only if different from Issue Date)
[ ] (nur wenn nicht der Begebungstag)]
8.
Maturity Date:
Fälligkeitstag:
[]
[]
9.
(i)
Interest Basis:
Zinsmodalität:
[[ ] per cent. Fixed Rate
[ ]% Festzinssatz]
[LIBOR/EURIBOR/[other] +-[ ] per cent.
LIBOR/EURIBOR/[Anderer]+-[ ] % Marge]
[Zero Coupon
Null-Kupon-Schuldverschreibung]
[Index Linked Interest
Indexbezogene Verzinsung]
[Equity Linked Interest
Equitybezogene Verzinsung]
[Credit Linked Index
Kreditbezogene Verzinsung]
[Other (specify)
andere Zinsmodalität]
(further particulars specified below)
(weitere Angaben unten)
(ii)
Day Count Fraction:
Zinstagequotient:
[Actual/Actual (ISMA)]
[30/ 360]
[30E/ 360 or Eurobond Basis]
[Actual/ 365 or Actual/Actual (ISDA)]
[Actual/ 365 (Fixed)]
[Actual/ 360]
[other] [andere]
10.
Redemption/ Payment Basis:
Rückzahlungsmodalität:
[Redemption at par
Rückzahlung zum Nennbetrag]
[Index Linked Redemption
Indexbezogene Rückzahlung]
86
[Equity Linked Redemption
Equitybezogene Rückzahlung]
[Credit Linked Redemption
Kreditbezogene Rückzahlung]
[Interest Linked Redemption
Zinsbezogene Rückzahlung]
[Other (specify)
andere Rückzahlungsmodalität]
11.
Change of Interest or Redemption/Payment Basis:
Wechsel der Zins- oder Rückzahlungsmodalität:
[specify details of any provision for change
of Notes into another Interest Basis or
Redemption/ Payment Basis] [Not
Applicable]
[Einzelheiten zum Wechsel der Zins- oder
Rückzahlungsmodalität] [Nicht anwendbar]
12.
Put/Call Options:
Gläubigerkündigungsrechte/
Kündigungsrechte der Anleiheschuldnerin:
[Investor Put
Gläubigerkündigungsrecht]
[Issuer Call
Kündigungsrecht der Anleiheschuldnerin]
(further particulars specified below)
(zusätzliche Einzelheiten unten)
13.
Status der Schuldverschreibungen:
[Unsubordinated/ Subordinated]
[Nicht nachrangig/Nachrangig]
14.
Listing:
Börsenzulassung:
[specify][Not Applicable]
[ausführen][Nicht anwendbar]
15.
Method of distribution:
Art der Platzierung:
[Syndicated/ Non-Syndicated]
[Syndiziert/ Nicht syndiziert]
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
BESTIMMUNGEN ZUR VERZINSUNG
16.
Fixed Rate Note Provisions:
Festzinsmodalitäten:
[Applicable/ Not Applicable]
(if not applicable, delete the remaining
sub-paragraphs of this paragraph)
[Anwendbar/Nicht anwendbar]
(falls nicht anwendbar, Unterabschnitte
dieses Absatzes streichen)
(i)
Rate(s) of Interest:
Zinssatz (Zinssätze):
[ ] per cent. per annum
[ ] % per annum
[payable [annually/ semi-annually/
quarterly/ other] in arrears]
[zahlbar [jährlich/ halbjährlich/
vierteljährlich/anders] nachträglich]
(ii)
Interest Payment Date(s):
Zinszahltag(e):
[ ] in each year
[ ] in jedem Jahr
87
17.
(iii)
Fixed Coupon Amount(s):
Festzinsbetrag (Festzinsbeträge):
[ ] per [ ] in Nominal Amount
[ ] pro [ ] Stückelung
(iv)
Broken Amount(s):
Stückzinsen:
[insert particulars of any short or long
coupon]
[Einzelheiten zu kurzen oder langen
Coupons]
(v)
Other terms relating to the method of
calculating interest:
Sonstige Bestimmungen zur
Zinsberechnung:
[None/ give details]
[Keine/ Angabe von Einzelheiten]
Floating Rate Note Provisions:
Modalitäten bei variabler Verzinsung:
(i)
Specified Interest Period(s)
Festgelegte Zinsperiode(n)
(falls nicht anwendbar, die
Unterabschnitte dieses Absatzes streichen)
[]
[]
(ii)
Specified Interest Payment Dates:
Festgelegte Zinszahlungstage:
[]
[]
(iii)
Business Day Convention (§3 (3)):
Geschäftstagkonvention (§3 (3)):
[FRN Convention/ Following Business Day
Convention/ Modified Following Business
Day Convention/ Preceding Business Day
Convention/ Other (specify)]
[FRN-Konvention/
Folgender-Geschäftstag-Konvention/
Modifizierte-Folgender-GeschäftstagKonvention/Vorangegangener-Geschäftstag
-Konvention/ andere (Einzelheiten
angeben)]
(iv)
Relevant Financial Centre(s) (§5 (3)):
Finanzzentrum (-zentren) (§5 (3)):
[]
[]
(v)
Manner in which the Rate(s) of Interest
and Interest Amount is to be determined:
Art und Weise der Bestimmung des
Zinssatzes und des Zinsbetrages::
[Screen Rate Determination/ ISDA
Determination/other (specify)]
[Bestimmung vom Bildschirm/Bestimmung
gemäß ISDA/andere Art der Bestimmung
(Angabe von Einzelheiten)]
(vi)
Party responsible for calculating the
Rate(s) of Interest and Interest Amount(s)
(if not the Agent):
Berechnungsstelle für Zinssatz und
Zinsbetrag (falls nicht die
Emissionsstelle)
[insert name] [Not Applicable]
[Name einfügen] [Nicht anwendbar]
88
(vii)
Screen Rate Determination (§3 (2)):
Zinsbestimmung vom Bildschirm (§3 (2)):
[]
[]
– Reference Rate:
Referenzzinssatz:
[]
[]
– Interest Determination Date(s):
Zinsfeststellungstag(e):
[second London business day prior to the
start of each Interest Period if LIBOR/
second TARGET business day prior to the
start of each Interest Period if EURIBOR or
euro LIBOR] [Other days]
[zweiter Londoner Geschäftstag vor Beginn
der jeweiligen Zinsperiode wenn LIBOR/
und zweiter TARGET Geschäftstag vor
Beginn jeder Zinsperiode wenn EURIBOR
oder LIBOR] [andere Tage]
[]
[]
– Relevant Screen Page:
Maßgebliche Bildschirmseite:
(viii)
18.
ISDA Determination (§3(2)):
Zinsbestimmung gemäß ISDA (§3(2)):
– Floating Rate Option:
Variable Verzinsungsoption:
[]
[]
– Designated Maturity:
vorbestimmte Laufzeit:
[]
[]
– Reset Date:
Neufeststellungstag:
[]
[]
(ix)
Margin(s):
Aufschlag/ Abschlag (Marge):
[+/-] [ ] per cent. per annum
[+/-] [ ] % per annum
(x)
Minimum Rate of Interest:
Mindestzinssatz:
[ ] % per annum
(xi)
Maximum Rate of Interest:
Höchstzinssatz:
[ ] % per annum
(xii)
Fallback provisions, rounding provisions,
and any other terms relating to the
method of calculating interest, if different
from those set out in the Conditions:
Zusatzvereinbarungen, Regelungen
betreffend Rundungen, Nenner und
andere Einzelheiten zur Berechnung von
Zinsen, sofern abweichend von den
Anleihebedingungen:
[]
[]
Zero Coupon Note Provisions:
Null-Koupon Modalitäten:
[Applicable/Not Applicable]
89
(wenn nicht anwendbar, die
19.
(i)
[Amortisation/Accrual] Yield:
Amortisationsrendite:
[ ] per cent per annum
[ ] % per annum
(ii)
Reference Price:
Referenzkurs:
[]
[]
(iii)
Any other formula/Basis of determining
amount payable
Andere Formel/Berechnung des fälligen
Betrages:
[]
[]
Interest Bearing [Index] [Equity] [Credit] Linked
Notes
[insert provisions ] [Not Applicable]
[Bestimmungen angeben] [Nicht
anwendbar]
Bestimmungen über die Verzinsung von [Index-]
[Equity-] [Kredit-] bezogene Anleihen
(i)
Minimum Rate of Interest:
Mindestzinssatz:
[ ] % per annum
(ii)
Maximum Rate of Interest:
Höchstzinssatz:
[ ] % per annum
PROVISIONS RELATING TO REDEMPTION
RÜCKZAHLUNGSMODALITÄTEN
20.
Call Option (§4(3)):
Vorzeitige Rückzahlung nach Wahl der
Anleiheschuldnerin (§4(3)):
(i)
Optional Redemption Date(s):
Wahlrückzahlungstag(e):
[]
[]
(ii)
Optional Redemption Amount(s) of each
Note and method, if any, of calculation
of such amount(s):
Wahlrückzahlungsbetrag (-beträge),
falls zutreffend, Methode zu dessen
(deren) Berechnung:
[ ] per Note of [ ] Specified Denomination
[ ] je Stückelung von [ ]
(iii)
If redeemable in part:
Teilrückzahlung:
[]
[]
(a)
[]
Minimum Redemption Amount:
90
(b)
21.
Mindest-Rückzahlungsbetrag
[]
Higher (Maximum) Redemption
Amount
Höherer- (Höchst-)
Rückzahlungsbetrag
[]
[]
(iv)
Notice period:
Kündigungsfrist:
[ ] (if different from §4(3))
[ ] (wenn abweichend von §4(3))
(v)
Option Exercise Date(s):
Ausübungstag(e):
[]
[]
Put Option (§4(4)):
Anleihegläubiger (§4(4)):
[]
[]
(i)
Put Redemption Date(s):
(ii)
of such amount(s):
Wahlrückzahlungsbetrag (-beträge) bei
vorzeitiger Rückzahlung und falls
zutreffend, Methoden zu dessen
Berechnung:
[ ] per Note of [ ] specified denomination
[ ] je Stückelung von [ ]
(iii)
Notice period:
Kündigungsfrist:
[ ] (if different from §4(4))
[ ] (wenn abweichend von §4(4))
(iv)
Option Exercise Date(s):
Ausübungstag(e):
[]
[]
22.
Final Redemption Amount of each Note:
Rückzahlungsbetrag:
23.
Early Redemption Amount
Vorzeitiger Rückzahlungsbetrag:
Early Redemption Amount(s) of each Note
payable on redemption on an Event of Default or
Tax Call and/ or the method of calculating the
same (if required or if different from that set out
in §4):
Rückzahlungsbetrag (-beträge) bei Kündigungen
oder Steuerkündigungen und Methode zu dessen
(deren) Berechnung (falls erforderlich oder falls
[Nominal Amount] [[ ] per Specified
Denomination] [other] [see Appendix]
[Nennbetrag] [[ ] pro Stückelung] [anderer
Betrag] [siehe Anhang]
[]
[]
91
abweichend von §4):
PROVISIONS RELATING TO INDEX LINKED NOTES
BESTIMMUNGEN FÜR INDEXBEZOGENE ANLEIHEN
24.
Index-Linked Note Provisions:
Indexbezogene Modalitäten:
(falls nicht anwendbar, die
(i)
Index Basket Transaction
Index Basket Transaktion
[Anwendbar/Nicht Anwendbar]
(ii)
Index or Indices:
Index oder Indices:
[give details/ see Schedule]
[Angabe von Einzelheiten/ siehe Anhang]
(ii)
Name of Index Sponsor(s):
Namen des/der Sponsor(en):
[]
[]
(iii)
Related Exchange(s):
Verbundene Börsen:
[]
[]
(iv)
Description of formula to be used to
determine the Index Linked Redemption
Amount:
Beschreibung der Formel zur
Berechnung des indexbezogenen
[]
[]
(v)
Calculation Agent:
Berechnungsstelle:
[]
[]
(vi)
Index Valuation Date:
Indexfeststellungstag:
[]
[]
(vii)
Index Valuation Date:
Indexfeststellungszeit:
[]
[]
(viii)
Provisions for determining index linked
amounts where calculation by reference
to Index and/or Formula is impossible or
impracticable:
Bestimmungen für den Fall, dass die
Berechnung unter Zugrundelegung des
Indices und/ oder der Formel nicht
möglich oder nicht zweckmäßig ist:
[]
[]
(ix)
Specified Period(s)/Specified Interest
Payment Dates:
Festgelegte Zinsperiode(n)/festgelegte
[]
[]
92
Zinszahlungstage:
(x)
Business Day Convention:
Geschäftstagekonvention:
[FRN Convention/ Following Business Day
Convention/ Modified Following Business
Day Convention/ Preceeding Business Day
Convention/ other (give details)]
[FRN-Konvention/
Folgender-Geschäftstag-Konvention/
Modifizierte-Folgender-Geschäftstag-Konv
ention/Vorangegangener-Geschäftstag-Kon
vention, Andere (Einzelheiten angeben)]
(xi)
Relevant Financial Centre(s):
Finanzzentrum (-zentren):
[]
[]
(xii)
Protection Amount:
Kapitalgarantie:
[Protection of [the] [ [ ] % of the] nominal
amount/Not Applicable]
[Garantie [ [ ] %] des Nennbetrages/Nicht
anwendbar]
(xiii)
Additional Provisions:
Weitere Bestimmungen:
[None/specify]
[Keine/ausführen]
PROVISIONS RELATING TO EQUITY LINKED NOTES
BESTIMMUNGEN FÜR EQUITYBEZOGENE ANLEIHEN
25.
Equity Linked Note Provisions:
Equity-Modalitäten:
(falls nicht anwendbar, die Unterabschnitte
dieses Absatzes steichen)
(i)
Share Basket Transaction
Aktienkorb- Transaktion
(ii)
(iii)
Underlying Securities:
Basiswerte:
(specify for each Underlying Security)
(zu jedem Basiswert angeben)
(a)
Issuer:
Emittent:
[]
[]
(b)
ISIN Code / Common Code:
[]
(c)
Related Exchange:
Verbundene Börse:
[]
[]
93
(d)
Options Exchange:
Optionenbörse:
[]
[]
(e)
All Exchanges:
Alle Börsen:
[]
[]
(ii)
Formula to determine Equity Linked
Redemption Amount:
Formel zur Bestimmung des Equitybezogenen Rückzahlungsbetrages:
[]
[]
(iii)
Provisions where calculation by
reference to the Underlying Securities
and/ or formula is impossible or
impracticable:
Bestimmung für den Fall, dass
Berechnung unter Zugrundelegung der
Basiswerte und/oder der Formel
unmöglich oder nicht zweckmäßig ist:
[]
[]
(iv)
Provisions relating to the determination
of the Reference Asset Amount:
Regelungen bezüglich der Bestimmung
der Anzahl der Referenzwerte:
[specify provisions] [Not Applicable]
[Angabe von Einzelheiten zu den
Bestimmungen] [Nicht anwendbar]
(v)
Delivery Agent:
Lieferstelle:
(vi)
Clearing System for the delivery of the
Clearing System für die Lieferung der
Basiswerte:
Disruption Cash Settlement Price:
Abrechnungspreis bei Lieferungsstörung:
[specify name and address of delivery
agent]
[Angabe von Name und Adresse der LieferAgenten]
[]
[]
[specify amount or formula]
[Angabe des Betrages oder der Formel]
(viii)
Equity Valuation Date(s):
Equity-Bewertungstermin(e):
[]
[]
(ix)
Equity Valuation Time:
Equity-Bewertungszeit:
[]
[]
(x)
Details of any other relevant terms, any
stock exchange requirement/ tax
considerations:
Einzelheiten zu anderen Bestimmungen,
Börsenvorschriften und
Steuererwägungen:
[]
[]
(xi)
Method of calculating the Early
Redemption Amount (other than
following an Event of Default or a Tax
[]
[]
(vii)
94
Call):
Methode zur Berechnung des Betrages
Vorzeitiger Rückzahlungsbetrages (bei
anderen Gründen als Kündigungsgründen oder Steuerkündigungsgründen:
(xii)
Protection Amount:
Kapitalgarantie:
anwendbar]
(xiii)
Extraordinary Event:
Außerordentliches Ereignis:
[Cancellation and Payment/Calculation
Agent Adjustment/Other (specify)]
[Kündigung und Zahlung/Anpassung durch
Berechnungsstelle/Sonstiges (Angabe von
Einzelheiten)]
(xiv)
Additional provisions:
[]
[]
PROVISIONS RELATING TO EXCHANGEABLE NOTES
BESTIMMUNGEN FÜR UMTAUSCH-ANLEIHEN
26.
Exchangeable Note Provisions:
Umtauschmodalitäten:
(i)
Share Basket Transaction
Aktienkorb- Transaktion
(ii)
(iii)
Conversion Right of the Noteholder:
Wandlungsrecht der Gläubiger:
Reverse Conversion Right of the Issuer:
Tilgungswahlrech der Emittentin:
Basiswerte:
[specify number of Underlying Securities]
[Angabe der Anzahl der Basiswerte]
[description of Underlying Securities]
[Beschreibung der Basiswerte]
[name of issuer of underlying securities]
[Name des Emittenten der Aktien]
[specify ratio]
[Angabe des Verhältnisses]
[specify price]
[Angabe des Preises]
[specify date]
[Angabe des Termins]
[specify time]
[Angabe des Zeitpunkts]
[]
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
Company:
Emittent der Aktien:
Conversion Ratio:
Wandlungsverhältnis:
Conversion Price:
Wandlungspreis:
Equity Valuation Date
Equity-Bewertungstermin
Equity Valuation Time
Equity-Bewertungszeitpunkt
Maturity Date:
95
(xii)
(xiii)
(xiv)
(xv)
Fälligkeitsdatum:
Delivery Agent:
Lieferstelle:
[]
[specify name and address of delivery
agent]
[Angabe von Name und Adresse der LieferAgenten]
Clearing System for the delivery of the
Basiswerte:
Disruption Cash Settlement Price:
Abrechnungspreis bei
Lieferungsstörung:
Protection Amount:
Kapitalgarantie:
[]
[]
(xvi)
Extraordinary Event:
Außerordentliches Ereignisl:
(xvii)
[specify amount or formula]
[Angabe des Betrages oder der Formel]
anwendbar]
[Cancellation and Payment/Calculation
Agent Adjustment/specify other
consequence]
[Kündigung und Zahlung/Anpassung durch
Berechnungsstelle/Sonstiges (Angabe von
Einzelheiten)]
[]
[]
PROVISIONS RELATING TO CREDIT-LINKED NOTE
BESTIMMUNGEN FÜR KREDITBEZOGENE ANLEIHEN
27.
Credit Linked Note Provisions:
Kreditbezogene Modalitäten:
(i)
Credit Events:
Kreditvorfälle:
(ii)
Reference Period:
Referenzperiode:
(falls nicht anwendbar, die Unterabschnitte dieses Absatzes streichen)
[Insolvenz/ Failure to Pay/Obligation
Acceleration/Obligation
Default/Repudiation/
Moratorium/Restructuring/specify other]
[Bankrott/Zahlungsausfall/Kündigung der
Verbindlichkeit/Kündbarkeit der
Verbindlichkeit/Bestreiten/Moratorium/San
ierung/Sonstiges (Angabe von
Einzelheiten)]
[Applicable/Not Applicable] (if applicable
specify)
[Anwendbar/Nicht
anwendbar]
(wenn
anwendbar, Angabe von Einzelheiten)
96
(iii)
Notice Delivery Period
Mitteilungsperiode
[specify period]
[Periode einfügen]
(iv)
Notice of Publicly Available Information
Mitteilung einer öffentlich verfügbaren
Information
Reference Entity:
Referenzschuldner:
(vi)
Reference Obligation:
Referenzverbindlichkeit:
[]
[]
(vii)
Obligation:
Verbindlichkeit:
Obligation Category:
[Payment/Borrowed Money/ Reference
Obligations Only/Bond /Loan/ Bond or
Loan]
Art der Verbindlichkeit:
[Zahlung/Kredit/Nur Referenzverbindlichkeit/Anleihe/Darlehen/Anleihe oder
Darlehen]
Obligation Characteristics:
[Pari Passu Ranking/ Specified Currency/
Not Sovereign Lender/ Not Domestic
Currency/ Not Domestic Law/ Listed/ Not
Contingent]
Eigenschaften der Verbindlichkeit:
[Gleichrangigkeit/Währung/Kein
Staatlicher Geldgeber/ Fremdwährung/
Fremdrecht/Börsenzulassung/Unbedingtheit]
(vi)
Protection Amount:
Kapitalgarantie:
anwendbar]
(vii)
Credit-Linked Redemption Date
Kreditbezogener Rückzahlungstermin
[Insert Date]
[Termin einfügen]
(viii)
Credit-Linked Redemption Amount
Kreditbezogener Rückzahlungsbetrag
[Insert Amount]
[Betrag einfügen]
(ix)
Grace Period:
Nachfrist:
[]
[]
(x)
Details of any other relevant terms, any
stock exchange requirements/ tax
consideration:
Einzelheiten zu anderen relevanten
Bestimmungen, Börsenvorschriften und
Steuererwägungen:
[]
[]
(v)
[]
[]
97
(xi)
Default Requirement:
Nichterfüllungserfordernis:
[ ] [if none is specified, the amount will be
USD 10,000,000 (see §4a)]
[ ] [wenn keine Angaben, ist ein Betrag von
USD 10.000.000 erforderlich (siehe §4a)]
(xii)
Additional provisions:
[]
[]
PROVISIONS RELATING DUAL CURRENCY NOTES
BESTIMMUNGEN FÜR DOPPELWÄHRUNGS-ANLEIHEN
28.
Dual Currency Provisions:
Doppelwährungs-Modalitäten:
(falls nicht anwendbar, die Unterabschnitte
[specify]
[Angabe von Einzelheiten]
(i)
Rate of Exchange/ method of calculating
Rate of Exchange:
Umrechnungskurs/ Art der Umrechnung:
(ii)
Calculation Agent:
Berechnungsstelle:
[]
[]
(iii)
Provisions applicable where calculation
by reference to Rate of Exchange is
impossible or impracticable:
Anwendbare Bestimmungen für den Fall,
dass die Berechnung unter Bezugnahme
auf einen Umrechnungskurs nicht
möglich oder unwzeckmäßig ist:
[]
[]
(iv)
Person at whose option Specified
Currency(ies) is/ are payable:
Person, die die Festgelegte(n)
Währung(en) für die Zahlung(en)
bestimmt:
[]
[]
(v)
[]
[]
GENERAL PROVISIONS APPLICABLE TO THE NOTES
ALLGEMEINE BESTIMMUNGEN
29.
Form of Notes:
(Verbriefung):
[Temporary Global Note exchangeable for
Permanent Global Note/Permanent Global
Note]
[Vorläufige Globalurkunde austauschbar
gegen Dauerglobalurkunde/
Dauerglobalurkunde]
98
30.
Relevant Financial Centre(s) or other special
provisions relating to Payment Days (§5(3)):
Finanzzentrum (-zentren) oder andere spezielle
Vereinbarungen in Bezug auf Zahltage(§5(3)):
[Not Applicable/give details]
[Nicht anwendbar/Angabe von
Einzelheiten]
31.
Details relating to Partly Paid Notes:
Einzelheiten in Bezug auf Teileingezahlte
Schuldverschreibungen:
[Not Applicable/specify]
Einzelheiten]
32.
Redenomination, renominalisation and
reconventioning provisions:
Währungsumstellung, Nennwertumstellung und
Umstellungsbestimmungen:
[Not Applicable/insert provisions]
[Nicht anwendbar/Bestimmungen einfügen]
33.
Consolidation Provisions:
Konsolidierungsbestimmungen:
[Not Applicable/insert provisions]
[Nicht anwendbar/Bestimmungen einfügen]
34.
[Not Applicable/specify]
Einzelheiten]
DISTRIBUTION
ANGABEN ZUR PLATZIERUNG
35.
(i)
If syndicated, names of Managers:
Falls syndiziert, Namen der Manager:
[Not Applicable/give names]
[Nicht anwendbar/Angabe der Namen]
(ii)
Stabilising Manager (if any):
Stelle fürKurspflege:
Einzelheiten]
36.
If non-syndicated, name of Dealer:
Falls nicht syndiziert, Name des Platzeurs:
Einzelheiten]
37.
Applicable TEFRA rules:
Anwendbare TEFRA-Regelung:
[TEFRA D/ TEFRA C/ TEFRA not
applicable]
[TEFRA D/ TEFRA C/ TEFRA nicht
anwendbar]
38.
Netherlands selling restrictions:
[Notes listed on Euronext Amsterdam N.V.:
selling restriction (1)(i) applies]/[High
Denomination Notes: selling restriction
(1)(ii) applies]/[Professional Investors only:
selling restriction (1)(iii)
applies]/[Embargo/Offers to non Dutch
residents: selling restriction (1)(iv)
applies]/[Notes have maturity up to one
year: selling restriction (1)(vii)
applies]/[Mutual recognition: selling
99
restriction (1)(viii) applies].
3
[Zero Coupon Notes: selling restriction 2
applies].
39.
Additional selling restrictions:
Zusätzliche Verkaufsbeschränkungen:
4
[Not Applicable/give details]
[Nicht anwendbar Angabe von
Einzelheiten]
OPERATIONAL INFORMATION
ANGABEN ZUR ABWICKLUNG
40.
ISIN:
[]
41.
Common Code:
[]
42.
(i)
Any Clearing System(s) other than
Euroclear and Clearstream and the
relevant codes:
Andere Clearingsysteme als Euroclear
und Clearstream und die entsprechenden
Kennnummern:
[Not Applicable/give name(s) and code]
[Nicht anwendbar/Angabe von Name(n)
und Kennnummer(n)]
(ii)
Clearing System for delivery of the
Clearing System zur Lieferung der
Basiswerte:
[specify]
[Angabe von Einzelheiten]
(iii)
Physical Delivery:
Lieferung effektiver Stücke:
[Not Applicable/Applicable]
[Nicht anwendbar/Anwendbar]
43.
Delivery:
Lieferung:
Delivery [against/free of] payment
Lieferung [gegen/frei von] Zahlung
44.
Additional Paying Agent(s) (if any):
Weitere Zahlstelle(n) (falls zutreffend):
[]
[]
Signed on behalf of the Issuer:
By: ______________________________________ By: ______________________________________
Duly authorised
Duly authorised
3
4
Delete in each case applicable or delete all of these paragraphs if another Netherlands securities law exemtion is
chosen, such as an individual dispensation. In that case: specify such exemption.
Only include in case of Zero Coupon Notes as defined in 'The Netherlands' selling restrictions.
100
APPENDIX A TO THE FORM OF PRICING SUPPLEMENT FOR INDEX LINKED NOTES
Form of disclosure to be annexed to the Pricing Supplement for Notes linked to a single index (for an
Index Basket, repeat a table above for each Index).
RECENT PERFORMANCE OF INDEX
The following table sets out the high and low closing values for the Index for the following periods:
[AMEND TABLE APPROPRIATELY, INSERTING THE LATEST 2 CALENDAR YEARS AND THE
MOST RECENT SIX MONTHS ELAPSED]*
Period
High
Low
[YEAR]
[•]
[•]
[YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
[MONTH AND YEAR]
[•]
[•]
(Source: [Bloomberg])
The closing level of the Index on [latest practicable date] was [amount].
(Source: [Bloomberg])
[INSERT DESCRIPTION OF THE INDEX AND RELEVANT INDEX DISCLAIMER HERE]
*The [Share Price Information/Index Level] shows the high and low prices of the [Company's
shares/Index level] from year to year. While the tables above provide some historical data regarding the
risks of investing in the [Company/Index], past results are not necessarily indicative of future
performance. Prospective purchasers of Notes are advised to consult their own legal, tax, accountancy and
other professional advisers to assist them in determining the suitability of the Notes for them as an
investment. Each prospective purchaser of the Notes should be fully aware of and understand the
complexity and risks inherent in the Notes before it makes its investment decision in accordance with the
objectives of its business.
101
APPENDIX B TO THE FORM OF PRICING SUPPLEMENT FOR EQUITY LINKED NOTES
Form of disclosure to be annexed to the Pricing Supplement for Notes relating to a single Share (for a
Share Basket, repeat table above for each Share). According to §12(2) of the German Sales Prospectus
Regulation (Verkaufsprospektverordnung) disclosure relating to the Share Issuer must not be submitted
to the BaFin in case the Share are listed on the official list of a German Stock Exchange (amtlicher
Markt).
GENERAL DESCRIPTION OF THE ISSUER OF UNDERLYING SECURITIES
[COMPANY NAME]
The information included herein with respect to the Company (as defined below) consists only of extracts
from, or summaries of, publicly available information. The Issuer accepts responsibility that such
information has been correctly extracted or summarised. No further or other responsibility in respect of
such information is accepted by the Issuer, the Guarantor or the Dealer. In particular, neither the Issuer,
the Guarantor nor the Dealer accepts responsibility in respect of the accuracy or completeness of the
information set forth herein concerning the Company or that there has not occurred any event which
would affect the accuracy or completeness of such information.
GENERAL INFORMATION
[COMPANY NAME] (the "Company" or the "Share Issuer") was incorporated under [COUNTRY] law.
The registered office and the principal administrative office of the Company is at [ADDRESS]. The
Company's primary business is [ONE SENTENCE BUSINESS DESCRIPTION].
The Shares
The shares to which the Certificates relate are the [ordinary/OTHER] shares of the Company which are
listed on the [NAME] Stock Exchange (the "Shares").
Share Price Information*
The table below shows the range of closing prices in [CURRENCY] for the Shares on the [NAME] Stock
Exchange for each of the last three years and for the most recent six months:
High
Low
[Year]……………………………………………………………………………….
[Year]……………………………………………………………………………….
[Year]……………………………………………………………………………….
*The [Share Price Information/Index Level] shows the high and low prices of the [Company's
shares/Index level] from year to year. While the tables above provide some historical data regarding the
risks of investing in the [Company/Index], past results are not necessarily indicative of future
performance. Prospective purchasers of Notes are advised to consult their own legal, tax, accountancy and
other professional advisers to assist them in determining the suitability of the Notes for them as an
investment. Each prospective purchaser of the Notes should be fully aware of and understand the
complexity and risks inherent in the Notes before it makes its investment decision in accordance with the
objectives of its business.
102
[INSERT MOST RECENT 6 MONTHS ELAPSED]
High
Low
[Month]……………………………………………………………………………….
[Month]……………………………………………………………………………….
[Month]……………………………………………………………………………….
[Month]……………………………………………………………………………….
[Month]……………………………………………………………………………….
[Month]……………………………………………………………………………….
Source: [Bloomberg]
The closing price of the Shares on [LATEST PRACTICABLE DATE] was [AMOUNT].
Dividends
The table below sets out the value of cash dividends paid on the Shares for each of the last three years
indicated:
Currency
[•]
[•]
[•]
Source: [Bloomberg]
Holding of Shares
[INSERT A DESCRIPTION OF THE RIGHTS ATTACHING TO THE COMPANY'S SHARES IN
THE CASE OF PHYSICAL DELIVERY OF SHARES]
Source: [Company's articles of association.]
Financial Statements relating to [Company]
The Company publishes its financial statements in [LANGUAGE(S)] on [an annual/a semi-annual/a
quarterly] basis. [Audited annual financial statements are published in the Company's annual report which
can be found on its website. None of the Issuer[, the Guarantor] or the Dealer accepts any responsibility
for the accuracy or completeness of any information found on the Company's website.]
Such publicly available financial statements shall be made available on request at the offices of
[LUXEMBOURG PAYING AGENT].
Source: [annual report / website address]
The following are extracts of the Company's [consolidated] financial statements for the three years ended
[DATE] which have been extracted from [SOURCE] [and have been obtained from the Company's
website at [WEBSITE ADDRESS].
[The following consolidated financial statements should be read in conjunction with the "Notes to the
consolidated financial statements" which can be found on the Company's website.]
[Insert financial statements]
103
APPENDIX C TO THE FORM OF PRICING SUPPLEMENT FOR CREDIT LINKED NOTES
The information included herein with respect to the Company (as defined below) consists only of extracts
from, or summaries of, publicly available information. The Issuer accepts responsibility that such
information has been correctly extracted or summarised. No further or other responsibility in respect of
such information is accepted by the Issuer[, the Guarantor] or the Dealer. In particular, neither the
Issuer[, the Guarantor] nor the Dealer accepts responsibility in respect of the accuracy or completeness
of the information set forth herein concerning the Company or that there has not occurred any event
which would affect the accuracy or completeness of such information.
[REFERENCE ENTITY DISCLOSURE]
104
GERMAN VERSION OF THE APPENDICES TO THE PRICING SUPPLEMENT
DEUTSCHE FASSUNG DER ANLAGEN ZUM MUSTER-KONDITIONENBLATT
APPENDIX A ZUM MUSTER-KONDITIONENBLATTS FÜR INDEXBEZOGENE ANLEIHEN
Form der Angaben, die im Fall von auf einen einzelnen Index bezogenen Schuldverschreibungen dem
Konditionenblatt beizufügen sind (im Fall eines Index-Korbs ist die unten dargestellte Tabelle für jeden
Index im Korb zu wiederholen).
JÜNGSTE WERTENTWICKLUNG DES INDEX
Die folgende Tabelle zeigt die jeweils höchsten und niedrigsten Schlussstände des Index für die
folgenden Zeiträume:
[DIE TABELLE IST ENTSPRECHEND ZU ERGÄNZEN; DABEI SIND ZWEI
KALENDERJAHRE UND DIE VERGANGENEN SECHS MONATE DARZUSTELLEN]*
Zeitraum
[JAHR]
[JAHR]
[MONAT UND JAHR]
[MONAT UND JAHR]
[MONAT UND JAHR]
[MONAT UND JAHR]
[MONAT UND JAHR]
[MONAT UND JAHR]
(Quelle: [Bloomberg])
Höchster Schlusstand
[•]
[•]
[•]
[•]
[•]
[•]
[•]
[•]
Niedrigster Schlussstand
[•]
[•]
[•]
[•]
[•]
[•]
[•]
[•]
Der Schlussstand des Index am [letztmögliches Datum] betrug [Betrag].
(Quelle: [Bloomberg])
[HIER
DIE
BESCHREIBUNG
DES
HAFTUNGSAUSSCHLUSS EINFÜGEN]
INDEX
UND
DEN
JEWEILIGEN
INDEX-
*Die Information über den [Aktienkurs/Index-Stand] zeigt die jährlichen Höchst- und Tiefstkurse [der
Aktien/des Index]. Dabei zeigt die Tabelle einige Entwicklungen in der Vergangenheit bezüglich des mit
einem Erwerb [der Aktien/des Index] verbundenen Risikos, wobei diese vergangenen Entwicklungen
keine Rückschlüsse über die zukünftige Entwicklung zulässt. Mögliche Erwerber der
Schuldverschreibungen müssen sich daher bei ihren eigenen Rechts- oder Steuerberatern,
Wirtschaftsprüfern oder sonstigen Beratern erkundigen, um die Eignung der Schuldverschreibungen als
Investition zu beurteilen. Jeder Erwerber einer Schuldverschreibung ist aufgefordert, sich mit den den
Schuldverschreibungen eigenen Risiken auseinanderzusetzen.
105
APPENDIX B
ZUM
MUSTER-KONDITIONENBLATT
SCHULDVERSCHREIBUNGEN
FÜR
EQUITYBEZOGENE
Formular für die Offenlegung als Anlage zum Konditionenblatt bezüglich auf eine Aktie bezogene
Schuldverschreibungen (im Fall eines Aktienkorbs,Anlage mehrfach einfügen). Gemäß §12(2)
Verkaufsprospektverordnung muss die Offenlegung bezüglich des Emittenten der Aktien nicht zur BaFin
eingereicht werden, wenn die Aktien im amtlicher Markt einer Wertpapierbörse in Deutschland gehandelt
werden.
ALLGEMEINE BESCHREIBUNG DES EMITTENTEN DER BASISWERTE
[NAME DER GESELLSCHAFT]
Die hierin über die Gesellschaft (wie unten definiert) enthaltene Information besteht nur aus Auszügen
oder Zusammenfassungen von öffentlich verfügbarer Informationen. Die Anleiheschuldnerin übernimmt
die Verantwortung dafür, dass diese Information in zutreffender Weise übernommen oder
zusammengefast wurde. Die Anleiheschuldnerin, die Garantiegeberin oder der Platzeur übernehmen
keine sonstige oder weiter reichende Verantwortlichkei. Insbesondere übernehmer werder die
Anleiheschuldnerin, noch die Garantiegeberin oder der Platzeur Verantwortung für die Richtigkeit und
Vollständigkeit der hierin enthaltenen die Gesellschaft betreffenden Information oder dafür, dass kein die
Richtigkeit oder Vollständigkeit dieser Information beeinträchtigendes Ereignis eingetreten ist.
ALLGEMEINE INFORMATION
[Name der Gesellschaft] (die "Gesellschaft" oder die "Aktienemittentin") ist eine unter [Rechtordnung]
Recht bestehende und eingetragene Gesellschaft. Der satzungsmäßige Sitz und die Hauptverwaltung sind
[Adresse angeben]. Die Gesellschaft betätigt sich im wesentlichen in [einen Satz zur
Geschäftsbeschreibung einfügen].
Die Aktien
Die Aktien, auf die sich die Schuldverschreibungen beziehen, sind [Nennewert angeben] Aktien der
Gesellschaft welche an der [Börse angeben] Börse zum Handel zugelassen sind (die "Aktien").
Information über den Börsenkurs*
Die unten stehende Tabellen zeigt die Schlusskurse in [Währung] der Aktie an der [Börse angeben]
Börse für jedes der letzten drei Jahre und für die letzten sechs Monate:
Hoch
Tief
[Jahr]……………………………………………………………………………….
[Jahr]……………………………………………………………………………….
[Jahr]……………………………………………………………………………….
*Die Information über den [Aktienkurs/Index-Stand] zeigt die jährlichen Höchst- und Tiefstkurse [der
Aktien/des Index]. Dabei zeigt die Tabelle einige Entwicklungen in der Vergangenheit bezüglich des mit
einem Erwerb [der Aktien/des Index] verbundenen Risikos, wobei diese vergangenen Entwicklungen
keine Rückschlüsse über die zukünftige Entwicklung zulässt. Mögliche Erwerber der
Schuldverschreibungen müssen sich daher bei ihren eigenen Rechts- oder Steuerberatern,
Wirtschaftsprüfern oder sonstigen Beratern erkundigen, um die Eignung der Schuldverschreibungen als
Investition zu beurteilen. Jeder Erwerber einer Schuldverschreibung ist aufgefordert, sich mit den den
Schuldverschreibungen eigenen Risiken auseinanderzusetzen.
106
[Letzte 6 Monate einfügen]
Hoch
Tief
[Monat]……………………………………………………………………………….
[Monat]……………………………………………………………………………….
[Monat]……………………………………………………………………………….
[Monat]……………………………………………………………………………….
[Monat]……………………………………………………………………………….
[Monat]……………………………………………………………………………….
Quelle: [Bloomberg]
Der Schlusskurs der Aktien am [letztes Datum] war [Betrag angeben].
Dividenden
Die unten stehende Tabelle zeigt die bar ausgezahlten Dividenden der letzten drei Jahre:
Währung
[•]
[•]
[•]
Quelle: [Bloomberg]
Berechtigung aus den Aktien
[Beschreibung der mit der Inhaberschaft der Aktien im Fall physischer Lieferung verbundenen Rechte]
Quelle: [Satzung der Gesellschaft]
Jahresabschlüsse der [Gesellschaft]
Die Gesellschaft veröffentlich ihre Jahresabschlusse in [Sprache] je [Kalenderjahr/Halbjahr/Quartal].
[Von Wirtschaftsprüfern geprüfte Abschlüsse sind in dem auf der Webseite der Gesellschaft
veröffentlichen Geschäfstbericht enthalten. Die Anleiheschuldnerin, die Garantiegeberin und der Platzeur
übernehmen keine Verantwortung für die Richtigkeit von auf der Webseite der Gesellschaft
veröffentlichter Information. Diese öffentlich verfügbare Information kann auf Verlangen bei der
Geschäfststelle des [Fiscal Agent] eingesehen werden.
Quelle: [Geschäftsbericht/Web-Adresse]
Es folgen Auszüge aus den [konsolidierten] Jahresabschlüssen für die drei Jahre bis zum [Daten einfügen]
welche aus den [Quelle angeben] zusammengefasst sind [und auf der Webseite der Gesellschaft
[Webadresse] erhältlich sind.
[Die folgenden Auszüge aus den konsolidierten Jahresabschlüssen der Gesellschaft müssen mit den
"Anmerkungen zum konsolidierten Jahresabschluss", der auf der Webseite der Gesellschaft erhältlich
ist, im Zusammenhang gelesen werden.]
[Jahresabschlüsse einfügen]
107
APPENDIX C ZUM MUSTER-KONDITIONENBLATT
SCHULDVERSCHREIBUNGEN
FÜR
KREDITBEZOGENE
Die folgenden Informationen zur Gesellschaft (wie unten definiert) bestehen ausschließlich aus Auszügen
oder Zusammenfassungen öffentlich verfügbarer Informationen. Die Anleiheschuldnerin übernimmt die
Verantwortung für die korrekte Wiedergabe oder Zusammenstellung dieser Informationen. Weder die
Anleiheschuldnerin, [noch die Garantiegeberin, ] noch der Platzeur übernehmen irgendeine weitere oder
sonstige Haftung. Insbesondere übernehmen weder die Anleiheschuldnerin, [noch die Garantiegeberin, ]
noch der Platzeur die Verantwortung dafür, dass die Informationen über die Gesellschaft, die hier
wiedergegeben werden, richtig und vollständig sind oder dass kein Ereignis eingetreten ist, welches die
Richtigkeit oder Vollständigkeit dieser Informationen beeinträchtigen könnte.
[Informationen zum Referenzschuldner]
108
GUARANTEE
This guarantee is made on 25 November 2003 by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
(Rabobank Nederland) (the “Guarantor”) in favour of the holder(s) (the "Noteholders") of Notes (the
“Notes”) issued by Rabo Securities N.V. (the "Issuer") under the Euro 250,000,000 German Debt
Issuance Programme (the "Programme").
WHEREAS
(A)
The Issuer intends to issue Notes under the Programme from time to time, the outstanding
aggregate nominal amount of which will not exceed Euro 250,000,000.
(B)
The Notes will be issued with Terms and Conditions under German law (as amended,
supplemented or modified by the applicable Pricing Supplement, the “Conditions”).
(C)
The Guarantor wishes to guarantee the due payment of principal and interest and any other
amounts payable in respect of any and all Notes that may be issued by the Issuer under the
Programme.
IT IS AGREED AS FOLLOWS
(1)
The Guarantor hereby unconditionally and irrevocably guarantees to each person holding Notes
issued by Rabo Securities N.V. under the Programme, the due and punctual payment of the
principal of, and interest on, the Notes, and any other amounts which may be expressed to be
payable by the Issuer under any Note, as and when the same shall become due, in accordance
with the Conditions.
(2)
This Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the
Guarantor and ranks pari passu with all other present or future unsecured and unsubordinated
obligations of the Guarantor outstanding from time to time, subject to any obligations preferred
by law.
(3)
The obligations of the Guarantor under this Guarantee shall, without any further act being
required to be done or to occur, extend to the obligations of any Substituted Debtor which is not
the Guarantor arising in respect of any Note by virtue of a substitution pursuant to the
Conditions.
(4)
This Agreement and all undertakings contained herein constitute a contract for the benefit of the
Noteholders from time to time as third party beneficiaries pursuant to § 328 (1) of the German
Civil Code (Bürgerliches Gesetzbuch). They give rise to the right of each such Noteholder to
require performance of the obligations undertaken herein directly from the Guarantor, and to
enforce such obligations directly against the Guarantor.
(5)
BNP Paribas Securities Services S.A. - Frankfurt Branch undertakes to hold the original of this
Guarantee in custody for the Noteholders until all obligations under the Notes and the Guarantee
are discharged.
(6)
This Guarantee is governed by, and shall be construed in accordance with, German law. The
Guarantor irrevocably agrees, for the exclusive benefit of the Noteholders, that the courts of
Frankfurt am Main, Germany, shall have jurisdiction to hear and determine any suit, action or
proceedings, and to settle any disputes, which may arise out of or in connection with this
Guarantee and, for such purposes, irrevocable submit to the jurisdiction of such courts.
109
(7)
This Agreement is written in the English language and attached hereto is a non-binding German
translation.
Amsterdam and Frankfurt am Main, 24 November 2003
Coöperatieve Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
by: ____________________
by: ____________________
We hereby accept all the above for the benefit of the Noteholders
by: ____________________
by: ____________________
110
NON-BINDING GERMAN TRANSLATION OF THE GUARANTEE
NICHT-BINDENDE ÜBERSETZUNG DER GARANTIE
Diese Garantie ist am 24. November·2003 von der Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland) (die "Garantiegeberin") zu Gunsten der Gläubiger (die "Anleihegläubiger")
der von der Rabo Securities N.V. (die "Anleiheschuldnerin") unter ihrem Euro 250.000.000 German Debt
Issuance
Programme
(das
"Programm")
emittierten
(die
"Schuldverschreibungen") abgegeben worden.
IM HINBLICK DARAUF, DASS
(A)
Die Anleiheschuldnerin beabsichtigt, von Zeit zu Zeit Schuldverschreibungen unter dem
Programm zu emittieren, deren ausstehender Nennwert Euro 250.000.000 nicht übersteigen
wird.
(B)
Die Schuldverschreibungen mit deutsch-rechtlichen Schuldverschreibungsbedingungen (wie
durch das jeweilige Konditionenblatt ergänzt, ersetzt oder modifiziert, die "Bedingungen")
emittiert werden.
(C)
Die Garan0.tiegeberin die ordnungsgemäße Zahlung von Zinsen, Rückzahlungsbeträgen und
allen sonstigen Beträgen, die auf die von der Anleiheschuldnerin unter dem Programm
emittierten Schuldverschreibungen zu zahlen sind, garantieren möchte.
WIRD FOLGENDES VEREINBART:
(1)
Die Garantiegeberin übernimmt gegenüber jedem Inhaber der Schuldverschreibungen, die von
Rabo Securities N.V. unter dem Programm emittiert werden, die unbedingte und
unwiderrufliche Garantie für die ordnungsgemäße und pünktliche Zahlung bei Fälligkeit des
Nennwerts und der Zinsen auf die Schuldverschreibungen sowie aller sonstigen Beträge, die
gemäß den Bedingungen auf die Schuldverschreibungen von der Anleiheschuldnerin zahlbar
sind.
(2)
Diese Garantie begründet eine unbedingte, unbesicherte und nicht nachrangige Verbindlichkeit
der Garantiegeberin, die mit allen anderen jeweils bestehenden, nicht besicherten und nicht
nachrangigen Verbindlichkeiten der Garantiegeberin gleichrangig ist, soweit kein gesetzlich
vorgeschriebener Vorrang solcher Verbindlichkeiten besteht.
(3)
Die Verpflichtungen der Garantiegeberin aus dieser Garantie erstrecken sich ohne weiteres auf
die Verpflichtungen einer nicht mit der Garantiegeberin identischen Nachfolgeschuldnerin, die
infolge einer Schuldnerersetzung gemäß den Bedingungen in bezug auf die
Schuldverschreibungen entstehen.
(4)
Diese Garantie und alle darin enthaltenen Vereinbarungen stellen einen Vertrag zugunsten der
Anleihegläubiger als begünstigte Dritte gemäß § 328 Absatz 1 BGB dar. Sie begründen das
Recht eines jeden Anleihegläubigers, die Erfüllung der hierin eingegangenen Verpflichtungen
unmittelbar von der Garantiegeberin zu fordern und diese Verpflichtungen unmittelbar
gegenüber der Garantiegeberin durchzusetzen.
(5)
BNP Paribas Securities Services S.A. - Zweigniederlassung Frankfurt am Main verpflichtet sich,
das Original dieser Garantie so lange für die Anleihegläubiger zu verwahren, bis alle
Verpflichtungen aus den Schuldverschreibungen erfüllt sind.
111
(6)
Diese Garantie unterliegt deutschem Recht und wird gemäß diesem ausgelegt. Die
Garantiegeberin erklärt sich unwiderruflich und ausschließlich zu Gunsten der
Anleihegläubiger, damit einverstanden, dass Gerichtsstand für alle Streitigkeiten, die aus oder
im Zusammenhang mit dieser Garantie entstehen, [Frankfurt am Main] sein soll und unterwirft
sich zu diesem Zweck unwiderruflich den Gerichten an diesem Standort.
(7)
Dieser Vertrag ist in englischer Sprache abgefasst; eine unverbindliche deutsche Übersetzung ist
diesem Dokument beigefügt.
Amsterdam und Frankfurt am Main, den 24. November 2003
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
durch: _________________
durch:_______________________
Wir nehmen den obigen Inhalt zu Gunsten der Anleihegläubiger an
BNP Paribas Securities Services S.A. - Zweigniederlassung Frankfurt am Main
durch: _________________
durch:_______________________
112
DESCRIPTION OF RABO SECURITIES N.V.
The business of Rabo Securities is an integral part of the business of the Rabobank Group. The
description of the business of Rabo Securities should be read in conjunction with the description of the
business of the Rabobank Group and the consolidated annual accounts of the Rabobank Group.
History
On 2 January 1987, Rabo Securities was incorporated as a limited liability company under Netherlands
law. The articles of association were last amended by deed of 31 May 1996 executed before mr. K.H.J.
Flink, civil law notary at Utrecht, the Netherlands. The certificate of no objection of the Ministry of
Justice was issued on 21 May 1996 under number N.V. 310236. With this amendment in the articles of
association the statutory name of the limited liability company Rabo Effectenbank N.V. was changed to
Rabo Securities N.V. Rabo Securities is registered with the Chamber of Commerce and Industry of
Amsterdam under number 33191415.
Objects
The objects of Rabo Securities, as laid down in article 2 of its articles of association, are the following: (i)
to operate as a securities credit institution, which shall include the provision of services as a broker in
shares and derivative instruments, the supporting of new issues, participation in syndicates and trading –
including acquisition, encumbering and transfer – in shares and derivative instruments, on the stock
exchange or otherwise, including foreign stock exchanges, (ii) participation in and the management,
administration and financing of companies and other undertakings, (iii) the provision of services and
advice in the field of investment in shares and derivative instruments, (iv) the furnishing of security, the
provision of a price guarantee, warranting performance in any other fashion, or entering into undertakings
severally or otherwise, together with or on behalf of others, and (v) the taking up and provision of credits
and loans. Together with anything related to the foregoing or which may be beneficial thereto.
Profile
Rabo Securities is the specialised equity investment bank (‘equity’ includes equity-derivatives and/or
equity-indices) of Rabobank Nederland. Rabobank Nederland is established in Amsterdam and holds its
office in Utrecht. Rabobank Nederland is the sole holder of the total outstanding share capital of Rabo
Securities, based at Amstelplein 1, in Amsterdam. The information in the annual accounts of Rabo
Securities has been consolidated in the annual accounts of Rabobank Group.
Rabo Securities is active in the field of investment banking since 1995 and is now one of the major
players in the Dutch Market. The bank focuses on straight equity, equity related transactions, mergers &
acquisitions and equity capital market transactions. Rabo Securities is organised as follows:
Corporate Advisory, which consists of Equity Capital Markets and Mergers & Acquisitions, engages in
counselling and guiding (Dutch) major companies in their mergers & acquisitions strategy on a national
level as well as at European cross-border level. It also assists and arranges (and takes part in syndication)
Initial Public Offerings and Secondary Offerings on Euronext Amsterdam. Small and medium-sized
enterprises are targeted by its subsidiary Rembrandt F&O via Rabobank's local office network.
Equity Research, engages in data analysis, research, forecasts and coverage of about 150 world-wide
publicly traded stocks.
Equity Trading and Sales and Equity Derivatives Trading and Sales, engages on a daily basis in the
buying, selling and general trading of freely tradable equity on all major stock exchanges for clients and
for its own account, product development, marketing, sales and issuance of derivative financial products,
publicly traded as well as 'over the counter'.
113
Recent developments
Equities
The trading results were low, but positive on a yearly basis, and substantially less compared to the
previous year. Financially, the role of Rabo Securities as a Liquidity Provider was not a success in 2002
and was loss making.
Although the investor sentiment was bad and the market volumes were low, Sales and Research had a
good year and showed the same results as in 2001. Market share was gained from other Dutch niche
brokers. This was the result of the focus on marketing and client reviews. In 2002, Rabo Securities was
again rated as one of the top research houses in the Netherlands for Dutch stocks in an international
context.
In order to improve the service to its US clients, Rabo Securities decided to open a small sales office in
New York. As of March 2003, two sales representatives have moved to New York.
Equity Derivatives
The business unit Equity Derivatives was again able to improve its market position in the structured
products market. The Equity Derivatives Sales team was involved in a number of new issues and in
launching some guaranteed products in 2002. The institutional business has increased significantly by
fully leveraging the Rabo network in the Netherlands and abroad.
Corporate Advisory
Consecutively, the market for both equity capital market and M&A activities has been difficult in 2003.
The Corporate Advisory department has mainly laid the foundations for and structured its operations
during the year. The results of this became visible in the last months of 2003 and the deal pipeline for
2004 has been filled considerably. In 2003, Corporate Advisory has been involved in several
comprehensive deals. Some important equity capital market transactions in which Rabo Securities
participated where the public offers of both Vodafone and Vredestein. Furthermore, Rabo Securities will
be joint lead manager in the rights offering of Royal Ahold. The merger and acquisition deals in the Food
& Agriculture sector included advice in the sale of the Cebeco Seeds Group, the acquisition of Dumeco
by Sobel, the acquisition of Citronas by Fruitmasters and Baarsma's acquistition of Oud Reuchlin &
Boelen from Remy Cointreau/Bols. In addition, Rabo Securities has advised on the divestment of a
subsidiary of Wolters Kluwer, the sale of Rabo Reizen to Oad Reizen and is advising Transportnet ZuidHolland on its sale to Dutch grid administrator TenneT.
In order to further exploit the opportunities in the SME market, Corporate Advisory has taken a strategic
participation in the M&A boutique Rembrandt Corporate Finance. The new combination – Rembrandt
F&O (Fusies & Overnames/Mergers & Acquisitions) – will specifically target the owners and managers
of small and medium-sized enterprises through the local Rabobank office network.
Outlook 2003
Rabo Securities realised a net profit over the first nine months of 2003 of EUR 7.1mln. The revenues
were EUR 43.5mln and expenses EUR 33.2mln. Compared to the first nine months of 2002 Rabo
Securities is about 30% behind net profit. In October we had a very profitable month with the issue the
Rabo Global Titans product which will probably result in an overall net profit in excess of the net profit
of 2002.
Share capital
The registered share capital of Rabo Securities amounts to EUR 45,378,021.61 divided into 100,000
ordinary shares with a nominal value of EUR 454 per share. The issued and paid-up share capital per
31 December 2002 was EUR 16,562,977.89, divided into 36,500 ordinary shares.
114
Members of the Supervisory Board are:
R.V.C. Schellens (Chairman)
P.H.J.M. Dirken
W.J. Kolff
Members of the Management Board are:
J.H. Pontier
E.H.M.M. Krijnsen
Remuneration
The remuneration, including pension costs, granted to present and former members of the Management
Board amounted to EUR 1.001 million in 2002. The company has 4 supervisory directors, who receive no
remuneration in this capacity.
The business address of the members of the Supervisory Board and Management Board is:
Amstelplein 1
1096 HA Amsterdam
The Netherlands
Telephone
+31-20-460 4747
Telefax
+31-20-460 4962
115
DESCRIPTION OF THE RABOBANK GROUP
General
The Rabobank Group (the "Group") is one of the largest banking organizations in the Netherlands and
the largest mortgage lending and savings organization in the Netherlands by market share. The Group is
one of the 30 largest banking institutions in the world in terms of assets and Tier 1 capital. The Group
offers a broad range of financial, insurance and asset management services across retail, corporate and
commercial sectors, both domestically and internationally. The Rabobank Group has the highest credit
ratings awarded by the international rating agencies Moody’s (Aaa since 1986) and Standard & Poor’s
(AAA since 1994). On a consolidated basis, the Group's total assets were € 402 billion at June 30, 2003.
At June 30, 2003, the Group had 51,238 full-time equivalent employees.
The Rabobank Group is a cooperative entity comprised of Rabobank Nederland, the co-operative Local
Rabobanks who are also licensed credit institutions and Rabobank Nederland’s specialized subsidiaries.
The Group had 341 Local Rabobanks and 1,445 branches located throughout the Netherlands at June 30,
2003. The Local Rabobanks are themselves cooperative entities that draw all of their members from their
customers. See ‘The Rabobank Group Structure’.
Rabobank Nederland, the Local Rabobanks and certain subsidiaries in the Rabobank Group are linked
through a ‘Cross-Guarantee System’. The Cross-Guarantee System provides for intra-group credit support
among Rabobank Nederland, all Local Rabobanks and certain of its subsidiaries that are the other
participating institutions. Under the Cross-Guarantee System, funds are made available by each
‘participating institution’ if another participant suffers a shortfall in its funds. If a participating institution
is liquidated and has insufficient assets to cover its liabilities, the other participating institutions are liable
for its debts. See ‘The Rabobank Group Structure — The Cross Guarantee System’.
The various entities within the Rabobank Group comprise a network of ‘competence centers’ which
provide financial services and products to the Local Rabobanks and to each other. This networked
expertise allows the Group to respond actively to the growing demand from business clients and private
individuals for a balanced package of financial services and products. The Group therefore seeks to
combine the local presence of the Local Rabobanks and the expertise and scale of a large organization.
The underlying purpose of Rabobank Nederland’s cooperative structure is to provide high quality services
and products to its customers at reasonable prices, while maintaining the financial stability of the
Rabobank Group.
Historically, the Group engaged primarily in lending to the agricultural and horticultural sectors in the
Dutch market. Since the 1990s, the Group has also offered a wide variety of commercial banking and
other financial services not only in the Netherlands but also internationally. As part of an ongoing
program, the Group have increased both the number and type of products and services available to its
customers in order to diversify from a traditional savings and mortgage-based business to be a provider of
a full range of financial products and services, both in the Netherlands and internationally. To this end the
Group pursues an ‘Allfinanz’ concept, meaning that it provides an integrated range of financial services
comprised primarily of retail banking, wholesale banking, asset management and investment, insurance
and leasing to a wide range of both individual and corporate customers. As part of this Allfinanz strategy,
it focuses on operations that produce fee-based income in addition to its traditional interest-based income
sources.
Through Rabobank Nederland, the Local Rabobanks and its specialized subsidiaries, the Rabobank Group
provides services in the following five core business areas: Retail Banking, Wholesale Banking, Asset
Management and Investment, Insurance and Leasing. The diagram below sets forth the organizational
structure of Rabobank Nederland, the Local Rabobanks and the specialized subsidiaries that engage in its
core business areas.
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Structure of the Rabobank Group
Retail Banking
The Group provides a variety of lending and savings services in the Netherlands through its network of
Local Rabobanks and their domestic offices and agencies. For the six months ended June 30, 2003, the
Group had a market share of 25% of new home mortgages in the Dutch mortgage market (21% by Local
Rabobanks and 4% by Obvion). At the end of 2002, the Group had an 83% market share of loans and
advances made by banks to the Dutch primary agricultural sector (measured via sample tests). At the end
of 2002, the Group also had a 39% market share of domestic loans to the trade, industry and services
sector (i.e., small enterprises with less than 100 employees; measured by sample test). At June 30, 2003
the Group had a 38% market share in the Dutch private savings market. For the six months ended June
30, 2003, the Group's Retail Banking operations accounted for 48%, or €749 million, of its gross
operating profit.
5
Wholesale Banking
Through Rabobank Nederland Corporate Clients (‘RNCC’), Rabobank International and its subsidiary
Rabo Securities N.V. and Group Treasury (the Group's treasury department), the Group provides a variety
of wholesale banking services, including advising on mergers and acquisitions and stock transactions,
lending and providing special financing arrangements to both domestic and international corporate
clients. For the six months ended June 30, 2003, the Group's Wholesale Banking operations accounted for
35% or €555 million, of its gross operating profit.
Asset Management and Investment
The Group provides asset management, investment and private banking services to private, institutional
and corporate investors through a number of subsidiaries. Robeco Group N.V. is the competence center
for asset management services within the Rabobank Group, offering financial products and services to the
Group's asset management and investment operations. Schretlen & Co. N.V. operates the Group's private
banking activities in the Netherlands and internationally. Effectenbank Stroeve N.V. provides asset
management and investment advice to private individuals. The newly-acquired internet broker Alex
5
As the Rabobank Group conducts more activities than the five core business areas, the gross operating profits of the five core
business areas do not add up to 100% of consolidated gross operating profit.
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provides investment services to its clients via the internet. For the six months ended June 30, 2003, the
Group's Asset Management and Investment operations accounted for 5%, or €84 million, of its operating
profit.
Insurance
The Group's insurance activities are undertaken primarily through Interpolis, in 2002 the fifth largest
insurance company in the Netherlands in terms of premium turnover. Through its subsidiaries, Interpolis
provides comprehensive life and non-life insurance services to the Group's retail, agricultural and
corporate customers. For the six months ended June 30, 2003, premiums from life and non-life insurance
activities were €1,637 million and € 720 million, respectively. Gross operating profit from the Group's
Insurance operations, at € 101 million, accounted for 6% of its gross operating profit for the six months
ended June 30, 2003.
Leasing
The Group's leasing activities are undertaken primarily by De Lage Landen. De Lage Landen provides
factoring and leasing services to corporate borrowers, primarily in the food and agribusiness, technology,
healthcare and banking industries. At June 30, 2003, De Lage Landen had a loan portfolio of
approximately € 11.5 billion. Gross operating profit from the Group's leasing operations, at €129 million,
accounted for 8% of its gross operating profit for the six months ended June 30, 2003.
Recent Developments
Ag Services of America, Inc.
On November 3, 2003, we announced that we had entered into an agreement to acquire Ag Services of
America, Inc. ("Ag Services") for a consideration of approximately $47 million. Ag Services is a supplier
of crop production financing to primarily corn and soya bean growers in the U.S. The sale is expected to
close on or about December 31, 2003, subject to approval by Ag Services' shareholders and the Dutch
Central Bank.
Eureko Group
As part of the Group's strategy to grow in market share in retail products in the insurance sector (see
‘Description of Business of the Rabobank Group — Developing New Opportunities for Growth’) it
announced on September 17, 2003 that it has begun exploratory discussions with Eureko Group (which
includes Achmea Holding N.V. in the Netherlands) to develop some form of co-operation.
The intention of the parties is to conclude these talks before the end of 2003. Eureko Group is a financial
services provider headquartered in Amsterdam and has subsidiaries in 15 European countries. Achmea
Holding N.V. is the largest subsidiary within the Eureko Group.
Lend Lease Agri-Business
On September 16, 2003, we announced that we had entered into an agreement to acquire Lend Lease
Agri-Business, a subsidiary of Lend Lease Real Estate Investments and part of the Australia-based Land
Lease Group, Lend Lease Agri-Business provides agricultural producers with creative solutions to their
long-term real estate financing needs. The consideration for the transaction will be approximately $45
million.
FGH Bank
On July 24, 2003, the Group announced that it had entered into a letter of intent with HVB Real Estate
Bank AG relating to its takeover of FGH Bank for a contemplated consideration of 3 415 million. FGH
Bank is a Dutch bank specializing in commercial real estate financing and at June 30, 2003 had a
financing portfolio of approximately 3 4 billion in the Netherlands. The transfer of FGH Bank shares to
the Rabobank Group was effected on October 24 2003. FGH Bank will continue its activities in the
commercial real estate market under its own trademark within the Rabobank Group.
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AMP Bank Limited
On July 1, 2003, the Rabobank Group’s wholly owned subsidiary Rabobank New Zealand Limited
completed the purchase of the rural lending portfolio of the New Zealand bank AMP Bank Limited. The
transaction involved the transfer and assignment to Rabobank New Zealand Limited of AUD$222 million
(NZ$249 million) of rural loans and associated security documents. This transaction strengthened the
Group's position as a leading lender to rural clients in Australia and New Zealand.
VIB Corp.
On December 27, 2002, the Group acquired VIB Corp, a bank holding company that provides financial
services in California. Under the terms of the agreement, the Group purchased 100% of the common
stock of VIB Corp in an all cash transaction for a consideration of U.S.$212 million. Valley Independent
Bank, VIB Corp’s bank subsidiary, continues to do business under its own name and the names Bank of
Stockdale and Kings River State Bank.
Alex
In December 2002, Rabobank Nederland entered into an agreement to acquire the internet-brokerage
business of Dexia Bank Nederland N.V. (consisting of the labels ‘Alex’ and ‘VEB Bottom-line’). The
transfer of the internet-brokerage businesses of Alex and VEB Bottom-line was completed on April 1,
2003, enhancing the Group's position as a leading provider of internet-brokerage services in the
Netherlands. As part of the Rabobank Group, the internet-brokerage business will be continued under the
existing labels.
Offering of Trust Preferred Securities
In November 2003 Rabobank Group has increased its core capital by USD 1.75 billion through an
offering of Trust Preferred Securities to institutional investors. The securities were offered on a private
placement basis mainly with U.S. pension funds and insurance companies. The proceeds qualify as Tier 1
or core capital for the Group.
Certain information on important Group Companies
Robeco Groep N.V.
Robeco has its statutory seat in Rotterdam, the Netherlands. The objects of Robeco are the provision of
investment management services, financial services and acting as a holding and financing company. Its
issued share capital amounts to Euro 4,537,802 (5,000 A shares and 5,000 B shares nominal value Euro
454 each). Rabobank Nederland’s share in its issued capital is 100 per cent. Robeco’s net income in 2002
was Euro 70,600,000, corresponding to Euro 7,060 per share. In 2002 a dividend of Euro 30,000,000 was
paid. As at June 30, 2003, Rabobank Nederland’s liabilities to Robeco amounted to Euro 343,000,000
(bonds), Euro 390,000,000 (current account) and Euro 29,000,000 (loans/deposits). Rabobank
Nederland’s claims on Robeco as at June 30, 2003 amounted to Euro 261,000,000 (loans) and Euro
97,000,000 (current account).
Interpolis N.V.
Interpolis has its statutory seat in Tilburg, the Netherlands. The object of Interpolis is to be a holding
company of insurance companies acting in the fields of pensions and industrial health and safety (health,
safety and reintegration). Its issued share capital amounts to Euro 100,704,935. Rabobank Nederland’s
share in its issued capital is 91.85 per cent. Interpolis’ net loss in 2002 was Euro 67,000,000. That is a net
loss of Euro 0.67 per share. Over the year 2002 Interpolis did not declare a dividend. As at June 30, 2003,
Rabobank Nederland’s liabilities on Interpolis amounted to Euro 10,000,000 (loans) and Euro
280,000,000 (current account). As at June 30, 2003, Rabobank Nederland’s claims on Interpolis
amounted to Euro 375,000,000 (loans) and Euro 270,000,000 (current account). As at June 30, 2003
Rabobank Nederland’s commitments in respect of Interpolis amounted to Euro 238,000,000 (irrevocable
credit facilities) and Euro 456,000,000 (revocable credit facilities) and its contingent liabilities in respect
of Interpolis amounted to Euro 310,000,000.
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De Lage Landen International B.V.
De Lage Landen has its statutory seat in Eindhoven, the Netherlands. The object of De Lage Landen is
the provision of factoring and vendor lease services. Its issued share capital amounts to Euro 226,890,108.
Rabobank Nederland’s share in its issued share capital is 100 per cent. De Lage Landen’s net profit in
2002 was Euro 114,000,000, corresponding to Euro 228,000 per share. Over the year 2002 De Lage
Landen did not declare a dividend. As at December 31, 2002, Rabobank Nederland’s liabilities on De
Lage Landen amounted to Euro 17,103,140. As at December 31, 2002 Rabobank Nederland’s claims on
De Lage Landen amounted to Euro 9,742,725 (loans and current account). All liabilities of De Lage
Landen are guaranteed (via the cross guarantee system) by Rabobank Nederland and the other
participants of this system.
Outlook until March 2004
In the current uncertain economic conditions, it is difficult to make a firm statement about the expected
profit for the whole of 2003. Nevertheless the Group expects an increase in operating profit. Given
current stock market levels, and barring unforeseen circumstances, the Group also expects growth in net
profit.
Group Strategy
The Group's ambition is to achieve market leadership in financial services in the Netherlands, primarily
through the Local Rabobanks, and to provide its clients, both private and business, with a comprehensive
range of financial products and services. In addition, the Group aims to be the leading bank in the world
to the food industry and agribusiness. The Group has taken significant steps to establish a leading role as
a financial services provider by providing such services through its wholesale business operations,
RNCC, Rabobank International, Rabo Securities and Group Treasury and its many specialized
subsidiaries such as Robeco (asset management), Interpolis (insurance), De Lage Landen (leasing),
Schretlen & Co. (private banking) and Effectenbank Stroeve. Each of these subsidiaries not only provide
financial advice and products to the Local Rabobanks and their clients, but also provide services to their
own clients in the Netherlands and internationally. In order to establish ourselves as the market leader in
financial services in its chosen markets, the Group has set itself the following four strategic priorities:
•
Strengthening the Local Rabobanks, its core business;
•
Strengthening its position as an ‘Allfinanz Group’;
•
Developing new opportunities for growth; and
•
Strengthening synergies and cooperation within the Rabobank Group.
Strengthening the Local Rabobanks
The Group has placed a high priority on strengthening the position of the Local Rabobanks as a first step
to achieve market leadership. To achieve this objective, the Local Rabobanks will focus on the sale of a
broader range of services and products with the best possible price-to-quality ratio to an increasing
number of clients. Furthermore the Local Rabobanks aim to attract more dedicated members.
Streamlining the Local Rabobanks’ Central Organization
As a result of mergers, the size and skill level of many merged Local Rabobanks has increased
significantly. The strengthening of the Local Rabobanks will therefore require a certain amount of
streamlining of the Local Rabobanks’ central organization. In 2002, the Group began the process of
streamlining the central organization, and this has resulted in a substantial reduction of the Local
Rabobanks’ external staff and has also made an important contribution to better cost control. Further
streamlining continued in the first half of 2003 and is likely to continue in the future.
Refocused Distribution Formats
The Group continues to focus on maintaining the current strong market position of the Local Rabobanks
and ensuring growth in those areas where market leadership has yet to be achieved. As part of its strategy,
the Group will continue to emphasize sales via direct channels, such as the telephone and the internet. The
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Group will also refocus and improve distribution formats and service concepts for specific client groups.
In order to strengthen the Local Rabobanks’ position within the Netherlands, Local Rabobanks that meet
certain qualifications set by Rabobank Nederland will also be granted broader capacities to deal with
larger transactions independently.
Strengthening the Group's Position as an Allfinanz Group
The Group aims to strengthen its position as an Allfinanz group in the following ways:
• Strengthening the market leadership of the Rabobank brand in the distribution of an expanded range
of financial services;
• Strengthening its market position in financial services distribution through its subsidiaries; and
• Strengthening its position as a provider of financial services by supplying products to distributors
outside the Rabobank Group.
Strengthening the Rabobank Brand
Currently, the Group is a leading player in the Netherlands in many financial retail markets, including the
payments, savings, investment, mortgages and business financing markets. This is due to the Group's
strong position in the private segment, the small and medium-sized businesses segment and the
agricultural sector in the Netherlands. Nevertheless, the Group seeks further growth in a number of areas.
In practice, priority will be given to strengthening the Group's market position in the Netherlands in the
corporate, insurance, asset management (private banking), employee benefits, pensions and care,
consumer credits and mortgages markets. In addition, the Group will seek to strengthen its position and
particularly that of the Local Rabobanks in the larger urban areas and among ethnic minorities.
Strengthening Market Position Through the Group's Subsidiaries
The Group's subsidiaries act as competence centers which provide services to and work closely with the
Local Rabobanks. Virtually all of the Group's subsidiaries also serve their own customers who do not
bank at a Local Rabobank. All subsidiaries are assessed according to their contribution to the Group's
market leadership ambition, using criteria such as customer value and their financial and strategic added
value. Through these assessments, the Group looks to find ways to improve the results of its subsidiaries,
both as competence centers and as direct service providers and thereby strengthen the Rabobank Group’s
market position and image both in the Netherlands and internationally.
Supplying Products to Distributors Outside the Rabobank Group
In order to support the Group's market leadership ambition, in the future certain of its businesses may
perform activities for third parties on a selective basis, for example if the existing distribution channels
within the Rabobank Group should yield insufficient economies of scale. In this context, the Group is
considering multi-distribution of its banking products. Local Rabobanks are and will continue to be the
Group's most important distribution channel by far. However, profitable client groups that are hard to
reach via the Rabobank format could well be receptive to different service concepts. The Group views
multi-distribution as not only a possible aid to achieving market leadership, but also an effective response
to changing market relations as a result of the emergence of broker chains, niche players (such as internet
bankers) and non-bank enterprises (such as supermarkets) that are selling financial services. The
acquisition a few years ago of Effectenbank Stroeve and the acquisition of the online brokerage business
of Alex, which was completed on April 1, 2003, illustrate how the Group is responding to the possibilities
offered by multi-distribution. Another example of this multi-distribution policy is Obvion N.V., the joint
venture with the ABP which sells mortgages via independent intermediaries.
Developing New Opportunities for Growth
The Group believes that its strategy of strengthening its market leadership in the Netherlands will have a
positive effect on its ability to team up with other banks in specific areas outside the Netherlands and
develop strategic alliances internationally. However, these initiatives can and will only be considered if
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they offer added value to its clients and serve the interests of its cooperative banking operations in the
Netherlands.
In the Netherlands, the Group sees possibilities to grow in market share in retail products in the large
Dutch cities and in the insurance sector. Growth in insurance could be achieved organically, or through
acquiring existing insurance activities in the Netherlands.
The Group continues to remain active in the international market. In addition to the internationalization
via Rabobank International, Robeco and De Lage Landen, something which has been progressing for
many years, the Group also seek to strengthen its international retail distribution. The Group believes it
can achieve this through its ‘country-banking’ strategy which entails the acquisition of smaller retail
banks in developed markets with a strong position in the agricultural sector and in rural areas. The
Group's country-banking strategy has its origin in successful acquisitions in Australia and New Zealand in
the 1990s. More recent acquisitions include the former state-owned Irish ACC Bank and VIB Corp, in
California, in 2002. The country-banking strategy is now considered an important strategic activity for
growth.
In addition, the Group has started direct-banking initiatives outside the Netherlands. These initiatives are
increasing the value realization of the Group's expertise in virtual banking. It is in this context that the
internet bank Rabobank.be was launched in Belgium in the autumn of 2002.
Strengthening Synergies and Cooperation within the Rabobank Group
The Group's strength is determined by the value of the mutual relationships within the Rabobank Group.
Good synergy means cooperation that results in the creation of value. The Group has spent a great deal of
effort on establishing and maintaining the cooperation between all the Rabobank Group entities in order
to be able to offer the services and products the client needs at the optimum price-to-quality ratio. That
cooperation is not only reflected in common product development but also in the integration of processes
and sales-enhancing advice and in constructive dialogue within the Rabobank Group to arrive at major
policy decisions and business processes. The Group's new management structure, which was
implemented in mid-2002, forms a good basis for better cooperation between the Local Rabobanks and
Rabobank Nederland, their umbrella cooperative, which is in the interest of the local clients.
Competition
The Group competes in the Netherlands with several other large commercial banks and financial
institutions, such as ABN AMRO, ING and Fortis. As a result of the overall improving liquidity of Dutch
corporations, increased emphasis by banks on the credit quality of borrowers and the deregulation of
capital markets, competition among banks has increased significantly during the past several years. In
addition, life insurance companies and pension funds in the Netherlands have become major competitors
in the markets for residential mortgage loans and private savings. A significant shift from savings to
investment has also occurred. As a consequence, deposits have constituted an increasingly smaller
percentage, and direct borrowing in the public capital markets a larger percentage of the Group's overall
funding.
The Group's policy is to compete only in the sectors in which it can achieve and maintain a significant
position. In the Dutch market, the Group is a market leader in many financial services: newly granted
mortgage loans (25% as of June 30, 2003), private savings (38% as of June 30, 2003), small and mediumsized enterprises (39% as of December 31, 2002, based on sample tests) and the agricultural sector (83%
as of December 31, 2002, based on sample tests). The Group's share of the corporate market has also been
strengthened considerably.
The Group also faces strong competition in the international banking market. However, management
believes that the Group's strategy of offering products and services to customers in industries where the
Group has a proven specialization reduces competitive pressures on its operating results from
international activities.
Business Activities of the Rabobank Group
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Retail Banking
The Group's retail banking operations are primarily undertaken by the Local Rabobanks. The Group's
retail banking operations include making loans, taking deposits and providing fund transfers and noncredit service operations, primarily in the Netherlands. Each of the Local Rabobanks provides credit and
deposit services. In keeping with the Allfinanz concept, each of the Local Rabobanks also provides, either
directly or through the Rabobank Group’s specialized subsidiaries, insurance, investment and a wide
variety of other services to customers in the Local Rabobank’s specific geographical business area. At
June 30, 2003 the Group had a 38% market share in the Dutch savings market. For the six months ended
June 30, 2003, the Group's Retail Banking operations accounted for 53%, or €2,384 million, of its total
income and 48%, or €749 million, of its operating profit. At June 30, 2003, the Group's Retail Banking
operations employed 30,643 full-time equivalent employees.
The Dutch mortgage loan market is a highly competitive market. Driven by the tax deductibility of
mortgage loan interest payments, Dutch homeowners usually take out relatively high mortgage loans.
This does not necessarily indicate a high risk for banks with mortgage lending operations. The Group has
a balanced mortgage loan portfolio with a weighted loan-to-value of 50%, which is above the average in
the Netherlands. Historically, mortgage lending has been relatively low risk and all mortgage loans are
collateralized. Mortgage loan defaults do not occur frequently, either in the Group's mortgage lending
operations or in the Netherlands generally. Almost all mortgages in the Netherlands have a maturity of 30
years. Generally, mortgages have a 5 or 10-year fixed interest rate, after which period the rate is reset at
the current market rate. Customers do not have the option to prepay on their mortgage loan without
incurring a penalty fee, thus reducing the interest rate risks related to mortgage loan refinancing for the
Rabobank Group.
Local Rabobanks
With 1,445 branch offices (the most branch offices of any financial institution in the Netherlands), 651
cash dispensing machines in public locations and 384 agencies as of June 30, 2003, the Local Rabobanks
have approximately 2,500 points of distribution. Through the Local Rabobanks (and including Obvion),
the Group is the largest mortgage lending institution in the Netherlands, selling 25%, by amounts of
loans, of all new Dutch residential mortgage loans, as of June 30, 2003. The Group is the leader in loans
to the Dutch agricultural sector and in the small and medium-sized business sector. Lending to retail
borrowers, in the form of residential mortgages and consumer credits, amounted to €109.9 billion, or
approximately 46.7% of the Group's total lending (except government lending) at June 30, 2003. Loans
granted by the international banking business amounted to € 48 billion, equal to 22% of the Group's total
lending to the private sector.
The following table sets forth loans by sector outstanding at the dates indicated.
(EUR in billions)
Mortgage loans
Agricultural sector
Small and medium sized business sector
Savings
June 30, 2003
106.2
33.7
78.1
69.1
December 31, 2002
99.8
33.4
75.8
66.3
With 38% of the Dutch private savings market as of June 30, 2003, the Group is also the largest savings
institution in the Netherlands. Of the total savings in the Netherlands, 35% are held by the Local
Rabobanks and 3% are held with Roparco, the savings arm of Robeco Group. The Group offers its clients
a number of different savings options, including savings via the telephone and via the internet. The
www.rabobank.nl website is one of Europe’s most frequented internet bank sites, and the largest internet
bank in the Netherlands, with more than 2.2 million online clients. Since November 2002, customers in
Belgium have also been able to access the Group's internet banking services via www.rabobank.be, the
Group's first direct-bank initiative outside the Netherlands. Private customers are also able to use the
123
services of IRIS, a securities research institute established jointly with Robeco Group N.V., in order to
help them manage their investment decisions.
Obvion N.V.
In April 2002, the Group began Obvion N.V. (‘Obvion’), its mortgage loan joint venture with the ABP
pension fund. Obvion sells mortgage loans under its own brand via independent agents in the
Netherlands. Through Obvion, the Group is targeting an increasing portion of the Dutch market share in
order to strengthen its market leadership in mortgage loans. Obvion’s market share in the Netherlands at
June 30, 2003 stood at approximately 4%. The Group's aim is to sell other Obvion products as well, such
as life insurance and investment funds, via agents by the end of 2003.
Rabohypotheekbank N.V.
Rabohypotheekbank N.V. ('Rabohypotheekbank'), headquartered in Amsterdam, the Netherlands,
provides mortgage lending documentation services to all of the Group's Local Rabobanks.
Rabohypotheekbank also serves as a supplementary financing vehicle for the Local Rabobanks in the
event that they choose not to make certain mortgage loans to their customers entirely on their own, either
for liquidity or lending limit reasons or because of the nature of the required financing. The majority of
Rabohypotheekbank’s loans are secured by mortgages on residential property. Its loans are funded by
term loans from, or guaranteed by, Rabobank Nederland and by the issuance of mortgage bonds.
Rabohypotheekbank does not engage in the financing of real estate development. At June 30, 2003,
Rabohypotheekbank had assets of approximately €8.7 billion.
Wholesale Banking
Through RNCC, Rabobank International, Rabo Securities, Group Treasury and Gilde the Group provides
a variety of wholesale banking services, including lending and providing special financing arrangements
to both domestic and international corporate clients and advising on mergers and acquisitions and capital
markets transactions. For the six months ended June 30, 2003, the Group's Wholesale Banking operations
accounted for 22%, or €994 million, of the Group's total income and 35% or €555 million, of the Group's
operating profit. At June 30, 2003, the Group's Wholesale Banking operations employed 4,931 full-time
equivalent employees.
Rabobank Nederland Corporate Clients
RNCC focuses on the provision of wholesale banking services to the Dutch corporate market. RNCC also
operates in Belgium. RNCC offers a broad range of financial products and specialist services and works
through sector teams and regional teams. In cooperation with the Local Rabobanks, these sector and
regional teams offer an Allfinanz package that is tailored to the Group's clients’ specific needs. Partly as a
result of this customer-focused approach, RNCC’s market position has been strengthened significantly
recently.
Rabobank International
The Group's business banking division, Rabobank International, operates on a global scale. The
subsidiaries within the Group's Rabobank International division have a comprehensive international
network of offices, with 153 offices in 23 countries outside the Netherlands, and maintain a number of
strategic alliances with banks in Austria, France, Germany, Italy, Spain, Switzerland and the United
Kingdom. Although Rabobank International provides sophisticated financial products aimed at
professional counterparts in the international financial markets, its activities are primarily focused on
enterprises in the food and agribusiness sector. In financing foreign corporate clients in the food services
and agribusiness industries, Rabobank International concentrates on providing financing to entities
engaged in processing and trading agricultural commodities, rather than primary agricultural activities.
Rabobank International also makes loans to international corporate and government borrowers. At June
30, 2003, Rabobank International loans accounted for 16% of total lending. As part of its international
growth policy, Rabobank International’s lending activity is expanding, primarily to borrowers in its target
industries.
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An important element in Rabobank International’s strategy is 'country-banking'. This involves taking over
smaller banks that operate in rural areas of developed markets and have a strong position in the
agricultural sector. In line with its country-banking strategy, Rabobank International acquired VIB Corp.
in the United States in 2002. Following earlier acquisitions in Australia and New Zealand in the 1990s
and those of the former state-owned Irish ACC Bank in 2002 and VIBCorp. in California, the countrybanking model is developing on a global scale. The Group aims to continue to implement this strategy
and expects that country-banking will make a strong contribution to its financial results in the future. See
'— Group Strategy — Strengthening the Group's Position as an Allfinanz Group — Developing New
Opportunities for Growth'.
Rabo Securities operates Rabobank International’s wholesale equity securities activities, executing a
variety of capital market transactions for clients of the Local Rabobanks and Rabobank International. Its
operations include share issues, mergers and acquisitions, derivatives and equity research, sales and
trading. Rabo Securities operates from Amsterdam and London. Rabo Securities is a member of Euronext
and the London Stock Exchange. Rabo Securities also supports the Group's Treasury activities by
participating in underwriting issues of equity securities, generally for resale, in both the domestic and
international markets and for both institutional and private investors.
Group Treasury
Group Treasury provides for its various divisions’ liquidity needs and their need for instruments to hedge
their interest rate and currency exposures. Group Treasury also manages the Group's balance sheet. In
2002, Group Treasury took several initiatives to improve the Group's balance sheet and liquidity position.
For example, in 2000, 2001 and 2002, new capital was raised in the form of Member Certificates.
Member Certificates are depositary receipts of shares, issued by Rabobank Ledencertificaten N.V. in
2000 and 2001 and by Rabobank Ledencertificaten II N.V. in 2002. In the Group's most recent offering in
2002, €1.75 billion worth of Member Certificates were sold, bringing the total amount of Member
Certificates issued in three years to €4.3 billion. These certificates are held by members of the Local
Rabobanks and personnel of the Rabobank Group, in total more than 160,000 individuals and legal
entities at the end of 2002. Central banks are important providers of liquidity to the Rabobank Group.
Recently, further segmentation of clients and regions has made Group Treasury better able to raise short-,
medium- and long-term funding. In 2002, Group Treasury introduced a system that enables better control
of the counterparty risks in derivatives and currency transactions. In April 2003, Group Treasury obtained
Euroweek’s global award for best EMTN-borrower in 2002.
Gilde Investment Management B.V.
Gilde is engaged in venture capital financing via various specialized funds (including Gilde IT, Gilde Buy
Out and Gilde Participations) in which certain non-group entities participate, in both the Netherlands and
internationally. Gilde manages these funds. The equity stakes in these enterprises are sold in due course
and the investments are then liquidated. At June 30, 2003, Gilde investments outstanding totaled €599
million compared to €625 million (as restated) at December 31, 2002.
Asset Management and Investment
The Group provides asset management and investment services to private, institutional and corporate
investors primarily through the following subsidiaries: Robeco (asset management), Schretlen (private
banking), Effectenbank Stroeve (asset management and investment services) and Alex (internet broker).
With the Group's acquisition, in 2002, of the e-brokerage business of Alex and hedge fund manager Sage
Capital Management L.L.C. and the Group's strategic participation in Bank Sarasin & Cie AG (‘Sarasin’),
also formed in 2002, the Group significantly expanded its asset management and investment services in
both Europe and the United States. For the six months ended June 30, 2003, the Group's Asset
Management and Investment operations accounted for 7%, or €310 million, of the Group's total income
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and 5%, or €84 million, of the Group's gross operating profit. At June 30, 2003, the Group's Asset
Management and Investment operations employed 1,991 full-time equivalent employees.
Robeco Group N.V.
Robeco is headquartered in Rotterdam, the Netherlands, and has offices in Belgium, France, Germany,
Spain, Switzerland, Italy and the United States. Robeco is engaged in asset management for private,
institutional and corporate investors. Robeco also acts as the competence center for asset management
services within the Rabobank Group, offering financial products and services to the Group's other asset
management and investment operations. Robeco is the Dutch market leader in investment funds, with €
104 billion assets under management at June 30, 2003. Assets managed for institutional investors
amounted to € 63 billion. Assets managed for private clients amounted to € 41 billion. Rabobank
Nederland currently owns a 100% equity interest in Robeco.
Schretlen & Co. N.V.
As the asset management specialist for the high net worth clients of the Local Rabobanks, Schretlen
undertakes the Group's private banking activities in both the Netherlands and internationally. Schretlen’s
operations are headquartered in Amsterdam, the Netherlands. Schretlen’s services are available to private
individuals with a minimum of €500,000 freely available for investment. In 2002, Schretlen, in
cooperation with the Local Rabobanks, introduced a standardized form of asset management, Rabobank
Managed Investment, for private individuals with a minimum of €150,000 in assets managed. The Local
Rabobanks, by using the standardized form of asset management, can offer their clients the choice of five
standard investment portfolios, each managed by Schretlen and each having a varying level of risk. In
addition, Schretlen focuses on small and medium-sized institutional investors. Schretlen had
approximately €4 billion of assets under management at June 30, 2003.
Bank Sarasin & Cie AG
In 2002, the Group acquired a 28% equity stake in Sarasin, with the option to increase its stake to a
majority stake at any time before June 30, 2009. Sarasin offers investment consultancy and portfolio
management services to private persons in Switzerland. As part of the joint venture, the Group
contributed its International Private Banking activities which had operations in various locations around
the world. At June 30, 2003, Sarasin has approximately CHF 47 billion assets under management.
Effectenbank Stroeve N.V.
Effectenbank Stroeve, headquartered in Amsterdam, the Netherlands, provides investment advice to
investors with a minimum of €150,000 freely available for investment. Asset management services are
also provided to clients with a minimum of €50,000 freely available for investment. Effectenbank Stroeve
is the Dutch market leader in services to professional clients, such as independent asset managers and
brokers. Effectenbank Stroeve had approximately €2 billion of assets under management at June 30,
2003.
Alex
In December 2002, the Rabobank Group signed an agreement for the acquisition from Dexia Bank
Nederland of the business of the internet broker Alex and the order telephone line VEB Bottomline. Not
only did this make the Rabobank Group a market leader in the Netherlands in investing via the internet
(with a market share of 35%), but also the market leader in the Netherlands in terms of the number of
investment clients (with a market share of 30%). Alex focuses on active clients who prefer to place their
own orders against competitive rates. Alex and VEB Bottomline have been combined into a separate
business unit of Rabobank Nederland. Alex had approximately €2 billion assets under management at
June 30, 2003.
Insurance
Interpolis, with headquarters in Tilburg, the Netherlands, was the fifth largest insurance company in the
Netherlands in 2002 in terms of premium turnover, and is engaged in providing comprehensive life and
non-life insurance services to the Group's retail, agricultural and corporate customers. In addition to the
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Netherlands, Interpolis is also active in Luxembourg, Ireland and Portugal. The Group is expanding
Interpolis’ services for brokers and, in the field of employment benefits, for small- and medium-sized
businesses. In order to strengthen Interpolis’ market position, the Group is continuing to develop it as a
full-service insurance company.
As a result of the merger with SSG Beheer B.V. (Relan), a provider of pension, working conditions and
work force reintegration services, in 2001, the joint venture with Spaendonck Pensions and the
acquisitions of Commit Beheer B.V. (Commit Arbo) in 2002 and Beon Holding B.V. (Beon Pensions) in
2001, Interpolis now offers employment benefits and pension services.
Interpolis is a market leader in the Netherlands in annuities, based on premium income. Income from
annuities and single-premium policies totaled €614 million for 2002.
For the six months ended June 30, 2003, premiums from life and non-life insurance activities were €1,637
million and €720 million, respectively. Gross operating profit from the Group's insurance operations, at
€101 million, accounted for 6% of the Group's gross operating profit for the six months ended June 30,
2003.
At June 30, 2003, the Group's insurance operations employed 5,309 full-time equivalent employees.
Leasing
The Group's leasing activities are undertaken primarily by De Lage Landen which provides factoring and
leasing services to corporate borrowers, primarily in the food and agribusiness, technology, healthcare
and banking industries in both the Netherlands and internationally. De Lage Landen is headquartered in
Eindhoven, the Netherlands.
In the Netherlands, De Lage Landen focuses on leasing and trade finance products. Leasing products
include equipment leases, real estate leases, IT leases and car and commercial vehicle leases (Translease).
De Lage Landen’s strength in the Netherlands lies in its fast settlement of standard lease contracts and its
specialist knowledge of various branches of industry. De Lage Landen’s product range is marketed in the
Netherlands through the Local Rabobanks. De Lage Landen also directly markets its products.
Internationally, De Lage Landen concentrates on vendor finance, offering lease facilities for sales support
via the sales channels of manufacturers and distributors of capital goods. De Lage Landen operates in 19
countries in Europe and the Americas, and also in Australia and New Zealand. De Lage Landen
concentrates on enterprises with activities in agricultural machinery, telecommunications, computers,
photocopiers, (internal) means of transport and medical equipment.
At June 30, 2003, De Lage Landen had a loan portfolio of approximately €11.5 billion. Of this amount,
€2.8 billion related to the Netherlands division, €3.5 billion was attributable to the Vendor Finance
Europe division and €5.2 billion was attributable to the Vendor Finance America division. Gross
operating profit from the Group's leasing operations, at €129 million, accounted for 8% of its gross
operating profit for the six months ended June 30, 2003.
At June 30, 2003, the Group's leasing operations employed 2,292 full-time equivalent employees.
Employees
The Group believes that achieving its clients’ goals through financial services goes hand-in-hand with the
personal development of its employees. Accordingly, in the Group's view, good working conditions,
terms of employment and ongoing development of its managers and employees are preconditions for
achieving its strategy. Management believes its employee relations are good. In June 2003, the Group
reached agreement with the unions on a new Collective Labour Agreement (‘CLA’). The new CLA has a
12-month term and provides for a 2.5% pay rise for its employees as from July 1, 2003. The new CLA
also provides that employees will contribute to the pension premiums subject to a transition period for
existing employees. The new CLA also reflects the agreement with the unions on the principles of a new
employee evaluation system based on performance management.
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In 2002, the number of jobs at the combined Local Rabobanks declined by 1,643. Efficiency programs
and the advance of virtual channels for distribution of the Group's products and services has resulted in
further job losses in the Local Rabobanks in 2003. At June 30, 2003 the Rabobank Group had
approximately 57,548 employees (being 51,238 full-time equivalent employees), a decrease of 548
compared to December 31, 2002.
Properties
Rabobank Nederland and the Local Rabobanks typically own the land and buildings used in the normal
course of their business activities in the Netherlands. Outside the Netherlands, the Rabobank Group
entities also typically own the land and buildings used in the normal course of their business activities. At
June 30, 2003, the Local Rabobanks owned 1,445 branches within the Netherlands. In addition, the Group
has part of its investment portfolio invested in land and buildings. Management believes that the
Rabobank Group’s facilities are adequate for its present needs in all material respects.
Environmental Policies and Social Responsibility
The Group seeks to conduct its business activities in a manner that is responsive to environmental and
social concerns. As a result, in assessing credit applications the Group believes it is relevant to consider
issues such as sustainability, socially responsible business practice, genetic modification and ethics. In
2002, the Group's internal guidelines were adjusted for these considerations and are now more in line
with its general code of conduct, mission statement and code for genetic modification as well as its
internal views on socially responsible business practices. The Group believes that estimated
environmental risks and social issues are important. The Group therefore considers not only current
environmental laws and regulations, but also compliance with social standards, respect for the well-being
of animals and the use of genetic modification as the Group carries out its business activities.
The Local Rabobanks, in concert with their cooperative tradition and common values, also seek to find a
proper balance between the various interests of people, the market and society. The Local Rabobanks
attempt to reflect this balance in their lending policy, their engagement in local initiatives and the range of
financial products offered to their clients. Sustainability also plays an important part in their advising on
business plans and realignments. The choice in favor of environmentally-friendly products and
technology is often a source of innovation and helps to encourage suppliers of the Rabobank Group to
operate in an environmentally friendly way.
In order to measure the Group's progress in sustainability and social engagement, indicators were
formulated in 2002 for both the reporting and managing of its activities. As a result, the Group's believes
that its targets for sustainable housing, green investments, lending and human resources management are
more objective than in the past. At the Rabobank Group level, this comprises a large number of
indicators. According to an appraisal in September 2003 from the Swiss-based environmental rating
agency Sustainable Asset Management Group, the Rabobank Group is among the international banking
leaders in the area of sustainability. The Rabobank Group achieved the highest score in the European
banking sector and achieved second place worldwide. The Rabobank Group was awarded a score of 74%,
a 10% improvement on the first appraisal that was conducted in 2001. The previous appraisal also placed
the Rabobank Group among the European and worldwide leaders.
Legal Proceedings
The Group is involved in litigation and arbitration proceedings in the Netherlands and in foreign
jurisdictions, including the United States, involving claims by and against the Group which arise in the
ordinary course of the Group's businesses, including in connection with the Group's activities as an
insurer, lender, employer, investor and taxpayer. While it is not feasible to predict or determine the
ultimate outcome of all pending or threatened proceedings and litigation, management believes that the
ultimate outcome of the various proceedings and litigation already commenced, and/or any future
proceedings and litigation, will not have a material adverse effect on the Group's financial condition,
given the Group's size, robust balance sheet, stable income stream and prudent provisioning policy.
Enron Litigation
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On June 21, 2002 Rabobank Nederland filed a complaint in a New York State court against The Royal
Bank of Canada (‘RBC’), alleging, amongst other things, that RBC fraudulently induced Rabobank
Nederland to execute various agreements in connection with a complex off-balance sheet financial
transaction involving Enron Corp. (‘Enron’) and certain related entities in an amount aggregating
approximately U.S.$517 million and that RBC defaulted on its obligations under the relevant agreements
(the ‘New York Action’). The Enron financial transaction involved 11.5 million shares of EOG Resources
Inc., a New York Stock Exchange publicly held oil and gas company (the ‘EOG Shares’).
On June 24, 2002, RBC commenced a claim against Rabobank Nederland alleging breach of contract and
seeking damages against Rabobank Nederland for U.S.$517 million plus interest in the High Court in
London (the ‘London Action’). Rabobank Nederland intends to vigorously prosecute the New York
Action and to defend (and to assert counter claims in) the London Action.
Following a dispute in the Bankruptcy Court addressing Enron regarding, among other things, Rabobank
Nederland’s entitlement to direct the sale of the EOG Shares and to receive the proceeds thereof, certain
agreements were reached between Rabobank Nederland, RBC, Enron and certain of its affiliates and the
official creditors committee (the ‘Creditors Committee’) which resulted in the EOG Shares being sold
(for approximately U.S.$442 million) on November 21, 2002. The cash proceeds of the sale were then
held in escrow.
On August 18, 2003, Rabobank Nederland, RBC, Enron and certain of its affiliates and the Creditors
Committee executed and submitted to the United States Bankruptcy Court, settlement documentation
which was approved by the Bankruptcy Court (at a hearing held on September 26, 2003), and which
resolves various disputes and claims regarding entitlement to the escrowed cash proceeds from the
November 2002 sale of the EOG Shares.
Pursuant to the settlement, RBC will receive approximately U.S.$154 million of cash from the escrow
account and will be granted an allowed general unsecured claim against Enron in the face amount of
U.S.$226.3 million. RBC and Rabobank Nederland have agreed that the allowed general unsecured claim
will have a value of approximately U.S.$41.3 million. The aggregate of the cash to be received by RBC
and the agreed-upon value of the allowed unsecured claim shall reduce the amount claimed owing by
Rabobank Nederland to RBC in the pending litigation.
The settlement does not otherwise affect, in any way, the continuing litigation (either in the New York
Action or the London Action) with RBC.
Stutts, et al. V. The De Dietrich Group, et al.
The Rabobank Group has been named as a defendant in Stutts,et al. v. The De Dietrich Group, et al. filed
in the U.S. District Court for the Eastern District of New York. In the suit, certain U.S. veterans of the
first Gulf War allege that they have sustained injuries as a result of the Rabobank Group (among other
banks) having served as a correspondent bank with respect to letters of credit obtained by the Iraqi
government in order to purchase materials that may have been used in chemical weapons. No response
has yet been filed, but the Rabobank Group intends to defend the suit.
Group Insurance
The companies within the Rabobank Group carry insurance of a type customary for the industries in
which they operate. Management believes that the insurance carried by these companies is maintained at
a level which is adequate.
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THE RABOBANK GROUP STRUCTURE
Rabobank Nederland is a cooperative entity formed primarily as a result of the merger of the two largest
banking cooperative entities in the Netherlands in December 1972. Rabobank Nederland, having its
statutory seat in Amsterdam, was established for an unlimited period of time under Dutch law by a deed
dated December 22, 1970 and executed by A.G. Lubbers, civil law notary in Amsterdam. The articles of
association of Rabobank Nederland were last amended by a notarial deed dated June 6, 2002, and
executed by H.J. Steinvoort, civil law notary in Amsterdam. Rabobank Nederland is registered with the
Trade Register of the Chamber of Commerce in Amsterdam, the Netherlands under number 30046259. A
cooperative under Dutch law is a form of association with the statutory objective to provide for certain
material needs of its members.
Membership in Rabobank Nederland is open only to cooperative banks whose articles of association have
been approved by Rabobank Nederland. Upon obtaining membership, Rabobank Nederland issues a
number of shares (par value €455 each), the number of which is dependent upon the Local Rabobank’s
balance sheet total. Since 1995, no new shares have been issued. The shares are fully paid up on issuance
and are not permitted to be pledged, given in usufruct, or otherwise encumbered, alienated or transferred.
The articles of association provide that shares may be issued only pursuant to a resolution proposed by
Rabobank Nederland’s Supervisory Board and approved by Local Rabobanks in a General Meeting. In
certain circumstances, Rabobank Nederland may reacquire its shares from the Local Rabobanks. Pursuant
to the articles of association, each Local Rabobank is obliged, by virtue of its membership, to participate
in any future issue of shares in the same proportion as the proportion which existed in the year preceding
the year of issue, between its balance sheet total and the sum of the balance sheet totals of all Local
Rabobanks. At June 30, 2003, 1.4 million shares (for an aggregate amount of €636 million) had been
agreed issued to the Local Rabobanks.
Although the Local Rabobanks do have some ownership rights with respect to Rabobank Nederland, their
position with respect to ownership, as members of the Rabobank Group cooperative, cannot be compared
to the position of shareholders in a corporation. Pursuant to Rabobank Nederland’s articles of association,
if, in the event of Rabobank Nederland’s liquidation, whether by court order or otherwise, its assets
should prove to be insufficient to meet its liabilities, the Local Rabobanks, as members of Rabobank
Nederland at the time of the liquidation as well as those who ceased to be members in the year prior to the
liquidation, shall be liable for the deficit in proportion to their respective last adopted balance sheet totals.
If it should prove impossible to recover the share of one or more liable members or former members in
the shortfall, the remaining liable parties shall be jointly liable in the same proportion for the amount not
recovered. Under the articles of association of Rabobank Nederland, the total amount for which members
or former members are liable shall never exceed 3% of its last adopted balance sheet total. However, this
limitation of liability under the articles of association of Rabobank Nederland does not affect the liability
of the Local Rabobanks under the cross-guarantee system (the ‘Cross-Guarantee System’) and their
liability under the compensation agreements, referenced below.
Rabobank Nederland’s functions within the Rabobank Group can be broadly divided into three areas.
First, it functions as a ‘central bank’ to the Local Rabobanks, promoting the establishment, continued
existence and development of cooperative banks. Rabobank Nederland also acts as central bank for the
Local Rabobanks by entering into agreements with them ( See ‘— Rabobank Nederland’s “Central Bank”
Activitities’). Furthermore, Rabobank Nederland negotiates rights in the name of the Local Rabobanks
and enters into commitments on their behalf, provided that such commitments have the same implications
for all Local Rabobanks (for instance, the entering into collective labor agreements on behalf of the Local
Rabobanks). Second, Rabobank Nederland is entrusted with the supervision of the Local Rabobanks
pursuant to the provisions of the Act on the Supervision of the Credit System 1992 (Wet toezicht
kredietwezen 1992). Finally Rabobank Nederland operates its own banking business, both
complementary to and independent of the business of the Local Rabobanks and is the holding company of
the specialized subsidiaries.
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The Local Rabobanks are organized as cooperative entities under Dutch law and draw all of their
members from their customers. The number of Local Rabobanks has decreased from 349 at December 31,
2002 to 341 at June 30, 2003. At June 30, 2003, the Local Rabobanks had approximately 1.24 million
members, an increase of approximately 133,000 members from the previous half year. Members of the
Local Rabobanks do not make capital contributions to the Local Rabobanks and are not entitled to the
equity of the Local Rabobanks. Members of the Local Rabobanks are not liable for any obligations of the
Local Rabobanks.
The Cross-Guarantee System
There are several types of intra-group credit support within the Rabobank Group.
Cross-Guarantee System
In accordance with section 12 of the 1992 Act on the supervision of the credit system (Wet toezicht
kredietwezen 1992), an internal Cross-Guarantee System is in place whereby certain entities within the
Rabobank Group are liable for the other participants’ financial obligations in case of a shortfall of funds.
Participating entities within the Rabobank Group are Rabobank Nederland, the Local Rabobanks, certain
entities within the De Lage Landen group of companies, Schretlen, Rabohypotheekbank N.V. and
Raiffeisenhypotheekbank N.V. As a result of the Cross-Guarantee System, for regulatory and financial
reporting purposes, Rabobank Nederland and the Local Rabobanks, as well as the participating finance
subsidiaries, are treated as a consolidated entity. In addition, Rabobank Nederland has assumed liability
for the debts arising from legal transactions of a number of other Rabobank Group companies under
Section 403 of the Dutch Civil Code.
Compensation Agreements
In addition, the Local Rabobanks have entered into several compensation agreements whereby shortfalls
of Local Rabobankswith respect to equity, profitability, Loan Loss reserves, and due to financing Losses
are financed by charging all Local Rabobanks. In effect, the system interlinks the reserves of the Local
Rabobanks. In connection therewith, the articles of association of each of the Local Rabobanks provide
that any surplus balance on the profit and loss account shall be allocated to the general reserve, although
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each Local Rabobank can, up to a limit, choose to allocate a portion to causes of local or general interest.
The articles of association of each Local Rabobank further provide that reserves shall on no account be
distributed to the members of the Local Rabobank, including upon liquidation.
Under the intra-group credit support system, including the Cross-Guarantee System, Local Rabobanks
effectively first cover each other’s shortfalls, before Rabobank Nederland or any of the other entities
become involved.
Rabobank Nederland’s ‘Central Bank’ Activities
The Cross-Guarantee System operates in concert with the regulatory and administrative oversight of the
Local Rabobanks by Rabobank Nederland. Notwithstanding the fact that Rabobank Nederland is
supervised by the Dutch Central Bank on a consolidated basis, Rabobank Nederland has been assigned by
law (section 12 of the 1992 Act on the Supervision of the Credit System - Wet toezicht kredietwezen
1992) the responsibility for ensuring compliance by the Local Rabobanks with the Dutch Central Bank’s
capital adequacy and liquidity regulations. The Dutch Central Bank’s capital adequacy regulations are
intended to preserve a bank’s ability to withstand loan losses and other business risks through reserves
and retained earnings. The internal standards actually applied by Rabobank Nederland, however, are more
conservative than the regulations promulgated by the Dutch Central Bank. This policy partly reflects the
fact that cooperative banks, which cannot raise new capital by the issue of shares, can only grow and
maintain an appropriate ratio of reserves to total liabilities by making profits. Any Local Rabobank whose
ratio of reserves to total liabilities fails to meet internal solvency standards is subject to stricter
supervision by Rabobank Nederland; in particular, its authority to make lending decisions within the
Rabobank Group lending limits is restricted. Should a Local Rabobank fail to perform adequately,
Rabobank Nederland has the power to replace its management under the articles of association.
The Local Rabobanks are permitted to have accounts only with Rabobank Nederland, which is the sole
outlet for each Local Rabobank’s excess liquidity and acts as treasurer to the Local Rabobanks. Each
Local Rabobank is obliged by Rabobank Nederland to keep a certain portion of its own deposits on
current account with Rabobank Nederland.
The Rabobank Group Controller and Group Treasury coordinate asset and liability management for the
Rabobank Group. Group Treasury manages the liquidity of the Rabobank Group by making investments
in liquid assets or by obtaining short-, medium- and long-term funds from the domestic and international
markets. In addition to being a regular issuer of debt securities in the international capital markets,
through international and domestic medium-term notes, international commercial paper and asset-backed
commercial paper conduit programs, Group Treasury also deals for its own account in the financial
markets. These activities are partly undertaken in implementation of Rabobank Nederland’s liquid asset
management function. Rabobank Nederland’s funding policy seeks to match maturities of loans and the
funding for such loans through issuances of securities in the international capital markets. Rabobank
Nederland also participates in international foreign exchange and money market trading transactions. The
Rabobank Group Controller’s office is responsible for monitoring capital adequacy and profitability and
managing compliance with the financial standards set by the Dutch Central Bank and internal interest rate
risk parameters.
In addition to its capital adequacy standards, Rabobank Nederland, when advising Local Rabobanks on
interest rates and lending criteria, aims for a desired level of profitability for each Local Rabobank. Every
Local Rabobank is subject to the supervision of the Rabobank Group Audit Department, which makes
routine and spot inspections.
Rabobank Nederland advises and supports the Local Rabobanks on a day-to-day basis on all aspects of
the Local Rabobanks’ or their customers’ businesses, including marketing, establishment of interest rates
(both on deposits and on loans), asset and liability management, security valuation and assessment, cofinancing and large-scale financing, trade financing, foreign exchange, securities transactions, portfolio
management, insurance, travel and legal matters.
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In addition to advice and support, Rabobank Nederland provides a number of administrative services to
the Local Rabobanks, including payment transfers (domestic and internationally), check clearances,
accounting, auditing and the management and coordination of personnel policy and administration.
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GOVERNANCE OF THE RABOBANK GROUP
Rabobank Nederland has a Supervisory Board and an Executive Board. The Supervisory Board (raad van
commissarissen) of Rabobank Nederland consists of at least seven persons and is responsible for
monitoring Rabobank Nederland’s policy, compliance with applicable legislation and its articles of
association and examining and reporting to the General Meeting on the annual statement of accounts. The
Supervisory Board also appoints the Rabobank Group’s external auditor, whose statement on accounts is
also submitted to the General Meeting. Members of the Supervisory Board are appointed by the General
Meeting.
The Executive Board (raad van bestuur) of Rabobank Nederland consists of at least two members. The
number of members is determined by the Supervisory Board. The members are appointed by the
Supervisory Board and may be suspended and removed by the Supervisory Board. The Executive Board
prepares and executes Group strategy and the appointment, suspension and removal of general managers
of Rabobank Nederland and has responsibility for the management of Rabobank Nederland, which
includes, under the approval of the Supervisory Board, the authorization of debenture issues of Rabobank
Nederland (and, in effect, the entire Rabobank Group to the extent that the affairs of the Local Rabobanks
are subject to the supervision of Rabobank Nederland). The Executive Board is responsible for the
compilation of the annual statement of accounts for adoption by the General Meeting and the
recommendation of the profit appropriation to Rabobank Nederland’s members. At present, the Executive
Board consists of six persons. the Group's former chief financial officer (‘CFO’), Dr. W.M. van den
Goorbergh, resigned as of September 1, 2002. The vacancy on the Executive Board resulting from his
resignation is expected to be filled in the near future.
No individual may be a member of both Rabobank Nederland’s Supervisory Board and Rabobank
Nederland’s Executive Board. No member of the Supervisory Board is permitted to belong to the staff of
Rabobank Nederland, a Local Rabobank or any institution affiliated with Rabobank Nederland, nor is a
member of the Supervisory Board permitted to belong to the Supervisory Board of a Local Rabobank. No
member of the Executive Board is permitted to hold office with, or be employed by, any Local Rabobank.
The members of the Supervisory Board and the Executive Board cannot hold any office with a credit
institution within the meaning of the Credit System Supervision Act which is not in any way affiliated
with Rabobank Nederland.
The following persons, all of whom are resident in the Netherlands except Mr. Berndsen who is resident
in Belgium, are appointed members of the Supervisory Board and the Executive Board of Rabobank
Nederland.
Supervisory Board of Rabobank Nederland
Name
Year
Appointed
Term
Expires
Lense (L.) Koopmans, Chairman
Leo (L.J.M.) Berndsen
Teun (T.) de Boon
Bernard (B.) Bijvoet
Sjoerd (S.E.) Eisma
Marinus (M.) Minderhoud
Hans (J.A.A.M.) van Rossum
Herman (H.C.) Scheffer
Martin (M.J.M.) Tielen
Aad (A.W.) Veenman
Antoon (A.J.A.M.) Vermeer
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2005
2005
2004
2004
2005
2007
2006
2006
2006
2006
2007
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Executive Board of Rabobank Nederland
Name
Year
Appointed
Nationality
Bert (H.) Heemskerk, Chairman
Hans (J.C.) ten Cate
Piet (P.W.) Moerland
Piet (P.J.A.) van Schijndel
Rik (D.J.M.G.) baron van Slingelandt
Jac (J.J.) Verhaegen
2002
2000
2003
2002
1996
2001
Dutch
Dutch
Dutch
Dutch
Dutch
Dutch
The members of the Supervisory Board and the Executive Board have elected domicile at the head office
of Rabobank Nederland at Croeselaan 18, 3521 CB Utrecht, the Netherlands.
Management of the Local Rabobanks
A board of directors and a supervisory board govern each Local Rabobank within the Rabobank Group.
The Local Rabobank’s supervisory board, with the approval of Rabobank Nederland, appoints one
member of the board of directors, the managing director. The rest of the members of the board of
directors and supervisory board are elected by and from the members of that Local Rabobank. The
managing director, without prejudice to the responsibility of the board of directors, shall in particular be
charged with the management of the business of the Local Rabobank as well as with the preparation and
implementation of the policies of the Local Rabobank.
Representatives of the Local Rabobanks meet annually at the General Meeting of Rabobank Nederland to
approve the annual statement of accounts, to approve, amongst other things, any changes in the articles of
association, and to elect members of Rabobank Nederland’s Supervisory Board, who hold office for fouryear terms.
Changes in Management Membership
Ms. Sybilla Dekker resigned from the Supervisory Board as of May 27, 2003 to become minister in the
Dutch government for the VROM Department (housing, environment and town and country planning).
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REGULATION OF RABOBANK NEDERLAND
General Overview
Rabobank Nederland is a credit institution (kredietinstelling) organized under the laws of the Netherlands.
The principal Netherlands law applicable to Rabobank Nederland is the 1992 Act on the supervision of
the credit system (Wet toezicht kredietwezen 1992) (the ‘Netherlands Act’), under which Rabobank
Nederland is supervised by the Dutch Central Bank and the Dutch Minister of Finance.
Rabobank Nederland and the various Rabobank Group entities are also subject to certain European Union
(‘EU’) directives which have a significant impact on the regulation of the Rabobank Group’s banking,
asset management and broker-dealer businesses in the EU and the regulation and control of local central
banks and monetary authorities of the various countries in which the Group does business.
Rabobank Nederland, the Local Rabobanks and the subsidiaries of Rabobank Nederland are in
compliance in all material respects with the applicable banking and insurance regulations and
capitalization and capital base requirements of each applicable jurisdiction.
Basel Standards
The Basel Committee on Banking Supervision of the Bank for International Settlements develops
international capital adequacy guidelines based on the relationship between a bank’s capital and its credit
risks. In this context, on July 15, 1988, the Basel Committee adopted risk-based capital guidelines (the
‘Basel guidelines’), which have been implemented by banking regulators in the countries that have
endorsed them. The Basel guidelines are intended to strengthen the soundness and stability of the
international banking system. The Basel guidelines are also intended to reduce an existing source of
competitive inequality among international banks by harmonizing the definition of capital and the rules
for the evaluation of asset risks and by establishing a uniform target capital base ratio (capital to riskweighted assets). Supervisory authorities in each jurisdiction have, however, some discretion in
determining whether to include particular instruments as capital under the Basel guidelines and to assign
different weights, within a prescribed range, to various categories of assets. The Basel guidelines were
adopted by the European Community and applied to all banks and financial institutions in the EU, and on
January 1, 1991, the Dutch Central Bank implemented them and they were made part of Netherlands
regulations.
In June 1999, the Basel Committee proposed a review of the Basel guidelines of 1988. Since then, a
proposal for a new capital accord has been introduced by the Basel Committee on Banking Supervision in
a consultative paper, which has been discussed by several international working parties. A third
consultative document was issued in April 2003. Eventually, the proposals will need to be translated into
national regulations by the national supervisors – in the Group's case, the Dutch Central Bank. The target
is to achieve a flexible framework that is more closely in line with internal risk control and that will result
in a more sophisticated credit risk weighting. In 2002, the Rabobank Group joined in a global exercise
initiated by the Basel Committee, aimed at establishing the consequences of the preliminary proposals.
Given its traditionally low (credit) risk profile, it came as no surprise that the new capital adequacy
requirements for the Rabobank Group are significantly lower than the current ones. The goal of the Basel
Committee is to complete ‘Basel II’ promptly. The Rabobank Group has already started the
implementation of the expected proposals.
The adoption of Basel II is also expected to result in a proposal for a new EU regulatory capital directive
in 2004, with a targeted adoption date of September 2005 and a time frame for implementation of the
directive by EU member states by the end of 2007. Basel II will impact the areas of risk sensitivity, group
structures, equity holdings in non-banks and retail exposures.
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European Union Standards
The European Community has adopted a capital adequacy regulation for credit institutions in all its
member states based on the Basel guidelines. In 1989, the EC adopted the Council Directive of April 17,
1989 on the ‘own funds’ of credit institutions (the ‘Own Funds Directive’), defining qualifying capital
(‘own funds’), and the Council Directive of December 18, 1989 on a capital base ratio for credit
institutions (the ‘Capital Base Ratio Directive’ and, together with the Own Funds Directive, the ‘EC
Directives’), setting forth the required ratio of own funds to risk-adjusted assets and off-balance sheet
items. The EC Directives required the EU member states to transform the provisions of the Capital Base
Ratio Directive and the provisions of the Own Funds Directive into national law directly binding on
banks operating in the member states. The EC Directives permit EU member states, when transforming
the EC Directives into national law, to establish more stringent requirements, but do not permit more
lenient requirements.
Netherlands Regulation
General
In 2001, a major supervisory reform was undertaken in the Netherlands. The sector-oriented supervision
(by the Dutch Central Bank on banks, the Pensions Insurance Supervisory Board on pension funds
insurance institutions and the Netherlands Authority for the Financial Markets on securities institutions)
has been replaced by a more functional approach. As of September 2002, supervision has been divided
into prudential supervision, carried out by the Dutch Central Bank and the Pension and Insurance
Supervisory Board together, and conduct of business supervision, carried out by the Netherlands
Authority for the Financial Markets.
Pursuant to authority granted under the Netherlands Act, the Dutch Central Bank, on behalf of the Dutch
Minister of Finance, supervises and regulates the majority of the Rabobank Group’s activities. The
Netherlands Authority for the Financial Markets also carries out conduct of business supervision. Set
forth below is a brief summary of the principal aspects of the Netherlands Act.
The Netherlands Act
Scope of the Act
A credit institution is any enterprise whose business it is to receive funds repayable on demand or subject
to notice and to grant credits or make investments for its own account. Rabobank Nederland and various
Rabobank Group entities, including each of the Local Rabobanks are credit institutions and, because they
are engaged in the securities business as well as the commercial banking business, each is considered a
'universal bank'. These entities may accordingly be restricted from making capital contributions or loans
to their respective subsidiaries.
Licensing
Under the Netherlands Act, a credit institution established in the Netherlands is required to obtain a
license from the Dutch Central Bank before engaging in any banking activities. The requirements to
obtain a license, among others, are as follows: (i) the day-to-day policy of the credit institution must be
determined by at least two persons; (ii) the credit institution must have a body of at least three members
which has tasks similar to those of a board of supervisory directors; and (iii) the credit institution must
have a minimum equity (eigen vermogen) of €5,000,000. Also, the Dutch Central Bank shall refuse to
grant a license if, among other things, it is of the view that (i) the persons who determine the day-to-day
policy of the credit institution have insufficient expertise to engage in the business of the credit
institution, (ii) the interests of (future) creditors could be materially prejudiced given the intentions or
credentials of one or more persons who determine the policy of the credit institution or (iii) through a
qualified holding in the credit institution, influence on the policy of such enterprise or institution may be
exercised which is contrary to ‘prudent banking policy’ (‘gezond bankbeleid’). In addition to certain other
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grounds, the license may be revoked if a credit institution fails to comply with the requirements for
maintaining it.
Reporting and Investigation
A credit institution is required to file with the Dutch Central Bank its annual financial statements in a
form approved by the Dutch Central Bank, which includes a balance sheet and a profit and loss statement
that have been certified by a qualified auditor in the Netherlands or an equally qualified foreign auditor
who is licensed in the Netherlands. In addition, a credit institution is required to file with the Dutch
Central Bank or a designated agency monthly balance sheets, on a basis established by the Dutch Central
Bank, which also has the option to demand more frequent reports (including reports certified by a
qualified auditor in the Netherlands or an equally qualified foreign auditor who is licensed in the
Netherlands). The credit institutions’ reports to the Dutch Central Bank are required to be 'truthful and not
misleading'.
A credit institution must also inform the Dutch Central Bank of any change in number and the identity or
the credentials of the persons determining its day-to-day policy. Furthermore, a credit institution must
also inform the Dutch Central Bank if it fails to comply, or to comply fully, with the Dutch Central
Bank’s standards regarding capital base, liquidity or administrative organization.
Supervision
The Dutch Central Bank exercises supervision with respect to the solvency and liquidity of credit
institutions, supervision of the administrative organization of credit institutions and structure supervision
relating to credit institutions. To this end, the Dutch Central Bank has issued the following general
guidelines:
– Solvency Supervision
The guidelines of the Dutch Central Bank on solvency supervision require that a credit institution
maintains equity in an amount equal to at least eight per cent. of its risk-bearing operations. These
guidelines also impose limitations on the aggregate amount of claims (including extensions of credit) a
credit institution may have against one debtor or a group of related debtors.
– Liquidity Supervision
The guidelines of the Dutch Central Bank relating to liquidity supervision require that a credit institution
maintains sufficient liquid assets against certain liabilities of the credit institution. The basic principle of
the liquidity directives is that liquid assets must be held against ‘net’ liabilities of credit institutions (after
netting out claims and liabilities in a maturity schedule) so that the liabilities can be met on the due dates
or on demand, as the case may be. These guidelines impose additional liquidity requirements if the
amount of liabilities of a credit institution with respect to one debtor or group of related debtors exceeds a
certain limit.
– Structure Supervision
The Netherlands Act provides that a credit institution must obtain a declaration of no-objection from the
Minister of Finance (or, in certain cases, determined by the Minister of Finance from the Dutch Central
Bank) before, among other things, (i) reducing its own funds by way of repayment of capital or
distribution of reserves, (ii) holding, acquiring or increasing a ‘qualified holding’ in another enterprise or
institution if such qualified holding amounts to or exceeds ten per cent, (iii) acquiring all or a substantial
part of the assets and liabilities of another enterprise or institution, (iv) merging with another enterprise or
institution or (v) proceeding to financial or corporate reorganization. For purposes of the Netherlands Act,
‘qualified holding’ is defined to mean the holding, directly or indirectly, of an interest of more than five
per cent. of the issued share capital or voting rights in an enterprise or institution, or a similar form of
control.
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In addition, any person is permitted to hold, acquire or increase a qualified holding in a credit institution,
or to exercise any voting power in connection with such holding, only after such declaration of noobjection has been obtained.
– Administrative Supervision
The Dutch Central Bank also supervises the administrative organization of the individual credit
institutions, including Rabobank Nederland and the Local Rabobanks, their financial accounting system
and internal controls. The administrative organization must be such as to ensure that a credit institution
has at all times a reliable and up-to-date overview of its rights and obligations. Furthermore, the
electronic data processing systems, which form the core of the accounting system, must be secured in
such a way as to ensure optimum continuity, reliability and security against fraud. As part of the
supervision of administrative organizations, the Dutch Central Bank has also stipulated that this system
must be able to prevent conflicts of interests, including the abuse of insider information.
Emergencies
The Netherlands Act contains an ‘emergency regulation’ which can be declared in respect of a credit
institution by a Dutch court at the request of the Dutch Central Bank if such credit institution is in a
position which requires special measures for the protection of its creditors. As of the date of the
emergency, only the court appointed administrators have the authority to exercise the powers of the
representatives of the credit institution. Furthermore, the emergency regulation provides for special
measures for the protection of the interests of the creditors of the credit institution. A credit institution can
also be declared in a state of bankruptcy by the court.
Rabobank Nederland and the Local Rabobanks file consolidated monthly and annual reports that provide
a true and fair view of their respective financial position and results with the Dutch Central Bank.
Rabobank Nederland's independent auditors audit these reports annually.
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CAPITALISATION
The following table sets forth in summary form the Group's consolidated own funds and consolidated
medium and long-term debt securities at June 30, 2003 and at December 31, 2002:
June 30, 2003
(unaudited)
December 31, 2002
1,679
109
15,469
4,717
1,679
111
14,911
4,507
Group equity
Group debt securities
21,974
76,484
21,208
61,739
Total capitalisation
98,458
82,947
Breakdown of reserves
Revaluation reserves
Other reserves
Rabobank membership certificates
Trust Preferred Securities
237
10,727
3,855
650
246
10,164
3,851
650
Reserves
15,469
14,911
(EUR in millions)
Group equity
Fund for general banking risks
Subordinated loans
Reserves
Third-party interests
There has been no material change in the capitalisation of the Group since June 30, 2003, except that in
November 2003 Rabobank Group has increased its core capital by USD 1.75 billion through an offering
of Trust Preferred Securities to institutional investors. The proceeds qualify as Tier 1 or core capital for
the Group.
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Financial Statements 2002 and other information
Consolidated balance sheet
at 31 December 2002 (after profit appropriation)
(in EUR millions)
2002
2001
Cash (1)
3,807
3,736
Short-term government paper (2)
1,813
5,311
Assets
Professional securities transactions
Other banks
40,053
28,359
7,176
11,719
Banks (3)
47,229
40,078
Public sector lending
797
761
Private sector lending
212,323
197,262
Lending (4)
12,132
10,591
225,252
208,614
Interest-bearing securities (5)
71,320
78,680
Shares (6)
11,062
12,556
Participating interests (7)
184
156
Property and equipment (8)
3,870
3,756
Other assets (9)
4,519
4,425
Prepayments and accrued income (10)
5,664
6,367
374,720
363.679
Total assets
Consolidated balance sheet
(in EUR millions)
2002
2001
Liabilities
21,808
17,076
Other banks
64,078
62,938
Banks (11)
Savings
Other funds entrusted
85,886
66,272
80,014
63,060
6,031
8,485
99,329
100,629
Funds entrusted (12)
171,632
172,174
Debt securities (13)
61,739
58,514
Other liabilities (14)
7,699
12,039
Accruals and deferred income (15)
Provisions (16)
8,218
4,187
18,338
18,336
353,512
Fund for general banking risks (17)
Subordinated loans (18)
Reserves (19)
Third-party interests (20)
Group equity
Total liabilities
1,679
345,264
1,679
111
52
14,911
13,030
4,507
3,654
21,208
18,415
374,720
363,679
Contingent liabilities (21)
7,655
9,652
Irrevocable facilities (22)
27,151
25,674
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142
Consolidated profit and loss account
(in EUR millions)
for 2002
2002
2001
Income
Interest income (23)
18,265
20,042
Interest expense (24)
12,874
14,960
Interest
Income from securities and participating interests (25)
Commission income (26)
Commission expense (27)
5,391
5,082
529
517
2,049
1,974
254
214
Commission
1,795
1,760
Results on financial transactions (28)
285
422
Other income (29)
564
653
8,564
8,434
Total income
Expenses
Staff costs (30)
3,682
Other administrative expenses (31)
1,789
Staff costs and other administrative expenses
Depreciation (32)
Operating expenses
Value adjustments to receivables (33)
Value adjustments to financial fixed assets (34)
3,565
2,032
5,471
5,597
368
368
5,839
5,965
500
480
252
59
Total expenses
6,591
6,504
Operating profit before taxation
1,973
1,930
Taxation on operating profit (35)
Operating profit/Group profit after taxation
Third-party interests (36)
Net profit
514
532
1,459
1,398
209
192
1,250
1,206
Cash flow statement
Cash flow statement
(in EUR millions)
2002
2001
1,459
1,398
Cash flow from operational activities
Operating profit/Group profit after taxation
Adjustments for:
- depreciation
368
368
- value adjustments to receivables
500
480
- value adjustments to financial fixed assets
252
59
939
1,439
- movements in technical reserves relating to the
insurance business
- movements in other provisions
(937)
(19)
- movements in accrued and deferred items
4,734
(2,591)
Cash flow from business operations
5,856
(264)
7,315
1,134
Movements in short-term government paper
3,498
2,051
Movements in securities trading portfolio
3,340
198
Movements in securitised loans
(154)
159
Movements in banks
(675)
(4,294)
(17,138)
(17,428)
Movements in funds entrusted
(542)
25,469
Other movements from operational activities
(469)
Movements in lending
Net cash flow from operational activities
(8,793)
(12,140)
(2,638)
(4,825)
(1,504)
Cash flow from investing activities
Investments and purchases
- investment portfolios
(22,495)
(35,864)
- participating interests
(126)
(39)
- tangible fixed assets
(802)
(869)
(23,423)
(36,772)
Disposals, redemptions and sales
- investment portfolio
23,801
29,676
- participating interests
136
457
- tangible fixed assets
333
Net cash flow from investing activities
202
24,270
30,335
847
(6,437)
1,575
1,384
Cash flow from financing activities
Rabobank Membership Certificates
Movements in subordinated loans
Movements in debt securities
The cash flow statement
59
(1)
3,225
8,627
Payment on Rabobank Membership Certificates and
provides a summary of the
net movements in operational, investing and financing
activities.
(206)
(122)
Cash and cash equivalents
Net cash flow from financing activities
4,653
9,888
consist of legal tender and
675
1,947
balances available on
Net cash flow
demand with central banks.
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144
Notes
Basis of consolidation
Unless otherwise stated, all amounts disclosed in these notes are in
The consolidated financial statements of Rabobank Group include
millions of euros.
the financial information of Rabobank Nederland and the local
companies. The assets, liabilities and results of these companies are
Changes in classification and accounting policies with
effect from 2002
consolidated in full. Third-party interests are disclosed separately.
At 1 January 2002 a change in accounting policy for pension
Joint ventures are included in the consolidated financial statements
charges relating to defined benefit pension schemes was intro-
in proportion to the Bank’s share. Account balances between the
duced. Under the policy that applied until 31 December 2001, the
banking activities and the insurance activities are eliminated insofar
contributions set annually based on the financing agreements
as they arise from financing activities.
were taken to the profit and loss account of Rabobank Nederland.
member banks, as well as the financial information of other group
This policy resulted in highly fluctuating pension charges in the
The consolidated financial statements form part of the financial
financial statements. The new policy is based on the accrual of
statements of Coöperatieve Centrale Raiffeisen-Boerenleenbank BA
pension rights rather than the financing agreements and results in
(‘Rabobank Nederland’) and are referred to as the financial statements
more stable pension charges calculated on the basis of pensionable
of Rabobank Group.
earnings. The new ‘dynamic contribution policy’ takes account of
The difference between the equity and results as presented in the
estimates of a number of future economic factors, such as pay
financial statements of Rabobank Group and in the financial state-
increases, indexations, investment returns and developments in the
ments of Rabobank Nederland can be attributed to the equity and
client base.
results of the local member banks affiliated to Rabobank Nederland,
Rabohypotheekbank NV and Onderlinge Waarborgmaatschappij
Owing to the change in accounting policy, EUR 1,884 million was
Rabobanken BA.
charged to other reserves of Rabobank Nederland at 1 January 2002
The financial statements have been drawn up in accordance with
and simultaneously a provision for pensions of EUR 2,894 million
accounting principles generally accepted in the Netherlands and
was formed and a deferred tax asset of EUR 1,010 million was
comply with the financial reporting requirements included in Part 9
recognised. These amounts are higher than those stated in the 2001
of Book 2 of the Netherlands Civil Code.
financial statements, which related only to pensions administered
by Stichting Pensioenfonds Rabobankorganisatie. Other comparable
Notes
pension schemes are now also included in the calculations, which
eliminating market risk, the expected credit risk and administrative
used more up-to-date information and assumptions.
expenses, cash adjustments and adjustments resulting from market
developments.
The comparative figures for 2001 in this Annual Report have been
restated accordingly. Other assets have been increased by EUR 60
Interest rate contracts relating to trading activities are stated at mar-
million and provisions by EUR 2,163 million, and other liabilities
ket value based on the spot price ruling at the balance sheet date.
have been reduced by EUR 219 million. Staff costs (pension charges)
Gains and losses on these contracts are accounted for under results
for 2001 have been increased by EUR 131 million. Taking the tax
on financial transactions. Other interest rate contracts are valued in
burden into account, the net effect on the result is EUR 85 million.
line with the underlying assets and liabilities. Gains and losses are
accounted for under interest in proportion to the expired term.
Other prior-year figures have been reclassified where necessary for
comparative purposes. These reclassifications have no effect on
Foreign exchange contracts relating to borrowing and lending
results or equity.
transactions are carried at the spot price ruling at the balance sheet
date. Gains and losses resulting from these transactions are accoun-
Recognition of financial instruments in the
balance sheet
ted for under interest in proportion to the term to maturity. Other
foreign exchange contracts are carried at the market price for the
remaining term ruling at the balance sheet date. Realised and
A financial asset or a financial liability is included in the balance
unrealised exchange differences are taken to results on financial
sheet as from the moment that the Group is entitled to the benefits
transactions. Other contracts are carried at market value.
or is committed to the obligations arising from the contractual
provisions of the financial instrument. From the moment that these
Foreign currency
conditions are no longer met, a financial instrument is no longer
Participating interests denominated in foreign currencies are trans-
included in the balance sheet. Financial assets and liabilities are
lated at the spot rate of exchange ruling at the balance sheet date.
netted off in the balance sheet if the Group is allowed to do so on
Resulting exchange differences that have not been hedged are
the basis of legal or contractual provisions and has the intention to
taken to reserves. Other assets and liabilities denominated in
offset these assets and liabilities or to settle them simultaneously.
foreign currencies are translated at the spot rate of exchange ruling
at the balance sheet date. Resulting exchange differences are taken
Accounting policies
to results on financial transactions.
General
Assets, liabilities and results of the insurance business denominated
These financial statements have been prepared under the historical
in foreign currencies are translated at the spot rate of exchange
cost convention. Departures, if any, from historical cost rules are
ruling at the balance sheet date. Resulting exchange differences on
mentioned separately. All assets are carried net of such diminutions
assets and liabilities are taken direct to reserves insofar as they are
in value as is deemed necessary. The addition to the item value
for the Group’s own account and risk.
adjustments to receivables is determined on a dynamic basis. The
accounting policies applied by Interpolis NV are in accordance with
Leasing
the reporting requirements for insurance companies.
Amounts receivable on leases of movable and immovable property
are included in the balance sheet under lending and banks. The
Premiums and discounts are included under prepayments and
value of rights acquired under techno-lease agreements is included
accrued income or under accruals and deferred income as appro-
under lending. Net income from lease contracts is taken to the profit
priate, and are amortised over the term to maturity of the items
and loss account under interest income.
concerned.
Derivatives
Short-term government paper, interest-bearing
securities and shares
Derivative contracts relating to trading activities are included at their
market value in the balance sheet, under prepayments and accrued
Investment portfolio
income or under accruals and deferred income as appropriate.
The investment portfolio consists of securities forming part of fixed
Changes in these market values are accounted for in the profit and
assets and held as investments in accordance with Rabobank policy.
loss account. The market value of derivative contracts relating to
Bonds and other interest-bearing securities are carried at redemption
trading activities is determined taking into account the costs of
value. The difference between redemption value and cost is
145
146
accounted for under prepayments and accrued income or accruals
Shares and other variable-yield securities listed on a stock exchange
and deferred income as appropriate and taken to interest income
are carried at year-end market value; those not listed are carried at
over the term of the securities concerned.
estimated realisable value. Resulting unrealised differences in value
are taken to a revaluation reserve, taking into account deferred
Bonds and other interest-bearing securities for which all or most of
taxation. Unrealised differences in the value of hedging contracts
the interest income is received at the time of redemption are carried
are treated in the same manner. Realised price differences are taken
at cost rather than at redemption value. The value of these items is
to the profit and loss account under income from securities and
increased by a proportional part of the difference between cost and
participating interests. Unrealised losses that cannot be charged to
redemption value for the remaining time to maturity, calculated on
the revaluation reserve are taken to the profit and loss account
the basis of compound interest. This increase is accounted for as
under value adjustments to financial fixed assets.
interest income.
In respect of investments made by the insurance business in land
Gains and losses on the sale of bonds and other interest-bearing
and buildings, shares and convertible bonds, a structural total return
securities are taken to reserves, taking into account deferred taxation,
is recognised in the profit and loss account. The total return consists
and recognised as interest income over the remaining term to
of the direct return realised (net rental income and dividends) and
maturity of those securities. Gains and losses on securities sold on
an indirect return. The total return is calculated by multiplying the
account of a structural reduction of the investment portfolio are
average return realised on the investments in the past 30 years by
taken direct to interest income.
the average value of the investments in the past seven years. The
indirect return is calculated as the difference between the total
Transfers of bonds and other interest-bearing securities from the
return and the direct return. The indirect return is released from the
investment portfolio to the trading portfolio, and vice versa, are
revaluation reserve. Releases from the revaluation reserve are made
made at market value. Resulting gains and losses are accounted for
insofar as the reserve is positive.
in the same manner as gains and losses on sales of either investment
portfolio or trading portfolio securities, as appropriate.
The accounting policy for investments in separate investment funds
(insurance business) is the same as the policy described above,
except for unrealised differences in value on investments in shares
Notes
and other variable-yield securities, which are accounted for in the
Temporary other investments
provision for price differences third parties. Realised price gains and
Temporary other investments are carried at market value determined
losses are taken direct to the profit and loss account. Other invest-
individually for each investment. The resulting positive differences in
ments for the account and risk of policyholders are carried at market
value in relation to cost are taken to the revaluation reserve.
value, increased with accrued interest where appropriate. Realised
Decreases in the revaluation reserve due to disposals are released
and unrealised differences in value are taken to the profit and loss
to the profit and loss account. Downward value adjustments and
account.
reversals of them are taken to the profit and loss account under
value adjustments to financial fixed assets.
Trading portfolio
The trading portfolio is carried at market value or estimated realisable
Participating interests
value at the balance sheet date. Valuation differences relating to the
trading portfolio are accounted for under results on financial trans-
Participating interests over whose commercial and financial policy
actions.
Rabobank exercises significant influence are carried at net asset
Repurchased own bonds and other interest-bearing securities for
value based on the latest financial information available. Rabobank’s
resale are carried at the lower of cost and market value.
share in the results of participating interests is taken to the profit and
The market value is determined taking into account the costs of
loss account under income from securities and participating interests.
eliminating market risk, the expected credit risk and administrative
expenses, cash adjustments and adjustments resulting from market
Other participating interests are carried at current cost. The resulting
developments.
positive differences in value in relation to cost are taken to the revaluation reserve for participating interests. Decreases in the revalua-
Certificates of deposit and commercial paper
tion reserve due to disposals are released to the profit and loss
Certificates of deposit and commercial paper qualifying as loans
account. Downward value adjustments, as well as reversals of them,
and advances are carried at face value. If they do not qualify as such,
are accounted for under value adjustments to financial fixed assets,
they are valued in the same way as bonds and other interest-bearing
insofar as no reserve has been formed for this. Dividends received
securities.
from other participating interests are taken to the profit and loss
account under income from securities and participating interests.
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148
Results of foreign offices denominated in foreign currencies are
struction are carried at cost. No depreciation is charged while work
translated at the average rates for the financial year. Resulting trans-
is in progress.
lation differences are taken to the revaluation reserve.
Buildings due to be sold are stated at their appraised realisable value.
Lump-sum ground rent of land held on long lease is capitalised and
Goodwill, being the difference between the cost and net asset
written off over a period not exceeding 40 years.
value of participating interests, is charged direct to other reserves
in the year of acquisition. Negative goodwill on the acquisition of
Property not in use by the Bank
participating interests is taken direct to the revaluation reserve.
Buildings not in use by the Bank are carried at current cost, i.e. at
The revaluation reserve is transferred evenly to other reserves and
their net realisable value. Changes in value resulting from this
in proportion to the gains accruing on the participating interests
accounting policy are taken to the revaluation reserve, taking into
concerned.
account deferred taxation. Downward value adjustments that cannot
be absorbed by the revaluation reserve are accounted for under
Property and equipment
depreciation.
Property in use by the Bank
Immovable property acquired under foreclosure is carried at the
Bank buildings are carried at current cost, derived from their replace-
lower of cost and net realisable value. Construction projects in pro-
ment value based on continuity and functionality. This replacement
gress are carried at the lower of cost and net realisable value, net of
value is arrived at by means of regular appraisals, so that each buil-
payments received on account.
ding is appraised at least once every ten years. The current cost of
buildings not appraised in the year under review is adjusted based
Property relating to the insurance business
on the building industry index.
All land and buildings are carried at current cost, i.e. the estimated
private sale value, taking into account the expected return on
Changes in value resulting from this accounting policy are taken to
investment and the nature and location of the property. Changes in
the revaluation reserve, taking into account deferred taxation. The
value resulting from this accounting policy are taken to the revalua-
current cost is depreciated on a straight-line basis over an expected
tion reserve, taking into account deferred taxation. Buildings under
useful economic life of at most 40 years. Bank buildings under con-
construction are carried at the direct all-inclusive building costs
Notes
incurred up to the balance sheet date, plus the contractual obliga-
indexation and the market rate of interest on high-quality bonds
tions entered into and net of any expected decrease in value upon
already being traded. To spread the pension charges evenly over
delivery. Land and buildings are not depreciated.
the years, the expected return on the investments is incorporated in
the calculations. Differences between the expected and actual
Equipment
return on the investments, as well as any actuarial adjustments, are
Equipment is carried at cost and depreciated evenly over the esti-
not taken to the profit and loss account, unless the cumulative total
mated useful lives of the items concerned.
of these differences and adjustments exceeds 10% of the larger of
the obligations under the pension scheme and the fair value of the
Debt securities
corresponding investments. The portion that exceeds this limit is
taken to the profit and loss account over the future working lives of
Borrowings
the scheme members. The estimates of future factors are based on
Borrowings for which all or most of the interest charges are paid at
long-term studies carried out by Rabobank Group. These estimates
the time of redemption are carried at their principal, plus a propor-
are by definition uncertain and are therefore tested regularly and
tional part of the difference between the principal and redemption
adjusted as necessary.
value for the remaining time to maturity, calculated on the basis of
compound interest. The increase is accounted for in the profit and
Provision for deferred taxation
loss account under interest expense.
The provision is formed for deferred tax liabilities resulting from
timing differences and is stated at its discounted value. In the insur-
Provisions
ance business, the provision is stated at non-discounted value and
is calculated taking into account the reserves recognised for tax
Provision for pensions
purposes. Deferred tax assets are recognised only insofar as they are
The provision for pension obligations under defined benefit pension
likely to crystallise.
schemes is determined according to a method that calculates the
discounted value of the pension obligations on the basis of the
Technical reserves relating to the insurance business
number of years of active service until the balance sheet date, the
Unearned premium reserve
estimated salary at the expected date of termination of employment,
The unearned premium reserve relates to non-life insurance only
149
150
and represents the unearned portion of premiums written. The
investment risk are calculated in accordance with the carrying value
reserve includes the ageing provisions for disability and sickness
of the underlying investments.
benefits policies.
Other technical reserves
Provision for life insurance
Other technical reserves include a reserve for catastrophe risks in
Life insurance liabilities are calculated in accordance with the net
the non-life business. The addition to the reserve is based on the
method on the basis of recent mortality tables and a discount rate
expected cost of external reinsurance cover. Amounts are released
of predominantly 4%. For life insurance policies concluded after
from the reserve if the total loss relating to catastrophe risks on an
1 August 1999, a discount rate of 3% is used. The discount rate used
annual basis exceeds a pre-defined limit. Different limits have been
for underwriting liabilities relating to savings mortgages is equal to
set for the various sectors.
the interest rate on the mortgage loan linked to the insurances. The
provision is stated net of capitalised interest rate rebates and net of
Other provisions
capitalised new-business commission incurred on life insurance
Other provisions, banking activities
policies with renewal premiums paid at regular intervals. Capitalised
During the term of the Collective Labour Agreement (CLA), employ-
interest rate rebates on policies for which Interpolis bears the full
ees who meet the CLA requirements can opt for early retirement at
investment risk are amortised to the profit and loss account evenly
or around the age of 60. A provision has been formed for employees
over a period of ten years. For policies for which Interpolis bears
who might opt for the Voluntary Early Retirement Scheme. The
virtually no investment risk, amortisation is over the full term of the
provision is calculated actuarially, using an average market rate of
policy. This provision includes profit guarantees calculated according
interest for all employees meeting the criteria and who are likely to
to actuarial principles.
make use of the scheme. All other provisions are carried at their
non-discounted value.
Outstanding claims reserve
The outstanding claims reserve is formed for outstanding claims,
Other provisions, insurance business
including claims incurred but not yet reported in previous financial
The provision for price differences third parties relates to unrealised
years. The reserve is either specific or estimated on the basis of
price differences, as at the balance sheet date, on investments in
claims experience, and includes claims handling expenses payable.
property and shares of separate investment funds. Results realised
The portion of the reserve for disability insurance claims is calculated
on the sale of property and shares are taken to the profit and loss
on the basis of actuarial claims accrual factors, using a discount rate
account. The provisions for staff non-activity schemes include a
of 4%. For claims reported after 1 January 2001 a discount rate of
provision for early retirement. The provision represents the present
3% is used.
value of staff costs to be incurred during the period of early retirement. A discount rate of 4% is used to calculate the provision. For
Provision for insurance for which policyholders bear the
staff covered by the CLA for the insurance business, a new pension
investment risk
scheme was introduced on 1 January 2000. Under the new scheme,
The provision for these liabilities, insofar as the underlying invest-
the retirement age for field staff is 61 and for office staff, 62. The
ments are held in separate investment funds, is calculated in the
provision for the early retirement of these employees only applies
same way as the provision for life insurance business.
therefore to benefits in the course of payment at 1 January 2000
and benefits falling under the transition arrangement included in
The provisions for other insurances for which policyholders bear the
the CLA for the insurance business.
Notes
The fund is formed to cover general risks associated with banking
activities where this is prudently required. These risks include risks
arising on account of unforeseeable and therefore unquantifiable
expenses, such as large misappropriations of funds, nationalisation,
et cetera, on the one hand and expenses resulting from large,
exceptional setbacks relating to lending, interest rates, currencies,
et cetera, on the other. Movements in the fund are accounted for
separately in the profit and loss account. Expenses absorbed by
amounts released from the fund are accounted for under the related
items in the profit and loss account. Movements in the fund are
taken into account in determining the tax charge. The fund is presented in the balance sheet net of deferred tax assets.
Income and expenses
Interest, commission and other income are recognised in the financial
year to which they relate. Interest and commission due which are
doubtful of collection are not recognised as income. This applies in
particular to unpaid interest and commission on loans and advances
whose value has been adjusted because of a debtor’s expected or
actual default. The same applies to the unpaid portion of interest
and commission on those loans and advances whose value has
been adjusted on account of country risks. In determining the costs,
allowance is made for accrued and deferred items. In calculating the
tax charge, allowance is made for the current tax relief facilities, and
their interpretations, including additions to the item value adjustments to receivables and to the fund for general banking risks,
which are taken into account in full.
Depreciation is charged in accordance with the notes to the item
property and equipment.
151
152
Notes to the
consolidated balance
sheet
(in EUR millions)
1 Cash
This item consists of legal tender, balances available on demand with foreign central banks in
countries where Rabobank Group is represented, as well as a balance with the Dutch Central
Bank under its minimum reserve policy.
2 Short-term government paper
This item relates to government paper with an original term to maturity of up to two years eligible
for refinancing with central banks in the country of origin.
At cost: EUR 1,808 (5,306) million.
At market value: EUR 1,809 (5,300) million.
3 Banks
This item represents loans and advances, other than in the form of interest-bearing securities, to
banks.
The total amount includes amounts receivable on lease contracts of EUR 94 (87) million, and
assets transferred under sale and repurchase transactions of EUR 8,928 (9,904) million.
EUR 2 (-) million is not readily available, as it has been pledged as security.
4 Lending
This item consists of loans and advances, other than in the form of interest-bearing securities, to
clients other than banks.
Notes to the consolidated balance sheet
2002
2001
797
761
- Private sector lending (corporate clients)
111,382
106,885
- Private sector lending (private individuals)
102,665
92,077
This item can be broken down as follows:
- Public sector lending
- Professional securities transactions
12,132
10,591
- Provisions for doubtful debts and country risks
(1,724)
(1,700)
225,252
208,614
20
20
121
-
Total lending
This item includes:
- Loans and advances to participating interests
- Subordinated loans and advances to participating interests
- Other subordinated loans and advances
129
6
- Amounts receivable on lease contracts
11,228
10,417
Of which operating lease contracts
2,945
2,810
7,830
5,269
- Loans and advances guaranteed by public authorities
- Mortgages guaranteed by public authorities
9,062
8,233
130,728
117,431
Total home mortgages
99,762
88,307
Assets transferred under sale and repurchase transactions
15,373
5,102
- Agricultural sector
15%
15%
- Trade, industry and the services sector
39%
40%
- Private individuals
46%
45%
2002
2001
1,753
1,646
500
480
(460)
(430)
(8)
57
1,785
1,753
- Other mortgages
Breakdown of private sector lending by industry sector:
Movements in provisions for doubtful debts and country risks
Balance at 1 January
Addition
Amounts charged to the provisions
Other movements, including currency translation differences
Balance at 31 December
EUR 1,724 (1,700) million relates to lending, while the remainder of the balance relates to banks, interest-bearing
securities and off-balance-sheet items.
153
154
Analysis by business unit
Movements in provisions for doubtful debts and country risks of the relevant business units.
2002
Retail
banking
Wholesale
Asset
banking management
Leasing
935
722
5
89
Addition
165
266
-
68
(94)
(289)
-
(77)
15
(16)
(4)
(1)
Other
1,021
683
1
79
Impaired loans
1,579
2,215
1
345
Retail
Wholesale
Asset
2001
banking
banking management
Leasing
858
674
13
100
Addition
150
268
1
60
(90)
(255)
(10)
(75)
17
35
1
4
Other
Impaired loans
935
722
5
89
1,448
2,156
6
320
Risk on non-OECD countries
In Europe
In Africa
In Latin
In Asia/
America
Pacific
Total
total assets
2.2%
As a % of
Economic country risk
(excluding derivatives) 1
531
284
3,118
4,334
8,267
397
14
698
1,029
2,138
54
48
1,185
857
2,144
42
87
452
316
897
38
135
783
2,132
3,088
Risk-reducing components:
Loans and advances granted
in local currency
Third-party coverage of
country risk
Deduction for transactions
with lower risk
Net exposure before
provisions
0.8%
As a % of
1
total assets
Total assets, plus guarantees
issued and unused commit-
Total provisions for economic
ted credit facilities
country risk
3
6
87
154
250
14.0%
5 Interest-bearing securities
This item represents interest-bearing negotiable bonds and other interest-bearing securities, other than shortterm government paper.
2002
2001
- Public authorities
38,644
49,052
- Other issuers
32,676
29,628
Total interest-bearing securities
71,320
78,680
- Investment portfolio
40,946
44,955
- Trading portfolio
29,264
32,769
- Securitised loans
1,110
956
71,320
78,680
115
265
-
5
Listed securities
58,485
65,108
Unlisted securities
12,835
13,572
6,878
14,529
242
28
1,454
6,269
Interest-bearing securities of
The portfolio includes:
- Securities issued by group companies
- Subordinated securities
Falling due next year
Given on loan
Amount not readily available (pledged as security)
4,219
10,798
Investment portfolio at cost
41,802
45,638
Trading portfolio at cost
29,351
32,767
44,955
40,277
Movements in the investment portfolio:
Purchases
Sales and redemptions
19,740
31,218
(21,388)
(27,030)
Currency translation differences and other movements
(2,361)
490
40,946
44,955
6 Shares
This item consists of shares and other variable-yield securities, and temporary other investments.
2002
2001
8,293
9,709
- Trading portfolio
2,458
2,539
311
308
11,062
12,556
Of which listed
5,100
5,935
Of which unlisted
5,962
6,621
2,072
2,329
Temporary other investments included in total
4,817
5,301
- Client options
Total
155
156
Addition as a result of changes in accounting policies
Purchases
Sales
Revaluation
Changes in value and reversals
Other movements
Total revaluations
Total diminutions in value
2002
2001
9,709
7,979
-
167
2,755
4,646
(2,413)
(2,646)
(35)
(378)
(251)
(59)
(1,472)
-
8,293
9,709
36
268
657
65
Other movements include changes in the value of investments for which
policyholders bear the investment risk, and currency translation differences.
Client options relate to long positions in listed options held by Rabobank Nederland for the account and risk
of its clients. These options are not formally separated from the Bank’s own assets. The corresponding liabilities
are included under other liabilities.
Breakdown of investment and trading portfolios
2002
2001
Investment portfolios
Dutch government
4,562
5,983
Other OECD states
20,433
29,817
Mortgage-backed securities
4,947
4,829
Other interest-bearing securities
12,817
9,637
Total interest-bearing securities and short-term government paper
42,759
50,266
8,293
9,709
51,052
59,975
Shares
Total investment portfolios
Trading portfolios
Dutch government
2,597
2,524
Other OECD states
24,081
25,628
Other interest-bearing securities
2,586
4,617
29,264
32,769
Shares
Total trading portfolios
2,458
2,539
31,722
35,308
7 Participating interests
This item represents the interests held in participating interests.
2002
2001
Participating interests, of which:
8
8
- Other
176
148
Total participating interests
184
156
156
567
Investments
126
39
(136)
(457)
53
34
Revaluation and other movements
(15)
(27)
184
156
Total revaluations
53
21
56
14
- Credit institutions
Movements in participating interests:
Disposals
Profit for the year
The capital commitments amount to some EUR 36 (165) million.
8 Property and equipment
This item consists of buildings and land, equipment and other tangible fixed assets, as well as tangible fixed assets
not in use by the Group, such as fixed assets acquired under foreclosure.
Land and buildings in own use
Other land and buildings
Equipment
Total property and equipment
Of which leased
Capital commitments
Movements in property and equipment
2002
2001
2,490
2,386
751
696
629
674
3,870
3,756
-
41
147
140
Land and
Other land
buildings in
and
Equip-
own use
buildings
ment
Total
2,386
696
674
3,756
Additions
296
236
270
802
Disposals
(84)
(195)
(54)
(333)
8
11
-
19
(115)
6
(252)
(361)
Net book value at 1 January
Revaluation
Depreciation and diminutions in value
Exchange differences
Net book value at 31 December
Total revaluations
Total depreciation and diminutions in value
(1)
(3)
(9)
(13)
2,490
751
629
3,870
294
99
-
393
1,060
19
1,301
2,380
157
158
9 Other assets
This item relates to precious metals, certificates representing precious metals, coins and medals made of precious
metals (not being legal tender), goods and warehouse receipts, and assets that cannot be classified under any
other heading.
Amounts receivable, other than prepayments and accrued income, included under this heading amount to
EUR 3,817 (3,836) million. This item also includes a tax receivable of EUR 347 (603) million in respect of corporate
income tax and a deferred tax asset of EUR 187 (560) million with a non-discounted value of EUR 142 (519) million.
10 Prepayments and accrued income
This item relates to prepaid expenses, interest receivable and other receivables not yet billed.
11 Banks
This item represents amounts owed to credit institutions, other than debt securities and subordinated loans, of
which debts secured by assets amount to EUR 21,808 (19,609) million.
12 Funds entrusted
This item consists of funds entrusted by clients other than debt securities. Savings are all deposits and savings
accounts of natural persons, non-profit-making associations and foundations, as well as non-transferable
savings bonds.
This item includes funds entrusted by participating interests of EUR - (145) million and funds entrusted secured
by assets of EUR 6,039 (8,544) million.
13 Debt securities
This item relates to non-subordinated bonds and other interest-bearing securities, such as certificates of deposit.
14 Other liabilities
This item includes liabilities that cannot be classified under any other heading, such as short positions in securities
and liabilities on account of securitised loans.
15 Accruals and deferred income
This item relates to payments received in advance, accrued interest and other amounts payable. It also includes
obligations representing accrued holiday entitlements and additional leave days.
16 Provisions
This item represents provisions formed for the equalisation of costs originating in the year under review or
prior years, but to be incurred in future years, evenly over a number of years. It also includes best estimates of
obligations and losses existing at the balance sheet date, the extent of which is still uncertain.
Technical reserves relating to the insurance business
2002
2001
1,662
2,415
206
250
15,435
14,496
Other provisions
1,035
1,175
Total provisions
18,338
18,336
The non-discounted value of deferred taxation amounted to EUR 206 (250) million.
Weighted average of principal actuarial assumptions used in the valuation of these provisions at
31 December (% per annum):
2002
2001
Discount rate
4.75
4.75
Expected salary accrual rate
3.50
3.50
Index of consumer price inflation
2.75
2.75
The expected return on investments to cover pension obligations was 7.5% in 2002. The actual
return in 2002 was negative and approximately 9%.
The provision for pensions at 1 January 2002 can be broken down as follows:
Obligations arising from defined benefit pension schemes
7,355
Fair value of the investments
4,461
Adjustment due to change in accounting policy
2,894
Prepayments to the pension fund in 2001
(500)
2,394
Other pension obligations (defined contribution schemes)
Balance at 1 January 2002
21
2,415
The fair value of the investments at 31 December 2002 amounted to EUR 5,351 million.
2002
Movements in the provision for pensions can be summarised as follows:
Defined benefit pension schemes
Addition charged to the profit and loss account
2,394
174
Payments to pension funds
(924)
1,644
Defined contribution schemes
21
Movements
(3)
18
159
160
17 Fund for general banking risks
The fund is formed to cover general risks associated with banking activities where this is prudently required.
The fund is stated net of deferred tax assets.
2002
2001
1,679
1,666
Movements in the fund for general banking risks:
Tax
-
13
1,679
1,679
The movement in 2001 was attributable to the adjustment of the Dutch corporate income tax rate in 2002.
18 Subordinated loans
This item relates to loans, whether or not in the form of debt securities, which, in the event of liquidation, rank
for payment after all the Bank’s other debts existing at that time. These subordinated loans include loans with
regard to Weiss, Peck & Greer LLC, Roparco NV, Effectenbank Stroeve NV and ACC Bank.
The subordinated debt of Weiss, Peck & Greer LLC consists of two loans.
The first loan amounts to USD 5 million, falls due in 2006 and bears interest at 7.72%. The second loan amounts
to USD 10 million, falls due in 2008 and bears interest at 8.81%. Interest charged to the year under review
amounted to USD 0.5 million and USD 0.9 million respectively. Repayment ahead of schedule is possible subject
to certain conditions.
The subordinated debt of Roparco NV is a loan of EUR 26.3 million bearing interest at a variable rate, which
averaged 5.25% in 2002. The loan is open-ended, subject to a notice period of five years. The subordination can
be lifted only after written approval from the Dutch Central Bank.
Interest charged to the year under review amounted to EUR 1.4 million.
Effectenbank Stroeve NV has a subordinated debt consisting of two loans, namely a EUR 2.3 million loan bearing
interest at 6.25% that will be repaid in 2009 and a EUR 2.3 million loan bearing interest at 6% that will be repaid
in 2008. Interest charged to the year under review amounted to EUR 0.1 million and EUR 0.1 million respectively.
The subordinated debt of ACC Bank is a loan of EUR 63 million bearing interest at a variable rate. The loan
matures in 2008. Interest charged to the year under review amounted to EUR 0.1 million.
19 Reserves
2002
2001
246
417
10,164
9,687
3,851
2,276
Reserves can be broken down as follows:
Other reserves
650
650
14,911
13,030
417
407
Movements in reserves:
Movement as a result of changes in accounting policies
Revaluation
Transferred to other reserves
Released to profit and loss account
-
354
(152)
(117)
(13)
(10)
(6)
(217)
246
417
This item includes the revaluation reserves for immovable property, shares and participating interests.
Other reserves
Transferred from revaluation reserves
Goodwill
Other movements
Profit appropriation
Change in accounting policy for pensions
Net effect of change in accounting policy for pensions
Balance at 31 December after changes in accounting policies
9,687
11,159
-
(306)
13
10
(635)
(526)
55
65
1,044
1,169
10,164
11,571
-
(1,799)
-
(85)
10,164
9,687
Owing to the change in accounting policy, at 1 January 2002 EUR 1,884 million was charged to other reserves of
Rabobank Nederland and simultaneously a provision for pensions of EUR 2,894 million was formed and a deferred
tax asset of EUR 1,010 million was recognised.
Significant equity interests acquired in 2002:
- Bank Sarasin & Cie, Switzerland
- Boston Partners Asset Managers, United States
- ACC Bank, Republic of Ireland
- Valley Independent Bank, United States
- Transtrend, Netherlands
- Sage Capital Management, United States
The goodwill paid amounted to EUR 635 million.
2,276
892
Issued
1,575
1,384
3,851
2,276
161
162
In 2000, Rabobank Ledencertificaten N.V. (RLC), a group company of Rabobank Nederland, issued 40 million
shares. The total proceeds of this issue amounted to EUR 1,000 million. In 2000, RLC granted Rabobank
Nederland a EUR 900 million deep subordinated loan with a term of 31 years. In 2001, RLC issued an additional
60 million shares. The total proceeds of this issue amounted to EUR 1,575 million. In 2001, RLC granted
Rabobank Nederland a EUR 1,350 million deep subordinated loan with a term of 30 years. In 2002, RLC II issued
an additional 17 million shares. The total proceeds of this issue amounted to EUR 1,747 million. In 2002, RLC II
granted Rabobank Nederland a EUR 1,487 million deep subordinated loan with a term of 32 years.
As at year-end 2002, the number of shares held by members and employees was 97,972,359 (97,688,468) with
a net asset value of EUR 2,520 (2,515) million and 16,410,074 shares with a net asset value of EUR 1,641 million.
Subject to the prior written permission of the Dutch Central Bank, the loan may be repaid ahead of schedule
on 29 June 2006 and every subsequent 29 June.
Since the proceeds of the issue are available to Rabobank Group on a perpetual and highly subordinated basis
(also subordinate to the Trust Preferred Securities) and since in principle no dividend is paid if the consolidated
profit and loss account shows a loss for any financial year, the issue proceeds, insofar as they have been lent on
to Rabobank Nederland, are recognised as reserves in proportion to the number of shares held by members
and employees. As a result, dividend payments are accounted for in the profit appropriation.
In 1999, 26 million 7% non-cumulative Trust Preferred Securities (financing preference shares) were issued via
Rabobank Capital Funding Trust, Delaware, a group company of Rabobank Nederland, raising total proceeds of
EUR 650 million.
As from 31 December 2004, the Bank has the right, after receiving prior written approval from the Dutch Central
Bank, to repurchase the financing preference shares on each dividend payment date.
and since in principle no divided is paid if the consolidated profit and loss account shows a loss for any financial
year, the issue proceeds are recognised as reserves. As a result, dividend payments are accounted for in the
profit appropriation.
20 Third-party interests
This item relates to the share held by third parties in the capital of subsidiaries and other group companies.
2002
2001
3,654
3,151
Currency translation differences
(270)
57
Other movements
1,123
446
4,507
3,654
Other movements relate principally to the balance of shares issued and redeemed.
Solvency
The main capital ratio requirements set by the Dutch Central Bank are derived from the capital adequacy guidelines of the European Union and the Basel Committee on Banking Supervision. These ratios compare the Bank’s
total capital (Tier I and Tier II) and core capital (Tier I) with total risk-weighted assets and off-balance-sheet items
and the market risk of the trading portfolios. The minimum requirement for total capital and core capital as a
percentage of risk-weighted assets is 8% and 4% respectively. The following table shows the capital available to
the Bank and the minimum capital required by the supervisory authorities.
2002
2001
10,164
9,687
Tier I and Tier II capital can be broken down as follows:
Other reserves
1,679
650
Innovative capital
1,679
2,276
3,851
650
4,501
Third-party interests treated as qualifying capital
2,926
858
890
Deductions
(131)
(90)
Tier I capital
17,071
15,092
246
417
97
33
17,414
15,542
2002
2001
Revaluation reserve
Subordinated loan treated as qualifying capital
Tier I and Tier II capital
Minimum
Available
required
Tier I and Tier II capital
Tier I and Tier II ratio
Tier I capitals
Tier I ratio
Minimum
Available
required
13,268
17,414
12,225
15,542
8
10.5
8
10.2
6,634
17,071
6,112
15,092
4
10.3
4
9.9
Summary of remaining terms to maturity
(the 2001 figures are shown between brackets)
Total
Withdrawable:
On demand/
≤3 months
undated
>3 months
> 1 year
≤ 1 year
≤ 5 years
> 5 years
Assets
Banks
Lending
47,229
1,142
38,711
3,942
2,856
(40,078)
(1,418)
(28,903)
(5,343)
(4,055)
(359)
225,252
7,420
41,541
12,945
34,355
128,991
(208.614)
(9,336)
(40,370)
(11,384)
(32,657)
(114,867)
85,886
10,000
67,670
5,020
1,735
1,461
(80,014)
(7,829)
(60,519)
(7,034)
(2,499)
(2,133)
578
Liabilities
Banks
Funds entrusted:
- Savings
- Other
Debt securities
66,272
61,245
2,047
196
1,837
947
(63,060)
(57,080)
(3,299)
(120)
(1,614)
(947)
105,360
41,714
49,761
1,764
9,158
2,963
(109,114)
(39,377)
(53,039)
(5,926)
(7,706)
(3,066)
61,739
-
18,438
9,787
24,795
8,719
(58,514)
(-)
(17,583)
(11,362)
(21,934)
(7,635)
163
164
Management and agency services
Management and agency services to third parties relate to all the activities. The Bank also administers assets, in
its own name but for the account and risk of third parties, which are separate from the Bank’s own assets.
Foreign currency
Total assets denominated in foreign currencies amount to EUR 113,229 (127,575) million.
Total liabilities denominated in foreign currencies amount to EUR 143,135 (169,997) million.
The balance of these amounts does not reflect the currency position, as most of the risk has been hedged by
means of derivatives not disclosed in the balance sheet.
Part of the derivatives in foreign currencies relates to trading positions.
21 Contingent liabilities
This item relates to transactions in which the Group stands surety for commitments of third parties.
2001
2002
Contingent liabilities consist of:
- Bills discounted
- Guarantees, et cetera
25
37
6,412
8,537
- Irrevocable letters of credit
977
803
- Other contingent liabilities
241
275
7,655
9,652
2002
2001
Total contingent liabilities
Of which contingent liabilities secured by assets: EUR 353 (79) million.
22 Irrevocable facilities
This item relates to all irrevocable facilities that could lead to lending.
Sale and repurchase transactions
Unused credit facilities
Other
Total irrevocable facilities
-
1
26,979
25,619
172
54
27,151
25,674
Securities lending account
Interest-bearing securities amounting to EUR - (28) million were received on loan.
These amounts are not included in the balance sheet.
Derivatives
Derivatives are financial instruments which assist the Bank in managing its market risk positions, especially its
interest rate and currency exposure. The underlying values (notional amounts) serve only as computation
variables and are not disclosed on the face of the balance sheet. Examples of derivatives are forward exchange
contracts, swaps, futures, forward rate agreements and options. The notional amounts given below relate to
derivatives offered by Rabobank Group primarily as a service to the large corporate clients of Rabobank
Nederland and clients of local member banks, and for the Bank’s own asset and liability management. A substantial portion of the derivative contracts is concluded in the context of trading activities.
The notional values are divided into short-term, medium-term and long-term.
Notional value
Positive
replacement value
Total
< 1 year
1-5 years
> 5 years
1,049,605
581,000
250,238
218,367
16,991
(1,185,354)
(712,014)
(244,845)
(228,495)
(10,453)
181,835
171,523
10,303
9
126
(439,385)
(417,195)
(22,190)
(-)
(917)
Interest rate contracts
- Over the counter
Swaps
Forwards
Options
- Listed
83,220
9,171
18,583
55,466
1,029
(88,195)
(19,865)
(25,926)
(42,404)
(729)
109,127
83,028
25,971
128
50
(147,865)
(111,810)
(35,972)
(83)
(16)
51,170
12,311
29,320
9,539
1,582
(58,322)
(19,940)
(26,587)
(11,795)
(2,993)
216,755
204,851
11,216
688
4,613
(282,209)
(270,505)
(11,112)
(592)
(4,654)
2
Futures
Foreign exchange contracts
- Over the counter
Swaps 3
Forwards
Options
2,935
2,763
172
-
38
(3,379)
(1,472)
(1,907)
(-)
(33)
3,597
692
2,693
212
128
(5,953)
(2,687)
(3,103)
(163)
(345)
1,406
577
801
28
4
Other contracts 4
Over the counter
Other contracts
Total derivatives
(2,085)
(1,196)
(889)
(-)
(5)
1,699,650
1,065,916
349,297
284,437
24,561
(2,212,747)
(1,556,684)
(372,531)
(283,532)
(20,145)
2
Listed: for contracts traded
When two parties enter into a derivatives contract, this will result in a payment obligation for one party,
on the stock exchange
depending on the direction of movements in the market. This will be accompanied by credit risks for the Bank
which are subject to daily
which in practice will be only a fraction of the notional amounts of the derivative contracts.
adjustments of margin com-
For a better understanding of the volume of the derivatives activities and the related credit risks, the weighted
mitments, no replacement
and unweighted credit equivalents are also given in addition to the positive replacement value. The positive
value is given.
replacement value is the mark-to-market valuation of derivative contracts resulting in a claim on the other
party which leads to a loss of profit in the event of default.
3
For a derivatives portfolio, the total credit risk forms a much better basis than the total notional amount of the
Foreign exchange
portfolio for making a comparison with other banking activities. In the event of parties remaining in default,
contracts/swaps: including
this credit risk is just as important as a claim, whereas the notional amount of the contract in that situation is
cross-currency interest rate
generally of no importance. The notional amounts of the derivative contracts reflect the extent of Rabobank
swaps.
Group’s operations in the markets concerned, but give no indication of the portfolio’s exposure to credit or
market risks.
4
The credit risk is measured by increasing the positive replacement value of the derivative contracts by a per-
Other contracts: this includes
centage of the notional amount (unweighted credit equivalent). This percentage depends on the term and the
share derivatives and deriva-
nature of the contracts. In determining the own funds for solvency requirement purposes, the credit equivalents
tives linked to precious
are weighted, the weighting factor depending on who the other party is, e.g. a government body, a bank or
metals and commodoties.
165
166
other party. The transaction party is usually a bank. No netting agreements or guarantees are taken into
account for calculating the credit risk.
Credit equivalent 2002
Credit equivalent 2001
Unweighted
Weighted
Unweighted
Weighted
23,983
5,627
17,446
3,973
10,285
2,408
11,707
2,782
286
79
771
291
34,554
8,114
29,924
7,046
Other contracts
Total
If netting agreements are taken into account, the positive replacement value of the derivatives portfolio as a
whole would amount to EUR 7,150 (6,592) million, in which case the unweighted credit equivalent would be
EUR 12,001 (11,336) million and the weighted credit equivalent EUR 3,136 (2,815) million.
A breakdown of notional amounts and credit equivalents by type of contract and transaction party is given
below. The item trading includes derivative transactions on behalf of clients and for own account. The item
balance sheet management relates to derivative transactions concluded to hedge normal banking risks.
2002
2001
Balance sheet
Other contracts
Balance sheet
Trading
management
Total
Trading
management
Total
1,368,932
54,855
1,423,787
1,794,151
66,648
1,860,799
262,286
8,574
270,860
332,222
11,688
343,910
5,002
1
5,003
8,034
4
8,038
1,636,220
63,430
1,699,650
2,134,407
78,340
2,212,747
2002
2001
Unweighted
Weighted
Unweighted
Weighted
credit
credit
credit
credit
equivalent
equivalent
equivalent
equivalent
587
-
1,150
-
Banks
29,564
5,913
24,471
4,894
Other
4,403
2,201
4,303
2,152
34,554
8,114
29,924
7,046
Government
Notes to the consolidated profit and loss account
Notes to the
consolidated profit
and loss account
(in EUR millions)
23 Interest income
This item includes all interest income from deposits, loans and advances and interest-bearing securities, as well
as income similar in nature to interest, such as overdraft commission.
Interest income from bonds and other securities issued at fixed rates or rates that vary in accordance with
market rates amounted to EUR 2,478 (2,613) million.
Interest income attributable to the insurance business amounted to EUR 721 (655) million.
24 Interest expense
This item includes all interest payable on funds entrusted, subordinated and non-subordinated loans and debt
securities, as well as charges similar in nature to interest.
Interest expense attributable to the insurance business amounted to EUR 672 (577) million.
25 Income from securities and participating interests
This item includes dividends and other income from securities and participating interests.
2002
2001
Income from equity shares and other variable-yield securities
386
483
Profit of participating interests
143
34
Total income from securities and participating interests
529
517
Of which attributable to the insurance business: EUR 137 (137) million.
167
168
26 Commission income
This item relates to commission received for services provided to third parties not similar in nature to interest.
2002
2001
Commission income can be broken down as follows:
413
425
- Insurance broking
87
86
- Asset management
474
448
- Stockbroking
319
352
- Payment transactions
- Other
Total commission income
756
663
2,049
1,974
27 Commission expense
This item relates to commission paid for third party services not similar in nature to interest. Of which relating
to stockbroking activities: EUR 50 (61) million, and asset management: EUR 89 (46) million.
28 Results on financial transactions
This item includes both realised and unrealised price and value differences on securities forming part of the
trading portfolio, currency and other income from financial transactions, insofar as this income is not similar in
nature to interest.
29 Other income
This item relates to income that cannot be classified elsewhere and does not represent extraordinary income, such
as technical results on the insurance business, rent from leased property and results on project development. Of
which attributable to the insurance business: EUR 262 (359) million.
30 Staff costs
2002
2001
2,530
2,410
251
127
This item consists of:
- Wages and salaries
- Pension charges
- Social security charges
297
284
- Other
604
744
3,682
3,565
Total staff costs
The item Pension charges also includes the costs relating to the Voluntary Early Retirement Scheme, including
movements in the related provisions.
The average number of employees was 58,107 (56,609).
Of whom:
- abroad: 5,539 (5,065);
- in the insurance business: 5,632 (4,630).
Expressed in FTEs, the average number of employees was 52,020 (50,942).
31 Other administrative expenses
This item includes office supplies, IT expenses, postage, advertising, rent and maintenance of buildings, et cetera.
32 Depreciation
This item relates to the depreciation of fixed assets. Of which attributable to the insurance business: EUR 25 (16)
million.
33 Value adjustments to receivables
This item relates to downward value adjustments to loans and advances and provisions formed for commitments, as well as any releases thereof.
34 Value adjustments to financial fixed assets
This item relates to downward value adjustments to interest-bearing securities and shares forming part of
the investment portfolio and participating interests, as well any reversals thereof. Of which attributable to the
insurance business: EUR 192 (-) million.
35 Taxation on operating profit
This item represents the tax charge on the profit on ordinary activities.
Of which attributable to the insurance business: EUR negative 48 (56) million.
The tax burden fell from 27.6% in 2001 to 26.1% in 2002.
2002
2001
Standard tax rate in the Netherlands
34.5
35.0
Effect of foreign tax rates
(5.6)
(5.5)
Effect of tax-free income in the Netherlands
(2.9)
(2.4)
Other
Effective tax rate
0.1
0.5
26.1
27.6
Other in 2001 was mainly caused by the adjustment of the deferred taxes as a result of the adjustment of the
Dutch corporate income tax rate in 2002.
36 Third-party interests
This item relates to third-party interests in the results of consolidated group companies.
169
170
Analysis by business unit
Partly as a result of consolidation effects, the figures below differ from those in the profit and loss account.
2002
Retail
banking
Interest
Commission
Wholesale
Asset
Insurance
Leasing
banking management
3,767
901
84
49
449
859
321
423
280
35
Other income
79
593
79
399
41
Total income
4,705
1,815
586
728
525
Staff costs
1,621
562
250
419
177
Other administrative expenses
1,492
321
190
207
96
205
32
19
25
14
Total operating expenses
3,318
915
459
651
287
Operating profit
1,387
900
127
77
238
165
266
-
-
68
-
69
11
192
-
1,222
565
116
(115)
170
2001
Retail
Wholesale
Asset
Insurance
Leasing
Depreciation
Value adjustments to receivables
Value adjustments to financial fixed assets
banking
Interest
Commission
banking management
3,463
914
100
78
411
953
216
512
236
30
Other income
20
738
67
496
34
Total income
4,436
1,868
679
810
475
Staff costs
1,401
558
322
372
156
Other administrative expenses
1,514
364
215
221
91
Depreciation
178
61
26
16
13
Total operating expenses
3,093
983
563
609
260
Operating profit
1,343
885
116
201
215
150
268
1
-
60
Value adjustments to receivables
Value adjustments to financial fixed assets
1
17
1
-
-
1,192
600
114
201
155
2002
2001
8,564
8,434
6,487
6,380
Income by region
Total income
Of which generated in:
The Netherlands
Other euro-zone countries
704
606
Rest of Europe
36
98
North America
956
970
Latin America
114
76
Asia
114
175
Australia
156
139
(3)
(10)
8,564
8,434
Other and consolidation effects
Total
171
172
Balance sheet Rabobank Nederland
at 31 December 2002 (after profit appropriation)
(in EUR millions)
2002
2001
2,682
2,374
Assets
Cash (37)
Short-term government paper (38)
1,706
39,574
Other banks
68,893
Banks (39)
5,245
26,039
68,741
108,467
94,780
Public sector lending
358
425
Private sector lending
54,342
54,953
10,268
7,995
Lending (40)
64,968
63,373
Interest-bearing securities (41)
48,232
58,137
Shares (42)
2,156
2,243
Participating interests in group companies (43)
7,572
7,573
Other participating interests (44)
59
115
256
270
Other assets (46)
1,877
2,386
Prepayments and accrued income (47)
5,245
6,222
243,220
242,718
Property and equipment (45)
Total assets
Balance sheet Rabobank Nederland
2002
(in EUR millions)
2001
Liabilities
21,535
Other banks
84,388
Banks (48)
Savings
Other funds entrusted
16,165
86,658
105,923
102,823
84
86
3,997
5,626
60,845
63,904
Funds entrusted (49)
64,926
69,616
Debt securities (50)
54,087
51,050
Other liabilities (51)
3,041
7,328
Accruals and deferred income (52)
7,587
4,390
Provisions (53)
2,099
3,015
237,663
238,222
Fund for general banking risks (54)
439
439
Share capital (55)
636
636
Revaluation reserve (56)
81
271
Other reserves (57)
14
250
3,737
2,250
Loan associated with issue of Rabobank
membership certificates (58)
Loan associated with issue of Trust
Preferred Securities (59)
Equity
650
650
5,557
4,496
243,220
242,718
Contingent liabilities (60)
9,907
10,273
Irrevocable facilities (61)
21,522
20,379
Total liabilities
173
174
Profit and loss account Rabobank Nederland
(in EUR millions)
for 20025
2002
2001
761
834
(318)
(460)
443
374
5
Prepared in acccordance
Profit of participating interests after taxation
with section 402 of Book 2 of
Other income/(expense) after taxation
the Netherlands Civil Code.
Net profit
Notes to the balance sheet of Rabobank Nederland
Notes to the balance
sheet of Rabobank
Nederland
6
(in EUR millions)
37 Cash
This item consists of legal tender, balances available on demand with foreign central banks in countries where
Rabobank Group is represented, as well as a balance with the Dutch Central Bank under its minimum reserve
policy.
38 Short-term government paper
This item relates to government paper with an original term to maturity of up to two years eligible for refinancing
with central banks in the country of origin.
At cost: EUR 1,701 (5,241) million
At market value: EUR 1,702 (5,236) million
39 Banks
This item represents loans and advances, other than in the form of interest-bearing securities, to banks.
2002
2001
66,293
61,803
This item includes:
- Loans and advances to group companies
of which subordinated
- Assets transferred under sale and repurchase transactions
86
86
8,928
9,299
2
-
6
Reference is made to the
notes on pages 6 to 13 for
the accounting policies.
175
176
40 Lending
This item consists of loans and advances, other than in the form of interest-bearing securities, to clients other
than banks.
2002
2001
358
425
- Private sector lending
54,342
54,953
- Professional securities transactions
10,268
7,995
Total lending
64,968
63,373
27,224
25,521
111
124
- Public sector lending
This item includes:
- Loans and advances to group companies
- Loans and advances to other participating interests
of which subordinated
111
124
12,617
2,239
6,223
3,603
224
414
76
88
- Agricultural sector
12%
13%
- Trade, industry and the services sector
88%
87%
- Assets transferred under sale and repurchase transactions
- Loans and advances guaranteed by public authorities
- Other mortgages
Total home mortgages
Breakdown of private sector lending by industry sector:
41 Interest-bearing securities
This item represents interest-bearing negotiable bonds and other interest-bearing securities, other than shortterm government paper.
2002
2001
- Public authorities
26,082
36,238
- Other issuers
22,150
21,899
48,232
58,137
18,943
25,009
- Trading portfolio
28,963
32,361
- Securitised loans
326
767
48,232
58,137
Interest-bearing securities of:
The portfolio includes:
- Own securities
115
97
- Securities issued by group companies
296
640
-
5
- Subordinated securities
Listed securities
44,099
47,480
Unlisted securities
4,133
10,657
Falling due next year
2,201
12,832
Given on loan
242
28
851
4,933
3,887
10,158
Investment portfolio at cost
18,856
25,511
29,047
32,362
25,009
22,054
Purchases
9,777
21,506
(14,246)
(18,932)
Currency translation differences and other movements
(1,597)
381
18,943
25,009
Sales and redemptions
177
178
42 Shares
This item consists of shares and other variable-yield securities, and temporary other investments.
2002
2001
- Trading portfolio
- Client options
31
32
1,814
1,903
311
308
2,156
2,243
Listed securities
1,104
1,110
Unlisted securities
1,052
1,133
1,439
1,694
12
26
32
158
Purchases
12
8
(13)
(132)
-
(2)
31
32
2002
2001
Temporary other investments included in total
Sales
Diminutions in value and reversals
43 Participating interests in group companies
This item includes the direct interests in group companies.
Interests in group companies, of which:
2,136
1,696
- Other
5,436
5,877
Total participating interests in group companies
7,572
7,573
7,573
5,272
476
2,285
Movements in participating interests in group companies:
Acquisitions/capital contributions
Disposals
Profit for the year
Revaluation, goodwill and other movements
(106)
(9)
718
813
(1,089)
(788)
7,572
7,573
44 Other participating interests
This item includes the interests in other participating interests.
2002
2001
Participating interests, of which:
6
6
- Other
53
109
Total other participating interests
59
115
115
111
These investments are not listed.
Movements in participating interests:
Acquisitions
Disposals
31
20
(122)
(18)
Profit for the year
43
21
Revaluation and other movements
(8)
(19)
59
115
Total revaluations
14
30
36
13
45 Property and equipment
This item consists of buildings and land, equipment and other tangible fixed assets, as well as tangible fixed assets
not in use by the Bank, such as fixed assets acquired under foreclosure.
Land and buildings in use by the Bank
Equipment
Total property and equipment
Movements in property and equipment
Land and buildings
2002
2001
226
228
30
42
256
270
Equipment
Total
42
270
in use by the Bank
Net book value at 1 January
228
Additions
15
18
33
Disposals
-
(11)
(11)
Revaluation
Depreciation and diminutions in value
Exchange differences
Net book value at 31 December
Total revaluations
Total depreciation and diminutions in value
2
-
2
(17)
(16)
(33)
(2)
(3)
(5)
226
30
256
60
-
60
180
111
291
179
180
46 Other assets
This item relates to precious metals, certificates representing precious metals, coins and medals made of precious
metals (not being legal tender), goods and warehouse receipts, and assets that cannot be classified under any
other heading.
Amounts receivable, other than prepayments and accrued income, included under this heading amount to
EUR 1,684 (2,236) million. This item also includes a tax receivable of EUR 7 (10) million and a deferred tax asset
of EUR 502 (791) million.
47 Prepayments and accrued income
This item relates to prepaid expenses, interest receivable and other receivables not yet billed.
48 Banks
This item represents amounts owed to credit institutions, other than debt securities and subordinated loans. Of
which amounts due to group companies: EUR 26,348 (28,420) million and debts secured by assets: EUR 21,435
(18,617) million.
49 Funds entrusted
This item consists of funds entrusted by clients other than debt securities. This items includes funds entrusted
by group companies of EUR 9,738 (10,093) million and other participating interests of EUR - (145) million and
funds entrusted secured by assets of EUR 3,997 (5,613) million. Savings are all deposits and savings accounts of
natural persons, non-profit-making associations and foundations, as well as non-transferable savings bonds.
50 Debt securities
This item relates to non-subordinated bonds and other interest-bearing securities, such as certificates of deposit.
Of which group companies: EUR 686 (178) million.
51 Other liabilities
This item includes liabilities that cannot be classified under any other heading, such as short positions in securities
and liabilities on account of securitised loans.
52 Accruals and deferred income
This item relates to payments received in advance, accrued interest and other amounts payable.
53 Provisions
This item represents provisions formed for the equalisation of costs originating in the year under review or
prior years, but to be incurred in future years, evenly over a number of years. It also includes best estimates of
obligations and losses existing at the balance sheet date, the extent of which is still uncertain.
2002
2001
1,654
2,404
-
30
Other provisions
445
581
Total provisions
2,099
3,015
54 Fund for general banking risks
After due allowance for tax payable, the addition for the year was EUR - (3) million.
The movement in 2001 was attributable to the adjustment of the Dutch corporate income tax rate in 2002.
55 Share capital
This item represents the issued and fully paid-up share capital. All shares are held by local member banks.
There were no movements in 2002.
56 Revaluation reserve
This item represents the differences between the cost and carrying value of revalued assets, net of the related
provision for deferred taxation.
2002
2001
111
145
8
192
- Participating interests
27
19
- Immovable property
61
63
- Exchange differences
(126)
(148)
81
271
271
310
The revaluation reserve can be broken down as follows:
- Swap transaction involving interest-bearing securities
- Shares
Total revaluation reserve
Movements in reserve:
-
354
(13)
(4)
(172)
(171)
Taken to profit and loss account
(5)
(218)
81
271
2002
2001
250
2,482
Released to other reserves
Revaluations
57 Other reserves
Movements in other reserves:
Released from revaluation reserve
Other movements
Goodwill
Profit appropriation
Change in accounting policy for pensions
Net effect as a result of change in accounting policy for pensions
Balance at 31 December after changes in accounting policies
-
(266)
13
4
143
98
(630)
(521)
238
337
14
2,134
-
(1,799)
-
(85)
14
250
The reserves may not be distributed to the members.
Owing to the change in accounting policy, at 1 January 2002 EUR 1,884 million was charged to other reserves
of Rabobank Nederland and simultaneously a provision for pensions of EUR 2,894 million was formed and a
deferred tax asset of EUR 1,010 million was recognised.
58 Loan associated with issue of Rabobank Membership Certificates
In 2000, Rabobank Ledencertificaten N.V. (RLC), a group company of Rabobank Nederland, issued 40 million
non-cumulative variable-interest shares. Of the proceeds, EUR 900 million was lent on to Rabobank Nederland
in the form of a 31-year subordinated loan. In 2001, a further 60 million non-cumulative variable-interest shares
181
182
were issued. Of the proceeds, EUR 1,350 million was lent on to Rabobank Nederland in the form of a 30-year
subordinated loan. In 2002, a further 17 million shares were issued by RLC II. Of the proceeds, EUR 1,487 million
was lent on to Rabobank Nederland in the form of a 32-year subordinated loan.
and since in principle no dividend is paid on the Rabobank Membership Certificates if Rabobank Group incurs
a loss in any financial year, the issue proceeds are recognised in part in the consolidated balance sheet of
Rabobank Group as group equity (see notes to the consolidated balance sheet). The loans of EUR 3,737 (2,250)
million are also recognised in the balance sheet of Rabobank Nederland as shareholders’ equity on account of
their being funded by means of perpetual Membership Certificates. For the same reason, interest payments are
accounted for in the profit appropriation.
2002
2001
2,250
900
Issued
1,487
1,350
3,737
2,250
Movements were as follows:
59 Loan associated with issue of Trust Preferred Securities
In 1999, 26 million 7% non-cumulative Trust Preferred Securities (financing preference shares) were issued via
Rabobank Capital Funding Trust, Delaware, a group company of Rabobank Nederland, raising total proceeds of
EUR 650 million.These proceeds were lent on to Rabobank Nederland in the form of a 20-year subordinated loan.
and since in principle no dividend is paid on the financing preference shares if the consolidated profit and loss
account of Rabobank Group in any year shows that a loss has been made, the issue proceeds are recognised
in the consolidated balance sheet of Rabobank Group as group equity. The loan of EUR 650 million is recognised
in Rabobank Nederland’s balance sheet as shareholders’ equity on account of its being funded by means of
perpetual financing preference shares. For the same reason, interest payments are accounted for in the profit
appropriation.
Summary of remaining terms to maturity Rabobank Nederland
Total
Withdrawable:
On demand/
≤3 months
undated
>3 months
> 1 year
≤ 1 year
≤ 5 years
> 5 years
Assets
Banks
Lending
108,467
9,191
46,649
13,486
23,819
15,322
(94,780)
(8,383)
(36,458)
(14,463)
(21,155)
(14,321)
64,968
8,411
27,622
5,712
13,678
9,545
(63,373)
(8,471)
(26,200)
(4,364)
(14,303)
(10,035)
Liabilities
Banks
105,923
14,014
67,080
19,980
2,304
2,545
(102,823)
(14,342)
(63,286)
(7,230)
(2,550)
(15,415)
84
21
35
20
8
-
Funds entrusted:
- Savings
- Other
Debt securities
(86)
(13)
(46)
(24)
(3)
(-)
64,842
9,939
41,423
1,404
8,234
3,842
(69,530)
(10,406)
(41,125)
(5,671)
(8,421)
(3,907)
54,087
-
15,240
8,533
21,733
8,581
(51,050)
(-)
(14,948)
(9,521)
(19,004)
(7,577)
Management and agency services
Management and agency services to third parties relate to all the Bank’s activities.
The Bank also administers assets, in its own name but for the account and risk of third parties, which are separate
from the Bank’s own assets.
Foreign currency
Total assets denominated in foreign currencies amount to EUR 97,106 (110,507) million.
Total liabilities denominated in foreign currencies amount to EUR 129,179 (156,674) million.
The balance of these amounts does not reflect the currency position, as most of the risk has been hedged by
means of forward transactions not disclosed in the balance sheet.
Part of the forward exchange transactions relates to trading positions.
60 Contingent liabilities
This item relates to transactions in which Rabobank Nederland stands surety for the commitments of third parties.
2002
2001
- Bills discounted
25
37
- Guarantees, etc.
8,639
9,063
982
870
Contingent liabilities consist of:
- Irrevocable letters of credit
- Other contingent liabilities
Total contingent liabilities
261
303
9,907
10,273
4,699
3,461
353
49
Of which:
- Contingent liabilities of group companies
- Contingent liabilities secured by assets
183
184
Securities lending account
Interest-bearing securities of EUR - (28) million were received on loan. These amounts are not included in the
balance sheet.
Liability undertaking
Pursuant to section 403 of Book 2 of the Netherlands Civil Code, Rabobank Nederland has assumed liability for
the debts arising from the legal transactions of a number of group companies.
Internal liability (Cross-guarantee system)
In accordance with section 12 of the Credit System Supervision Act 1992 [Wet toezicht kredietwezen 1992]
various corporate entities forming part of Rabobank Group stand surety for one another. This cross-guarantee
system constitutes a legal arrangement under which the fulfilment of each participating entity’s commitments
is guaranteed by the other participants in the event of a shortfall of funds.
The participating entities are:
- the local member banks, members of Coöperatieve Centrale Raiffeisen-Boerenleenbank BA
- Coöperatieve Centrale Raiffeisen-Boerenleenbank BA (Rabobank Nederland), Amsterdam
- Rabohypotheekbank NV, Amsterdam
- Raiffeisenhypotheekbank NV, Amsterdam
- Schretlen & Co. NV, Amsterdam
- De Lage Landen International BV, Eindhoven
- De Lage Landen Financiering BV, Eindhoven
- De Lage Landen Trade Finance BV, Eindhoven
- De Lage Landen Financial Services BV, Eindhoven
61 Irrevocable facilities
This item relates to all irrevocable facilities that could lead to lending.
Unused credit facilities
2002
2001
21,456
20,339
66
40
21,522
20,379
Other
Total irrevocable facilities
Of which group companies: EUR 3,742 (2,968) million.
Derivatives
The derivatives schedule included in the notes to the consolidated financial statements relates almost entirely
to Rabobank Nederland.
Employees
The average number of employees was 6,891 (6,822).
Of which abroad: 2,032 (2,110).
Expressed in FTEs, the average number of employees was 6,717 (6,622).
Emoluments of members of the Supervisory Board of Rabobank Nederland
The total fixed remuneration of the members of the Supervisory Board amounted to EUR 1.5 (0.4) million. This
amount is included under staff costs.
Emoluments of members of the Executive Board of Rabobank Nederland
The emoluments of the members of the Executive Board amounted to EUR 28.5 (11.1) million. This amount is
included under staff costs.
Loans and advances to as well as guarantees given on behalf of members of the Executive Board of Rabobank
Nederland amounted to EUR 5.2 (5.8), for members of the Supervisory Board of Rabobank Nederland these
amounted to EUR 1.3 (1.5) million.
Participating interests
Once the financial statements are adopted, the list as referred to in sections 379 and 414 of Book 2 of
the Netherlands Civil Code will be filed at the Trade Registry of the Chamber of Commerce and
Industries under number 30.046.259.
Utrecht, 6 March 2003
The Supervisory Board
The Executive Board
L. Koopmans
H. Heemskerk
A.J.A.M. Vermeer
D.J.M.G. baron van Slingelandt
S.E. Eisma
J.C. ten Cate
L.J.M. Berndsen
J.J. Verhaegen
B. Bijvoet
P.J.A. van Schijndel
T. de Boon
P.W. Moerland
S.M. Dekker
M. Minderhoud
J.A.A.M. van Rossum
H.C. Scheffer
M.J.M. Tielen
A.W. Veenman
185
186
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187
AUDITORS’ REPORTS
Introduction
We have audited the 2002 financial statements of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
(Rabobank Nederland), Amsterdam, of which the financial statements of Rabobank Group form a part, as
included in this report. These financial statements are the responsibility of Rabobank Nederland’s
management. Our responsibility is to express an opinion on these financial statements based on our audit.
Scope
We conducted our audit in accordance with auditing standards generally accepted in the Netherlands.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by Rabobank Nederland’s
management, as well as evaluating the overall presentation of the financial statements.We believe that our
audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the company
as at 31 December 2002 and of the result for the year then ended in accordance with accounting principles
generally accepted in the Netherlands and comply with the financial reporting requirements included in
Part 9 of Book 2 of the Netherlands Civil Code.
Utrecht, 6 March 2003
Ernst & Young Accountants
188
TAXATION
The Netherlands
The following describes the principal Dutch tax consequences of the acquisition, holding, redemption and
disposal of the Notes. This summary does not purport to be a comprehensive description of all Dutch tax
considerations that may be relevant to a decision to acquire, to hold, and to dispose of the Notes. Each
investor should consult his or her own professional adviser with respect to the tax consequences of an
investment in the Notes. The discussion of certain Dutch taxes set forth below is included for general
information purposes only.
This summary is based on the tax legislation, published case law, and other regulations in force as of the
date of this Offering Circular, without prejudice to any amendments introduced at a later date and
implemented with or without retroactive effect.
Withholding Tax
Income from the Notes is subject to Dutch withholding tax provided that such Notes (i) will carry interest
or any other payment which is wholly or partially contingent or deemed to be contingent on the profits of
or on the distribution of profits of the Issuer, or a related party to the Issuer (verbonden lichaam), and (ii)
the term of the Notes does exceed 10 years.
Dutch tax is also withheld provided that (i) the income payable from such Notes is dependent on the
profits, or on a distribution of profits by the Issuer, or a related party to the Issuer (verbonden lichaam),
and (ii) the Notes are subordinated and the term of the Notes does exceed 50 years.
Corporate Income Tax and Individual Income Tax
Residents of the Netherlands
If the Noteholder is resident or deemed to be resident of the Netherlands, subject to Dutch corporate
income tax and the Notes are attributable to its (deemed) business assets, income derived from the Notes
and gains realized upon the redemption, (deemed) disposal, transfer or alienation of the Notes are subject
to corporate income tax at a maximum rate of 34,5 per cent.
If the Noteholder is an individual, resident or deemed to be resident of the Netherlands (including the
non-resident individual holder who has opted to be taxed as a resident of the Netherlands), the actual
income derived from the Notes and the actual gains realized upon the redemption, (deemed) disposal,
transfer or alienation of the Notes are subject to individual income tax at progressive tax rates, the
maximum being 52 per cent, if:
(i)
the Noteholder has an enterprise or an interest in an enterprise, to which enterprise or part
thereof, as the case may be, the Notes are attributable; or
(ii)
such income or capital gain forms a benefit from miscellaneous activities (resultaat uit overige
werkzaamheden) which, for instance, would be the case if the Noteholder performs activities
with respect to the Notes that exceed regular active portfolio management (normaal, actief
vermogensbeheer).
If the Noteholder is an individual, resident or deemed to be resident of the Netherlands (including the
non-resident individual holder who has opted to be taxed as a resident of the Netherlands), and if the
above mentioned conditions (i) and (ii) do not apply to the individual holder, the actual income derived
from the Notes and the actual gains realized upon the disposal, transfer or alienation of the Notes will not
be subject to individual income tax. Instead, the individual holder will be taxed on deemed income from
savings and investments (sparen en beleggen). This deemed income amounts to 4 per cent. of the average
189
of the individuals yield basis (rendementsgrondslag) at the beginning of the year and the individuals yield
basis at the end of the year, insofar the average exceeds a certain threshold. The minimum of the
individuals yield basis is deemed to amount to nil. The 4 per cent. deemed income from savings and
investments is taxed annually at a flat rate of 30 per cent. The yield basis would include the fair market
value of the Notes.
Non-residents of the Netherlands
A Noteholder that is not a resident nor deemed to be a resident of the Netherlands nor opts to be taxed as
a resident of the Netherlands for Dutch tax purposes is not subject to Dutch taxes in respect of income
derived from the Notes and capital gains realized upon the redemption, (deemed) disposal, transfer or
alienation of the Notes, provided that:
(i)
the Noteholder does not have an enterprise or an interest in an enterprise that is, in whole or in
part, carried on through a permanent establishment or a permanent representative in the
Netherlands to which enterprise or part thereof, as the case may be, the Notes are attributable; or
(ii)
such income or capital gain does not form a benefit from miscellaneous activities (resultaat uit
overige werkzaamheden) in the Netherlands which, for instance, would be the case if the
Noteholder does not perform activities in the Netherlands with respect to the Notes that exceed
regular active portfolio management (normaal actief vermogensbeheer).
Gift and Inheritance Taxes
Residents of the Netherlands
Generally, gift and inheritance taxes will be due in the Netherlands in respect of the acquisition of the
Notes by way of gift by, or as a result of the death of, a Noteholder who is a resident or deemed to be a
resident of the Netherlands at the time of the gift or his or her death.
An individual of the Dutch nationality is deemed to be a resident of the Netherlands for the purpose of the
Dutch gift and inheritance tax, if he or she has been resident of the Netherlands at any time during the ten
years preceding the gift or his or her death. An individual of any other nationality is deemed to be a
resident of the Netherlands for the purpose of the Dutch gift tax only if he or she has been residing in the
Netherlands at any time during the twelve months preceding the time of the gift. Applicable tax treaties
may override deemed residency.
Non-residents of the Netherlands
No gift or inheritance taxes will arise in the Netherlands in respect of the acquisition of the Notes by way
of gift by, or as a result of the death of, a Noteholder who is neither a resident nor deemed to be a resident
of the Netherlands, unless:
(i)
such holder at the time of the gift has or at the time of his or her death had an enterprise or an
interest in an enterprise that is or was, in whole or in part, carried on through a permanent
establishment or a permanent representative in the Netherlands and to which Dutch enterprise or
part thereof, as the case may be, the Notes are or were attributable; or
(ii)
in the case of a gift of the Notes by an individual who at the date of the gift was neither a
resident nor deemed to be a resident of the Netherlands, such individual dies within 180 days
after the date of the gift, while at the time of his or her death being a resident or deemed to be a
resident of the Netherlands.
190
Other Taxes and Duties
No capital duty, registration tax, customs duty, transfer tax, stamp duty or any other similar documentary
tax or duty, will be payable in the Netherlands by a Noteholder in respect of or in connection with the
subscription, issue, placement, allotment or delivery of the Notes.
Germany
The following section is a short summary of certain German taxation principles that may be or may
become relevant with respect to the Notes. This section does not purport to be a comprehensive
description of all of the German tax consequences that may be relevant to holders of the Notes
("Noteholders"). The summary is based on German domestic tax laws currently in force and as applied in
practice as of the date of this Programme. Provisions may change at short term notice, possibly with
retroactive effect. As at the date of this prospectus various provisions of German tax law are to be
changed according to a proposal of the government. The changes may have an impact on the taxation of
the Notes whereby such changes are not reflected in this section.
As each Tranche of Notes may be subject to a different tax treatment due to the specific terms of such
Tranche, the following section only provides some very generic information on the possible tax treatment
and has to be read in conjunction with the more specific information on the taxation of each Tranche of
Notes as provided in the relevant Pricing Supplements.
Prospective holders of the Notes are advised to consult their tax advisers as regards the tax
consequences of the acquisition, holding and disposition or transfer without consideration,
respectively, of the Notes. Only these advisers will be able to take into account appropriately the
details relevant to the taxation of the respective holders of the Notes.
Taxation of German tax residents
Persons (individuals and incorporated entities), who are tax resident in Germany (in particular persons
having a residence, habitual abode, seat or place of management in Germany) ("German Noteholders")
are in principle subject to income tax or corporate income tax, as the case may be (plus solidarity
surcharge thereon) on their worldwide income, regardless of its source. As a consequence, German
Noteholders may be subject to tax in Germany with interest, accrued interest and other payments on the
Notes, capital gains, and in certain cases, even with tax-wise construed profits.
Taxation of individuals and incorporated entities who are not tax resident in Germany
Noteholders who are not tax resident in Germany ("Non German Noteholders") are subject to income tax
or corporate income tax (plus solidarity surcharge thereon) and trade tax in Germany if the Notes are held
as business assets of a German permanent establishment. In such case, current payments, capital gains,
and in certain cases even fictitious profits, may be taxable. Non German Noteholders may in certain cases
also be subject to tax in case the Underlying Securities or Reference Assets have been issued by a
German issuer or are secured by German Real Estate.
Non-German Noteholders are also subject to tax in Germany with capital gains from the sale of Notes
which grant the right to demand the delivery of Underlying Securities which qualify as shares in a
German corporation if the Noteholder has held at any time during the 5 year period preceding the sale a
participation of 1 % or more in the share capital of the issuer of the Underlying Securities (including the
shares into which the Notes can be converted or exchanged).
Withholding tax
A withholding tax may be imposed in Germany on current payments and on certain capital gains and in
some cases even on tax-wise construed profits at rates of up to 35% (plus 5.5% solidarity surcharge
191
thereon). The Issuer will not be obliged to make any payments of additional amounts to Noteholders in
respect of such withholding or deduction (cf section 8).
EU Savings Directive
On 3 June 2003 the EU Council of Economic and Finance Ministers adopted a new directive regarding
the taxation of savings income. The directive is scheduled to be applied by Member States from 1 January
2005, provided that certain non-EU countries adopt similar measures from the same date. Under the
directive each Member State will be required to provide to the tax authorities of another Member State
details of payments of interest or other similar income paid by a person within its jurisdiction to an
individual resident in that other Member State; however, Austria, Belgium and Luxembourg may instead
apply a withholding system for a transitional period in relation to such payments, deducting tax at rates
rising over time to 35 per cent. The transitional period is to commence on the date from which the
directive is to be applied by Member States and to terminate at the end of the first fiscal year following
agreement by certain non-EU countries to the exchange of information relating to such payments.
192
SUBSCRIPTION AND SALE
Dealer Agreement
The Issuer and the Dealer have agreed in a a dealer agreement (the "Dealer Agreement") relating to the
Programme basis upon which they may from time to time issue Notes. The Dealer Agreement makes
provisions for the resignation or replacement of existing Dealers and the appointment of additional or
other dealers (each a "Dealer"). The Notes will be offered on a continuous basis by the Issuer to the
Dealer and may be resold by the relevant Dealer at market prices prevailing at the time of such sale. It
also contemplates that Notes may be sold on a syndicated basis pursuant to subscription agreements or
corresponding documents. Any such agreement to issue and sell will, inter alia, make provision for the
form and terms and conditions of the relevant Notes, the price at which such Notes will be purchased by
the Dealers and the commissions or other agreed deductibles (if any) payable or allowable by the Issuer in
respect of such purchase.
Selling Restrictions
General
Each Dealer has represented and agreed that it will comply with all applicable securities laws and
regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or
distributes the Offering Circular and will obtain any consent, approval or permission required by it for the
purchase, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction
to which it is subject or in which it makes such purchases, offers, sales or deliveries and neither the Issuer
nor any Dealer shall have any responsibility therefor. Neither the Issuer nor any of the Dealers has
represented that Notes may at any time lawfully be sold in compliance with any applicable registration or
other requirements in any jurisdiction, or pursuant to any exemption available thereunder, or has assumed
any responsibility for facilitating such sale. With regard to each Tranche, the relevant Dealer will be
required to comply with such other additional restrictions as the relevant Issuer and the relevant Dealer
shall agree and as shall be set out in the applicable Pricing Supplement.
Federal Republic of Germany
Each Dealer has agreed that it will comply with the Securities Sales Prospectus Act (WertpapierVerkaufsprospektgesetz, the “Act”) of the Federal Republic of Germany and all other applicable legal and
regulatory requirements. In particular, each of the Dealers represents that it has not engaged and agrees
that it will not engage in a public offering (öffentliches Angebot) within the meaning of the Act with
respect to any Notes otherwise than in accordance with the Act.
The Netherlands/Global
(1) Any Notes (including rights representing an interest in a Note in global form) issued under the
Programme that are offered anywhere in the world, shall, in order to comply with the Netherlands
Securities Market Supervision Act 1995 (Wet toezicht effectenverkeer 1995, hereinafter the "Wte"), only
be offered and such an offer shall only be announced in writing (whether electronically or otherwise) in
accordance with:
(a) any one of the following restrictions as specified in the applicable Pricing Supplement; or
(b) in case of Notes that are convertible, exchangeable or redeemable in securities (rather than in cash),
any one of the restrictions set out in (iii) through (vi) below as specified in the applicable Pricing
Supplement:
(i) in the event that such Notes have been or are likely to be admitted to listing on the Official Segment of
the stock market of Euronext Amsterdam N.V. ("Euronext") provided that contractually binding offers
(or any solicitation of such offers) are only made in respect of the Notes after Euronext has published the
193
advertisement mentioned in article 47.7 of its Listing Rules or, if earlier, after Euronext has confirmed in
writing that a listing of the Notes on Euronext is likely; or
(ii) if they have a denomination of at least EUR 50,000 (or the equivalent in any other currency) provided
that if any such Notes are issued:
(A) at a discount, they may only be offered if their issue price is no less than EUR 50,000 (or its
equivalent in any other currency);
(B) on a partly-paid basis, they may only be offered if paid-up by their initial holders to at least such
amount;
(c) with a denomination of precisely EUR 50,000 (or its equivalent in any other currency), they may only
be offered on a fully-paid basis and at par or at a premium; or
(iii) to individuals or legal entities situated anywhere in the world who or which trade or invest in
securities in the conduct of a business or profession (which includes banks, securities intermediaries
(including dealers and brokers), insurance companies, pension funds, collective investment institutions,
central governments, large international and supranational organisations, other institutional investors and
other parties, including treasury departments of commercial enterprises, which as an ancillary activity
regularly invest in securities; hereinafter, "Professional Investors"), provided that in the offer, in the
applicable Pricing Supplement and in any documents or advertisements in which a forthcoming offering
of such Notes is publicly announced (whether electronically or otherwise) it is stated that such offer is and
will be exclusively made to such Professional Investors;
(iv) to individuals or legal entities who or which are established, domiciled or have their usual residence
(collectively, "are resident") outside the Netherlands, provided that (a) in the offer, the applicable Pricing
Supplement and in any advertisements or documents in which a forthcoming offer of the Notes is
announced (whether electronically or otherwise; collectively "announcements") it is stated that the offer
is not and will not be made to individuals or legal entities who or which are resident in the Netherlands,
(b) the offer, the applicable Pricing Supplement and any announcements comply with the laws and
regulations of any State where individuals or legal entities to whom or which the offer is or will made are
resident, and (c) a statement by the Issuer that those laws and regulations are complied with is submitted
to the Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, hereinafter the
"AFM") before the offer or any such announcement is made and is included in the applicable Pricing
Supplement and each such announcement; or
(v) to persons and entities as referred to in (iv) above and to Professional Investors situated in the
Netherlands, provided that all the conditions referred to in (iii) and (iv) above are complied with; or
(vi) if the following criteria are met:
(A) the Notes are subscribed for and placed by a syndicate of which at least two members have their
statutory seat in different states that are a party to the European Treaty on an Economic Area (hereinafter
the "EEA"); and
(B) 60 per cent. (60%) or more of the relevant issue amount of Notes is offered in one or more states
other than the Netherlands;
(C) the Notes may only be subscribed for or initially be purchased through the intermediation of a credit
institution (registered with the Dutch Central Bank) or another financial institution which in the conduct
of a business or profession provides one or more of the services described in paragraphs 7 and 8 of the
Annex to the Banking Coordination Directive (2000/12/EC); and
194
(D) no general advertising or cold-calling campaign is conducted in respect of the Notes anywhere in the
world; or
(vii) if the Notes have a maturity of up to one (1) year; or
(viii) subject to the proviso stated below, in the event that (a) such Notes have been admitted to the
official listing on a stock exchange or have otherwise been publicly offered in another state which is a
party to the EEA and (b) this Offering Circular has been approved by, and the applicable Pricing
Supplement has been submitted to or approved by, the competent authority as referred to in Article 20 or
Article 21 of EC Directive 89/298/EEC (hereinafter the "Competent Authority") and (c) the AFM has
confirmed, where necessary, the availability of recognition in respect of such documents; or
(ix) if any other exemption from the prohibition contained in article 3 paragraph 1 of the Wte applies or if
the AFM has granted an (individual) dispensation from the above prohibition and the conditions attached
to such exemption or dispensation are fully complied with.
Provided that in case the selling restriction referred to under (viii) above is selected for any issue of
Notes, the offer is made within one year after the date of this Offering Circular, or, if later, the date of its
approval by the Competent Authority and:
(A) each advertisement or document in which a forthcoming offering of Notes is publicly announced
(whether electronically or otherwise) will be submitted to the AFM prior to publication thereof and will
mention where and when the Offering Circular and the applicable Pricing Supplement will be or have
been made generally available; and
(B) prior to the submission of this Offering Circular (together with the written approval thereof by the
Competent Authority) and the applicable Pricing Supplement to the AFM and the publication thereof in
accordance with (a) above:
each relevant Dealer shall not offer, transfer or sell any Notes except to Professional Investors; and
either it has not distributed and will not distribute any offering or promotional materials in respect of the
Notes (whether electronically or otherwise) or it has complied and will comply with the conditions under
(iii) above; and
each invitation telex and Pricing Supplement in respect of such Notes will set forth the restrictions under
(i) and (ii) above; and
(C) if after the date of this Offering Circular new relevant facts occurs or become known, Section 6 of the
Decree on the Securities Market Supervision Act 1995 (Besluit toezicht effectenverkeer 1995) is complied
with.
(2) In addition and without prejudice to the relevant restrictions set out under (I) above, Zero Coupon
Notes (as defined below) in definitive form of the Issuer may only be transferred and accepted, directly or
indirectly, within, from or into the Netherlands through the mediation of either the Issuer or a member
firm of Euronext Amsterdam N.V. in full compliance with the Dutch Savings Certificates Act (Wet inzake
spaarbewijzen) of 21 May 1985 (as amended) and its implementing regulations. No such mediation is
required: (a) in respect of the transfer and acceptance of rights representing an interest in a Zero Coupon
Note in global form, or (b) in respect of the initial issue of Zero Coupon Notes in definitive form to the
first holders thereof, or (c) in respect of the transfer and acceptance of Zero Coupon Notes in definitive
form between individuals not acting in the conduct of a business or profession, or (d) in respect of the
transfer and acceptance of such Zero Coupon Notes within, from or into the Netherlands if all Zero
Coupon Notes (either in definitive form or as rights representing an interest in a Zero Coupon Note in
195
global form) of any particular Series are issued outside the Netherlands and are not distributed into the
Netherlands in the course of initial distribution or immediately thereafter. As used herein "Zero Coupon
Notes" are Notes that are in bearer form and that constitute a claim for a fixed sum against the Issuer and
on which interest does not become due during their tenor or on which no interest is due whatsoever.
United States of America
The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the
"Securities Act"), and, except as provided in the relevant Pricing Supplement with respect to Notes with
a maturity on the issue date of one year or less, 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 under the Securities
Act ("Regulation S") or pursuant to an exemption from the registration requirements of the Securities
Act.
Except as provided in the relevant Pricing Supplement with respect to Notes with a maturity on the issue
date of one year or less, each Dealer has represented and agreed that it has offered and sold any Notes,
and will offer and sell any Notes (i) as part of their distribution at any time and (ii) otherwise until 40
days after the completion of the distribution of all Notes of the Tranche of which such Notes are a part
within the United States or to, or for the account of, U.S. persons and it will have sent to each dealer to
which it sells Notes during the distribution compliance period a confirmation or other notice setting forth
the restrictions on offers and sales of the Notes within the United States or to, or for the account or benefit
of, U.S. persons. Terms used in this paragraph and in the preceding paragraph shall have the meanings
given to them by Regulation S.
Accordingly, each Dealer has further represented and agreed that neither it, its affiliates nor any persons
acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to any
Note, and it and they have complied and will comply with the offering restrictions requirement of
Regulation S.
Each Dealer who has purchased Notes of a Tranche hereunder (or in the case of a sale of a Tranche of
Notes issued to or through more than one Dealer, each of such Dealers as to the Notes of such Tranche
purchased by or through it or, in the case of a syndicated issue, the relevant Lead Manager) shall
determine and notify to the Fiscal Agent the completion of the distribution of the Notes of such Tranche.
On the basis of such notification or notifications, the Fiscal Agent has agreed to notify such Dealer/Lead
Manager of the end of the restricted period with respect to such Tranche. Each Dealer has also agreed
that, at or prior to confirmation of any sale of Notes, it will have sent to each distributor, dealer or person
receiving a selling concession, fee or other remuneration that purchases Notes from it during the restricted
period a confirmation or notice to substantially the following effect: "The Securities covered hereby have
not been registered under the U.S. Securities Act of 1933 (the "Securities Act") and no Dealer (or persons
covered by Rule 903 (b) (2) (iii)) may offer or sell any Notes constituting part of its allotment within the
United States or to, or for the account or benefit of, U.S. persons except in accordance with Rule 903 or
Rule 904 Regulation S under the Securities Act. Terms used above have the meanings given to them by
Regulation S."
Terms used in the above paragraph have the meanings given to them by Regulation S.
Each Dealer has represented and agreed that it has not entered and will not enter into any contractual
arrangement with respect to the distribution or delivery of Notes, except with its affiliates or with the
prior written consent of the Issuer.
Notes, other than Notes with an initial maturity at original issue of one year or less, will be issued in
accordance with the provisions of United States Treasury Regulation §1.163-5 (c) (2) (i) (D) (the "D
Rules"), or in accordance with the provisions of United States Treasury Regulation §1.163-5 (c) (2) (i)
196
(C) (the "C Rules"), as specified in the applicable Pricing Supplement. In addition, in respect of Notes
issued in accordance with the D Rules, each Dealer has represented and agreed that:
(a)
except to the extent permitted under U.S. Treas. Reg. Section 1.163-5 (c) (2) (i) (D), (i) it has not
offered or sold, and during the restricted period will not offer or sell, Notes in bearer form to a
person who is within the United States or its possessions or to a United States person, and (ii)
such Dealer has not delivered and will not deliver within the United States or its possessions
definitive Notes in bearer form that are sold during the restricted period;
(b)
it has and throughout the restricted period will have in effect procedures reasonably designed to
ensure that its employees or agents who are directly engaged in selling Notes in bearer form are
aware that such Notes may not be offered or sold during the restricted period to a person who is
within the United States or its possessions or to a United States person, except as permitted by
the D Rules;
(c)
if such Dealer is a United States person, it has represented that it is acquiring the Notes in bearer
form for purposes of resale in connection with their original issuance and if such Dealer retains
Notes in bearer form for its own account, it will only do so in accordance with the requirements
of U.S. Treas. Reg. Section 1.163-5 (c) (2) (i) (D) (6); and
(d)
with respect to each affiliate that acquires from such Dealer Notes in bearer form for the
purposes of offering or selling such Notes during the restricted period, such Dealer either (i) has
repeated and confirmed the agreements contained in sub-clauses (a), (b) and (c) on such
affiliate's behalf or (ii) has agreed that it will obtain from such affiliate for the benefit of the
Issuer the agreements contained in sub-clauses (a), (b) and (c).
Terms used in the above paragraph have the meanings given to them by the U.S. Internal Revenue Code
and regulations thereunder, including the D Rules.
In addition, where the C Rules are specified in the relevant Pricing Supplement as being applicable to any
Tranche of Notes, Notes in bearer form must be issued and delivered outside the United States and its
possessions in connection with their original issuance. Each Dealer has represented and agreed that it has
not offered, sold or delivered, and will not offer, sell or deliver, directly or indirectly, Notes in bearer
form within the United States or its possessions in connection with the original issuance. Further, each
Dealer has represented and agreed in connection with the original issuance of Notes in bearer form, that it
has not communicated, and will not communicate directly or indirectly, with a prospective purchaser if
such purchaser is within the United States or its possessions and will not otherwise involve its U.S. office
in the offer or sale of Notes in bearer form. Terms used in this paragraph have the meanings given to them
by the U.S. Internal Revenue Code and regulations thereunder, including the C Rules.
Each issue of index-, commodity- or currency-linked Notes shall be subject to such additional U.S. selling
restrictions as the Issuer and the relevant Dealer may agree as a term of the issue and purchase of such
Notes, which additional selling restrictions shall be set out in the Pricing Supplement. Each Dealer has
agreed that it shall offer, sell and deliver such Notes only in compliance with such additional U.S. selling
restrictions.
United Kingdom of Great Britain and Northern Ireland ("United Kingdom")
Each Dealer has represented and agreed that:
(1) in relation to Notes which have a maturity of one year or more, it has not offered or sold and, prior to
the expiry of a period of six months from the closing date, will not offer or sell any Notes to persons in
the United Kingdom except to persons whose ordinary activities involve them in acquiring, holding,
managing or disposing of investments (as principal or agent) for the purposes of their business or
197
otherwise in circumstances which have not resulted and will not result in an offer to the public in the
United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended) or
the Financial Services and Markets Act 2000 (the "FSMA");
(2) in relation to any Notes having a maturity of less than one year:
(a) 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;
(b) it has not offered or sold and will not offer or sell any Notes other than to persons: (A) whose ordinary
activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent)
for the purposes of their business; or (B) who it is reasonable to expect will acquire, hold, manage or
dispose of investments (as principal or agent) for the purposes of their business where the issue of the
Notes would otherwise constitute a contravention of Section 19 of the FSMA by the Issuer;
(3) it has only communicated or caused to be communicated and 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 Notes in circumstances
in which section 21(1) of the FSMA does not apply to the Issuer; and
(4) it has complied and will comply with all applicable provisions of the FSMA with respect to anything
done by it in relation to the Notes in, from or otherwise involving the United Kingdom.
Japan
Each Dealer has acknowledged that the Notes have not been and will not be registered under the
Securities and Exchange Law of Japan (the "Securities and Exchange Law"). Each Dealer has
represented and agreed that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for
the benefit of, any resident of Japan (which term as used herein means any person resident in Japan,
including any corporation or other entity organised under the laws of Japan), or to others for re-offering
or resale, directly or indirectly, in Japan or to a resident of Japan except pursuant to an exemption which
will result in compliance with the Securities and Exchange Law and any applicable laws, regulations and
guidelines of Japan.
198
GENERAL INFORMATION
Use of Proceeds
The net proceeds from each issue will be used for general corporate purposes of the Issuer.
Availability of Documents
So long as any of the Notes are outstanding copies of the following documents will be available, during
usual business hours on any weekday (Saturdays and public holidays excepted), at the office of the Fiscal
Agent:
(a)
the Agency Agreement which includes the Form of Global Note (as amended and supplemented
from time to time) ;
(b)
the Articles of Association of the Issuer and the Guarantor;
(c)
a copy of the latest Offering Circular (together with any supplement including any Pricing
Supplement thereto); and
(d)
a copy of the ISDA Definitions.
Copies of (i) the latest annual consolidated accounts of Rabobank Group, (ii) the latest annual
non-consolidated accounts of Rabobank Nederland and (iii) the latest unaudited consolidated half yearly
interim accounts of Rabobank Group may be obtained free of charge at the specified offices of the Fiscal
Agent during normal business hours, so long as any of the Notes is outstanding.
Authorisation
The establishment of the Programme and the issuance of Notes thereunder was authorised by the
competent representatives of the Issuer on 25 November 2003.
Auditors
The auditor of the Rabobank Group and Rabo Securities N.V. is Ernst & Young Accountants,
Euclideslaan 1, 3584 BL Utrecht.
Exemption from publication of financial statements
Rabo Securities N.V. is exempted from publication of financial statements pursuant to article 2:403 of the
Dutch Civil Code.
Litigation
Neither the Issuer nor the Guarantor is involved in any litigation or arbitration or other proceedings
relating to claims or amounts that are material in the context of the issue of the Notes nor, so far as the
Issuer or the Guarantor is aware, is any such litigation or arbitration or other proceedings involving the
Issuer or the Guarantor pending or threatened.
Material Change
Except as disclosed in this Offering Circular, there has been no significant change in the financial or
trading position of the Issuer, the Guarantor , Rabobank Group, its members and its subsidiaries (taken as
a whole) since December 31, 2002 and no material adverse change in the financial position or prospects
of the Issuer, the Guarantor, Rabobank Nederland, its members and its subsidiaries (taken as a whole)
since December 31, 2002.
199
ISSUER
Amstelplein 1
1096 HA Amsterdam
The Netherlands
GUARANTOR
Global Liability Management
Croeselaan 18
3521 CB Utrecht
The Netherlands
DEALER
Amstelplein 1
1096 HA Amsterdam
The Netherlands
ISSUING AND PAYING AGENT
Grüneburgweg 14
60322 Frankfurt am Main, Germany
PAYING AGENT
Amstelplein 1
1096 HA Amsterdam
The Netherlands
LEGAL ADVISER TO THE ISSUER
Clifford Chance Pünder
Partnerschaftsgesellschaft von Rechtsanwälten,
Wirtschaftsprüfern, Steuerberatern und Solicitors
Mainzer Landstrasse 46
INDEPENDENT AUDITOR TO THE GUARANTOR
Ernst & Young Accountants
Euclideslaan 1
3584 BL Utrecht
The Netherlands
C:\TEMP\Rabo N.V. German Structured EMTN 2003 - Prospectus 27.11 FINAL.doc
This document constitutes a supplement (Nachtrag) to the incomplete sales prospectus (unvollständiger
Verkaufsprospekt) dated 28 November 2003 pursuant to § 10 of the German Securities Sales Prospectus
Act (Wertpapier-Verkaufsprospektgesetz)
PRICING SUPPLEMENT
KONDITIONENBLATT
POTENTIAL PURCHASERS OF THESE NOTES SHOULD UNDERSTAND THAT RETURN OF
PRINCIPAL WILL BE DEPENDENT UPON THE PERFORMANCE OF AN INDEX.
RÜCKZAHLUNGSBETRAG VON DER WERTENTWICKLUNG EINES INDEX ABHÄNGT.
ISIN:
Common Code:
Other securities code:
DE000A0DZ8Y4
021524522
A0DZ8Y
14 March 2005
Issue of EUR 20,000,000 Superfund Garant Index Certificates due 2015 (the "Notes")
unconditionally and irrevocably guaranteed by Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland) under the Euro 250,000,000 German Debt Issuance Programme
Begebung von EUR 20.000.000 Superfund Garant Index Zertifikaten fällig 2015 (die
"Schuldverschreibungen") unbedingt und unwiderruflich garantiert von Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) unter dem Euro 250,000,000 German Debt
Issuance Programme
The Pricing Supplement is to be read in conjunction with the Offering Circular dated 28 November 2003
as supplemented on 1 March 2004, on 9 June 2004 and on 2 November 2004. The Conditions applicable
to the Notes (the „Conditions") and the German or English language translation thereof, if any, are
attached to this Pricing Supplement. They replace in full the Terms and Conditions of the Notes as set out
in the Offering Circular and take precedence over any conflicting provisions of this Pricing Supplement.
Das Konditionenblatt ist in Verbindung mit dem Offering Circular vom 28. November 2003 und den
Nachträgen vom 1. März 2004, vom 9. Juni 2004 und vom 2. November 2004 zu lesen. Die für die
Schuldverschreibungen geltenden Bedingungen (die „Bedingungen") sowie eine etwaige deutschoder
englischsprachige Übersetzung sind diesem Konditionenblatt beigefügt. Die Bedingungen ersetzen in
Gänze die im Offering Circular abgedruckten Bedingungen und gehen etwaigen abweichenden
Bestimmungen dieses Konditionenblattes vor.
Capitalised terms used in the section relating to Index Linked Notes, Equity Linked Notes and Credit
Linked Notes and not otherwise defined herein or in the Conditions shall have the meaning set out in the
2002 ISDA Equity Derivatives Definitions and, as the case may be, in the 2003 ISDA Credit Derivatives
Definitions published by the International Swaps and Derivatives Association, Inc., save that any
references to the 'Related Confirmation' shall be deemed to refer to the 'relevant Pricing Supplement'.
In den Abschnitten über Index-, Equity- und Kreditbezogene Anleihen groß geschriebene Begriffe, haben,
soweit sie hier nicht anders definiert sind und soweit sich aus diesem Pricing Supplement nichts anders
ergibt, die selbe Bedeutung wie in den 2002 ISDA Equity Derivatives Definitions bzw. in den 2003 ISDA
Credit Derivatives Definitions, veröffentlicht durch die International Swap and Derivatives Association,
Inc.. Bezugnahmen in den 2003 ISDA Credit Derivatives Definitions auf die "Related Confirmation"
gelten als Bezugnahmen auf das "jeweilige Pricing Supplement".
2
The Issuer accepts responsibility for the information contained in this Pricing Supplement, save for the
information relating to the Index. To the best knowledge and belief of the Issuer, save for the information
relating to the Index, the information contained in this Pricing Supplement is accurate and complete and
not misleading. The information included herein with respect to the Index consists of extracts from, or
summaries of publicly available information. The Issuer makes no representation that any publicly
available information relating to the Index is accurate and complete and does not accept any responsibility
in respect of such information. There can be no assurance that all events occurring prior to the date of this
Pricing Supplement that would affect the trading price of the Index (and therefore the trading price and
value of the Notes) have been publicly disclosed. Subsequent disclosure of any such events or the
disclosure or failure to disclose material future events concerning the Index could affect the trading price
and value of the Notes.
This Pricing Supplement does not constitute an offer to sell or the solicitation of an offer to buy any Notes
or an investment recommendation. Neither the delivery of this Pricing Supplement nor any sale hereunder
shall, under any circumstances, create any implication that there has been no change in the affairs of the
Issuer or circumstances relating to the Index since the date hereof or that the information contained herein
is correct as of any date subsequent to this date.
The distribution of this Pricing Supplement and the offering, sale and delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Pricing Supplement comes are
required by the Issuer to inform themselves about and to observe any such restrictions. For a further
description of certain restrictions on the offering and sale of the Series, see 'Subscription and Sale' in the
Prospectus as supplemented or amended by this Pricing Supplement.
1.
2.
(i)
Issuer:
Anleiheschuldnerin:
(ii)
Guarantor:
Garantiegeberin:
Coöperatieve Centrale RaiffeisenBoerenleenbank B.A. (Rabobank
Nederland)
(i)
Series Number:
Nummer der Anleihe:
17
(ii)
Tranche Number:
Nummer der Tranche
1
3.
Specified Currency:
Währung:
Euro
4.
(i)
Euro 20,000,000
Euro 20.000.000
14 March 2005 until 17 June 2005
14. März 2005 bis 17. Juni 2005
(ii)
Aggregate Nominal Amount:
Gesamtnennbetrag:
Subscription Period:
Zeichnungsfrist:
5.
Issue Price:
Emissionspreis:
105 per cent.
105 %
6.
Specified Denomination:
Nennbetrag:
Euro 1,000
Euro 1.000
7.
Issue Date:
Begebungstag:
23 June 2005
23. Juni 2005
8.
Maturity Date:
30 June 2015
3
9.
Fälligkeitstag:
30. Juni 2015
(i)
Interest Basis:
Zinsmodalität:
Non-interest bearing
Nicht verzinslich
(ii)
Day Count Fraction:
Zinstagequotient:
Not applicable
Nicht anwendbar
10.
Redemption/ Payment Basis:
Rückzahlungsmodalität:
Index Linked Redemption (see below)
Indexbezogene Rückzahlung (siehe unten)
11.
Change of Interest or Redemption/Payment Basis:
Wechsel der Zins- oder Rückzahlungsmodalität:
Not Applicable
Nicht anwendbar
12.
Put/Call Options:
Gläubigerkündigungsrechte/
Kündigungsrechte der Anleiheschuldnerin:
Issuer Call (further details as specified
below)
Kündigungsrecht der Anleiheschuldnerin
(zusätzliche Einzelheiten unten)
13.
Status der Schuldverschreibungen:
Unsubordinated
Nicht nachrangig
14.
Listing:
Börsenzulassung:
Participation in the regulated unofficial
market (Freiverkehr) of the Frankfurt Stock
Exchange intended
Einbeziehung in den Freiverkehr der
Frankfurter Wertpapierbörse beabsichtigt
15.
Method of distribution:
Art der Platzierung:
Non-Syndicated
Nicht syndiziert
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
BESTIMMUNGEN ZUR VERZINSUNG
16.
Fixed Rate Note Provisions:
Festzinsmodalitäten:
Not Applicable
Nicht anwendbar
17.
Floating Rate Note Provisions:
Modalitäten bei variabler Verzinsung:
Not Applicable
Nicht anwendbar
18.
Zero Coupon Note Provisions:
Null-Koupon Modalitäten:
Not Applicable
Nicht anwendbar
19.
Interest Bearing Index Linked Notes:
Bestimmungen über die Verzinsung von Indexbezogenen Anleihen:
Not Applicable
Nicht anwendbar
PROVISIONS RELATING TO REDEMPTION
RÜCKZAHLUNGSMODALITÄTEN
20.
Call Option (§4(3)):
Applicable upon occurrence of an Early
Termination Event (as defined in the
Conditions)
Anleiheschuldnerin (§ 4(3))
Anwendbar nach Eintritt eines Vorzeitigen
Kündigungsereignisses (wie in den
4
Bedingungen definiert)
(i)
Optional Redemption Date(s):
Each Basket Valuation Day
Jeder Basket-Bewertungstag
(ii)
of such amount(s):
Wahlrückzahlungsbetrag (-beträge),
falls zutreffend, Methode zu dessen
(deren) Berechnung:
Euro 1,000 per Note of Euro 1,000
Specified Denomination
(iii)
Notice period:
Kündigungsfrist:
Euro 1.000 je Stückelung von Euro 1.000
10 Business Days
10 Geschäftstage
21.
Put Option (§4(4)):
Anleihegläubiger (§4(4)):
Not Applicable
Nicht anwendbar
22.
Final Redemption Amount of each Note:
Rückzahlungsbetrag am Fälligkeitstag:
Index Linked Redemption Amount (see
below)
Index-gekoppelter Rückzahlungsbetrag
(siehe unten)
23.
Early Redemption Amount(s) of each Note
payable on redemption on an Event of Default or
Tax Call and/ or the method of calculating the
same (if required or if different from that set out
in §4):
Rückzahlungsbetrag (-beträge) bei Kündigungen
oder Steuerkündigungen und Methode zu dessen
(deren) Berechnung (falls erforderlich oder falls
abweichend von §4):
An amount equal to the market value of the
Notes adjusted to account for any losses,
expenses and costs to the Issuer (or any of
its affiliates) of unwinding any underlying
or related hedging and funding
arrangements, including (but without
limitation) equity options, all as determined
by the Calculation Agent in its sole and
reasonable discretion (billiges Ermessen).
Ein dem Markpreis der
Schuldverschreibungen entsprechender
Wert, der unter Berücksichtigung von
Verlusten und Kosten, welche die
Anleiheschuldnerin (oder ihre
Tochtergesellschaften) bei der Abwicklung
von etwaigen unterliegenden Sicherungsoder Refinanzierungsgeschäften hat,
einschließlich Optionen auf Beteiligungen,
je von der Berechnungsstelle nach ihrem
billigen Ermessen bestimmt wird.
5
PROVISIONS RELATING TO INDEX LINKED NOTES
BESTIMMUNGEN FÜR INDEXBEZOGENE ANLEIHEN
24.
Index-Linked Note Provisions:
Indexbezogene Modalitäten:
Applicable to the extent specified below.
Apart from that the provisions relating to
the Quadriga Protected Basket shall be as
attached as Annex to the Conditions (as
attached hereto).
Im unten näher bezeichneten Umfang
anwendbar. Die Bestimmungen zum
Quadriga Protected Basket ergeben sich
ansonsten aus dem Annex zu den
Bedingungen (wie diesem Konditionenblatt
beigefügt).
(i)
Index Basket Transaction:
Index Basket Transaktion:
Not Applicable
Nicht anwendbar
(ii)
Index or Indices:
Index oder Indices:
See Annex to the Conditions
Siehe Annex zu den Bedingungen
(iii)
Name of Index Sponsor(s):
Namen des/der Sponsor(en):
(iv)
Related Exchange(s):
Verbundene Börsen:
Not Applicable
Nicht anwendbar
(v)
Description of formula to be used to
determine the Index Linked Redemption
Amount:
Beschreibung der Formel zur
Berechnung des indexbezogenen
The Notes shall be redeemed on the Maturity Date at the Index Linked Redemption Amount as
determined by the Calculation Agent in accordance with the provisions hereof.
The "Index Linked Redemption Amount" shall be an amount as determined by the Calculation Agent
on the Basket Calculation Date (as defined in the Annex to the Terms and Conditions) immediately
preceeding the Maturity Date in accordance with the following formula:
 BASKET final
D

D * Max 

;1

6
"BASKETfinal" means the arithmetic average of the Closing Valuation of the Quadriga Protected Basket
as determined on the six Basket Calculation Dates immediately preceding the Maturity Date.
"D" means the Specified Denomination.
Die Schuldverschreibungen werden am Fälligkeitstag zum Index-bezogenen Rückzahlungsbetrag
zurückgezahlt, wie er von der Berechnungsstelle gemäß den Bestimmungen in diesem Konditionenblatt
ermittelt wird.
Der "Index-bezogene Rückzahlungsbetrag" wird von der Berechnungsstelle am Basket-Berechnungstag
(wie im Annex zu den Bedingungen definiert), der dem Fälligkeitstag unmittelbar vorausgeht, gemäß der
folgenden Formel ermittelt:
 BASKET final
D

D * Max 

;1

"BASKETfinal" bezeichnet den rechnerischen Durchschnitt der Schlussbewertung des Quadriga
Kapitalschutz Basket, wie er an den sechs Basket-Berechnungstagen, welche dem Fälligkeitstag
unmittelbar vorausgehen, bestimmt wird.
"D" bezeichnet den Nennbetrag.
(vi)
Calculation Agent:
Berechnungsstelle:
(vii)
Provisions for determining index linked
amounts where calculation by reference
to Index and/or Formula is impossible or
impracticable:
Bestimmungen für den Fall, dass die
Berechnung unter Zugrundelegung des
Indices und/ oder der Formel nicht
möglich oder nicht zweckmäßig ist:
(viii)
Business Day Convention:
Geschäftstagekonvention:
Following Business Day Convention
(ix)
Relevant Financial Centres:
Finanzzentzentren:
Frankfurt, Amsterdam, TARGET
(x)
Protection Amount:
Kapitalgarantie:
Protection of the nominal amount
Garantie des Nennbetrags
(xi)
PROVISIONS RELATING TO EQUITY LINKED NOTES
BESTIMMUNGEN FÜR EQUITYBEZOGENE ANLEIHEN
25.
Equity Linked Note Provisions:
Equity-Modalitäten:
Not Applicable
Nicht anwendbar
7
PROVISIONS RELATING TO EXCHANGEABLE NOTES
BESTIMMUNGEN FÜR UMTAUSCH-ANLEIHEN
26.
Exchangeable Note Provisions:
Umtauschmodalitäten:
Not Applicable
Nicht anwendbar
PROVISIONS RELATING TO CREDIT-LINKED NOTE
BESTIMMUNGEN FÜR KREDITBEZOGENE ANLEIHEN
27.
Credit Linked Note Provisions:
Kreditbezogene Modalitäten:
Not Applicable
Nicht anwendbar
PROVISIONS RELATING DUAL CURRENCY NOTES
BESTIMMUNGEN FÜR DOPPELWÄHRUNGS-ANLEIHEN
28.
Dual Currency Provisions:
Doppelwährungs-Modalitäten:
Not Applicable
Nicht anwendbar
GENERAL PROVISIONS APPLICABLE TO THE NOTES
ALLGEMEINE BESTIMMUNGEN
29.
Form of Notes:
(Verbriefung):
Temporary Global Note exchangeable for
Permanent Global Note
Vorläufige Globalurkunde austauschbar
gegen Dauerglobalurkunde
30.
Relevant Financial Centre(s) or other special
provisions relating to Payment Days (§5(3)):
Finanzzentrum (-zentren) oder andere spezielle
Vereinbarungen in Bezug auf Zahltage(§5(3)):
Frankfurt, Amsterdam, TARGET
31.
Details relating to Partly Paid Notes:
Einzelheiten in Bezug auf Teileingezahlte
Schuldverschreibungen:
Not Applicable
Nicht anwendbar
32.
Redenomination, renominalisation and
reconventioning provisions:
Währungsumstellung, Nennwertumstellung und
Umstellungsbestimmungen:
Not Applicable
Nicht anwendbar
33.
Consolidation Provisions:
Konsolidierungsbestimmungen:
Not Applicable
Nicht anwendbar
34.
Following the Issue Date, the Issuer will,
on a best efforts basis, make a secondary
market in the Notes with respect to each
Index Valuation Day under normal market
conditions, subject to the following
conditions:
(a) For subscriptions of Notes, investors
must, not later than six Business Days prior
to the relevant Index Valuation Date (i)
8
submit a written offer to subscribe for the
relevant number of Notes to the Issuer, and
(ii) make an advance payment to the Issuer
in an amount of the Specified
Denomination multiplied with the number
of Notes offered to be subscribed under (i)
above. The purchase price will be finalised
after the relevant Index Valuation Day. The
relevant purchaser will be notified by or on
behalf of the Issuer of the purchase price
and the delivery date for the Notes not later
than 10 Business Days following the
relevant Index Valuation Date. The Notes
so purchased will be delivered against
payment of the difference between the
purchase price and the advance payment. In
case of a purchase price being fixed below
the Specified Denomination, the purchaser
will receive the Notes free of payment and
the Issuer will pay the difference between
the advance payment and the purchase price
to the relevant purchaser.
(b) For sales of Notes to the Issuer,
Noteholders must, not later than six
Business Days prior to the relevant Index
Valuation Day (i) give written notice to the
Issuer offering to sell the relevant number
of Notes, and (ii) deliver the relevant
number of Notes offered for sale to the
Issuer free of payment. The purchase price
to be paid for each note will be the price
determined on the Index Valuation Day less
(x) a bid/offer spread of 1% and (y)
repurchase fees determined by applying the
following percentage figures to the notional
amount allocated to the Index on the Basket
Setting Date:
•
From the Issue Date until 1 year
after the Issue Date: 2.4%
•
From 1 year following the Issue
Date until 2 years after the Issue
Date: 2.0%
•
From 2 years following the Issue
Date: 1.6%
•
9
Date: 1.2%
•
Date: 0.8%
•
Date: 0.4%
•
Date no further repurchase fees
will apply.
Die Anleiheschuldnerin wird sich bemühen,
einen Sekundärmarkt für die
Schuldverschreibungen zu jedem Index
Bewertungstag zu normalen
Marktkonditionen anzubieten, jedoch nur
unter der Voraussetzung, dass folgende
Bestimmungen eingehalten werden:
(a) Um Schuldverschreibungen zu kaufen,
müssen Investoren spätestens sechs
Geschäftstage vor dem jeweiligen Index
Bewertungstag (i) der Anleiheschuldnerin
schriftlich ihr Angebot zum Kauf der
jeweiligen Anzahl an
Schuldverschreibungen übermitteln, und
(ii) eine Anzahlung in Höhe des
Nennbetrags multipliziert mit der Anzahl
der im Angebot unter (i) genannten
Schuldverschreibungen an die
Anleiheschuldnerin leisten. Der Kaufpreis
wird nach dem jeweiligen Index
Bewertungstag endgültig festgelegt. Der
jeweilige Käufer wird von der
Anleiheschuldnerin oder in ihrem Auftrag
spätestens am 10. Geschäftstag, der dem
jeweiligen Index Bewertungstag nachfolgt,
benachrichtigt. Die Lieferung der
Schuldverschreibungen erfolgt gegen
Zahlung der Differenz zwischen dem
Kaufpreis und der Anzahlung. Wird der
Kaufpreis unterhalb des Nennbetrags
festgelegt, erhält der Käufer die
Schuldverschreibungen frei von Zahlung
und die Anleiheschuldnerin zahlt an den
Käufer die Differenz zwischen der
Anzahlung und dem Kaufpreis.
10
(b) Um Schuldverschreibungen an die
Anleiheschuldnerin zu verkaufen, müssen
Anleihegläubiger spätestens sechs
Geschäftstage vor dem jeweiligen Index
Bewertungstag (i) der Anleiheschuldnerin
schriftlich ihr Angebot zum Verkauf der
jeweiligen Anzahl an
Schuldverschreibungen übermitteln, und
(ii) der Anleiheschuldnerin die jeweilige
Anzahl von zum Verkauf angebotenen
Schuldverschreibungen frei von zahlung
übertragen. Der für jede
Schuldverschreibung zu zahlende Kaufpreis
entspricht dem Preis am jeweiligen Index
Bewertungstag abzüglich (x) einer Spanne
von 1% und (y) Rückkaufsgebühren, deren
Höhe sich durch Anwendung der folgenden
Prozentsätze auf den dem Index zugeteilten
Nennbetrag am Basket Festlegungstag
ergibt:
•
Vom Begebungstag bis ein Jahr
nach dem Begebungstag: 2.4%·
•
Von einem Jahr nach dem
Begebungstag an bis zwei Jahre
nach dem Begebungstag: 2.0%
•
Von zwei Jahren nach dem
Begebungstag an bis drei Jahre
•
Von drei Jahren nach dem
Begebungstag an bis vier Jahre
•
Von vier Jahren nach dem
Begebungstag an bis fünf Jahre
•
Von fünf Jahren nach dem
Begebungstag an bis sechs Jahre
•
Von sechs Jahren nach dem
Begebungstag ab wird keine
Rückkaufsgebühr mehr erhoben.
DISTRIBUTION
ANGABEN ZUR PLATZIERUNG
35.
(i)
If syndicated, names of Managers:
Not Applicable
11
(ii)
Falls syndiziert, Namen der Manager:
Nicht anwendbar
Stabilising Manager (if any):
Stelle fürKurspflege:
Not Applicable
Nicht anwendbar
36.
If non-syndicated, name of Dealer:
Falls nicht syndiziert, Name des Platzeurs:
37.
Applicable TEFRA rules:
Anwendbare TEFRA-Regelung:
TEFRA D
38.
Netherlands selling restrictions:
Embargo/Offers to non Dutch residents:
selling restriction (1)(iv) applies
39.
Additional selling restrictions:
Zusätzliche Verkaufsbeschränkungen:
Not Applicable
Nicht anwendbar
OPERATIONAL INFORMATION
ANGABEN ZUR ABWICKLUNG
40.
ISIN:
DE000A0DZ8Y4
41.
Common Code:
021524522
42.
(i)
Any Clearing System(s) other than
Euroclear and Clearstream and the
relevant codes:
Andere Clearingsysteme als Euroclear
und Clearstream und die entsprechenden
Kennnummern:
Clearstream Banking AG, Frankfurt am
Main
Clearing System for delivery of the
Underlying Securities
Basiswerte
Not Applicable
Nicht anwendbar
(ii)
Signed on behalf of the Issuer:
By: ______________________________________
Duly authorised
WKN A0DZ8Y
12
APPENDIX A
TERMS AND CONDITIONS
This Series of Notes is issued pursuant to an Agency Agreement relating to the Euro 250,000,000 German
Debt Issuance Programme of Rabo Securities N.V. (as amended or supplemented from time to time, the
"Agency Agreement") between Rabo Securities N.V. as issuer and paying agent and BNP Paribas
Securities Services S.A. - Frankfurt Branch as fiscal and paying agent (the "Fiscal Agent"). Copies of the
Agency Agreement and the ISDA Equity and Credit Derivative Definitions are available for inspection
during normal business hours by the holders of the Notes (the "Noteholders") at the specified offices of
the Fiscal Agent.
§1
(Currency. Denomination. Form. Clearing System)
(1)
Currency. Denomination. Form. This Series of Notes (the "Notes") of Rabo Securities N.V. (the
"Issuer") is issued in Euro (the "Currency") in an aggregate principal amount of Euro
20,000,000 (in words: Euro twenty million) on 23 June 2005 (the "Issue Date") and is divided in
denominations of Euro 1,000 (the "Specified Denomination"). The Notes are being issued in
bearer form and will not be represented by definitive notes.
(2)
Temporary Global Note – Exchange.
(3)
(a)
The Notes are initially represented by a temporary global note (the "Temporary
Global Note") without coupons which will be exchangeable for a permanent global
note (the "Permanent Global Note" and together with the Temporary Global Note,
each a "Global Note") without coupons. Each Global Note shall be signed manually by
two authorised signatories of the Issuer and shall each be authenticated by or on behalf
of the Fiscal Agent.
(b)
The Temporary Global Note shall be exchanged for the Permanent Global Note on a
date (the "Exchange Date") not earlier than 40 days and not later than 180 days after
the Issue Date. Such exchange and any payment of interest on Notes represented by a
Temporary Global Note shall only be made upon delivery of certifications to the effect
that the beneficial owner or owners of the Notes represented by the Temporary Global
Note is not a U.S. person as defined by the U.S. Securities Act of 1933. Any such
certification received by the Fiscal Agent on or after the 40th day after the Issue Date
will be treated as a request to exchange such Temporary Global Note as described
above. Any securities delivered in exchange for the Temporary Global Note shall be
delivered only outside of the United States (as defined in §5(1)).
Clearing System. Each Global Note will be kept in custody by or on behalf of the Clearing
System until all obligations of the Issuer under the Notes have been satisfied. "Clearing
System" means Clearstream Banking AG, Frankfurt am Main ("CBF") or any successor in this
capacity.
§2
(Status. Guarantee)
(1)
Status. The obligations under the Notes constitute unsecured (notwithstanding provisions of (2)
below) and unsubordinated obligations of the Issuer ranking pari passu among themselves and
pari passu with all other unsecured and unsubordinated obligations of the Issuer, save for such
13
(2)
Guarantee. Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (the “Guarantor”) has
given its unconditional and irrevocable guarantee (the “Guarantee”) for the due payment of
principal of, and interest on, and any other amounts expressed to be payable under the Notes.
The Guarantee constitutes a contract for the benefit of the Noteholders from time to time as third
party beneficiaries in accordance with § 328(1) of the German Civil Code (Bürgerliches
Gesetzbuch), giving rise to the right of each Noteholder to require performance of the Guarantee
directly from the Guarantor and to enforce the Guarantee directly against the Guarantor. The
Guarantee constitutes a direct, unconditional, unsubordinated and unsecured obligation of the
Guarantor which rank and will at all times rank at least pari passu with all other present and
future direct, unconditional, unsubordinated and unsecured obligations of the Guarantor, save for
such obligations as may be preferred by mandatory provisions of law. Copies of the Guarantee
may be obtained free of charge at the office of the Fiscal Agent set forth in § 9.
§3
(Interest)
(1)
The Notes will be non-interest bearing.
(2)
If the Issuer for any reason fails to render any payment in respect of the Notes when due, interest
shall continue to accrue at the default rate established by statutory law on the outstanding
amount from (including) the due date to (excluding) the day on which such payment is received
by or on behalf of the Noteholders.
§4
(Redemption)
(1)
Final Redemption. Unless previously redeemed pursuant to subsection (2) at their Early
Redemption Amount or pursuant to subsection (3) at their Optional Redemption Amount, the
Notes shall be redeemed pursuant to §4a.
(2)
Tax Call. The Notes shall be redeemed at their Early Redemption Amount together with interest
accrued to the date fixed for redemption at the option of the Issuer in whole, but not in part, on
any Interest Payment Date or, if so specified in the Pricing Supplement, at any time, on giving
not less than 30 days' notice to the Noteholders (which notice shall be irrevocable) by settlement
in cash in accordance with §5 if; (i) on the occasion of the next payment or delivery due under
the Notes, the Issuer or the Guarantor has or will become obliged to pay additional amounts as
provided or referred to in §6 as a result of any change in, or amendment to, the laws or
regulations of Germany or the Netherlands or any political subdivision or any authority thereof
or therein having power to tax, or any change in the application or official interpretation of such
laws or regulations, which change or amendment becomes effective on or after the Issue Date;
and (ii) such obligation cannot be avoided by the Issuer or the Guarantor taking reasonable
measures (but no Substitution of the Issuer pursuant to §10) available to it. Before the
publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the
Fiscal Agent a certificate signed by an executive director of the Issuer stating that the Issuer is
entitled to effect such redemption and setting forth a statement of facts showing that the
conditions precedent to the right of the Issuer so to redeem have occurred, and an opinion of
independent legal or tax advisers of recognised standing to the effect that the Issuer or the
Guarantor has or will become obliged to pay such additional amounts as a result of such change
or amendment.
The "Early Redemption Amount" shall be an amount equal to the market value of the Notes
adjusted to account for any losses, expenses and costs to the Issuer (or any of its affiliates) of
unwinding any underlying or related hedging and funding arrangements, including (but without
14
limitation) equity options, all as determined by the Calculation Agent in its sole and reasonable
discretion (billiges Ermessen).
(3)
Issuers' Call. Upon the occurrence of an Early Termination Event the Issuer may redeem all or
some only of the Notes then outstanding on each Basket Valuation Day (as defined in the Annex
hereto) (each an "Optional Redemption Date") at their Optional Redemption Amount upon
having given not less than 10 Business Days' notice to the Noteholders in accordance with §12
(which notice shall be irrevocable and shall specify the Optional Redemption Date fixed for
redemption).
"Early Termination Event" means (a) any of (i) the winding up or insolvency of the Index
Sponsor (including the appointment of any liquidator or receiver), (ii) the Index Sponsor ceases,
or threatens to cease, carrying on business, or the initial Index Sponsor ceases to act as Index
Sponsor, (iii) the persons currently owing and controlling the voting securities of the Index
Sponsor cease to own or control, directly or indirectly, in aggregate at least 50% of the
outstanding voting securities of the Index Sponsor, or (iv) a change in the key personnel
performing the obligations of the Index Sponsor with respect to the Index; (b) any event or
condition including, without limitation, any event or condition which would render the Issuer in
contravention of any applicable law, which has, in the reasonable opinion of the Basket
Calculation Agent, a material adverse effect on the ability of the Issuer to execute, maintain or
modify any hedge of the Issuer’s obligations under the Notes; or (c) any event which would
require the Basket Calculation Agent to calculate the value of any Basket Component as
described under "7. Incalculation of the Quadriga Protected Basket" in the Annex to these
Conditions.
(4)
Redemption Amounts. For the purposes of this §4 the following applies:
The "Optional Redemption Amount" in respect of each Note shall be its principal amount.
§4a
(Basket Linked Redemption)
The Notes shall be redeemed on 30 June 2015 (the "Maturity Date") at the Index Linked Redemption
Amount as determined by the Calculation Agent in accordance with the following provisions.
The "Index Linked Redemption Amount" of each Note shall be an amount as determined by the
Calculation Agent on the Basket Calculation Date immediately preceeding the Maturity Date in
accordance with the following formula:
 BASKET final
D

D * Max 

;1

15
"BASKETfinal" means the arithmetic average of the Closing Valuation of the Quadriga Protected Basket
as determined on the six Basket Calculation Dates (each as defined in the Annex hereto) immediately
preceding the Maturity Date.
"D" means the Specified Denomination.
"Calculation Agent" means Rabo Securities N.V.
§5
(Payments)
(1)
Payment of Principal. Payment of principal in respect of Notes shall be made, subject to
applicable fiscal and other laws and regulations, in the Currency and to the Clearing System or to
its order for credit to the accounts of the relevant account holders of the Clearing System upon
presentation and surrender of the Global Note at the specified office of any Paying Agent outside
the United States.
"United States" means the United States of America including the States thereof and the District
of Columbia and its possessions (including Puerto Rico, the US Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands).
(2)
Business Day. If the date for payment of any amount in respect of any Note is not a Business
Day then the Noteholder shall not be entitled to payment until the next such day in the relevant
place and shall not be entitled to further interest or other payment in respect of such delay.
"Business Day" means a day on which (other than Saturday and Sunday) (a) banks are open for
business (including dealings in foreign exchange and foreign currency deposits) in Frankfurt am
Main and Amsterdam (the ''Relevant Financial Centres''), and (b) the Clearing System is
operative and (c) all relevant parts of the Trans-European Automated Real-Time Gross
Settlement Express Transfer (TARGET) System ("TARGET") are operating to effect payments
in Euro.
(3)
Discharge. The Issuer or, as the case may be, the Guarantor, shall be discharged by payment to,
or to the order of, the Clearing System.
(4)
References to Principal. References to "principal" shall be deemed to include, as applicable, the
Final Redemption Amount of the Notes; the Early Redemption Amount of the Notes; the
Extraordinary Redemption Amount of the Notes and any premium and any other amounts
including any Additional Amounts which may be payable under §6 which may be payable under
or in respect of the Notes.
§6
(Taxation)
All payments of principal and interest in respect of the Notes shall be made free and clear of, and without
withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature
imposed, levied, collected, withheld or assessed by or within Germany or the Netherlands, or any
authority therein or thereof having power to tax, unless such withholding or deduction is required by law.
In that event the Issuer shall pay such additional amounts (the "Additional Amounts") as shall result in
receipt by the Noteholders of such amounts as would have been received by them had no such
16
withholding or deduction been required, except that no Additional Amounts shall be payable with respect
to any Note
(a)
as far as German Kapitalertragsteuer (including Zinsabschlagsteuer) or any other tax which may
substitute the German Kapitalertragsteuer is concerned;
(b)
to, or to a third party on behalf of, a Noteholder where such Noteholder is liable to such
withholding or deduction by reason of having some connection with Germany or the Netherlands
other than by reason only of the holding of such Note or the receipt of the relevant payment in
respect thereof;
(c)
to, or to a third party on behalf of, a holder where no such withholding or deduction would have
been required to be withheld or deducted if the Notes were credited at the time of payment to a
securities deposit account with a bank outside the Federal Republic of Germany or the
Netherlands;
(d)
where such withholding or deduction is imposed on a payment to an individual and is required to
be made pursuant to European Council Directive 2003/48/EC or any other directive
implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on
taxation of savings income or any law implementing or complying with, or introduced in order
to conform to such directive;
(e)
to the extent such withholding or deduction is required by or on behalf of a Noteholder who
could lawfully avoid (but has not so avoided) such withholding onr deduction by complying or
procuring that any third party complies with any statutory requirements or by making or
procuring that a third party makes a declaration of non-residence or other similar claim for
exemption to any tax authority in the place where the payment is effected;
(f)
to the extent such withholding or deduction is required by or on behalf of a Noteholder who
would have been able to avoid such withholding or deduction by effecting a payment via another
Paying Agent in a Member State of the EU, not obliged to withhold or deduct tax; or
(g)
to the extent such withholding withholding or deduction tax is payable required more than 30
days after the date on which payment in respect of it first becomes due or (if any amount of the
money payable is improperly withheld or refused) the date on which payment in full of the
amount outstanding is made.
§7
(Prescription)
The presentation period provided in §801 paragraph 1, sentence 1 of the German Civil Code is reduced to
ten years for the Notes.
§8
(Events of Default)
If any of the following events ("Events of Default") occurs, the holder of any Note may by written notice
to the Issuer at the specified office of the Fiscal Agent declare such Note to be forthwith due and payable,
whereupon the Early Redemption Amount (as defined in §4(2)) of such Note together with accrued
interest to the date of payment shall become immediately due and payable, unless such event of default
shall have been remedied prior to the receipt of such notice by the Issuer:
(a)
default by the Issuer is made for more than 30 days in the payment of interest or principal in
respect of any of the Notes; or
17
(b)
the Issuer or the Guarantor fails to perform or observe any of its other obligations under the
Notes and such failure continues for the period of 60 days next following the service by the
Fiscal Agent on the Issuer, of notice requiring the same to be remedied; or
(c)
the Issuer or the Guarantor fails in the due repayment of borrowed money which exceeds Euro
35,000,000 or its countervalue and such failure continues for a period of 30 days after notice of
such failure has been received by the Issuer or the Issuer or the Guarantor fails to honour any
guarantee or indemnity in excess of Euro 35,000,000 or its countervalue and such failure
continues for a period of 30 days after notice by the Fiscal Agent of such failure has been
received by the Issuer provided that in each case no Event of Default shall be deemed to have
occurred if the Issuer or the Guarantor contests its liability in good faith or has been ordered not
to make such payment by a competent court; or
(d)
the Issuer or the Guarantor becomes bankrupt, or an order is made or an effective resolution is
passed for the winding up or liquidation of the Issuer or the Guarantor (except for the purposes
of a reconstruction or merger the terms of which have previously been approved by a meeting of
Noteholders) or the Issuer or the Guarantor compromises with its creditors generally or such
measures are officially decreed; or
(e)
an application is filed for a declaration (which is not revoked within a period of 30 days), or a
declaration is made, under Article 71 of the 1992 Act on the supervision of the credit system
(Wet toezicht kredietwezen 1992), as modified or re-enacted from time to time, of the
Netherlands in respect of the Issuer or the Guarantor; or
(f)
the Issuer or the Guarantor ceases to carry on the whole or a substantial part of its business
(except for the purposes of a reconstruction or merger the terms of which have previously been
approved by a meeting of the Noteholders).
§9
(Agents)
(1)
Appointment. The Fiscal Agent, the Paying Agents and the Calculation Agent (together the
"Agents") and their offices (which can be substituted with other offices in the same city) are:
Fiscal Agent and Principal Paying Agent:
Paying Agent and Calculation Agent:
(2)
BNP Paribas Securities Services S.A. Frankfurt Branch
Amstelplein 1
1096 HA Amsterdam
The Netherlands
Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or
terminate the appointment of the any Agent and to appoint another Fiscal Agent or additional or
other Paying Agents or another Calculation Agent provided that the Issuer shall at all times (i)
maintain a Fiscal Agent, (ii) so long as the Notes are listed on a regulated market of a stock
exchange, a Paying Agent (which may be the Fiscal Agent) with a specified office in such place
as may be required by the rules of such stock exchange, (iii) in case the Currency is U.S. Dollar
and payments at or through the offices of all Paying Agents outside the United States become
illegal or are effectively precluded because of the imposition of exchange controls or similar
restrictions on the full payment or receipt of such amounts in U. S. Dollars, a Paying Agent with
18
a specified office in New York City, (iv) a Calculation Agent with a specified office located in
such place as required by the rules of any stock exchange or other applicable rules (if any) and
(v) if a Directive of the European Union regarding the taxation of interest income or any law
implementing such Directive is introduced, ensure that it maintains a Paying Agent in a member
state of the European Union that will not be obliged to withhold or deduct tax pursuant to any
such Directive or law, to the extent this is possible in a Member State of the European Union.
Any variation, termination, appointment or change shall only take effect (other than in the case
of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days'
prior notice thereof shall have been given to the Noteholders in accordance with §12.
(3)
Agent of the Issuer. Any Agent acts solely as the agent of the Issuer and does not assume any
obligations towards or relationship of agency or trust for any Noteholder.
(4)
Determinations Binding. All certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or obtained for the purposes of
these Terms and Conditions by the Calculation Agent shall (in the absence of manifest error) be
binding on the Issuer, the Guarantor, the Fiscal Agent, the Paying Agents and the Noteholders
and shall be made in accordance with §317 of the German Civil Code.
(5)
None of the Calculation Agent or the Paying Agents shall have any responsibility in respect of
any error or omission or subsequent correcting made in the calculation or publication of any
amount in relation to the Notes, whether caused by negligence or otherwise (other than gross
negligence or wilful misconduct).
§10
(Substitution of the Issuer)
(1)
The Issuer (reference to which shall always include any previous substitute debtor) may and the
Noteholders hereby irrevocably agree in advance that the Issuer may without any further prior
consent of any Noteholder at any time, substitute any company (incorporated in any country in
the world) controlling, controlled by or under common control with, the Issuer as the principal
debtor in respect of the Notes or undertake its obligations in respect of the Notes through any of
its branches (any such company or branch, the "Substitute Debtor"), provided that:
(a)
such documents shall be executed by the Substituted Debtor and the Issuer as may be
necessary to give full effect to the substitution (together the "Documents") and
pursuant to which the Substitute Debtor shall undertake in favour of each Noteholder to
be bound by these Terms and Conditions and the provisions of the Agency Agreement
as fully as if the Substitute Debtor had been named in the Notes and the Agency
Agreement as the principal debtor in respect of the Notes in place of the Issuer and
pursuant to which the Issuer and the Guarantor (if the Guarantor is not the Substitute
Debtor) shall irrevocably and unconditionally guarantee in favour of each Noteholder
the payment of all sums payable by the Substitute Debtor as such principal debtor (such
guarantee of the Issuer herein referred to as the "Substitution Guarantee");
(b)
the Documents shall contain a warranty and representation by the Substitute Debtor and
the Issuer that the Substitute Debtor and the Issuer have obtained all necessary
governmental and regulatory approvals and consents for such substitution and for the
giving by the Issuer of the Substitution Guarantee in respect of the obligations of the
Substitute Debtor, that the Substitute Debtor has obtained all necessary governmental
and regulatory approvals and consents for the performance by the Substitute Debtor of
its obligations under the Documents and that all such approvals and consents are in full
19
force and effect and that the obligations assumed by the Substitute Debtor and the
Substitution Guarantee given by the Issuer are each valid and binding in accordance
with their respective terms and enforceable by each Noteholder and that, in the case of
the Substitute Debtor undertaking its obligations with respect to the Notes through a
branch, the Notes remain the valid and binding obligations of such Substitute Debtor;
and
(c)
§8 shall be deemed to be amended so that it shall also be an Event of Default under the
said Condition if the Substitution Guarantee shall cease to be valid or binding on or
enforceable against the Issuer.
(2)
Upon the Documents becoming valid and binding obligations of the Substitute Debtor and the
Issuer and subject to notice having been given in accordance with sub-paragraph (4) below, the
Substitute Debtor shall be deemed to be named in the Notes as the principal debtor in place of
the Issuer as issuer and the Notes shall thereupon be deemed to be amended to give effect to the
substitution including that the relevant jurisdiction in §6 shall be the jurisdiction of incorporation
of the Substitute Debtor. The execution of the Documents together with the notice referred to in
sub-paragraph (4) below shall, in the case of the substitution of any other company as principal
debtor, operate to release the Issuer as issuer from all of its obligations as principal debtor in
respect of the Notes.
(3)
The Documents shall be deposited with and held by the Fiscal Agent for so long as any Notes
remain outstanding and for so long as any claim made against the Substitute Debtor or the Issuer
by any Noteholder in relation to the Notes or the Documents shall not have been finally
adjudicated, settled or discharged. The Substitute Debtor and the Issuer acknowledge the right of
every Noteholder to the production of the Documents for the enforcement of any of the Notes or
the Documents.
(4)
Not later than 15 Business Days after the execution of the Documents, the Substitute Debtor
shall give notice thereof to the Noteholders and, if any Notes are listed on any stock exchange, to
such stock exchange in accordance with §13 and to any other person or authority as required by
applicable laws or regulations. A supplement to the Offering Circular concerning the substitution
of the Issuer shall be prepared by the Issuer.
(5)
For the purposes of this §10, the term 'control' means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a company, whether by
contract or through the ownership, directly or indirectly, of voting shares in such company
which, in the aggregate, entitle the holder thereof to elect a majority of its directors, and includes
any company in like relationship to such first-mentioned company, and for this purpose 'voting
shares' means shares in the capital of a company having under ordinary circumstances the right
to elect the directors thereof, and 'controlling', 'controlled' and 'under common control' shall be
construed accordingly.
§11
(Further Issues. Purchases. Cancellation)
(1)
Further Issues. The Issuer may from time to time without the consent of the Noteholders create
and issue further notes having the same terms and conditions as the Notes (except for the Issue
Price, the Issue Date, the Interest Commencement Date and the first Interest Payment Date) and
20
so that the same shall be consolidated and form a single Series with such Notes, and references
to "Notes" shall be construed accordingly.
(2)
Purchases. The Issuer may at any time purchase Notes at any price in the open market or
otherwise. If purchases are made by tender, tenders must be available to all Noteholders alike.
Such Notes may be held, reissued, resold or cancelled, all at the option of the Issuer.
(3)
Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or
resold.
§12
(Notices)
(1)
Publication. All notices concerning the Notes shall be published in a leading daily newspaper
having general circulation in Germany. This newspaper is expected to be the Börsen-Zeitung.
Any notice so given will be deemed to have been validly given on the third day following the
date of such publication (or, if published more than once, on the date of the first such
publication).
(2)
Notification to Clearing System. The Issuer may, instead of a publication pursuant to
subparagraph (1) above, deliver the relevant notice to the Clearing System, for communication
by the Clearing System to the Noteholders, provided that, so long as any Notes are listed on any
stock exchange, the rules of such stock exchange permit such form of notice. Any such notice
shall be deemed to have been given to the Noteholders on the third day after the day on which
the said notice was given to the Clearing System.
§13
(Governing Law, Jurisdiction and Process Agent)
(1)
Governing Law. The Notes shall be governed by German law.
(2)
Jurisdiction. The exclusive place of jurisdiction for all proceedings arising out of or in
connection with the Notes ("Proceedings") shall be Frankfurt am Main. The Holders, however,
may also pursue their claims before any other court of competent jurisdiction. The Issuer hereby
submits to the jurisdiction of the courts referred to in this subparagraph.
(3)
Appointment of Process Agent. For any Proceedings before German courts, the Issuer and the
Guarantor appoint Rabobank International, Frankfurt Branch, Solmsstraße 83, 60486 Frankfurt
am Main as their authorised agent for service of process in Germany.
(4)
Enforcement. Any Noteholder of Notes may in any proceedings against the Issuer, or to which
such Noteholder and the Issuer are parties, protect and enforce in his own name his rights arising
under such Notes on the basis of (i) a statement issued by the Custodian with whom such
Noteholder maintains a securities account in respect of the Notes (a) stating the full name and
address of the Noteholder, (b) specifying the aggregate principal amount of Notes credited to
such securities account on the date of such statement and (c) confirming that the Custodian has
given written notice to the Clearing System containing the information pursuant to (a) and (b)
and (ii) a copy of the Note in global form certified as being a true copy by a duly authorised
officer of the Clearing System or a depository of the Clearing System, without the need for
production in such proceedings of the actual records or the global note representing the Notes.
"Custodian" means any bank or other financial institution of recognised standing authorised to
engage in securities custody business with which the Holder maintains a securities account in
respect of the Notes and includes the Clearing System. Each Noteholder may, without prejudice
21
to the foregoing, protect and enforce his rights under these Notes also in any other manner
permitted in the country of the proceedings.
§14
(Language)
These Conditions are written in the English language and provided with a German language translation.
The English text shall be controlling and binding. The German language translation is provided for
convenience only.
22
Annex to the Terms and Conditions
BASKET DESCRIPTION AND RULES
1.
BACKGROUND TO THE QUADRIGA PROTECTED BASKET
The Quadriga Protected Basket is a synthetic Euro-denominated basket and is composed of (i) an
Index and (ii) a Protection Component.
The objective of the Quadriga Protected Basket is to seek a significant appreciation of value over
the medium term, while ensuring a capital protection in the amount of the Protection Component
Final Value. Rabo Securities N.V. in its role as Basket Calculation Agent will seek to achieve
such results by allocating Quadriga Protected Basket's notional assets to the Basket Components.
2.
DEFINITIONS
Capitalised terms used in this Annex that are not defined in these Conditions have the following
meaning:
"Banking Day" means any day (other than a Saturday or Sunday) on which commercial banks
and foreign exchange markets are open for business in Luxembourg, London and Amsterdam.
"Basket Calculation Agent" means Rabo Securities N.V.
"Basket Calculation Date" means, in relation to a Basket Valuation Date, the tenth Banking
Day immediately following the Basket Valuation Date.
"Basket Components" means (i) the Index and (ii) the Protection Component.
"Basket Setting Date" means 23 June 2005.
"Basket Valuation Date" means the last Banking Day of each calendar month. The first Basket
Valuation Date will be in 29 July 2005 or if such day is not a Banking Day the immediately
succeeding Banking Day.
"Closing Valuation" means in relation to the Basket Components (i) in respect of the Protection
Component, the last official valuation of the Protection Component at EURIBOR, as calculated
by the Protection Component Calculation Agent and provided to the Basket Calculation Agent,
and (ii) in respect of the Index, the last official level of the Index, as calculated by the Index
Sponsor and provided to the Basket Calculation Agent, both on or before the relevant Basket
Calculation Date.
"Index" means the Euro denominated Quadriga Future Index (EUR), as calculated by the Index
Sponsor.
"Index Sponsor" means Superfund Asset Management GmbH or any duly appointed successor.
"Final Reference Date" means 30 June 2015.
"Protection Component Final Value" means Euro 1,000.
"Protected Basket Management Fees" means certain fees, which are calculated monthly and
deducted quarterly in arrears from the value of the Quadriga Protected Basket, comprising (i) a
management fee equal to 2.10% of the value of the Quadriga Protected Basket for the first
23
calendar year and, thereafter (i.e. following the fourth quarterly deduction) equal to 0.60% and
(ii) an Index license fee equal to 0.40% of the value of the Index.
"Protection Component Calculation Agent" means Rabo Securities N.V.
"Protection Component" means a notional zero bond valued at EURIBOR.
"Quadriga Protected Basket" means the basket consisting of the notional assets of the Index
and the Protection Component, managed and calculated by the Basket Calculation Agent.
"Weight" means in relation to each Basket Component the weight, expressed as a percentage,
within the Quadriga Protected Basket as determined by the Basket Calculation Agent on the
Basket Setting Date.
"Weighted Closing Valuation" means in respect of each Basket Component the Closing
Valuation for that Basket Component multiplied by the Weight for that Basket Component.
3.
COMPONENTS OF THE QUADRIGA PROTECTED BASKET
The Quadriga Protected Basket is a synthetic Euro-denominated basket, which is composed of
(i) an Index and (ii) a Protection Component.
3.1
The Index
The following information is a description of the Quadriga Future Index (EUR), that has been
provided by the Index Sponsor. The Index Sponsor is responsible for structuring and calculating
the Quadriga Future Index (EUR).
The Issuer accepts responsibility only for the correct reproduction and extraction of the
information contained in the description of the Quadriga Future Index (EUR) from the
information provided to it by the Index Sponsor. Neither the Issuer nor the Guarantor takes any
responsibility nor makes any express or implied warranties, or any representation as to the
accuracy or the completeness of this description and neither the Issuer nor the Guarantor has
not separately verified such information.
a)
Background to the Quadriga Future Index (EUR)
The Quadriga Future Index (EUR) is intended to mirror the total return performance of
a share in the Quadriga Superfund Futures C / EUR, a sub-fund of the Quadriga
Superfund SICAV, registered pursuant to the Luxembourg Law of 20 December 2002
on collective undertakings for collective investment (the "Company") (the "Index
Component"). The Index is designed with the objective of achieving absolute returns
with controlled volatility and with low correlation to downwards movements of the
traditional world equity markets and, hence, of achieving performance results that are
less volatile than equity benchmarks in both falling and rising markets. There is no
guarantee, however, that the Index will be able to avoid decreases in value due to
poor performance of the Index Component.
b)
Index Construction / Index Composition
The Index will be created on 23 June 2005 (the "Index Setting Day") and consists of
one single share in the Quadriga Superfund Futures C / EUR sub-fund of the Company
(the "Share").
24
The Company is an investment fund organised under Luxembourg law as a société
anonyme qualifying as a société d'investissement à capital variable. The latest version
of the articles of incorporation were published on 26 October 2004 in the official
gazette (Mémorial C) of the Grand-Duchy of Luxembourg. The Company was
incorporated on 20 May 1996 under the name of Global Consolidated Trust and it is
registered with the Registre de Commerce, Luxembourg, under number B 54921.
Copies of the articles of incorporation are available for inspection at the District court
of Luxembourg. The Company is an umbrella company enabling investors to choose
between one or more investment objectives by investing in one or more sub-funds
within the same corporate investment vehicle. The issue of shares of the different
classes may be restricted to specific investors. The assets and liabilities of each subfund are completely segregated from the assets and liabilities of the other sub-funds.
The administrator of the Company is Banque Colbert (Luxembourg) S.A. or any duly
appointed successor.
The opening value of the Index will be the Net Asset Value (as described below) per
Share, included in the Index as Index Component on the Index Setting Day, expressed
in Euro (the "Initial Index Level").
c)
Calculation of the Index / Net Asset Value per Share
Following the creation of the Index, the Index Sponsor will be responsible for the
calculation of the official closing level of the Index (the "Index Level") on each Index
Calculation Date as of any given Index Valuation Date. The first "Index Valuation
Date" is 30 June 2005. The following "Index Valuation Dates" will be the last Index
Business Day of each subsequent month. "Index Business Day" means any day (other
than a Saturday or Sunday) on which commercial banks in Luxembourg are open for
business. On every Index Calculation Date, the Index Sponsor will calculate the Index
Level with respect to the applicable Index Valuation Date. The "Index Calculation
Date" relating to an Index Valuation Date is the fifth Index Business Day immediately
succeeding the Index Valuation Date. The first "Index Calculation Date" falls on
7 July 2005.
After the creation of the Index on the Index Setting Date, the Index Sponsor will
calculate on each Index Calculation Date the Index Level as at each Index Valuation
Date(t), where the Index Level on each Index Calculation Date equals the Net Asset
Value per Share (as defined below) on the Index Valuation Date.
The Company's net asset value will generally be calculated daily by its respective
administrator by reference to prices available as at that time from appropriate markets
and sources determined by the administrator. The net asset value of the Company is
determined by deducting the value of the total liabilities of the Company from the value
of the total assets of the Company (the "Net Asset Value"). The Net Asset Value per
Share shall be determined by allocating the net assets of the Company between all
shares of the class C (EUR) of the Company, based on the ratio of the class' capital in
the Company to the total capital of the Company at the beginning of each month and
dividing the net assets so allocated to the class C (EUR), by the number of shares of the
class C (EUR) then in issue and deemed to be issued.
Any assets or liabilities in currencies other than Euro will be converted using the
market rate or rates of exchange in force at the date and time of determination of the
Net Asset Value.
25
The value of the assets of the Company shall be determined on the basis of their fair
market value as determined prudently and in good faith; in particular:
(i)
the value of any cash on hand or on deposit, bills and demand notes and
accounts receivable, prepaid expenses, cash dividends and interest declared or
accrued and not yet received shall be deemed to be the full amount thereof,
unless in any case the same is unlikely to be paid or received in full, in which
case the value thereof shall be determined after making such discount as the
relevant directors of the Company may consider appropriate in such case to
reflect the true value thereof;
(ii)
portfolio securities which are listed on an official stock exchange or traded on
a regulated market will be determined on the basis of the last available price on
which such securities are traded, as furnished by a pricing source approved by
the relevant directors of the Company. If such prices are not representative of
their fair market value, such securities, as well as any of the portfolio securities
which are not so listed or traded will be valued based on the reasonable
foreseeable sales prices determined prudently in good faith by and under the
direction of the Company;
(iii)
units or shares in undertakings for collective investments, including hedge
funds, shall be valued on the basis of their last determined and available net
asset value (an official net asset value), or if such price is not representative of
the fair market value of such assets, then the price shall be determined by the
relevant directors of the Company on a fair and equitable basis. If such an
official net asset value is not available, such investments may be valued on an
estimated net asset value (i.e. which are not generally used for the purpose of
subscription and redemption of shares) as provided by the relevant
administrator if more recent than the official net asset value, provided that the
directors of the relevant Company have sufficient assurance that the valuation
method used by the relevant administrator for said estimated net asset value is
coherent as compared to the official one. If events have occurred which may
have resulted in a material change in this estimated net asset value since this
last report date, the value of such investments may be adjusted in order to
reflect in the reasonable opinion of the board of directors of the relevant
Company such change;
(iv)
the liquidating value of options and forwards contracts not traded on
exchanges or on other regulated markets shall mean their net liquidating value
determined, pursuant to the policies established by the board of directors of the
relevant Company, on a basis consistently applied for each different kind of
contracts. The liquidating value of futures, forward or options contracts traded
on exchanges or on other regulated markets shall be based upon the last
available settlement prices of these contracts on the relevant exchange and
regulated market on which the particular contract is traded, provided that if a
future, forward or options contract could not be liquidated on the relevant
valuation day, the basis for determining the liquidating value of such contract
shall be such value as the board of directors of the relevant Company may
deem fair and reasonable. Swaps will be valued at their market value. The
directors may rely on confirmation from the principal broker and its affiliates
in determining the value of the assets.
26
(v)
All other securities and other assets will be valued at their fair market value as
determined prudently and in good faith pursuant to the procedures established
by the board of directors of the relevant Company.
Total liabilities include any fees payable to the fund manager, the investment advisor,
the administrator, the trading advisors and the custodian of the Company, all
borrowings, brokerage fees, provision for taxes (if any), allowances for contingent
liabilities and any other costs and expenses reasonably and properly incurred by the
administrator in effecting the acquisition or disposal of securities or in administering
the Company. The fees in relation to the Company are subject to change.
d)
Incalculability of the Index
If the Net Asset Value per Share for an Index Valuation Date is not received by the
Index Sponsor prior to the Index Calculation Date, the Index Sponsor shall use best
efforts to determine in its reasonable discretion the Net Asset Value per Share using the
last official valuation, the net asset value estimated by the Index Sponsor, current
market conditions or any other available information as its basis. For the avoidance of
doubt the Index Sponsor may assign a Net Asset Value per Share of zero. The Net
Asset Value per Share so determined by the Index Sponsor will serve as the basis for
the Index Sponsor’s further calculations until the next Index Valuation Date.
e)
Publication of the Index Level
The Index Level in respect of each Index Valuation Date will be published and made
available for investors on the Internet on the website www.superfund.com
approximately three Index Business Days after the relevant Index Calculation Date.
Notwithstanding the above, the Index Sponsor shall immediately suspend publication of
the Index Level if there is a suspension of or limitation on the calculation and/or
publication of the Net Asset Value per Share for any reason. Any such suspension of
publication by the Index Sponsor shall remain in effect until the end of the relevant
suspension of or limitation on the calculation and/or publication of the Net Asset Value
per Share.
3.2
The Protection Component
The Protection Component is comprised of a notional zero coupon bond, which matures at the
Final Reference Date at a redemption amount equal to the Protection Component Final Value
and with a yield of EURIBOR.
On the Basket Setting Date the amount to be allocated to the Protection Component will be
determined based on the value of a notional zero coupon bond, which matures at the Final
Reference date at a redemption amount equal to the Protection Component Final Value and with
a yield of Euribor minus a margin of 0.35%.
4.
CONSTRUCTING THE QUADRIGA PROTECTED BASKET
On the Basket Setting Date, the value of the Quadriga Protected Basket will equal Euro 1,000
(the "Initial Basket Value") and the Basket Calculation Agent will notionally allocate such
value to the Index and to the Protection Component.
27
On the Basket Setting Date, the Basket Calculation Agent will determine the Weight of each
Basket Component within the Quadriga Protected Basket and will notionally allocate
approximately 70% of the Initial Basket Value to the Protection Component, given current
interest rates (such amount being referred to as "Protection Component Allocation"), with the
remaining allocated to the Index.
While the Weight of the Protection Component within the Quadriga Protected Basket is deemed
to be 1, the Weight of the Index within the Quadriga Protected Basket is calculated in accordance
with the following formula:
Initial Basket Value - Protection Component Allocation
Initial Basket Value
The Weight of each Basket Component within the Quadriga Protected Basket as determined by
the Basket Calculation Agent on the Basket Setting Date will be published in accordance with
paragraph 8 starting on such date.
5.
SUBSTITUTION OF BASKET COMPONENTS
If, in the sole determination of the Basket Calculation Agent, at any time during the period from
but excluding the Basket Setting Date, to but excluding the Final Reference Date, a Substitution
Event in relation to a Basket Component occurs, then Basket Calculation Agent may identify an
alternative Basket Component in substitution for the affected Basket Component and,
considering the relevant Weight, replace the affected Basket Component (the "Successor Basket
Component").
In this case, each reference to the relevant Basket Component shall, to the extent appropriate, be
deemed to refer to the Successor Basket Component.
"Substitution Event" is deemed to occur at any time
6.
a)
in case of dissolution or any cessation for whatsoever reason of one or more Basket
Components;
b)
in case of a substantial modification to one of the Basket Components;
c)
in case of a significant reduction of market availability of a Basket Component or its
components;
d)
if, subject to condition 7, the Closing Valuation of a Basket Component for a Basket
Valuation Date is not received by the Basket Calculation Agent for a continuous period
of 70 calendar days.
CALCULATION OF THE QUADRIGA PROTECTED BASKET
The value of the Quadriga Protected Basket on each Basket Calculation Date equals the sum of
the Weighted Closing Valuation of each Basket Component on the Basket Valuation Date less
the Protected Basket Management Fees, all as calculated by the Basket Calculation Agent on the
relevant Basket Calculation Date.
7.
INCALCULATION OF THE QUADRIGA PROTECTED BASKET
If the Closing Valuation of a Basket Component per a Basket Valuation Date is not received by
the Basket Calculation Agent prior to the Basket Calculation Date, the Basket Calculation Agent
28
shall use best efforts to determine in its reasonable discretion the Closing Valuation in respect of
the relevant Basket Component using the last official valuation, the value estimated by the Index
Sponsor or the Protection Component Calculation Agent, as the case may be, current market
conditions or any other available information as its basis. For the avoidance of doubt the Basket
Calculation Agent may assign a Closing Valuation of zero. The Closing Valuation so determined
by the Basket Calculation Agent will serve as the basis for the Basket Calculation Agent’s
further calculations until the next Basket Valuation Date.
8.
PUBLICATION OF THE VALUE OF THE QUADRIGA PROTECTED BASKET
The value of the Quadriga Protected Basket and the Weight for each Basket Component in
respect of each Basket Calculation Date will be published and made available for investors on
Reuters approximately three Business Days succeeding the relevant Basket Calculation Date.
The details of the relevant Reuters page will be published in accordance with paragraph 12 of the
Conditions.
29
NON-BINDING GERMAN VERSION OF THE TERMS AND CONDITIONS
UNVERBINDLICHE DEUTSCHE FASSUNG DER ANLEIHEBEDINGUNGEN
Diese Serie von Schuldverschreibungen wird gemäß einem Agency Agreement bezüglich des German
Structured Note Programme von Rabo Securities N.V. (zusammen mit den jeweiligen Ergänzungen das
"Agency Agreement") zwischen Rabo Securities N.V. als Anleiheschuldnerin und Zahlstelle und BNP
Paribas Securities Services S.A. - Zweigniederlassung Frankfurt am Main ("Fiscal Agent") begeben.
Kopien des Agency Agreements und der ISDA Equity und Credit Derivatives Definitions können bei den
bezeichneten Geschäftsstellen des Fiscal Agents und jeder Zahlstelle von den Gläubigern (die
"Anleihegläubiger") während der üblichen Geschäftszeiten eingesehen werden.
§1
(Währung. Stückelung. Form. Clearing Systeme)
(1)
Währung.
Stückelung.
Form.
Diese
Serie
von
(die
"Schuldverschreibungen") der Rabo Securities N.V. (die "Anleiheschuldnerin") wird in
Euro (die "Währung") im Gesamtnennbetrag von Euro 20.000.000 (in Worten: zwanzig
Millionen Euro) am 23 Juni 2005 (der "Begebungstag") begeben und ist eingeteilt in
Stückelungen von Euro 1.000 (die "Nennbeträge"). Die Schuldverschreibungen lauten auf den
Inhaber und die Ausstellung effektiver Schuldverschreibungen ist ausgeschlossen.
(2)
Vorläufige Globalurkunde - Austausch.
(3)
(a)
Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die
"vorläufige Globalurkunde") ohne Zinsscheine verbrieft, die gegen eine
Dauerglobalurkunde (die "Dauerglobalurkunde" und zusammen mit der vorläufigen
Globalurkunde jeweils eine "Globalurkunde") ohne Zinsscheine austauschbar sein
wird. Jede Globalurkunde trägt die eigenhändigen Unterschriften zweier
ordnungsgemäß bevollmächtigter Vertreter der Anleiheschuldnerin und ist mit einer
Kontrollunterschrift des Fiscal Agent versehen.
(b)
Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen die
Dauerglobalurkunde ausgetauscht, der nicht weniger als 40 Tage und nicht mehr als
180 Tage nach dem Begebungstag liegt. Der Austausch und jede Zahlungen von Zinsen
für die vorläufige Globalurkunde sollen nur nach Vorlage von Bescheinigungen
erfolgen, wonach die wirtschaftlichen Eigentümer oder die Eigentümer der
US-Personen, wie im U.S. Securities Act von 1933 festgelegt, sind. Jede dieser
Bescheinigungen, die am oder nach dem 40. auf den Begebungstag folgenden Tag
eingeht, wird als Ersuchen behandelt werden, die vorläufige Globalurkunde wie oben
beschrieben auszutauschen. Wertpapiere, die im Austausch für die vorläufige
Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten zu liefern.
Clearing System. Jede Dauerglobalurkunde wird so lange von einem oder im Namen eines
Clearing Systems verwahrt werden, bis sämtliche Verbindlichkeiten der Anleiheschuldnerin aus
den Schuldverschreibungen erfüllt sind. "Clearing System" bedeutet Clearstream Banking AG,
Frankfurt am Main ("CBF") oder jeder Rechtsnachfolger.
30
§2
(Status. Garantie)
(1)
Status. Die Verpflichtungen aus den Schuldverschreibungen begründen unbesicherte und nicht
nachrangige Verbindlichkeiten der Anleiheschuldnerin, die untereinander und mit allen anderen
unbesicherten und nicht nachrangigen Verbindlichkeiten der Anleiheschuldnerin gleichrangig
sind.
(2)
Garantie. Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (die “Garantiegeberin”) hat
eine unbedingte und unwiderrufliche Garantie (die "Garantie") für die vertragsgemäße Zahlung
von Kapital und Zinsen sowie sonstiger auf die Schuldverschreibungen zahlbarer Beträge
übernommen. Die Garantie begründet einen echten Vertrag zugunsten Dritter gemäß § 328(1)
BGB, der unmittelbar gegen die Garantiegeberin bestehende und durchsetzbare Ansprüche der
Anleihegläubiger begründet.
Die Garantie begründet unmittelbare, unbedingte, nichtnachrangige und unbesicherte Verbindlichkeiten der Garantin, die jederzeit zumindest
gleichrangig sind mit allen sonstigen gegenwärtigen und zukünftigen unmittelbaren,
unbedingten, nicht-nachrangigen und unbesicherten Verbindlichkeit der Garantin, mit Ausnahme
solcher Verbindlichkeiten, die kraft zwingender gesetzlicher Bestimmungen vorrangig sind.
Kopien der Garantie sind kostenlos bei der in §9 bezeichneten Geschäftsstelle des Fiscal Agent
erhältlich.
§3
(Zinsen)
(1)
Die Schuldverschreibungen sind nicht verzinslich.
(2)
Wenn die Anleiheschuldnerin eine fällige Zahlung auf die Schuldverschreibungen aus
irgendeinem Grund nicht leistet, wird der ausstehende Betrag von dem Fälligkeitstag
(einschließlich) bis zum Tag der vollständig Zahlung an die Gläubiger (ausschließlich) mit dem
gesetzlich bestimmten Verzugzins verzinst.
§4
(Rückzahlung)
(1)
Rückzahlung bei Endfälligkeit. Wenn keine vorzeitige Rückzahlung zum vorzeitigen
Rückzahlungsbetrag gemäß Absatz (2) erfolgt, werden die Schuldverschreibungen gemäß § 4c
zurückgezahlt.
(2)
Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Schuldverschreibungen werden auf
Wunsch der Emittentin vollständig, aber nicht teilweise, an jedem beliebigen Zinszahlungstag,
oder, falls im Konditionenblatt festgelegt, jederzeit zu ihrem vorzeitigen Rückzahlungsbetrag
einschließlich bis zu dem für die Rückzahlung festgelegten Tag aufgelaufenen Zinsen gemäß §5
zurückgezahlt, nachdem die Anleiheschuldnerin die Anleihegläubiger mindestens 30 Tage zuvor
über die entsprechende Absicht unwiderruflich informiert hat, vorausgesetzt (i) die
Anleiheschuldnerin ist zum nächstfolgenden Termin einer fälligen Zahlung bzw. Lieferung unter
den Schuldverschreibungen verpflichtet, bzw. wird dazu verpflichtet sein, in Folge einer
Änderung oder Ergänzung der Gesetze und Verordnungen der Bundesrepublik Deutschland oder
der Niederlande oder einer jeweils zur Steuererhebung ermächtigten Gebietskörperschaft oder
Behörde, oder Änderungen in der Anwendung oder offiziellen Auslegung solcher Gesetze und
Verordnungen, sofern die entsprechende Änderung am oder nach dem Begebungstag wirksam
wird, zusätzliche Beträge gemäß §7 zu zahlen, und (ii) eine solche Verpflichtung seitens der
Anleiheschuldnerin nicht durch angemessene ihr zur Verfügung stehenden Maßnahmen
31
vermieden werden kann (jedoch nicht durch Ersetzung der Anleiheschuldnerin gemäß §l0). Vor
Bekanntgabe einer Mitteilung über eine Rückzahlung gemäß diesen Bestimmungen hat die
Anleiheschuldnerin dem Fiscal Agent eine von einem Mitglied der Geschäftsführung der
Anleiheschuldnerin unterzeichnete Bescheinigung zukommen zu lassen, der zufolge die
Anleiheschuldnerin berechtigt ist, eine entsprechende Rückzahlung zu leisten, und in der
nachvollziehbar dargelegt ist, dass die Bedingungen für das Recht der Anleiheschuldnerin zur
Rückzahlung gemäß diesen Bestimmungen erfüllt sind; zusätzlich hat die Anleiheschuldnerin
ein von unabhängigen Rechts- oder Steuerberatern erstelltes Gutachten vorzulegen demzufolge
die Anleiheschuldnerin in Folge einer entsprechenden Änderung oder Ergänzung zur Zahlung
zusätzlicher Beträge verpflichtet ist oder sein wird.
Der "vorzeitige Rückzahlungsbetrag" ist ein dem Markpreis der Schuldverschreibungen
entsprechender Wert, der unter Berücksichtigung von Verlusten und Kosten, welche die
Anleiheschuldnerin (oder ihre Tochtergesellschaften) bei der Abwicklung von etwaigen
unterliegenden Sicherungs- oder Refinanzierungsgeschäften hat, einschließlich Optionen auf
Beteiligungen, je von der Berechnungsstelle nach ihrem billigen Ermessen bestimmt wird.
(3)
Vorzeitige Rückzahlung nach Wahl der Anleiheschuldnerin. Es steht der Emittentin frei, an
einem Basket-Bewertungstag nach Eintritt eines Vorzeitigen Rückzahlungsereignisses (jeweils
ein "Wahlrückzahlungstag") sämtliche oder auch nur einige Schuldverschreibungen zu ihrem
Wahlrückzahlungsbetrag zurückzuzahlen, nachdem sie die Anleihegläubiger mindestens 10
Geschäftstage zuvor gemäß §l2 benachrichtig hat (wobei eine solche Benachrichtigung
unwiderruflich ist und jeweils den für die Rückzahlung der Schuldverschreibungen festgelegten
Wahlrückzahlungtag enthalten muss).
"Vorzeitiges Rückzahlungsereignis" bezeichnet (a) jedes der folgenden Ereignisse: (i) jede
Auflösung oder Insolvenz des Index Sponsors (einschließlich der Bestimmung eines Liquidators
oder Treuhänders), (ii) jede Beendigung oder angedrohte Beendigung der Geschäftstätigkeit des
Index Sponsors oder die Beendigung der Tätigkeit des ursprünglichen Index Sponsors als Index
Sponsor, (iii) Das Fallen der Anteile der Personen, welche momentan die Stimmrechtsanteile am
Index Sponsor halten oder kontrollieren, unter eine Schwelle von 50 % der ausstehenden
Stimmrechtsanteile am Index-Sponsor, oder (iv) ein Wechsel in der Besetzung der die
Verpflichtungen des Index Sponsors ausführenden Schlüsselstellen beim Index Sponsor; (b)
jedes Ereignis oder jede Bedingung, das bzw. die nach vernünftiger Ansicht der BasketBerechnungsstelle eine erhebliche negative Auswirkung auf die Fähigkeit der
Anleiheschuldnerin hat, ein Hedge-Geschäft zur Sicherung der Verpflichtungen der
Anleiheschuldnerin unter den Schuldverschreibungen einzugehen, aufrecht zu erhalten oder
anzupassen, einschließlich jedes Ereignisses, das dazu führen würde, dass die
Anleiheschuldnerin gegen geltendes Recht verstößt; oder (c) jedes Ereignis, welches dazu führen
würde, dass die Basket-Berechnungsstelle zur Berechnung eines Basket-Bestandteils verpflichtet
wäre, wie unter "7. Unberechenbarkeit des Quadriga Kapitalschutz Basket" im Anhang zu diesen
Bedingungen dargestellt.
(4)
Rückzahlungsbeträge. Innerhalb dieses §4 gilt folgendes:
Der "Wahlrückzahlungsbetrag" jeder Schuldverschreibung ist ihr Nennbetrag.
§4a
(Basket-bezogene Rückzahlung)
32
Die Schuldverschreibungen werden am 30. Juni 2015 (dem "Fälligkeitstag") zum Index-bezogenen
Rückzahlungsbetrag zurückgezahlt, wie er von der Berechnungsstelle gemäß den nachfolgenden
Bestimmungen ermittelt wird.
Der "Index-bezogene Rückzahlungsbetrag" wird von der Berechnungsstelle am Basket-Berechnungstag
(wie im Annex zu den Bedingungen definiert), der dem Fälligkeitstag unmittelbar vorausgeht, gemäß der
folgenden Formel ermittelt:
 BASKET final
D

D * Max 

;1

"BASKETfinal" bezeichnet den rechnerischen Durchschnitt der Schlussbewertungen des Quadriga
Kapitalschutz Baskets wie er an den sechs Basket-Berechnungstagen, welche dem Fälligkeitstag
unmittelbar vorausgehen, bestimmt wird.
"D" bezeichnet den Nennbetrag.
"Berechnungsstelle" bezeichnet Rabo Securities N.V.
§5
(Zahlungen)
(1)
Zahlungen auf Kapital. Zahlungen von Kapital auf die Schuldverschreibungen erfolgen nach
Maßgabe anwendbarer steuerlichen und sonstigen Gesetze und Vorschriften in der festgelegten
Währung an das Clearing System oder dessen Order zur Gutschrift auf den Konten der
betreffenden Kontoinhaber bei dem Clearingsystem gegen Vorlage und Einreichung der
Globalurkunde bei der bezeichneten Geschäftsstelle einer der Zahlstellen außerhalb der
Vereinigten Staaten.
Vereinigte Staaten. "Vereinigte Staaten" sind die Vereinigten Staaten von Amerika,
einschließlich deren Bundesstaaten und den District of Columbia und dessen Besitztümer
(einschließlich Puerto Rico, die U.S. Virgin Islands, Guam, American Samoa, Wake Island und
die Northern Mariana Islands).
(2)
Geschäftstag. Fällt der Fälligkeitstag einer Zahlung in bezug auf eine Schuldverschreibung auf
einen Tag, der kein Geschäftstag ist, hat der Anleihegläubiger keinen Anspruch auf Zahlung vor
dem nächsten Geschäftstag am jeweiligen Ort und ist nicht berechtigt, zusätzliche Zinsen oder
sonstige Zahlungen auf Grund dieser Verspätung zu verlangen.
"Geschäftstag" ist jeder Tag (außer einem Samstag und einem Sonntag) an dem (a) die Banken
in Frankfurt am Main und Amsterdam (die "Maßgeblichen Finanzzentren") für Geschäfte
(einschließlich Devisenhandelsgeschäfte und Fremdwährungseinlagengeschäfte) geöffnet sind,
(b) das Clearing-system betriebsbereit ist und (c) alle für die Abwicklung von Zahlungen in
Euro wesentlichen Teile des Trans-European Automated Real-Time Gross Settlement Express
Transfer Systems ("TARGET") in Betrieb sind.
(3)
Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Anleihebedingungen auf
"Kapital" schließen, soweit anwendbar, den Rückzahlungsbetrag, den Vorzeitigen
Rückzahlungsbetrag, den außgewöhnliche Rückzahlungsbetrag sowie jeden Aufschlag sowie
33
sonstige auf oder in bezug auf die Schuldverschreibungen zahlbaren Beträge, einschließlich aller
nach §6 zahlbaren zusätzlichen Beträge, mit ein.
§6
(Besteuerung)
Alle in Bezug auf die Schuldverschreibungen zahlbaren Kapital- oder Zinsbeträge werden ohne Einbehalt
oder Abzug für oder wegen gegenwärtiger oder zukünftiger Steuern, Abgaben, Gebühren oder
Veranlagungen gleich welcher Art gezahlt, die von der Bundesrepublik Deutschland oder den
Niederlanden oder einer politischen Untergliederung oder einer Steuerbehörde dieser Staaten im Wege
des Einbehalts oder des Abzugs auferlegt, einbehalten oder erhoben werden, es sei denn, ein solcher
Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In diesem Fall wird die Anleiheschuldnerin
diejenigen zusätzlichen Beträge ("Zusätzliche Beträge") zahlen, die erforderlich sind, damit die den
Anleihegläubigern zufließenden Beträge jeweils den Beträgen an Kapital und Zinsen entsprechen, die
ohne einen solchen Einbehalt oder Abzug von den Anleihegläubigern erhalten worden wären; jedoch sind
solche zusätzlichen Beträge nicht zu zahlen:
(a)
in Bezug auf die deutsche Kapitalertragssteuer (inklusive Zinsabschlagsteuer) oder jede andere
Steuer, welche die deutsche Kapitalertragssteuer ersetzen sollte;
(b)
an einen Anleihegläubiger oder an einen Dritten für einen Anleihegläubiger, falls ein
Anleihegläubiger auf Grund irgendeiner über die bloße Inhaberschaft der Schuldverschreibungen
oder den Erhalt der unter diesen zu leistenden Zahlungen hinausgehenden Verbindung zur
Bundesrepublik Deutschland oder den Niederlanden einem solchen Einbehalt oder Abzug
unterliegt;
(c)
an den Anleihegläubiger oder an einen Dritten für den Anleihegläubiger, falls kein Einbehalt
oder Abzug erfolgen müsste, wenn die Schuldverschreibungen zum Zeitpunkt der fraglichen
Zahlung einem Depotkonto bei einer nicht in der Bundesrepublik Deutschland oder den
Niederlanden ansässigen Bank gutgeschrieben gewesen wären;
(d)
falls der Einbehalt oder Abzug auf Zahlungen an eine natürliche Person auferlegt ist und die
Verpflichtung dazu durch die Richtlinie des Rates der Europäischen Union 2003/48/EC oder
durch eine andere die Beschlüsse des ECOFIN Ratstreffens vom 26. bis 27. November 2000
umsetzende Richtlinie oder durch ein eine solche Richtlinie umsetzendes oder sie befolgendes
oder zu ihrer Befolgung erlassenes Gesetz begründet wird;
(e)
Anleihegläubiger vorzunehmen ist, der einen solchen Einbehalt oder Abzug dadurch
rechtmäßigerweise hätte vermeiden können (aber nicht vermieden hat), dass er Vorschriften
beachtet, oder dafür sorgt, dass Dritte dieses tun, welche die Abgabe einer
Nichtansässigkeitserklärung oder eines ähnlichen Antrags auf Befreiung gegenüber den am
Zahlungsort zuständigen Steuerbehörden vorsehen;
(f)
Anleihegläubiger vorzunehmen ist, der einen solchen Einbehalt oder Abzug durch die
Bewirkung einer Zahlung über eine andere Zahlstelle in einem Mitgliedsstaat der Europäischen
Union, welche nicht zu einem solchen Einbehalt oder Abzug verpflichtet ist, hätte vermeiden
können; oder
34
(g)
soweit der Einbehalt oder Abzug zu einem Zeitpunkt vorzunehmen ist, der mehr als 30 Tage
nach dem Tag der erstmaligen Fälligkeit der Zahlung oder (im Fall des Zahlungsverzugs) dem
Tag der vollständigen Zahlung des fälligen Betrages liegt.
§7
(Verjährung)
Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf
zehn Jahre abgekürzt.
§8
(Kündigungsgründe)
Wenn einer der folgenden Kündigungsgründe (die "Kündigungsgründe") eintritt, ist jeder
Anleihegläubiger berechtigt, seine Schuldverschreibung durch schriftliche Erklärung an die
Anleiheschuldnerin, die in der bezeichneten Geschäftsstelle des Fiscal Agent zugehen muss, mit
sofortiger Wirkung zu kündigen, woraufhin für diese Schuldverschreibung der vorzeitige
Rückzahlungsbetrag (wie in § 4 (2) definiert) zusammen mit etwaigen bis zum tatsächlichen
Rückzahlungstag aufgelaufenen Zinsen sofort fällig und zahlbar ist, es sei denn, der Kündigungsgrund ist
vor Erhalt der Erklärung durch die Anleiheschuldnerin weggefallen:
(a)
Kapital oder Zinsen sind von der Anleiheschuldnerin nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag gezahlt worden; oder
(b)
die Anleiheschuldnerin oder die Garantiegeberin die ordnungsgemäße Erfüllung oder Beachtung
einer Verpflichtung aus den Schuldverschreibungen unterläßt und diese Unterlassung länger als
60 Tage fortdauert, nachdem der Anleiheschuldnerin hierüber eine Benachrichtigung
zugegangen ist, mit der sie aufgefordert wird, diese Unterlassung zu heilen.
(c)
Die Anleiheschuldnerin oder die Garantiegeberin eine fällige Kreditverbindlichkeit, die EUR
35.000.000,-- oder deren Gegenwert übersteigt, nicht ordnungsgemäß zurückzahlt und die
Rückzahlung auch innerhalb von 30 Tagen nachdem die Anleiheschuldnerin eine
Benachrichtigung der nicht erfolgten Rückzahlung erhalten hat, nicht erfolgt ist, oder die
Anleiheschuldnerin oder die Garantiegeberin eine Zahlung auf eine Garantie oder
Freistellungsvereinbarung nicht leistet, die EUR 35.000.000,-- oder deren Gegenwert übersteigt
und die Zahlung auch auch innerhalb von 30 Tagen nachdem die Anleiheschuldnerin eine
Benachrichtigung der nicht erfolgten Zahlung erhalten hat, es sei denn, die Anleiheschuldnerin
bestreitet in gutem Glauben das Bestehen ihrer Zahlungsverpflichtung oder ist von einem
Gericht dazu verurteilt worden, die Leistung nicht zu erbringen.
(d)
die Anleiheschuldnerin oder die Garantiegeberin zahlungsunfähig wird oder durch gerichtliche
Anordnung oder Beschluss in ein Auflösungs- oder Liquidationsverfahren eintritt (außer zum
Zweck einer Restrukturierung oder Verschmelzung, deren Bedingungen zuvor durch eine
Versammlung der Anleihegläubiger genehmigt wurde) oder eine allgemeine Schuldenregelung
zu Gunsten ihrer Gläubiger trifft oder derartige Maßnahmen offiziell angeordnet worden sind.
(e)
ein (innerhalb von 30 Tagen nicht widerrufener) Antrag auf eine Erklärung nach Art 71 des
Gesetzes von 1992 über die Beaufsichtigung des Kreditwesens (Wet toezicht kredietwezen
1992), in der jeweils gültigen Fassung, in Bezug auf die Anleiheschuldnerin oder die
Garantiegeberin in den Niederlanden eingereicht worden ist oder eine solche Erklärung ergangen
ist.
35
(f)
die Anleiheschuldnerin oder die Garantiegeberin ihre Geschäftstätigkeit ganz oder zu einem
substantiellen Teil eingestellt hat (es sei denn, dies geschieht zum Zweck einer Restrukturierung
oder Verschmelzung, deren Bedingungen zuvor durch eine Versammlung der Anleihegläubiger
genehmigt wurde).
§9
(Beauftragte Stellen)
(1)
Bestellung. Der Fiscal Agent, die Zahlstellen und die Berechnungsstelle (zusammen die
"beauftragten Stellen") und ihre Geschäftsstellen (die durch Geschäftsstellen innerhalb
derselben Stadt ersetzt werden können) lauten:
Fiscal Agent und Hauptzahlstelle:
Zahlstelle und Berechnungsstelle:
BNP Paribas Securities Services S.A. Zweigniederlassung Frankfurt am Main
Amstelplein 1
1096 HA Amsterdam
The Netherlands
(2)
Änderung der Bestellung oder Abberufung. Die Anleiheschuldnerin behält sich das Recht vor,
jederzeit die Bestellung einer beauftragten Stelle zu ändern oder zu beenden und einen anderen
Fiscal Agent oder zusätzliche oder andere Zahlstellen oder eine andere Berechnungsstelle zu
bestellen. Die Anleiheschuldnerin wird zu jedem Zeitpunkt (i) einen Fiscal Agent unterhalten,
(ii) solange die Schuldverschreibungen an einer Börse notiert sind, eine Zahlstelle (die der Fiscal
Agent sein kann) mit bezeichneter Geschäftsstelle an dem Ort unterhalten, den die Regeln dieser
Börse verlangen, (iii) falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen
außerhalb der Vereinigten Staaten aufgrund der Einführung von Devisenbeschränkungen oder
ähnlichen Beschränkungen hinsichtlich der 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, (iv) eine
Berechnungsstelle mit Geschäftsstelle an demjenigen Ort zu unterhalten, der durch die Regeln
irgendeiner Börse oder sonstigen anwendbaren Regeln vorgeschrieben ist und (v) falls eine
Richtlinie der Europäischen Union zur Besteuerung von Zinseinkünften oder irgendein Gesetz
zur Umsetzung dieser Richtlinie eingeführt wird, sicherstellen, dass sie eine Zahlstelle in einem
Mitgliedsstaat der Europäischen Union unterhält, die nicht zum Abzug oder Einbehalt von
Steuern gemäß dieser Richtlinie oder eines solchen Gesetzes verpflichtet ist, soweit dies in
irgendeinem Mitgliedsstaat der Europäischen Union möglich ist. Eine Änderung, Abberufung,
Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine
solche Änderung sofort wirksam wird), sofern die Anleihegläubiger hierüber gemäß §12 vorab
unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.
(3)
Beauftragte der Anleiheschuldnerin. Jede beauftragte Stelle handelt ausschließlich als
Beauftragte der Anleiheschuldnerin und übernimmt keinerlei Verpflichtungen gegenüber den
Anleihegläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihr und den
Anleihegläubigern begründet.
(4)
Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten,
Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle
für die Zwecke dieser Anleihebedingungen gemacht, abgegeben, getroffen oder eingeholt
werden, sind (sofern nicht ein offensichtlicher Irrtum vorliegt) für die Anleiheschuldnerin, den
36
Fiscal Agent, die Zahlstellen und die Anleihegläubiger bindend und sind in Übereinstimmung
mit § 317 BGB zu treffen.
(5)
Weder die Berechnungsstelle noch die Zahlstellen übernehmen irgendeine Haftung für
irgendeinen Irrtum oder eine Unterlassung oder irgendeine darauf beruhende nachträgliche
Korrektur in der Berechnung oder Veröffentlichung irgendeines Betrags zu den
Schuldverschreibungen, sei es auf Grund von Fahrlässigkeit oder aus sonstigen Gründen.
§ 10
(Ersetzung der Anleiheschuldnerin)
(1)
(2)
Die Anleiheschuldnerin (oder jede Schuldnerin, welche die Anleiheschuldnerin ersetzt) ist
jederzeit berechtigt, ohne weitere Zustimmung der Anleihegläubiger ein von ihr kontrolliertes,
sie kontrollierendes oder gemeinsam mit ihr von einem dritten Unternehmen kontrolliertes
Unternehmen (mit Geschäftssitz in irgendeinem Land weltweit) oder irgendeines ihrer
Tochterunternehmen an ihrer Stelle als Hauptschuldnerin (die „Nachfolgeschuldnerin“) für alle
Verpflichtungen aus und im Zusammenhang mit den Schuldverschreibungen einzusetzen, und
die Anleihegläubiger stimmen dieser Einsetzung hiermit unwiderruflich zu, vorausgesetzt, dass:
(a)
alle für die Wirksamkeit der Ersetzung notwendigen Dokumente (die "Dokumente")
von der Anleiheschuldnerin und der Nachfolgeschuldnerin unterzeichnet werden,
entsprechend denen die Nachfolgeschuldnerin zu Gunsten jedes Anleihegläubigers alle
Verpflichtungen aus diesen Anleihebedingungen und dem Agency Agreement
übernimmt, als sei sie von Anfang an Stelle der Anleiheschuldnerin Partei dieser
Vereinbarungen gewesen, und entsprechend denen die Anleiheschuldnerin zu Gunsten
jedes Anleihegläubigers unbedingt und unwiderruflich die Zahlung aller fälligen und
durch die Nachfolgeschuldnerin als Hauptschuldner zahlbaren Beträge garantiert
(wobei diese Garantie im Folgenden als "Ersetzungs-Garantie") bezeichnet wird).
(b)
die Dokumente ein unselbstständiges Garantieversprechen der Nachfolgeschuldnerin
und der Anleiheschuldnerin enthalten, wonach die Nachfolgeschuldnerin und die
Hauptschuldnerin alle für die Ersetzung und die Abgabe der Ersetzungs-Garantie durch
die Anleiheschuldnerin notwendigen Genehmigungen und Einverständniserklärungen
von Regierungsstellen und Aufsichtsbehörden erhalten haben, wonach ferner die
Nachfolgeschuldnerin alle für die Erfüllung ihrer Verpflichtungen aus den Dokumenten
notwendigen Genehmigungen und Einverständniserklärungen von Regierungsstellen
und Aufsichtsbehörden erhalten hat und wonach weiterhin alle diese Genehmigungen
und Einverständniserklärungen in vollem Umfang gültig und wirksam sind und
wonach zudem die Verpflichtungen der Nachfolgeschuldnerin und die ErsetzungsGarantie jeweils gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch
jeden Anleihegläubiger durchsetzbar sind und wonach schließlich wenn die
Nachfolgeschuldnerin ihre Verbindlichheiten an den Schuldverschreibungen durch eine
Niederlassung erfüllt, die Nachfolgeschuldnerin selbst verpflicht bleibt, und
(c)
§8 als dergestalt als ergänzt gilt, dass ein zusätzlicher Kündigungsgrund unter dieser
Bestimmung der Wegfall der Wirksamkeit, Rechtsverbindlichkeit oder
Durchsetzbarkeit der Ersetzungs-Garantie für jeden Anleihegläubiger ist.
Nachdem die Dokumente für die Anleiheschuldnerin und die Nachfolgeschuldnerin wirksam
und rechtsverbindlich geworden sind und eine Mitteilung gemäß Absatz 4 dieser Bestimmung
erfolgt ist, gilt die Nachfolgeschuldnerin als in den Schuldverschreibungen an Stelle der
Anleiheschuldnerin als Hauptschuldnerin verzeichnet und die Schuldverschreibungen gelten als
37
dementsprechend ergänzt, um der Ersetzung zur Durchsetzung zu verhelfen. Die Unterzeichnung
der Dokumente und die Mitteilung gemäß Absatz 4 dieser Bestimmung befreien, im Fall der
Einsetzung einer anderen Gesellschaft als Hauptschuldnerin, die Anleiheschuldnerin von allen
Verbindlichkeiten, die sie als Hauptschuldnerin unter den Schuldverschreibungen gehabt hatte.
(3)
Die Dokumente werden so lange beim Fiscal Agent hinterlegt und von diesem verwahrt werden,
als noch Forderungen bezüglich der Schuldverschreibung von irgendeinem Anleihegläubiger
gegen die Nachfolgeschuldnerin oder die Anleiheschuldnerin erhoben werden können oder
Forderungen aus den Dokumenten noch nicht endgültig zugesprochen, ausgeglichen oder erfüllt
worden sind.
(4)
Spätestens 15 Geschäftstage nach Unterzeichnung der Dokumente wird die
Nachfolgeschuldnerin dies den Anleihegläubigern und, sollten die Schuldverschreibungen an
einer Börse notiert sein, dieser Börse und jeder anderen Person oder Stelle, die gemäß den
anwendbaren Gesetzen und Regelungen zu informieren ist, mitteilen. Ferner wird ein Nachtrag
zu diesem Verkaufsprospekt erstellt werden.
(5)
Für die Zwecke dieses §10 bedeutet 'Kontrolle' direkten oder indirekten Einfluss auf die
Geschäftsleitung und Geschäftspolitik einer Gesellschaft oder die Möglichkeit, deren Richtung
zu bestimmen, sei es kraft Vertrages oder kraft direkten oder indirekten Besitzes einer solchen
Zahl stimmberechtigter Anteile, die es deren Inhaber ermöglichen, die Mehrheit der
Geschäftsführer zu bestimmen, wobei jede Gesellschaft als darin einbezogen gilt, die eine
ähnliche Beziehung zur erstgenannten Gesellschaft aufweist. 'Stimmberechtigte Anteile' sind zu
diesem Zweck Kapitalanteile an einer Gesellschaft, die üblicherweise zur Wahl der
Geschäftsführer berechtigen. Die Begriffe 'kontrolliert', 'kontrollierend' und 'gemeinsam
kontrolliert' sind entsprechend auszulegen.
§11
(Begebung weiterer Schuldverschreibungen, Ankauf und Entwertung)
(1)
Begebung weiterer Schuldverschreibungen. Die Anleiheschuldnerin ist berechtigt, jederzeit ohne
Zustimmung der Anleihegläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (mit
Ausnahme des Emissionspreises und des ersten Zinszahlungstags) in der Weise zu begeben, dass
sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden, wobei in diesem Fall der
Begriff "Schuldverschreibungen" entsprechend auszulegen ist.
(2)
Ankauf. Die Anleiheschuldnerin und jedes ihrer Tochterunternehmen ist berechtigt,
Schuldverschreibungen im Markt oder anderweitig zu jedem beliebigen Preis zu kaufen. Sofern
diese Käufe durch öffentliches Angebot erfolgen, muss dieses Angebot allen Anleihegläubigern
gegenüber erfolgen. Die von der Anleiheschuldnerin erworbenen Schuldverschreibungen können
nach Wahl der Anleiheschuldnerin von ihr gehalten, weiterverkauft oder entwertet werden.
(3)
Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind unverzüglich zu
entwerten und können nicht wiederbegeben oder wiederverkauft werden.
§12
(Mitteilungen)
(1)
Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen sind in einer
führenden Tageszeitung mit allgemeiner Verbreitung in Deutschland zu veröffentlichen. Diese
Tageszeitung wird voraussichtlich die Börsen-Zeitung sein. Jede derartige Mitteilung gilt mit
dem dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen mit
dem dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.
38
(2)
Mitteilungen an das Clearing System. Die Emittentin ist berechtigt, eine Veröffentlichung nach
Absatz 1 durch eine Mitteilung an das Clearing System zur Weiterleitung an die
Anleihegläubiger zu ersetzen, vorausgesetzt, dass in Fällen, in denen die Schuldverschreibungen
an einer Börse notiert sind, die Regeln dieser Börse diese Form der Mitteilung zulassen. Jede
derartige Mitteilung gilt am drei Tag nach dem Tag der Mitteilung an das Clearing System als
den Anleihegläubigern mitgeteilt.
§13
(Anwendbares Recht, Gerichtsstand, Zustellungsbevollmächtigter)
(1)
Anwendbares Recht. Die Schuldverschreibungen unterstehen deutschem Recht.
(2)
Gerichtsstand. Ausschließlich zuständig für sämtliche im Zusammenhang mit den
Schuldverschreibungen entstehenden Klagen oder sonstige Verfahren („Rechtsstreitigkeiten“)
ist das Landgericht Frankfurt/Main. Die Anleihegläubiger können ihre Ansprüche jedoch auch
vor anderen zuständigen Gerichten geltend machen. Die Anleiheschuldnerin unterwirft sich den
in diesem Absatz bestimmten Gerichten.
(3)
Bestellung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten vor deutschen
Gerichten bestellt die Anleiheschuldnerin Rabobank International, Frankfurt Branch,
Solmsstraße 83, 60486 Frankfurt am Main zu ihrem Zustellungsbevollmächtigten in
Deutschland.
(4)
Gerichtliche Geltendmachung. Jeder Anleihegläubiger von Schuldverschreibungen ist
berechtigt, in jedem Rechtsstreit gegen die Anleiheschuldnerin oder in jedem Rechtsstreit, in
dem der Anleihegläubiger und die Anleiheschuldnerin Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu stützen oder geltend
zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die
Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und
die vollständige Adresse des Anleihegläubigers enthält, (b) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem
Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing
System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b)
bezeichneten Informationen enthält; und (ii) er legt eine Kopie der die betreffenden
Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem
Original eine vertretungsberechtigte Person des Clearing Systems oder des Verwahrers des
Clearing Systems bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die
Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren erforderlich
wäre. Für die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges
anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben
und bei der/dem der Anleihegläubiger ein Wertpapierdepot für die Schuldverschreibungen
unterhält, einschließlich des Clearing Systems. Jeder Anleihegläubiger kann, ungeachtet der
vorstehenden Bestimmungen, seine Rechte unter diesen Schuldverschreibungen auch auf jede
andere im Land der Geltendmachung zulässige Methode geltend machen.
§14
(Sprache)
Diese Emissionsbedingungen sind in englischer Sprache abgefasst. Eine Übersetzung in die deutsche
Sprache ist beigefügt. Der englische Text ist bindend und maßgeblich. Die Übersetzung in die deutsche
Sprache ist unverbindlich.
39
Annex zu den Bedingungen
BESCHREIBUNG UND REGELN DES QUADRIGA KAPITALSCHUTZ BASKET
1.
HINTERGRUNDINFORMATIONEN ZUM QUADRIGA KAPITALSCHUTZ BASKET
Der Quadriga Kapitalschutz Basket ist ein synthetischer, Euro denominierter Basket, der aus
(i) einem Index und (ii) einem Kapitalschutzanteil besteht.
Ziel des Quadriga Kapitalschutz Basket ist, eine deutliche mittelfristige Wertentwicklung unter
gleichzeitigem Kapitalschutz in Höhe des Endgültigen Werts des Kapitalschutzanteils zu
erreichen. Rabo Securities N.V. wird in ihrer Rolle als Basket-Berechnungsstelle versuchen, dies
durch eine entsprechende Verteilung der im Quadriga Kapitalschutz Basket enthaltenen fiktiven
Werte auf die Basket-Bestandteile zu erreichen.
2.
DEFINITIONEN
Die in diesem Annex verwendeten Begriffe, die nicht in den Bedingungen definiert sind, haben
die folgende Bedeutung:
"Bankarbeitstag" steht für jeden Tag (außer Samstag und Sonntag), an dem Geschäftsbanken
und Devisenmärkte in Luxemburg, London und Amsterdam für den Handel geöffnet sind.
"Basket-Berechnungsstelle" bedeutet Rabo Securities N.V.
"Basket-Berechnungstag" bedeutet, in Bezug auf einen Basket-Bewertungstag, den zehnten
unmittelbar auf den Basket-Bewertungstag folgenden Bankarbeitstag.
"Basket-Bestandteile" beinhalten (i) den Index und (ii) den Kapitalschutzanteil.
"Basket-Anfangsdatum" entspricht dem 23. Juni 2005.
"Basket-Bewertungstag" entspricht dem letzten Bankarbeitstag jedes Kalendermonats. Der
erste Basket-Bewertungstag wird der 29. Juli 2005 oder, falls dieser Tag kein Bankarbeitstag ist,
(dann) der unmittelbar darauf folgende Bankarbeitstag sein.
"Schlussbewertung" bedeutet in Bezug auf die Basket-Bestandteile (i) für den
Kapitalschutzanteil, die letzte offizielle Bewertung des Kapitalschutzanteils zu EURIBOR, wie
von der Kapitalschutzanteil-Berechnungsstelle berechnet und der Basket-Berechnungsstelle
mitgeteilt, und (ii) für den Index, den letzten offiziellen Wert des Index, wie vom Index Sponsor
berechnet und der Basket-Berechnungsstelle mitgeteilt, beides jeweils an oder vor dem
maßgeblichen Basket-Berechnungstag.
"Index" bedeutet den Euro denominierten Quadriga Future Index (EUR), wie vom Index
Sponsor berechnet.
"Index Sponsor" entspricht der Superfund Asset Management GmbH oder deren
ordnungsgemäß ernannten Nachfolgerin.
"Endgültige Referenz Datum" entspricht dem 30. Juni 2015.
"Endgültige Wert des Kapitalschutzanteils" entspricht Euro 1.000.
"Kapitalschutz Basket-Verwaltungsgebühren" entsprechen bestimmten Gebühren, die
monatlich berechnet und quartalsweise im Voraus vom Wert des Quadriga Kapitalschutz Basket
40
in Abzug gebracht werden und sich zusammensetzen aus (i) einer Verwaltungsgebühr, die
während des ersten Kalenderjahrs 2,1% und danach (d.h. nach dem vierten quartalsweisen
Abzug) 0,6%
des
Werts
des
Quadriga
Kapitalschutz
Basket
beträgt,
und
(ii) einer Indexnutzungsgebühr in Höhe von 0,4% des Werts des Index.
"Kapitalschutzanteil-Berechnungsstelle" bedeutet Rabo Securities N.V.
"Kapitalschutzanteil" bedeutet eine nach EURIBOR bewertete fiktive Nullkuponanleihe.
"Quadriga Kapitalschutz Basket" bedeutet ein Basket, der die fiktiven Werte des Index und
den Kapitalschutzanteil beinhaltet, und von der Basket-Berechnungsstelle verwaltet und
berechnet wird.
"Gewichtung" bedeutet in Bezug auf jeden Basket-Bestandteil, das jeweilige in Prozenten
angegebene Gewicht, innerhalb des Quadriga Kapitalschutz Basket, wie von der BasketBerechnungsstelle am Basket-Anfangsdatum bestimmt.
"Gewichtete Schlussbewertung" bedeutet in Bezug auf jeden Basket-Bestandteil, die
Schlussbewertung des jeweiligen Basket-Bestandteils multipliziert mit dessen jeweiliger
Gewichtung.
3.
BESTANDTEILE DES QUADRIGA KAPITALSCHUTZ BASKET
Der Quadriga Kapitalschutz Basket ist ein synthetischer, Euro denominierter Basket, der aus
(i) einem Index und (ii) einem Kapitalschutzanteil besteht.
3.1
Der Index
Die folgenden Informationen beschreiben den Quadriga Future Index (EUR) und sind von dem
Index Sponsor zur Verfügung gestellt worden. Der Index Sponsor ist für die Strukturierung und
Berechnung des Quadriga Future Index (EUR) zuständig.
Die Emittentin übernimmt nur die Verantwortung für die richtige Wiedergabe der in der
Beschreibung des Quadriga Future Index (EUR) enthaltenen Informationen, die sie von dem
Index Sponsor erhalten hat. Weder die Emittentin noch die Garantin übernehmen irgendeine
Verantwortung oder geben ausdrückliche bzw. stillschweigende Garantien oder Zusicherungen
bezüglich der Genauigkeit und Vollständigkeit dieser Beschreibung ab; auch haben weder die
Emittentin noch die Garantin diese Informationen eigens nachgeprüft.
a)
Hintergrundinformationen zum Quadriga Future Index (EUR)
Der Quadriga Future Index (EUR) ist so ausgestaltet, dass er die absolute
Wertentwicklung eines Anteils an dem Quadriga Superfund Futures C / EUR, einem
Teilfonds der Quadriga Superfund SICAV, die nach dem luxemburgischem Gesetz vom
20. Dezember 2002 über kollektive Unternehmen für gemeinsame Anlagen registriert
worden ist, (die "Gesellschaft") (der "Indexbestandteil") widerspiegeln soll.
Der Index ist mit dem Ziel geschaffen worden, eine "Absolute Return"Wertentwicklung mit gleichzeitig kontrollierter Volatilität und mit geringer Korrelation
zu Abwärtsbewegungen der klassischen Wertpapiermärkte zu erzielen. Er soll
dementsprechend Performanceergebnisse erzielen, die im Gegensatz zu den
marktbestimmenden Aktienwerten sowohl in steigenden als auch in fallenden Märkten
relativ konstant bleiben. Es kann jedoch keine Garantie dafür gegeben werden, dass
41
der Index nicht auf Grund von schlechter Wertentwicklung der Indexbestandteile
einen Wertverlust erleidet.
b)
Index Erstellung / Index Zusammensetzung
Der Index wird am 23. Juni 2005 geschaffen (der "Index Anfangstag") und besteht aus
einem Anteil an dem Quadriga Superfund Futures C / EUR Teilfonds der Gesellschaft
(der "Anteil").
Die Gesellschaft ist ein Investmentfonds, der nach luxemburgischem Recht in der Form
einer société d'investissement à capital variable (SICAV) organisiert ist. Die letzte
Version ihrer Satzung wurde im Amtsblatt (Mémorial C) des Großherzogtums
Luxemburg am 26.Oktober 2004 veröffentlicht. Die Gesellschaft wurde am 20. Mai
1996 unter dem Namen Global Consolidated Trust gegründet und im Registre de
Commerce von Luxemburg unter der Nummer B 54921 eingetragen. Abschriften der
Satzung können zur Prüfung beim Amtsgericht von Luxemburg eingesehen werden.
Die Gesellschaft ist eine Umbrella-Gesellschaft, die es dem Anleger erlaubt, zwischen
einem oder mehreren Anlagezielen zu wählen, indem er in einen oder mehreren
Teilfonds innerhalb derselben Gesellschaftsstruktur anlegt. Die Ausgabe von Anteilen
an den verschiedenen Klassen kann auf einen bestimmten Investorenkreis beschränkt
sein. Die Vermögensgegenstände und Verbindlichkeiten jedes Teilfonds sind von den
Vermögensgegenständen und Verbindlichkeiten jedes anderen Teilfonds vollständig
getrennt. Die Verwaltungsstelle der Gesellschaft ist die Banque Colbert (Luxembourg)
S.A. oder deren ordnungsgemäß ernannte Nachfolgerin.
Der Anfangswert des Index entspricht dem Nettoinventarwert pro Anteil (wie
nachfolgend beschrieben), der am Index Anfangstag als Indexbestandteil im Index
enthalten ist, ausgedrückt in Euro (der "Indexanfangswert").
c)
Indexberechung / Nettoinventarwert pro Anteil
Nach Erstellung des Index ist der Index Sponsor für die Berechnung des offiziellen
Schlusswerts des Index (der "Indexwert") an jedem Indexberechnungstag zu jedem
maßgeblichen Indexbewertungstag verantwortlich. Der erste "Indexbewertungstag" ist
der 30. Juni 2005. Die folgenden "Indexbewertungstage" sind der jeweils letzte
Indexgeschäftstag jeden folgenden Monats. "Indexgeschäftstag" bedeutet (außer
Samstag und Sonntag) jeden Tag, an dem Geschäftsbanken in Luxemburg für den
Handel geöffnet sind. An jedem Indexberechnungstag berechnet der Indexsponsor den
Indexwert bezogen auf den maßgeblichen Indexbewertungstag. Der „Indexberechnungstag” ist in Bezug auf einen Indexbewertungstag der fünfte, unmittelbar
auf den Indexbewertungstag folgende, Indexgeschäftstag. Der erste Indexberechnungstag ist der 7. Juli 2005.
Nach Erstellung des Index am Index Anfangstag wird der Index Sponsor an jedem
Indexberechnungstag den Indexwert zu jedem Indexbewertungstag(t) berechnen, wobei
der Indexwert an jedem Indexberechnungstag dem Nettoinventarwert per Anteil (wie
nachstehend definiert) am Indexbewertungstag entspricht.
Der Nettoinventarwert der Gesellschaft wird grundsätzlich täglich von der
maßgeblichen Verwaltungsstelle der Gesellschaft, unter Inbezugnahme auf die dann
maßgeblichen und angebrachten Märkten und Quelle, bestimmt. Der Nettoinventarwert
der Gesellschaft wird bestimmt, indem der Wert sämtlicher Verbindlichkeiten der
Gesellschaft vom Wert sämtlicher Vermögensgegenstände der Gesellschaft abgezogen
42
wird (der "Nettoinventarwert"). Der Nettoinventarwert pro Anteil wird ermittelt,
indem das Nettovermögen der Gesellschaft sämtlichen Anteilen der Klasse C (EUR)
zugeordnet wird; dies geschieht auf Grundlage des Verhältnisses der Anteile zum
Gesamtvermögen der Gesellschaft am Anfang eines Monats und durch Teilung des so
in Bezug auf die Klasse C (EUR) ermittelten Nettovermögens durch die Anzahl der in
der Klasse C (EUR) zu diesem Zeitpunkt ausgegebenen Anteile.
Alle Vermögensgegenstände und Verbindlichkeiten, die in einer anderen Währungen
als Euro angegeben sind, werden mittels des Marktkurses bzw. mittels des am Tag und
zum Zeitpunkt der Festsetzung des Nettoinventarwertes gültigen Börsenkurses
umgerechnet.
Die Vermögensgegenstände der Gesellschaft werden auf Grundlage eines fairen
Marktwerts, sorgfältig nach Treu und Glauben bewertet, dabei gilt insbesondere:
(i)
Der Wert von Barbeständen, Depotguthaben, Wechseln sowie
Zahlungsaufforderungen und Außenständen, vorausbezahlten Gebühren,
Barausschüttungen und deklarierten oder aufgelaufenen und noch nicht
erhaltenen Zinsen entspricht dem jeweiligen Nennwert, außer es erscheint
unwahrscheinlich, dass der Nennwert ganz bezahlt oder erzielt werden kann.
In diesem Fall muss vom Nennwert ein solcher Betrag abgezogen werden, dass
nach Einschätzung des maßgeblichen Verwaltungsrats der Gesellschaft der
wahre Wert zum Ausdruck kommt.
(ii)
An einer offiziellen Wertpapierbörse notierte oder an einem Geregelten Markt
gehandelte Wertpapiere werden mittels eines Seitens des maßgeblichen
Verwaltungsrats der Gesellschaft genehmigten Preisinformationsdienstes auf
Basis des zuletzt verfügbaren Preises festgesetzt. Wenn diese Preise nicht dem
Marktwert entsprechen, werden solche Wertpapiere, genauso wie alle
Wertpapiere, die nicht gelistet oder gehandelt werden, gemäß dafür
angemessenen und voraussehbaren Verkaufspreisen sorgfältig nach Treu und
Glauben unter Aufsicht des maßgeblichen Verwaltungsrats der Gesellschaft
bewertet.
(iii)
Anteile oder Aktien an Organismen für gemeinschaftliche Anlagen,
einschließlich Hedge Fonds, werden auf der Basis ihres zuletzt offiziell
ermittelten und verfügbaren Nettoinventarwertes bewertet oder falls ein
solcher Preis nicht marktgerecht ist, (dann) wird der Preis vom maßgeblichen
Verwaltungsrat der Gesellschaft in angemessener Weise festgelegt. Falls eine
solcher offizieller Nettoinventarwert nicht zur Verfügung steht, können solche
Anlagen auf Grundlage eines geschätzten Nettoinventarwertes (auf dessen
Grundlage normalerweise keine Zeichnungs- und Rücknahmeanträge von
Aktien vorgenommen werden), wie von der jeweiligen Verwaltungsstelle
geliefert, bewertet werden, falls ein solcher Preis aktueller als der letzte
offizielle Nettoinventarwert ist. Voraussetzung ist jedoch, dass der
maßgebliche Verwaltungsrat der Gesellschaft genügend Zusicherung hat, dass
die Bewertungsmethode der jeweiligen Verwaltungsstelle für einen solchen
geschätzten Nettoinventarwert, kohärent mit der Bewertungsmethode für den
offiziellen Nettoinventarwert ist. Wenn jedoch Umstände aufgetreten sind, die
einen erheblichen Einfluss auf diesen geschätzten Nettoinventarwert haben
können, wird der Wert einer solchen Anlage so korrigiert, um nach besten
Glauben des maßgeblichen Verwaltungsrats der Gesellschaft einen solchen
Einfluss widerzuspiegeln.
43
(iv)
Der Liquidationswert von nicht auf Börsen oder anderen Geregelten Märkten
gehandelten Options- und Termingeschäften ist ihr Nettoliquidationswert,
welcher gemäß den vom maßgeblichen Verwaltungsrat der Gesellschaft
festgesetzten Prinzipien fortlaufend für jede unterschiedliche Kontraktform
ermittelt wird. Der Liquidationswert von auf Börsen oder anderen Geregelten
Märkten gehandelten Futures-, Termin- oder Optionskontrakten basiert auf
dem letzten verfügbaren Terminkurs dieser Kontrakte auf der jeweiligen Börse
und dem regulierten Markt, an dem dieser besondere Kontrakt gehandelt wird,
vorausgesetzt dass, wenn ein Futures, Termin- oder Optionsgeschäfte nicht an
dem
jeweiligen
Bewertungstag
liquidiert
werden
kann,
die
Bewertungsgrundlage für ein solches Geschäft vom maßgeblichen
Verwaltungsrat der Gesellschaft in angemessener und vernünftiger Weise
bestimmt wird. Swaps werden zu ihrem Marktwert bewertet. Bei der
Bewertung der Vermögenswerte der Gesellschaft, können sich die Mitglieder
des Verwaltungsrats auf die Bestätigung des Hauptmaklers oder dessen
Partners verlassen.
(v)
Alle anderen Wertpapiere und Vermögensgegenstände werden zu ihrem
gerechten Marktwert nach Treu und Glauben gemäß dem vom maßgeblichen
Verwaltungsrat der Gesellschaft ausgestellten Verfahrens bewertet.
Die Verbindlichkeiten beinhalten sämtliche Gebühren, die an den Fondsmanager, den
Investmentberater, die Verwaltungsstelle, den Handelsberater und die Depotstelle der
Gesellschaft gezahlt werden, Handelsgebühren, Steuerzahlungen (falls zu leisten),
Abschreibungen auf unsichere Verbindlichkeiten und sämtliche sonstigen Kosten und
Auslagen, die vernünftigerweise und in ordnungsgemäßer Weise bei der
Verwaltungsstelle im Zusammenhang mit dem Erwerb oder dem Verkauf von
Wertpapieren oder der Verwaltung der Gesellschaft anfallen. Die Gebühren in Bezug
auf die Gesellschaft können sich dabei ändern.
d)
Unberechenbarkeit des Index
Sollte der Index Sponsor den Nettoinventarwert pro Anteil für einen maßgeblichen
Indexbewertungstag nicht vor dem Indexberechnungstag erhalten, tut der Index
Sponsor sein Möglichstes, um mit Hilfe der letzten amtlichen Bewertung, dem von ihm
geschätzten Nettoinventarwert, den aktuellen Marktbedingungen und sonstigen ihm zur
Verfügung stehenden Informationen nach eigenem Ermessen den Nettoinventarwert pro
Anteil zu bestimmen. Zur Klarstellung: Der Index Sponsor kann der Schlussbewertung
den Wert Null zuweisen. Bis zum nächsten Indexbewertungstag dient die so bestimmte
Schlussbewertung als Grundlage für die weiteren Berechnungen des Index Sponsors.
e)
Veröffentlichung des Indexwerts
Der Indexwert am jeweiligen Indexbewertungstag wird etwa drei Indexgeschäftstage
nach dem maßgeblichen Indexberechnungstag auf der Website www.superfund.com
veröffentlicht und Anlegern damit zur Verfügung gestellt.
Dessen ungeachtet, wird der Index Sponsor die Veröffentlichung des Indexwerts
einstellen, falls aus welchem Grund auch immer eine Aussetzung oder Einschränkung
der Berechnung bzw. Veröffentlichung des Nettoinventarwerts pro Anteil eintritt. Jede
Einstellung der Veröffentlichung durch den Index Sponsor bleibt solange wirksam, bis
44
die maßgebliche Aussetzung bzw. Einschränkung der
Veröffentlichung des Nettoinventarwerts pro Anteil beendet ist.
3.2
Berechnung
bzw.
Der Kapitalschutzanteil
Der Kapitalschutzanteil besteht aus einer fiktiven Nullkuponanleihe mit einer Rendite, die auf
den EURIBOR bezogen ist, die am Endgültigen Referenz Datum zu einem Tilgungsbetrag, der
dem Endgültigen Wert des Kapitalschutzanteils entspricht, rückzahlbar wäre.
Am Basket-Anfangsdatum wird der dem Kapitalschutzanteil zuzuordnende Betrag auf der
Grundlage einer fiktiven Nullkuponanleihe mit einer Rendite, die auf den EURIBOR abzüglich
einer Marge von 0.35% bezogen ist, ermittelt, die am Endgültigen Referenz Datum zu einem
Tilgungsbetrag, der dem Endgültigen Wert des Kapitalschutzanteils entspricht, rückzahlbar wäre
4.
ZUSAMMENSETZUNG DES QUADRIGA KAPITALSCHUTZ BASKET
Der Wert des Quadriga Kapitalschutz Basket entspricht am Basket-Anfangsdatum Euro 1.000
(der "Basket-Anfangswert") und die Basket-Berechnungsstelle wird diesen Wert fiktiv auf den
Index und den Kapitalschutzanteil aufteilen.
Am Basket-Anfangsdatum wird die Basket-Berechnungsstelle jedem Basket-Bestandteil
innerhalb des Quadriga Kapitalschutz Basket eine Gewichtung zuweisen und wird dabei
voraussichtlich dem Kapitalschutzanteil 70% des Basket-Anfangswerts, unter Beachtung der
maßgeblichen Zinskurse, (dieser Betrag wird nachstehend als "Kapitalschutzanteil
Zuordnung" verwendet) fiktiv zuordnen; der Rest wird dem Index zugeordnet.
Während die Gewichtung des Kapitalschutzanteils innerhalb des Quadriga Kapitalschutz Basket
auf 1 festgelegt wird, wird die Gewichtung des Index innerhalb des Quadriga Kapitalschutz
Basket in Übereinstimmung mit folgender Formel berechnet:
Basket - Anfangswer t - Kapitalsch utzanteil - Zuordnung
Basket − Anfangswer t
Die Gewichtung jedes Basket-Bestandteils innerhalb des Quadriga Kapitalschutz Basket, wie
von der Basket-Berechnungsstelle am Basket-Anfangsdatum bestimmt, wird ab diesem Tag
gemäß § 8 veröffentlicht.
5.
ERSETZUNG DER BASKET-BESTANDTEILE
Falls nach alleinigem Ermessen der Basket-Berechnungsstelle, während des Zeitraums ab dem
Basket-Anfangsdatum (ausschließlich) bis zum Endgültigen Referenz Datum (ausschließlich),
ein Ersetzungsereignis in Bezug auf ein Basket-Bestandteil eintritt, kann die BasketBerechnungsstelle einen alternativen Basket-Bestandteil als Ersatz für den betroffenen BasketBestandteil auswählen und unter Berücksichtung der maßgeblichen Gewichtung, den betroffenen
Basket-Bestandteil austauschen (der "Nachfolge Basket-Bestandteil").
In diesem Fall gilt, soweit anwendbar, jede Bezugnahme auf den maßgeblichen BasketBestandteil als Bezugnahme auf den Nachfolge Basket-Bestandteil.
"Ersetzungsereignis" gilt dann als eingetreten:
e)
im Fall der Auflösung oder Einstellung, aus welchem Grund auch immer, eines oder
mehrer Basket-Bestandteile;
45
6.
f)
im Fall einer deutlichen Modifikation einer der Basket-Bestandteile;
g)
im Fall einer deutlichen Reduzierung der Markterhältlichkeit eines Basket-Bestandteils
oder seiner Bestandteile;
h)
falls die Basket-Berechnungsstelle, vorbehaltlich von § 7, die Schlussbewertung eines
Basket-Bestandteils für einen Basket-Bewertungstag über einen andauernden Zeitraum
von 70 Kalendertagen nicht erhält.
BERECHNUNG DES QUADRIGA KAPITALSCHUTZ BASKET
Der Wert des Quadriga Kapitalschutz Basket an jedem Basket-Berechnungstag entspricht der
Summe der Gewichteten Schlussbewertung jedes Basket-Bestandteils am maßgeblichen BasketBewertungstag abzüglich der Kapitalschutz Basket-Verwaltungsgebühren, alles wie von der
Basket-Berechnungsstelle am maßgeblichen Basket-Berechnungstag berechnet.
7.
UNBERECHENBARKEIT DES QUADRIGA KAPITALSCHUTZ BASKET
Sollte die Basket-Berechnungsstelle die Schlussbewertung eines Basket-Bestandteils für einen
maßgeblichen Basket-Bewertungstag nicht vor dem Basket-Berechnungstag erhalten, tut die
Basket-Berechnungsstelle ihr Möglichstes, um mit Hilfe der letzten amtlichen Bewertung, dem
von dem Index Sponsor bzw. der Kapitalschutzanteil-Berechnungsstelle geschätzten Werte, den
aktuellen Marktbedingungen und sonstigen ihm zur Verfügung stehenden Informationen nach
eigenem Ermessen die Schlussbewertung für den betreffenden Basket-Bestandteil zu bestimmen.
Zur Klarstellung: Der Basket-Berechnungsstelle kann der Schlussbewertung den Wert Null
zuweisen. Bis zum nächsten Basket-Bewertungstag dient die so bestimmte Schlussbewertung als
Grundlage für die weiteren Berechnungen der Basket-Berechnungsstelle.
8.
VERÖFFENTLICHUNG DES WERTS DES QUADRIGA KAPITALSCHUTZ BASKET
Der Wert des Quadriga Kapitalschutz Basket und die Gewichtung der Basket-Bestandteile am
jeweiligen Basket-Berechnungstag wird etwa drei Geschäftstage nach dem maßgeblichen
Basket-Berechnungstag auf Reuters veröffentlicht und Anlegern damit zur Verfügung gestellt.
Die Einzelheiten zu der maßgeblichen Seite auf Reuters werden gemäß § 12 der Bedingungen
veröffentlicht.
46
Appendix B
ADDITIONAL INFORMATION ON TAXATION IN THE FEDERAL REPUBLIC OF
GERMANY
This section outlines the tax consequences, under German tax law, of investing in the securities and is
based on the tax law valid on the date of publication of the Pricing Supplement. This summary is in no
way exhaustive. Potential investors, and investors who are unsure of their legal status for tax purposes,
are advised to consult their tax advisor.
General information
The information provided below should not serve as the sole basis for determining the tax implications of
investing in the securities in question, since any assessment must also take the specific situation of the
individual investor into account. As such, this text is intended merely to provide a general overview of the
income tax implications which the issuer deems to be relevant. Potential buyers are obliged to consult
their tax advisor with regard to the tax implications of purchasing, owning and selling the securities
(including transfer without a valuable consideration), and of receiving payments. Tax advisors are the
only professionals who are in a position to give the appropriate consideration to all of the particular
factors relevant to the tax treatment of the investor in question. This document does not make any allusion
to the implications in terms of inheritance and gift tax either. The owners of the securities should seek
information and advice on the tax consequences of such situations as each individual case arises.
Taxation of securities held as private assets
In the event that the proceeds from the redemption or sale of the securities exceed the purchase cost, these
exceeding proceeds are, in the issuer's opinion, subject to income tax (plus the solidarity surcharge of
5.5% and church tax as appropriate) as income from other capital assets as set out in section 20 (1) no. 7,
(2) no. 4 of the Income Tax Act (Einkommensteuergesetz - EStG).
In addition, any excess paid to a private investor who neither is resident nor has his habitual abode in
Germany is subject to limited tax liability in Germany if the investment proceeds are paid or credited by a
German credit institution or financial services institution (as defined in the German Banking Act
(Kreditwesengesetz - KWG), including German branches of a foreign credit institution or financial
services institution, but excluding foreign branches of a German credit institution or financial services
institution, "German Institution") against delivery of individual certificates, except where (i) the private
investor is a foreign credit institution or financial services institution, or (ii) the securities (in the event
that individual certificates were distributed) are held in custody by the German institution (over-thecounter transactions).
Proceeds paid to a German private investor who is a natural person are subject to income tax at the
investor's individual tax rate (plus the solidarity surcharge on the income tax amount and church tax as
appropriate).
47
Proceeds paid by a domestic paying agent to a German private investor are subject to withholding tax
(Kapitalertragsteuer/Zinsabschlagsteuer). As a general rule, where the private investor, as the creditor,
bears the withholding tax, it is applied at a rate of 30% of the capital gains (plus solidarity surcharge at
5.5%). Withholding tax tax can be offset against the income or corporation tax liability of the German
investor, or may be reimbursed. Over-the-counter transactions are subject to withholding tax of 35% (plus
a solidarity surcharge of 5.5%).
Income tax on income which, as in this case, is subject to withholding tax is generally deemed satisfied
for investors subject to limited tax liability as set out in section 50 (5) p. 1 of the EStG by the amount
withheld. As a matter of principle, withholding tax cannot be offset by, nor reimbursed to, investors with
limited tax liability, and is therefore definitive for them.
Any capital gains made by German private investors from the sale of securities are also subject to
German income tax as income from capital assets. The amount of taxable capital gains is equal to the
amount by which the proceeds from the sale exceed the amount paid on purchase. German private
investors may not have the right to offset losses incurred from the sale of the securities or for other
reasons relating to the securities against income from other sources.
Any gains made by German investors from the sale of securities are subject to income tax (plus solidarity
surcharge). The amount that is subject to withholding tax is equal to the difference between the purchase
price and the income received from the sale or redemption of the securities, provided that they were
purchased or sold by the agent paying the gains and have since been in custody or under management by
that agent. If this is not the case, the withholding tax amount is calculated at 30% of the income from the
sale or redemption of the securities. German withholding tax can be offset against the income tax liability
of German investors, or may be reimbursed.
Any gains made by foreign investors from the sale of securities are subject to limited income tax liability
under the same stipulations as for the taxation of capital gains on redemption.
With regard to gains made by investors subject to limited tax liability from the sale of securities, the
income tax subject to withholding tax is deemed satisfied in accordance with section 50 (5) p.1 of the
EStG by the amount withheld.
Taxation of securities held as business assets
For natural persons or corporations with unlimited income tax or corporation tax liability in Germany (i.e.
investors with residence, habitual abode, registered office or corporate headquarters in Germany) who
hold securities as business assets, or for investors without unlimited tax liability who hold securities as
domestic business assets, capital gains and all income generated in relation to the securities is subject to
trade tax as well as corporation or income tax (plus solidarity surcharge and, in the case of natural
persons, any applicable church tax). Capital gains refer to every positive differential amount between the
income from the sale/redemption and the acquisition cost or lower book value. According to the issuer,
such positive differentials are only liable for taxation when the amount of the differentials can be
determined with relative certainty, or when the investor receives payment. In cases where institutional
investors hold securities of the issuer for a number of years, the issuer does not consider it necessary to
spread and proportionally tax gains over the duration of the holding period (e.g. pro rata temporis). The
48
value of the securities is subject to ongoing fluctuations. Taxation of the positive differential amounts
between the market values of securities at the balance sheet date and their acquisition costs would violate
the realisation principle. The tax authorities have not published any statements, nor are there any fiscal
court decisions available as to whether business investors are liable to pay tax on their gains from
securities at regular intervals over the holding period, or whether, as is the opinion of the issuer, tax
liability only arises at the point in time at which the securities are sold.
Investors who are generally liable for corporation tax but have been exempted, are advised to seek advice
prior to acquiring securities as to whether or not such an acquisition will endanger or remove their status
as exempt from corporation tax.
All potential investors are advised to consult with a tax advisor concerning the individual tax implications
of investing in the securities.
EU directive on the taxation of savings income in the form of interest payments
On 3 June 2003, the EU Council of Economics and Finance Ministers passed a new directive on income
from interest payments. With effect from 1 July 2005, the directive shall be binding for member states,
provided that specified non-EU countries take similar measures effective from this date. According to the
directive, every member state is obliged to make information available to the tax authorities of other
member states on interest payments, or similar income, made by persons in their jurisdictions to natural
persons; Austria, Belgium and Luxembourg, however, may instead apply a withholding tax on such
payments for a transitional period, with an applicable tax rate increasing progressively to 35%. The
transitional period shall begin on the date that the directive comes into force in the member states, and
cease at the end of the first full budget year following agreement by specified non-EU countries
concerning the exchange of information on these payments.
Risk of applying the Investment Tax Act
The issuer assumes that the securities are not to be classed as foreign investment units within the meaning
of section 1 (1) no. 2 of the Investment Tax Act (Investmentsteuergesetz – InvStG), in conjunction with
section 2 (8) and (9) of the Investment Act (Investmentgesetz – InvG). The InvStG would be applicable if
the securities were units of a fund subject to a foreign law, invested according to the principle of risk
diversification. According to the issuer, the securities do not represent units of this type of investment
fund. The securities certify claims vis-à-vis the issuer, which must be fulfilled not only from individual
assets of the issuer, but rather from the totality of its assets. The issuer is free to use the net issue proceeds
for general business purposes.
It cannot be ruled out that the financial authorities and the courts, either generally or on a case-by-case
basis, will base any tax decisions on a different judgement to that of the issuer. The legal consequence of
applying the InvStG would be that, in addition to all payments, 70% of the excess amount incurred
between the first redemption price determined in the calendar year and the last redemption price
determined in the calendar year, would, for investors, be subject to income or corporation tax (plus
solidarity surcharge and, in the case of natural persons, any applicable church tax) as well as trade tax as
appropriate; at least 6% of the final redemption price determined in the calendar year would be liable for
taxation. The last redemption price determined in the calendar year would also be taxed at 6% in the event
49
that the index value were to decline along with the value of the securities. Applying the Investment Tax
Act would mean subjecting gains from sales or redemptions to German withholding tax
(Kapitalertragsteuer/Zinsabschlagsteuer), provided that the securities were held in a securities account at
a German credit or financial services institution, and that this institution executed the payment or
crediting of any gains from sales or redemptions. In this case, payments and total (notional) gains –
calculated at a flat rate over the securities’ holding period in accordance with the InvStG and pursuant to
the principles set out above, and allocated at the end of the corresponding calendar years – would, in
principle, be subject to withholding tax.
50
ZUSATZANGABEN ZUR BESTEUERUNG IN DER BUNDESREPUBLIK DEUTSCHLAND
Der folgende Abschnitt beschreibt die nach deutschem Steuerrecht auftretenden steuerlichen Folgen einer
Vermögensanlage in die Wertpapiere auf Grundlage des zum Zeitpunkt der Veröffentlichung des Pricing
Supplements geltenden Steuerrechts. Diese Zusammenfassung ist nicht erschöpfend. Potentiellen
Anlegern und Anlegern, die in Bezug auf ihre steuerliche Rechtsposition im Zweifel sind, wird
empfohlen, ihren Steuerberater zu konsultieren.
Allgemeine Hinweise
Die nachfolgende Darstellung darf nicht als alleinige Grundlage für die steuerliche Beurteilung einer
Anlage in die Wertpapiere dienen, weil auch die individuelle Situation des einzelnen Anlegers
berücksichtigt werden muss. Die Stellungnahme beschränkt sich daher auf einen allgemeinen Überblick
über die nach Auffassung der Emittentin relevanten ertragsteuerlichen Konsequenzen. Kaufinteressenten
sind gehalten, sich hinsichtlich der steuerlichen Auswirkungen des Erwerbs, Besitzes und der
Veräußerung (einschließlich der unentgeltlichen Übertragung) und des Empfangs von Zahlungen bei
ihrem Steuerberater zu erkundigen. Nur diese Steuerberater sind in der Lage, angemessen die
Besonderheiten, die für die Besteuerung dieses Anlegers relevant sind, zu berücksichtigen. Weiterhin
werden die erbschaft- und schenkung-steuerlichen Konsequenzen nicht dargestellt. Inhaber der
Wertpapiere sollten sich im Einzelfall über deren Besteuerung informieren und beraten lassen.
Besteuerung der Wertpapiere im Privatvermögen
Ein Überschuss des Erlöses aus der Einlösung oder Veräußerung der Wertpapiere über die
Anschaffungskosten unterliegen nach Auffassung der Emittentin als Erträge aus sonstigen
Kapitalforderungen im Sinne des § 20 Abs. 1 Nr. 7, Abs. 2 Nr. 4 Einkommensteuergesetz ("EStG") der
Einkommensteuer (zuzüglich Solidaritätszuschlag in Höhe von 5,5 % und gegebenenfalls Kirchensteuer).
Ferner unterliegt ein Erlösüberschuss, der an einen Privatanleger gezahlt wird, der weder seinen Wohnsitz
noch seinen gewöhnlichen Aufenthalt in Deutschland hat, der beschränkten Steuerpflicht in Deutschland,
wenn die Kapitalerträge von einem deutschen Kreditinstitut oder einem deutschen
Finanzdienstleistungsinstitut (wie im deutschen Kreditwesengesetz definiert, einschließlich einer
deutschen Niederlassung eines ausländischen Kreditinstituts oder eines ausländischen
Finanzdienstleitungsinstituts, aber ausschließlich einer ausländischen Niederlassung eines deutschen
Kreditinstituts oder eines deutschen Finanzdienstleistungsinstituts, "Deutsches Institut") gegen
Aushändigung der Einzelschuldverschreibungen ausgezahlt oder gutgeschrieben werden, es sei denn, (i)
dass es sich bei diesem Privatanleger um ein ausländisches Kreditinstitut oder ein ausländisches
Finanzdienstleitungsinstitut handelt oder (ii) dass die Wertpapiere (in dem Falle, dass
Einzelschuldverschreibungen ausgegeben wurden) von dem Deutschen Institut verwahrt werden
(Tafelgeschäft).
Kapitalerträge, die an einen deutschen Privatanleger, der eine natürliche Person ist, gezahlt werden,
unterliegen der Einkommensteuer nach seinem individuellen Einkommensteuersatz (zuzüglich
Solidaritätszuschlag auf diesen Betrag und gegebenenfalls Kirchensteuer).
Kapitalerträge, die von einer inländischen Zahlstelle an einen deutschen Privatanleger gezahlt werden,
unterliegen der Kapitalertragsteuer (Zinsabschlag). Der Zinsabschlag beträgt grundsätzlich 30 % des
Kapitalertrags (zuzüglich Solidaritätszuschlag in Höhe von 5,5 %), wenn der Privatanleger als Gläubiger
die Kapitalertragsteuer trägt. Die Kapitalertragsteuer ist auf die Einkommensteuer bzw.
Körperschaftsteuer des deutschen Anlegers anrechenbar oder wird gegebenenfalls erstattet. Bei
Tafelgeschäften beträgt der Steuersatz für den Zinsabschlag grundsätzlich 35 % (zuzüglich
Solidaritätszuschlag in Höhe von 5,5 %).
51
Die Einkommensteuer für Einkünfte, die - wie vorliegend - dem Steuerabzug vom Kapitalertrag
unterliegen, gilt beim beschränkt Steuerpflichtigen gemäß § 50 Abs. 5 S. 1 EStG grundsätzlich als durch
den Steuerabzug abgegolten. Die Kapitalertragsteuer ist beim beschränkt Steuerpflichtigen grundsätzlich
weder anrechenbar noch erstattungsfähig und wird bei diesen demzufolge definitiv.
Gewinne aus der Veräußerung von Wertpapieren, die ein deutscher Privatanleger erzielt, unterliegen
ebenfalls als Einkünfte aus Kapitalvermögen der deutschen Einkommensteuer. Der Betrag der
steuerpflichtigen Kapitalerträge entspricht dem Betrag, mit dem die Einnahmen aus der Veräußerung das
Entgelts für den Erwerb übersteigen. Ein deutscher Privatanleger ist möglicherweise nicht berechtigt,
Verluste, die er bei der Veräußerung oder in anderem Zusammenhang mit den Wertpapieren erlitten hat,
mit Einnahmen aus anderen Quellen zu verrechnen.
Gewinne aus der Veräußerung von Wertpapieren, die ein deutscher Anleger erzielt, unterliegen der
Kapitalertragsteuer (zuzüglich Solidaritätszuschlag). Der kapitalertragsteuerpflichtige Betrag entspricht
dem Unterschied zwischen dem Entgelt für den Erwerb und den Einnahmen aus der Veräußerung oder
Einlösung der Wertpapiere, wenn sie von der die Kapitalerträge auszahlenden Stelle erworben oder
veräußert und seitdem verwahrt oder verwaltet worden sind. Ist dies nicht der Fall, bemisst sich der
Steuerabzug nach 30 % der Einnahmen aus der Veräußerung oder Einlösung der Wertpapiere. Die
deutsche Kapitalertragsteuer ist auf die Einkommensteuer des deutschen Anlegers anrechenbar oder wird
gegebenenfalls erstattet.
Gewinne aus der Veräußerung von Wertpapieren, die ein ausländischer Anleger erzielt, unterliegen unter
den gleichen Voraussetzungen, die für die Besteuerung eines bei Einlösung erzielten Überschusses oder
eventueller jährlicher Auszahlungen gelten, der beschränkten Einkommensteuerpflicht.
Auch bei Gewinnen aus der Veräußerung von Wertpapieren bei beschränkt Steuerpflichtigen gilt gemäß §
50 Abs. 5 S. 1 EStG die Einkommensteuer für Einkünfte, die dem Steuerabzug vom Kapitalertrag
unterliegen, als abgegolten.
Besteuerung der Wertpapiere im Betriebsvermögen
Halten natürliche Personen oder Kapitalgesellschaften, welche in Deutschland unbeschränkt einkommenoder körperschaftsteuerpflichtig sind (d.h. Anleger mit Wohnsitz, gewöhnlichem Aufenthalt, Sitz oder
Geschäftsleitung in Deutschland), die Wertpapiere im Betriebsvermögen oder halten nicht unbeschränkt
steuerpflichtige Anleger die Wertpapiere in einem inländischen Betriebsvermögen, unterliegen
Kapitalerträge und sämtliche Gewinne im Zusammenhang mit den Wertpapieren der Gewerbesteuer
sowie der Körperschaft- oder Einkommensteuer (zuzüglich Solidaritätszuschlag und bei natürlichen
Personen gegebenenfalls Kirchensteuer). Veräußerungsgewinn ist jeder positive Differenzbetrag
zwischen dem Erlös aus dem Verkauf bzw. der Einlösung und den Anschaffungskosten oder dem
geringeren Buchwert. Nach Auffassung der Emittentin kann ein solcher positiver Differenzbetrag erst in
dem Zeitpunkt besteuert werden, in dem die Höhe des positiven Differenzbetrags mit einer an Sicherheit
grenzenden Wahrscheinlichkeit feststeht bzw. der Anleger die Zahlung vereinnahmt. In Fällen, in denen
institutionelle Anleger von der Emittentin begebenen Wertpapiere mehrere Jahre halten, kommt eine
Verteilung und ratierliche Versteuerung des Gewinns über die Haltedauer (z. B. pro rata temporis) nach
Auffassung der Emittentin nicht in Betracht. Der Wert der Wertpapiere wird laufenden Schwankungen
unterliegen. Eine Besteuerung positiver Differenzbeträge zwischen Verkehrswerten der Wertpapiere zum
Bilanzstichtag und den Anschaffungskosten verstieße gegen den Realisationsgrundsatz. Zu der Frage, ob
betriebliche Anleger Gewinne aus den Wertpapieren über die Haltedauer verteilt versteuern müssen oder
ob es - entsprechend der Auffassung der Emittentin - erst zum Zeitpunkt des Verkaufs der Wertpapiere
zur Besteuerung kommt, liegen keine finanzgerichtlichen Entscheidungen und keine veröffentlichten
Verlautbarungen der Finanzverwaltung vor.
52
Körperschaftsteuerpflichtigen, aber grundsätzlich steuerbefreiten Anlegern wird geraten, sich vor der
Anschaffung der Wertpapiere steuerlich darüber beraten zu lassen, ob die Anschaffung der Wertpapiere
die Körperschaftsteuerbefreiung gefährdet oder ausschließt.
Jedem potentiellen Anleger wird geraten, eigene Steuerberater im Hinblick auf die individuellen
steuerlichen Auswirkungen einer Anlage in die Wertpapiere zu konsultieren.
EU Zinsrichtlinie
Am 3. Juni 2003 hat der EU Rat der Wirtschafts- und Finanzminister eine neue Richtlinie über
Zinserträge verabschiedet. Die Richtlinie wird für die Mitgliedsstaaten ab dem 1. Juli 2005 verbindlich
werden, vorausgesetzt, dass bestimmte Nicht-EU Länder ab diesem Datum ähnliche Maßnahmen
ergreifen. Gemäß der Richtlinie ist jeder Mitgliedsstaat verpflichtet, den Steuerbehörden eines anderen
Mitgliedsstaates gegenüber Informationen über die Zahlung von Zinsen oder ähnlichen Einnahmen zur
Verfügung zu stellen, die von einer Person in seinem Hoheitsgebiet an eine natürliche Person eingezogen
werden; Österreich, Belgien und Luxemburg können jedoch stattdessen für einen Übergangszeitraum
Quellensteuern in Bezug auf solche Zahlungen erheben, wobei der anwendbare Steuersatz nach und nach
auf 35 % steigt. Die Übergangszeit soll am Tag, an dem die Richtlinie von den Mitgliedsstaaten
anzuwenden ist, zu laufen beginnen und soll enden zum Ende des ersten vollen Haushaltsjahrs, das auf
eine Übereinkunft bestimmter Nicht-EU Länder über den Informationsaustausch hinsichtlich solcher
Zahlungen folgt.
Risiko der Anwendbarkeit des Investmentsteuergesetzes
Die Emittentin geht davon aus, dass die Wertpapiere nicht als ausländische Investmentanteile im Sinne
von § 1 Abs. 1 Nr. 2 Investmentsteuergesetz ("InvStG") in Verbindung mit § 2 Abs. 8 und 9
Investmentgesetz ("InvG") einzuordnen sind. Das Investmentsteuergesetz wäre anwendbar, wenn es sich
bei den Wertpapieren um Anteile an einem ausländischen Recht unterstehenden Investmentvermögen
handelte, das nach dem Grundsatz der Risikomischung angelegt ist. Die Wertpapiere stellen nach
Auffassung der Emittentin keine Anteile an einem derartigen Investmentvermögen dar. Die Wertpapiere
verbriefen Ansprüche gegenüber der Emittentin, die nicht nur aus einzelnen Vermögensgegenständen der
Emittentin erfüllt werden müssen. Vielmehr haftet die Emittentin mit ihrem ganzen Vermögen. Die
Emittentin ist in der Verwendung der Netto-Emissionserlöse für ihre allgemeinen unternehmerischen
Zwecke frei. Es kann nicht ausgeschlossen werden, dass die Finanzverwaltung und die Gerichte
allgemein oder im Einzelfall eine von der Auffassung der Emittentin abweichende steuerliche Beurteilung
zugrunde legen werden. Rechtsfolge der Anwendung des Investmentsteuergesetzes wäre, dass neben allen
Auszahlungen 70 % des Mehrbetrags, der sich zwischen dem ersten im Kalenderjahr festgesetzten
Rücknahmepreis und dem letzten im Kalenderjahr festgesetzten Rücknahmepreis ergibt, bei den Anlegern
der Einkommensteuer bzw. der Körperschaftsteuer (zuzüglich Solidaritätszuschlag und bei natürlichen
Personen gegebenenfalls Kirchensteuer) und gegebenenfalls auch der Gewerbesteuer unterworfen
würden; es würden mindestens 6 % des letzten im Kalenderjahr festgesetzten Rücknahmepreises
besteuert. Zur Besteuerung von 6 % des letzten im Kalenderjahr festgesetzten Rücknahmepreises käme es
auch dann, wenn der Indexwert mit dem Wert der Wertpapiere abnähme. Bei Anwendung des
Investmentsteuergesetzes unterlägen Veräußerungs- und Einlösungserlöse der deutschen
Kapitalertragsteuer (Zinsabschlagsteuer), wenn die Wertpapiere im Depot eines deutschen Kreditsinstituts
oder Finanzdienstleistungsinstituts verwahrt oder verwaltet werden und dieses Institut auch die
Auszahlung oder Gutschrift der Veräußerungs- oder Einlösungserlöse vornimmt. Der Kapitalertragsteuer
unterlägen in diesem Fall grundsätzlich die Auszahlungen und die Summe der während der Haltedauer
der Wertpapiere nach dem Investmentsteuergesetz, entsprechend den oben dargestellten Grundsätzen,
pauschal berechneten und jeweils zum Ende der jeweiligen Kalenderjahre zugerechneten (fiktiven)
Erträge.
This document constitutes a supplement (Nachtrag) pursuant to § 11 of the German Securities
Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz) to the Pricing Supplement
(Nachtrag) dated 14 March 2005 in respect of the issue of EUR 20,000,000 Superfund Garant
Index Certificates due 2015.
SUPPLEMENT
to the
PRICING SUPPLEMENT
KONDITIONENBLATT
ISIN:
DE000A0DZ8Y4
Common Code:
021524522
Other securities code: A0DZ8Y
14 March 2005
Issue of EUR 20,000,000 Superfund Garant Index Certificates due 2015 (the "Notes")
unconditionally and irrevocably guaranteed by Coöperatieve Centrale RaiffeisenBoerenleenbank B.A. (Rabobank Nederland) under the Euro 750,000,000 German Debt
Issuance Programme
Begebung von EUR 20.000.000 Superfund Garant Index Zertifikaten fällig 2015 (die
"Schuldverschreibungen") unbedingt und unwiderruflich garantiert von Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) unter dem
Euro 750.000.000 German Debt Issuance Programme
issued by Rabo Securities N.V. (the "Issuer")
The Issuer accepts responsibility for the information contained in this supplement which is, to
the best of the knowledge and belief of the Issuer (which has taken all reasonable care to
ensure that such is the case) accurate, complete and not misleading and does not omit any
material fact.
This supplement should be read and construed with the Pricing Supplement dated 14 March
2005 in respect of the issue of EUR 20,000,000 Superfund Garant Index Certificates due 2015
(the "Pricing Supplement"), which is to be read in conjunction with the Offering Circular of
the Issuer dated 28 November 2003, as supplemented on 1 March 2004, on 9 June 2004, on
2 November 2004 and on 4 April 2005. The Issuer will publish a notice
(Hinweisbekanntmachung) relating to the availability of this supplement in a newspaper with
general circulation in Germany (which is expected to be the Börsen-Zeitung).
The date of this supplement is 24 June 2005
2
The Pricing Supplement is hereby supplemented and amended as follows:
Pricing Supplement:
Page 2, Section 4(ii):
The Subscription Period shall be changed to 14 March 2005 until 20 July 2005.
Seite 2, Ziffer 4(ii):
Die Zeichnungsfrist wird geändert auf 14. März 2005 bis 20. Juli 2005.
Page 2, Section 7:
The Issue Date shall be changed to 22 July 2005.
Seite 2, Ziffer 7:
Der Begebungstag wird geändert auf den 22. Juli 2005.
Page 2, Section 8:
The Maturity Date shall be changed to 31 July 2015.
Seite 3, Ziffer 8:
Der Fälligkeitstag wird geändert auf den 31. Juli 2015.
Appendix A - Terms and Conditions:
Page 12, §1(1):
The Issue Date shall be changed to 22 July 2005.
Page 14, §4a:
The Maturity Date shall be changed to 31 July 2015.
Page 22, Annex to the Terms and Conditions - Section 2. DEFINITIONS:
The following definitions shall be amended to read as follows:
""Basket Setting Date" means 22 July 2005."
3
""Basket Valuation Date" means the last Banking Day of each calendar month. The first
Basket Valuation Date will be in 31 August 2005 or if such day is not a Banking Day the
immediately succeeding Banking Day."
""Final Reference Date" means 31 July 2015."
Page 23, Annex to the Terms and
CONSTRUCTION/INDEX COMPOSITION:
Conditions
-
Section
3.1(b).
INDEX
The first paragraph shall be amended to read as follows:
"The Index will be created on 22 July 2005 (the "Index Setting Day") and consists of one
single share in the Quadriga Superfund Futures C / EUR sub-fund of the Company (the
"Share")."
Page 24, Annex to the Terms and Conditions - Section 3.1(c). CALCULATION OF THE
INDEX/NET ASSET VALUE PER SHARE:
The first paragraph shall be amended to read as follows:
"Following the creation of the Index, the Index Sponsor will be responsible for the calculation
of the official closing level of the Index (the "Index Level") on each Index Calculation Date
as of any given Index Valuation Date. The first "Index Valuation Date" is 29 July 2005. The
following "Index Valuation Dates" will be the last Index Business Day of each subsequent
month. "Index Business Day" means any day (other than a Saturday or Sunday) on which
commercial banks in Luxembourg are open for business. On every Index Calculation Date,
the Index Sponsor will calculate the Index Level with respect to the applicable Index
Valuation Date. The "Index Calculation Date" relating to an Index Valuation Date is the
fifth Index Business Day immediately succeeding the Index Valuation Date. The first "Index
Calculation Date" falls on 5 August 2005."
Non-binding German Version of the Terms and Conditions:
Seite 29, §1(1):
Der Begebungstag wird geändert auf den 22. Juli 2005.
Seiten 31 und 32, §4a:
Der Fälligkeitstag wird geändert auf den 31. Juli 2015.
Seite 39, Annex zu den Bedingungen - 2. DEFINITIONEN:
Die folgenden Definitionen werden in folgenden Text geändert:
""Basket-Anfangsdatum" entspricht dem 22. Juli 2005."
4
""Basket-Bewertungstag" entspricht dem letzten Bankarbeitstag jedes Kalendermonats. Der
erste Basket-Bewertungstag wird der 31. August 2005 oder, falls dieser Tag kein
Bankarbeitstag ist, (dann) der unmittelbar darauf folgende Bankarbeitstag sein."
""Endgültige Referenz Datum" entspricht dem 31. Juli 2015."
Seite 41, Annex zu den Bedingungen
NETTOINVENTARWERT PRO ANTEIL:
-
3.1(c).
INDEXBERECHUNG /
Der erste Absatz wird in folgenden Text geändert:
"Nach Erstellung des Index ist der Index Sponsor für die Berechnung des offiziellen
Schlusswerts des Index (der "Indexwert") an jedem Indexberechnungstag zu jedem
maßgeblichen Indexbewertungstag verantwortlich. Der erste "Indexbewertungstag" ist der
29. Juli 2005. Die folgenden "Indexbewertungstage" sind der jeweils letzte
Indexgeschäftstag jeden folgenden Monats. "Indexgeschäftstag" bedeutet (außer Samstag
und Sonntag) jeden Tag, an dem Geschäftsbanken in Luxemburg für den Handel geöffnet
sind. An jedem Indexberechnungstag berechnet der Indexsponsor den Indexwert bezogen auf
den maßgeblichen Indexbewertungstag. Der „Indexberechnungstag” ist in Bezug auf einen
Indexbewertungstag der fünfte, unmittelbar auf den Indexbewertungstag folgende,
Indexgeschäftstag. Der erste Indexberechnungstag ist der 5. August 2005."
Amsterdam, 24 June 2005
_________________________________________

Rabo Securities NV Coöperatieve Centrale Raiffeisen

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